快递涨价区域蔓延，避险推荐高速公路 相关报告 1、《快递"反内卷"头部强化效应 凸显，避险需求提升持续推荐高速》 2、《夏秋换季国内计划时刻量同比 3、《油价冲击关注航空超跌布局机 会，避险需求提升持续推荐高速公路》 航空机场：油价高企下航空持续调整，东航物流业绩符合预期。数据跟踪：1）日均 执飞航班量：3 月 23 日-3 月 27 日，东方航空、南方航空、国航、海南航空、春秋航 空、吉祥航空、华夏航空分别为 2274.20、2267.00、1711.00、744.60、531.20、331.40、 382.00 架次，周环比分别+0.77%、+1.43%、+0.55%、+1.05%、-0.15%、+0.99%、 -0.89%，同比分别-1.00%、+10.76%、+8.20%、-2.21%、+12.78%、-0.18%、+9.50%。 2）平均飞机利用率：3 月 23 日-3 月 27 日，东方航空、南方航空、国航、海南航空、 春秋航空、吉祥航空、华夏航空分别为 7.70、7.80、8.00、8.40、9.20、7.70、6.80 小时/日，周环比分别持平、持平、持平、+1.20%、持平、+1.32%、持 ...

3月27日，物流ETF富国（516910）开盘跌0.92%，报1.190元。物流ETF富国（516910）重仓股方面，中 远海控开盘跌0.66%，顺丰控股跌0.76%，京沪高铁跌0.40%，招商轮船涨0.18%，大秦铁路跌0.19%，圆 通速递涨0.30%，蔚蓝锂芯跌1.72%，中远海能跌1.72%，物产中大跌0.97%，建发股份跌0.44%。 3月27日，物流ETF富国（516910）开盘跌0.92%，报1.190元。物流ETF富国（516910）重仓股方面，中 远海控开盘跌0.66%，顺丰控股跌0.76%，京沪高铁跌0.40%，招商轮船涨0.18%，大秦铁路跌0.19%，圆 通速递涨0.30%，蔚蓝锂芯跌1.72%，中远海能跌1.72%，物产中大跌0.97%，建发股份跌0.44%。 物流ETF富国（516910）业绩比较基准为中证现代物流指数收益率，管理人为富国基金管理有限公司， 基金经理为张圣贤，成立（2021-06-03）以来回报为19.97%，近一个月回报为0.52%。 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，任何在本文 出现的信息均只作为参考，不构成个人投资 ...

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 ...

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].

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The battery swapping model is achieving "time-saving, labor-saving, worry-free, and more profitable" results, with Cao Cao Mobility planning to deploy 100,000 Robotaxi vehicles by 2030 [3][13] - EHang Intelligent expects to achieve full-year GAAP profitability in 2026, with order volume, production capacity, and profitability milestones validating the commercialization of eVTOL [3][15] - The U.S. Department of Transportation and FAA have launched an eVTOL integration pilot program, with eight projects selected to commence real operational testing in the summer of 2026 [3][16] - Cathay Pacific has raised fuel surcharges, reflecting the transmission of oil price shocks to ticket prices [3][18] - Shipping traffic through the Strait of Hormuz is nearly stagnant due to escalating U.S.-Iran conflicts, increasing shipping risks and oil prices [3][29] Industry Dynamics Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year [4][31] - The shipping and port sector shows an increase in container shipping rates and dry bulk freight rates, while oil shipping rates have decreased [4][43] - In express logistics, the volume of express deliveries increased by 2.30% year-on-year in December 2025, with revenue up by 0.70% [4] - In aviation, the average daily international flights in the second week of March 2026 were 1,750.29, down 2.92% month-on-month but up 7.12% year-on-year [4] - The number of trucks passing through national highways increased by 40.64% week-on-week from March 2 to March 8 [4] Investment Recommendations - Focus on low-altitude economy and autonomous driving trends, recommending companies like CITIC Heli and Cao Cao Mobility [5] - Monitor opportunities in the shipping sector, particularly in oil, dry bulk, and container shipping, recommending companies like China Merchants Energy and COSCO Shipping [5] - Explore international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Keep an eye on investment opportunities in high-speed rail and highways, recommending Beijing-Shanghai High-Speed Railway [5] - Dynamic monitoring of aviation investment opportunities, recommending China Southern Airlines and China Eastern Airlines [5]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The battery swapping model is expected to enhance efficiency and profitability, with Cao Cao Mobility planning to deploy 100,000 Robotaxi vehicles by 2030 [3][13] - EHang is projected to achieve full-year GAAP profitability in 2026, with significant growth in orders and production validating the commercialization of eVTOL [3][15] - The U.S. Department of Transportation and FAA have initiated an eVTOL integration pilot program, with eight projects set to begin real-world operational testing in summer 2026 [3][16] - Cathay Pacific has raised fuel surcharges due to soaring oil prices, reflecting the impact of geopolitical tensions on ticket pricing [3][18] - Shipping traffic through the Strait of Hormuz has nearly halted due to escalating U.S.-Iran conflicts, increasing shipping risks and oil prices [3][29] Industry Dynamics Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year [4][31] - The shipping and port sector has seen a rise in container shipping rates, while oil shipping rates have declined [4][43] - The express logistics sector reported a 2.30% year-on-year increase in business volume for December 2025 [4][31] - In March 2026, the average daily international flights was 1,750.29, showing a 7.12% year-on-year increase [4][31] - The highway and railway sector reported a 40.64% month-on-month increase in truck traffic from March 2 to March 8 [4][31] Investment Recommendations - Focus on low-altitude economy and autonomous driving sectors for investment opportunities, recommending companies like CITIC Hainan and Cao Cao Mobility [5] - Monitor shipping opportunities in the context of Middle Eastern geopolitical developments, recommending companies such as China Merchants Energy and COSCO Shipping [5] - Explore international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Keep an eye on high-speed rail and highway investment opportunities, recommending companies like Beijing-Shanghai High-Speed Railway [5] - Dynamic monitoring of the airline sector, recommending companies such as Air China and China Southern Airlines [5]

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2]. Core Insights - The report highlights investment opportunities in the aviation sector due to recent price corrections and the potential for recovery in demand, particularly in the context of rising oil prices and geopolitical tensions [4][6]. - The logistics and express delivery sectors are expected to benefit from ongoing improvements in operational quality and a shift towards higher profitability driven by anti-competitive measures [6]. - The infrastructure segment, particularly highways, is recommended due to increased demand for safe-haven assets amid economic uncertainties [6]. Summary by Sections Investment Highlights - The aviation sector is poised for a rebound as passenger demand continues to recover, with significant growth expected in both domestic and international markets [4][6]. - Key airlines such as China Southern Airlines and Spring Airlines are highlighted for their strong operational metrics and growth potential [4][6]. Operational Tracking - Recent data indicates a mixed performance in the aviation sector, with daily flight operations showing a slight decline week-on-week but an overall increase year-on-year [4]. - The logistics sector is experiencing a slight decrease in package collection but a notable increase in delivery volume, indicating a resilient demand [6]. Shipping Data Tracking - The shipping industry is witnessing fluctuations in freight rates, with the SCFI index showing a significant increase, indicating a positive trend for shipping rates [6]. - Oil shipping rates are expected to rise due to geopolitical tensions and supply constraints, presenting investment opportunities in this segment [6]. Infrastructure Data Tracking - Recent statistics show an increase in highway traffic, suggesting a recovery in freight movement, which is beneficial for highway operators [6]. - The report emphasizes the importance of infrastructure investments, particularly in highways, as a stable investment avenue amid economic volatility [6].

Core Viewpoint - The article discusses the launch of international passenger trains between Beijing, Dandong, and Pyongyang starting from March 12, 2026, aimed at enhancing personnel exchanges, economic cooperation, and cultural interactions between China and North Korea [2]. Group 1: Train Operations - The international passenger train service between Beijing and Pyongyang will operate bi-directionally on Mondays, Wednesdays, Thursdays, and Saturdays, with ticketing available at various stations in both China and North Korea [2]. - Daily bi-directional train services will be available between Dandong and Pyongyang, with tickets already on sale [3]. - Passengers can purchase tickets for trains from Pyongyang to Beijing and Dandong at the respective ticket offices in North Korea [4]. Group 2: Train Schedule Details - The K27 train from Beijing will depart at 17:26, arriving in Dandong before connecting to the 95 train, which continues to North Korea, reaching Pyongyang by the next day at 18:07 [7]. - The return journey from Pyongyang will start at 10:26 on the 51 train, connecting to the 85 train in Dandong, and arriving in Beijing by 8:40 the following day [7]. - The Dandong to Pyongyang service will commence at 10:00 on the 95 train, arriving in Pyongyang at 18:07 [7]. - The return from Pyongyang to Dandong will start at 10:26 on the 51 train, arriving in Dandong at 16:23 [7].