目錄一、行情綜述：航空板塊下跌，機場板塊上漲 1A股市場：航空板塊下跌，機場板塊上漲 1港股及海外市場：航空機場板塊下跌 2二、行業(yè)動態(tài)：國貨航擬購6架空客貨機，白云機場定向增發(fā)審核通過 3航空客運：9月旅客運輸量同比增長4.6%，其中國內(nèi)客流量同增3.6% 3航空貨運：8月全球航空貨運總需求同比增長4.1%，國際需求增長5.1% 8油價：航空煤油價格月繼續(xù)回落 8匯率：美元兌人民幣高位回落 9機場：9月座千萬級機場有28座旅客吞吐量同比正增長 三、投資評價和建議：需求或?qū)⑹芤尕斦撸杀净驅(qū)⑹芤嬗蛢r下行，匯率仍存壓力 風(fēng)險分析 圖目錄圖1:交通運輸行業(yè)各子板塊與滬深300的超額收益 1圖2:交通運輸行業(yè)漲跌幅股票排名前十（單位：%） 1圖3:航空機場板塊漲跌幅表現(xiàn)（單位：%） 1圖4:A股市場航空機場板塊主要標的股價表現(xiàn)及估值 2圖5:港股及海外市場航空機場板塊主要標的股價表現(xiàn)及估值 2圖6:三大航司客座率（%） 3圖7:三大航司可用座公里同比增速（%） 3圖8:航空業(yè)供需增速差與客座率（%） 3圖9:2025年中國民航執(zhí)行客運航班量日趨勢 4圖10:南方航空各航線月度經(jīng)營數(shù)據(jù) 4圖11:東方航空各航線月度經(jīng)營數(shù)據(jù) 5圖12:春秋航空各航線月度經(jīng)營數(shù)據(jù) 6圖13:吉祥航空各航線月度經(jīng)營數(shù)據(jù) 7圖14:上海至北美航空貨運價格指數(shù) 8圖15:上海至歐洲航空貨運價格指數(shù) 8圖16:香港至北美航空貨運價格指數(shù) 8圖17:香港至歐洲航空貨運價格指數(shù) 8圖18:法蘭克福至北美航空貨運價格指數(shù) 8圖19:法蘭克福至東南亞航空貨運價格 8圖20:航空煤油價格（元/噸） 9圖21:布倫特原油期貨結(jié)算價格（美/桶） 9圖22:國內(nèi)航線歷史燃油附加費征收情況（元） 9圖23:美元兌人民幣匯率：中間價 10圖24:三大航司的匯兌損益（正值表示收益，億元） 10圖25:上海浦東機場月度經(jīng)營數(shù)據(jù)（單位：架/萬人次） 10圖26:上海虹橋機場月度經(jīng)營數(shù)據(jù)（單位：架/萬人次） 11圖27:首都機場月度經(jīng)營數(shù)據(jù)（單位：架/萬人次） 11圖28:深圳機場月度經(jīng)營數(shù)據(jù)（單位：架/萬人次） 12圖29:美蘭機場月度經(jīng)營數(shù)據(jù)（單位：架/萬人次） 12圖30:白云機場月度經(jīng)營數(shù)據(jù)（單位：架/萬人次） 12圖31:廈門空港月度經(jīng)營數(shù)據(jù)（單位：架/萬人次） 13一、行情綜述：航空板塊下跌，機場板塊上漲A300（1027-1031）交運板塊整體上漲。其中，本0.25%5.19%。圖1:交通運輸行業(yè)各子板塊與滬深300的超額收益250% 公路 鐵路 公交 快遞 航運 港口 航空 機場 物流綜合0%-100%圖2:交通運輸行業(yè)漲跌幅股票排名前十（單位圖3:航空機場板塊漲跌幅表現(xiàn)（單位圖4:A股市場航空機場板塊主要標的股價表現(xiàn)及估值細分行業(yè) 上市公司股票代碼市值（億美元）周漲跌幅年初至今漲幅PE（TTM）PBEV/EBITDA中國國航601111.SH174.95-6.09-0.63%506.473.049.92南方航空600029.SH154.791.372.77%-89.273.468.54東方航空600115.SH142.48-1.0320.00%-53.906.049.53航空 海航600221.SH108.075.364.12%-306.9933.6512.84春秋航空601021.SH73.950.88-4.90%26.153.0211.10吉祥航空603885.SH39.90-4.57-4.79%38.603.1810.01華夏航空002928.SZ19.240.3837.50%23.474.0611.49中信海直000099.SZ24.120.41-15.72%48.443.2118.11上海機場600009.SH113.362.93-3.93%33.961.9313.34機場 白云機場600004.SH32.662.303.67%17.101.265.93深圳機場000089.SZ20.89-0.416.62%25.341.3011.24廈門空港600897.SH9.967.8313.60%15.891.587.90細分行業(yè) 上市公司股票代碼細分行業(yè) 上市公司股票代碼市值（億美元）周漲跌幅年初至今漲幅 PEPBEV/EBITDA西南航空LUV.N155.61-6.6%-8.9%41.061.508.50達美航空(DELTA)DAL.N372.97-6.3%-4.5%8.062.446.75瑞安航空RYAAY.O318.860.0%45.3%13.374.2510.03Volaris航空VLRS.N74.86-6.3%-13.7%-119.5320.527.01中國國航0753.HK174.95-7.3%10.9%330.132.049.72美聯(lián)航UAL.O302.31-6.0%-3.8%9.182.396.16航空客運 中國南方航空股份1055.HK154.791.1%14.7%-54.262.256.34中國東方航空股份0670.HK142.48-1.0%54.1%-40.914.657.42美國航空AAL.O84.36-7.3%-26.7%14.01-2.127.47勒莫國航GOL.N0.000.0%0.0%0.000.000.00國泰航空0293.HK95.660.5%24.1%7.521.425.02阿拉斯加航空ALK.N46.90-7.0%-37.1%31.271.077.67捷藍航空JBLU.O15.02-9.6%-47.5%-3.200.57-2522.38嘉里物流0636.HK16.700.0%8.0%9.550.813.43中國外運0598.HK63.58-0.8%54.8%9.280.900.00福沃運輸FWRD.O5.75-5.0%-42.1%-3.322.85-2.00航空貨運 美國航空運輸服務(wù)ATSG.O0.000.0%2.3%0.001.000.00嘉泓物流2130.HK1.30-1.2%-2.0%35.021.975.20INFINITYL&T1442.HK0.851.6%6.7%13.341.065.57先豐服務(wù)集團0500.HK0.25-2.4%-41.8%-1.760.72-6.17圓通速遞國際6123.HK0.590.0%-4.3%-7.830.3813407.59泰國機場公司AOT.THA182.313.8%-30.7%30.724.740.00太平洋航空PAC.N105.18-3.9%21.1%19.089.6714.50墨西哥坎昆國際機場ASR.N91.821.0%31.0%12.913.487.57機場 北方中心機場OMAB.O47.77-3.7%47.6%16.509.4512.17北京首都機場股份0694.HK16.44-0.7%-0.4%-9.910.8818.06美蘭空港0357.HK6.400.0%14.1%-22.261.130.00亞洲實業(yè)集團1737.HK0.120.0%3.2%-4.850.520.52（TTM）注均為 和客數(shù)據(jù)不包預(yù)測據(jù)二、行業(yè)動態(tài)：國貨航擬購6架空客貨機，白云機場定向增發(fā)審核通過航空客運：93.6%圖6:三大航司客座率圖7:三大航司可用座公里同比增速圖8:航空業(yè)供需增速差與客座率（%）圖9:2025年中國民航執(zhí)行客運航班量日趨勢班管體增速19.3%16.2%體增速19.3%16.2%15.2%10.1%17.6%0.4%6.1%12.3%8.4%6.7%7.3%6.0%5.2%7.6%客座率85.5%86.7%84.8%84.6%84.8%86.7%84.7%85.6%85.9%85.2%84.4%87.0%86.3%85.6%增速6.8%5.6%5.9%5.2%3.8%1.1%2.4%2.5%2.8%1.8%0.6%-0.2%0.8%1.7%（單位：百萬）2024 2024 2024 2024 2025 2025 2025 2025 2025 2025 2025 20259月10月11月12月 1月 2月 3月 4月 5月 6月 7月 8月2025 20259月 累可用座公里30,43931,15628,11629,07034,12130,48029,31829,74430,72230,45336,48936,75031,733289,809增速9.8%8.7%7.2%3.3%12.4%-0.9%3.1%9.0%4.9%4.4%6.5%6.2%4.3%5.5%總收入客公里26,02727,01923,84524,58028,92026,43824,84325,45526,39225,93930,79031,96827,385248,130可用座公里22,46523,18520,56320,93324,65222,40721,36221,29222,42322,23327,34327,55523,132212,399增速0.1%0.2%-0.8%-1.8%6.0%-6.2%-3.2%3.6%1.3%1.3%5.5%4.7%3.0%1.9%國收入客公里19,31520,29717,45917,66620,94619,71618,24518,29519,45519,04723,12924,11320,113183,060內(nèi)增速10.3%7.0%5.4%3.4%9.7%-4.1%0.6%7.1%4.7%3.6%6.5%4.9%4.1%4.1%客座率86.0%87.5%84.9%84.4%85.0%88.0%85.4%85.9%86.8%85.7%84.6%87.5%87.0%86.2%增速8.0%5.6%5.0%4.3%2.9%1.9%3.2%2.8%2.7%1.9%0.8%0.2%1.0%1.9%可用座公里7,6797,7037,3147,8749,1927,8317,7128,1978,0037,9158,8428,8788,31374,883增速52.2%46.3%39.1%20.0%34.3%18.1%25.5%27.0%16.3%14.4%9.8%11.2%8.3%17.7%國收入客公里6,4866,5086,2016,7147,7616,5416,4136,9556,7146,6407,4127,5877,04563,068際增速56.5%58.1%55.9%32.5%46.3%17.3%25.6%29.7%21.5%16.6%9.9%9.4%8.6%19.6%客座率84.5%84.5%84.8%85.3%84.4%83.5%83.2%84.9%83.9%83.9%83.8%85.5%84.7%84.2%增速2.3%6.3%9.1%8.0%6.9%-0.6%0.1%1.8%3.6%1.5%0.0%-1.4%0.3%1.3%可用座公里2952692392642772422442542963063033172882,527增速34.8%10.1%-0.7%1.1%13.8%0.0%1.8%-7.5%0.0%4.2%0.8%3.2%-2.4%1.4%地收入客公里2262141842012131821842042222522492672282,001區(qū)增速41.9%25.0%10.9%7.4%16.9%-6.1%2.3%-4.9%-0.8%9.4%3.0%6.0%0.7%2.9%客座率76.7%79.8%77.2%76.2%76.9%75.2%75.5%80.3%75.1%82.4%82.0%84.3%79.1%79.2%增速3.8%9.5%8.1%4.5%2.0%-4.9%0.4%2.2%-0.6%3.9%1.7%2.2%2.4%1.2%司公體增速25.2%23.2%體增速25.2%23.2%20.9%17.3%19.7%3.1%10.5%15.6%15.4%10.0%9.4%8.7%8.7%11.0%客座率83.5%84.6%84.3%83.5%82.9%85.1%84.2%85.4%85.4%86.1%84.8%88.3%87.6%85.5%增速9.9%7.5%8.1%7.5%5.4%1.7%2.9%4.4%4.6%2.7%1.6%1.6%4.1%3.1%2024 2024 2024 2024202520252025 2025 2025 2025 202520252025 2025(單位：百萬)9月 10月11月 12月1月2月3月 4月 5月 6月 7月 8月9月 累計可用座公里24,29425,36323,32324,11627,83025,25324,85925,19226,45225,43829,71929,77125,177239,689增速10.3%12.3%9.2%6.9%11.9%1.0%6.7%9.6% 9.3%6.5%7.4% 6.8%3.6% 7.0%總收入客公里20,28921,44519,66920,14023,05621,49520,92121,50622,58821,91225,18926,30022,047205,014可用座公里16,16416,97915,52315,35618,19616,85316,15316,50717,35416,46419,69619,82016,429157,472增速-4.6%-0.9%-1.8%-3.8%2.3%-5.3%-1.4%4.5%4.9%1.9%4.9%3.3%1.6% 1.9%國收入客公里13,76214,76413,23412,93615,24914,81013,84614,23915,12614,44717,02817,76014,538137,044內(nèi)增速10.2%9.3%7.2%4.9%8.6%-1.3%3.4%10.7%10.5%5.6%6.9%5.5%5.6%6.1%客座率85.1%87.0%85.3%84.2%83.8%87.9%85.7%86.3%87.2%87.8%86.5%89.6%88.5%87.0%增速11.5%8.1%7.1%6.9%4.8%3.6%4.0%4.8%4.4%3.1%1.6%1.9%3.3%3.5%可用座公里7,6197,8437,2608,2069,0617,9218,1888,1508,5348,4509,4889,3808,26977,441增速63.9%58.3%44.4%35.7%39.2%18.8%28.4%22.9%20.2%18.0%14.0%15.8%8.5%20.1%國收入客公里6,1156,2335,9856,7557,3446,2986,6576,8207,0057,0217,7208,0407,12364,029際增速79.0%76.3%68.2%52.4%53.0%16.2%29.4%28.0%28.4%20.8%16.2%17.4%16.5%24.2%客座率80.3%79.5%82.4%82.3%81.1%79.5%81.3%83.7%82.1%83.1%81.4%85.7%86.1%82.7%增速6.8%8.1%11.7%9.0%7.3%-1.8%0.6%3.4%5.3%1.9%1.6%1.2%5.9%2.7%可用座公里5115415405545724785185355645235355724794,776增速21.4%10.8%1.6%-2.2%-2.1%-11.9%-6.1%-1.3%-0.7%-5.7%-7.6%-3.5%-6.4%-5.0%地收入客公里4124484494494633874184474574444424993863,942區(qū)增速35.8%27.4%20.9%12.3%11.1%-8.5%4.1%6.4%7.7%3.5%-2.3%-1.3%-6.2%1.5%客座率80.6%82.8%83.2%81.1%80.9%80.8%80.7%83.5%81.0%84.9%82.6%87.3%80.7%82.5%增速8.6%10.8%13.3%10.4%9.6%3.0%7.9%6.0%6.3%7.6%4.5%2.0%0.2%5.3%司公圖12:春秋航空各航線月度經(jīng)營數(shù)據(jù)20242024202420242025202520252025202520252025202520252025（單位：百萬）9月10月11月12月1月2月3月4月5月6月7月8月9月累計可用座公里4,3474,6634,2004,5705,1984,7494,6014,9225,0084,8295,8235,8965,26546,291同比增速11.0%16.6%10.4%13.1%17.2%2.2%1.7%12.5%11.5%12.4%10.4%12.0%21.1%11.1%總收入客公里3,9354,2163,7984,1504,7104,3414,1294,3394,5614,4495,3495,5344,83542,247體同比增速11.3%16.9%12.7%15.1%16.9%0.5%1.8%9.3%11.7%11.6%8.6%12.2%22.9%10.5%客座率90.5%90.4%90.4%90.8%90.6%91.4%89.7%88.2%91.1%92.1%91.9%93.9%91.8%91.3%同比增速0.2%0.2%1.9%1.6%-0.2%-1.6%0.1%-2.6%0.1%-0.6%-1.5%0.2%1.3%-0.5%可用座公里3,4453,6713,2913,4923,8023,5293,5623,9044,0293,8544,5184,6344,17336,006同比增速1.5%4.7%-1.4%0.9%2.7%-7.5%-4.9%11.2%10.9%10.5%5.7%9.1%21.2%6.4%國收入客公里3,1653,4033,0263,1823,5013,2853,2283,4693,7103,5754,2004,3663,88733,220內(nèi)同比增速1.2%5.7%1.1%2.7%3.3%-7.7%-4.1%8.6%11.9%10.3%4.7%9.6%22.8%6.4%客座率91.9%92.7%91.9%91.1%92.1%93.1%90.6%88.9%92.1%92.8%93.0%94.2%93.2%92.3%同比增速-0.3%0.9%2.3%1.5%0.5%-0.2%0.7%-2.2%0.8%-0.2%-1.0%0.4%1.3%0.0%可用座公里875966 8841,0581,3701,1921,0109919509491,2791,2341,05610,031同比增速 87.7%120.5%113.5%101.4%104.0%55.2%42.0%19.8%14.9%22.2%34.0%27.2%20.7%35.9%國收入客公里 747 791 750 951 1,1851,0328758468278491,1251,1439168,797際同比增速108.8%134.8%129.1%109.9%103.9%46.7%39.0%14.4%11.6%19.0%29.5%26.3%22.6%32.7%客座率85.4%81.8%84.9%89.8%86.5%86.6%86.6%85.4%87.0%89.5%87.9%92.6%86.7%87.7%同比增速8.6%5.0%5.8%3.6%-0.1%-5.0%-1.9%-4.0%-2.6%-2.4%-3.1%-0.6%1.3%-2.1%可用座公里27 27 25 20262830272927 26 2835 255同比增速-51.3%-50.2%-54.6%-65.2%-59.0%-57.4%-57.9%-31.9%-14.3%-16.2%-44.9%-40.5%27.8%-40.0%地收入客公里23 23 22 18232527242525 24 2631 230區(qū)同比增速-55.6%-54.3%-55.6%-66.9%-60.1%-59.5%-56.2%-34.2%-18.1%-16.4%-44.7%-39.8%36.4%-40.6%客座率83.7%85.7%88.5%88.5%90.9%89.5%90.3%87.4%86.0%91.7%92.8%94.1%89.4%90.2%同比增速-8.2%-7.6%-2.1%-4.6%-2.6%-4.5%3.4%-3.1%-4.0%-0.2%0.4% 1.0%5.6%-0.8%司公圖13:吉祥航空各航線月度經(jīng)營數(shù)據(jù)202420242024 20242025 2025 2025 20252025 2025 20252025202520259月10月11月12月1月2月 3月4月5月 6月7月8月9月累計可用座公里4,4574,7584,1234,6955,3884,5834,6254,6964,7554,5755,0885,1274,54243,381增速14.6%17.5%13.1%15.4%18.7%-2.7%4.5%2.8%0.5%1.9%-3.0%-2.7%1.9%2.2%總收入客公里3,7284,0533,4283,8714,4413,9203,9094,0464,0963,9684,3154,5613,90937,165體增速14.8%19.3%13.9%15.2%17.2%-4.8%3.4%6.3%5.0%4.0%-3.2%-1.9%4.9%3.1%客座率83.7%85.2%83.1%82.4%82.4%85.5%84.5%86.2%86.1%86.7%84.8%89.0%86.1%85.7%增速0.2%1.3%0.6%-0.2%-1.1%-1.9%-0.9%2.8%3.7%1.7%-0.1%0.7%2.4%0.7%可用座公里3,3023,5063,0423,2883,6403,2023,2003,2793,3273,2323,6753,7113,11830,384增速-1.0%0.6%-3.9%-5.6%-4.0%-14.5%-9.5%-10.3%-11.4%-8.9%-8.3%-6.8%-5.6%-8.8%國收入客公里2,8873,1372,6182,7873,1222,8602,8102,9082,9492,8553,1853,3652,77626,831內(nèi)增速0.7%3.9%-2.0%-4.9%-3.7%-14.5%-8.3%-5.6%-7.6%-7.3%-9.6%-7.1%-3.8%-7.6%客座率87.4%89.5%86.0%84.8%85.8%89.3%87.8%88.7%88.6%88.3%86.7%90.7%89.0%88.3%增速1.5%2.8%1.6%0.6%0.3%0.0%1.1%4.3%3.6%1.6%-1.3%-0.3%1.6%1.2%可用座公里1,1121,2031,0321,3641,6881,3301,3791,3841,3971,3121,3801,3851,39512,651增速117.3%133.3%146.0%158.9%144.1%46.1%64.6%60.0%50.1%46.9%17.5%13.7%25.4%46.5%國收入客公里808 875 7681,0481,2701,0161,0591,1101,1201,0851,1001,1671,10810,035際增速134.3%158.1%163.4%173.7%152.6%39.7%57.7%62.5%66.7%55.0%25.6%20.4%37.1%51.8%客座率72.7%72.8%74.5%76.9%75.3%76.4%76.8%80.1%80.2%82.7%79.7%84.3%79.5%79.3%增速5.3%7.0%4.9%4.2%2.5%-3.5%-3.3%1.2%8.0%4.3%5.1%4.7%6.8%2.8%可用座公里42504944615146323231333129346增速-0.7%-1.8%-21.1%-29.1%11.1%-9.7%-15.0%-32.0%-34.9%-34.0%-48.6%-54.2%-31.8%-28.4%地收入客公里33414236494339282827302925299區(qū) 增速-1.2%3.7%-5.3%-26.2%9.4%-6.8%-9.7%-29.1%-28.5%-25.3%-46.0%-52.3%-24.9%-25.1%客座率78.7%82.2%86.1%83.3%80.7%85.2%86.1%88.0%86.9%87.9%90.2%90.6%86.6%86.3%增速-0.4%4.4%14.4% 3.3%-1.3%2.6%5.1%3.6%7.8%10.2%4.3%3.6% 7.9%3.8%司公 注年3（含之后祥航月度營數(shù)將地細分數(shù)納入際數(shù)進行算航空貨運：85.1%圖14:上海至北美航空貨運價格指數(shù) 圖15:上海至歐洲航空貨運價格指數(shù)18USD/kg2018 2019 2020 20211614

USD/kg12 2018 2019 2020 2021202220232024202220232024202520222023202420251091281078 66 54431/11/151/292/121/11/151/292/122/263/123/264/94/235/75/216/46/187/27/167/308/138/279/109/2410/810/2211/511/1912/312/1712/311/11/151/292/122/263/123/264/94/235/75/216/46/187/27/167/308/138/279/109/2410/810/2211/511/1912/312/1712/31ACdata ACdata圖16:香港至北美航空貨運價格指數(shù) 圖17:香港至歐洲航空貨運價格指數(shù)16 USD/kg2018 2019 2020 2021202220232022202320242025

USD/kg20222023202420259 2018 2019 2020 2021202220232024202581271068 56 44 31/151/292/122/263/121/151/292/122/263/123/264/235/216/187/167/308/138/279/109/24ACdata ACdata圖18:法蘭克福至北美航空貨運價格指數(shù) 圖19:法蘭克福至東南亞航空貨運價格6.05.55.04.54.03.53.02.52.01.51.0

USD/kg20222023202420252018 2019 2020 20212022202320242025

3.32.81.81.31/11/151/11/151/292/122/263/123/264/94/235/75/216/46/187/27/167/308/138/279/109/2410/810/2211/511/1912/312/1712/31

USD/kg

202220232022202320242025ACdata ACdata10圖20:航空煤油價格（元噸） 圖21:布倫特原油期貨結(jié)算價格（美元桶）圖22:國內(nèi)航線歷史燃油附加費征收情況（元）圖23:美元兌人民幣匯率：中間價 圖24:三大航司的匯兌損益（正值表示收益，億元） 機場：9月圖25:上海浦東機場月度經(jīng)營數(shù)據(jù)（單位：架次/萬人次） 20249月

2024202410月11

202412

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2025累計起降次數(shù) 43,39745,86341,76843,77147,90742,61345,11945,41046,33944,87848,66449,84445,855416,629總 增速 6.3%10.4%6.6%7.0%10.9%-0.1%4.3%7.3%5.6%5.8%2.7% 3.5% 5.7% 5.0%體 旅客吞吐量 625 669 604 641 715 646 665 687 707 690 748 795 699 6,352增速 21.0%23.1%21.3%20.3%21.9%2.3%9.0%13.1%13.0%10.1%5.7% 6.9%11.7%10.2%起降次數(shù) 25,03426,81723,53424,36427,57525,00225,39125,70026,25925,19627,11128,00325,704235,941國 增速 -6.7%-0.5%-4.7%-3.3%3.2%-5.9%-3.3%1.3%1.5%1.3%-3.0%-1.8% 2.7%-0.5%內(nèi) 旅客吞吐量內(nèi) 旅客吞吐量3623963383463963723703803963804084353873,524增速5.3%8.3%4.6%5.1%7.7%-3.6%0.6%6.3%6.1%5.4%-0.2%0.2%7.0%3.1%起降次數(shù)15,67916,29815,52116,60417,51515,18816,95416,93417,38617,00518,68718,81017,329155,808國 增速41.3%39.9%32.5%29.7%29.2%13.5%20.5%19.4%15.1%14.6%13.7%13.4%10.5%16.4%際 旅客吞吐量228.6233.1226.6255.0276.7238.9256.4264.4271.3269.5296.5312.3271.62,457.7增速63.0%63.3%60.8%51.7%52.4%15.3%24.7%24.6%25.8%17.7%15.6%18.1%18.8%22.8%起降次數(shù)2,3512,4912,4222,5642,6642,2862,4912,5112,4512,4102,6452,7482,48122,687地 增速-2.3%-0.6%-4.9%-4.7%-1.2%-10.0%-8.5%0.9%-6.6%-2.8%-3.7%-2.2%5.5%-3.3%區(qū) 旅客吞吐量35.039.439.240.041.7 34.539.542.440.240.944.047.239.8370.2增速6.0%12.7%15.8%13.1%13.9%-8.2%5.5%12.5%8.8%8.5%2.4%6.3%13.8%6.9%司公圖26:上海虹橋機場月度經(jīng)營數(shù)據(jù)（單位：架次/萬人次）20249月

2024月

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20251月

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2025累計起降次數(shù)22,27423,78322,96723,59823,94021,87824,16923,01923,91422,80623,83224,44123,260211,2590.61%2.93%0.61%2.93%2.44%4.18%3.07%-2.88%2.75%7.10%3.64%5.21%3.22%1.58%4.43%3.08%385.6423.3398.4394.4406.1 384.5421.2412.0430.6407.4423.2445.2408.93,739總體旅客吞吐量增速 9.27%9.95%7.79%6.74%3.54%-0.55%4.13%11.11%6.15%4.87%3.53%2.18%6.05%4.49%數(shù)21,204數(shù)21,20422,21322,75621,639196,7615.55%3.58%1.65%4.72%3.33%378.7393.9414.3381.33,486

20,66322,20321,46521,95622,30520,43922,52521,42222,258境增速 -0.35%2.67%2.44%4.37%3.20%-2.77%2.79%8.06%3.72%數(shù)

360.5 396.8 371.0 366.4 378.1 359.7393.6 383.7 402.3507 573507 5735755855395695685555,037-3.61%0.88%-1.03%4.46%0.19%2.71%5.19%-1.42%0.88%563 564 544 576 566境增速

17.05%13.25%6.25%4.54%0.53%外旅客吞吐量

9 10 10 11 11 9 10 11 11 11 12 12 11 99增速 13.73%16.99%27.55%23.34%27.62%9.84%15.32%11.76%10.66%7.63%9.70%19.94%22.12%14.72%司公 ：虹橋場于年7月日式注上海際機股份限公（600009）圖27:首都機場月度經(jīng)營數(shù)據(jù)（單位：架次/萬人次）20249月

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2025累計起降35,88737,42636,02036,71437,214增速7.91%總8.78%6.71%8.80%4.07%起降35,88737,42636,02036,71437,214增速7.91%總8.78%6.71%8.80%4.07%體吞吐 554600546551 5731.68%3.20%1.68%3.20%4.83%2.89%2.85%-0.67%0.00%2.1%5585756025696106355815,2442.06%7.72%9.38%3.70%3.16%1.79%4.83%4.0%30,62229,44731,08629,57131,69331,01029,146271,876旅客541量增速14.93%16.67%15.96%14.11%5.48%-1.40%起降29,75431,15029,80430,24630,93928,362次數(shù)增速2.43%3.71%1.65%5.69%0.66%-2.90%-1.37%-0.32%1.95%-0.16% 0.64%-3.69%-2.04% -0.8%國吞吐 441 488 442 439 452 440 吞吐 441 488 442 439 452 440 450 4554824494784944544,153量增速7.84%10.30%9.57%9.04%-0.24%-4.30%-0.76%4.71%6.31%0.79%1.17%-1.08%2.87%1.0%起降 6,133 6,276 6,216 6,468 6,2755,427 6,097 6,3456,5826,5527,0417,1786,74258,239增速45.78%43.65%40.13%26.16%24.98%17.62%20.33%23.44%20.93%19.32%14.15%14.88%9.93%18.1%國際吞吐113.48112.36104.53112.01120.64100.89108.64119.99119.80120.44 132.15140.97127.631,091量增速54.36%55.76%53.87%39.52%38.52%13.65%15.67%20.86%23.80%16.22%11.05%13.28%12.47%17.8%次數(shù)旅客司公圖28:深圳機場月度經(jīng)營數(shù)據(jù)（單位：架次/萬人次）2024

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累計34,91737,66836,61437,52138,91734,70238,11135,93937,27436,18737,74438,33934,616331,830總 增速9.8%5.8%6.1%5.4%5.5%-2.3%4.6%17.1%11.2%8.8%1.0%1.4%-0.9%4.9%體 旅客吞吐量494 567 523 535 572 529 554 532 554 516 544 581 5104,891增速15.6%11.0%13.4%10.1%10.9%-0.5%8.7%23.5%15.7%9.5%2.0%4.1%3.2%8.1%司公圖29:美蘭機場月度經(jīng)營數(shù)據(jù)（單位：架次/萬人次） 20249月

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2025累計起降次數(shù)10697140681421016728201111838716875145351309812047154461618812305138992總 增速-19.69%4.14%-0.25%-1.81%5.97%-2.68%-8.14%-7.49%-5.00%-5.03%0.72%2.57%15.03%旅客吞吐量旅客吞吐量1,550.702,024.601,983.702,306.302897 2875242620611920172821542434.41780.620276增速 -15.10%5.26% 0.44%-2.47%2.90%-11.24%-6.85%-5.32%0.86%-1.49%0.35%2.05%14.83%39.89%司公圖30:白云機場月度經(jīng)營數(shù)據(jù)（單位：架次/萬人次） 20249月

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2025累計起降次數(shù)39,71443,95443,63745,99147,80740,09644,16544,37145,58343,78748,41348,16443,346405,732總增速2.4%11.6%12.9%14.3%9.2%-10.3%1.5%25.2%11.2%9.6%7.9%6.0%9.1% 7.2%體旅客吞吐量596 682 650 670 714 631 660 666 686 645 712734 660 6,110增速13.2%18.2%20.0%18.1%13.1%-8.0%2.8%26.3%14.3%11.7%6.3%4.3%10.8% 8.4%起降次數(shù) 30,36934,21634,25535,97637,53331,31734,46934,48235,80834,19037,99437,76933,690317,252國 增速 -4.5%6.9%9.4%11.6%5.5%-15.0%-2.1%26.7%11.5%8.9%7.4% 5.2%10.9% 5.7%內(nèi) 旅客吞吐量 470 548 520 530 569 506 526 524 549 511 563 581 521 4,849增速6.3%12.5%13.9%13.1%7.8%-12.3%-1.0%26.7%13.1%10.1%4.3%2.2%10.8%5.9%起降次數(shù)8,9629,3559,0049,6159,8878,4329,2899,5039,4199,25110,03610,0029,28885,107國 增速36.0%33.6%29.8%26.7%26.8%12.0%17.8%21.4%11.1%13.1%10.3%9.5%3.6%13.6%際 旅客吞吐量120.3128.4125.1135.0139.8120.2127.9136.7132.1129.0143.6146.4134.01,210增速51.8%51.6%55.1%42.8%41.1%16.2%21.6%26.1%19.9%19.3%15.1%14.1%11.4%20.0%起降次數(shù)3833833784003873474073863563463833933683,373地 增速-1.0%-2.5%-3.3%0.0%-0.3%-1.7%3.0%-2.5%-11.9%-1.4%-0.8%-5.3%-3.9%-2.8%區(qū) 旅客吞吐量5.485.765.535.505.344.825.975.875.585.375.966.115.5751增速10.7%2.3%5.8%19.4%15.0%-3.9%4.8%0.7%3.2%4.4%2.2%0.3%1.8%3.0%司公圖31:廈門空港月度經(jīng)營數(shù)據(jù)（單位：架次/萬人次）2024

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累計起降次數(shù) 15,82416,85816,12816,20717,1