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].

Group 1 - The core point of the article is that Shandong Port Investment Holding Co., Ltd. has increased its registered capital from 6.9 billion RMB to approximately 7.17 billion RMB, representing an increase of about 4% [1] Group 2 - The company was established in April 2017 and is legally represented by Jiang Chunfeng [1] - The business scope includes investment activities with self-owned funds, asset management services, supply chain management services, corporate management, headquarters management, financing consulting services, and information consulting services [1] - Shareholder information indicates that the company is jointly held by Shandong Port Qingdao Port Group Co., Ltd., Shandong Port Rizhao Port Group Co., Ltd., and Shandong Port Cruise Development Group Co., Ltd. [1]

Core Viewpoint - The Qingdao West Coast New Area is positioned as a strategic support for China's marine economy, showcasing significant advancements in marine technology, port infrastructure, and international cooperation, aiming for high-quality development by 2026 [1][2][8]. Group 1: Economic Growth and Development - The marine production value of Qingdao West Coast New Area is projected to grow from 139.5 billion yuan in 2020 to 212.07 billion yuan in 2024, with an average annual growth rate of approximately 11% [2]. - The area contributes 2.01% to the national marine economy, 11.8% to the provincial economy, and 40.6% to the municipal economy, indicating its solid position as a strategic support for marine economic development [2]. Group 2: Infrastructure and Port Development - The Qingdao West Coast New Area has upgraded its port capabilities, including the completion of the second 400,000-ton ore terminal and the first dual-position LNG terminal in the province [3]. - In 2024, Qingdao Port achieved a cargo throughput of 710 million tons and a container throughput of 30.87 million TEUs, ranking 4th and 5th globally, respectively [3]. Group 3: Technological Innovation and Industry Transformation - The area has established itself as a hub for marine science, housing 12 marine-related universities and research institutions, and over 311 marine technology innovation platforms [4]. - Qingdao West Coast New Area is focusing on integrating technological innovation with industry transformation, leading to the establishment of the first deep-sea green aquaculture experimental zone in the country [5]. Group 4: International Cooperation and Governance - The area has established the only United Nations "Decade of Ocean Science" international cooperation center in the country, attracting eight international marine organizations [6]. - Qingdao West Coast New Area has implemented 358 institutional innovation results in its free trade zone, enhancing its international trade environment [6]. Group 5: Future Development Plans - The government plans to enhance marine economic development by focusing on deep-sea shipbuilding, marine renewable energy, and marine biomedicine, with a target marine production value growth of 7.5% [8]. - The area aims to improve its international shipping center functions and enhance port infrastructure, including the construction of new trade routes and increasing intermodal transport volumes [10].

此次业务突破响应了金砖国家经贸合作深化的趋势，南美地区基建投资升温推高了钢材需求。青岛港将 持续发挥港口枢纽优势，聚焦企业物流痛点，延伸服务链条，织密国际航线网络，在构建新发展格局中 彰显港口担当、贡献港口力量。 青岛港西联公司针对东亚至南美直达航线班次少、转运流程复杂等痛点，为客户提供"优先靠泊、专属 仓储、精准装卸"的一站式物流方案，保障货物安全高效转运。 中证报中证网讯(记者张鹏飞)近日，青岛港（601298）西联公司(青岛港合营公司)完成2026年首单中巴 卷钢国际转运业务。该批货物从韩国启运，经青岛港高效中转后运往巴西，标志着东亚至南美大宗商品 物流通道取得新突破。 ...

齐鲁晚报.齐鲁壹点记者赵波通讯员马文凯 1月20日，山东港口2026年度科技创新大会在青岛召开。大会发布了国家人工智能基地阶段成果以及全国首款港口AI芯片——"山港智芯.星屿SA5200"，该 芯片突破了核心技术壁垒，系全国首款港口AI芯片。 芯片自主可控是国家科技安全与产业安全的核心支撑，更是破解"卡脖子"难题、培育新质生产力的国家战略。针对港口码头轮胎吊远程操控、近海船舶航 行操作面临的传输带宽有限、图像质量不佳等行业难题，山东港口携手北京大学视频与视觉技术国家工程研究中心、博雅睿视等单位，突破核心技术壁 垒，采用国家标准定义，研发了全国首款港口AI芯片。 该芯片具备四大优势：支持视频、音频、温湿度等多源感知融合，适应港口复杂场景需求；内嵌超级压缩引擎，较传统方法大幅提升压缩效率；搭载高性 能异构处理内核，实现低功耗运行；自研全球唯一支持国标、国密的全栈国产算法，整体能效显著提升。 "十四五"期间，山东港口坚持把科技创新作为"第一生产力"，将"建设国际领先的智慧绿色港"置于发展首位，建成全国首个全国产全自主自动化码头，获 批全国港口领域唯一人工智能应用中试基地，落地全球首个港口服务类"方舟"大模型；高质量 ...

Core Viewpoint - The Shandong provincial government is actively promoting the construction of a world-class port cluster and enhancing international logistics channels, with a focus on smart upgrades, channel expansion, and port facilitation during the 14th Five-Year Plan period [3][4]. Group 1: Smart Port Construction - The Qingdao Customs is advancing the construction of smart ports by establishing a "1+6" intelligent transfer supervision system centered around Qingdao Port, which integrates policies for "domestic and foreign trade on the same ship" and "composite ports" [3]. - The self-developed "intelligent transfer platform" has significantly optimized port transfer supervision processes, reducing the operational time for enterprises by approximately 50% [3]. - The integration of smart customs, smart ports, and smart checkpoints has led to the creation of the "Customs-Port Connection" smart inspection platform, enhancing logistics efficiency [3]. Group 2: Logistics Channel Development - The initiative to streamline the Yellow River Basin's land-sea logistics corridor includes the promotion of "land-sea linkage and sea-rail direct transport" models, which have reduced domestic transportation costs by 20% [4]. - The import and export value through Shandong ports by other provinces in the Yellow River Basin has increased by 70.4% during the 14th Five-Year Plan compared to the previous five years [4]. - A digital map of the Yellow River Basin's production and supply chain has been developed to guide enterprises in optimizing their industrial structure and expanding into Belt and Road countries, with a reported 87.9% increase in trade with these countries [4]. Group 3: Trade Facilitation - Customs has introduced a "local inspection, port release" model for specific products like agricultural goods and building materials, allowing inspections to be completed at the production site for faster export [4]. - Hundreds of foreign trade enterprises in Shandong have received Authorized Economic Operator (AEO) certification, which provides benefits such as lower inspection rates and simplified documentation for certified enterprises at foreign ports [4]. - The continuous growth and record-high levels of Shandong's foreign trade during the 14th Five-Year Plan reflect the effectiveness of port upgrades and international logistics channel construction [5].

Core Viewpoint - The Shandong provincial government is focusing on enhancing international trade and logistics efficiency through smart port construction and improved trade facilitation measures during the 14th Five-Year Plan period, aiming for significant growth in foreign trade and logistics capabilities [2][6][7]. Group 1: Smart Port Construction - Shandong is advancing the construction of smart ports, centered around Qingdao Port, by establishing a "1+6" intelligent transfer supervision system that integrates various facilitation policies, significantly improving logistics efficiency and reducing operational time by approximately 50% [6]. - The province has pioneered a "Customs-Port Connection" smart inspection platform and a smart communication quarantine model for transportation tools, leading to substantial improvements in port logistics efficiency [6]. Group 2: Logistics Corridor Development - Shandong is working to streamline the Yellow River Basin's land-sea logistics corridor, promoting a "land-sea linkage, sea-rail direct transport" model, which has reduced domestic transportation costs by 20% [6]. - The province has developed a digital map for the supply chain in the Yellow River Basin, facilitating the optimization of industrial structures and expanding market access to countries involved in the Belt and Road Initiative, with a reported 87.9% increase in exports to these countries during the 14th Five-Year Plan compared to the previous period [7]. Group 3: Trade Facilitation Measures - Shandong Customs has introduced a "local inspection, port release" model for specific products, allowing inspections to be completed at the production site, thus enabling faster customs clearance [7]. - The customs authority has supported hundreds of foreign trade enterprises in obtaining Authorized Economic Operator (AEO) certification, which provides benefits such as reduced inspection rates and simplified documentation for certified companies [7].

Core Viewpoint - Shandong Port has launched a new sea-rail intermodal service connecting Linyi and Qingdao Port, establishing a logistics company to enhance regional manufacturing export capabilities [1] Group 1: Company Overview - Shandong Port has established the Shandong Port Haihe (Linyi) International Logistics Co., Ltd. in collaboration with Linyi Urban Development Group [1] - The new logistics company aims to integrate port, railway, and trade logistics resources to create a regional sea-rail intermodal hub [1] Group 2: Strategic Initiatives - The partnership will provide tailored solutions for local manufacturing enterprises, promoting Linyi's logistics advantages to connect globally [1] - The initiative is expected to advance the integration of port and city, supporting Linyi's goal of becoming a provincial sub-center and accelerating its development towards a trillion-yuan city [1]

Core Viewpoint - The shipping and port sector experienced a rise of 1.07% on January 19, with Xiamen Port leading the gains, while the Shanghai Composite Index closed at 4114.0, up 0.29% [1]. Group 1: Stock Performance - Xiamen Port (000905) closed at 13.60, up 5.59% with a trading volume of 510,700 shares and a transaction value of 690 million [1]. - COSCO Shipping Energy (600026) closed at 14.57, up 3.85% with a trading volume of 506,900 shares and a transaction value of 737 million [1]. - Strait Holdings (002320) closed at 11.08, up 3.84% with a trading volume of 610,700 shares and a transaction value of 673 million [1]. - China Merchants South Oil (601975) closed at 3.33, up 2.78% with a trading volume of 1,418,400 shares and a transaction value of 469 million [1]. - Haitong Development (603162) closed at 12.60, up 2.69% with a trading volume of 139,900 shares and a transaction value of 177 million [1]. Group 2: Capital Flow - The shipping and port sector saw a net inflow of 176 million from institutional investors, while retail investors experienced a net outflow of 1.08 billion [2]. - Major stocks like COSCO Shipping Energy and Strait Holdings attracted significant net inflows of 78.63 million and 58.81 million respectively from institutional investors [3]. - Conversely, retail investors withdrew 38.70 million from COSCO Shipping Energy and 56.58 million from Strait Holdings, indicating a divergence in investor sentiment [3].

Core Viewpoint - Qingdao Port is enhancing its operational efficiency through new hardware and software upgrades, significantly improving the international transportation channel system [1] Group 1: Operational Efficiency - The new "vacuum automatic mooring system" allows ships to dock in just 30 seconds, reducing the traditional 30-minute docking time [8][11] - This efficiency is expected to save over 200 hours of docking time annually, equivalent to adding more than 10 additional vessel operations per berth each year [11] - The upgraded "Berth Intelligent System 2.0" enables seamless operations, with an increase in intelligent berthing accuracy from 75% to 90% and a reduction in planning time from 2 hours to 1 minute [14][16] Group 2: Expansion of Trade Routes - Qingdao Port has recently opened a new direct foreign trade route to Brisbane and Sydney, significantly reducing transportation time compared to previous transit routes [20] - In 2025, Qingdao Port added 20 new container routes and 5 new inland sea-rail intermodal stations, bringing the total number of foreign trade routes to nearly 240, connecting over 700 ports in more than 180 countries and regions [23] Group 3: Strategic Focus - The port is focusing on digital transformation and the construction of a smart and green port, aiming to inject new momentum into high-quality economic and social development [26]