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 ...

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The battery swapping model is achieving "time-saving, labor-saving, worry-free, and more profitable" results, with Cao Cao Mobility planning to deploy 100,000 Robotaxi vehicles by 2030 [3][13] - EHang Intelligent expects to achieve full-year GAAP profitability in 2026, with order volume, production capacity, and profitability milestones validating the commercialization of eVTOL [3][15] - The U.S. Department of Transportation and FAA have launched an eVTOL integration pilot program, with eight projects selected to commence real operational testing in the summer of 2026 [3][16] - Cathay Pacific has raised fuel surcharges, reflecting the transmission of oil price shocks to ticket prices [3][18] - Shipping traffic through the Strait of Hormuz is nearly stagnant due to escalating U.S.-Iran conflicts, increasing shipping risks and oil prices [3][29] Industry Dynamics Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year [4][31] - The shipping and port sector shows an increase in container shipping rates and dry bulk freight rates, while oil shipping rates have decreased [4][43] - In express logistics, the volume of express deliveries increased by 2.30% year-on-year in December 2025, with revenue up by 0.70% [4] - In aviation, the average daily international flights in the second week of March 2026 were 1,750.29, down 2.92% month-on-month but up 7.12% year-on-year [4] - The number of trucks passing through national highways increased by 40.64% week-on-week from March 2 to March 8 [4] Investment Recommendations - Focus on low-altitude economy and autonomous driving trends, recommending companies like CITIC Heli and Cao Cao Mobility [5] - Monitor opportunities in the shipping sector, particularly in oil, dry bulk, and container shipping, recommending companies like China Merchants Energy and COSCO Shipping [5] - Explore international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Keep an eye on investment opportunities in high-speed rail and highways, recommending Beijing-Shanghai High-Speed Railway [5] - Dynamic monitoring of aviation investment opportunities, recommending China Southern Airlines and China Eastern Airlines [5]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The battery swapping model is expected to enhance efficiency and profitability, with Cao Cao Mobility planning to deploy 100,000 Robotaxi vehicles by 2030 [3][13] - EHang is projected to achieve full-year GAAP profitability in 2026, with significant growth in orders and production validating the commercialization of eVTOL [3][15] - The U.S. Department of Transportation and FAA have initiated an eVTOL integration pilot program, with eight projects set to begin real-world operational testing in summer 2026 [3][16] - Cathay Pacific has raised fuel surcharges due to soaring oil prices, reflecting the impact of geopolitical tensions on ticket pricing [3][18] - Shipping traffic through the Strait of Hormuz has nearly halted due to escalating U.S.-Iran conflicts, increasing shipping risks and oil prices [3][29] Industry Dynamics Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year [4][31] - The shipping and port sector has seen a rise in container shipping rates, while oil shipping rates have declined [4][43] - The express logistics sector reported a 2.30% year-on-year increase in business volume for December 2025 [4][31] - In March 2026, the average daily international flights was 1,750.29, showing a 7.12% year-on-year increase [4][31] - The highway and railway sector reported a 40.64% month-on-month increase in truck traffic from March 2 to March 8 [4][31] Investment Recommendations - Focus on low-altitude economy and autonomous driving sectors for investment opportunities, recommending companies like CITIC Hainan and Cao Cao Mobility [5] - Monitor shipping opportunities in the context of Middle Eastern geopolitical developments, recommending companies such as China Merchants Energy and COSCO Shipping [5] - Explore international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Keep an eye on high-speed rail and highway investment opportunities, recommending companies like Beijing-Shanghai High-Speed Railway [5] - Dynamic monitoring of the airline sector, recommending companies such as Air China and China Southern Airlines [5]

证券代码：603836 证券简称：海程邦达 公告编号：2026-016 海程邦达供应链管理股份有限公司 关于以集中竞价交易方式回购股份比例达到 2%暨回购进展公告 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： | 回购方案首次披露日 | 2025/4/18 | | --- | --- | | 回购方案实施期限 | 年 月 年 月 日 2025 4 17 日~2026 4 16 | | 预计回购金额 | 4,000万元~8,000万元 | | 回购用途 | □减少注册资本 | | | √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 413.41万股 | | 累计已回购股数占总股本比例 | 2.01% | | 累计已回购金额 | 5,700.68万元 | | 实际回购价格区间 | 13.11元/股~15.00元/股 | 一、回购股份的基本情况 份数量为准。具体内容详见公司于 2025 年 4 月 18 日在上海证券交易所网站 （w ...

证券代码：603836 证券简称：海程邦达 公告编号：2026-015 （www.sse.com.cn）披露的《海程邦达供应链管理股份有限公司关于以集中竞价交 易方式回购股份方案的公告》（公告编号：2025-026）。 海程邦达供应链管理股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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： | 回购方案首次披露日 | 2025/4/18 | | --- | --- | | 回购方案实施期限 | 年 月 日~2026 年 月 日 2025 4 17 4 16 | | 预计回购金额 | 4,000万元~8,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 398.33万股 | | 累计已回购股数占总股本比例 | 1.94% | | 累计已回购金额 | 5,483.61万元 | | 实际回购价格区间 | 13.11元/股~15.00元/股 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The military strike by the US against Iran and the closure of the Strait of Hormuz have profound impacts on the global oil transportation market, potentially leading to supply chain disruptions and increased oil transportation costs [3][15] - Tesla's Cybercab, designed for fully autonomous driving, has been launched, marking a significant step towards the original dedicated era of Robotaxi services [3][17] - A strategic partnership between Youjia Innovation, Didi, and Wall Street Technology aims to advance the large-scale deployment of driverless logistics vehicles, filling a market gap for vehicle-grade autonomous logistics [3][32] - The pre-sale ticket prices for economy class flights during the 2026 Spring Festival have shown a year-on-year increase, indicating stable industry performance as demand is released [3][34] - Uber has launched the Uber Air service supported by Joby, integrating ground and air travel booking, which validates the commercial viability of eVTOL [3][41] Industry Dynamics - The Baltic Air Freight Price Index has decreased month-on-month and year-on-year, while domestic air freight flights have seen a decline [4][44] - The shipping and port sector has experienced an increase in domestic shipping rates, while dry bulk freight rates have also risen [4][52] - The express logistics sector reported a 2.30% year-on-year increase in business volume and a 0.70% increase in revenue as of December 2025 [4] - The average number of international flights operated daily in the last week of February 2026 was 1992.86, reflecting a month-on-month increase of 3.73% and a year-on-year increase of 19.22% [4] - The number of trucks passing through national highways decreased by 40.04% from February 9 to February 15 [4] Investment Recommendations - Focus on opportunities in the shipping sector, particularly oil transportation, dry bulk, and container shipping due to geopolitical tensions, with recommendations for China Merchants Energy Shipping and COSCO Shipping [5] - Consider investments in low-altitude economy and autonomous driving sectors, recommending CITIC Offshore Helicopter and monitoring Cao Cao Mobility [5] - Explore investment opportunities in the travel sector driven by increased demand during the Spring Festival, recommending Air China, China Southern Airlines, and China Eastern Airlines [5] - Look into international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Pay attention to investment opportunities in the highway sector, recommending Sichuan Chengyu Expressway and other major expressway companies [5]

Core Viewpoint - The company is utilizing part of its idle raised funds for cash management to enhance fund efficiency and generate returns while ensuring the safety of the funds and not affecting the implementation of fundraising projects [2][5][11]. Group 1: Fund Management and Investment - The company has approved the use of idle raised funds for cash management, with a total investment amount of RMB 13,000 million [5][6]. - The funds are sourced from idle raised funds, specifically for purchasing high-security, liquid principal-protected financial products [6][7]. - Recent cash management activities include the redemption of structured deposits and investment products, yielding a total return of RMB 56.07 million from two investments [3][4]. Group 2: Financial Performance and Impact - As of September 30, 2025, the company's cash balance was RMB 96,305 million, with the cash management investment representing 13.50% of this amount, indicating a manageable impact on the company's financial status [11]. - The cash management strategy is designed to improve the efficiency of raised funds without disrupting the normal operations of the company's main business [11]. Group 3: Risk Management - The company acknowledges potential risks associated with market fluctuations and macroeconomic changes but emphasizes that the selected financial products are of high security and liquidity [2][9]. - Risk control measures include close monitoring of the financial products and the ability to take timely actions if adverse factors are identified [10].

（文章来源：证券日报） 证券日报网讯 2月13日，海程邦达发布公告称，公司使用暂时闲置募集资金13，000万元购买上海浦东 发展银行利多多公司稳利26JG5743期（三层看涨）人民币对公结构性存款，期限60天，预计年化收益 率0.70%或1.82%或2.02%，截至本公告日最近12个月累计尚未到期产品余额20，000万元。 ...

证券代码：603836 证券简称：海程邦达 公告编号：2026-014 一、本次募集资金现金管理到期赎回情况 1、2025 年 11 月 12 日，公司下属全资子公司使用部分闲置募集资金向上海 浦东发展银行股份有限公司青岛分行购买人民币 11,000 万元的利多多公司稳利 99JG0335 期(三层看涨)人民币对公结构性存款，该理财产品已到期赎回，公司收 回本金 11,000 万元，获得理财收益 50.88 万元，本金及收益均已全部划至募集资 金专用账户。 2、2025 年 11 月 21 日，公司下属全资子公司使用部分闲置募集资金向国泰 海通证券股份有限公司购买人民币 2,000 万元的国泰海通证券君跃飞龙伍佰定制 1 投资种类：银行结构性存款 投资金额：人民币 13,000 万元 海程邦达供应链管理股份有限公司 关于使用暂时闲置募集资金进行现金管理到期赎回并继续进行现金 管理的进展公告 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： 已履行及拟履行的审议程序：海程邦达供应链管理股份有限公司（以 下简称"公司 ...

经济观察网海程邦达（603836）近7天股价呈现震荡走势。截至2026年2月12日收盘，股价报14.77元， 当日下跌1.53%，成交额4092.64万元；主力资金净流入64.95万元，游资资金净流入125.79万元，散户资 金净流出137.19万元。近5日股价振幅为8.07%，技术面显示20日压力位在15.11元，支撑位在13.86元， MACD指标处于多头区间，但KDJ指标提示短期超买风险。整体表现强于物流行业平均水平(近5日行业 跌幅0.70%)，但需关注资金流向持续性。 近期事件 以上内容基于公开资料整理，不构成投资建议。 机构观点 当前机构对海程邦达关注度较低，舆情偏中性。根据最新市场观点，该股机构调研频率行业排名靠后 (37/129)，基金持股比例仅0.15%，评级以中性为主。需警惕盈利质量恶化风险，如2025年三季报显示 毛利率降至6.33%，但第三季度归母净利润同比回升44.26%，后续需观察高价值业务突破进展。 2026年2月11日，中国物流与采购联合会发布数据显示，2025年全国社会物流总额达368.2万亿元，同比 增长5.1%，各季度增速保持稳定。其中，工业品物流额增长5.3%，装备制造 ...