Big waves expected in FY18 and on. Phase II expansion will be completed by 2019,while parts of the new terminal complex began operation in 2H17. Effects onearnings may be seen when the retail and passenger facilities enter full operationin FY18 and FY19. To fund the projects, the company has entered into a RMB7.8bnloan agreement and plans to issue ≤200m new H shares by 2H18. Assumingsuccessful issuance, we expect moderate EPS dilution that will be offset byearnings growth acceleration following airport expansion.

还要增发两亿股。$航基股份(00357)$

，商業信息諮詢及管理服務，場 地租賃，會議會展服務，進出口貿易，辦公用品、裝飾品、煙、酒、食品、水產品、保健 品、文體用品、計算機軟件、數碼電子產品、音像製品的銷售，物業管理服務，設計、製 作、發佈、代理國內各類廣告，航空科技館的經營、科技培訓服務，票務代理服務，紀念 董 事 會 函 件 – 5 – 品設計、製作及銷售，遊樂場所經營，醫療服務。

增加这个经营范围，叠加之前并入高铁、免税的传闻，有意思。