In-depth Analysis of Investment Opportunities in the Greater Bay Area Driven by Record Passenger Flow at Hengqin Port

• 2025 Entry-Exit Passenger Flow:
  Exceeded 30 million
• YoY Growth:
  32.9%
• Historical Status:
  Hit a record high

This data is not only a reflection of traffic flow but also a leading indicator of the accelerated integration of the Guangdong-Hong Kong-Macao Greater Bay Area. As a special regulatory zone under the ‘first-line liberalization, second-line control’ policy, the surge in passenger flow at Hengqin reflects:

1. Accelerated integration of Hengqin and Macau:
   The policy effects of the Hengqin-Macau Deep Cooperation Zone continue to be released
2. Improved facilitation of personnel exchanges:
   Innovative customs clearance models such as ‘cooperative inspection and one-time release’ have achieved remarkable results
3. Release of cross-border consumption potential:
   Two-way flow of Macau residents’ consumption in the north and mainland residents’ tourism to Macau
4. Deepened industrial collaboration:
   Accelerated integration of industries such as traditional Chinese medicine, culture and tourism, technology, and finance

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Passenger flow growth → Rising accommodation demand → Increased scenic spot visitors → Higher catering consumption

• High-end Hotels and Resorts:
  High-end hotels in Hengqin and Zhuhai benefit from the growth of overnight tourists
• Theme Parks and Scenic Spot Operations:
  Passenger flow at well-known scenic spots such as Chimelong Ocean Kingdom grows simultaneously
• Business Tourism Services:
  Business travel demand driven by the convention and exhibition economy

Focus on high-end hotel groups and scenic spot operators with layouts in Hengqin and Zhuhai

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People gathering → Activation of consumption scenarios → Release of cross-border consumption

• Duty-free and Luxury Retail:
  Undertake the spillover effect of Macau’s shopping
• Catering Chain Brands:
  Performance improvement of stores in high-traffic ports and business districts
• Cross-border E-commerce and Logistics:
  Support cross-border commodity circulation between Hengqin and Macau

Focus on commercial retail enterprises with heavy asset layouts in Hengqin and Zhuhai

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Passenger flow growth → Increased transportation demand → Accelerated infrastructure investment

• Bus and Taxi Operations:
  Local transportation in Zhuhai and Hengqin
• Cross-border Passenger Transport Services:
  Hengqin-Macau commuter lines, intercity transportation
• Intelligent Transportation Systems:
  Port informatization, payment system suppliers

Focus on transportation operation enterprises and intelligent transportation solution providers in the Greater Bay Area

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People gathering → Industrial introduction → Rising demand for office and residential spaces

• Industrial Park Development and Operation:
  Hengqin Science Park, Cultural and Creative Park, etc.
• Commercial Real Estate Investment:
  Port business districts, shopping centers
• Residential Development:
  Demand for talent housing and improved housing

Focus on enterprises with land reserves and park development experience in Hengqin

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Hengqin-Macau integration → Cross-border financial demand → Expansion of professional service market

• Cross-border Financial Services:
  Wealth management, insurance, financial leasing
• Legal and Accounting Services:
  Growing demand for Macau-related professional services
• Fintech Innovation:
  Digital currency, cross-border payment pilots

Focus on financial institutions with cross-border financial business layouts

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Company Name	Stock Code	Core Business	Benefit Logic
Gree Real Estate	600185.SH	Real estate development, duty-free business	Hengqin land reserves, value of duty-free license
Huafa Properties	600325.SH	Zhuhai regional real estate development	Local leader, Hengqin project layout
Zhuhai Port	000507.SZ	Port logistics, park development	Logistics support, industrial park operation
Lingnan Holdings	000524.SZ	Tourism hotels, convention and exhibition services	Guangzhou tourism leader, benefits from Greater Bay Area tourism
Guangzhou Langqi	000523.SZ	Daily chemicals, trade business	Benefits from South China consumer market

Company Name	Stock Code	Core Business	Benefit Logic
Galaxy Entertainment	0027.HK	Macau gaming, resorts	Benefits from growth in visitors to Macau
Sands China	1928.HK	Macau integrated resorts	Passenger flow dividends from port facilitation
Melco International Development	0200.HK	Macau entertainment resorts	Beneficiary of Hengqin-Macau integration
SJM Holdings	0880.HK	Macau gaming industry	Regional integration improves customer structure
Zhuhai Holdings	0908.HK	Zhuhai investment holding	Local comprehensive investment platform

Company Name	Stock Code	Core Business	Benefit Logic
Shenzhen Expressway	600548.SH / 0548.HK	Expressway operation	Beneficiary of Greater Bay Area transportation network
Shenzhen Airport	000089.SZ	Aviation hub	Pearl River Delta integration transportation demand
China Merchants Port	001872.SZ / 0144.HK	Port operation	Growth in cross-border trade logistics

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1. Event-driven trading:
   Focus on event windows such as policy catalysts and passenger flow data disclosure
2. High-frequency beneficiary sectors:
   Prioritize allocation to directly benefited industries such as tourism and retail
3. Elastic target selection:
   Focus on small and medium-cap companies with high dependence on Hengqin Port for business revenue

1. Performance realization period:
   Track the growth of Hengqin business revenue in related companies’ financial reports
2. Industrial upgrading opportunities:
   Focus on key industries in the Hengqin-Macau Deep Cooperation Zone (traditional Chinese medicine, high-tech, modern finance)
3. Infrastructure construction:
   Engineering and building materials enterprises participating in Hengqin’s supporting construction

1. Regional integration dividends:
   Land value reassessment in the process of Hengqin-Macau integration
2. Institutional innovation dividends:
   First-mover advantage of Hengqin as an innovation test bed for ‘One Country, Two Systems’
3. Industrial cluster formation:
   Maturation of industrial clusters such as technological innovation, traditional Chinese medicine, and cultural tourism exhibitions

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1. Macroeconomic risks:
   Decline in consumption capacity, weakening tourism demand
2. Policy change risks:
   Adjustments to Hengqin policies, changes in customs clearance policies
3. Increased competition risks:
   Diversion effect from other ports
4. Valuation risks:
   Short-term theme speculation leading to overvaluation of some targets

1. Diversified allocation:
   Avoid over-concentration on a single target or a single sub-industry
2. Fundamental screening:
   Prioritize high-quality companies with actual business layouts and performance support
3. Long-term perspective:
   Focus on the long-term trend of regional integration rather than short-term fluctuations
4. Dynamic adjustment:
   Adjust positions in a timely manner based on passenger flow data and policy trends

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Suggest investors continue to pay attention to the following indicators:

1. Monthly/quarterly passenger flow data:
   Customs clearance data of core ports such as Hengqin Port and Gongbei Port
2. Zhuhai economic indicators:
   GDP growth rate, tourism revenue, total retail sales of consumer goods
3. Hengqin policy dynamics:
   New policy introductions, major project implementations
4. Macau visitor data:
   Number of inbound tourists, consumption data
5. Key company financial reports:
   Growth rate of Hengqin business revenue and profit contribution of related companies

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The record passenger flow at Hengqin Port is a strong signal of the accelerated integration of the Guangdong-Hong Kong-Macao Greater Bay Area, providing investors with a clear industrial map and time window. The core investment logic lies in:

✅

Focus on the performance elasticity of directly benefited sectors such as tourism, retail, and transportation
✅ Layout leading enterprises in industrial upgrading and infrastructure construction
✅ Seize the land value reassessment and industrial cluster opportunities brought by Hengqin-Macau integration

It is recommended that investors select appropriate investment targets based on their own risk preferences and investment cycles, and closely monitor passenger flow data, policy trends, and changes in company fundamentals to seize deterministic opportunities in the general trend of regional integration.

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[0] Background information provided by the user: In 2025, the entry-exit passenger flow at Hengqin Port exceeded 30 million, a year-on-year increase of 32.9%