证券代码：601006 证券简称：大秦铁路 公告编号：2026-009 一、回购股份的基本情况 大秦铁路股份有限公司（以下简称"公司"或"大秦铁路"）分别于 2025 年 8 月 27 日、2025 年 9 月 23 日召开第七届董事会第十三次会议、2025 年第一次临时 股东会审议通过了《关于以集中竞价方式回购公司股份的议案》，同意公司使用自 有资金，通过上海证券交易所交易系统以集中竞价交易方式回购公司发行的人民 币普通股 A 股股份，回购金额为人民币 10 亿元至 15 亿元，回购价格上限为 8.19 元/股，回购股份用于注销并减少公司注册资本，回购股份的实施期限自公司股东 会审议通过本次回购方案之日起 12 个月内。 以上具体内容详见公司分别于 2025 年 8 月 29 日、2025 年 9 月 24 日披露的《大 秦铁路第七届董事会第十三次会议决议公告》《大秦铁路关于以集中竞价交易方式 回购公司股份方案的公告》以及《大秦铁路 2025 年第一次临时股东会决议公告》。 公司已于 2025 年 10 月 24 日实施完成 2025 年中期利润分配（每股派发现金 红利 0.08 元），根据回购股份方案回购 ...

行 业 及 产 业 交通运输 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 严天鹏 A0230524090004 yantp@swsresearch.com 张慧 A0230524100001 zhanghui@swsresearch.com 王晨鉴 A0230525030001 wangcj@swsresearch.com 王易 A0230525050001 wangyi@swsresearch.com 王凯婕 A0230525110001 wangkj@swsresearch.com 郑逸欢 A0230526010001 zhengyh@swsresearch.com 范晨轩 A0230525070003 fancx@swsresearch.com 联系人 范晨轩 A0230525070003 fancx@swsresearch.com 2026 年 03 月 31 日 重视海外油轮股 Q1 对 Q2TCE ...

证券研究报告 | 行业定期报告 2026 年 03 月 30 日 1、《招商交通运输行业周报—红利 资产防御价值提升，持续关注海峡通 行情况（20260322）》2026-03-22 2、《航空行业跟踪报告—如何看待 高油价对盈利影响：关注票价对成本 的动态覆盖能力》2026-03-18 油运中期逻辑仍向好，红利资产近期配置价值提升 招商交通运输行业周报 周期/交通运输 本周关注：航运方面，冲突升级，霍尔木兹海峡通行量回落；基础设施方面， 高油价推升滞胀预期，红利资产凸显配置价值；航空方面，关注油价对行业盈 利影响；快递方面，关注 26 年行业竞争格局和估值修复潜力。 ❑ 风险提示：人民币大幅贬值、油价大幅上涨、快递价格战恶化、重大海上安 全事故、重大自然灾害等。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 129 | 2.5 | | 总市值（十亿元） | 3195.1 | 2.9 | | 流通市值（十亿元） | 2992.6 | 3.0 | 行业指数 相关报告 3、《招商交通运输行业周报—红利 资产配置需求提升，油运中期逻辑仍 向好》202 ...

Market Overview - The A-share indices collectively declined during the week from March 23 to March 27, with the Shanghai Composite Index down by 1.09%, the Shenzhen Component Index down by 0.76%, the ChiNext Index down by 1.68%, and the Sci-Tech Innovation Index down by 0.43% [1][2]. Stock Performance - A total of 7 stocks saw gains exceeding 40%, with Haike Xinyuan leading at a weekly increase of 51.02%. Other notable gainers included Lianxiang Co. (48.26%), Rongjie Co. (46.95%), and Huadian Liaoning Energy (43.61%) [3][4]. - Conversely, 30 stocks experienced declines over 20%, with Huada Technology leading the drop at 32.34%, followed by Zhonghuan Hailu (29.59%) and Shenhua Fa A (28.03%) [3][4]. Trading Activity - 47 stocks had a turnover rate exceeding 100%, with Shouhang New Energy at the top with a turnover rate of 236.08%, followed by Nabichuan (199.27%) and Jiuzhou Group (177.88%) [5][6]. - The majority of stocks with high turnover rates were from the electric equipment, public utilities, and basic chemicals sectors [5]. Capital Flow - The sectors that attracted significant capital inflow included non-ferrous metals, basic chemicals, and building materials, while the electronics sector faced a net outflow exceeding 250 billion yuan [8]. - Ganfeng Lithium received the highest net inflow of 27.20 billion yuan, with a weekly increase of 18.15%. Other stocks with notable inflows included Demingli (15.88 billion yuan) and Yunnan Zhiye (14.20 billion yuan) [8][9]. Margin Trading - A total of 1399 stocks received net margin purchases, with 582 stocks having net purchases exceeding 10 million yuan. Luxshare Precision topped the list with a net purchase of 10.94 billion yuan, while NIO and Zijin Mining faced significant net sell-offs [10][11]. Institutional Research - During the week, 163 listed companies were researched by institutions, with Sanhua Intelligent Control receiving the most attention from 284 institutions. Other companies like Yuanjie Technology and Yuntianhua also attracted significant institutional interest [12][14]. Analyst Ratings - Several companies received new ratings from analysts, including Kaige Precision Machinery with a "Buy" rating and a target price of 207.84 yuan, and Daqin Railway with an "Overweight" rating and a target price of 5.95 yuan [15][16].

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Views - The report highlights the ongoing price increases in the express delivery sector, with regions like Sichuan, Yiwu, Yunnan, and Jiangxi leading the way in implementing price hikes. This trend is expected to improve the profitability of leading companies in the industry [6] - The logistics and express delivery sectors are experiencing a shift towards high-quality development, driven by policies aimed at reducing internal competition and enhancing service quality. The report suggests that the "anti-involution" policies will boost industry profitability [6] - The aviation sector is anticipated to benefit from a recovery in demand, with expectations of improved performance for major airlines as they navigate high oil prices and operational challenges [4][6] Summary by Sections Investment Highlights - The report emphasizes the potential for significant returns in the aviation sector, particularly for major airlines like China Southern Airlines, China Eastern Airlines, and Hainan Airlines, which are expected to see improved profitability due to a recovery in travel demand and operational efficiencies [4][6] - The express delivery sector is highlighted for its resilience and growth potential, with companies like ZTO Express, YTO Express, and Shentong Express recommended for investment due to their strong market positions and expected benefits from rising prices [6] Operational Tracking - Data from March 16 to March 22 indicates a total of 54.58 million truck passages on highways, reflecting a week-on-week increase of 3.38% [6] - The report tracks the performance of major airlines, noting that Eastern Airlines and Southern Airlines have seen increases in their average daily flights and aircraft utilization rates, indicating a recovery in operational capacity [4][6] Logistics Data Tracking - The express delivery sector reported a total of approximately 3.845 billion packages collected and 3.891 billion delivered during the week of March 16 to March 22, with year-on-year increases of 4.43% and 5.53%, respectively [6] - The report notes that the logistics infrastructure, particularly highways, is expected to benefit from increased demand as the economy stabilizes and consumer spending rises [6] Market Comparison - The report compares the performance of the transportation sector against broader market trends, indicating that the sector is poised for growth as economic conditions improve and consumer confidence returns [2][6]

Group 1 - The logistics ETF, 富国 (516910), opened down 0.92% at 1.190 yuan on March 27 [1][2] - Major holdings in the logistics ETF include 中远海控 (down 0.66%), 顺丰控股 (down 0.76%), 京沪高铁 (down 0.40%), 招商轮船 (up 0.18%), 大秦铁路 (down 0.19%), 圆通速递 (up 0.30%), 蔚蓝锂芯 (down 1.72%), 中远海能 (down 1.72%), 物产中大 (down 0.97%), and 建发股份 (down 0.44%) [1][2] - The performance benchmark for the logistics ETF is the 中证现代物流指数 return rate, managed by 富国基金管理有限公司, with a fund manager named 张圣贤 [1][2] Group 2 - Since its establishment on June 3, 2021, the logistics ETF has achieved a return of 19.97%, with a return of 0.52% over the past month [1][2]

Group 1 - The 300 Dividend Low Volatility ETF by Jiashi (515300) opened down 0.30% at 1.335 yuan on March 26 [1][2] - Major holdings of the ETF include China Shenhua down 0.25%, Gree Electric up 0.08%, China Petroleum unchanged, Sinopec down 0.51%, Shuanghui Development up 1.17%, China National Offshore Oil Corporation down 0.02%, Daqin Railway down 0.19%, China State Construction Engineering down 0.20%, China Merchants Highway down 0.10%, and Midea Group up 0.12% [1][2] - The ETF's performance benchmark is the CSI 300 Dividend Low Volatility Index return, managed by Jiashi Fund Management Co., Ltd., with a fund manager named Wang Zihan [1][2] Group 2 - Since its establishment on August 8, 2019, the ETF has achieved a return of 72.46%, with a return of 2.72% over the past month [1][2]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [11] Core Insights - The supply-demand dynamics in the transportation sector are continuously improving, with oil price impacts yet to be fully realized. Profitability is on an upward trend across various sub-sectors [2][4] Summary by Sub-Sector Aviation - The aviation sector is experiencing significant profitability improvements due to a combination of rising demand during the Spring Festival and a notable decrease in oil prices. The overall profitability is expected to turn positive in Q1 2026 [4][16] Airports - Domestic airport traffic is recovering, with a projected increase in both domestic and international flights. However, profitability may vary significantly among airports due to differing operational costs [5][21] Express Delivery - The express delivery sector shows resilience in demand, with package volumes expected to grow modestly. The sector is transitioning towards quality competition, leading to improved average order values and profitability [5][23] Logistics - The logistics sector is facing volatility in bulk supply chain profitability, while cross-border logistics is expected to see an upward trend due to strong export demand [6][25] Maritime Transport - Maritime transport profitability is mixed, with container shipping facing pressure while oil transportation sees significant gains due to geopolitical tensions. Dry bulk shipping is also expected to improve profitability [7][27] Ports - Port operations are expected to show high growth rates in cargo throughput, driven by increased imports of various goods. The port sector is highlighted for its stable performance and high dividend yields [8][30] Highways - The highway sector is projected to maintain stable traffic flow, with slight improvements in profitability expected compared to Q1 2025 [9][33] Railways - The railway sector is benefiting from rising oil prices, with both passenger and freight volumes expected to grow. The profitability outlook is positive, particularly for coal transport [10][35]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [12] Core Insights - The supply-demand dynamics in the transportation sector are continuously improving, with oil price impacts yet to be fully realized. Overall profitability is on an upward trend across various sub-sectors [2][4] Summary by Sub-Sector Aviation - The aviation sector is experiencing significant profitability improvements due to a combination of rising demand during the Spring Festival and a notable decrease in oil prices. The industry is expected to turn profitable in Q1 2026 [4][19] Airports - Domestic airport traffic is recovering, with a projected increase in both domestic and international flights. However, profitability may vary by airport due to differing operational costs [5][25] Express Delivery - The express delivery sector shows resilience in demand, with package volumes expected to grow modestly. The sector is transitioning towards quality competition, leading to improved profitability for leading companies [6][27] Logistics - The logistics sector is facing volatility in bulk supply chain profitability, but cross-border logistics is showing positive trends due to strong export demand [6][30] Maritime Transport - Maritime transport is characterized by a divergence in profitability among different vessel types. While container shipping faces challenges, oil and dry bulk shipping are expected to see profitability improvements [7][31] Ports - Port operations are witnessing high growth rates in cargo throughput across various categories, indicating a positive outlook for profitability in the port sector [8][35] Highways - The highway sector is expected to maintain stable traffic flow, with slight improvements in profitability anticipated compared to Q1 2025 [9][38] Railways - The railway sector is benefiting from rising oil prices, with both passenger and freight volumes expected to grow in Q1 2026 [10][41]

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [2]. Core Views - The report suggests reallocating investments towards infrastructure sub-sectors due to low current holdings, low sensitivity to oil price fluctuations, and attractive dividend yields [6]. - The infrastructure sub-sector is ranked as follows based on various dimensions: Railways > Highways > Ports > Airports [6]. - Key recommended stocks include: Daqin Railway, Jiangsu Ninghu Expressway, China Merchants Port, Tielong Logistics, and Guangdong Expressway A [6]. Summary by Sections Infrastructure Investment - Public fund holdings in transportation infrastructure have dropped to a near three-year low, with significant underperformance compared to the CSI 300 index [6]. - The current TTM dividend yields for railways, highways, airports, and ports are 3.2%, 3.7%, 1.3%, and 3.1% respectively, with highway yields significantly above the 10-year government bond yield [6]. Railway Sector - The railway sector is expected to benefit from increased domestic coal demand due to high international coal prices, with Daqin Railway projected to see volume and price increases [7]. - High-speed rail is positioned to capture air travel demand shifts, particularly on competitive routes [7]. Highway Sector - The highway sector shows resilience in profitability driven by domestic demand, despite rising oil prices impacting operational costs [9]. - The transition to electric vehicles may accelerate due to high oil prices, with a notable increase in the penetration rate of new energy vehicles [10]. Port Sector - The port sector is experiencing structural differentiation due to global supply chain disruptions, with container and bulk cargo volumes expected to rebound seasonally [11]. - The profitability of oil transportation terminals is under pressure due to reduced oil import volumes, while overall port operations remain resilient [11]. Airport Sector - The airport sector faces challenges with demand suppression due to rising operational costs passed onto travelers, limiting investment attractiveness [12].