丨证券研究报告丨 行业研究丨专题报告丨运输 [Table_Title] 供需格局持续改善，油价影响尚未显现 ——交运行业 2026Q1 前瞻 报告要点 [Table_Summary] 我们对交运各子行业 2026 年一季度基本面变化进行梳理，客运、货运供需格局均有所优化， 油价成本冲击尚未显现，盈利处于改善趋势：1）航空：收入与成本共振，盈利大幅改善；2） 机场：流量延续爬坡，产能周期分化业绩；3）快递：需求彰显韧性，盈利持续修复；4）物流： 大宗供应链盈利波动，跨境物流景气向上；5）海运：油散延续改善，集运盈利承压；6）港口： 三大货种吞吐量均较高增速；7）高速公路：景气稳健，盈利确定；8）铁路：受益于油价上涨， 客货有望加速增长。 分析师及联系人 [Table_Author] SFC：BQK468 SFC：BWN875 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 韩轶 ...

丨证券研究报告丨 行业研究丨专题报告丨运输 [Table_Title] 供需格局持续改善，油价影响尚未显现 ——交运行业 2026Q1 前瞻 报告要点 [Table_Summary] 我们对交运各子行业 2026 年一季度基本面变化进行梳理，客运、货运供需格局均有所优化， 油价成本冲击尚未显现，盈利处于改善趋势：1）航空：收入与成本共振，盈利大幅改善；2） 机场：流量延续爬坡，产能周期分化业绩；3）快递：需求彰显韧性，盈利持续修复；4）物流： 大宗供应链盈利波动，跨境物流景气向上；5）海运：油散延续改善，集运盈利承压；6）港口： 三大货种吞吐量均较高增速；7）高速公路：景气稳健，盈利确定；8）铁路：受益于油价上涨， 客货有望加速增长。 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 1 请阅读最后评级说明和重要声明 %% %% %% %% re ...

Investment Rating - The industry investment rating is "Positive" [6] Core Insights - The Spring Festival travel season in February 2026 showed strong performance, with domestic airlines increasing capacity by approximately 11.4% year-on-year and 7.3% month-on-month, primarily due to the later timing of the Spring Festival compared to 2025 [2][11] - International routes saw a significant year-on-year capacity increase of about 16.5% in February 2026, with a notable rise in passenger load factor exceeding 4 percentage points [3][54] - The recent instability in the Middle East has positively impacted direct flights from China to Europe, leading to increased demand and ticket prices for these routes [3][59] Summary by Sections Domestic Routes - In February 2026, listed companies' domestic route capacity increased by approximately 11.4% year-on-year and 7.3% month-on-month, attributed to the Spring Festival occurring later this year [2][15] - The overall passenger load factor for February 2026 improved by about 0.7 percentage points compared to the same month in 2025, with a more significant month-on-month increase of approximately 2.9 percentage points [35][45] - The combined capacity and load factor metrics indicate a robust demand performance during the Spring Festival travel season [49] International Routes - The international route capacity for listed airlines in February 2026 increased by approximately 16.5% year-on-year, with a slight month-on-month decrease of about 3.2% [3][54] - The passenger load factor for international routes saw a significant year-on-year increase of over 4 percentage points, with a month-on-month rise of 2.8 percentage points [57][58] - The demand for direct flights from China to Europe has surged due to reduced flight options through the Middle East, resulting in higher ticket prices [3][59] Oil Price Impact - The recent rise in oil prices, driven by geopolitical events, has reached nearly $100 per barrel for Brent crude, but its sustainability remains uncertain [4][14] - The negative impact of rising oil prices on airline stock prices has been largely reflected already, suggesting a focus on supply-demand dynamics moving forward [4][14] Investment Recommendations - There is a recommendation to focus on large airlines that are expected to benefit more significantly from the industry's recovery and improved profitability due to constrained supply growth and rising load factors [5][6]

记者丨伍素文 编辑丨蒋韵 广州白云机场春运期间接连迎来里程碑式突破。 3月13日，南方财经记者获悉，春运39天（2026年2月2日至3月12日），白云机场客流量1019 万人次（年累计1792万），同比增长10.5%， 成为全国首个春运超过千万旅客的机场，再创历 史纪录。 此前，2月21日，2026年春运第20天，白云机场就宣布了自2月2日春运启动以来累计运送旅客 527.85万人次，成为全国首个春运客流量突破500万的机场，喜迎新春"开门红"。 白云机场春运客流量突破500万，花了20天时间；从500万到1000万，则花了19天，而且还是 全国最先突破的。记录不断刷新背后，呈现出一个热气腾腾、人财两旺的"顶流广东"。 近年来，白云机场枢纽能级持续提升，2020年-2023年连续四年旅客量达全国第一，2020年客 流量问鼎全球首位，2024年跻身全球十大最繁忙机场。 今年春运期间，白云机场客流持续高位运行。 节前2月5日至15日，白云机场连续11天旅客量超26万人次，其中2月11-13日连续三天突破27 万人次。 节后返程，客流高峰再攀新高。2月20日27.55万人次、21日27.76万人次、2月23日28. ...

记者｜陈姗姗 编辑 ｜瑜见 快报数据显示，春运39天（2026年2月2日至3月12日），广州白云机场累计接送旅客1019万人次， 成为全国首个春运超过千万旅客的机场，创历史纪录。 白云机场表示，今年是T3航站楼投用后的首个春运，机场在2月22日、2月23日单日接送旅客分别为 28.34万人次、28.64万人次，接连刷新机场单日客流量历史纪录。 ...

证券代码：600004 证券简称：白云机场 公告编号：2026－012 广州白云国际机场股份有限公司 关于 T2 航站楼出境免税项目经营合作合同的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 广州白云国际机场股份有限公司和中国免税品(集团)有限责 任公司（以下简称"中免集团""乙方"）签署了 T2 航站楼出境免 税项目经营合作合同，公司将特定场地的经营权在合同期限内转让给 中免集团，由中免集团在上述区域经营国家政策允许范围内的免税商 品。 公司同时与中国免税品(集团)有限责任公司、中免白云机场免 税品（广州）有限公司（以下简称"中免广州""丙方"）签订补充 协议，由丙方承继乙方在经营合作合同中的全部权利义务。 一、交易概述 （一）交易的基本情况 名称：中国免税品(集团)有限责任公司 广州白云国际机场股份有限公司（以下简称"公司""甲方"） 和中国免税品(集团)有限责任公司（以下简称"中免集团""乙方"） 本次交易不构成关联交易 本次交易不构成重大资产重组 本次交易无需提交董事会审议 签署了 T2 航站楼 ...

二、因存在其他形式的飞行，部分项目分项数字之和与总计数存在 差异。 三、上述运输生产数据源自公司内部统计，仅供投资者参考。 证券代码：600004 证券简称：白云机场 公告编号：2026-011 广州白云国际机场股份有限公司董事会 广州白云国际机场股份有限公司 2026 年 2 月生产经营数据快报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 | 项目 | 月度 | | 累计 | | | --- | --- | --- | --- | --- | | | 本月数 | 同比增长 | 累计数 | 同比增长 | | 一、起降架次（架次） | 47,298.00 | 17.96% | 96,817.00 | 10.14% | | 其中：国内航线 | 36,670.00 | 17.09% | 74,465.00 | 8.16% | | 地区航线 | 369.00 | 6.34% | 817.00 | 11.31% | | 国际航线 | 10,259.00 | 21.67% | 21,535.00 | 17.56% | | 二、旅客吞吐 ...

证券代码：600004 证券简称：白云机场 公告编号：2026－010 广州白云国际机场股份有限公司 关于白云机场 T1 航站楼运营安排及后续升级改造、 三期资产使用有关情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 广州白云国际机场股份有限公司（以下简称"公司"）为做好 2026 年春运保障工作，稳步推进 T1 航站楼转场计划，现采用分批转 场模式完成转场工作（见公司于 2026 年 1 月 20 日在上海证券交易所 网站（www.sse.com.cn）披露的《关于白云机场 T1 航站楼航司分批 转场至 T3 航站楼的公告》，公告编号：2026-003）。 为便于投资者更全面地了解 T1 航站楼转场运营，以及 T1 航站楼 升级改造、T3 航站楼等白云机场三期扩建工程（以下简称"三期工 程"）资产使用有关情况，公告如下： 从成本控制角度，在 T1 航站楼关闭前，部分航司已分批转至 T2、 T3 航站楼运营，分流部分 T1 航站楼的客流需求。在完成转场的情况 下，公司后续暂时关闭 T1 航站楼，将资源集中于 T2、 ...

Core Insights - The report highlights the performance of various sectors and companies, indicating potential investment opportunities in the market. [2][5] Economic News - The People's Bank of China conducted a 7-day reverse repurchase operation of 320.5 billion yuan at an interest rate of 1.4%, resulting in a net withdrawal of 79.5 billion yuan from the market. [3] - The overnight SHIBOR rate reported at 1.3680%, down by 1 basis point, while the 7-day SHIBOR rate decreased by 4 basis points to 1.4570%. [3] - The Supreme People's Court reported over 27,000 cases related to cross-border fraud, with significant sentences handed down to key criminal groups. [3] - The Ministry of Industry and Information Technology discussed the feasibility of new frequency bands for IMT and future 6G technology at a recent international meeting. [3] - Heilongjiang Province's government report emphasized the reform of state-owned enterprises and support for private sector development. [3] - The establishment of a national quality inspection center for rare earth permanent magnet motors in Liaoning Province aims to enhance quality assurance in high-end manufacturing. [4] Company News - Wens Foodstuff Group announced a share buyback plan of 800 million to 1.2 billion yuan at a maximum price of 24.00 yuan per share. [5] - Jiangxi Tungsten Holdings is planning to issue A-shares to specific investors to enhance its core competitiveness and fund acquisitions totaling up to 1.882 billion yuan. [5] - Huylon New Materials is undergoing a significant change that may affect its control, leading to a temporary suspension of its stock. [5] - Fangzheng Valve reported a revenue of 733 million yuan for 2025, a decrease of 2.98%, with net profit down by 6.34%. [5] - Nanya New Materials achieved a revenue of 5.228 billion yuan, a year-on-year increase of 55.52%, with net profit rising by 378.65% due to market demand recovery. [5] Transportation Industry Insights - In January 2026, domestic airline capacity decreased by approximately 4.3% year-on-year, but increased by 5.8% compared to December 2025, as airlines prepared for the Spring Festival. [7] - The overall passenger load factor for airlines improved by about 1.6 percentage points year-on-year, although it decreased by 0.4 percentage points compared to December. [7] - During the Spring Festival holiday, national civil aviation transported 22.05 million passengers, with a flight completion rate of 95.8%, indicating growth compared to the previous year. [8] - International flight capacity increased by 2.6% year-on-year in January, with a slight improvement in load factors, although some airlines faced challenges due to changes in the Japanese route. [9] - Baiyun Airport reported a significant increase in passenger throughput, while Shanghai Airport experienced a decline, attributed to shifts in travel demand. [10] - The report suggests focusing on large airlines for their earnings elasticity, as the industry moves towards a more balanced supply-demand dynamic. [11]

Core Insights - The Guangzhou Baiyun International Airport's T3 terminal successfully handled a significant increase in passenger traffic during the Spring Festival travel rush, showcasing its operational capabilities and enhanced services [1][2] Group 1: Passenger Traffic and Growth - During the Spring Festival period, over 780,000 inbound and outbound passengers were processed at Baiyun Airport from the start of the travel rush until February 16, marking a year-on-year increase of approximately 28% [1] - Cumulatively, nearly 2.6 million passengers have traveled in and out of the airport since the beginning of the year, reaching this figure 10 days earlier than the previous year [1] Group 2: Operational Strategies - The Baiyun Border Inspection Station utilized an intelligent prediction platform to forecast flight and passenger flow, implementing a "tidal" deployment of personnel to manage peak times effectively [1] - Collaboration with the airport's operational command center allowed for dynamic adjustments of security, check-in, and boarding resources [1] Group 3: Enhanced Services - Baiyun Airport introduced several refined service measures during the Spring Festival, including priority services for first-time passengers, transit passengers, and those needing special assistance, indicated by various signage throughout the terminal [1] - The airport's new T3 terminal, which recently commenced operations, is designed to provide a warm and welcoming atmosphere for travelers, as evidenced by the successful processing of foreign tourists who experienced local culture [2]