以下文章来源于金角财经 ，作者麦颖仔 金角财经 . 城市新中产读本，拆解经济事件背后的逻辑。 作者： 麦颖仔 来源：金角财经（ID: F-Jinjiao) "怎么感觉，机票突然贵了这么多？" 3月以来，社媒上关于机票涨价的吐槽明显 变多了 。 -------------------------- 热门话题 #机票涨价#下方，有浙江的网友哭诉："月初的时候飞普吉岛还只要2300元，月中再看 就变成3900元了。"海外留学生也吐苦水，就一个晚上的时间，澳洲飞回国的机票就翻了两 倍，"被困袋鼠圈"从段子变成现实。 情绪背后，是一轮真实发生的价格上调。 近期，南航、吉祥、东航、长龙航空等多家航司 ，已 陆续上调国际航线燃油附加费，涨幅普遍 超 过 50%。 而在 国内航线， 据相关报道， 燃油附加费下一轮调整窗口 将 在 4月5日。 在国内航空行业，春秋航空 始终 是一个 "异类"。 更值得注意的是，这一轮涨价中， 最 "反常"的不是传统航司，而是春秋航空 。 这家长期以低价著称、被调侃为 "航空界蜜雪冰城"的公司，这次反而涨得更狠，部分航班的燃油 附加费翻了一倍， 比如上海至吉隆坡、槟城从 180元涨到360元。 ...

March 24, 2026 11:06 PM GMT China Equity Strategy | Asia Pacific Focus List Changes – China/HK and China A-share Thematic Focus List 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 We add Zhongtian Technology (600522.SS) and remove Spring Airlines (601021.SS) in our China/HK Focus List and China A- share Thematic Focus List. We also add Shenhua Energy (1088.HK) and remove ...

春秋航空发布通知称，将于4月5日零时起上调国内航线燃油附加费。 这是第一个官宣上调国内航线燃油附加费的中国航空公司。 预计后续会 有更多航空公司跟进。 这笔燃油附加费的上调，并不算意外。近期美以伊冲突加剧，国际市场原油价格大幅上涨，早已带来连锁反应。 3月24日，国内汽柴油价格已经上涨，居民自驾成本显著增加；国际机票燃油附加费也几经上调，国内航线燃油附加费的上涨也在预期内；而 航空燃油成本激增也导致航线削减，机票价格同步走高。 尽管油价涨涨涨、出游成本增增增，但春光不负，不少亲子家庭、出游人群抢抓涨价前最后窗口期，用"早买多赚"的思路尽量减少出行成本连 锁上涨的影响，清明前后出行热度逆势暴涨，文旅市场迎来春节后首个出行高峰。 出境游成本有所上涨 海陆空交通均承压 其实这轮油价上涨的源头，远在千里之外。作为承担全球约20%石油海运量的关键航道，霍尔木兹海峡通行因美以伊冲突受阻后，全球油价遭 遇剧烈冲击。自2026年2月28日冲突以来，国际油价已上涨近50%，布伦特原油价格一度突破每桶150美元大关，高盛等机构预测，若封锁持 续，油价有望冲高，或破历史高位纪录。 航空公司40%成本来自航油，这波涨价增加了各大航司 ...

据第一财经，春秋航空发通知称，自 2026年4月5日（含）零时起 （以订单时间为准）销售的客票，将上调国内航线燃油附加费，具体调整 内容以后续通知为准。 ...

丨证券研究报告丨 行业研究丨专题报告丨运输 [Table_Title] 供需格局持续改善，油价影响尚未显现 ——交运行业 2026Q1 前瞻 报告要点 [Table_Summary] 我们对交运各子行业 2026 年一季度基本面变化进行梳理，客运、货运供需格局均有所优化， 油价成本冲击尚未显现，盈利处于改善趋势：1）航空：收入与成本共振，盈利大幅改善；2） 机场：流量延续爬坡，产能周期分化业绩；3）快递：需求彰显韧性，盈利持续修复；4）物流： 大宗供应链盈利波动，跨境物流景气向上；5）海运：油散延续改善，集运盈利承压；6）港口： 三大货种吞吐量均较高增速；7）高速公路：景气稳健，盈利确定；8）铁路：受益于油价上涨， 客货有望加速增长。 分析师及联系人 [Table_Author] SFC：BQK468 SFC：BWN875 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 韩轶 ...

丨证券研究报告丨 行业研究丨专题报告丨运输 [Table_Title] 供需格局持续改善，油价影响尚未显现 ——交运行业 2026Q1 前瞻 报告要点 [Table_Summary] 我们对交运各子行业 2026 年一季度基本面变化进行梳理，客运、货运供需格局均有所优化， 油价成本冲击尚未显现，盈利处于改善趋势：1）航空：收入与成本共振，盈利大幅改善；2） 机场：流量延续爬坡，产能周期分化业绩；3）快递：需求彰显韧性，盈利持续修复；4）物流： 大宗供应链盈利波动，跨境物流景气向上；5）海运：油散延续改善，集运盈利承压；6）港口： 三大货种吞吐量均较高增速；7）高速公路：景气稳健，盈利确定；8）铁路：受益于油价上涨， 客货有望加速增长。 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 1 请阅读最后评级说明和重要声明 %% %% %% %% re ...

交通运输 | 证券研究报告 — 行业周报 2026 年 3 月 22 日 强于大市 交通运输行业周报 霍尔木兹通航受阻下 VLCC 转向延布红海通 道，短期替代方案情景催生投资机会值得关注 航运方面，霍尔木兹通航受阻下 VLCC 转向延布红海通道，西非航线补位对冲 外运缺口。航空货运方面，中东局势扰动外溢导致亚欧空运运力仍偏紧且附加 费承压，国泰货运取消迪拜与利雅得货班至 3 月 31 日并增投欧洲运力。交通新 业态方面，英伟达宣布扩大与 Uber、Lyft 合作并开源推理 VLA 模型 Alpamayo 1，Robotaxi 计划于 2027 年起在美多城落地。低空经济方面，沃飞长空在成都 举办供应链大会集结百余家伙伴，发布百亿机遇清单并获工行 100 亿元授信支 持。国内首个"路空一体"汽车试验场投运，低空飞行器测试验证基础设施迈 出关键一步。 核心观点 ①霍尔木兹通航受阻下 VLCC 转向延布红海通道，西非航线补位对冲外运缺 口。中东局势升级致霍尔木兹通航实质受阻，亿海蓝 AIS 监测显示中资 VLCC 在延布港集结借沙特东西管道开辟绕行通道，并同步增配西非供给以对冲波斯 湾外运中断风险。②中东局势扰动 ...

| | | | ——国泰海通交运周观察 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | | | 岳鑫(分析师) | 0755-23976758 | yuexin@gtht.com | S0880514030006 | | | | 陈亦凡(研究助理) | 0755-23976151 | chenyifan2@gtht.com | S0880124070025 | [Table_subIndustry] | | 油运战略价值凸显，快递行业量价双升 [Table_Industry] 运输 ——国泰海通交运周观察 本报告导读： 航空：国内客座率高企票价上升，国际中欧航线票价大涨，油价影响或小于担忧， 建议把握地缘油价逆向时机。油运：油运战略价值凸显，中国船队价值将超预期。 投资要点： [Table_Report] 相关报告 运输《"超级周期"正在开启，地缘油价逆向时 机》2026.03.21 运输《油运迎来"超级牛市"，期待超高景气持 续》2026.03 ...

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly emphasizing the value of Chinese tanker assets as a safe haven [2]. Core Insights - The report highlights a significant increase in Aframax tanker rates, which surged by 54% to $188,000 per day, driven by geopolitical tensions and changes in trade routes [2]. - The report recommends several companies, including China Merchants Energy Shipping, COSCO Shipping Energy Transportation, and China Merchants South China Shipping, as key players to watch in the sector [2]. - The report notes that the global oil trade routes are being reassessed, with the price at Yanbu port reaching $287,000 per day, indicating strong demand and potential for further growth [2]. Summary by Sections Shipping Market Performance - The transportation index fell by 2.65%, underperforming the CSI 300 index by 0.46 percentage points, with the shipping sector showing the largest gain of 1.21% among sub-sectors [4]. - The Baltic Dry Index reported a slight decrease of 0.05%, while the crude oil tanker index increased by 4.22% [4]. Oil Transportation - The report indicates that the average VLCC rate increased by 22% week-on-week, reaching $230,208 per day, with specific routes like the Middle East to China remaining stable at $410,872 per day [2]. - The report emphasizes the potential for increased volumes in the Atlantic market due to significant price differentials and strategic oil reserve releases [2]. Product Oil Transportation - The LR2-TC1 rate rose by 37% to $118,991 per day, driven by geopolitical factors affecting Middle Eastern exports [2]. - The report notes a 20% increase in MR average rates, reflecting a recovery in the Atlantic market [2]. Dry Bulk Shipping - The report mentions that the BDI recorded a slight decrease, but larger vessels like Capesize saw a 3.1% increase in rates, indicating resilience in the market [2]. - The report highlights increased coal exports from Indonesia and Australia, supporting Panamax rates [2]. Air Transportation - The report discusses the ongoing challenges in the aircraft manufacturing supply chain and the aging fleet, which is expected to constrain supply [2]. - Despite short-term pressures from rising oil prices, the long-term outlook for the air transport sector remains positive [2]. Express Delivery - The report anticipates a recovery in delivery fees due to new policies, benefiting leading companies like ZTO Express and YTO Express [2]. - The report highlights the growth potential of J&T Express in Southeast Asia [2]. Rail and Road Transportation - The report notes resilience in rail freight volumes and highway truck traffic, with significant week-on-week increases reported [2]. - It suggests that traditional high-dividend investment themes and potential value management catalysts in the highway sector are worth monitoring [2].

Group 1 - The core viewpoint of the article highlights that several airlines, including China Southern Airlines, are adjusting international flight fuel surcharges due to changes in international fuel prices [1] - China Southern Airlines has announced specific increases in fuel surcharges for various international routes, such as an increase of 100 yuan for flights from China to Southeast Asia, 270 yuan to Australia, 150 yuan to the UAE, 250 yuan for economy class to the US, and 500 yuan for business class to the US [1] - Other airlines like Spring Airlines, Juneyao Airlines, China Eastern Airlines, and Changlong Airlines have also raised their international flight fuel surcharges, with Spring Airlines doubling its surcharge from 180 yuan to 360 yuan for flights from Shanghai to Kuala Lumpur and Penang [1]