证券之星消息，1月29日物流板块较上一交易日上涨0.68%，天顺股份领涨。当日上证指数报收于 4157.98，上涨0.16%。深证成指报收于14300.08，下跌0.3%。物流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) | | | --- | --- | --- | --- | --- | --- | --- | | 002800 | 天顺股份 | 16.68 | 3.86% | 9.08万 | | 1.50亿 | | 600153 | 建发股份 | 9.65 | 3.21% | 48.25万 | | 4.62 Z | | 002492 | 恒基达鑫 | 9.13 | 2.82% | 26.31万 | | 2.42亿 | | 603713 | 密尔克卫 | 63.79 | 2.62% | - 3.60万 | | 2.30亿 | | 603871 | 嘉友国际 | 13.81 | 2.07% | 9.96万 | | 1.37亿 | | 600057 | 厦门象屿 | 8.36 | 1.95% | 22.27万 | | 1.86亿 | | 600180 | ...

交通运输行业周报 20260126 即时零售再起势，重视顺丰同城布局机会；航空量价环比回升预热春运 glmszqdatemark 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | | | 603871.SH | 嘉友国际 | 13.84 | 0.89 | 1.02 | 1.19 | 16 | 14 | 12 | 推荐 | | 601156.SH | 东航物流 | 19.09 | 1.99 | 2.13 | 2.38 | 10 | 9 | 8 | 推荐 | | 002352.SZ | 顺丰控股 | 39.15 | 2.17 | 2.43 | 2.78 | 18 | 16 | 14 | 推荐 | | 600115.SH | 中国东航 | 5.88 | 0.04 | 0.16 | 0.23 | 149 ...

交通运输行业周报 20260126 即时零售再起势，重视顺丰同城布局机会；航空量价环比回升预热春运 glmszqdatemark 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | | | 603871.SH | 嘉友国际 | 13.84 | 0.89 | 1.02 | 1.19 | 16 | 14 | 12 | 推荐 | | 601156.SH | 东航物流 | 19.09 | 1.99 | 2.13 | 2.38 | 10 | 9 | 8 | 推荐 | | 002352.SZ | 顺丰控股 | 39.15 | 2.17 | 2.43 | 2.78 | 18 | 16 | 14 | 推荐 | | 600115.SH | 中国东航 | 5.88 | 0.04 | 0.16 | 0.23 | 149 ...

交通运输 2026 年 01 月 26 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 范晨轩 A0230525070003 fancx@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 联系人 范晨轩 A0230525070003 fancx@swsresearch.com 快递航运持仓下降，航空持仓上行 看好 ——2025Q4 交运行业基金重仓分析 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 行 业 及 ⚫ 航空运输、港口、跨境物流、高速公路持仓市值大幅提升，快递、航运持仓有所下降。 Q4 航运、港口、跨境物流及高速公路板块公募持仓市值环比 Q3 有较大增长，快递、 航运持仓环比有所下降。 ⚫ 2025Q4 交运行业基金配置总市值达到 215 亿元，环比增长 19%，配置总市值在申万 31 个行业中排名第 16 名，环比 Q3 上升 1 名。交运行业基金持仓占全部基金 ...

Core Viewpoint - The logistics sector experienced a decline of 0.42% on January 21, with Jiayou International leading the drop, while the Shanghai Composite Index rose by 0.08% and the Shenzhen Component Index increased by 0.7% [1] Group 1: Market Performance - The logistics sector's individual stock performance showed significant variations, with Jushen Co. rising by 10.03% to close at 20.19, while Jiayou International fell by 2.62% to 14.12 [1][2] - The trading volume for Jushen Co. was 177,500 shares, resulting in a transaction value of 352 million yuan [1] - The overall net capital flow in the logistics sector indicated a net outflow of 62.58 million yuan from institutional investors, while retail investors saw a net inflow of 34.05 million yuan [2][3] Group 2: Individual Stock Analysis - Jushen Co. had a net inflow of 56.31 million yuan from institutional investors, representing 15.98% of its trading volume, while retail investors had a net outflow of 1.35 million yuan [3] - Shunfeng Holdings experienced a net inflow of 32.22 million yuan from institutional investors, but a net outflow of 33.46 million yuan from retail investors [3] - Xiamen Xiangyu saw a net inflow of 10.79 million yuan from retail investors, despite a net outflow from institutional investors [3]

Market Overview - The logistics sector increased by 1.05% on January 15, with Debon Holdings leading the gains [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Individual Stock Performance - Debon Holdings (603056) closed at 16.98, up 9.97% with a trading volume of 15,200 [1] - Jiayou International (603871) closed at 14.42, up 3.30% with a trading volume of 185,000 [1] - Tiens Holdings (002800) closed at 17.31, up 3.22% with a trading volume of 113,900 [1] - YTO Express (600233) closed at 17.05, up 2.59% with a trading volume of 335,000 [1] - SF Holding (002352) closed at 39.19, up 1.66% with a trading volume of 474,100 [1] Capital Flow Analysis - The logistics sector saw a net inflow of 174 million yuan from institutional investors, while retail investors experienced a net outflow of 80.49 million yuan [2] - Major stocks like SF Holding had a net inflow of 164 million yuan from institutional investors, indicating strong institutional interest [3] - Debon Holdings had a significant institutional net inflow of 15.11 million yuan, representing 58.69% of its trading volume [3]

Group 1 - The core viewpoint of the news is that 嘉友国际 (Jiayou International) has seen a stock price increase of 5.52%, reaching 14.73 CNY per share, with a trading volume of 176 million CNY and a turnover rate of 0.89%, resulting in a total market capitalization of 20.151 billion CNY [1] - 嘉友国际 is engaged in cross-border multimodal transport, bulk mineral product logistics, intelligent warehousing, and supply chain trade services, with the revenue composition being 62.06% from supply chain trade services, 29.83% from cross-border multimodal transport, 7.57% from land port project services, 0.53% from PPP project contracts, and 0.02% from other services [1] Group 2 - 嘉实基金 (Jia Shi Fund) has a significant holding in 嘉友国际, with 嘉实物流产业股票A (Jia Shi Logistics Industry Stock A, 003298) holding 1.9933 million shares, accounting for 4.09% of the fund's net value, making it the eighth largest holding [2] - 嘉实物流产业股票A has a current scale of 288 million CNY, with a year-to-date loss of 0.65% and a one-year return of 16.99%, ranking 3554 out of 4208 in its category [2] Group 3 - The fund manager of 嘉实物流产业股票A is 肖觅 (Xiao Mi), who has been in the position for 9 years and 20 days, managing assets totaling 5.345 billion CNY, with the best fund return during his tenure being 165.7% and the worst being -41.69% [3]

Investment Rating - The report maintains an "Overweight" rating for the transportation industry, indicating a positive outlook for the sector's performance relative to the overall market [12]. Core Insights - The shipping market is expected to see significant growth in Q4 2025, driven by strong VLCC freight rates and structural changes in trade dynamics, including new refinery capacities and geopolitical shifts [4]. - The aviation sector is projected to enter a golden era, with passenger transport expected to reach 770 million in 2025, marking a 5.5% increase from 2024 and a 16.7% increase from 2019 [4]. - The report highlights a shift in the shipping industry from supply-driven to demand-driven dynamics, particularly in shipbuilding, as older vessels are replaced [4]. - The logistics and freight forwarding sectors are facing challenges due to trade tensions, impacting profit margins and demand [4]. Summary by Sections Shipping - Q4 2025 VLCC freight rates are expected to average around $95,500 per day, with a projected demand increase of 1.7% from new refinery capacities and a 2.1% increase from compliance changes in Venezuelan oil [4]. - The dry bulk market is also showing strong performance, with Cape-sized vessel rates expected to rise by 20% to $27,600 per day [4]. - The report estimates that COSCO Shipping Energy's Q4 earnings will be approximately 1.9 billion RMB, while China Merchants Energy's will be around 2.9 billion RMB [4]. Shipbuilding - The shipbuilding sector is experiencing a tight supply-demand balance, with second-hand ship prices rising for 11 consecutive months, indicating a positive outlook for the industry [4]. Freight Forwarding - The freight forwarding sector is facing profit margin compression due to trade frictions, with the CCFI index expected to decline by 26% in Q4 2025 [4]. Aviation - The Chinese aviation market is expected to achieve a profit of 6.5 billion RMB in 2025, with major airlines like China Eastern Airlines anticipated to see significant performance improvements [4]. - The report emphasizes the importance of international routes as passenger volumes are expected to grow, driven by a recovery in outbound travel [4]. Express Delivery - The express delivery sector is projected to see a 5% year-on-year growth in Q4, driven by price increases and seasonal demand, despite challenges from trade policies [4]. Road and Rail - The report notes a slowdown in highway traffic growth, while rail passenger and freight volumes continue to increase, with recommendations for specific companies in the sector [4].

嘉友国际物流股份有限公司 关于变更签字注册会计师的公告 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。 证券代码：603871 证券简称：嘉友国际 公告编号：2025-057 2、独立性和诚信记录 陈逢银不存在违反《中国注册会计师职业道德守则》有关独立性要求的情形， 最近三年均未受到刑事处罚、行政处罚、行政监管措施和自律处分，无不良诚信 记录。 三、对公司的影响 嘉友国际物流股份有限公司（简称"公司"）于 2025 年 4 月 24 日召开第三 届监事会第二十四次会议、第三届董事会第三十三次会议，2025 年 5 月 22 日召 开 2024 年年度股东会，审议通过了《关于续聘 2025 年度审计机构的议案》，同 意公司续聘立信会计师事务所（特殊普通合伙）（简称"立信"）担任公司 2025 年度财务报告和内部控制的审计机构，具体内容详见公司在指定的信息披露媒体 及上海证券交易所网站（http://www.sse.com.cn）披露的《嘉友国际物流股份 有限公司续聘会计师事务所公告》（公告编号：2025-014）及《嘉友国际物流 ...

Market Overview - The logistics sector increased by 0.16% on December 26, with Pulutong leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Top Gainers in Logistics Sector - Pulutong (002769) closed at 12.32, up 10.00% with a trading volume of 624,300 shares and a transaction value of 750 million [1] - Xiamen Guomao (600755) closed at 8.72, up 9.96% with a trading volume of 4,011,100 shares [1] - Other notable gainers include Jiayou International (603871) at 13.93, up 2.73%, and Xiamen Xiangyu (600057) at 8.86, up 2.31% [1] Top Losers in Logistics Sector - Tiensheng Co. (002800) closed at 15.58, down 4.65% with a trading volume of 203,800 shares [2] - New Ning Logistics (300013) closed at 4.11, down 2.61% with a trading volume of 497,200 shares [2] - Other significant decliners include Dongfang Jiasheng (002889) at 16.16, down 2.18%, and Longzhou Co. (002682) at 8.90, down 2.09% [2] Capital Flow in Logistics Sector - The logistics sector saw a net inflow of 43.62 million in main funds, while retail funds experienced a net outflow of 190 million [2] - Retail investors contributed a net inflow of 146 million [2] Individual Stock Capital Flow - Xiamen Guomao (600755) had a main fund net inflow of 184 million, while Pulutong (002769) saw a net inflow of 132 million [3] - Huamao Logistics (603128) recorded a net inflow of 27.51 million from main funds [3] - Other stocks like Jiayou International (603871) and Hongchuan Wisdom (002930) also experienced varying levels of net inflow and outflow from different investor categories [3]