证 券 研 究 报 告 交通运输行业周报（20260126-20260201） 聚焦：地缘因素推升 VLCC 运价，BDI 指数淡季 推荐（维持） 不淡 ❑ 一、聚焦：地缘因素推升 VLCC 运价，BDI 指数淡季不淡 ❑ 1、油运：美伊局势持续紧张，VLCC 运价环比上涨。克拉克森 VLCC-TCE 指 数 11.6 万美元，周环比+17%；其中，中东-中国航线报于 12.7 万美元/天，周 环比+27%。实盘基本面有所走弱,中东航线 2 月上旬货盘基本收尾，租家出货 节奏放缓，整体活跃度下滑；美湾市场几乎没有新增货量，上行动能明显不足； 部分巴西货盘的低价成交进一步拉低市场运价的参考水平。近期美伊局势持续 紧张，运价定价逻辑切换为地缘因素主导。 霍尔木兹海峡是全球能源运输的咽喉要道，克拉克森统计 34%的石油出口经 由霍尔木兹海峡；同时伊朗也是主要石油生产/出口国之一，原油产量/海运出 口量占全球比重 4%。中东原油供应中断的担忧迅速升温，本周布伦特原油期 货价格波动上行，周五收于 69.83 美元/桶，较 1 月 22 日上涨 9.6%。地缘风险 加剧背景下，油轮运价则由于恐慌性补库、通行效率下降、保费 ...

证 券 研 究 报 告 交通运输行业周报（20260126-20260201） 聚焦：地缘因素推升 VLCC 运价，BDI 指数淡季 推荐（维持） 不淡 ❑ 一、聚焦：地缘因素推升 VLCC 运价，BDI 指数淡季不淡 ❑ 1、油运：美伊局势持续紧张，VLCC 运价环比上涨。克拉克森 VLCC-TCE 指 数 11.6 万美元，周环比+17%；其中，中东-中国航线报于 12.7 万美元/天，周 环比+27%。实盘基本面有所走弱,中东航线 2 月上旬货盘基本收尾，租家出货 节奏放缓，整体活跃度下滑；美湾市场几乎没有新增货量，上行动能明显不足； 部分巴西货盘的低价成交进一步拉低市场运价的参考水平。近期美伊局势持续 紧张，运价定价逻辑切换为地缘因素主导。 霍尔木兹海峡是全球能源运输的咽喉要道，克拉克森统计 34%的石油出口经 由霍尔木兹海峡；同时伊朗也是主要石油生产/出口国之一，原油产量/海运出 口量占全球比重 4%。中东原油供应中断的担忧迅速升温，本周布伦特原油期 货价格波动上行，周五收于 69.83 美元/桶，较 1 月 22 日上涨 9.6%。地缘风险 加剧背景下，油轮运价则由于恐慌性补库、通行效率下降、保费 ...

行业研究 证 券 研 究 报 告 华创交运|红利资产月报（2026 年 1 月） 港口集装箱景气度相对较好，强调交运红利 推荐（维持） 板块配置价值 交通运输 2026 年 01 月 28 日 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 证券分析师：李清影 邮箱：liqingying@hcyjs.com 执业编号：S0360525080004 联系人：刘邢雨 邮箱：liuxingyu@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 121 | 0 ...

证券之星消息，1月28日航运港口板块较上一交易日上涨0.59%，海通发展领涨。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。航运港口板块个股涨跌见下表： 从资金流向上来看，当日航运港口板块主力资金净流出4.76亿元，游资资金净流入3.87亿元，散户资金净 流入8898.58万元。航运港口板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603565 中谷物流 | | - 4161.64万 | 17.43% | -3053.85万 | -12.79% | -1107.79万 | -4.64% | | 000905 厦门港务 | | 3593.64万 | 8.94% | -1337.92万 | -3.33% | -2255.73万 | -5.61% | | 601880 辽港股份 | | 3400.67万 | 10.44% | -1925.00 ...

（来源：唐山劳动日报） "唐港股份将持续深化体制机制改革，强化督导考核，不断发掘提炼基层单位好经验、好做法，促进管 理水平和经营质效持续提升。"唐港股份企划发展部部长韩正刚表示。 本报讯 （记者单宇 通讯员任小霞）日前，国务院国资委改革办和研究中心主编的《靶向攻坚：国有企 业改革深化提升行动微案例集》正式发行，唐港股份改革实践案例《聚焦核心领域 实现精准增量激 励》被选入微案例集"体制机制篇"，为河北省入选的两篇案例之一。 此次案例入选国务院国资委"改革教材"，是对唐港股份改革思路与实践成效的权威认可。同时，该案例 也为国有企业深化三项制度改革、激活内生动力提供了可复制、可推广的"唐山港样本"。 截至目前，唐港股份已有多项改革举措得到上级认可，2个典型经验、3个微案例先后在省国资系统宣传 推广，7项改革成果获评"河北省国有企业改革发展优秀成果"。 自国企改革深化提升行动开展以来，唐港股份着眼体制机制改革，精准锚定"业务拓展"与"生产效能"两 大核心创效领域，牢牢把握"精准度、平衡性、可持续"三大原则，通过定制化方案设计、动态化过程管 控、差异化考核兑现，采取优胜劣汰、精准激励、绩酬联动等有效手段，进一步优化" ...

2025 年 12 月 21 日，中国公司治理 50 人论坛（CCG50）在 "中国公司治理 50 人论坛第六届主题论坛（第十九届中国公司治理论坛）" 上发布了 2025 年度 中国上市公司治理和 ESG 系列优秀企业榜单。该系列榜单由 CCG50 委托北京师范大学公司治理与企业发展研究中心高明华教授团队开发，评价样本涵盖截 至 2025 年 4 月 30 日上市满一年，且剔除退市、拟退市及未发布年报公司后的 5292 家上市公司，最终解释权归属 CCG50，联系人曹向东（电话 15901348949，同微信号）。 | 2025 年度中国上市公司治理百佳企业榜单(总榜) | | --- | | 2025 年度中国上市公司中小投资者权益保护百佳企业榜单 4 | | 2025 年度中国上市公司董事会治理百佳企业榜单 . | | 2025 年度中国上市公司企业家(总经理)百佳榜单 | | 2025 年度中国上市公司财务治理百佳企业榜单 | | 2025 年度中国上市公司自愿性信息披露百佳企业榜单 17 | | --- | | 2025 年度中国出海上市公司治理五十佳企业榜单 . | | 2025 年度中国非金融业上 ...

Investment Rating - The report maintains a "Buy" rating for major airlines including China Southern Airlines, China Eastern Airlines, Spring Airlines, and others, while recommending "Hold" for YTO Express and Shentong Express [2]. Core Insights - The report highlights a positive outlook for the aviation sector driven by multiple factors, including the upcoming Spring Festival travel peak, the appreciation of the RMB easing cost pressures, and the increase in visa-free countries for Chinese citizens, which is expected to boost international travel demand [4][7]. - The anticipated passenger transport volume during the 2026 Spring Festival is projected to reach a historical high of 95 million, with a daily average of 2.38 million passengers, reflecting a year-on-year growth of approximately 5.3% [4]. - The report emphasizes the cyclical recovery of the civil aviation market, with expectations of rising passenger load factors and ticket prices, driven by a gradual recovery in demand and limited capacity growth [4][7]. Summary by Sections Aviation and Airports - Daily flight operations from January 19 to January 23 showed slight fluctuations, with Eastern Airlines and Southern Airlines operating 2,245.80 and 2,221.80 flights respectively, while year-on-year comparisons indicate a decrease in operations [4]. - The average aircraft utilization rates during the same period were reported, with Spring Airlines achieving the highest at 9.20 hours per day, although all airlines showed a decline compared to the previous year [4]. - The report suggests that the upcoming Spring Festival will significantly enhance market demand, particularly from student travelers, as the holiday season approaches [4][7]. Logistics and Express Delivery - The report notes a divergence in the growth rates of express delivery companies, with a total of approximately 4.073 billion packages collected from January 12 to January 18, reflecting a year-on-year decline of 11.82% [7]. - It highlights the ongoing high-quality development of the express delivery industry, with policies aimed at reducing competition ("anti-involution") expected to improve profitability [7]. - The report recommends focusing on express companies with significant profit elasticity, such as Shentong Express and YTO Express, as well as those with strong growth potential in overseas markets like Jitu Express [7]. Infrastructure - The report tracks various transportation metrics, including highway and railway freight volumes, indicating a mixed performance across sectors [7]. - It suggests that the low-interest-rate environment will continue to support investment in infrastructure, with a focus on high-quality assets [7]. - Specific recommendations include investing in highway companies like Shandong Highway and Anhui Expressway, as well as railway companies like Daqin Railway and Beijing-Shanghai High-Speed Railway [7]. Shipping and Trade - The report indicates a mixed performance in shipping rates, with the SCFI index showing a decline of 7.39% week-on-week and a year-on-year drop of 28.73% [7]. - It emphasizes the potential for investment opportunities in oil and bulk shipping due to geopolitical factors and structural demand growth [7]. - Recommendations include focusing on companies like COSCO Shipping Energy and COSCO Shipping Holdings for oil shipping investments, as well as Hai Tong Development for bulk shipping [7].

Core Viewpoint - The AI Fund Guojin Hongli Quantitative Stock Selection Mixed A (024385) reported a profit of 4.2903 million yuan for Q4 2025, with a weighted average profit per fund share of 0.0116 yuan, indicating a stable performance in a challenging market environment [1] Fund Performance - The fund's net value growth rate for the reporting period was 0.74%, with a total fund size of 312 million yuan as of the end of Q4 [1] - As of January 23, the unit net value was 1.051 yuan, reflecting a positive trend in fund valuation [1] Fund Manager Insights - The fund manager, Ma Fang, oversees seven funds, with the Guojin Quantitative Multi-Factor A achieving the highest one-year cumulative net value growth rate of 70.06%, while the Guojin Quantitative Multi-Strategy A recorded the lowest at 49.44% [1] - The fund management indicated that during the reporting period, the fund was in a closed period at certain times, adhering to a steady investment rhythm driven by quantitative models based on market conditions [1] Top Holdings - As of the end of Q4 2025, the fund's top ten holdings included Agricultural Bank of China, Gree Electric Appliances, Nanjing Bank, Tangshan Port, Guangdong Expressway A, Shandong Expressway, Phoenix Media, Shanghai Electric, TBEA Co., and Anhui Expressway [1]

证券日报网讯 1月23日，唐山港在互动平台回答投资者提问时表示，公司已全面建成数智财务共享体 系，构建起"战略-业务-共享"三位一体的新型管理组织。公司财务共享建设运用先进技术，坚持防控财 务风险、税务风险、内控风险等；构建数据提报标准、单据审核标准、财务核算标准、报表管理标准； 提升报销填单效率、审核效率、预算管控效果、银行付款效率、会计凭证自动化率，搭建智能税务平台 和预算全流程管控平台；链接财司支付系统、网厅系统、物资系统、生产系统、合同系统等，全面疏通 财务与业务的数据断点，深化业财融合。 （编辑 楚丽君） ...

Core Viewpoint - The shipping and port sector experienced a decline of 0.71% on January 21, with Tangshan Port leading the drop, while the Shanghai Composite Index rose by 0.08% and the Shenzhen Component Index increased by 0.7% [1]. Group 1: Market Performance - The shipping and port sector's stocks showed mixed performance, with notable declines in key companies such as Tangshan Port, which fell by 3.34% to a closing price of 4.05 [2]. - Other companies in the sector, like China Merchants Heavy Industry and Strait Shipping, also saw declines of 1.78% and 1.69%, respectively [2]. - Conversely, some stocks like Zhuhai Port and China Merchants South Oil recorded slight increases, with gains of 1.19% and 1.11% [1]. Group 2: Trading Volume and Capital Flow - The total net outflow of main funds in the shipping and port sector was 94.09 million yuan, while retail funds saw a net inflow of 95.56 million yuan [2]. - The trading volume for the sector was significant, with Tangshan Port alone accounting for a transaction amount of 359 million yuan [2]. - The capital flow data indicates that major funds were predominantly exiting the sector, while speculative funds were entering, suggesting a divergence in investor sentiment [3]. Group 3: Individual Stock Analysis - Notable individual stock movements included Ningbo Port, which had a net inflow of 36.19 million yuan from major funds, indicating strong institutional interest [3]. - China Merchants South Oil also attracted significant net inflow from major funds, amounting to 19.06 million yuan, reflecting positive sentiment towards the company [3]. - In contrast, stocks like Zinc Alloy experienced substantial net outflows from major funds, totaling 54.75 million yuan, indicating potential concerns among institutional investors [3].