货运增长的背后，是通关便利化改革的持续深化。2025年，为提升航空口岸通关便利化水平，广州海关 针对性出台20项务实举措，涵盖24小时通关保障、高新技术产品通关便利、跨境商务交流支持、综保区 高质量发展等多个维度，例如推动全国首个"民航安检前置+海关查验前置"货站落地运营，实现出口货 物在综保区"一站式"完成清关、收运、安检、组板全流程操作，直送机场装机离境。 "货物等待时间缩减超50%，物流成本显著降低。"广东金羊城供应链科技股份有限公司业务经理黎伟灿 表示，这一创新模式吸引了佛山、东莞、江门等大湾区城市众多企业选择广州白云国际机场作为"出 海"主通道。目前，广州白云机场口岸日均进出口货物超4000吨。 "2025年，口岸新增、加密及恢复客货运航线29条，其中13条连接共建'一带一路'国家和地区，全年新 增马德里、达尔文等多个洲际航点，搭建起大湾区与欧、亚、非、大洋洲的空中桥梁，区域连接效率持 续提升。"广州海关所属广州白云机场海关物流监控处航空器查验科副科长彭小勇介绍，广州白云机场 口岸已构建起覆盖全球105个主要城市的航线网络，国际航线超146条，洲际通航点近30个，其中近70个 航点为"一带一路"共建 ...

Core Insights - The first specialized air cargo hub in the Yangtze River Delta, Jiaxing Nanhu Airport, officially commenced operations on December 26 [2] - The airport is positioned to support both passenger and cargo services, with a primary focus on cargo [2] Group 1 - Jiaxing Nanhu Airport is the first of its kind in the Yangtze River Delta region, indicating a significant development in regional logistics infrastructure [2] - The airport's operational model emphasizes a dual focus on passenger and cargo transport, but prioritizes cargo services [2]

Core Viewpoint - The Zhejiang Jiaxing Nanhu Airport, the first specialized air cargo hub in the Yangtze River Delta, commenced operations on December 26, 2023, focusing on both passenger and cargo services, with an emphasis on international freight [1] Group 1: Airport Operations - The airport is designed to handle 1.8 million passengers and 110,000 tons of cargo by 2030 [1] - On its opening day, the airport launched flights to Beijing Daxing, Guangzhou, Chengdu, and four other routes, establishing a network of five destinations [1] Group 2: Geographic Coverage - The airport's one-hour flight radius covers all areas of the Yangtze River Delta, while the two-hour radius encompasses 90% of China's GDP-producing regions [1] - A three-hour flight radius includes 1.2 billion people, major Chinese city clusters, and 60% of East Asia [1] Group 3: Cargo Development - The airport will collaborate with YTO Express to focus on international cargo operations, planning to open 28 international freight routes [1] - The goal is to create a network that connects Asia, facilitates access to Europe and America, and links to emerging markets along the Belt and Road Initiative [1]

Group 1: Aviation Port Development - Shaanxi has made significant progress in aviation port construction, with international passenger and cargo transport gradually recovering. The Xi'an Xianyang International Airport has opened and restored 7 international passenger routes and operated 12 international cargo routes this year. In the first 11 months, international (regional) transport takeoffs and landings reached 16,755, a year-on-year increase of 59.6% [1] - The international (regional) passenger throughput reached 1.8299 million, up 54.7% year-on-year, while the international cargo throughput was 66,861.7 tons, marking a 118.4% increase [1] - The third phase of the airport port project has been successfully completed, and a public information service platform for inbound and outbound passengers has been launched [1] Group 2: Railway Port Development - The Xi'an railway port has seen continuous improvement in functionality, with the expansion of the designated grain supervision area completed in July, increasing the area to nearly 3,200 square meters and enabling a cargo capacity of 250 containers per day [2] - The railway port has innovatively advanced the "zone-port integration" supervision model, significantly reducing customs clearance time from 1.6 hours to 0.5 hours [2] - In the first 11 months, the China-Europe Railway Express (Xi'an) operated 5,671 trains, a year-on-year increase of 20.5%, further solidifying Xi'an's position as a central hub for these services [2] Group 3: Single Window Construction - The "single window" service in Shaanxi has been continuously enriched, with 22 categories and 347 items of local characteristic services established and operational, placing the service capability of foreign trade enterprises among the top in the country [3] - This year, 43 new functions were added to the national standard version, with over 1,600 new registered users and 2,000 new service enterprises [3] - The Baoji service center of the Shaanxi "single window" was officially opened in August [3]

Core Insights - Shanghai airports, including Pudong and Hongqiao, reported a total of 69,000 flight takeoffs and landings in November, with passenger throughput reaching 11.14 million and cargo mail throughput at 433,000 tons, marking year-on-year increases of 6.5%, 11.2%, and 13.4% respectively, indicating a steady growth trend [1][4] Group 1: Flight and Passenger Data - In November, Pudong Airport recorded 46,000 flight takeoffs and landings, with passenger throughput of 6.97 million and cargo mail throughput of 390,000 tons [4] - Hongqiao Airport had 23,000 flight takeoffs and landings, with passenger throughput of 4.17 million and cargo mail throughput of 43,000 tons [4] - The inbound and outbound passenger flow at Shanghai airports reached 3.51 million in November, reflecting a year-on-year growth of 19.7% [4] Group 2: Year-to-Date Performance - From January to November, Shanghai airports completed a total of 770,000 flight takeoffs and landings, with passenger throughput of 124 million and cargo mail throughput of 4.13 million tons, representing year-on-year increases of 4.7%, 8.5%, and 7.7% respectively [4] - Cumulative inbound and outbound passenger volume reached 37.97 million, showing a year-on-year increase of 19.5%, indicating a significant recovery in the international aviation market [4] Group 3: Route Expansion - Shanghai airports are expanding their global route network, enhancing hub connectivity [4] - New intercontinental routes include Belgrade in Serbia, Casablanca in Morocco, and Geneva in Switzerland, while routes within Asia have been restored to Cheongju in South Korea and Manado in Indonesia, and additional flights to Kuala Lumpur in Malaysia have been added [4] - New direct flights to Central Asia destinations such as Chimkent and Almaty in Kazakhstan, Tashkent in Uzbekistan, and Ulaanbaatar in Mongolia have been launched, further strengthening the "Air Silk Road" between China and Central/East Asia [4] Group 4: New Route Launch - On December 4, the longest single commercial flight route from Shanghai to Auckland to Buenos Aires was officially launched, filling the gap for direct flights from Shanghai to South America [5] - This new route is a significant step in Shanghai Airport's efforts to build a comprehensive international aviation hub and injects new momentum into the development of Shanghai as an international shipping center [5]

Core Viewpoint - Wuliangye Group has entered the aviation sector by becoming the second-largest shareholder of Sichuan Airlines Group, aiming to explore smart logistics and resource sharing in the aviation cargo business [1][4]. Group 1: Investment and Shareholding Changes - Sichuan Airlines Group's registered capital increased from 417 million RMB to 1.219 billion RMB after Wuliangye Group was added as a shareholder, holding 45.83% of the shares [1]. - Wuliangye Group previously invested approximately 5 billion RMB in Sichuan Airlines in December 2022 to support its main aviation assets [4]. - The financial struggles of Sichuan Airlines are evident, with losses of 2.476 billion RMB in 2020 and 1.821 billion RMB in 2021, leading to a high debt ratio of 92.9% by the end of Q3 2020 [4]. Group 2: Future Plans and Collaborations - Following Wuliangye Group's investment, Sichuan Airlines plans to complete a capital increase of 12 billion RMB with multiple stakeholders, including China Eastern Airlines, aiming for a qualified listing by 2028 [6]. - The strategic partnership between Wuliangye Group and Sichuan Airlines is seen as a significant milestone, with both parties committed to enhancing cooperation in various sectors, including cargo conversion and aircraft leasing [7]. Group 3: Broader Business Strategy of Wuliangye Group - Wuliangye Group is diversifying its investments beyond the liquor industry, having previously established a joint venture in general aviation and invested in solar energy and battery sectors [8][10]. - The company has created a dedicated entity for solar energy investments and is involved in various projects related to photovoltaic technology and power batteries [10].

Core Insights - The Mongolian transportation industry has shown overall growth in the first nine months of 2025, with both freight and passenger volumes increasing compared to the same period last year [1] Freight Transport - The total freight volume reached 101 million tons, marking a year-on-year increase of 2.8% [1] - Road transport remains the dominant sector, with road freight volume at 67.1 million tons, also up by 2.8% [1] - Railway freight volume reached 34.3 million tons, reflecting a 3.0% year-on-year growth [1] Passenger Transport - The total passenger volume reached 131 million, showing a significant year-on-year increase of 16.6% [1] - Road passenger transport accounted for 127 million passengers, with a growth of 17.2% [1] - Domestic airline passenger numbers reached 333,600, increasing by 4.4% [1] Revenue - The total revenue for the transportation sector amounted to 3.9 trillion tugriks (approximately 7.8 billion RMB) [1] - Railway transport revenue was 1.3 trillion tugriks (about 2.6 billion RMB), up by 9% year-on-year [1] - The national airline's revenue reached 1.03 trillion tugriks (around 2.07 billion RMB), with a year-on-year increase of 13.2% [1] Quarterly Performance - In the third quarter, road freight volume increased by 4.9 million tons compared to the second quarter [1] - Railway freight volume in the third quarter was 13.4 million tons, up by 2.8 million tons from the second quarter [1] - Overall transportation industry revenue grew by 5.9% from the second quarter [1]

Core Viewpoint - The expansion of Guangzhou Baiyun International Airport marks a significant milestone, making it the first airport in China to operate five commercial runways, with a capacity to handle 120 million passengers and 3.8 million tons of cargo annually, thus being dubbed the "world's largest single terminal airport" [1] Group 1: Airport Expansion and Capacity - The newly opened T3 terminal and fifth runway enable Guangzhou Airport to meet the growing demand for passenger and cargo transport, enhancing its status as a major international aviation hub [1] - The airport's passenger throughput reached 73.38 million in 2019, with a growth rate of 5.2%, surpassing major competitors like Beijing and Shanghai at that time [2] - Following the expansion, Guangzhou Airport is projected to achieve a passenger throughput of 120 million by 2030 and 140 million by 2045, breaking previous design limits [3] Group 2: Economic Impact and Cross-Border E-commerce - Guangzhou's foreign trade import and export volume reached 923.68 billion, with a growth rate of 12.5%, leading among major cities, driven by a 21.2% increase in exports [5] - The airport's enhanced cargo capacity supports the booming cross-border e-commerce sector, which saw a significant increase in export volume, with 33.3% of international cargo being cross-border e-commerce in 2023 [5][6] - Guangdong province has become a hub for cross-border e-commerce, with its import and export volume skyrocketing from 11.3 billion to 843.3 billion, accounting for over 30% of the national total [6][7] Group 3: Competitive Landscape and Future Challenges - The competition among major airports in the Guangdong-Hong Kong-Macau Greater Bay Area is intensifying, with Guangzhou, Shenzhen, and Hong Kong vying for international routes and passenger traffic [9][10] - Despite recent growth, Guangzhou Airport's international passenger throughput remains lower than that of Shanghai, indicating a need for improved international connectivity [10] - The management and coordination among the three major airports in the Greater Bay Area will be crucial for optimizing the overall development of the airport cluster [11]

Investment Rating - The report maintains a "Recommended" rating for Shenzhen Airport [6][8]. Core Views - The company reported a revenue of 3.84 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.8%, and a net profit attributable to shareholders of 468 million yuan, up 43% year-on-year [3]. - The growth in profitability is attributed to the ongoing recovery in operations from 2024, with a notable low base effect in the first half of the year. However, the growth rate in Q3 2025 has moderated compared to previous quarters [3]. - The company is prioritizing international routes as domestic passenger growth slows, with Q3 2025 showing a 3.1% increase in passenger throughput compared to the same period in 2019 [4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 1.31 billion yuan, a year-on-year increase of 8.0%, and a net profit of 156 million yuan, up 2.2% year-on-year. The net profit excluding non-recurring items was 142 million yuan, reflecting a 12.3% increase [3]. - The gross margin for Q3 2025 was 21.8%, showing a slight decline compared to previous periods, with total revenue and operating costs increasing by 8.0% and 10.0% respectively [5]. - Investment income significantly increased, with Q3 2025 reporting 54 million yuan, compared to 37 million yuan and 32 million yuan in Q2 and Q3 of 2024 respectively [5]. Operational Developments - The third runway expansion project was completed in August 2025, paving the way for future operational enhancements. The T2 terminal area and supporting projects have also commenced construction [5]. - The company is expected to benefit from the opening of the Shenzhen-Zhongshan Corridor and the Shenzhen-Jiangmen Railway, enhancing its position as a hub in the Greater Bay Area [6]. Earnings Forecast - The forecast for net profit attributable to shareholders is adjusted to 640 million yuan for 2025 and 785 million yuan for 2026, with corresponding PE ratios of 23 and 19 [7][12].

Core Insights - Wuhan is accelerating the construction of an international comprehensive transportation hub city during the 14th Five-Year Plan period, with a focus on enhancing its transportation network and economic stability [1][2] Transportation Infrastructure Development - The comprehensive transportation network in Wuhan has reached 18,500 kilometers, with significant international connectivity through 120+ international transport channels [2] - Wuhan's Tianhe and Huahu airports have established a dual hub for passenger and cargo transport, with international and regional routes totaling 65, and annual passenger and cargo throughput increasing to 5.4 times and 6.3 times that of 2020, respectively [2][3] - The China-Europe Railway Express has 58 international routes, operating over 1,000 trains for two consecutive years, doubling the volume compared to 2020 [2] Economic Growth and Logistics - The transportation, warehousing, and postal service sectors in Wuhan are projected to reach a value of 115.47 billion yuan in 2024, with total social logistics expected to hit 5.1 trillion yuan, reflecting growth of 56.9% and 39.1% from 2020 [3] - The city has seen a cumulative investment in transportation fixed assets increase by over 40% in the past five years, with 285 new A-level logistics companies established, bringing the total to 457, the highest in the country [3] Integration and Innovation - Wuhan is focusing on integrated development, safety enhancement, smart upgrades, and green transformation, with three national multimodal transport demonstration projects underway [3] - The city is promoting the development of smart connected vehicles in logistics and has integrated 15,000 taxis with intelligent terminals, while also launching 23 low-altitude flight routes for aerial sightseeing and drone delivery [3]