Investment Rating - The report maintains an "Overweight" rating for the transportation sector [2]. Core Views - The report suggests reallocating investments towards infrastructure sub-sectors due to low current holdings, low sensitivity to oil price fluctuations, and attractive dividend yields [6]. - The infrastructure sub-sector is ranked as follows based on various dimensions: Railways > Highways > Ports > Airports [6]. - Key recommended stocks include: Daqin Railway, Jiangsu Ninghu Expressway, China Merchants Port, Tielong Logistics, and Guangdong Expressway A [6]. Summary by Sections Infrastructure Investment - Public fund holdings in transportation infrastructure have dropped to a near three-year low, with significant underperformance compared to the CSI 300 index [6]. - The current TTM dividend yields for railways, highways, airports, and ports are 3.2%, 3.7%, 1.3%, and 3.1% respectively, with highway yields significantly above the 10-year government bond yield [6]. Railway Sector - The railway sector is expected to benefit from increased domestic coal demand due to high international coal prices, with Daqin Railway projected to see volume and price increases [7]. - High-speed rail is positioned to capture air travel demand shifts, particularly on competitive routes [7]. Highway Sector - The highway sector shows resilience in profitability driven by domestic demand, despite rising oil prices impacting operational costs [9]. - The transition to electric vehicles may accelerate due to high oil prices, with a notable increase in the penetration rate of new energy vehicles [10]. Port Sector - The port sector is experiencing structural differentiation due to global supply chain disruptions, with container and bulk cargo volumes expected to rebound seasonally [11]. - The profitability of oil transportation terminals is under pressure due to reduced oil import volumes, while overall port operations remain resilient [11]. Airport Sector - The airport sector faces challenges with demand suppression due to rising operational costs passed onto travelers, limiting investment attractiveness [12].

二、因存在其他形式的飞行，部分项目分项数字之和与总计数存在 差异。 三、上述运输生产数据源自公司内部统计，仅供投资者参考。 证券代码：600004 证券简称：白云机场 公告编号：2026-011 广州白云国际机场股份有限公司董事会 广州白云国际机场股份有限公司 2026 年 2 月生产经营数据快报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 项目 | 月度 | | 累计 | | | --- | --- | --- | --- | --- | | | 本月数 | 同比增长 | 累计数 | 同比增长 | | 一、起降架次（架次） | 47,298.00 | 17.96% | 96,817.00 | 10.14% | | 其中：国内航线 | 36,670.00 | 17.09% | 74,465.00 | 8.16% | | 地区航线 | 369.00 | 6.34% | 817.00 | 11.31% | | 国际航线 | 10,259.00 | 21.67% | 21,535.00 | 17.56% | | 二、旅客吞吐 ...

Core Viewpoint - The report provides an update on the operational data of Hainan Airport for January 2026, highlighting changes in airport management and the impact of the delayed Spring Festival travel period on performance metrics [1][2][3]. Group 1: Operational Data - Hainan Airport's operational data for January 2026 includes statistics from seven controlled airports and two managed airports, excluding the previously controlled Yingkou Airport [1][2]. - The Spring Festival in 2026 starts on February 2, which is later than the previous year's start date of January 14, leading to fluctuations in operational data compared to the same period last year [2][3]. Group 2: Changes in Management - The company completed the transfer of 90% equity in Sanya Airport Infrastructure Co., Ltd. in December 2025, resulting in the loss of control over Yingkou Airport from January 2026 [2]. - Adjustments have been made to the operational data to reflect the exclusion of Yingkou Airport from the statistics [2]. Group 3: Important Notes - The operational data reported is based on internal statistics and may differ from actual figures, serving as a reference for investors [4]. - The company emphasizes that all official information is disclosed through designated media, and investors should be cautious of information from non-official sources [4].

Financial Data and Key Metrics Changes - Revenue reached EUR 9.6 billion, up 8.6% year-over-year on a like-for-like basis, driven mainly by high revenues in highways and construction [6][7] - Adjusted EBITDA stood at EUR 1.5 billion, representing a 12.2% year-over-year increase on a like-for-like basis [7] - Total shareholder return in 2025 reached an outstanding 38.6% [8] Business Line Data and Key Metrics Changes - Highways revenue grew 13.7% like-for-like in the year, while adjusted EBITDA was up 12.2%, driven by strong double-digit growth from U.S. assets [11] - Construction revenue reached EUR 7.7 billion, up 7.5% in like-for-like terms compared to 2024, with adjusted EBITDA increasing by 19.9% [27] - Dividends from projects reached a record EUR 968 million, showing a 2.2% increase year-over-year [8] Market Data and Key Metrics Changes - The construction order book reached a new all-time high of EUR 17.4 billion, with almost 50% coming from North America [7][28] - Traffic in the 407 ETR increased by 6.1% in 2025, reflecting the success of targeted rush-hour driving offers [12] - North American toll road assets are located in top-performing regions, with the Greater Toronto Area population expected to expand 22% by 2051 [21][23] Company Strategy and Development Direction - The company focuses on selective growth opportunities in North American highway assets and continues to monitor opportunities across other infrastructure segments [10][11] - A capital rotation strategy focuses on mature assets, providing flexibility to reinvest in attractive opportunities [11] - The company aims to maintain financial discipline while delivering value creation for shareholders [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of North American infrastructure assets, particularly in the Greater Toronto Area and Dallas-Fort Worth [21][23] - The company is facing a record pipeline of infrastructure projects in the U.S., larger than anything seen before [10] - Management noted that the economic environment remains challenging but expects continued growth supported by solid cash flow from the current portfolio [38] Other Important Information - The company returned EUR 156 million in cash to shareholders and repurchased shares totaling EUR 501 million [5] - The company was shortlisted for several significant infrastructure projects, including I-285 East in Georgia and I-24 in Tennessee [5][10] - The New Terminal One project at JFK Airport is progressing towards operational readiness, with a target completion date for the first phase set for fall 2026 [25] Q&A Session Summary Question: Insights on ETR revenue per transaction and pricing impact - Management noted that the fourth quarter revenue per transaction was affected by seasonality and weather, with promotions helping to maximize EBITDA [41][44] Question: Provision for lifetime expected credit loss and EBIT margin outlook - Management explained that the provision was due to changes in collection processes and reiterated a long-term EBIT margin outlook of 3.5% for construction [49][50] Question: Impact of AI and autonomous vehicles on discretionary lane plans - Management indicated that autonomous vehicles may lead to increased traffic and congestion in the short term, which could be beneficial [56][57] Question: Pricing on I-66 and I-77 and construction performance - Management stated that toll rates on I-66 are expected to increase above inflation, while construction margins were positively impacted by change orders and project completions [63][64]

Financial Data and Key Metrics Changes - Total revenues were flat year-on-year at MXN 7.3 billion, reflecting softer traffic in Mexico and the FX impact from the appreciation of the Mexican peso [10][11] - Consolidated EBITDA decreased nearly 5% to MXN 4.9 billion during the quarter, with adjusted EBITDA margin declining 330 basis points to 66.4% year-on-year [13] - Net Majority Income for the fourth quarter decreased 22% to MXN 2.7 billion, primarily due to a non-cash foreign exchange loss and an adjustment in amortization methodology [14][15] - For the full year, total revenues increased nearly 19% to MXN 37 billion, while net income declined 20% year-on-year to MXN 10.9 billion [15] Business Line Data and Key Metrics Changes - Aeronautical and non-aeronautical revenues were essentially unchanged during the quarter [10] - Commercial revenue per passenger increased 1% year-on-year to nearly MXN 132, with Colombia posting the strongest performance with a 12% gain [11] - The company opened 41 additional retail and service units across the network over the past year, contributing to a low single-digit increase in commercial revenues [11] Market Data and Key Metrics Changes - Passenger traffic handled was 17.9 million, up nearly 1% year-on-year, with nearly 72 million passengers traveling through airports during the year [8] - Traffic in Mexico was essentially flat, with domestic traffic slightly below prior year levels, while international traffic showed modest improvement [8] - Colombia delivered the strongest performance with a nearly 6% increase in traffic, while Puerto Rico's traffic declined 3% [9] Company Strategy and Development Direction - The company completed its expansion into the U.S. airport commercial market with the acquisition of URW Airports, now ASUR US, at an enterprise value of $295 million [3][4] - A purchase agreement was signed to acquire Motiva's stake in its airport portfolio for BRL 5 billion, which would add approximately 45 million passengers annually to the network [5][6] - The company aims to enhance geographic diversification and create long-term operational opportunities while adhering to a disciplined acquisition strategy [7] Management's Comments on Operating Environment and Future Outlook - Management noted that while near-term traffic trends in some markets have moderated, the structural demand drivers for air travel in the region remain intact [17] - The company expects traffic in Mexico to gradually stabilize as aircraft availability improves, with positive momentum anticipated in Puerto Rico and Colombia [10] Other Important Information - Capital expenditures during the fourth quarter were MXN 3.9 billion, with a total of MXN 7.8 billion invested in CapEx for the full year [16] - The company returned value to shareholders in the form of dividends, totaling MXN 24 billion during 2025 [7] Q&A Session Summary Question: Additional projections about ASUR US acquisitions and Motiva Airports acquisition updates - Management indicated that the first 20 days of ASUR US results are not normalized for the full year 2026, with expectations for a significant jump due to the new Terminal 1 at JFK Airport [19][20] - The Motiva acquisition process is progressing well, though it may take time due to aeronautical approvals [20][21] Question: Clarification on the lower tax rate - Management confirmed that the lower tax rate is related to the results of the year and not a one-off effect [22][23] Question: Initiatives driving commercial performance in Puerto Rico and Colombia - Management highlighted efforts in Puerto Rico to improve convenience stores and duty-free operations, while Colombia's performance was supported by new retail units [27][28]

Core Insights - The article reports that during the Spring Festival holiday from February 15 to February 24, over 510,000 people passed through the Guangzhou Baiyun Airport customs [1] - Daily, more than 350 flights were monitored, with approximately 56,000 people traveling each day, marking a 16% increase in flights and a 35.6% increase in passenger numbers compared to the previous year [1] Group 1 - Guangzhou Baiyun Airport is one of the three major international aviation hubs in China, with over 140 international routes covering 105 key cities globally, including nearly 70 cities in Belt and Road Initiative countries [1] - The airport has entered a new operational phase with the opening of the T3 terminal for international business, featuring "five runways and three terminals," enhancing connectivity for two-way passenger flow [1] Group 2 - The increase in flight frequency to Southeast Asia, Europe, and the United States is noted, which contributes to building a convenient air bridge for personnel movement [1]

Core Insights - Yunnan's airports experienced a significant increase in passenger traffic during the 2026 Spring Festival holiday, with over 2.44 million passengers and a record number of flights and cargo throughput [1][3] Group 1: Passenger and Flight Statistics - A total of 16,503 flights were operated, with a passenger throughput of 2.4417 million and cargo mail throughput exceeding 6,400 tons during the holiday [1] - Compared to the same period in 2025, these metrics showed daily increases of 9.76%, 13.72%, and 17.94% respectively [1] Group 2: Airport Operations and Services - Major airports like Kunming and Xishuangbanna set new historical records for passenger throughput, with Kunming Longjia International Airport reaching 174,138 passengers on February 21 [3] - To meet the high travel demand, Yunnan airports optimized their route networks, adding new international routes and increasing the frequency of popular domestic routes [3] Group 3: Passenger Experience Enhancements - Airports implemented various measures to enhance passenger experience, including increasing volunteer service positions, setting up mobile service points, and upgrading facilities such as mother-baby rooms [3] - Cultural activities were organized in the terminals to create a festive atmosphere, including traditional customs like giving away spring couplets and making sugar paintings [4]

Core Viewpoint - Beijing Daxing International Airport is preparing for a peak in passenger flow during the Spring Festival holiday, with plans to operate 1,096 flights and expecting over 160,000 passengers on the first day of the holiday [1] Operational Assurance - The airport is enhancing communication and coordination with air traffic control and airlines to dynamically adjust operational resources based on flight forecast data [1] - Strategies include optimizing gate allocation, expanding the use of convertible gates, and improving bridge turnover efficiency to ensure smooth passenger flow [1] - The airport has prepared de-icing equipment and increased staffing to ensure stable operations during winter weather conditions [1] Comprehensive Transportation - Airport buses will implement a "full bus departs immediately, additional buses as needed" policy from 23:00 to 02:00 the next day [1] - Ride-hailing platforms will adopt a "direct dispatch" model, and three temporary pick-up points will be added on the first floor of the P1 parking garage to effectively disperse passenger flow and reduce waiting times [1] - Temporary parking areas will be designated as backup long-term parking resources to meet the demand during the holiday period [1] - A collaboration with Sanya City offers a "cross-city linkage" service, allowing eligible round-trip passengers to enjoy up to 120 hours of free parking with prior reservation [1]

Summary of Key Points Core Viewpoint - Shanghai Airport announced a decrease in aircraft takeoffs and landings at Pudong International Airport for January 2026, alongside mixed results in passenger and cargo throughput [1] Group 1: Pudong International Airport Performance - Aircraft takeoff and landing volume is projected to be 46,996 flights, a year-on-year decrease of 1.90% [1] - Passenger throughput is expected to reach 7.0532 million, reflecting a year-on-year decline of 1.34% [1] - Cargo and mail throughput is forecasted at 343,800 tons, showing a year-on-year increase of 12.73% [1] - Domestic passenger throughput is estimated at 4.008 million, with a year-on-year growth of 1.09% [1] - International passenger throughput is projected to be 3.0452 million, indicating a year-on-year decline of 4.36% [1] Group 2: Hongqiao International Airport Performance - Aircraft takeoff and landing volume is expected to be 24,074 flights, marking a year-on-year increase of 0.56% [1] - Passenger throughput is anticipated to be 4.2204 million, reflecting a year-on-year growth of 3.94% [1] - Cargo and mail throughput is projected at 34,700 tons, showing a year-on-year decrease of 7.64% [1]

重要说明： 一、上述数据本月数为快报数据，与实际数据可能存在差异。 证券代码：600004 证券简称：白云机场 公告编号：2026-009 广州白云国际机场股份有限公司 2026 年 1 月生产经营数据快报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 项目 | 月度 | | 累计 | | | --- | --- | --- | --- | --- | | | 本月数 | 同比增长 | 累计数 | 同比增长 | | 一、起降架次（架次） | 49,519.00 | 3.58% | 49,519.00 | 3.58% | | 其中：国内航线 | 37,795.00 | 0.70% | 37,795.00 | 0.70% | | 地区航线 | 448.00 | 15.76% | 448.00 | 15.76% | | 国际航线 | 11,276.00 | 14.05% | 11,276.00 | 14.05% | | 二、旅客吞吐量（人次） | 7,493,811.00 | 4.95% | 7,493,811.00 | 4. ...