证券之星消息，10月23日物流板块较上一交易日上涨0.28%，长江投资领涨。当日上证指数报收于 3922.41，上涨0.22%。深证成指报收于13025.45，上涨0.22%。物流板块个股涨跌见下表： 从资金流向上来看，当日物流板块主力资金净流出2051.06万元，游资资金净流出9590.69万元，散户资金 净流入1.16亿元。物流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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600119 | 长江投资 | 8366.14万 | 21.42% | -3965.25万 | -10.15% | -4400.89万 | -11.27% | | 600704 | 物产中大 | 7093.67万 | 10.35% | -2573.68万 | -3.75% | -4519.98万 | -6.59% | | 001391 | 国货航 | 2062.39万 | 11.52% | -1317.85万 | ...

Core Insights - China Eastern Airlines' logistics arm, Eastern Logistics, and SF Airlines have signed a strategic cooperation agreement to enhance joint operations and improve international logistics competitiveness [1][2] - The partnership aims to create a more efficient logistics system by integrating air and ground networks, focusing on high-quality development in the aviation logistics sector [2] Group 1: Strategic Cooperation - The agreement is a significant outcome of discussions held in August 2023, marking a step forward in their collaboration [1] - Both companies have been actively working together since signing their first strategic cooperation framework agreement in December 2023, focusing on optimizing network layouts and expanding cargo sales channels [1] Group 2: Operational Synergies - The collaboration leverages Eastern Logistics' extensive air transport network and cold chain capabilities alongside SF Airlines' stable cargo sources and efficient ground distribution [1] - The partnership aims to create a synergistic effect, enhancing the overall logistics capabilities and supporting the development of the Wuhan Ezhou air cargo hub [1][2] Group 3: Future Development Goals - Both companies plan to establish a long-term cooperation mechanism to enhance supply chain autonomy and support high-end manufacturing and stable industrial chains [2] - The partnership is aligned with national strategies, aiming to contribute to the dual circulation development pattern and strengthen the modern aviation logistics system [2]

Core Insights - Shanghai Airport Group, Eastern Air Logistics, and Swissport held a high-level meeting to discuss strategic collaboration for mutual benefits [1] - Shanghai Zhihui Port Logistics Service Co., a joint venture between Shanghai Airport Logistics and Eastern Air Logistics, signed an operational service management agreement with Swissport [1] Group 1 - The intelligent cargo station project at Pudong Airport, set to be operational by the end of the year, is a collaboration with Swissport, aiming to enhance global air logistics [1] - Shanghai Airport aims to become a key node and organizational center for global resource flow, providing stable and forward-looking air cargo solutions [1] - The collaboration seeks to create a smart logistics operational management model unique to Shanghai, attracting global air cargo resources and building a tighter collaborative network [1] Group 2 - Swissport operates a service network covering 279 airports globally, providing integrated ground and cargo solutions to over 850 clients [2] - Swissport will leverage its global network and operational resources to support the intelligent cargo station project at Pudong Airport, enhancing the efficiency of cargo movement [2] - The meeting included key executives from Shanghai Airport Group, Eastern Air Logistics, and Swissport, highlighting the importance of this collaboration for the development of Shanghai's international air cargo hub [2]

Core Insights - The global trade landscape post-pandemic is reshaping the competitive dynamics of air cargo, with world-class air cargo hubs becoming critical for logistics competition and supply chain stability [1] Group 1: Changes in Global Air Cargo Rankings - The rankings of global cargo airports have significantly changed from pre-pandemic to post-pandemic, with China increasing its representation from 2 to 5 airports in the top 20, while the U.S. retains 7 [3] - Major Chinese airports such as Shanghai, Guangzhou, Hong Kong, Shenzhen, and Taipei are experiencing growth in cargo throughput, contrasting with a decline in 3-4 U.S. airports [3] - Traditional European airports like Amsterdam and Heathrow have fallen behind, while new players in the Gulf region, such as Istanbul and Doha, have rapidly emerged [3] Group 2: Shanghai Pudong Airport's Growth - Shanghai Pudong Airport is projected to become the second-largest global air cargo hub in 2024, with a total cargo volume of 3.77 million tons [4] - The airport's growth is attributed to both point-to-point cargo and transit cargo, with a significant portion of U.S.-bound cargo now coming from Vietnam due to strategic route openings [4] - The airport's infrastructure supports a wide range of cargo types, including temperature-controlled goods and precision instruments, enhancing its appeal as a global cargo hub [4] Group 3: Multi-Modal Transport and Logistics Strategies - The development of multi-modal transport facilities at Shanghai Pudong Airport allows for seamless air-to-air, air-to-ground, air-to-sea, and air-to-rail transfers, facilitating efficient logistics operations [4] - Companies like Eastern Airlines Logistics are investing in cargo stations and truck routes to attract regional cargo to Shanghai, with significant volumes already being transported via their truck services [4] - International experiences from hubs like Dubai and Frankfurt highlight the importance of multi-modal integration and adherence to international standards for operational efficiency [4]

《中国民航报》、中国民航网 记者钱擘 报道：为响应市场变化、服务客户需求、保障软质包装货物运 输安全，近日，东航物流在所属中国货运航空CK231"上海浦东—纽约"全货机航班上，首次正式使用了 货物组装围栏（超高板型）这一创新装备，以此探索实现航空物流的效益与安全双提升。 近年来，随着电商行业的蓬勃发展，由于电商货小件、多样以及发运商品自身的特点，使得航空物流 中，来自电商等客户的软质包装货物运量持续增长。而此类货物在打板组装过程中，存在稳固性不足、 堆叠受限等问题，对运输效率和安全保障带来挑战。为有效破解难点，东航物流聚焦软质包装货物的组 装特性，对组装方案、堆叠方式、经济效益和循环利用方式等关键问题进行多次研究分析，与多家集装 器生产厂家进行深入沟通，经过反复论证与优化，最终确定了为这类软质包装货物，设计、布置货物组 装围栏的构想。 今后，东航物流还将不断优化货物组装围栏的设计与性能，积极推动不同板型的货物组装围栏更广泛地 应用于各条航线。（编辑：张薇，校对：张彤，审核：程凌） 货物组装围栏在东航物流正式启用（东航物流供图） 该设备投入使用后，单块超高板型集装板可增加约150公斤的载重，低探板型集装板则可提 ...

Core Points - Eastern Airlines Logistics has successfully passed the International Air Transport Association (IATA) Safety Audit for Ground Operations (ISAGO) certification for the second time since first obtaining it in 2023, enhancing its international market expansion and global competitiveness [1][1][1] Summary by Categories Certification and Standards - ISAGO is a globally recognized safety audit standard established by IATA, aimed at evaluating the ground operation safety management systems of air logistics companies to ensure compliance with international aviation safety standards and industry best practices [1][1] Audit Details - The ISAGO audit for Eastern Airlines Logistics covered 199 clauses across various areas including ground operations, cargo handling, equipment management, personnel training, and safety monitoring [1][1] - The successful audit involved both online assessments at the headquarters level and on-site evaluations at operational sites, with auditors praising the company's professionalism, rigorous approach, and efficient execution during the audit process [1][1]

运输过程中，东航供应链现场保障负责人带队驻扎雪野机场，积极协调机场特种吊装作业团队，确保直 升机吊装过程安全无误；直升机装车后，工作人员结合货物情况，按照标准流程进行绑扎操作，并利用 钢铁卸扣对货物进一步加固，考虑到运输过程中可能出现的天气变化，工作人员提前落实防雨措施，全 方位保障直升机在运输途中的安全，最终顺利完成运输。 此次 EC135直升机的运输，也为东航供应链在精密仪器运输领域积累了更为丰富的实战经验。（编 辑：张薇，校对：李季威，审核：程凌） 此次运输的EC135直升机，机身长12.26米，宽3.3米，高3.81米，内部的仪表、电子设备等部件均属于 精密仪器。接到任务后，东航供应链第一时间为客户量身定制了专属物流解决方案，将螺旋桨拆卸单独 包装，安排与机身一同使用凹版气垫悬浮搬运车进行运输，从而有效解决了沿途震动和限高路障等问 题。 《中国民航报》、中国民航网 记者钱擘 报道：日前，东航物流旗下东航供应链，顺利完成了一架 EC135直升机从山东济南莱芜雪野机场至浙江绍兴鉴湖机场的地面运输保障，专业化、精细化的服务赢 得客户充分肯定。 ...

Core Viewpoint - The dual holiday of National Day and Mid-Autumn Festival has significantly boosted consumer market activity, with air cargo playing a crucial role in ensuring the flow of goods and meeting public demand during this period [1]. Group 1: Industry Insights - The air cargo sector is described as the "aerial artery" for material circulation during the holiday, highlighting its importance in connecting production and sales [1]. - Eastern Airlines Logistics has initiated comprehensive preparations to ensure uninterrupted operations during the holiday, including special inspections and equipment maintenance [3]. - The logistics unit of Eastern Airlines has made extensive preparations to handle the surge in cargo volume, ensuring efficient coordination among various departments [3]. Group 2: Operational Strategies - The flight department of China Cargo Airlines has scientifically allocated crew resources based on flight characteristics to optimize operations [3]. - The operations control center has conducted precise weather trend analyses to enhance flight planning [3]. - The cargo station department is closely monitoring ramp operations to ensure efficiency during peak periods [3].

Core Insights - The dual holiday of National Day and Mid-Autumn Festival has significantly boosted consumer activity, with air cargo playing a crucial role in ensuring the smooth flow of goods during this period [1][2] - Eastern Airlines Logistics has effectively supported the logistics needs by managing a total of 11,347 flights and handling over 40,000 tons of cargo, marking a year-on-year increase of 15.5% in flight numbers and 10% in cargo volume [1] Group 1 - Eastern Airlines Logistics initiated comprehensive preparations ahead of the holidays, including special inspections, equipment maintenance, and optimized scheduling to ensure uninterrupted operations [2] - The company capitalized on the peak cargo season by promoting both freighter and passenger bellyhold operations, with a 52.3% increase in flights operated by China Cargo Airlines during the holiday [2] - Revenue and marginal contribution rates for outbound and inbound flights exceeded 53% year-on-year, with all key performance indicators for passenger bellyhold operations showing significant growth [2] Group 2 - The operational units of Eastern Airlines Logistics prepared extensively for the surge in cargo volume, ensuring efficient coordination across departments [2] - The flight department optimized crew resource allocation based on flight characteristics, while the operations control center analyzed weather trends to enhance flight planning [2] - Ground handling departments focused on critical operations and emergency response capabilities, while branch offices tailored plans to meet customer demands, ensuring smooth operations throughout the holiday [2]

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - The report highlights a slowdown in holiday shipments and a decline in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded [3][14] - Shenzhen has introduced detailed policies to support low-altitude economic development, and international flight routes have resumed during the 2025 National Day and Mid-Autumn Festival holidays [3][16] - China's express delivery volume reached 150 billion packages ahead of schedule, with strategic cooperation agreements signed between YTO Express and Huizhou [3][23] Summary by Sections Industry Hotspot Events - Holiday shipments have slowed, leading to a drop in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded. The China Import Crude Oil Comprehensive Index (CTFI) was reported at 1407.48 points, down 26.2% from September 25 [3][14] - Shenzhen's transportation bureau released measures to support low-altitude economic development, effective from October 9, 2025, to December 31, 2026. During the holiday, civil aviation transported 19.138 million passengers, with an average of 2.392 million passengers per day, a year-on-year increase of 3.2% [3][16][18] - As of October 11, 2025, China's express delivery volume surpassed 150 billion packages, achieving this goal 37 days ahead of schedule compared to 2024. A strategic cooperation agreement was signed between the Huizhou government and YTO Express [3][23][24] Industry High-Frequency Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was reported at 4621.00 points, down 5.3% year-on-year but up 1.3% month-on-month [28] - In September 2025, domestic cargo flights increased by 3.05% year-on-year, while international flights rose by 15.86% year-on-year [33] - The SCFI index for container shipping was reported at 1160.42 points, up 4.12% week-on-week but down 43.74% year-on-year [40] Investment Recommendations - The report suggests focusing on the equipment and manufacturing industrial product export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - It also highlights investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [4] - The report advises attention to the road and rail sector, recommending companies like Gansu Expressway, Beijing-Shanghai High-Speed Railway, and Anhui Expressway [4][5]