Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Views - The report highlights the ongoing price increases in the express delivery sector, with regions like Sichuan, Yiwu, Yunnan, and Jiangxi leading the way in implementing price hikes. This trend is expected to improve the profitability of leading companies in the industry [6] - The logistics and express delivery sectors are experiencing a shift towards high-quality development, driven by policies aimed at reducing internal competition and enhancing service quality. The report suggests that the "anti-involution" policies will boost industry profitability [6] - The aviation sector is anticipated to benefit from a recovery in demand, with expectations of improved performance for major airlines as they navigate high oil prices and operational challenges [4][6] Summary by Sections Investment Highlights - The report emphasizes the potential for significant returns in the aviation sector, particularly for major airlines like China Southern Airlines, China Eastern Airlines, and Hainan Airlines, which are expected to see improved profitability due to a recovery in travel demand and operational efficiencies [4][6] - The express delivery sector is highlighted for its resilience and growth potential, with companies like ZTO Express, YTO Express, and Shentong Express recommended for investment due to their strong market positions and expected benefits from rising prices [6] Operational Tracking - Data from March 16 to March 22 indicates a total of 54.58 million truck passages on highways, reflecting a week-on-week increase of 3.38% [6] - The report tracks the performance of major airlines, noting that Eastern Airlines and Southern Airlines have seen increases in their average daily flights and aircraft utilization rates, indicating a recovery in operational capacity [4][6] Logistics Data Tracking - The express delivery sector reported a total of approximately 3.845 billion packages collected and 3.891 billion delivered during the week of March 16 to March 22, with year-on-year increases of 4.43% and 5.53%, respectively [6] - The report notes that the logistics infrastructure, particularly highways, is expected to benefit from increased demand as the economy stabilizes and consumer spending rises [6] Market Comparison - The report compares the performance of the transportation sector against broader market trends, indicating that the sector is poised for growth as economic conditions improve and consumer confidence returns [2][6]

Core Viewpoint - The 2026 summer and autumn flight season will start on March 29 and run until October 24, featuring increased flight capacity for business routes and popular tourist destinations, while rising fuel prices have led to an early surge in ticket bookings for the "May Day" holiday [1][5]. Group 1: Flight Capacity and Airline Plans - The average weekly flights for the entire civil aviation sector in the 2026 summer season is projected to reach 127,000, a decrease of 1.63% compared to the 2025 summer season, with domestic flights down by 2.71% and international flights up by 3.34% [2]. - China Eastern Airlines plans to deploy 823 aircraft (including 14 domestic C919 aircraft) and operate over 950 passenger routes, with a daily average of over 3,200 flights, marking a 1.3% increase year-on-year [3]. - 吉祥航空 will have nearly 150 routes, covering 15 countries and regions, with plans to increase flights on routes to Europe and Manchester during peak travel periods [3]. Group 2: Airport Operations and New Routes - Shanghai Airport plans to execute an average of 2,516 flights per day, a 2.8% increase year-on-year, with new international routes to Kolkata and Tbilisi, and increased flights to popular destinations like Kuala Lumpur and Bangkok [4]. - Hainan Airlines plans to add four new routes in Northeast China and two in Anhui province, expanding its network significantly [3][4]. - Hainan Airport Group aims to operate 294 routes with over 150 destinations, adding 22 domestic and 19 international points compared to last year [4]. Group 3: Ticket Booking Trends and Fuel Prices - From April 1 to June 30, planned flights to cities like Altay and Dali have increased by approximately 20% year-on-year, with international routes to Europe and Southeast Asia also seeing increased frequency [5]. - As of the latest data, Brent crude oil prices are at $106.29 per barrel, leading to expectations of an increase in aviation fuel surcharges, which has resulted in a nearly 20% year-on-year increase in ticket bookings for the "May Day" holiday [5].

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [11] Core Insights - The supply-demand dynamics in the transportation sector are continuously improving, with oil price impacts yet to be fully realized. Profitability is on an upward trend across various sub-sectors [2][4] Summary by Sub-Sector Aviation - The aviation sector is experiencing significant profitability improvements due to a combination of rising demand during the Spring Festival and a notable decrease in oil prices. The overall profitability is expected to turn positive in Q1 2026 [4][16] Airports - Domestic airport traffic is recovering, with a projected increase in both domestic and international flights. However, profitability may vary significantly among airports due to differing operational costs [5][21] Express Delivery - The express delivery sector shows resilience in demand, with package volumes expected to grow modestly. The sector is transitioning towards quality competition, leading to improved average order values and profitability [5][23] Logistics - The logistics sector is facing volatility in bulk supply chain profitability, while cross-border logistics is expected to see an upward trend due to strong export demand [6][25] Maritime Transport - Maritime transport profitability is mixed, with container shipping facing pressure while oil transportation sees significant gains due to geopolitical tensions. Dry bulk shipping is also expected to improve profitability [7][27] Ports - Port operations are expected to show high growth rates in cargo throughput, driven by increased imports of various goods. The port sector is highlighted for its stable performance and high dividend yields [8][30] Highways - The highway sector is projected to maintain stable traffic flow, with slight improvements in profitability expected compared to Q1 2025 [9][33] Railways - The railway sector is benefiting from rising oil prices, with both passenger and freight volumes expected to grow. The profitability outlook is positive, particularly for coal transport [10][35]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [12] Core Insights - The supply-demand dynamics in the transportation sector are continuously improving, with oil price impacts yet to be fully realized. Overall profitability is on an upward trend across various sub-sectors [2][4] Summary by Sub-Sector Aviation - The aviation sector is experiencing significant profitability improvements due to a combination of rising demand during the Spring Festival and a notable decrease in oil prices. The industry is expected to turn profitable in Q1 2026 [4][19] Airports - Domestic airport traffic is recovering, with a projected increase in both domestic and international flights. However, profitability may vary by airport due to differing operational costs [5][25] Express Delivery - The express delivery sector shows resilience in demand, with package volumes expected to grow modestly. The sector is transitioning towards quality competition, leading to improved profitability for leading companies [6][27] Logistics - The logistics sector is facing volatility in bulk supply chain profitability, but cross-border logistics is showing positive trends due to strong export demand [6][30] Maritime Transport - Maritime transport is characterized by a divergence in profitability among different vessel types. While container shipping faces challenges, oil and dry bulk shipping are expected to see profitability improvements [7][31] Ports - Port operations are witnessing high growth rates in cargo throughput across various categories, indicating a positive outlook for profitability in the port sector [8][35] Highways - The highway sector is expected to maintain stable traffic flow, with slight improvements in profitability anticipated compared to Q1 2025 [9][38] Railways - The railway sector is benefiting from rising oil prices, with both passenger and freight volumes expected to grow in Q1 2026 [10][41]

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]