炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：民航之翼 大家以为只是中国在开启机场建设浪潮，没想到这个浪潮已扩展到全球。 根据民航局发布了"十四五"民用航空发展规划有关指标显示： 从中国到中东，从印度到英国，从日韩到美国，一场席卷全球的机场基建狂潮正在加速上演。 各国政府与企业纷纷押注航空业未来，大手笔投入数十亿甚至上百亿美元，只为抢占"空中门户"的战略 高地。 这不是简单的跑道加长或航站楼翻新，而是一场关乎航空枢纽中心、区域经济格局乃至国家竞争力重构 的宏大竞赛。 2020年，我国民用运输机场241个 2025年，我国民用运输机场270个 全球航空枢纽正迎来机场建设大浪潮时代。 一、"十四五"：中国机场建设的大浪潮 也就是说，十四五期间，将增加29座机场。 目前，国内拥有259座民用运输机场。 也就是说，在明年底之前还要新增11座机场。 如果再细一些，"十四五"期间，全民航： 一是要续建34个机场，其中： 新建16个机场 迁建6个机场 改扩建12个机场 二是新开工39个机场，其中： 新建23个机场 迁建4个机场 改扩建12个机场 大型机场的改扩建的新建有12个： | 专栏3 ...

Financial Data and Key Metrics Changes - In the first nine months of 2025, the company reported strong momentum across its business divisions, with net debt standing at negative EUR 706 million, indicating net cash [4][17] - Revenue grew by 6.2%, adjusted EBITDA increased by 4.8%, and adjusted EBIT rose by 6.0% in like-for-like terms [16] Business Line Data and Key Metrics Changes - Highways revenue grew by 16.4% in like-for-like terms in the first nine months, with adjusted EBITDA up nearly 15.1% [5][6] - The Airports division saw steady progress at New Terminal One at JFK, with construction 78% complete and on budget [14] - Construction maintained a solid adjusted EBIT margin of 3.7% in the first nine months, with an order book of $17.2 billion, up 9.1% compared to December 2024 [15][16] Market Data and Key Metrics Changes - North American assets contributed 97% of Highways' adjusted EBITDA and 88% of revenue, with dividends from these assets totaling EUR 312 million in the first nine months [6] - Traffic in the 407 ETR grew by 9.4% in the quarter, reflecting increased mobility due to return-to-office mandates [7] Company Strategy and Development Direction - The company is focused on enhancing value through demand segmentation and maximizing EBITDA growth, particularly in North American highways [7][19] - Future bids are planned for the I-24 in Tennessee and I-25 in Georgia in the first half of 2026, with an RFQ for the I-77 South in North Carolina expected to be submitted in December [5][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong performance of North American assets and the attractive pipeline of opportunities in highways [19][20] - The geopolitical situation has affected international traffic, but domestic traffic remains robust, supporting growth in adjusted EBITDA [14] Other Important Information - The company announced a second scrip dividend and expects to distribute EUR 2.2 billion in cash to shareholders from 2024 to 2026 [5][18] - The 407 ETR board approved a dividend of CAD 1.05 billion for Q4, up 50% from the previous year [8] Q&A Session Summary Question: What are the potential financial consequences of a delay in the launch of New Terminal One? - Management indicated that delays would result in liquidated damages for the contractor and a delay in revenue perception [24] Question: Will there be any impact from the U.S. government shutdown in Q4? - Management noted no significant impact observed on the I-66 and that bidding processes are mainly at the state level, unaffected by federal shutdowns [29] Question: Can you elaborate on the Schedule 22 provision reversal in Q3? - The reversal was driven by increased mobility and effective promotions, leading to better-than-expected traffic [35] Question: What is the strategy regarding the managed lanes and potential dividends? - Management indicated that there could be opportunities for leveraging managed lanes in the coming years, particularly for the I-66 [58] Question: What is the outlook for the 407 ETR pricing and discounts? - Management emphasized focusing on revenue and EBITDA growth rather than discounts, with expectations for pricing announcements similar to last year [42][59] Question: What is the competitive landscape in contracting? - Management noted that the contracting environment remains rational with no significant tightening in competition, indicating healthy activity levels [48]