Group 1: Industry Overview - The report maintains a positive outlook on the transportation industry, indicating a recovery phase supported by supply and demand dynamics, particularly in the aviation sector [1][75]. - The express delivery sector shows a year-on-year growth in business volume of 14.9% and revenue growth of 7.1% from January to November 2025, reflecting a robust demand environment [3][18]. - The shipping industry is experiencing fluctuations, with the BDI index at 1900 points, down 10.49% week-on-week, while the CCFI and SCFI indices show slight increases, indicating mixed market conditions [59][61]. Group 2: Aviation Sector Insights - Domestic flight volume reached 86,137 flights during the week of December 19-25, 2025, with a daily average of 12,305 flights, reflecting a 1.42% increase week-on-week and a 1.21% increase year-on-year [12][13]. - Domestic passenger volume for the same period was 12.03 million, up 3.48% week-on-week and 6.04% year-on-year, indicating strong recovery in air travel demand [12][13]. - The average ticket price for domestic flights increased by 5.47% week-on-week, while the average bare ticket price rose by 6.08%, suggesting upward pricing pressure in the aviation market [12][13]. Group 3: Express Delivery Sector Analysis - Weekly average collection volume for express delivery was approximately 580 million pieces, with a slight decrease of 1.74% week-on-week, while delivery volume increased by 3.35% [17]. - Year-to-date average collection volume stands at about 544 million pieces per day, reflecting a year-on-year increase of 15.98% [17]. - The express delivery industry is characterized by a CR8 index of 87%, indicating a high level of market concentration, with major players like SF Express, YTO Express, and Shentong Express showing varied growth rates [21][27]. Group 4: Shipping Sector Developments - The international dry bulk market is facing a decline, with the BDI index down 10.49%, while the international container shipping market shows resilience with the SCFI index up 6.66% [59][61]. - The VLCC-TCE rate in the international oil shipping market decreased by 30.29%, indicating volatility in oil transport pricing [60]. - The report highlights the potential for a recovery in shipping rates driven by demand from the oil and dry bulk sectors, particularly as geopolitical factors may influence pricing dynamics [81]. Group 5: Recommendations and Focus Areas - Recommended stocks include China National Offshore Oil Corporation, China Eastern Airlines, and Spring Airlines, reflecting confidence in the aviation sector's recovery [4][76]. - The report suggests focusing on logistics companies like Milkrun and Hongchuan Wisdom, which are expected to benefit from the recovery in chemical logistics and warehousing [80]. - In the shipping sector, companies like China Merchants Energy Shipping are highlighted for their potential to benefit from the oil and dry bulk market recovery [81].

Group 1 - The logistics sector experienced a decline of 1.01% on December 29, with Xiamen Guomao leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] - Notable gainers in the logistics sector included Longzhou Co., which rose by 7.53% to a closing price of 9.57, and ST Xuefa, which increased by 5.13% to 4.10 [1] Group 2 - Major losers in the logistics sector included Xiamen Weimao, which fell by 9.98% to 7.85, and Ruiwu Tong, down 4.88% to 3.51 [2] - The logistics sector saw a net outflow of 618 million yuan from institutional investors, while retail investors contributed a net inflow of 413 million yuan [2] Group 3 - In terms of capital flow, SF Holding had a net inflow of 128 million yuan from institutional investors, but saw outflows from retail and speculative investors [3] - The data indicates that while institutional investors withdrew funds, retail investors were actively buying into certain stocks within the logistics sector [3]

Investment Rating - Maintain "Buy" rating for the transportation sector [5] Core Views - The international passenger turnover for October and November 2025 is expected to grow by 12.9% and 14.3% year-on-year compared to the same months in 2019, indicating a recovery in demand [1][2] - The average economy class ticket price for the New Year holiday in 2026 is projected to be 597 RMB, reflecting a 1.1% decrease from 2024 and a 6.7% increase from 2025 [1][2] - The logistics sector is benefiting from explosive growth in overseas e-commerce, with TikTok Shop's GMV in Southeast Asia increasing by 2.7 times during the "12.12" promotion [1][3] Summary by Sections Weekly Insights and Market Review - The transportation sector index rose by 1.37%, underperforming the Shanghai Composite Index by 0.51 percentage points [1][19] - The top three performing sub-sectors were shipping, public transport, and logistics, with increases of 4.70%, 4.65%, and 1.96% respectively [1][19] Air Travel - From January to November 2025, civil aviation passenger turnover reached 12,865.80 billion person-kilometers, a 19.6% increase compared to the same period in 2019 [2][12] - Domestic routes saw a 25.6% increase, while international routes grew by 3.6% [2][12] - The aviation sector is expected to maintain a positive outlook due to low supply growth and recovering demand, with a focus on business travel and international flight recovery [2][12] Shipping and Ports - The oil and dry bulk freight rates are experiencing a decline, with VLCC rates significantly dropping due to seasonal factors and lower-than-expected January loading volumes [3][13] - The dry bulk shipping index continues to fall, with a focus on the impact of new iron ore production and geopolitical developments [3][14] - The LNG transportation market is anticipated to follow a different cycle compared to larger vessels, with new projects in hydrogen production [3][16] Logistics - The logistics sector is focusing on two investment themes: overseas expansion driven by e-commerce growth and internal competition management amid slowing industry growth [3][17] - The express delivery volume showed a modest increase of 1.6% year-on-year in December, indicating a competitive landscape where leading companies are expected to gain market share [3][17]

Core Viewpoint - The launch of the "Huizhou=Jiaxing" cargo route by YTO Airlines marks a significant milestone for Huizhou Airport, being its first all-cargo flight and the first domestic cargo aircraft operation in the Guangdong-Hong Kong-Macao Greater Bay Area [1][2] Group 1: Route and Operational Details - The "Huizhou=Jiaxing" cargo route is operated by YTO Airlines and enhances logistics efficiency for high-value industries such as cross-border e-commerce and electronics [1] - The route signifies a transition from cargo being carried in passenger aircraft to dedicated all-cargo operations, providing a reliable air freight option between the Greater Bay Area and the Yangtze River Delta [1] - The inaugural flight utilized the domestically developed C909 all-cargo aircraft, which is designed for high-altitude adaptability and short-distance takeoff and landing capabilities [1] Group 2: Strategic Implications - The opening of this cargo route will accelerate the operational capabilities of Huizhou Airport and provide opportunities for the C909 aircraft to expand into the Southeast Asian market [2] - YTO Airlines, a subsidiary of YTO Express, aims to establish Huizhou as a regional air logistics hub, integrating into a high-efficiency freight network with domestic and international reach [2] - The airport's growth is aligned with the national strategy for transportation and the promotion of high-end equipment autonomy, reflecting a commitment to enhancing regional logistics capabilities [2] Group 3: Performance Metrics - Huizhou Airport has seen significant growth in passenger throughput, increasing from 1.98 million in 2020 to an expected 2.87 million in 2024, with projections to exceed 3.36 million by 2025 [2] - The cargo volume is anticipated to surpass 10,000 tons for the first time, showcasing the economic vitality of the Greater Bay Area [2] - The launch of the C909 all-cargo aircraft marks a new development phase for Huizhou Airport, contributing to the strategic development of the regional airport network [2]

Group 1 - The launch of YG9001 flight marks the official operation of Jiaxing Nanhu Airport, the first specialized air cargo hub in the Yangtze River Delta [2] - Jiaxing Nanhu Airport is designed to handle 1.8 million passengers and 1.1 million tons of cargo annually, with a 4E-level flight area and 56 parking positions [2] - YTO Express's Dongfang Tiandi Port aims to become a comprehensive international logistics hub, focusing on international air cargo, warehousing, customs clearance, and more [2] Group 2 - On December 26, two YTO cargo planes transported goods to Zhengzhou and Huizhou, with plans to expand international cargo routes [3] - The development of the international cargo route network is expected to support the transformation and upgrading of industries in the Yangtze River Delta region [3]

Core Viewpoint - The opening of Jiaxing Nanhu Airport marks the establishment of the first specialized air cargo hub in the Yangtze River Delta, enhancing logistics capabilities in the region [1] Group 1: Airport Overview - Jiaxing Nanhu Airport is designed for both passenger and cargo services, with a focus on cargo operations [1] - The airport has a flight area classification of 4E and includes 56 parking positions, capable of handling an annual passenger throughput of 1.8 million and a cargo throughput of 110,000 tons [1] Group 2: Operational Features - The airport's core function is supported by the YTO Eastern Tian Di Port, which focuses on international air cargo, consolidation and distribution, warehousing management, bonded services, customs clearance, aircraft maintenance, and international commodity exhibition and trade [1] - On the opening day, two YTO cargo aircraft transported goods such as food and daily necessities to Huizhou and Zhengzhou, with plans for the Eastern Tian Di Port to continuously launch international cargo routes [1]

Core Viewpoint - The inauguration of Jiaxing Nanhu Airport and the launch of YTO Express's Dongfang Tiandi Port mark a significant milestone for the Yangtze River Delta's logistics and transportation infrastructure, aiming to enhance regional industrial upgrading and spatial restructuring [1][5]. Group 1: Airport and Logistics Hub - Jiaxing Nanhu Airport is positioned as a dual-purpose airport focusing on both passenger and cargo transport, with a design capacity of 1.8 million passengers and 110,000 tons of cargo annually [4]. - The airport features a 4E-level flight area with 56 parking positions, facilitating its role as a key logistics hub in the region [4]. - YTO Express's Dongfang Tiandi Port is designed to serve multiple strategic functions, including being a vital industrial platform for the Yangtze River Delta, a global air logistics hub, and a center for multimodal transport [3]. Group 2: Strategic Development and Future Plans - The launch of international cargo routes from Dongfang Tiandi Port aims to create a network that connects Asia, Europe, and emerging markets along the Belt and Road Initiative, promoting the development of high-end industries such as aviation logistics and cross-border trade [5]. - The project is expected to support the transformation and upgrading of industries in Jiaxing and the Yangtze River Delta, contributing to new economic growth drivers [5]. - The initiative is aligned with the goal of enhancing the region's air cargo capacity and supporting foreign trade and high-level openness [5].

Market Overview - The logistics sector increased by 0.16% on December 26, with Pulutong leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Top Gainers in Logistics Sector - Pulutong (002769) closed at 12.32, up 10.00% with a trading volume of 624,300 shares and a transaction value of 750 million [1] - Xiamen Guomao (600755) closed at 8.72, up 9.96% with a trading volume of 4,011,100 shares [1] - Other notable gainers include Jiayou International (603871) at 13.93, up 2.73%, and Xiamen Xiangyu (600057) at 8.86, up 2.31% [1] Top Losers in Logistics Sector - Tiensheng Co. (002800) closed at 15.58, down 4.65% with a trading volume of 203,800 shares [2] - New Ning Logistics (300013) closed at 4.11, down 2.61% with a trading volume of 497,200 shares [2] - Other significant decliners include Dongfang Jiasheng (002889) at 16.16, down 2.18%, and Longzhou Co. (002682) at 8.90, down 2.09% [2] Capital Flow in Logistics Sector - The logistics sector saw a net inflow of 43.62 million in main funds, while retail funds experienced a net outflow of 190 million [2] - Retail investors contributed a net inflow of 146 million [2] Individual Stock Capital Flow - Xiamen Guomao (600755) had a main fund net inflow of 184 million, while Pulutong (002769) saw a net inflow of 132 million [3] - Huamao Logistics (603128) recorded a net inflow of 27.51 million from main funds [3] - Other stocks like Jiayou International (603871) and Hongchuan Wisdom (002930) also experienced varying levels of net inflow and outflow from different investor categories [3]

12月26日，圆通速递盘中下跌2.06%，截至13:47，报16.66元/股，成交1.75亿元，换手率0.30%，总市值 570.20亿元。 资金流向方面，主力资金净流入176.16万元，特大单买入231.34万元，占比1.32%，卖出235.06万元，占 比1.34%；大单买入1173.22万元，占比6.71%，卖出993.34万元，占比5.68%。 分红方面，圆通速递A股上市后累计派现62.00亿元。近三年，累计派现32.88亿元。 机构持仓方面，截止2025年9月30日，圆通速递十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股5698.93万股，相比上期增加156.34万股。华泰柏瑞沪深300ETF（510300）位居第十大流 通股东，持股2928.79万股，相比上期减少145.52万股。 责任编辑：小浪快报 资料显示，圆通速递股份有限公司位于上海市青浦区华新镇新协路28号，成立日期1992年12月22日，上 市日期2000年6月8日，公司主营业务涉及综合性快递物流服务。主营业务收入构成为：国内时效产品 89.93%，货代服务2.91%，航空业务2.47%，其他1.75%，其他(补充)1. ...

Core Viewpoint - The opening of Jiaxing Nanhu Airport marks the establishment of a new airport in the Yangtze River Delta, focusing on both passenger and cargo transport, with a primary emphasis on cargo operations [5][6]. Group 1: Airport Operations - Eastern Airlines, Southern Airlines, and Changlong Airlines have commenced operations at Jiaxing Nanhu Airport, with initial flights to cities including Guangzhou, Shenzhen, Chengdu, and Changchun [1][5]. - The airport features a terminal area of 25,900 square meters and has a flight area classification of 4E, with 56 parking positions, of which 33 are dedicated to cargo [5]. Group 2: Cargo Focus - Jiaxing Nanhu Airport is positioned as a professional air cargo hub, with a planned annual passenger throughput of 1.8 million and a cargo throughput of 1.1 million tons [5]. - YTO Express is expected to play a significant role in the airport's cargo operations, having established a global logistics hub at the airport and collaborating with the Jiaxing government to develop surrounding logistics infrastructure [5][6]. Group 3: Regional Connectivity - The airport's strategic location allows for a one-hour connection to major cities in the Yangtze River Delta, enhancing regional logistics and transportation efficiency [6][8]. - The airport is designed to support a multi-modal transport system, facilitating access to international markets within 10 hours [6]. Group 4: Comparison with Suzhou - Suzhou, despite its economic prominence, lacks its own airport, with ongoing discussions and planning since 2018 failing to yield results, while other airports in the region are advancing [10][11]. - The development of Jiaxing Nanhu Airport may alleviate some of the transportation pressures in the region, as it provides an alternative for Suzhou residents [8][10].