❑ 风险提示：人民币大幅贬值、油价大幅上涨、快递价格战恶化、重大海上安 全事故、重大自然灾害等。 推荐（维持） 证券研究报告 | 行业定期报告 2026 年 02 月 01 日 ❑ 物流：本周 TAC 上海出境空运价格指数周环比-3.9%，同比+0.7%。 地缘情绪推升油运运价,三大航发布 2025 年业绩预告 招商交通运输行业周报 周期/交通运输 本周关注：航运方面，地缘情绪推升油运运价；基础设施方面，优选个股布局 红利资产；航空方面，关注 26 年行业基本面上行趋势；快递方面，关注 26 年 行业竞争格局和估值修复潜力。 % 1m 6m 12m 绝对表现 3.2 6.1 16.5 相对表现 2.0 -7.3 -6.8 资料来源：公司数据、招商证券 -10 0 10 20 30 Feb/25 May/25 Sep/25 Jan/26 (%) 交通运输 沪深300 相关报告 1、《招商交通运输行业周报—油轮 制裁力度仍在加大，2025 年快递业务 量同比增长 13.6%》2026-01-25 2、《招商交通运输行业周报—油运 景气度高涨，国常会研究部署多项促 消费举措》2026-01-18 3、《招商交通运输 ...

——国泰海通交运周观察 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | | --- | --- | --- | --- | --- | | 岳鑫(分析师) | 0755-23976758 | yuexin@gtht.com | S0880514030006 | | | 陈亦凡(研究助理) | 0755-23976151 | chenyifan2@gtht.com | S0880124070025 | [Table_subIndustry] | 春运客流持续增长，油运盈利 Q1 大增 [Table_Industry] 运输 本报告导读： 航空：2025 年主业盈利改善符合预期，春运客流持续增长，旺季表现可期。建议布 局超级周期长逻辑。油运：预计 2026Q1 油轮盈利同比大增数倍，期待超级牛市。 投资要点： [Table_Report] 相关报告 运输《公路政策优化可期，公路法修正将是信 号》2026.01.26 运输《春运客流再创新高，原油运价维持高位》 2026.01.25 运输《全球经济温和复苏，原油运价维持高位》 2026.01.25 运输《航空春运预售启动，预计因私需 ...

行 业 及 产 业 交通运输 相关研究 证 券 研 究 报 告 证券分析师 范晨轩 A0230525070003 fancx@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 严天鹏 A0230524090004 yantp@swsresearch.com 王晨鉴 A0230525030001 wangcj@swsresearch.com 王易 A0230525050001 wangyi@swsresearch.com 张慧 A0230524100001 zhanghui@swsresearch.com 王凯婕 A0230525110001 wangkj@swsresearch.com 郑逸欢 A0230526010001 zhengyh@swsresearch.com 联系人 行 业 研 究 / 行 业 点 评 - ⚫ 造船板块业绩预告总结：苏美达 25Q4 归母 2.5e，同比+71%，超预期，柴发与造船贡献业绩弹性。ST 松发 Q4 归母 11- 14e，环比 ...

证券之星消息，1月28日航运港口板块较上一交易日上涨0.59%，海通发展领涨。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。航运港口板块个股涨跌见下表： 从资金流向上来看，当日航运港口板块主力资金净流出4.76亿元，游资资金净流入3.87亿元，散户资金净 流入8898.58万元。航运港口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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603565 中谷物流 | | - 4161.64万 | 17.43% | -3053.85万 | -12.79% | -1107.79万 | -4.64% | | 000905 厦门港务 | | 3593.64万 | 8.94% | -1337.92万 | -3.33% | -2255.73万 | -5.61% | | 601880 辽港股份 | | 3400.67万 | 10.44% | -1925.00 ...

1月27日，招商南油涨0%，截至发稿，报3.58元/股，成交8.36亿元，换手率4.97%，总市值167.56亿元。 招商南油股价已经连续7天上涨，区间累计涨幅10.49%。 资料显示，招商局南京油运股份有限公司位于江苏省南京市鼓楼区中山北路324号油运大厦，成立日期 1993年9月8日，上市日期2019年1月8日，公司主营业务涉及沿海和国际航线石油运输业务。主营业务收 入构成为：成品油运输57.92%，原油运28.82%，化学品运输7.20%，乙烯运输3.07%，船员租赁2.28%， 其他(补充)0.67%，船舶管理费及其他0.04%。 截至发稿，崔蕾累计任职时间7年83天，现任基金资产总规模1370.2亿元，任职期间最佳基金回报 285.52%， 任职期间最差基金回报-15.93%。 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，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验，因此本文内 容可能出现不准确、不完整、误导性的内容或信息，具体 ...

证券之星消息，1月26日航运港口板块较上一交易日上涨1.23%，中远海能领涨。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。航运港口板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600026 | 中远海能 | 15.17 | 6.23% | 84.68万 | | 12.71亿 | | 601872 | 招商轮船 | 11.38 | 5.27% | 141.18万 | | 15.97亿 | | 601298 | 黄明祖 | 9.10 | 4.84% | 70.95万 | | 6.36亿 | | 601975 | 招商南油 | 3.58 | 4.68% | 269.69万 | | 26.6 | | 600428 | 中远海特 | 7.81 | 3.03% | 52.36万 | | 4.05亿 | | 601018 | 宁波港 | 3.78 | 2.72% | 160.79万 | | 6.04亿 | | 92 ...

投资要点： [Table_Report] 相关报告 运输《航空春运预售启动，预计因私需求旺盛》 2026.01.23 运输《春运预售开始启动，预计需求保持旺盛》 2026.01.20 运输《航空春运预售启动，原油运价大幅飙升》 2026.01.18 运输《原油运价大幅调涨，干散运价淡季回落》 2026.01.18 运输《航空深入"反内卷"，原油运价快速回升》 2026.01.11 证 券 研 究 报 告 股 票 研 究 请务必阅读正文之后的免责条款部分 春运客流再创新高，原油运价维持高位 [Table_Industry] 运输 ——国泰海通交运周观察 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | | --- | --- | --- | --- | --- | | 岳鑫(分析师) | 0755-23976758 | yuexin@gtht.com | S0880514030006 | | | 陈亦凡(研究助理) | 0755-23976151 | chenyifan2@gtht.com | S0880124070025 | [Table_subIndustry] | 本报告导 ...

证券研究报告 | 行业定期报告 2026 年 01 月 25 日 油轮制裁力度仍在加大，2025 年快递业务量同比增长 13.6% 招商交通运输行业周报 周期/交通运输 本周关注：航运方面，本周油运运价延续高位，散货运价好转；基础设施方面， 优选个股布局红利资产；航空方面，关注 26 年行业基本面上行趋势；快递方面， 关注 26 年行业竞争格局和估值修复潜力。 推荐（维持） 行业规模 | 王春环 | S1090524060003 | wangchunhuan@cmschina.com.c | | --- | --- | --- | | n | 孙修远 | S1090524070005 | | sunxiuyuan@cmschina.com.cn | 肖欣晨 | S1090522010001 | | xiaoxinchen@cmschina.com.cn | 刘若琮 | S1090524110003 | | liuruocong@cmschina.com.cn | 张瑜玲 | S1090525060006 | | zhangyuling2@cmschina.com.cn | | | | | | 占比% | | ...

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].

证券日报网讯 1月22日，招商南油（601975）在互动平台回答投资者提问时表示，公司的股份回购行 为，是基于对财务状况、未来资本性支出及行业周期等多方面因素进行综合评估后的决策。 ...