证券研究报告 交通运输 加码航空/油运，配置公路 华泰研究 2026 年 2 月 05 日│中国内地 专题研究 看好春运催化航空，交易油运运价上行，配置公路 展望 2 月，春运旺季开启，我们看好三条投资主线：1）航空：春节假期较 长，二次出行、反内卷、返乡/学生/旅游客流重叠等有望催化新一轮行情。 我们坚定看好行业供需格局改善，行业高景气从高客座率向票价提升传导， 首选三大航 A/H。2）油运：1 月委内瑞拉/伊朗局势升级，合规油运市场运 力不足，往后展望，地缘扰动有望进一步催化油运运价上行。3）公路：贵 金属价格剧烈波动，2 月市场波动率或放大，作为稳定型红利的公路板块具 备配置价值，叠加近期货运高景气、春运旺季到来，首选皖通高速 H，招商 公路。此外，我们优选部分个股：极兔速递（海外电商高增），嘉友国际（非 洲陆港通车量高增+中蒙回升），东航物流（景气修复+高股息），顺丰控 股 A/H（估值底部+盈利修复）。 航空：看好春运数据催化；机场：关注新产能投产对利润的影响 25 年民航客座率高位提升至 85.1%，票价同比前低后高。短期我们看好春 运数据成为新一轮股价催化，主因 26 年春节假期较长、二次出行、 ...

今后，东航物流与顺丰航空双方还将继续秉持服务国家战略的宗旨，持续积极融入国内国际双循环新发 展格局，充分发挥航空物流在支撑高端制造、保障产业链供应链稳定与推动国货品牌出海中的作用。 （编辑：金杰妮 校对：李海燕 审核：程凌） 《中国民航报》、中国民航网 记者钱擘 报道：2026年2月1日，东航物流旗下中货航与顺丰航空在马来 西亚槟城签署2026年度合作意向备忘录。由此，东航物流与顺丰航空2025年10月在上海签署的战略合作 协议得以深化落地，也标志着双方在新一年的业务协同进入实质性推进阶段。 此次合作备忘录的签署，是签约双方积极响应国际物流市场需求、提升供应链服务能力的重要举措，推 进了双方的全球化布局。根据备忘录，双方计划在上海浦东—洛杉矶、深圳—洛杉矶等重点航线开展运 力互换合作，并共同开发东南亚至欧美的联运产品。双方也计划通过资源整合与优势互补，进一步提升 在亚太及中美市场的综合服务能力，持续为客户提供更优质、更可靠的全球物流解决方案，合力打造更 具国际竞争力的航空物流服务，助力中国物流业的高质量发展与国际化布局。 ...

Core Viewpoint - The article highlights the recognition of Eastern Airlines Logistics for its sustainable practices in building a green supply chain under the Belt and Road Initiative, showcasing its commitment to environmental, social, and governance (ESG) principles [1][3]. Group 1: Event Overview - The Fourth "Belt and Road" Economic and Environmental Cooperation Forum was held in Beijing on January 29, focusing on "Empowering Industrial Win-Win through Green Outbound" [1]. - Eastern Airlines Logistics' case study on creating a green supply chain for fresh produce was selected as a notable example by the China Environmental Protection Federation [1]. Group 2: Company Initiatives - Since 2013, Eastern Airlines Logistics has developed a "Fresh Air Express" route from Santiago, Chile, to Shanghai, continuously bringing high-quality fresh produce to China and connecting it with global markets [2]. - The company is expanding its global route network under the Belt and Road Initiative, particularly in South America, with plans to launch the longest passenger route from Shanghai to Buenos Aires by 2025 [2]. Group 3: Sustainability Practices - Eastern Airlines Logistics integrates green and low-carbon principles into its fresh produce supply chain, utilizing energy-efficient aircraft and optimizing flight routes to reduce carbon emissions [3]. - The company has developed a green and efficient cold chain service network, employing temperature control monitoring devices and visualization systems to manage energy consumption and ensure product quality [3]. - Future plans include the adoption of sustainable aviation fuel (SAF) and clean energy technologies to enhance the resilience and sustainability of the global fresh produce supply chain [3].

1月29日，东航物流跌1.53%，成交额2.13亿元。两融数据显示，当日东航物流获融资买入额2008.40万 元，融资偿还981.85万元，融资净买入1026.56万元。截至1月29日，东航物流融资融券余额合计11.27亿 元。 融资方面，东航物流当日融资买入2008.40万元。当前融资余额11.26亿元，占流通市值的6.37%，融资 余额超过近一年70%分位水平，处于较高位。 融券方面，东航物流1月29日融券偿还600.00股，融券卖出500.00股，按当日收盘价计算，卖出金额 9360.00元；融券余量4.31万股，融券余额80.68万元，低于近一年10%分位水平，处于低位。 分红方面，东航物流A股上市后累计派现27.26亿元。近三年，累计派现16.30亿元。 机构持仓方面，截止2025年9月30日，东航物流十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股1008.50万股，相比上期减少697.74万股。南方中证500ETF（510500）位居第八大流通股 东，持股921.30万股，相比上期减少21.74万股。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点， ...

近年来，东航物流以核药及细胞生物制品等对储运条件要求极高的医药品类为突破口，积极拓展国内外 药企合作渠道，成功实现医药业务突围。 下一步，东航物流计划将天津口岸的成功经验推广至湖北、兰州等地，逐步构建东航冷链高端医药供应 链服务网络。（编辑：张薇，校对：李季威，审核：韩磊） 该批药物属于第7类放射性危险品，核心成分半衰期仅为72小时，其运输需遵守国际航空运输协会 （IATA）规定、《民用航空危险品运输管理规定》以及药品流通质量管理规范（GSP），并涉及药 企、机场、航空公司等多个主体间的紧密协作，对运输各环节的专业性、规范性有着较高要求。 东航物流接到任务后，制定详细保障方案，针对"时间窗口紧、监管程序严、操作要求高"等核心难点， 成立专项工作组，与天津机场等方面多次协调沟通，先后解决了危险品运输资质备案、货物表面放射性 检测等关键申报材料的完善和送审。最终，由MU5228航班完成干线运输，并提前协调对接货站、地面 运输车辆等，实现全程无缝衔接，从药厂送达医院全程耗时不足24小时，高效保障了药物品质与运输安 全。 《中国民航报》、中国民航网 记者钱擘 报道：近日，东航物流顺利完成一批由天津至上海的放射性药 物 ...

《中国民航报》、中国民航网 记者路泞 通讯员何玥 报道：近日，一批兰州产高附加值生物制品搭乘东 航 MU9825 航班，从兰州中川国际机场顺利飞抵长春，全程由东航物流旗下东航冷链自主研发的智能 温度记录仪 "东东测" 保驾护航。这款集精准传感、安全防护、合规追溯于一体的科技创新产品，不仅 攻克了内置电池温控设备航空运输的行业痛点，更以航空物流独有的技术优势与不可替代性，为"陇药 出陇"战略打通关键技术堵点，正是中西部生物医药产业高质量发展的生动注解。 为实现技术落地与高效运输的无缝衔接，东航物流等多方参与的专项小组，历经多轮技术论证与安全评 估，构建了"设备研发-合规认证-航线保障-数据追溯"的全链条服务体系，航空物流的时效优势得到极致 发挥--兰州至长春的运输时间从公路冷链的2-3天压缩至6-8小时，大幅缩短生物制品在途时间，显著提 升活性保障能力，而且这一时效突破是公路运输难以企及的核心竞争力，更是高附加值生物制品融入全 球供应链的关键支撑。 航空物流的不可替代性，更体现在其对生物医药产业发展的深层赋能。随着《"十四五" 现代综合交通 运输体系发展规划》对高端医药航空冷链的政策支持，以及机坪"直装直提"等 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the transportation sector, including SF Holding, YTO Express, and Spring Airlines, among others [2][3]. Core Insights - The instant retail industry is experiencing rapid expansion, with China's market expected to reach CNY 1.2 trillion by 2026 and over CNY 2 trillion by 2030, driven by a CAGR of 43.6% from 2018 to 2026 [8][10]. - Alibaba's commitment to the instant retail sector is strong, with significant investments leading to a peak order volume of 120 million for Taobao Flash Sales in December 2025, indicating a robust growth trajectory [12][15]. - SF Express is positioned as a leading independent third-party instant delivery service, benefiting from the industry's rapid growth and increasing demand for delivery services [30][18]. Summary by Sections Instant Delivery Industry - The instant retail market in China is projected to grow significantly, with a CAGR of 43.6% from 2018 to 2026, reaching CNY 1.2 trillion by 2026 and over CNY 2 trillion by 2030 [10][12]. - Alibaba's strategic investments in instant retail are evident, with a focus on expanding beyond food delivery to a broader range of products, resulting in substantial order growth [13][15]. - SF Express is highlighted as a key player in the instant delivery market, with a 49% revenue growth in H1 2025 and a significant increase in order volume [18][21]. Aviation Sector - The aviation industry is recovering from a seasonal downturn, with domestic flight volumes increasing by 1.4% week-on-week, and ticket prices showing a year-on-year increase of 8.4% [32][43]. - The cargo segment is also seeing a recovery, with stable freight rates and increased demand expected as the Chinese New Year approaches [50][57]. - Recommendations include focusing on major airlines such as China Eastern Airlines and Spring Airlines, which are expected to benefit from improved demand and pricing [57][61]. Express Delivery Sector - The express delivery industry has shown resilience, with a 6.5% year-on-year increase in total revenue for 2025, despite challenges in pricing [61][75]. - The report notes a stabilization in single-package pricing, with significant growth in market share for companies like SF Express and YTO Express [75][81]. - The ongoing "anti-involution" trend is expected to lead to improved profitability for express delivery companies as competition becomes more structured [81][82].

Investment Rating - The report maintains a "Buy" rating for key companies in the transportation sector, including SF Holding, YTO Express, and Eastern Airlines Logistics, among others [2][3]. Core Insights - The instant retail industry is experiencing rapid expansion, with China's market expected to reach 1.2 trillion yuan by 2026 and over 2 trillion yuan by 2030, reflecting a CAGR of 43.6% from 2018 to 2026 [8][10]. - Alibaba's commitment to the instant retail sector is strong, with significant investments aimed at expanding beyond food delivery into a full range of instant retail services, evidenced by a peak of 120 million daily orders on Taobao Flash Purchase [12][15]. - SF Express is highlighted as a leading independent third-party instant delivery service, benefiting from the industry's growth and increasing demand for delivery services [30][18]. - The airline industry is recovering from a seasonal downturn, with domestic flight numbers increasing by 1.4% week-on-week, and ticket prices showing a year-on-year increase of 8.4% [32][43]. - The air cargo sector is also seeing a recovery, with stable freight rates and increased demand expected as the Chinese New Year approaches [50][57]. - The express delivery industry is stabilizing, with a slight increase in average revenue per package, and major players like SF Express and YTO Express gaining market share [61][75]. Summary by Sections Instant Delivery Industry - The instant retail market in China is projected to grow significantly, with a CAGR of 43.6% from 2018 to 2026, reaching 1.2 trillion yuan by 2026 and over 2 trillion yuan by 2030 [10][18]. - Alibaba's strategic investments in instant retail are reshaping the market, with a focus on expanding beyond traditional food delivery [12][15]. - SF Express is positioned as a key player in the instant delivery sector, benefiting from rapid growth and increased order volumes [30][18]. Airline Industry - The airline sector is showing signs of recovery, with domestic flight operations increasing and ticket prices rising [32][43]. - The air cargo market is stabilizing, with expectations of increased demand leading up to the Chinese New Year [50][57]. Express Delivery Industry - The express delivery market is stabilizing, with slight improvements in revenue per package and market share gains for major companies [61][75]. - The report emphasizes the ongoing trend of "anti-involution" in the industry, which is expected to lead to improved profitability for express delivery companies [81].

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].

Market Overview - The logistics sector experienced a decline of 0.23% on January 23, with Jushen Co. leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Individual Stock Performance - Hengji Daxin (002492) saw a significant increase of 9.99%, closing at 9.03, with a trading volume of 181,300 shares and a turnover of 159 million yuan [1] - Chuanhua Zhili (002010) rose by 4.56%, closing at 7.11, with a trading volume of 1,236,800 shares and a turnover of 887 million yuan [1] - Longzhou Co. (002682) increased by 3.03%, closing at 7.48, with a trading volume of 531,100 shares and a turnover of 394 million yuan [1] - Jushen Co. (001202) experienced a decline of 8.60%, closing at 20.30, with a trading volume of 360,600 shares and a turnover of 74.71 million yuan [2] Capital Flow Analysis - The logistics sector saw a net outflow of 292 million yuan from institutional investors and 181 million yuan from retail investors, while retail investors had a net inflow of 472 million yuan [2] - Hengji Daxin (002492) had a net inflow of 68.26 million yuan from institutional investors, accounting for 42.80% of its trading volume [3] - Longzhou Co. (002682) had a net inflow of 26.76 million yuan from institutional investors, representing 6.79% of its trading volume [3]