Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The current demand in the e-commerce express delivery industry remains resilient, with a top-down "anti-involution" policy driving up express prices, thereby releasing profit elasticity for companies. The long-term outlook for e-commerce express delivery is favorable due to healthy competition opportunities [16] - The oil transportation sector is expected to benefit from sustained crude oil production and tight capacity, with the "Changjin factor" reshaping pricing logic. Geopolitical changes may continue to catalyze sentiment or fundamentals, leading to a significant improvement in the oil transportation market in 2026 [16] - The bulk shipping market is anticipated to recover, driven by environmental regulations limiting the operation of aging fleets and increased production of iron ore from Australia, Brazil, and West Africa. The market is expected to enter a "new cycle" [16] - The shipping industry is experiencing a green renewal cycle, with demand driven by shipping market recovery and progress in green updates. The new shipbuilding market is expected to improve as constraints ease [16] Summary by Sections Shipping and Ports - Iran may establish a "safe passage" in the Strait of Hormuz, with multiple countries negotiating with Tehran for ship passage. However, security experts warn of potential delays or seizures by Iranian forces [4] - MSC Group has acquired a 50% stake in Changjin Shipping, supporting aggressive expansion of its VLCC fleet, which is estimated to control 150 VLCCs, significantly impacting market concentration and pricing [5] - The SCFI composite freight index decreased by 0.2% to 1707 points, with varying changes in freight rates across different routes [6] - The BDTI index for VLCC freight rates increased by 0.26% to 2821 points, while TCE rates for VLCCs decreased by 5.9% [7] - The BDI index for bulk carriers increased by 3.2% to 2046 points, indicating a rise in bulk shipping rates [8] - China's port cargo throughput increased by 9.52% to 25.617 million tons, with container throughput rising by 9.27% to 6.6 million TEU [10] Express Logistics - In January-February 2026, the express delivery industry volume grew by 7.1% year-on-year, with significant differentiation in market share among major players [9] - Zhongtong Express reported a stable net profit per ticket and committed to a shareholder return rate of no less than 50% [10] - Shentong plans to issue 3 billion yuan in convertible bonds for logistics network upgrades, with a commitment to distribute at least 30% of profits in cash over the next three years [11] - Price adjustments have been made in Yunnan and Jiangxi provinces, reflecting rising operational costs [12] Aviation and Airports - China and Thailand have suspended aviation fuel exports, potentially leading to fuel shortages for airlines [14] - The Ministry of Commerce has announced measures to promote travel service exports and expand inbound consumption [14] Road and Rail - From March 9 to March 15, 2026, national freight logistics operated smoothly, with rail freight increasing by 6.7% and highway truck traffic rising by 14.75% [15]

Group 1: Strategy Insights - The financial system's fragility is expected to drive monetary easing in leading countries, with 2026 likely witnessing a bull market in commodities alongside a manufacturing leap by catching-up nations like China [1][9] - In the first half of 2026, it is recommended to increase allocation to the PPI chain, particularly in oil and chemicals, while also focusing on Chinese manufacturing sectors such as photovoltaics, wind power, energy storage, and construction machinery [1][9] - The second half of 2026 should shift focus to the CPI chain, particularly in the liquor sector, and also consider investments in Hang Seng Technology and gold, which are expected to benefit from a rebound in the US dollar index [1][9] Group 2: Company Analysis - Hu Shang A Yi (沪上阿姨) - Hu Shang A Yi has a diversified brand matrix that covers various categories and price ranges, allowing it to fully benefit from growth in different market segments [2][13] - The company is focusing on deepening its presence in lower-tier markets and small store formats, which provides a competitive advantage [2][13] - Revenue projections for Hu Shang A Yi are estimated at 4.197 billion, 4.894 billion, and 5.790 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 493 million, 556 million, and 667 million yuan [2][13] Group 3: Company Analysis - Hai Tong Development (海通发展) - Hai Tong Development reported a revenue of 4.443 billion yuan for 2025, reflecting a year-on-year increase of 21.43% [3][21] - The company achieved a foreign trade revenue of 2.899 billion yuan, up 21.87% year-on-year, while domestic revenue reached 1.205 billion yuan, increasing by 27.78% [3][21] - The overall gross margin slightly declined to 16.29%, down 1.87 percentage points year-on-year, primarily due to a decrease in the gross margin of foreign trade business [3][22] Group 4: Company Analysis - Fangda Special Steel (方大特钢) - Fangda Special Steel achieved a revenue of 18.233 billion yuan in 2025, a decrease of 15.43% year-on-year, while net profit surged by 280.18% to 942 million yuan [25][26] - The company optimized its product structure, resulting in improved profitability metrics, with a gross margin of 9.65%, up 4.85 percentage points year-on-year [25][26] - The production and sales of high-margin products like spring flat steel and automotive leaf springs increased, indicating a successful shift in product strategy [25][26] Group 5: Company Analysis - Xiangcai Co., Ltd. (湘财股份) - Xiangcai Co., Ltd. reported a total revenue of 2.420 billion yuan and a net profit of 464 million yuan for 2025, reflecting increases of 10.37% and 325.15% respectively [29][30] - The company experienced significant growth in its commission income, which rose by 40.11% year-on-year, driven by an active market [29][30] - The firm is focusing on enhancing its self-operated investment performance, which saw a 9.36% increase in investment income [29][30] Group 6: Company Analysis - Chery Automobile (奇瑞汽车) - Chery Automobile achieved a revenue of 300.29 billion yuan in 2025, marking an 11.3% increase year-on-year, with a net profit of 19.02 billion yuan, up 34.6% [33][34] - The company reported a significant increase in overseas sales, with exports reaching 1.294 million units, a growth of 33.2% [33][34] - Chery's strategy includes a multi-brand approach, with plans to launch 16 new models over the next three years, enhancing its market presence [33][35] Group 7: Company Analysis - China Jushi (中国巨石) - China Jushi reported a revenue of 18.881 billion yuan for the first three quarters of 2025, a year-on-year increase of 19.08%, with a net profit of 3.285 billion yuan, up 34.38% [37][38] - The company is focusing on high-end markets, with electronic fabric sales increasing by 21.4% year-on-year, driven by demand from the information technology sector [37][38] - The gross margin improved to 33.12%, reflecting effective cost management and pricing strategies [37][39] Group 8: Company Analysis - Jianghe Group (江河集团) - Jianghe Group achieved a revenue of 21.845 billion yuan in 2025, a decrease of 2.50% year-on-year, while net profit was 610 million yuan, down 4.31% [42][43] - The company reported strong growth in overseas orders, with a 30% increase in new overseas contracts [42][43] - The gross margin improved to 17.24%, despite an increase in expenses due to currency fluctuations [42][43]

2025 年，公司自营船队中，超灵便型船的 TCE 达到 13,985 美元/天，相较于 市场超额 14%；巴拿马型船在首个完整经营年度实现了 15,119 美元/天的租 金水平，较市场超额 13%。好望角型船由于部分船舶在年中交付，未形成完整 年度数据，实际水平约为 18,000 多美元/天，与市场平均水平存在一定差距。 市场层面，2025 年下半年出现明显反弹，主要得益于中美关税贸易关系缓和 以及西芒杜铁矿正式投产，提振了市场情绪。进入 2026 年，运价持续保持强 势，一方面是船东情绪乐观，挺价意愿强烈；另一方面，南美粮食丰产预期强 劲，南北美航线旺季延长至 1 月份，支撑了巴拿马型船的现货市场。同时，西 非铝土矿发运量保持强势，也支撑了大型船舶的需求，进而带动了小型船舶的 运价。从远期运费协议来看，市场对全年的预期也比较乐观。 海通发展 20260320 摘要 2025 年营收 14.34 亿(+33.8%)，归母净利润 2.12 亿(+53.3%)，超 灵便型与巴拿马型船 TCE 分别超市场 14%和 13%。 坚定推进"百船计划"，目标 2028-2029 年达成，目前自有船超 60 艘， 未来需 ...

[Table_Page] 年报点评|航运港口 证券研究报告 [Table_Title] 海通发展（603162.SH） 运力扩张叠加市场回暖，未来弹性可期 [Table_Summary] 核心观点： | 盈利预测： | | | | | | | --- | --- | --- | --- | --- | --- | | [Table_ 单位 Finance] :人民币百万元 | 2024A | 2025A | 2026E | 2027E | 2028E | | 营业收入 | 3,659 | 4,443 | 4,816 | 5,502 | 6,695 | | 增长率（ % ） | 114.5% | 21.4% | 8.4% | 14.2% | 21.7% | | EBITDA | 1,056 | 1,264 | 1,567 | 1,888 | 2,760 | | 归母净利润 | 549 | 465 | 920 | 1,207 | 1,923 | | 增长率（ % ） | 196.7% | -15.3% | 97.9% | 31.1% | 59.3% | | EPS（元/股） | 0.60 | 0.50 | 0.9 ...

丨证券研究报告丨 投资维度，霍尔木兹海峡封锁导致全球原油价格上涨，能源安全或是今年主线： 1）若海峡封锁 时间可控，原油补库带动需求脉冲；长期看，需求合规化+长锦商船控盘做多逻辑延续，继续推荐 招商轮船、中远海能；2）新能源及煤炭供应链集中受益，推荐中远海特、海通发展、太平洋航运； 3）看好造船行业景气延续，推荐中国船舶；4）红海复航预期降温，推荐海丰国际、中谷物流。 分析师及联系人 [Table_Author] 韩轶超 魏爱晓 SAC：S0490512020001 SFC：BQK468 行业研究丨行业周报丨海运 [Table_Title] 海运周报：美伊冲突持续，集运股领涨为主 报告要点 [Table_Summary] 本周，油运高位下跌，集运船东提价，散运下跌，化学品海运保持运价持平。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 海运周报：美伊冲突持续，集运股领涨为主 [Table_Summary2] 运价走势复盘：油运高位下跌，集散上涨 行业研究丨行业周报 [Table_Rank] 投资评级 看好丨维持 油运高位下跌：本周 ...

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 ...

高树根 gaoshugen@huayuanstock.com 市场表现： 证券研究报告 交通运输 | 航运港口 非金融|公司点评报告 hyzqdatemark 2026 年 03 月 21 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com | 基本数据 | 月 | | | 03 | | 20 | | 2026 | | 年 | | 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 12.59 | | | | | | | | | | 一 年 内 | | 最 | 高 | | 16.63 ...

公司点评 | 海通发展 收入实现较好增长，未来 3 年行业运力有望维持温和增长 证券研究报告 2026 年 03 月 20 日 海通发展（603162.SH）2025 年报点评 外贸业务毛利率下滑带动整体毛利率略有下滑。1）2025 年公司毛利率为 16.29%，同比下滑 1.87 个百分点；2）2025 年公司营业成本为 37.19 亿元，同比增长 24.21%，较营业收入增 速高出 2.77 个百分点。3）其中，2025 年公司收入占比较高的外贸业务毛利率 21.56%，同 比下滑 4.31 个百分点。 新增运力 18 艘。2025 年，公司通过新购船舶以及光船租赁的方式新增运力 18 艘，截至报 告期末已交接 16 艘，待全部船舶交接完成后，公司长租干散货船舶（使用运力期限在一年 及一年以上）13 艘，自营干散货船舶 61 艘，多用途重吊船 4 艘，油船 3 艘，合计控制 运力 502 万载重吨，运力规模在国内从事干散货运输的企业中排名前列。 未来 3 年行业运力有望维持温和增长。新造船市场依旧面临造船价格高企、船台紧张，交付 周期长、船舶燃料路径尚未明朗等难题，干散货船东造船决策较为克制。根据公司年报 ...

福建海通发展股份有限公司 二〇二五年度 审计报告 致同会计师事务所(特殊普通合伙) Grant Thornton 致同 您可使用手机"扫一扫"或进人"注册会计师行业发手时报告是否由具有执业许可的会计师事务所出现 您可使用手机"扫一扫"或进人"注册会计师行业统一监管平台（http://www.gov.cn）"进行在行业 "一级" | | | | 审计报告 | 1-6 | | --- | --- | | 合并及公司资产负债表 | 1-2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-82 | 审计报告 致同审字(2026)第 351A002530 号 福建海通发展股份有限公司全体股东: 一、审计意见 我们审计了福建海通发展股份有限公司(以下简称海通发展公司)财务 报表,包括 2025年 12月 31日的合并及公司资产负债表,2025年度的合并及 公司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及相关 财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编 制,公允反映了海通发展 ...

中信证券股份有限公司 关于福建海通发展股份有限公司 使用暂时闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为福建海 通发展股份有限公司（以下简称"海通发展"或"公司"）首次公开发行股票并 上市的保荐人，根据《上市公司募集资金监管规则》《证券发行上市保荐业务管 理办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》等有关规定，对福建海通发展股份有限公司使用暂时 闲置募集资金进行现金管理的事项进行了核查，核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准福建海通发展股份有限公司首次公开 发行股票的批复》（证监许可〔2023〕304 号）核准，公司首次公开发行人民币 普通股（A 股）股票 41,276,015 股，每股面值为人民币 1.00 元，发行价格为每 股人民币 37.25 元，募集资金总额为人民币 153,753.16 万元，扣除各项发行费用 （不含税）人民币 10,959.96 万元后，实际募集资金净额为人民币 142,793.20 万元。 上述募集资金的到位情况已经由致同会计师事务所（特殊 ...