Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The current demand in the e-commerce express delivery industry remains resilient, with a top-down "anti-involution" policy driving up express prices, thereby releasing profit elasticity for companies. The long-term outlook for e-commerce express delivery is favorable due to healthy competition opportunities [16] - The oil transportation sector is expected to benefit from sustained crude oil production and tight capacity, with the "Changjin factor" reshaping pricing logic. Geopolitical changes may continue to catalyze sentiment or fundamentals, leading to a significant improvement in the oil transportation market in 2026 [16] - The bulk shipping market is anticipated to recover, driven by environmental regulations limiting the operation of aging fleets and increased production of iron ore from Australia, Brazil, and West Africa. The market is expected to enter a "new cycle" [16] - The shipping industry is experiencing a green renewal cycle, with demand driven by shipping market recovery and progress in green updates. The new shipbuilding market is expected to improve as constraints ease [16] Summary by Sections Shipping and Ports - Iran may establish a "safe passage" in the Strait of Hormuz, with multiple countries negotiating with Tehran for ship passage. However, security experts warn of potential delays or seizures by Iranian forces [4] - MSC Group has acquired a 50% stake in Changjin Shipping, supporting aggressive expansion of its VLCC fleet, which is estimated to control 150 VLCCs, significantly impacting market concentration and pricing [5] - The SCFI composite freight index decreased by 0.2% to 1707 points, with varying changes in freight rates across different routes [6] - The BDTI index for VLCC freight rates increased by 0.26% to 2821 points, while TCE rates for VLCCs decreased by 5.9% [7] - The BDI index for bulk carriers increased by 3.2% to 2046 points, indicating a rise in bulk shipping rates [8] - China's port cargo throughput increased by 9.52% to 25.617 million tons, with container throughput rising by 9.27% to 6.6 million TEU [10] Express Logistics - In January-February 2026, the express delivery industry volume grew by 7.1% year-on-year, with significant differentiation in market share among major players [9] - Zhongtong Express reported a stable net profit per ticket and committed to a shareholder return rate of no less than 50% [10] - Shentong plans to issue 3 billion yuan in convertible bonds for logistics network upgrades, with a commitment to distribute at least 30% of profits in cash over the next three years [11] - Price adjustments have been made in Yunnan and Jiangxi provinces, reflecting rising operational costs [12] Aviation and Airports - China and Thailand have suspended aviation fuel exports, potentially leading to fuel shortages for airlines [14] - The Ministry of Commerce has announced measures to promote travel service exports and expand inbound consumption [14] Road and Rail - From March 9 to March 15, 2026, national freight logistics operated smoothly, with rail freight increasing by 6.7% and highway truck traffic rising by 14.75% [15]

证券代码：600751 900938 证券简称：海航科技 海科 B 公告编号：2026-005 海航科技股份有限公司 关于下属公司对外投资暨累计对外投资的公告 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法律责任。 重要内容提示： 一、对外投资概述 （一）本次交易概况 （1）交易概况 交易实施尚需履行的审批及其他相关程序： 海航科技股份有限公司（以下简称"海航科技"、"公司"）于 2026 年 3 月 20 日召开第十二届董事会第八次会议，会议审议通过了《关于下属公司对外投 资暨累计对外投资的议案》。本次下属公司对外投资事项在董事会审议权限内， 无需提交股东会审议。 本次交易不构成关联交易，不构成重大资产重组。 其它需要提醒投资者重点关注的风险事项： 本次增资完成后，下属公司在实际经营过程中可能面临经济环境、政策制度、 行业周期、原材料价格波动、市场需求变化等不可控因素的影响，未来经营业绩 存在一定的不确定性风险，公司及下属公司将积极采取适当的策略和管理措施， 积极防范和应对上述风险。敬请广大投资者谨慎决策，注意防范投资风险。 截至 ...

证券代码：600751 900938 证券简称：海航科技 海科B 编号：临2026-004 海航科技股份有限公司 为夯实主业经营、提升市场竞争力、综合提升业绩水平，公司下属公司天 津天海物流投资管理有限公司将分别向其下属公司海南亚鹰海运有限公司增资 50,000 万元人民币、向海南笙梧投资有限公司增资 10,000 万元人民币。其中， 对海南亚鹰海运有限公司增资主要用于公司船舶运力的更新及扩大，对海南笙 梧投资有限公司增资主要用于其开展投资管理业务。董事会授权公司董事长在 本次增资范围内，办理包括但不限于新设单船公司、对现有子公司增资及其他 投资管理等相关事项，签署文件、办理工商变更。本次对下属公司的增资将以 现金出资方式实缴注册资本。本次对外投资无需提交公司股东会审议。具体内 容详见刊登于上海证券交易所网站（www.sse.com.cn）的《海航科技股份有限 公司关于下属公司对外投资暨累计对外投资的公告》（临 2026-005）。 表决结果：同意 7 票、反对 0 票、弃权 0 票；表决通过。 特此公告。 （一）本次会议于 2026 年 3 月 20 日以现场结合通讯方式在海航科技股份 有限公司（以下简称" ...

Group 1 - The storage chip concept stocks in A-shares experienced a collective surge, with Baiwei Storage rising over 13% and reaching a historical high, while companies like Zhaoyi Innovation and Jintaiyang hit the daily limit [2] - The semiconductor industry chain remained active in the afternoon, with Huahong Company increasing by over 12% [2] - The PCB concept also showed strong performance, with stocks like Jin'an Guoji and Chaoying Electronics hitting the daily limit [2] Group 2 - The shipping sector saw a significant rise in the afternoon, with stocks such as China Merchants Energy and HNA Technology reaching the daily limit [2][6] - China Merchants Energy opened with a sharp increase, closing at 4.81 yuan per share, with a total market value of 22.512 billion yuan [2] Group 3 - The energy shipping industry is facing anxiety over supply chain disruptions due to overseas conflicts, which, combined with concentrated replenishment demand, is expected to drive freight rates upward [11][12] - The average number of ships passing through the Strait of Hormuz dropped to zero on the 14th, marking a significant disruption since military actions began, with a pre-conflict average of 77 ships daily [10] Group 4 - The Hang Seng Technology Index showed strong performance, rising nearly 3% during the day [14] - Multiple factors contributed to the rise of the Hang Seng Technology Index, including perceived undervaluation by notable investors and significant valuation advantages compared to other indices [15] - The Hong Kong stock market is seen as a key player in the AI ecosystem, encompassing major technology companies and benefiting from the current liquidity environment [15]

Market Overview - The A-share market experienced a rebound today, with the Shenzhen Component Index closing in the green and the ChiNext Index rising over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.33 trillion yuan, a decrease of 75 billion yuan compared to the previous trading day [1][7] - Over 2,800 stocks in the market saw an increase, indicating a broad-based rally [1] Sector Performance - The storage chip sector saw a collective surge, with Baiwei Storage rising over 12% to set a new historical high, and stocks like Zhaoyi Innovation, Jintian Sun, Langke Technology, and Yingxin Development hitting the daily limit [1] - The deep-sea technology sector also performed well, with stocks such as Dongfang Ocean, Shenkai Co., and Ocean King reaching the daily limit [1] - The PCB sector was active, with Jin'an Guoji, Chaoying Electronics, and Zhuolang Intelligent hitting the daily limit [1] - The shipping sector saw gains in the afternoon, with stocks like China Merchants Energy and HNA Technology reaching the daily limit [1] Declining Sectors - The energy storage and green electricity sectors continued to adjust, with China Nuclear Engineering and China Power Construction hitting the daily limit down [2] - The coal sector faced declines, with Zhengzhou Coal Electricity experiencing a significant drop [2] Index Performance - As of the market close, the Shanghai Composite Index fell by 0.26%, while the Shenzhen Component Index rose by 0.19%, and the ChiNext Index increased by 1.41% [3][4]

Core Viewpoint - The A-share shipping sector experienced a collective decline, with several major companies seeing significant drops in their stock prices, indicating a bearish trend in the industry [1]. Group 1: Company Performance - China COSCO Shipping Energy Transportation Co., Ltd. (中远海能) saw a decline of 7.74%, with a total market capitalization of 94.4 billion [2]. - China Merchants Energy Shipping Co., Ltd. (招商轮船) dropped by 7.19%, with a market cap of 99.1 billion [2]. - China Merchants South China Sea Oil Transportation Co., Ltd. (招商南油) fell by 6.48%, with a market value of 16.9 billion [2]. - Jinjiang Shipping Co., Ltd. (锦江航运) decreased by 3.17%, with a market capitalization of 15 billion [2]. - China COSCO Shipping Specialized Carriers Co., Ltd. (中远海特) declined by 2.96%, with a market cap of 21.6 billion [2]. - HNA Technology Co., Ltd. (海航科技) dropped by 2.54%, with a market value of 12.2 billion [2]. - Air China Ocean Shipping Co., Ltd. (国航远洋) fell by 2.48%, with a market capitalization of 5.026 billion [2]. - China COSCO Shipping Development Co., Ltd. (中远海发) decreased by 2.22%, with a market cap of 34.8 billion [2]. - Ningbo Ocean Shipping Co., Ltd. (宁波远洋) saw a decline of 2.08%, with a market value of 12.3 billion [2]. Group 2: Year-to-Date Performance - Year-to-date, China COSCO Shipping Energy Transportation Co., Ltd. has increased by 47.95% [2]. - China Merchants Energy Shipping Co., Ltd. has seen a year-to-date increase of 36.64% [2]. - China Merchants South China Sea Oil Transportation Co., Ltd. has a year-to-date increase of 19.54% [2]. - Jinjiang Shipping Co., Ltd. has a modest year-to-date increase of 3.94% [2]. - China COSCO Shipping Specialized Carriers Co., Ltd. has increased by 10.85% year-to-date [2]. - HNA Technology Co., Ltd. has a year-to-date increase of 10.18% [2]. - Air China Ocean Shipping Co., Ltd. has a year-to-date decrease of 8.03% [2]. - China COSCO Shipping Development Co., Ltd. has a year-to-date increase of 4.76% [2]. - Ningbo Ocean Shipping Co., Ltd. has a year-to-date increase of 2.84% [2].

Group 1 - The core point of the article highlights that HNA Technology executed a block trade on February 10, with a total of 765,700 shares traded, amounting to 3.1241 million yuan, which represents 0.39% of the total trading volume for that day [1][2] - The transaction price was 4.08 yuan per share, reflecting a discount of 5.56% compared to the market closing price of 4.32 yuan [1][2] Group 2 - The block trade was facilitated by Dongbei Securities Co., Ltd. at Hangzhou Jiaogong Road and was sold by Caitong Securities Co., Ltd. at Hangzhou Xinbei Street [2] - The trading date for this transaction was recorded as February 10, 2026, with the stock code for HNA Technology being 600751 [2]

Core Viewpoint - HNA Technology aims to enhance its market competitiveness by diversifying its fleet and adopting sustainable practices in shipping operations [1] Group 1: Fleet Composition and Strategy - As of the end of Q3 2025, the company will have a total of 10 vessels, including 3 Capesize, 1 Panamax, and 6 Supramax ships [1] - The company employs various strategies, such as time charters, to balance market risks and returns, locking in long-term leases during high market conditions while maintaining flexibility during low periods [1] Group 2: Sustainable Development Initiatives - The company is committed to sustainable development, focusing on green and low-carbon growth [1] - It actively promotes the application of new energy and technologies on ships, aiming to reduce fuel consumption and improve operational efficiency [1] - The company is also focused on implementing green emission reduction and the use of clean energy in its operations [1]

Core Viewpoint - HNA Technology emphasizes its significant stake in Zhonghe Small and Medium Enterprises Financing Guarantee Co., Ltd., a pilot project established by the State Council for foreign investment, holding 26.62% of the shares [1] Group 1: Company Overview - Zhonghe Guarantee has maintained a stable AAA rating and complies with all regulatory indicators, with its financing guarantee license updated to long-term validity [1] - The company will adhere to the principles of three meetings governance to enhance focus on Zhonghe Guarantee's operational strategy and performance, ensuring maximization of investment returns [1] Group 2: Asset Management - The company completed the renovation and transformation of its self-owned property assets in a core business district of Tianjin by July 2024, successfully revitalizing the assets [1] - Ongoing efforts will be made to enhance commercial operations to improve asset returns [1]

Core Viewpoint - HNA Technology indicates that despite the traditional shipping off-season in January and February, the dry bulk market is expected to show an overall increase from late 2025 to early 2026, with a "not-so-slow" off-season trend [1] Demand Side - Iron ore shipments from Brazil, Australia, and South Africa are active, while bauxite shipments from West Africa continue to increase [1] - South American grain cargoes are abundant, and pre-Spring Festival stocking demand in China has led to a year-on-year increase in sea imports of iron ore, coal, and bauxite [1] Supply Side - There is a tight supply of vessels, particularly a temporary shortage of available capacity for Cape-sized ships [1] - New environmental regulations and an aging fleet are forcing some vessels to reduce their sailing speed [1]