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].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1055） 董事會召開日期 中國南方航空股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2026年3月 30日（星期一）舉行董事會會議，藉以考慮及通過（其中包括）本公司截至2025年12月31 日止年度的全年業績及派發末期股息（如有）。 承董事會命 中國南方航空股份有限公司 聯席公司秘書 陳威華及劉巍 中華人民共和國，廣州 2026年3月13日 於本公告日期，董事包括執行董事馬須倫、韓文勝及蔡治洲；獨立非執行董事何超瓊、郭 為、張俊生及祝海平；及職工董事張弢。 1 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 中華人民共和國，廣州 2026年3月13日 於本公告日期，董事包括執行董事馬須倫、韓文勝及蔡治洲；獨立非執行董事何超瓊、郭 為、張俊生及祝海平；及職工董事張弢。 1 董事會召開日期 中國南方航空股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2026年3月 30日（星期一）舉行董事會會議，藉以考慮及通過（其中包括）本公司截至2025年12月31 日止年度的全年業績及派發末期股息（如有）。 承董事會命 中國南方航空股份有限公司 聯席公司秘書 陳威華及劉巍 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1055） ...

Core Viewpoint - The article discusses the recent cancellations of flights to Dubai by several Chinese airlines, highlighting the impact of safety concerns following drone incidents near Dubai International Airport [3][7]. Group 1: Flight Cancellations - Starting from March 13, several Chinese airlines, including Air China and China Eastern Airlines, have canceled flights to Dubai, with no flights scheduled until April 1 [4][6]. - The initial resumption of flights was limited and involved safety assessments for each flight rather than a full restoration of regular services [7]. Group 2: Safety Concerns - On March 11, two drones crashed near Dubai International Airport, resulting in injuries to three individuals, which has raised safety concerns for airlines operating in the region [7]. - The Chinese Ministry of Foreign Affairs has advised citizens to avoid traveling to countries affected by military conflicts in the Middle East, including Iran [9]. Group 3: Current Operations - Emirates Airlines continues to operate some flights to and from Dubai, including routes to major Chinese cities like Beijing, Shanghai, and Guangzhou [8]. - Cathay Pacific has announced that its flights from Hong Kong to Dubai and Riyadh are expected to remain suspended until the end of March [9].

Group 1 - Major airlines such as Air China, China Eastern Airlines, China Southern Airlines, and Shenzhen Airlines have optimized their involuntary ticket change and refund policies for certain Middle Eastern routes due to regional situation impacts [1] - For tickets with unused segments for travel dates between February 28, 2026, and May 31, 2026, purchased or exchanged before 3 PM on March 10, 2026, passengers can process involuntary changes or refunds without service fees within the ticket validity period [1] - Passengers are encouraged to check the official channels of the airlines for detailed policies and procedures regarding ticket changes and refunds [1]

Investment Rating - The report does not explicitly provide an overall investment rating for the industry Core Views - The express delivery sector is positively influenced by regulatory measures against "involution" competition, with a focus on stabilizing prices and improving service quality, which is expected to enhance profitability for leading companies like Zhongtong Express and Jitu Express [2] - The logistics sector is recommended to focus on smart logistics, with companies like Haichen Co., Ltd. being highlighted due to the anticipated recovery in chemical logistics driven by rising chemical product prices [3] - The aviation sector shows signs of recovery with increased flight volumes and potential for improved profitability as supply constraints ease, recommending investments in major airlines such as Air China and China Southern Airlines [4] - The shipping sector is experiencing high freight rates due to geopolitical tensions affecting oil transport routes, with a focus on maintaining high rates despite fluctuations in container shipping indices [5] - The road and rail sectors are showing stable growth, with opportunities for investment in highway operators due to attractive dividend yields compared to government bond rates [6] Summary by Sections Transportation Market Review - The transportation index fell by 0.7% last week, while the Shanghai and Shenzhen 300 index decreased by 1.1%, indicating a slight outperformance of the transportation sector [1][13] Industry Fundamentals Tracking Shipping Ports - The shipping market is facing challenges due to geopolitical tensions, with the CCFI index at 1044.57 points, down 4.0% week-on-week and down 20.8% year-on-year [21] - Oil transport indices are high, with the BDTI index at 2868.4 points, up 51.4% week-on-week and up 225.4% year-on-year, indicating strong demand and pricing power in oil shipping [40] Aviation Airports - The average daily flights increased by 17.86% year-on-year, with domestic flights up 19.64%, suggesting a recovery in air travel demand [4] - Brent crude oil prices rose to $92.69 per barrel, impacting operational costs for airlines, but potential easing of geopolitical tensions may improve margins [67] Road and Rail - The highway sector showed a significant increase in truck traffic, with 32.72 million vehicles recorded, up 229.68% week-on-week, indicating robust demand [84] - Rail freight volumes are stabilizing, with a slight increase in passenger turnover, suggesting a positive trend in rail transport [82] Express Logistics - The express delivery sector saw a collection volume of approximately 4.231 billion packages, up 12.6% year-on-year, indicating strong growth potential [2]

Investment Rating - The report assigns an "Overweight" rating for the industry [2] Core Insights - The aviation sector is expected to see good growth in both volume and price during the Spring Festival travel season, with a projected increase in passenger load factor by over 2 percentage points year-on-year and a domestic ticket price increase of over 4% [4][5] - The oil shipping sector is experiencing significant profit increases due to geopolitical tensions, with VLCC TCE rates soaring to around $480,000, indicating a strong market outlook [5][21] - Policies aimed at boosting consumption and reducing competition in the logistics sector are expected to benefit the aviation and express delivery industries [5] Summary by Sections Aviation - The report highlights a 4.9% year-on-year increase in overall passenger flow during the first 33 days of the Spring Festival, with aviation specifically seeing a 6.4% increase [6][7] - The estimated domestic ticket prices are expected to rise by over 4% year-on-year, while the average domestic aviation fuel price has decreased by 8%, leading to improved profit margins for airlines [5] - The report anticipates a "super cycle" in aviation profitability driven by sustained demand and low supply growth, recommending stocks such as Air China, China Eastern Airlines, and Spring Airlines [5] Oil Shipping - The report notes that geopolitical risks have driven oil shipping rates to record highs, with a focus on the changes in the gray market and their long-term implications [5] - The TCE for VLCCs from the Middle East to China has surged, with significant shifts in demand towards other oil-producing regions due to reduced Middle Eastern exports [5] - The report suggests monitoring gray market developments, which could create unexpected supply-demand dynamics and accelerate the retirement of older vessels [5] Policy Impact - The report discusses how government policies aimed at stimulating consumption and addressing "involution" in competition will positively impact the aviation and express delivery sectors [5] - It predicts that the express delivery industry will see stable volume growth and price increases, benefiting leading companies like ZTO Express and SF Express [5] - The report also emphasizes the potential for healthy growth in cross-border logistics driven by supportive policies [5]

Core Viewpoint - The article discusses the recent disruptions in flight operations at Dubai International Airport due to security threats, highlighting the challenges faced by airlines and passengers in returning to China from the Middle East amid ongoing geopolitical tensions [3]. Flight Operations and Disruptions - On March 7, a series of explosions at Dubai International Airport led to the temporary suspension of all flights, causing significant delays and cancellations for airlines, including Air China and Emirates [6][8]. - Air China flight CA9541, which was en route to Dubai, had to circle for over an hour before the airport reopened, eventually landing safely after a two-hour delay [3]. - Emirates Airlines canceled all flights to and from Dubai until further notice, emphasizing passenger safety as a priority [6]. Passenger Experiences - Passengers, such as Ms. Liu, faced multiple flight cancellations, with her original return flight on March 2 being canceled twice, leading her to rebook several times before finally securing a flight [9]. - Many travelers reported needing luck to find available flights, as the situation remained fluid and uncertain [8]. Airline Recovery Efforts - Airlines like China Eastern, China Southern, and Hainan Airlines are working to restore flights to bring stranded passengers back to China [12]. - China Southern successfully completed its first return flight from Riyadh, bringing back 275 passengers, most of whom were Chinese nationals stranded due to previous flight cancellations [13][15]. - The Chinese Ministry of Foreign Affairs has been actively coordinating with airlines to facilitate the return of citizens, providing updates on available flights through official channels [16]. Flight Availability and Updates - As of March 8, several flights were scheduled to operate, including Air China CA9542 from Dubai to Beijing and China Southern flights from Dubai to Guangzhou and Shenzhen [17]. - Airlines are continuously updating their flight schedules, with China Southern announcing the resumption of flights between Guangzhou and Dubai from March 8 to 11 [18].

Group 1 - The core viewpoint of the article is that Chinese airlines are resuming flights to the Middle East, reflecting the current operational capacity and regional situation [1]. - Air China has resumed ticket sales for round-trip flights from Beijing Capital to Dubai and Riyadh [1]. - China Southern Airlines has restored round-trip flights from Guangzhou to Riyadh and is resuming flights from Guangzhou and Shenzhen to Dubai from March 8 to 11, with additional flights to Riyadh starting March 10 [1]. - China Eastern Airlines has resumed flights from Shanghai Pudong to Dubai, Xi'an to Dubai, Kunming to Dubai, Shanghai Pudong to Riyadh, and Beijing Daxing to Muscat from March 7 to 12 [1]. Group 2 - Passengers can check flight dynamics, purchase tickets, or handle ticket changes through the official channels of the airlines [2].

Investment Rating - The report maintains a "Positive" outlook on the shipping industry, particularly highlighting companies such as China Merchants Energy, COSCO Shipping Energy, and ST Songfa as key recommendations [3][5]. Core Insights - The report emphasizes that the theoretical upper limit for tanker freight rates is influenced by geopolitical risks and supply chain disruptions, with current freight rates reflecting a premium due to risk assessments rather than actual transaction prices [5]. - The report notes a significant increase in VLCC average freight rates, which rose by 89% week-on-week, reaching $390,970 per day, driven by geopolitical tensions in the Middle East [5]. - The report highlights the resilience of the railway and highway freight volumes, with a notable increase in national railway freight volume by 9.77% and highway truck traffic by 229.69% [5]. Summary by Sections Shipping - The report indicates that the theoretical freight rate for oil tankers is approximately $93 per barrel, translating to a TCE of about $3.66 million per day, while the lower limit for shipowners is estimated between $40 to $87.5 per barrel [5]. - The report observes that the average freight rate for VLCCs has surged, particularly on the Middle East to China route, which jumped 108% to $480,557 per day [5]. Dry Bulk - The report states that the geopolitical situation in the Middle East has limited direct impacts on the dry bulk market, although high fuel prices are exerting pressure on TCE [5]. - The BDI recorded a decrease of 6.1% week-on-week, with Capesize rates dropping by 13.9% to $23,858 per day [5]. Air Transport - The report highlights that the global aircraft manufacturing chain is facing unprecedented challenges, with an aging fleet and supply constraints expected to continue [5]. - It suggests that airlines are poised for significant profit improvements as demand for international travel increases [5]. Express Delivery - The report anticipates that policies ensuring end-user rights will stabilize delivery fees, allowing for gradual recovery in pricing and profitability for leading companies in the sector [5]. - Companies such as ZTO Express and YTO Express are noted for their expanding market positions and profitability potential [5]. Rail and Road - The report indicates that freight volumes in both rail and highway sectors are showing resilience, with significant increases reported in recent weeks [5]. - It suggests that traditional high-dividend investment themes and potential market management catalysts are worth monitoring in the highway sector [5].