【导读】航运板块反复走强，房地产板块异动拉升 一起来看下最新的市场情况及资讯。 2月25日早盘，三大指数集体高开，截至发稿，沪指涨0.5%，深成指涨0.49%，创业板指涨0.11%，科创综指震荡调整。 板块上来看，航运板块反复走强，房地产板块异动拉升，化工、基本金属、建材等板块震荡拉升；而通信设备、半导体、存储器等板块震荡调整。 港股市场今日震荡走强，恒生指数涨0.34%，恒生科技指数涨0.5%，海尔智家（600690）、小鹏汽车、美团等涨幅居前。 | 名称 | 现价 | 涨跌幅 ▼ | 成交量 | 换手率 | 市福率 | 总市值 | | --- | --- | --- | --- | --- | --- | --- | | 治史八十 | 20.52 | 10.03% | 5057万 | 1.46% | 33.5 | 1093亿 | | 招商南油 | 4.28 | 10.03% | 2.47 亿 | 5.27% | 16.5 | 200亿 | | 招商轮船 | 14.75 | 9.99% | 9035/ | 1.12% | 23.6 | 1191亿 | | 海通发展 | 15.73 | 8.04% | 977 ...

Core Viewpoint - The A-share shipping sector experienced a collective decline, with several major companies seeing significant drops in their stock prices, indicating a bearish trend in the industry [1]. Group 1: Company Performance - China COSCO Shipping Energy Transportation Co., Ltd. (中远海能) saw a decline of 7.74%, with a total market capitalization of 94.4 billion [2]. - China Merchants Energy Shipping Co., Ltd. (招商轮船) dropped by 7.19%, with a market cap of 99.1 billion [2]. - China Merchants South China Sea Oil Transportation Co., Ltd. (招商南油) fell by 6.48%, with a market value of 16.9 billion [2]. - Jinjiang Shipping Co., Ltd. (锦江航运) decreased by 3.17%, with a market capitalization of 15 billion [2]. - China COSCO Shipping Specialized Carriers Co., Ltd. (中远海特) declined by 2.96%, with a market cap of 21.6 billion [2]. - HNA Technology Co., Ltd. (海航科技) dropped by 2.54%, with a market value of 12.2 billion [2]. - Air China Ocean Shipping Co., Ltd. (国航远洋) fell by 2.48%, with a market capitalization of 5.026 billion [2]. - China COSCO Shipping Development Co., Ltd. (中远海发) decreased by 2.22%, with a market cap of 34.8 billion [2]. - Ningbo Ocean Shipping Co., Ltd. (宁波远洋) saw a decline of 2.08%, with a market value of 12.3 billion [2]. Group 2: Year-to-Date Performance - Year-to-date, China COSCO Shipping Energy Transportation Co., Ltd. has increased by 47.95% [2]. - China Merchants Energy Shipping Co., Ltd. has seen a year-to-date increase of 36.64% [2]. - China Merchants South China Sea Oil Transportation Co., Ltd. has a year-to-date increase of 19.54% [2]. - Jinjiang Shipping Co., Ltd. has a modest year-to-date increase of 3.94% [2]. - China COSCO Shipping Specialized Carriers Co., Ltd. has increased by 10.85% year-to-date [2]. - HNA Technology Co., Ltd. has a year-to-date increase of 10.18% [2]. - Air China Ocean Shipping Co., Ltd. has a year-to-date decrease of 8.03% [2]. - China COSCO Shipping Development Co., Ltd. has a year-to-date increase of 4.76% [2]. - Ningbo Ocean Shipping Co., Ltd. has a year-to-date increase of 2.84% [2].

Group 1 - COSCO Shipping Energy reached a limit-up, while China Merchants Energy also hit a limit-up, achieving a historical high [1] - China Merchants Oil, COSCO Shipping Special, and Haitong Development saw significant increases [1]

Core Viewpoint - The A-share market shows positive momentum with significant gains in various sectors, particularly in the small metals, electric grid equipment, and semiconductor industries, while the film and gaming sectors are experiencing declines [3]. Market Performance - The Shanghai Composite Index rose by 0.12% to 4137.06, while the Shenzhen Component Index increased by 0.8% to 14274.93. The ChiNext Index saw a rise of 1.18% to 3323.56, and the STAR Market Index gained 0.93% to 1804.89 [4][12]. - Over 2700 stocks in the market experienced an increase by midday [3]. Sector Highlights - The electric grid equipment sector showed strong performance, with companies like Hailianxun rising over 18% and others reaching their daily limit [4]. - The shipping sector also performed well, with China Merchants Energy hitting its daily limit and achieving a historical high [5]. - The computing power leasing sector saw significant gains, with Yuke Technology hitting its daily limit and other companies like Dazhi Technology and Capital Online also rising [5]. Trading Volume - The total trading volume in the Shanghai and Shenzhen markets exceeded 1 trillion yuan [6]. Currency Movement - The offshore RMB against the US dollar broke the 6.9 yuan mark, indicating a strengthening of the currency [8]. Stock Movements - The film and cinema sector continued to adjust, with companies like Hengdian Film and Bona Film hitting their daily limit down [9]. - AI application stocks in the Hong Kong market showed strength, with Zhiyuan rising over 11% [10].

Investment Rating - The report maintains an "Accumulate" rating for the transportation industry [6] Core Views - The transportation sector is expected to benefit from the high demand during the Spring Festival travel season, with a notable increase in passenger volume and airline ticket prices [3][11] - The logistics sector shows promising growth, particularly for companies like ZTO Express, which has reported an increase in market share and profitability [4][17] - The shipping market is experiencing high VLCC rates due to tight capacity and geopolitical premiums, while dry bulk rates have seen a decline [2][14] Summary by Sections Weekly Insights and Market Review - On February 2, 2026, the Spring Festival travel season commenced, with a total of 184.986 million people traveling, an increase of 11.3% compared to the same period in 2025. The civil aviation passenger volume reached 2.234 million, up 7.4% year-on-year [3][11] - The transportation sector index rose by 1.90% during the week, outperforming the Shanghai Composite Index by 3.17 percentage points [21] - The top-performing segments included air transportation, express delivery, and logistics, with respective increases of 8.15%, 3.76%, and 1.24% [21] Air Travel - The average ticket price for civil aviation during the Spring Festival was 840 yuan, a 3.0% increase from 2025, with an average seat occupancy rate of 83.3%, up 1.2 percentage points year-on-year [3][11] - The report anticipates continued growth in the aviation sector driven by demand recovery and supportive policies, with a focus on business travel and international flight recovery [12] Shipping and Ports - The VLCC market is experiencing high rates, with the Middle East route commanding $119,447 per day and the West Africa route at $130,293 per day as of February 6 [2][13] - The Baltic Dry Index (BDI) fell to 1,923 points, indicating a decrease in dry bulk shipping rates [14] - The report highlights the importance of monitoring the shipping market dynamics, particularly in relation to geopolitical factors and supply chain developments [15] Logistics - ZTO Express reported a 9.3% year-on-year increase in parcel volume for Q4 2025, with a slight increase in single-ticket revenue and gross profit [4][17] - The company is issuing $1.5 billion in convertible bonds to finance share buybacks, aiming to enhance shareholder returns [18] - The logistics sector is expected to see growth driven by overseas e-commerce and competitive dynamics among leading express companies [19][20]

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]

Core Viewpoint - The company, Haitong Development, is a leading player in the domestic private dry bulk shipping sector, primarily engaged in coastal and international shipping of dry bulk cargoes, with a significant revenue contribution from overseas operations benefiting from the depreciation of the Renminbi [2][4]. Company Overview - Haitong Development is located at 23 Changting Street, Taijiang District, Fuzhou, Fujian Province, and was established on March 19, 2009, with its stock listed on March 29, 2023 [8]. - The company’s main business involves domestic coastal and international ocean dry bulk transportation, with shipping revenue accounting for 90.84% of total income [8]. - As of September 30, 2025, the company reported a revenue of 3.009 billion yuan, a year-on-year increase of 16.32%, while net profit attributable to shareholders decreased by 38.47% to 253 million yuan [8]. Financial Performance - The company’s overseas revenue accounted for 65.04% of total revenue, benefiting from the depreciation of the Renminbi [4]. - The company has distributed a total of 313 million yuan in dividends since its A-share listing [9]. Market Activity - On February 6, the stock price of Haitong Development fell by 2.09%, with a trading volume of 272 million yuan and a turnover rate of 7.23%, bringing the total market capitalization to 12.592 billion yuan [1]. - The stock has shown no clear trend in major capital inflows, with a net inflow of 4.6775 million yuan on the day, ranking 10th out of 35 in its industry [5][6]. Technical Analysis - The average trading cost of the stock is 13.66 yuan, with the stock price approaching a resistance level of 13.70 yuan, indicating potential for a price correction if this level is not surpassed [7].

Core Viewpoint - The company has announced adjustments to the stock option exercise prices for its 2024 and 2025 stock option and restricted stock incentive plans, which were approved by the board of directors and the compensation and assessment committee [8][13][17]. Group 1: Approval Procedures - The company held multiple board and supervisory meetings to review and approve the stock option and restricted stock incentive plans for 2024 and 2025, ensuring compliance with relevant regulations [1][9][10]. - The company conducted internal public announcements regarding the initial grant of incentive objects, with no objections received during the public notice period [2][3][11]. Group 2: Adjustment Details - The adjustments to the exercise prices were necessitated by the company's profit distribution plan, which includes a cash dividend of 0.50 yuan per 10 shares for the first three quarters of 2025 [14]. - The adjusted exercise prices for the 2024 stock options are 7.77 yuan for the first grant and 6.36 yuan for the reserved grant, while for the 2025 stock options, they are 6.52 yuan for the first grant and 7.00 yuan for the reserved grant [16]. Group 3: Impact and Compliance - The adjustments to the exercise prices are not expected to have a substantial impact on the company's financial condition or operational results, and the management team will continue to fulfill its responsibilities diligently [16][17]. - The adjustments have been deemed compliant with relevant laws and regulations, ensuring that there is no harm to the interests of the company's shareholders [17][18].

Summary of Key Points Core Viewpoint - Haitong Development announced adjustments to the stock option and restricted stock incentive plan for 2024 and 2025, specifically regarding the exercise prices of stock options [2]. Group 1: Stock Option Adjustments - The exercise price for the first grant of stock options under the adjusted 2024 incentive plan is set at 7.77 yuan per share [2]. - The exercise price for the reserved grant of stock options under the adjusted 2024 incentive plan is set at 6.36 yuan per share [2]. - The exercise price for the first grant of stock options under the adjusted 2025 incentive plan is set at 6.52 yuan per share [2]. - The exercise price for the reserved grant of stock options under the adjusted 2025 incentive plan is set at 7.00 yuan per share [2].

证券代码：603162 证券简称：海通发展 公告编号：2026-014 福建海通发展股份有限公司 关于调整 2024 年及 2025 年股票期权与限制性股票 激励计划股票期权行权价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 福建海通发展股份有限公司（以下简称"公司"）于 2026 年 2 月 4 日召开 了第四届董事会第三十五次会议，审议通过了《关于调整 2024 年及 2025 年股票 期权与限制性股票激励计划股票期权行权价格的议案》。现将有关事项公告如下： 一、已履行的相关审批程序 6、2024 年 8 月 1 日，公司分别召开了第四届董事会第十次会议和第四届监 事会第七次会议，审议通过了《关于回购注销部分限制性股票和注销部分股票期 权的议案》。2024 年 9 月 14 日，公司已完成股票期权的注销事宜；2024 年 9 月 23 日，公司完成了限制性股票的回购注销手续。 7、2024 年 10 月 22 日，公司完成了 2024 年股票期权与限制性股票激励计 划预留授予权益登记手续，预留授予股票期权数量为 ...