（来源：信德海事） 拿下利马机场"机侧仓"15年运营权：中远海运如何为中国电商打通南美"海陆空"新通道 2月6日，秘鲁利马国际机场伙伴公司LAP（利马国际机场伙伴公司）对外宣布：中远海运集团与安骏物 流获得利马国际机场机侧仓项目运营权。对中远海运而言，这不仅是一次业务中标，更是其全球综合物 流能力在海外航空枢纽关键基础设施上的"首次落子"，也为中国跨境电商提速开拓南美市场，提供了一 个更具确定性、更可复制的解决方案。 不仅仅是"多一个仓" 所谓"机侧仓"，核心价值在于"贴近飞机、贴近时效"。与普通机场周边仓不同，机侧仓通常直接连通停 机坪，意味着货物在机场内部的转运路径更短、交接环节更少、异常处理更快，是航空枢纽最稀缺、也 最能决定时效的资源之一。 从披露信息看，该项目具备三项关键属性：其一，项目直接连通停机坪；其二，占地约11,885㎡，并配 备5,000㎡储备地块；其三，获得15年长期运营权。对一个以"交付确定性"为竞争要素的物流体系来 说，长期稳定的关键节点权益，远比一次性的短期租赁更有战略意义——它意味着可以围绕节点反复打 磨流程、固化能力，并形成持续的服务供给。 南美空运"总阀门"，电商时效的关键变 ...

Group 1: Development Goals and Framework - The State-owned Assets Supervision and Administration Commission (SASAC) has set the annual development goals centered on "two guarantees and two strives" for 2026, marking a shift towards quality and efficiency in state-owned enterprises (SOEs) [4] - The total assets of central enterprises have surpassed 95 trillion yuan, with R&D investment exceeding 1 trillion yuan for four consecutive years, indicating a focus on quality-driven growth [8] - The framework aims to guide state capital towards strategic security, public welfare, and emerging industries, providing a clear action plan for reform and development [4] Group 2: Industry Integration and Collaboration - In 2025, the restructuring of central enterprises will follow a dual-track approach, focusing on strategic formation of new central enterprises and multi-field professional integration [13] - The establishment of new central enterprises, such as China Yajiang Group and China Chang'an Automobile Group, aims to serve national macro strategies and enhance industry collaboration [14] - A total of 17 units signed agreements in key areas like artificial intelligence and new materials, creating a multi-party collaborative model involving central enterprises, private enterprises, and local governments [16] Group 3: Capital Investment and Fund Management - The total scale of the China Chengtong fund system reached 710 billion yuan, with 97.99% allocated to strategic emerging industries, demonstrating a strong focus on high-tech sectors [18] - The National Investment Group manages 61 funds with a total scale of 345.1 billion yuan, having invested in 1,249 projects and facilitated 293 companies going public [20] - The investment strategy emphasizes long-term support for innovative enterprises, with over two-thirds of funds directed towards private enterprises [20] Group 4: Resource Integration and Security - Central enterprises are undergoing intensive integration in key mineral sectors, such as iron ore and rare earths, to enhance resource control and pricing power [24] - The integration aims to create a closed-loop industry chain, improving domestic supply security and reducing reliance on imports [25] - This strategic move is seen as a vital step in ensuring national resource security and enhancing the global influence of China's mineral resources [24]

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Insights - The aviation sector is expected to benefit from the Spring Festival travel peak, leading to a positive outlook for airline stocks. The report highlights a significant increase in flight operations and passenger volumes during this period, indicating a recovery in demand [4][6] - The report emphasizes the potential for oil transportation to rise, driven by geopolitical factors and structural demand growth, suggesting a favorable investment environment in the shipping sector [6][7] Summary by Sections Investment Highlights - The report identifies key investment opportunities in the aviation sector, particularly focusing on major airlines and low-cost carriers that are expected to benefit from rising ticket prices and improved operational performance [4][6] - It also highlights the logistics and express delivery sectors, noting the positive earnings forecast for companies like SF Express, which is capitalizing on the growth of instant delivery services [6] Aviation Data Tracking - Daily flight operations from February 2 to February 6 showed significant increases for major airlines, with Eastern Airlines and Southern Airlines leading the growth [4] - The average aircraft utilization rates also improved, indicating a recovery in operational efficiency across the sector [4] Shipping Data Tracking - The report tracks various shipping indices, noting a mixed performance in container shipping but a positive trend in oil transportation indices, suggesting a potential upturn in the oil shipping market [6][7] - The report recommends focusing on companies in the oil shipping sector due to limited supply and structural demand growth [6][7] Logistics Data Tracking - The report provides data on logistics performance, indicating a substantial increase in express delivery volumes, which is expected to continue benefiting from the growth in e-commerce and instant delivery services [6] - It highlights the importance of addressing industry challenges such as competition and regulatory changes to maintain profitability [6] Company Performance Tracking - The report includes performance metrics for key companies in the aviation and logistics sectors, showcasing their earnings forecasts and operational improvements [4][6] - It emphasizes the strategic positioning of companies like Spring Airlines and China Eastern Airlines, which are expected to leverage their market positions for growth [4][6]

双方一致表示，新的一年将在航线开辟、智慧港航建设、供应链协同等领域深度协作，合力推动港口作业、船舶调度、国际航运等全链条数字化转型，提 升全链条服务效能，共同服务国家战略实施和新发展格局构建。 会谈中，双方各自介绍了发展情况、智能化建设进展和未来战略方向。双方一致认为，中远海运在港航领域有着深厚底蕴和卓越实力，多年来持续发挥综 合服务能力，担当交通强国、海洋强国建设的主力军。山东港口拥有优越的地理位置、完善的基础设施和供应链综合服务体系，近年来业务规模不断扩 大，在推动区域经济高质量发展中，发挥了重要作用。 多年来，中远海运与山东港口紧密合作、共赢发展，携手应对各种挑战，取得了显著成效。 双方将在航线开辟、智慧港航建设、供应链协同等领域深度协作，合力推动港口作业、船舶调度、国际航运等全链条数字化转型。 近日，山东省港口集团（简称山东港口）党委书记、董事长霍高原，山东港口党委副书记、董事、总经理高立平一行拜访中远海运集团，与中远海运集团 董事长、党组书记万敏，中远海运集团董事、总经理、党组副书记朱碧新等，围绕深化合作进行了深入交流。 ...

Group 1: Logistics and Shipping Developments - COSCO Shipping has established a normalized automotive parts intermodal transport corridor spanning four countries, facilitating a logistics chain from Mexico to Uzbekistan, covering approximately 21,800 kilometers [1] - The "Silk Road Maritime" route has surpassed a cumulative container throughput of 26 million TEUs, with a projected growth of 9.11% to over 5.4 million TEUs by 2025 [2] - Tianjin Port and COSCO Shipping have successfully launched their first "import-export" dual business, involving 28,000 tons of imported pulp and 33,000 tons of exported steel, enhancing shipping efficiency and reducing logistics costs [3][12] - Qingdao Port has opened four new container foreign trade routes in January, expanding its total to nearly 240 routes, connecting with over 700 ports globally [4][6] Group 2: Financial and Investment Activities - CITIC Bank plans to increase its investment in CITIC Financial Leasing by 2 billion RMB, raising its registered capital from 10 billion RMB to 12 billion RMB [4][5] - The capital ranking of domestic financial leasing companies places CITIC Financial Leasing at 8th with 12 billion RMB, following larger firms like ICBC Leasing and CMB Leasing [5][13] Group 3: Shipbuilding and Environmental Initiatives - Huangpu Wenchong has signed a contract with Evergreen Marine for 16 new 3,000 TEU container ships, incorporating advanced eco-friendly technologies to reduce fuel consumption and emissions [7][14] - Hapag-Lloyd has won a second ZEMBA tender for zero-emission fuel procurement, committing to use hydrogen-based e-methanol as marine fuel starting in 2027, aiming for significant CO2 emissions reduction [9][16] Group 4: Oil Market Dynamics - Venezuelan oil is flooding into the U.S. market, leading to challenges in absorption due to increased supply, which is putting pressure on oil prices [8][15] - Traders are facing difficulties in finding buyers for Venezuelan crude oil in the Gulf Coast, indicating a supply-demand imbalance [8][15]

Group 1 - The Freedom Cash Flow ETF CSI All Index (561080) closed down 1.55% at 1.330 yuan with a trading volume of 8.4067 million yuan [1] - Major holdings in the ETF include China National Offshore Oil Corporation (CNOOC) down 1.12%, SAIC Motor up 0.14%, Gree Electric Appliances down 0.33%, COSCO Shipping Holdings up 0.07%, Muyuan Foods down 0.15%, Aluminum Corporation of China down 6.77%, TCL Technology down 0.61%, Baosteel down 1.52%, Great Wall Motors up 1.06%, and Chint Electric down 4.14% [1] - The ETF's performance benchmark is the CSI All Index Free Cash Flow Index, managed by Huaan Fund Management Co., Ltd. The fund has returned 35.06% since its inception on April 23, 2025, and 7.11% over the past month [1]

Group 1 - JPMorgan Chase & Co. increased its stake in China COSCO Shipping Holdings Co., Ltd. (stock code: 01919.HK) by acquiring 8,863,343 shares at an average price of HKD 13.8328 per share, totaling approximately HKD 123 million [1] - Following this acquisition, JPMorgan's total holdings in the company rose to 150,113,241 shares, increasing its ownership percentage from 4.90% to 5.21% [1]

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) announced the incentive income for executives of central enterprises for the 2022-2024 term, with a total of 87 enterprises disclosing their incentive income figures. Group 1: Incentive Income Overview - The total incentive income for central enterprise executives consists of annual salary and term incentive income, with the latter being distributed every three years [1]. - Notable figures include: - Jiao Houliang, Chairman of China National Petroleum Corporation, with an incentive income of 86.21 million RMB for the 2022-2024 term [1]. - Ma Yongsheng, Chairman of Sinopec, with an incentive income of 84.81 million RMB [3]. - Wang Dongjin, Chairman of China National Offshore Oil Corporation, with an incentive income of 86.06 million RMB [4]. Group 2: Specific Executive Incentive Income - Zhang Wei, Chairman of the National Oil and Gas Pipeline Group, has an incentive income of 78.17 million RMB [6]. - Meng Zhenping, Chairman of China Southern Power Grid, has an incentive income of 83.54 million RMB [8]. - Temperature of incentive income varies across different enterprises, with some executives like Liu Mingsheng from China Power Investment Corporation receiving 26.02 million RMB for the 2022-2024 term [13]. Group 3: Additional Notable Executives - Chen Zhongyue, Chairman of China Unicom, has an incentive income of 80.49 million RMB [17]. - Xu Peng, from China First Automobile Group, has an incentive income of 82.54 million RMB [23]. - Wang Xianming, Chairman of China Resources Group, has an incentive income of 82.44 million RMB [54].

Core Insights - The main focus of the news is the significant inflow of capital into specific stocks, indicating strong investor interest and potential growth in these companies and their respective industries [1][2][3] Group 1: Stock Performance and Capital Inflow - Kunlun Wanwei saw a capital inflow of 795 million yuan with a price increase of 5.82% [2] - Shunhao Co. experienced a capital inflow of 651 million yuan and a price increase of 9.98% [2] - Contemporary Amperex Technology (宁德时代) had a capital inflow of 561 million yuan with a price increase of 1.21% [2] - Kweichow Moutai (贵州茅台) attracted 551 million yuan in capital inflow and increased by 1.3% [2] - Yanzhou Coal Mining Company (兖矿能源) saw a capital inflow of 430 million yuan with a notable increase of 10.01% [2] - Other notable stocks include Shanzhi Gaoke, China Satellite, and China Shipbuilding, each with significant capital inflows and price increases [1][2][3] Group 2: Industry Insights - The internet services sector, represented by Kunlun Wanwei, is showing strong investor confidence [2] - The packaging materials industry, highlighted by Shunhao Co., is also attracting significant capital [2] - The battery industry, represented by Contemporary Amperex Technology, continues to draw investor interest despite a modest price increase [2] - The coal industry, with companies like Yanzhou Coal and Meijin Energy, is experiencing substantial capital inflows, indicating a potential resurgence [2][3] - The aerospace and wind energy sectors, represented by China Satellite and China Shipbuilding, are also gaining traction among investors [1][2][3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中遠海運控股股份有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01919 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,971,819,500 | RMB | | | 1 RMB | | 2,971,819,500 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 2,971,819,500 | RMB | | | 1 RMB | | 2,971,819,500 | | 2. 股份分類 ...