Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The military strike by the US against Iran and the closure of the Strait of Hormuz have profound impacts on the global oil transportation market, potentially leading to supply chain disruptions and increased oil transportation costs [3][15] - Tesla's Cybercab, designed for fully autonomous driving, has been launched, marking a significant step towards the original dedicated era of Robotaxi services [3][17] - A strategic partnership between Youjia Innovation, Didi, and Wall Street Technology aims to advance the large-scale deployment of driverless logistics vehicles, filling a market gap for vehicle-grade autonomous logistics [3][32] - The pre-sale ticket prices for economy class flights during the 2026 Spring Festival have shown a year-on-year increase, indicating stable industry performance as demand is released [3][34] - Uber has launched the Uber Air service supported by Joby, integrating ground and air travel booking, which validates the commercial viability of eVTOL [3][41] Industry Dynamics - The Baltic Air Freight Price Index has decreased month-on-month and year-on-year, while domestic air freight flights have seen a decline [4][44] - The shipping and port sector has experienced an increase in domestic shipping rates, while dry bulk freight rates have also risen [4][52] - The express logistics sector reported a 2.30% year-on-year increase in business volume and a 0.70% increase in revenue as of December 2025 [4] - The average number of international flights operated daily in the last week of February 2026 was 1992.86, reflecting a month-on-month increase of 3.73% and a year-on-year increase of 19.22% [4] - The number of trucks passing through national highways decreased by 40.04% from February 9 to February 15 [4] Investment Recommendations - Focus on opportunities in the shipping sector, particularly oil transportation, dry bulk, and container shipping due to geopolitical tensions, with recommendations for China Merchants Energy Shipping and COSCO Shipping [5] - Consider investments in low-altitude economy and autonomous driving sectors, recommending CITIC Offshore Helicopter and monitoring Cao Cao Mobility [5] - Explore investment opportunities in the travel sector driven by increased demand during the Spring Festival, recommending Air China, China Southern Airlines, and China Eastern Airlines [5] - Look into international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Pay attention to investment opportunities in the highway sector, recommending Sichuan Chengyu Expressway and other major expressway companies [5]

航空淡季不淡把握加仓机会，油运大周期加速持续看好 交通运输 证券研究报告/行业定期报告 2026 年 02 月 28 日 | 增持（维持） 评级： | | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：杜冲 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740522040001 | | 南方航空 | 7.34 | -0.23 | -0.09 | 0.30 | 0.44 | 0.54 | -31.91 | -81.56 | 24.30 | 16.85 | 13.48 | 买入 | | | | 中国东航 | 5.73 | -0.37 | -0 ...

解放日报讯 按照市委统一部署，市委副书记朱忠明昨天走访服务重点企业，与企业负责人座谈交 流，面对面了解发展需求，认真听取意见建议，现场回应企业关切。 在中国远洋海运集团有限公司，市领导一行了解企业建设全球数字化供应链、发展绿色低碳航运等 情况，对企业长期以来为上海经济社会发展作出的贡献表示感谢。朱忠明说，上海深入贯彻党的二十届 四中全会和习近平总书记考察上海重要讲话精神，把优化营商环境摆在推动高质量发展的突出位置。希 望企业深耕主责主业，深化创新转型，积极服务企业走出去，携手推进国家战略落实落地。 在罗氏诊断产品（上海）有限公司，市领导一行了解企业在华发展、核心产品等情况，询问企业对 业务创新有何规划、对上海优化营商环境有什么建议。朱忠明表示，上海全力打造世界级生物医药产业 集群，希望企业坚定信心、创新突破，充分用好上海多重优势，把更多新技术、新产品放在上海。相关 部门和区要进一步主动服务企业，对接企业业务布局拓展，推动更多高附加值产品在沪研发生产。 ...

证券日报网讯 2月27日，中远海控在互动平台回答投资者提问时表示，面对航运市场的变化，公司将始 终聚焦主责主业，不断优化产业布局，在巩固提升主干航线竞争优势的同时，积极拓展东南亚、拉美、 非洲、中东等新兴市场、区域市场和第三国市场，强化各个区域的干支航线网络铺设，持续做强做优做 大航运主业，提升产品竞争力和整体创效能力。同时，公司将锚定数字智能和绿色低碳两大新兴赛道， 加快推进集装箱航运主业和数字化供应链业务的相互赋能，锻造高质量发展的新优势。 （文章来源：证券日报） ...

FICC日报 | 2026-02-27 PA联盟3月上半月运价修正，关注近期4月份涨价函是否发出 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹WEEK11报价1230/1960、WEEK12周价格1155/1830；HPL3月份上半月 船期报价1335/2235 ，3月下半月船期报价1935/3135. 静态供给：截至2026年1月31日。2026年至今交付集装箱船舶6艘，合计交付运力46950TEU。12000-16999TEU船舶 合计交付2艘，合计2.8万TEU；17000+TEU以上船舶交付1艘，合计17148TEU。交付预期层面，12000-16999TEU 船舶：2026年剩余月份交付73.74万TEU（50艘），2027年交付94.46万TEU（64艘），2028年交付121.2万TEU（82 艘），2029年交付41.54万TEU（29艘）。 17000+TEU船舶： 2026年剩余月份交付19.29万TEU（8艘），2027年交付86.28万TEU（40艘），2028年交付160.3 万TEU（80艘）,2029年交付126.15万TEU（77艘）.总体 ...

消息面上： 今日航运板块与磷化工板块联袂走强，中远海能四天三板，招商轮船、招商南油涨停，带动交通运 输ETF(159666)涨2.32%，云天化两连板，石化ETF(159731)涨1.99%，今年合计净流入15.19亿元，居同 标的第一。 ①伊朗局势紧张，带动海运运价飙升，2月24日 波罗的海干散货指数(BDI)报2129点，创2026年1月 30日以来新高水平，VLCC中东至中国航线日租金突破17万美元，较年初翻涨3倍。 ②航空板块迎来人民币升值+出行回暖的双重红利，人民币汇率强势升值突破6.90关口，以及春节 后商务与旅游出行持续复苏，航空客运量与客座率稳步提升。 ③2月18日，美国宣布将磷和草甘膦列入战略资源，以及随着美伊冲突加剧，国际原油价格持续上 涨，WTI原油主力合约累计涨超5%。 相关产品： 唯一覆盖A股运输全产业链：交通运输ETF(159666)，标的指数覆盖物流、铁路公路、航运港口、 航空机场等全产业链，权重聚焦中远海控(全球集运龙头)、中远海能(全球油轮运力龙头)、招商南油(成 品油轮龙头)、招商轮船(油运业务)、三大航(东航+南航+国航)。 石化ETF(159731)跟踪石化产业指数，基 ...

February 24, 2026 04:01 PM GMT China Transportation | Asia Pacific CNY Holiday: Tourism - A Consumption Bright Spot Key Takeaways CNY Public Holiday: 2026 Feb 15-23, 9 days; vs. 2025 Jan 28-Feb 4, 8 days. MoT Data: In the CNY holiday (9 days in total), average daily air pax grew 7.4% YoY, while total air pax grew 21% YoY with one extra day. National Immigration Administration: Daily cross-border travellers grew 10.1% YoY (+24% YoY growth in total with one extra day). On a daily basis: | M | | | | --- | --- ...

集运股全线走高，截至发稿，中远海发（601866）(02866)涨6.09%，报1.22港元；中远海控（601919） (01919)涨2.82%，报14.96港元；东方海外国际(00316)涨2.52%，报146.6港元；海丰国际(01308)涨 0.73%，报33.22港元。 消息面上，2月3日，航运集团赫伯罗特与马士基将调整双方一项共享航线服务的航行路线，重新经由红 海及苏伊士运河运输。然而本应首次实现复航红海的"Maersk Detroit"号，在实际执行中转向南下绕行非 洲好望角。公司解释：改道系因西地中海恶劣天气造成船期延误，公司因此决定调整航行计划，经好望 角绕行。 申万宏源发布研报称，此次绕行意味着红海复航仍无法在短时间内落地。此外，市场已经进入3月初船 期，随着春节假期后工厂的复工复产，预计需求有望得到改善。关注节后航司选涨、挺价等相关动作。 ...

Group 1 - During the Spring Festival, overseas precious metals and crude oil prices collectively rose, with spot gold touching $5200 per ounce and WTI crude oil futures for March contracts increasing by 1.9%, while Brent crude oil futures for April contracts rose by 1.86% [1] - The current oil market is driven by geopolitical risks rather than supply and demand, with expectations of high volatility in prices over the next month due to the unclear situation between the US and Iran [1] - Companies with oil and gas resources and those in the offshore oil and gas service engineering sector are recommended for attention as they may benefit from the high industry prosperity [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the CSI All Share Free Cash Flow Index (932365) include China National Offshore Oil Corporation, Gree Electric Appliances, SAIC Motor, China Aluminum, COSCO Shipping Holdings, TCL Technology, Muyuan Foods, Silver Nonferrous Metals, Baosteel, and Chint Group, collectively accounting for 51.19% of the index [2]

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of safety and service during the Spring Festival holiday, urging central enterprises to ensure a peaceful and safe celebration for the public [1][2] - SASAC leaders, including Zhang Yuzhuo and Tan Zuojun, conducted inspections and communicated with staff to understand the arrangements for duty and safety during the holiday period [1][2] - Central enterprises are reminded to strengthen risk assessments in key areas and maintain efficient operations to support public festivities [1][2] Group 2 - Tan Zuojun, on behalf of Zhang Yuzhuo, connected with 11 central enterprises via video to check on energy, power supply, major project operations, and communication services [2] - The focus is on tightening the safety production responsibility chain to ensure the stability of essential services such as energy, communication, and transportation during the holiday [2] - The implementation of the Central Eight Regulations is emphasized to ensure a frugal and civilized holiday atmosphere [2]