2月2日，招商南油跌5.42%，成交额7.65亿元。两融数据显示，当日招商南油获融资买入额1.19亿元， 融资偿还1.03亿元，融资净买入1682.53万元。截至2月2日，招商南油融资融券余额合计6.13亿元。 责任编辑：小浪快报 机构持仓方面，截止2025年9月30日，招商南油十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股8477.42万股，相比上期增加2063.90万股。南方中证1000ETF（512100）位居第九大流通 股东，持股3548.93万股，相比上期减少39.14万股。 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，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 融资方面，招商南油当日融资买入1.19亿元。当前融资余额6.13亿元，占流通市值的3.75%，融资余额 低于近一年30%分位水平，处于低位。 融券方面，招商南油2月2日融券偿还23.21万股，融券卖出7600.00股，按当日收盘价计算，卖出金额 2.65万元；融券余量18.96万股，融券余 ...

证券日报网讯 2月2日，招商南油在互动平台回答投资者提问时表示，截至2026年1月末，公司股东总数 为107743户。 （文章来源：证券日报） ...

Core Viewpoint - The A-share market is experiencing volatility and decline, particularly in the oil and gas sector, with significant net inflows into the oil and gas ETF Huatai-PineBridge (159309) despite the downturn [1][3]. Group 1: Market Performance - As of 13:22, the oil and gas ETF Huatai-PineBridge (159309) has dropped over 4%, with a net inflow of more than 106 million yuan during the day, marking a total of over 500 million yuan in inflows over the past 15 days [1]. - Major component stocks of the oil and gas ETF have mostly retreated, with Intercontinental Oil and Gas down over 9%, and China National Offshore Oil Corporation and China Petroleum down over 4% [3]. Group 2: Component Stocks - The top ten component stocks of the oil and gas ETF include: - Jerry Holdings (002353) up 1.71% - CNOOC (601857) down 3.54% - China Petroleum (600028) down 1.54% - Intercontinental Oil and Gas (600759) down 9.91% [4]. Group 3: Geopolitical and Supply Factors - Geopolitical risks have eased, with the U.S. indicating a positive relationship with Venezuela, potentially sharing oil revenues, and ongoing negotiations with Iran [5]. - OPEC+ members have agreed to maintain their production cut policies, with a commitment to market stability and low inventory levels [5]. Group 4: Industry Outlook - The medium to long-term outlook for the oil and gas industry remains positive, with expected exploration and development spending to maintain historical median levels from 2024 to 2030 [7]. - Key variables affecting the market include North American data center construction progress, OPEC+ production policies, and domestic policies on refining capacity [7]. Group 5: ETF Characteristics - The oil and gas ETF Huatai-PineBridge (159309) focuses on the oil and gas industry chain, including exploration, equipment, refining, and sales, emphasizing companies with quality reserves and low-cost advantages [8]. - The ETF has a streamlined sample size of 44 stocks, ensuring high purity with all top ten component stocks being leading oil and gas companies [8].

油气ETF汇添富（159309）业绩比较基准为中证油气资源指数收益率，管理人为汇添富基金管理股份有 限公司，基金经理为晏阳，成立（2024-05-31）以来回报为38.77%，近一个月回报为20.14%。 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，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月2日，油气ETF汇添富（159309）开盘跌3.54%，报1.336元。油气ETF汇添富（159309）重仓股方 面，中国石油开盘跌2.90%，中国海油跌4.70%，中国石化跌1.69%，杰瑞股份涨6.74%，招商轮船跌 0.53%，广汇能源跌2.32%，中远海能跌0.95%，洲际油气跌9.91%，海油工程跌3.60%，招商南油跌 2.44%。 来源：新浪基金∞工作室 ...

❑ 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 ...

Investment Rating - The report maintains a "Positive" outlook on the shipping industry, highlighting strong performance in the sector despite seasonal challenges [4]. Core Insights - The shipbuilding sector is expected to show significant earnings growth, with Su Mei Da's Q4 net profit forecasted at 2.5 billion, a year-on-year increase of 71%, driven by strong contributions from shipbuilding and power generation [5]. - The shipping market continues to experience robust demand, with one-year charter rates for VLCCs rising by 2.8% to $64,000 per day, and Cape rates increasing by 8.4% to $28,700 per day [5]. - The report emphasizes the ongoing volatility in oil transportation rates, with VLCC rates experiencing a 62% increase in a single day due to supply-demand imbalances and geopolitical tensions [5]. - The dry bulk shipping market is also showing resilience, with the BDI index rising by 21.9% week-on-week, driven by strong demand from Australia and Brazil [5]. Summary by Sections Shipbuilding Sector - Su Mei Da's Q4 net profit is projected at 2.5 billion, up 71% year-on-year, exceeding expectations [5]. - ST Songfa's Q4 net profit is estimated between 11-14 million, with a net profit margin of 14%, reflecting a 1.6 percentage point increase from Q3 [5]. - Attention is drawn to China Shipbuilding's upcoming full consolidation of assets and the release of high-priced orders in Q1 2026 [5]. Shipping Market - The report notes a continued upward trend in shipping rates, with VLCC rates increasing by 2.8% and Cape rates by 8.4% [5]. - The VLCC average rate rose by 16% week-on-week, reaching $122,326 per day, with Middle East to Far East rates dropping by 25% [5]. - The report highlights the impact of geopolitical tensions on oil transportation, particularly in the context of the Ukraine conflict [5]. Dry Bulk Shipping - The BDI index recorded a 21.9% increase, with Capesize rates rising by 35.8% to $31,809 per day [5]. - Strong demand from Australia and Brazil is noted, with limited supply contributing to higher rates [5]. Air Transportation - The report indicates a significant opportunity for airlines due to rising passenger volumes and historical high load factors, suggesting a potential "golden era" for the industry [5]. - Airlines such as China Eastern Airlines and Spring Airlines are highlighted as key players to watch [5]. Express Delivery - The report anticipates uncertainty in the express delivery sector due to fluctuating demand and industry self-regulation policies, but notes that leading companies like Zhongtong Express and YTO Express are expected to maintain their market share and profitability [5]. Rail and Road Transportation - Rail freight volumes and highway truck traffic are showing resilience, with recent data indicating a slight decline in volumes but overall stability [5]. - The report suggests that high dividend investment themes and potential value management catalysts in the highway sector are worth monitoring [5].

Core Insights - The shipping and port sector experienced a rise of 0.59% on January 28, with Haitong Development leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Stock Performance - Haitong Development (603162) closed at 13.05, up 4.82% with a trading volume of 252,400 shares and a transaction value of 328 million yuan [1] - Qingdao Port (601298) closed at 9.47, up 2.82% with a trading volume of 403,500 shares and a transaction value of 381 million yuan [1] - Qin Port Co. (601326) closed at 3.63, up 2.54% with a trading volume of 472,100 shares and a transaction value of 170 million yuan [1] - Liaoning Port Co. (601880) closed at 1.69, up 2.42% with a trading volume of 1,938,200 shares and a transaction value of 326 million yuan [1] - Ningbo Shipping (600798) closed at 3.84, up 2.13% with a trading volume of 635,100 shares and a transaction value of 243 million yuan [1] Capital Flow - The shipping and port sector saw a net outflow of 476 million yuan from institutional investors, while retail investors contributed a net inflow of 88.99 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors showed interest [2][3] Individual Stock Capital Flow - Zhonggu Logistics (603565) experienced a net outflow of 41.62 million yuan from institutional investors, while retail investors had a net outflow of 11.08 million yuan [3] - Liaoning Port Co. (601880) saw a net inflow of 34.01 million yuan from institutional investors, indicating strong interest [3] - Haitong Development (603162) had a net inflow of 22.27 million yuan from institutional investors, but a net outflow of 24.31 million yuan from retail investors [3]

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 ...