快递涨价区域蔓延，避险推荐高速公路 相关报告 1、《快递"反内卷"头部强化效应 凸显，避险需求提升持续推荐高速》 2、《夏秋换季国内计划时刻量同比 3、《油价冲击关注航空超跌布局机 会，避险需求提升持续推荐高速公路》 航空机场：油价高企下航空持续调整，东航物流业绩符合预期。数据跟踪：1）日均 执飞航班量：3 月 23 日-3 月 27 日，东方航空、南方航空、国航、海南航空、春秋航 空、吉祥航空、华夏航空分别为 2274.20、2267.00、1711.00、744.60、531.20、331.40、 382.00 架次，周环比分别+0.77%、+1.43%、+0.55%、+1.05%、-0.15%、+0.99%、 -0.89%，同比分别-1.00%、+10.76%、+8.20%、-2.21%、+12.78%、-0.18%、+9.50%。 2）平均飞机利用率：3 月 23 日-3 月 27 日，东方航空、南方航空、国航、海南航空、 春秋航空、吉祥航空、华夏航空分别为 7.70、7.80、8.00、8.40、9.20、7.70、6.80 小时/日，周环比分别持平、持平、持平、+1.20%、持平、+1.32%、持 ...

财联社记者还从海航控股（600221.SH）方面获悉，根据目前计划，海南航空将在东北区域新增哈尔滨—南京—深圳、哈尔滨—深圳、哈 尔滨—广州、哈尔滨—郑州—贵阳4条航线；在安徽区域新增合肥—大连、合肥—珠海航线。 机场方面，上海机场（600009.SH）新航季日均计划执行航班2516架次，同比增长2.8%；国内加密长春、昆明、大理等34个航点的航 班，国际新开印度加尔各答、格鲁吉亚第比利斯等地航线，加密吉隆坡、曼谷、伊斯坦布尔等热门航班。 有业内人士表示，今年新航季最显著的特点是， 商务快线及热门旅游目的地的航班运力供给有所增加，同时受燃油价格上涨影响，"五 一"机票预订提前升温。 据航班管家数据，2026年夏航季，全民航平均周频达12.7万班，较2025年夏航季下滑1.63%，其中国内下降2.71%，国际增长3.34%。 财联社记者了解到，近日多家航司、机场陆续公布了2026年夏秋新航季航班执行计划。 航司方面，中国东航（600115.SH）计划在此次新航季中，投入客机823架（含14架国产C919客机），执行客运航线950余条；日均执行 航班超3200班，同比增加1.3%。其计划新开30条国际地区航线和4 ...

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]

（二）公司于 2026 年 3 月 11 日以书面方式向全体董事发出召开 本次会议的通知。 证券代码：600009 证券简称：上海机场 公告编号：临 2026-008 上海国际机场股份有限公司 第九届董事会第三十一次会议决议公告 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。 一、董事会会议召开情况 （一）本次会议的召开符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定。 该项目位于浦东国际机场四期南工作区，用地面积约 8.87 万平 方米，总建筑面积约 11.71 万平方米，计划于 2026 年 10 月开工建设， 2028 年完工。 表决结果：同意 7 票，反对 0 票，弃权 0 票 （三）公司于 2026 年 3 月 16 日采取"通讯表决"方式召开本次 会议。 （四）公司全体董事进行了议案表决。 二、董事会会议审议情况 会议审议并一致通过了如下决议： 关于投资建设上海浦东国际机场运行保障基地项目的议案 为提高浦东国际机场四期 T3 航站楼运行效率，满足浦东国际机 场相关运行保障单位的办公及技术业务用房 ...

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2]. Core Insights - The report highlights investment opportunities in the aviation sector due to recent price corrections and the potential for recovery in demand, particularly in the context of rising oil prices and geopolitical tensions [4][6]. - The logistics and express delivery sectors are expected to benefit from ongoing improvements in operational quality and a shift towards higher profitability driven by anti-competitive measures [6]. - The infrastructure segment, particularly highways, is recommended due to increased demand for safe-haven assets amid economic uncertainties [6]. Summary by Sections Investment Highlights - The aviation sector is poised for a rebound as passenger demand continues to recover, with significant growth expected in both domestic and international markets [4][6]. - Key airlines such as China Southern Airlines and Spring Airlines are highlighted for their strong operational metrics and growth potential [4][6]. Operational Tracking - Recent data indicates a mixed performance in the aviation sector, with daily flight operations showing a slight decline week-on-week but an overall increase year-on-year [4]. - The logistics sector is experiencing a slight decrease in package collection but a notable increase in delivery volume, indicating a resilient demand [6]. Shipping Data Tracking - The shipping industry is witnessing fluctuations in freight rates, with the SCFI index showing a significant increase, indicating a positive trend for shipping rates [6]. - Oil shipping rates are expected to rise due to geopolitical tensions and supply constraints, presenting investment opportunities in this segment [6]. Infrastructure Data Tracking - Recent statistics show an increase in highway traffic, suggesting a recovery in freight movement, which is beneficial for highway operators [6]. - The report emphasizes the importance of infrastructure investments, particularly in highways, as a stable investment avenue amid economic volatility [6].

上海国际机场股份有限公司 证券代码：600009 证券简称：上海机场 公告编号：临 2026-007 董事会 上海国际机场股份有限公司 2026年2月运输生产情况简报 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。 | 浦东国际机场 | | 飞机起降量（架次） | | 旅客吞吐量（万人次） | | 货邮吞吐量（万吨） | | --- | --- | --- | --- | --- | --- | --- | | | 本月 | 同比±% | 本月 | 同比±% | 本月 | 同比±% | | 总计 | 45,918 | 7.76 | 725.23 | 12.30 | 29.98 | 16.37 | | 境内航线 | 27,137 | 8.54 | 411.60 | 10.54 | 2.51 | 14.39 | | 境外航线 | 18,640 | 6.67 | 313.63 | 14.69 | 27.46 | 16.55 | | -国际航线 | 16,079 | 5.87 | 268.52 | 12.39 | 24.38 | 1 ...

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Insights - The report highlights the upward trend in freight rates, particularly in oil shipping, and recommends focusing on highway investments as a safe haven [1][4] - The aviation sector is expected to benefit from a recovery in international routes and a favorable demand environment, with a focus on major airlines and low-cost carriers [4][5] - The logistics and express delivery sectors are seeing improvements in operational quality due to anti-competitive measures and technological advancements [6][7] Summary by Sections Aviation Data Tracking - Daily flight operations from March 2 to March 6 showed a decrease in flight numbers for major airlines, but year-on-year comparisons indicate growth [4][5] - Average aircraft utilization rates also declined week-on-week, but showed positive year-on-year growth [4][5] - The report notes a significant increase in Brent crude oil prices, impacting airline stock prices negatively, but anticipates recovery as geopolitical tensions ease [4][5] Shipping Data Tracking - The report indicates a clear upward trend in shipping rates, particularly in oil shipping, with significant increases in relevant indices [6][7] - The BDTI index for oil shipping rose by 54.14% week-on-week and 248.35% year-on-year, indicating strong demand and limited supply [6][7] - The report suggests that geopolitical conflicts may reshape global shipping dynamics, presenting investment opportunities in oil and bulk shipping [6][7] Logistics Data Tracking - The report tracks significant increases in freight traffic across highways, railways, and ports, indicating a recovery in logistics activity [6][7] - The express delivery sector is expected to see continued growth driven by anti-competitive policies and advancements in automation [6][7] - The report emphasizes the importance of focusing on companies with strong operational performance and growth potential in the logistics sector [6][7] Infrastructure Investment Insights - The report recommends investing in highway infrastructure due to rising demand and favorable economic conditions [6][7] - It highlights specific companies in the highway sector that are expected to benefit from ongoing infrastructure projects and stable cash flows [6][7]

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Insights - The aviation sector is expected to perform well despite the off-peak season, driven by strong travel demand and favorable oil prices. The report highlights a potential for increased passenger volume and ticket prices, indicating a positive outlook for airline investments [4][5] - The logistics and express delivery sectors are also showing signs of recovery, with companies like YTO Express and SF Express leading in business volume growth. The report emphasizes the importance of quality improvement in the express delivery industry, driven by policies aimed at reducing competition and enhancing profitability [5][6] - The shipping industry is experiencing upward pressure on oil shipping prices due to geopolitical factors and supply constraints, suggesting a favorable investment environment for oil shipping companies [6] Summary by Sections Aviation - The report notes that during the Spring Festival travel period, passenger volume increased by 6.5% year-on-year, with an average seat occupancy rate of 86.9% [4] - Airlines such as China Southern Airlines and Spring Airlines are highlighted for their strong performance and growth potential, with recommendations for investment based on their operational efficiency and market positioning [12] Logistics - The express delivery sector saw significant growth in January, with YTO Express reporting a year-on-year increase of 29.75% in business volume [5] - The report suggests that the express delivery industry is poised for quality improvements, driven by "anti-involution" policies and advancements in automation [5] Shipping - The report indicates that the BDTI index for oil shipping has risen by 11.42% month-on-month and 126.25% year-on-year, reflecting strong demand and supply constraints [6] - Investment opportunities are identified in companies like COSCO Shipping Energy and China Merchants Energy, which are expected to benefit from the favorable market conditions [6]