中国机场行业：机遇与挑战并存-China Airports_ Opportunities and challenges coexist

Equity Research Report 8 December 2025 China Airports Equities Opportunities and challenges coexist Resilient traffic growth, but uncertainty to remain in 2026. The domestic passenger traffic of Chinese Airlines climbed 4.4% y-o-y in October vs. +2.8% y-o-y in 3Q25 (source: Civil Aviation Administration of China), partially driven by the recovery of business travel. We see strong momentum in inbound travel supported by China's visa-waiver policy – volume of inbound foreign visitor with visa-exemption surged ...