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].

福建海通发展股份有限公司 关于对外担保进展的公告 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。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | DAI AN | OCEAN | | SHIPPING PTE.LTD. | （以下简称 | | --- | --- | --- | --- | --- | --- | --- | | | | "DAI | AN"） | | | | | | 本次担保金额 | 不超过 | 267.00 | | 万美元。 | | | 担保 | 实际为其提供的担保 | 截至 | 年 2026 | 1 | 月 日，公司及子公司对 20 | DAI AN | | 对象 | 余额 | | 提供的担保余额为 | | 238.82 万美元。 | | | | 是否在前期预计额度 内 | 是 | □否 | | □不适用：_________ | | | | 本次担保是否有反担 保 | 是 | ☑否 | | □不适用：_________ | | 累计担保情况 | 对外担保逾期的累计金额（万元） 无 | | ...

海通发展公告称，23日，公司向ADMINTERNATIONALSARL出具《履约保函》，为全资子公司 DAIAN开展租船业务提供不超267万美元担保，无反担保。截至20日，公司及子公司对DAIAN担保余额 为238.82万美元。本次担保在2025年相关授权范围内，无需再经董事会、股东会审议。截至20日，公司 及控股子公司对外担保总额30.49亿元，占最近一期经审计净资产的74.02%，无逾期担保。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 一、本次限制性股票回购注销的决策与信息披露 1、2025年11月28日召开了第四届董事会第三十三次会议，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》。具体内容详见公司2025年11月29日披露的《福建海通发展股份有限公司 关于回购注销部分限制性股票和注销部分股票期权的公告》（公告编号：2025-126）。 2、2025年11月29日，公司在上海证券交易所网站（www.sse.com.cn）及指定媒体发布了《福建海通发 展股份有限公司关于回购注销部分限制性股票通知债权人的公告》（公告编号：2025-127），截至目前 公示期已满45天，公司未收到债权人关于清偿债务或者提供相应担保的要求，也未收到任何债权人对本 次回购事项提出的异议。 二、本次限制性股票回购注销情况 （一）2024年激励计划限制性股票回购注销情况 1、2024年激励计划回购注销限制性股票的原因及依据 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。 重要内容提示： ● 回购注销原因：福建海通发展 ...

本次注销股份的有关情况 | 回购股份数量（万股） | 注销股份数量（万股） | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 34.60 | 34.60 | 2026 年 | 1 | 月 23 | 日 | 证券代码：603162 证券简称：海通发展 公告编号：2026-009 福建海通发展股份有限公司 关于部分限制性股票回购注销实施公告 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。 重要内容提示： 回购注销原因：福建海通发展股份有限公司（以下简称"公司"）2025 年 11 月 28 日召开了第四届董事会第三十三次会议，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》，鉴于 2024 年股票期权与限制性 股票激励计划和 2025 年股票期权与限制性股票激励计划部分激励对象因个人原 因离职不再具备激励对象资格，公司拟回购注销相应部分限制性股票，本次共计 回购注销 34.60 万股，其中 2024 年股票期权与限制性股票激励计划预留授予部 分限制性股票 ...

Investment Rating - The report maintains a recommendation for the transportation industry, indicating a positive outlook for specific sectors such as shipping and logistics [2]. Core Insights - The shipping sector is experiencing a significant increase in oil transportation rates due to heightened sanctions from the US and EU against Iran and Venezuela, leading to strong market sentiment among shipowners [6][17]. - The infrastructure sector is advised to focus on individual stock selections, particularly in stable cash flow assets like ports, which are currently undervalued [19]. - The aviation industry is expected to benefit from improved supply-demand dynamics and lower fuel prices in 2026, marking a potential recovery year for profitability [25]. - The express delivery sector is projected to see a gradual improvement in competition and profitability, with a focus on major players like SF Express and Zhongtong Express [21]. Shipping Sector Summary - Oil transportation rates have surged significantly due to geopolitical tensions, with VLCC TD3C-TCE reaching $116,000 per day, a notable increase of 10.8% from the previous week [12][49]. - The dry bulk market is showing signs of seasonal decline, with the BDI index reporting a drop of 7.2% [16][48]. - Recommendations include focusing on oil tanker and dry bulk stocks such as COSCO Shipping Energy and China Merchants Energy [17]. Infrastructure Sector Summary - Weekly data indicates a 17.3% increase in truck traffic volume, while rail freight has seen a 10.3% increase week-on-week [19][18]. - The report suggests investing in highway assets like Anhui Expressway, which are expected to provide stable returns [19]. Express Delivery Sector Summary - The express delivery industry saw a 13.7% year-on-year growth in business volume for 2025, with December showing a slowdown to 2.6% [20][21]. - Major companies are expected to benefit from operational adjustments, with SF Express projected to achieve faster profit growth in 2026 [21]. Aviation Sector Summary - The aviation sector is currently in a transitional phase, with passenger volumes showing a 3.6% year-on-year decline, but a potential recovery is anticipated in 2026 due to improved market conditions [25][22]. - The report emphasizes monitoring the impact of the Spring Festival travel season and geopolitical factors on oil prices [25]. Logistics Sector Summary - The logistics sector is experiencing stable air freight prices, with the TAC Shanghai outbound air freight price index remaining flat week-on-week [26]. - The report highlights the importance of monitoring cross-border transport volumes and short-haul freight rates [26].

Group 1 - The core point of the article is that Haitong Development (603162) has announced a cash dividend distribution plan and other financial activities during its upcoming shareholder meeting [1] Group 2 - As of January 15, 2026, Haitong Development's stock closed at 12.34 yuan, down 2.14% from the previous trading day, with a total market capitalization of 11.454 billion yuan [1] - The company plans to distribute a cash dividend of 0.50 yuan per 10 shares (including tax), totaling approximately 46.39 million yuan [1] - The shareholder meeting will also review other matters, including providing guarantees of up to 590 million USD and 150 million yuan for subsidiaries, applying for a comprehensive credit line of up to 3 billion yuan from financial institutions, and engaging in financing leaseback transactions not exceeding 35 million USD [1]

三、为保证本次股东会的正常秩序，除出席或列席现场会议的福建海通发展 股份有限公司（以下简称"公司"）股东、董事、高级管理人员、公司聘请的律 师及公司董事会认可的人员以外，公司有权依法拒绝其他人士入场。 福建海通发展股份有限公司 2026 年第一次临时股东会 会议资料 二〇二六年一月 目 录 | 2026 | 年第一次临时股东会会议须知 | 1 | | --- | --- | --- | | 2026 | 年第一次临时股东会议程安排 | 3 | | 议案一：《关于 2025 | 年前三季度利润分配预案的议案》 | 5 | | 议案二：《关于预计 | 2026 年度担保额度的议案》 | 7 | | 议案三：《关于 2026 | 年度向金融机构申请综合授信额度的议案》 | 12 | | 议案四：《关于 2026 | 年度开展融资租赁售后回租业务的议案》 | 14 | 福建海通发展股份有限公司 2026 年第一次临时股东会会议须知 为维护股东的合法权益，确保股东会的正常秩序和议事效率，根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）等法律法规和《公司章程》 ...

Group 1 - The company has an asset management department that closely monitors the new shipbuilding market and developments in ship fuel [1] - Various forms of new energy for ships are currently available, but the most suitable fuel path for bulk carriers has not yet been fully determined [1] - Due to the large capital scale involved in new ship prices and ship power transformation, the company will make decisions cautiously and will announce any relevant arrangements in a timely manner [1]

Core Insights - The aviation sector is expected to see profit recovery driven by favorable exchange rates and declining international oil prices, which will alleviate fuel cost pressures for airlines. Structural growth in air travel demand is anticipated due to economic growth, with key recommendations including Southern Airlines, Spring Airlines, and Huaxia Airlines [4][19][22]. - The highway industry in China has entered a mature phase, with future trends expected to include renovation and expansion, mergers and acquisitions, and business diversification. A key recommendation is Zhongyuan Expressway [4][58]. - The shipping industry is transitioning towards green methanol as a mainstream choice for zero-emission energy, with significant growth in renewable methanol projects expected by 2030. Recommended companies include CIMC Enric and COSCO Shipping International [4][89]. - The dry bulk shipping sector is witnessing structural growth due to increased transportation distances for iron ore imports and strong demand for alumina imports. Recommended companies include China Merchants Energy Shipping and Haitong Development [4]. Aviation Sector - The recovery in airline profits is supported by a favorable exchange rate and lower oil prices, with the potential for ticket prices to rise as demand increases [4][22]. - Domestic airlines are facing limited capacity expansion due to engine supply issues, while the demand for air travel is expected to grow structurally [25][31]. - The average fuel price decline is projected to reduce operational costs significantly for airlines, enhancing profitability [24][22]. - The domestic air travel market is expected to grow as the per capita flight frequency in China remains lower than the global average, indicating room for growth [34][35]. Highway Sector - The highway industry is projected to see a slowdown in construction investment, with new regulations potentially extending toll periods for aging highways [4][64]. - The total length of highways in China has surpassed that of the United States, with ongoing investments expected to enhance the network further [63][58]. - The introduction of new toll regulations may provide a framework for sustainable development in the highway sector [67][68]. Shipping Sector - The global shipping industry is increasingly adopting green methanol technology, with a significant number of renewable methanol projects expected to come online by 2030 [4][89]. - The demand for dry bulk shipping is expected to grow due to changes in iron ore import sources and increased distances, presenting opportunities for shipping companies [4].