证券研究报告 交通运输 行业定期报告 hyzqdatemark 2025 年 11 月 24 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 联系人 板块表现： 快递反内卷趋势延续，油运运价创新高 投资评级： 看好（维持） —交通运输行业周报（2025 年 11 月 17 日-2025 年 11 月 21 日） 投资要点： 一、行业动态跟踪 快递物流： 1）10 月快递行业数据发布，行业件量同比增长 7.9%，通达系各家件量增速分化， 单票收入环比均持续改善，反内卷成效显著。2025 年 10 月，我国快递业务量完成 176.0 亿件，同比增长 ...

无线传媒：每10股派发现金红利人民币3.75元（含税），股权登记日：2025-11-21，除息除权日：2025- 11-24，数据来源《无线传媒:2025年第三季度权益分派实施公告》；申万一级行业：传媒，非红利低波 （H30269.CSI）成分股，非红利质量（931468.CSI）成分股。 国光股份：每10股派发现金股利3.00元（含税），股权登记日：2025-11-24，除息除权日：2025-11- 25，数据来源《国光股份:2025年前三季度权益分派实施公告》；申万一级行业：基础化工，非红利低 波（H30269.CSI）成分股，非红利质量（931468.CSI）成分股。 分众传媒：每10股派发现金0.50元（含税），股权登记日：2025-11-24，除息除权日：2025-11-25，数 据来源《分众传媒:公司2025年第三季度权益分派实施公告》；申万一级行业：传媒，是红利低波 （H30269.CSI）成分股，非红利质量（931468.CSI）成分股。 吉电股份：每10股派发现金红利0.21元（含税），股权登记日：2025-11-24，除息除权日：2025-11- 25，数据来源《吉电股份:2025年前三季 ...

Core Viewpoint - Fujian Guohang Ocean Transportation (Group) Co., Ltd. announced the establishment of a joint venture with Zhejiang Free Trade Zone Xiashi Men Maritime Service Co., Ltd. to provide comprehensive solutions in the "low-altitude economy + maritime services" sector [1][2] Group 1 - The joint venture will focus on services such as maritime drone transportation, vessel supply, vessel inspection, government flights, digital platform development, and blockchain finance, with a registered capital of 10 million yuan [1] - Guohang Technology Company will hold a 60% stake in the joint venture, while Zhejiang Maritime Service Company will hold 40% [1] - The establishment of the joint venture is part of the group's long-term development strategy, aimed at enhancing overall strength and competitiveness [2] Group 2 - Guohang Ocean's core business is dry bulk transportation, covering international ocean, domestic coastal, and inland transportation, making it one of the largest companies in coastal electric coal transportation in China [2] - The company also expands into multi-category cargo transportation, including coal, grain, ore, and steel, as well as diversified fields such as ship management, financial leasing, and shipping consulting [2] - As of the end of September, the company reported revenue of approximately 693 million yuan, a year-on-year increase of 1.83%, but a net profit attributable to shareholders of approximately 205,100 yuan, a year-on-year decrease of 99.75% due to vessel impairment and increased financial expenses [2]

Core Viewpoint - Fujian Guohang Ocean Transportation (Group) Co., Ltd. has decided to terminate its previously planned $5 million capital increase for its wholly-owned subsidiary, Guodian Shipping (Hong Kong) Co., Ltd., maintaining its registered capital at $5.33 million [1][2]. Background of Capital Increase and Adjustment Reasons - The initial plan was approved on August 22, 2025, to convert $5 million in dividends receivable from Guodian Shipping into an investment in Guodian Shipping (Hong Kong), increasing its registered capital from $5.33 million to $10.33 million [2]. - The decision to terminate the capital increase was made on October 22, 2025, based on two main considerations: the current registered capital of $5.33 million is sufficient for the subsidiary's operational needs, and increasing the capital could elevate operational risks, which contradicts the company's risk management and resource optimization principles [2]. Adjusted Arrangements and Impact on the Company - Following the termination of the capital increase, the registered capital of Guodian Shipping (Hong Kong) will remain at $5.33 million. The company will reassess the capital adjustment plan based on future business development, market demand, and overall strategic layout [3]. - The company emphasized that this adjustment aligns with its strategic development plan and will not significantly impact the financial status of the company or its subsidiaries, nor will it harm the interests of the company and its shareholders, particularly minority shareholders [3].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [3] Core Views - The express logistics sector is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. The long-term outlook for e-commerce express logistics is positive due to healthy competition [3][13] - The shipping sector is expected to benefit from the OPEC+ production increase and the Federal Reserve's interest rate cuts, with a notable improvement in VLCC freight rates anticipated in Q4 2025 [13] - The aviation industry is seeing stable demand growth, with supply chain issues leading to increased costs for airlines. The overall passenger demand is projected to grow by 10.4% in 2024, outpacing capacity growth [9][14] Summary by Sections Express Logistics - In September 2025, major express companies reported improved performance, with YTO, Shentong, and Yunda achieving business volumes of 2.627 billion, 2.187 billion, and 2.110 billion pieces, respectively, representing year-on-year growth of 13.64%, 9.46%, and 3.63% [3][27] - The average revenue per piece for these companies also saw increases, indicating a trend of rising prices in the express delivery sector [3][27] Shipping and Ports - The implementation of new port fees between China and the US is expected to create a dual market structure, granting strategic pricing power to compliant shipping capacities [5] - China has secured pricing power for iron ore, marking a significant shift in global commodity trade dynamics [6] - The Shanghai Container Freight Index (SCFI) rose by 12.9% week-on-week, indicating a positive trend in shipping rates [7] Aviation - The International Air Transport Association (IATA) reported that supply chain bottlenecks are delaying aircraft production, leading to increased costs for airlines, estimated to exceed $11 billion in 2025 [9] - Chinese airlines collectively oppose the US Department of Transportation's proposed flight restrictions, highlighting concerns over operational impacts [10] Road and Rail - National logistics operations were reported to be running smoothly, with significant increases in highway freight traffic [12] - The National Development and Reform Commission plans to enhance electric vehicle charging infrastructure along highways by 2027 [12] Overall Market Performance - From October 13 to October 17, 2025, the transportation sector index increased by 0.73%, outperforming the Shanghai Composite Index, which fell by 1.47% [18]

Core Points - The Beijing Stock Exchange has decided to terminate the review of Fujian Guohang Ocean Transportation (Group) Co., Ltd.'s application for a specific object stock issuance [1][2] - The company submitted its application on January 6, 2025, and later withdrew it on September 26, 2025 [2] - The total amount of funds intended to be raised from the issuance was not to exceed 460 million RMB, aimed at supplementing working capital and low-carbon smart ship acquisition projects [2][3] Company Information - Fujian Guohang Ocean Transportation (Group) Co., Ltd. was established in 2001 and is primarily engaged in maritime transportation [5] - The company has a registered capital of 5,554.07453 million RMB and a paid-in capital of 180.6 million RMB [5] - As of the date of the fundraising prospectus, the controlling shareholder is Wang Yanping, who directly holds 31.72% of the company's shares, with family members also holding significant stakes [4]

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 福建国航远洋运输（集团）股份有限公司（以下简称"公司"、"国航远洋"） 于2025年9月25日召开第九届董事会第二次会议，审议通过了《关于终止向特定 对象发行股票的议案》，同意公司终止向特定对象发行股票事项并撤回申请材料。 现向北京证券交易所（以下简称"北交所"）申请撤回相关申请材料，具体信息 如下： 证券代码：833171 证券简称：国航远洋 公告编号：2025-194 福建国航远洋运输（集团）股份有限公司 关于终止向特定对象发行股票事项并撤回申请材料的公告 一、基本情况 国航远洋于 2024 年 11 月 5 日召开第八届董事会第二十八次临时会议、第八 届监事会第十七次临时会议，于 2024 年 11 月 21 日召开 2024 年第四次临时股东 大会，审议通过了《关于公司符合向特定对象发行股票条件的议案》等相关议案， 并授权董事会全权办理本次向特定对象发行股票事宜。 公司于 2025 年 1 月 22 日收到北交所出具的《关于福建国航远洋运输（集团） ...

兴业证券股份有限公司关于 福建国航远洋运输（集团）股份有限公司 调整 2025 年度预计担保额度的核查意见 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为福建 国航远洋运输（集团）股份有限公司（以下简称"国航远洋"或"公司"）向不 特定合格投资者公开发行股票并在北京证券交易所上市的保荐机构，根据《证券 发行上市保荐业务管理办法》《北京证券交易所上市公司持续监管办法（试行）》 《北京证券交易所证券发行上市保荐业务管理细则》《北京证券交易所股票上市 规则》等相关法律、法规和规范性文件的规定，对国航远洋调整 2025 年度预计担 保额度事项进行了审慎核查，核查情况如下： 一、基本情况概述 福建国航远洋运输（集团）股份有限公司（简称"公司"、"国航远洋"） 于 2025 年 1 月 15 日召开 2025 年第一次临时股东大会，审议通过《关于预计 2025 年度为开展融资工作提供担保额度的议案》，同意国航远洋及其子公司担保额度 总计不超过人民币 28.9948 亿元，包括公司为子公司提供担保、子公司之间相互 担保及子公司为公司担保。 截至 2025 年 9 月 25 日公司担保余额为 19.30 亿元 ...

证券代码：833171 证券简称：国航远洋 公告编号：2025-191 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 福建国航远洋运输（集团）股份有限公司 关于向中国工商银行福建自贸试验区平潭片区分行申请融资的公告 第九届董事会第二次会议决议 福建国航远洋运输（集团）股份有限公司 实控人王炎平为公司提供担保系关联交易，鉴于公司为单方受益方，根据《北 京证券交易股票上市规则》第 7.1.12 条及公司关联交易管理制度相关规定，该关 联交易豁免按关联交易审议和披露。 议案表决结果为：同意 7 票；反对 0 票；弃权 0 票。 一、综合授信基本情况概述 三、审议及表决情况 董事王炎平、王鹏与审议的事项有关联关系，故回避表决。本议案无需提交 股东会审议。 福建国航远洋运输（集团）股份有限公司（以下简称"公司"、"国航远洋"） 拟向中国工商银行福建自贸试验区平潭片区分行申请人民币 1 亿元的流动资金 贷款，融资期限 3 年。该笔融资业务以国航远洋持有的船舶资产国远 706 轮及国 远 707 轮提供抵押担保，由 ...

福建国航远洋运输（集团）股份有限公司 关于利用闲置自有资金投资短期理财产品的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资理财产品概述 （一） 投资理财产品目的 证券代码：833171 证券简称：国航远洋 公告编号：2025-192 为了提高福建国航远洋运输（集团）股份有限公司（简称"公司"、"国航远 洋"）及子公司资金使用效率及闲置自有资金收益，在不影响公司及子公司日常 资金周转的前提下，公司及子公司拟使用闲置自有资金购买银行等金融机构发行 的风险较低的理财产品，包括但不限于结构性存款、货币掉期（风险敞口锁定）、 收益凭证等。 （二） 投资理财产品金额和资金来源 （三） 投资理财产品方式 1、 预计委托理财额度的情形 公司及子公司拟使用闲置自有资金任意时点购买理财产品，最高额度不超过 1 亿元人民币（含 1 亿元人民币）。 （四） 投资理财产品期限 投资期限：授权期限自董事会审议通过之日起不超过 12 个月，单个理财产 品的存续期不超过 12 个月。 二、 决策与审议程序 2025 ...