According to news from Shanghai Airport Group, from October 26, 2025, to March 28, 2026, Shanghai Airport will implement the flight schedule for the 2025 winter-spring season

Guangfa Securities: Civil aviation demand is stable, and the recovery of international routes is accelerating

Guangfa Securities released a research report indicating that during the summer transportation period of 2025, the number of civil aviation flights in the country is expected to reach 1.054 million, a year-on-year increase of 3.2%. The increase in international flights is 13.2%, with passenger transport volume reaching 147 million, a year-on-year increase of 3.4%. During the National Day holiday, the civil aviation passenger transport volume is approximately 19.17 million, a year-on-year increase of 3.4%. Benefiting from the visa-free policy, international routes have recovered strongly, with airports in East China and South China performing exceptionally well. The year-on-year growth rate of passenger flow at major listed airports outpaces that of flight volume, and overall air travel demand continues to rebound

In September, Shanghai Airport's total passenger throughput at both airports reached 11.075 million

The transportation production data from Shanghai Airport in September 2025 shows that the total passenger throughput of the two airports reached 11.075 million. Among them, the passenger throughput of Pudong International Airport was 6.9857 million, an increase of 11.69% year-on-year; the passenger throughput of Hongqiao International Airport was 4.0893 million, an increase of 6.05% year-on-year

Zhitong A-share lock-up release overview | September 23

On September 23, a total of 6 listed companies had their restricted shares unlocked, with a total market value of approximately 6.569 billion yuan. The specific situation of the restricted shares unlocked today is as follows: Stock Abbreviation Stock Code Restricted Share Type Unlocked Shares Shanghai Airport 600009 Additional Issuance A Shares Original Shareholders' Allocation Listed 12.8 million HUALU-HENGSHENG 600426 Equity Incentive Restricted Circulation 280,000 CETC Digital 600850 Additional Issuance A Shares Legal Person Allocation Listed 81.107 million Apex 603383 Equity Incentive Restricted Circulation 162,000 Funshine Culture 300860 Equity Incentive Restricted Circulation 19,900 Shouyao Holdings 688197 6,491.6 million

Dongxing Securities: August airport supply growth is low, with a month-on-month improvement in passenger load factor

Dongxing Securities Co., Ltd. released a research report indicating that the supply of airports in August grew slowly, but the passenger load factor improved month-on-month. Domestic route capacity increased by approximately 1.7% year-on-year and about 0.8% month-on-month. The overall passenger load factor increased by approximately 0.9 percentage points compared to the same period last year and improved by 3.3 percentage points month-on-month. The release of industry policies lays the foundation for countering excessive competition, and airlines will adjust capacity deployment during the peak season, making profitability a more important focus. It is recommended to pay attention to the profitability elasticity of large airlines