02 主 题： 机械行业观点更新 时间： 3月30日（周一）10 : 00 主讲： 崔文娟 机械首席分析师 参会密码：815464 01 主题：中原高速报告解读 时间： 3月29日（周日）21:00 主讲： 程志峰 交运分析师 参会密码：575842 03 主 题：AI视频深度：模型加速迭代，工具和IP价值凸显 时间： 3月30日（周一）20 : 00 主讲： 郑磊 传媒首席分析师 李林卉 传媒分析师 参会密码：010301 04 主题： 行业配置模型回顾与更新系列（二十五） 时间： 4月1日（周三）21 : 00 主讲：刘晓锋 金工首席分析师 参会密码：650284 05 主题：再CALL马斯克的V3时刻：OptimusV3&星舰V3 时间： 4月2日（周四）15 : 30 主讲： 刘虹辰 汽车首席分析师 参会密码：755543 06 主题： 小核酸行业系列报告（一）：小核酸成药之路 时间：4月3日（周五）10 : 00 主讲： 周豫 医药首席分析师 戎晓婕 医药分析师 参会密码：348315 元示 巡行业分析 ll Urb +86-4001888938 (中国) +86-01053827720 (全球) ...

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 ...

交通运输 | 证券研究报告 — 行业周报 2026 年 3 月 22 日 强于大市 交通运输行业周报 霍尔木兹通航受阻下 VLCC 转向延布红海通 道，短期替代方案情景催生投资机会值得关注 航运方面，霍尔木兹通航受阻下 VLCC 转向延布红海通道，西非航线补位对冲 外运缺口。航空货运方面，中东局势扰动外溢导致亚欧空运运力仍偏紧且附加 费承压，国泰货运取消迪拜与利雅得货班至 3 月 31 日并增投欧洲运力。交通新 业态方面，英伟达宣布扩大与 Uber、Lyft 合作并开源推理 VLA 模型 Alpamayo 1，Robotaxi 计划于 2027 年起在美多城落地。低空经济方面，沃飞长空在成都 举办供应链大会集结百余家伙伴，发布百亿机遇清单并获工行 100 亿元授信支 持。国内首个"路空一体"汽车试验场投运，低空飞行器测试验证基础设施迈 出关键一步。 核心观点 ①霍尔木兹通航受阻下 VLCC 转向延布红海通道，西非航线补位对冲外运缺 口。中东局势升级致霍尔木兹通航实质受阻，亿海蓝 AIS 监测显示中资 VLCC 在延布港集结借沙特东西管道开辟绕行通道，并同步增配西非供给以对冲波斯 湾外运中断风险。②中东局势扰动 ...

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个别及连带责任。 证券代码：600020 证券简称：中原高速 公告编号：临 2026－011 河南中原高速公路股份有限公司 关于 2026 年度第二期绿色中期票据发行结果的公告 河南中原高速公路股份有限公司董事会 2026 年 3 月 19 日 1 2025 年 1 月 6 日,河南中原高速公路股份有限公司（以下简称"公司"）第 七届董事会第三十五次会议审议通过了《关于公司申请注册发行非金融企业债务 融资工具的议案》。2025 年 3 月，公司收到中国银行间市场交易商协会（以下 简称"交易商协会"）出具的《接受注册通知书》（中市协注[2025]MTN258 号）， 交易商协会同意接受公司 10 亿元人民币的中期票据注册，注册额度自《接受注 册通知书》落款之日起 2 年内有效，可分期发行。有关内容详见公司临 2025-002、 014 号公告。 2026 年 3 月 17 日，公司完成了 2026 年度第二期绿色中期票据的发行，募 集资金于 3 月 18 日全额到账。现将发行结果公告如下： | ...

证券代码：600020 证券简称：中原高速 公告编号：临 2026－012 河南中原高速公路股份有限公司 关于 2026 年度第三期中期票据发行结果的公告 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个别及连带责任。 | 名称 | 河南中原高速公路股 份有限公司 第三期中期票据 | 2026 年度 | 简称 | 26 中原高速 MTN003 | | --- | --- | --- | --- | --- | | 代码 | 102680898 | | 期限 | 3 年 | | 起息日 | 2026 年 3 | 月 18 日 | 兑付日 | 2029 年 3 月 18 日 | | 计划发行总额 | 2.00 | 亿元 | 实际发行总额 | 2.00 亿元 | | 发行利率 | 1.68％ | | 发行价格 | 100 元/百元面值 | | | 申购情况 | | | | | 合规申购家数 | 14 | | 合规申购金额 | 7.80 亿元 | | 最高申购价位 | 2.20% | | 最低申购价位 | 1.64% | | 有效申购家数 | ...

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The battery swapping model is achieving "time-saving, labor-saving, worry-free, and more profitable" results, with Cao Cao Mobility planning to deploy 100,000 Robotaxi vehicles by 2030 [3][13] - EHang Intelligent expects to achieve full-year GAAP profitability in 2026, with order volume, production capacity, and profitability milestones validating the commercialization of eVTOL [3][15] - The U.S. Department of Transportation and FAA have launched an eVTOL integration pilot program, with eight projects selected to commence real operational testing in the summer of 2026 [3][16] - Cathay Pacific has raised fuel surcharges, reflecting the transmission of oil price shocks to ticket prices [3][18] - Shipping traffic through the Strait of Hormuz is nearly stagnant due to escalating U.S.-Iran conflicts, increasing shipping risks and oil prices [3][29] Industry Dynamics Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year [4][31] - The shipping and port sector shows an increase in container shipping rates and dry bulk freight rates, while oil shipping rates have decreased [4][43] - In express logistics, the volume of express deliveries increased by 2.30% year-on-year in December 2025, with revenue up by 0.70% [4] - In aviation, the average daily international flights in the second week of March 2026 were 1,750.29, down 2.92% month-on-month but up 7.12% year-on-year [4] - The number of trucks passing through national highways increased by 40.64% week-on-week from March 2 to March 8 [4] Investment Recommendations - Focus on low-altitude economy and autonomous driving trends, recommending companies like CITIC Heli and Cao Cao Mobility [5] - Monitor opportunities in the shipping sector, particularly in oil, dry bulk, and container shipping, recommending companies like China Merchants Energy and COSCO Shipping [5] - Explore international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Keep an eye on investment opportunities in high-speed rail and highways, recommending Beijing-Shanghai High-Speed Railway [5] - Dynamic monitoring of aviation investment opportunities, recommending China Southern Airlines and China Eastern Airlines [5]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The battery swapping model is expected to enhance efficiency and profitability, with Cao Cao Mobility planning to deploy 100,000 Robotaxi vehicles by 2030 [3][13] - EHang is projected to achieve full-year GAAP profitability in 2026, with significant growth in orders and production validating the commercialization of eVTOL [3][15] - The U.S. Department of Transportation and FAA have initiated an eVTOL integration pilot program, with eight projects set to begin real-world operational testing in summer 2026 [3][16] - Cathay Pacific has raised fuel surcharges due to soaring oil prices, reflecting the impact of geopolitical tensions on ticket pricing [3][18] - Shipping traffic through the Strait of Hormuz has nearly halted due to escalating U.S.-Iran conflicts, increasing shipping risks and oil prices [3][29] Industry Dynamics Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year [4][31] - The shipping and port sector has seen a rise in container shipping rates, while oil shipping rates have declined [4][43] - The express logistics sector reported a 2.30% year-on-year increase in business volume for December 2025 [4][31] - In March 2026, the average daily international flights was 1,750.29, showing a 7.12% year-on-year increase [4][31] - The highway and railway sector reported a 40.64% month-on-month increase in truck traffic from March 2 to March 8 [4][31] Investment Recommendations - Focus on low-altitude economy and autonomous driving sectors for investment opportunities, recommending companies like CITIC Hainan and Cao Cao Mobility [5] - Monitor shipping opportunities in the context of Middle Eastern geopolitical developments, recommending companies such as China Merchants Energy and COSCO Shipping [5] - Explore international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Keep an eye on high-speed rail and highway investment opportunities, recommending companies like Beijing-Shanghai High-Speed Railway [5] - Dynamic monitoring of the airline sector, recommending companies such as Air China and China Southern Airlines [5]

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].

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个别及连带责任。 2025 年 1 月 6 日,河南中原高速公路股份有限公司（以下简称"公司"）第 七届董事会第三十五次会议审议通过了《关于公司申请注册发行非金融企业债务 融资工具的议案》。2025 年 3 月，公司收到中国银行间市场交易商协会（以下 简称"交易商协会"）出具的《接受注册通知书》（中市协注[2025]SCP67 号）， 交易商协会同意接受公司 15 亿元人民币的超短期融资券注册，注册额度自《接 受注册通知书》落款之日起 2 年内有效，可分期发行。有关内容详见公司临 2025-002、015 号公告。 2026 年 3 月 11 日，公司完成了 2026 年度第二期超短期融资券的发行，募 集资金于 3 月 12 日全额到账。现将发行结果公告如下： | 名称 | 河南中原高速公路股 份有限公司 2026 年度 第二期超短期融资券 | 简称 | 26 中原高速 SCP002 | | --- | --- | --- | --- | | 代码 | 012680609 | 期限 | 16 ...

河南中原高速公路股份有限公司董事会 2026 年 3 月 13 日 证券代码：600020 证券简称：中原高速 公告编号：临 2026－010 | 路段 | 通行费收入 | 交通量 | | --- | --- | --- | | | （元） | （折算数，台次） | | 京港澳高速公路郑州至漯河段 | 136,572,232.44 | 3,754,352 | | 京港澳高速公路漯河至驻马店段 | 38,581,990.84 | 2,398,956 | | 郑栾高速公路郑州至尧山段 | 60,454,245.87 | 1,113,373 | | 郑州至民权高速公路 | 39,877,656.66 | 1,338,436 | | 德上高速公路永城段 | 9,935,719.06 | 701,263 | | 商丘至登封高速公路 | 46,809,185.17 | 680,519 | 董事会谨此提醒投资者，上述数据系河南省高速公路联网监控收费通信服务 有限公司拆分数据，未经审计。自执行"营改增"政策后，该通行费收入中未含 增值税。因此，本公告所涉及数据仅作为阶段性数据供投资者参考，请广大投资 者审慎使用该等数据。 特 ...