图为试飞现场。呼和浩特市委宣传部供图 内蒙古首座4F机场试飞成功 中新网呼和浩特11月25日电 (记者 张林虎)25日，呼和浩特盛乐国际机场实地验证试飞成功，这标志着 内蒙古自治区首座4F机场从建设阶段转入准备通航阶段。 后，能满足空客A380等大型客机起降，显著提升区域综合交通服务能力。(完) 来源：中国新闻网 编辑：熊思怡 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 25日，呼和浩特盛乐国际机场实地验证试飞工作在呼和浩特市进行，试飞工作是新建机场行业验收前最 重要的一项节点任务。本次试飞由中国国际航空公司执行，共用时500分钟。验证显示，盛乐国际机场 飞行程序、运行标准、通信导航、飞行区道面、滑行标志等各项验证指标正常，符合行业标准。 据悉，盛乐国际机场于2020年7月开工，本期按满足2030年旅客吞吐量2800万人次、货邮吞吐量32万 吨、飞机起降24.4万架次目标设计，建设航站楼面积32万平方米，间距2公里的远 ...

编辑：令文芳 转载请注明央视财经 （央视财经《经济信息联播》）今天（25日），呼和浩特盛乐国际机场实地验证试飞取得成功，内蒙古 自治区首座4F机场从建设阶段转入准备通航阶段。4F级机场是民航机场飞行区等级的最高标准，可保 障空客380等大型客机起降。 ...

11月25日，呼和浩特盛乐国际机场实地验证试飞成功，标志着内蒙古自治区首座4F级机场从建设阶段转入准备通航阶段。 盛乐国际机场2020年7月开工。本次试飞成功，标志着内蒙古自治区首座4F级机场从建设阶段转入准备通航阶段。 试飞工作是新建机场行业验收前最重要的一项节点任务。本次试飞由中国国际航空公司执行，共用时500分钟。验证显示，盛乐国际机场飞行程序、运行标 准、通信导航、飞行区道面、滑行标志等各项验证指标正常，符合行业标准。 盛乐国际机场本期按满足2030年旅客吞吐量2800万人次、货邮吞吐量32万吨、飞机起降24.4万架次目标设计，建设航站楼面积32万平方米，间距2公里的远 矩平行跑道2条，投运后，能满足空客A380等大型客机起降，显著提升区域综合交通服务能力。 （总台记者 赵文俐 郎清哲） ...

Financial Data and Key Metrics Changes - Total revenues increased by 16.6%, nearly doubling passenger traffic growth of 9.3% [11] - Adjusted EBITDA rose 34% to $194 million, marking a new record for the company [4][15] - Adjusted EBITDA margin expanded by 5.2 percentage points to 41.2% [16] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by 15.2%, primarily driven by Argentina, with a 22.1% increase in aeronautical revenues in Argentina [11][12] - Commercial revenues were up 18%, significantly above the 9.3% increase in traffic, supported by higher contributions from cargo and passenger-related services [12][14] Market Data and Key Metrics Changes - Passenger traffic across the airport network increased by over 9%, with Argentina showing a 13% increase in total passenger traffic [3][5][6] - International traffic rose 8%, with Argentina, Italy, and Brazil leading the growth [5][7] - Cargo revenues increased by 20%, driven by a 23% increase in Argentina [9] Company Strategy and Development Direction - The company is advancing its investment plans in Armenia and Italy, with CAPEX program approvals underway [4][20] - Inorganic expansion projects are being evaluated across key target markets, including a recent award agreement for the Baghdad Airport project [20][35] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued positive traffic trends into the fourth quarter, although with a more moderate pace of domestic traffic growth in Argentina [20] - The company remains focused on enhancing passenger experience and expanding commercial offerings [19] Other Important Information - The company ended the quarter with a total liquidity position of $661 million, up 26% from the previous year [17] - Total debt at quarter-end was $1.1 billion, with net debt decreasing to $579 million [17] Q&A Session Summary Question: Update on the rebalance in Argentina and future commercial revenues - Management is making good progress on the rebalance of the concession agreement, but a precise timetable is difficult to provide [24] - Commercial revenues were up 8% versus last year, and the trend is expected to continue [24] Question: Investment opportunities in Armenia and Italy - In Italy, the environmental assessment for the project has been approved, with the next step expected to commence towards the end of the first quarter [28] - Discussions in Armenia are progressing well, but a precise timetable is not available [30] Question: Size of the opportunity at Baghdad Airport - An award agreement has been signed, and management has a constructive view on potential traffic growth in the region [35]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [4]. Core Views - The transportation sector has shown a cumulative increase of 1.83% from November 10 to November 15, 2025, outperforming the Shanghai Composite Index, which decreased by 1.08% [14][15]. - The recovery rates for domestic and international passenger traffic in major airlines and airports have significantly improved compared to 2019 levels, indicating a positive trend in the aviation sector [24][32]. - The shipping and logistics sectors are experiencing mixed performance, with container shipping indices showing a decline year-on-year, while oil and product tanker indices have increased significantly [36][47]. Summary by Sections Industry Performance Overview - The transportation industry ranked 13th among 31 sectors with a cumulative increase of 1.83% during the week [14]. - Sub-sectors such as ports (+7.44%) and airports (+5.28%) performed particularly well, while cross-border logistics (-1.37%) and road freight (-0.68%) faced declines [15][23]. Aviation and Airports - Major airlines in China have seen recovery rates for domestic Available Seat Kilometers (ASK) in September 2025 reach as high as 176.49% compared to the same month in 2019 [24]. - Key airports like Baiyun, Shanghai, and Capital have also shown strong recovery in passenger throughput, with rates of 125.22% and 115.87% for international traffic [32]. Shipping and Ports - The Shanghai Containerized Freight Index (SCFI) has decreased by 35.55% year-on-year, while the China Containerized Freight Index (CCFI) has shown a 23.97% decline [36]. - The CCFI for the East America route reported a decrease of 18.31% year-on-year, while the Mediterranean route saw a decline of 28.56% [36]. Road and Rail - Rail passenger turnover increased by 0.4% year-on-year, while freight volume rose by 4.24% [61]. - Road passenger traffic decreased by 3.82%, but freight volume increased by 5.20% [67]. Logistics and Express Delivery - The express delivery sector achieved a revenue of 127.37 billion yuan in September 2025, marking a 7.20% increase year-on-year [10]. - The industry is witnessing a shift towards smaller packages driven by e-commerce, with a notable increase in business volume [8]. Investment Recommendations - The report suggests focusing on airlines such as China National Aviation (601111.SH), Southern Airlines (600029.SH), and logistics companies like Huamao Logistics (603128.SH) for potential investment opportunities [9][10].

以下文章来源于国民经略 ，作者凯风 国民经略 . 在这里，读懂中国经济、城市和楼市 本文来自微信公众号： 国民经略 ，作者：凯风，题图来自：AI生成 机场争夺战，最大赢家出现了。 一、长三角世界级机场群，继续 上"新" 近日，安徽亳州机场正式通航，以4C级支线机场为定位，成为安徽第7座、长三角第26座开通运营的 民用运输机场。 无独有偶，今年7月，浙江丽水机场正式通航，以4C级旅游支线机场为定位，填补了浙西南地区的空 白。 这还没完。浙江嘉兴南湖机场、安徽蚌埠滕湖机场均已通过验收，预计将于年底开通。 其中，嘉兴南湖机场定位更高，以4E级标准建设，建成后将成为全国第二个、长三角区域第一个专 业航空货运枢纽。 这意味着， 截至2025年底，长三角将有28座大型机场，占全国1/10强 ，堪称机场最多、密度最高、 航线最密集的城市群。 从浙西南群山到皖北平原再到杭嘉湖平原，哪怕是最为偏僻的角落，机场无处不在。 机场数量之多只是一方面，吞吐量之大、能级之高，同样走在全国前列。 2024年，全国共有41座千万人次机场，长三角占了8席。 长三角城市群，涵盖三省一市，共有41个地市，坐拥30多座机场，"世界级机场群"蓝图基本 ...

Core Insights - Daxing Airport participated in the 23rd East Asia Airport Alliance Presidents' Conference and the 2025 Super Hub Expo, winning three awards for its outstanding performance in sustainability, terminal design, and commercial innovation [1][3][5][7] Group 1: Awards and Recognition - Daxing Airport received the "Best Sustainable Initiative" award, recognizing its exemplary environmental management and significant contributions to sustainability and climate change mitigation [3] - The "Best Terminal Design" award was given to Daxing Airport for its integration of aesthetics and operational excellence, focusing on passenger experience through innovative design and efficient passenger flow [5] - The "Best Commercial Innovation" award highlighted Daxing Airport's innovative business model and strategies that enhance commercial attractiveness and transform the airport experience from a shopping venue to a value-driven environment [7] Group 2: Sustainability and Innovation - Daxing Airport is a model of green design, utilizing renewable energy extensively and featuring the world's largest airport photovoltaic power generation system [3] - The airport adheres to green building standards, with over 70% of its structures achieving the highest three-star rating in China's green building certification [3] - Daxing Airport's commercial strategy focuses on customer-centric approaches, leveraging technology and innovative service ecosystems to meet diverse passenger needs [7]

Core Points - Guangzhou Baiyun International Airport has officially opened its new T3 terminal and fifth runway on October 30, marking the completion of the Phase III expansion project, a significant infrastructure development in the Guangdong-Hong Kong-Macao Greater Bay Area [1][3][5] - The airport now operates with five runways, three terminals, and two control towers, becoming the first airport in China to have five operational commercial runways [3][5] - The expansion allows the airport to accommodate an annual passenger throughput of 120 million and a cargo throughput of 3.8 million tons, with a future capacity of 140 million passengers and 6 million tons of cargo [5][10] Expansion and Connectivity - The T3 terminal will serve as a multi-modal transport hub integrating air, road, and rail, enhancing the airport's connectivity within the Greater Bay Area [7][9] - The airport is set to introduce six high-speed rail lines, five intercity lines, two metro lines, and two expressways, aiming for a global-leading rail transport share [7][10] - The development of the airport is part of a broader strategy to create a "60-minute travel circle" connecting major airports in the Greater Bay Area, facilitating a "1-hour living circle" for residents [7][12] Future Growth Potential - The Greater Bay Area airport cluster currently includes seven civil airports, with ongoing expansions and new projects in Guangzhou, Shenzhen, and Hong Kong [10][12] - By 2024, the combined passenger throughput of the seven airports is projected to exceed 214 million, with expectations to reach 420 million by 2035 [13] - The collaborative development of the airport cluster aims to enhance connectivity and operational efficiency, creating a world-class airport network that integrates major economic regions and emerging markets [13]

Financial Data and Key Metrics Changes - In Q3 2025, total passenger traffic reached 7.6 million, an 8% increase year over year [3] - Aeronautical revenues increased by 11%, with aeronautical revenue per passenger rising by 3% [4] - Adjusted EBITDA grew by 9% to 2.7 billion pesos, with a margin of 74.8% [5][10] - Consolidated net income was 1.5 billion pesos, reflecting a 9.1% increase compared to the same quarter last year [10] - Total debt at the end of September was 13.6 billion pesos, with a net debt to adjusted EBITDA ratio of 0.9 times [11] Business Line Data and Key Metrics Changes - Domestic passenger traffic grew by 7%, primarily driven by Monterrey Airport [3] - International passenger traffic increased by 11%, with significant contributions from routes to San Francisco and Dallas [4] - Commercial revenues grew by 7%, with parking, restaurants, VIP lounges, and retail being the main contributors [4][8] - Industrial services revenues increased by 53%, driven by higher leased square meters and contractual rent increases [9] Market Data and Key Metrics Changes - The occupancy rate for commercial space stood at 96% at the end of the quarter [4] - The overall traffic growth expectation for the year is between 7% and 8% [14] Company Strategy and Development Direction - The company is focusing on expanding capacity and commercial opportunities at Monterrey Airport, with half of the Master Development Program (MDP) investment allocated there [23] - The company is exploring international expansion opportunities, although no concrete transactions are currently in place [23] Management's Comments on Operating Environment and Future Outlook - Management expects commercial revenues per passenger to gradually increase in line with inflation [17] - Cost pressures from AG&E and utility costs are viewed as not permanent, with ongoing analysis to maintain costs [19] Other Important Information - Total investments in Q3 amounted to 472 million pesos, including major maintenance and strategic investments [5] - The negotiation process for the next MDP is on track, with expectations for a resolution in December [6][7] Q&A Session Summary Question: Traffic expectations for Q4 and 2026 - Management expects overall traffic growth for the year to be between 7% and 8%, with next year's growth anticipated in the low to mid-single digits [14] Question: Drivers behind the decline in commercial revenue per passenger - The decline is attributed to one-time revenues recorded in the previous year, with expectations for gradual increases in future quarters [17] Question: Outlook on AG&E and utility cost pressures - Cost pressures are not expected to be permanent, with management actively analyzing alternatives to control costs [19] Question: Capital allocation for the next MDP and international expansion - Half of the MDP will be allocated to Monterrey, focusing on capacity expansion and commercial opportunities, while international expansion opportunities are being explored [23]

Financial Data and Key Metrics Changes - In Q3 2025, OMA's passenger traffic reached 7.6 million, an 8% year-over-year increase, with seat capacity rising by 11% [3] - Aeronautical revenues increased by 11%, with aeronautical revenue per passenger rising by 3% [4] - Adjusted EBITDA grew by 9% to MXN 2.7 billion, with an adjusted EBITDA margin of 74.8% [5][10] - Consolidated net income for the quarter was MXN 1.5 billion, reflecting a 9.1% increase compared to the same quarter last year [10] - Cash generated from operating activities amounted to MXN 1.9 billion, with a cash position of MXN 4.4 billion at the end of the quarter [11] Business Line Data and Key Metrics Changes - Domestic passenger traffic grew by 7%, primarily driven by Monterrey Airport, contributing significantly to overall growth [3] - International passenger traffic increased by 11%, with notable contributions from routes to San Francisco, Atlanta, and Dallas [4] - Commercial revenues grew by 7%, with commercial revenue per passenger at MXN 60, driven by parking, restaurants, VIP lounges, and retail [4][8] - Industrial services revenues surged by 53%, mainly due to increased leased square meters in the industrial park [9] Market Data and Key Metrics Changes - The occupancy rate for commercial space was 96% at the end of the quarter, indicating strong demand [4] - The overall investment level for the next Master Development Program is expected to remain similar in real terms to the previous program [7] Company Strategy and Development Direction - The company plans to allocate around half of its Master Development Program (MDP) investment to Monterrey, focusing on capacity expansion and commercial opportunities [23] - OMA is exploring international expansion opportunities, although no concrete transactions are currently in place [23] Management Comments on Operating Environment and Future Outlook - Management expects overall traffic growth for the year to be between 7% and 8%, with a forecast of low to mid-single-digit growth for the following year [14] - Cost pressures from AG&E and utility costs are viewed as not permanent, with ongoing efforts to manage costs effectively [19] Other Important Information - Total debt at the end of September was MXN 13.6 billion, with a net debt to adjusted EBITDA ratio of 0.9x, indicating a solid financial position [11] Q&A Session Summary Question: Traffic expectations for Q4 and early thoughts on 2026 - Management anticipates overall traffic growth for the year to be between 7% and 8%, with expectations for next year in the low to mid-single digits [14] Question: Drivers behind the decline in commercial revenue per passenger - The decline is attributed to one-time revenues recorded in the previous year, with expectations for gradual increases in future quarters [17] Question: Outlook on AG&E and utility cost pressures - Cost pressures are not expected to be permanent, with management analyzing alternatives to maintain costs [19] Question: Capital allocation for the next MDP and potential international expansion - Half of the MDP will be allocated to Monterrey, focusing on capacity and commercial opportunities, while international expansion opportunities are being explored [23]