证 券 研 究 报 告 交通运输行业周报（20260202-20260208） 聚焦：春运火热开启；千问"春节 30 亿免单"，即 推荐（维持） 时零售竞争再加码 ❑ 一、聚焦：春运火热开启；千问"春节 30 亿免单"，即时零售竞争再加码 1、2 月 2 日，马年春运火热开启。春运第 1-5 天，民航客运量均值 231.3 万人 次，同比+5.5%，铁路客运量均值 1179.2 万人次，同比-0.7%。近 7 日民航国 内旅客量同比+6.2%，客座率同比+1.7%；民航跨境旅客量同比+6.0%，客座率 同比+1.9%；民航国内全票价（含油）同比+5.1%，跨境全票价同比-2.0%。 投资建议：继续推荐航空板块机会：1）供给"硬核"约束：预计我国飞机引 进或呈现中期低增速，未来 3 年飞机复合增速 3%左右。2）需求：航空或为内 需方向优选领域，国际线继续恢复+服务消费拉动国内出行需求，预计旅客人 数增长达到 5%左右。3）高客座率下的高价格弹性或一触即发。重点推荐：看 好中国国航、南方航空、中国东航三大航弹性释放；继续看好国内支线市场龙 头华夏航空，迎来可持续经营拐点；看好低成本航空龙头春秋航空，凭借低成 本 ...

（记者 曾健辉） 每经AI快讯，招商港口2月6日晚间发布公告称，公司第十一届2026年度第一次董事会临时会议于2026 年2月6日采取通讯方式召开。会议审议了《关于2026年度投资计划的议案》等文件。 每经头条（nbdtoutiao）——基金经理个人炒股合法吗？我们调查了多家头部公募，答案出人意料 ...

招商局港口集团股份有限公司（以下简称"本公司"）于 2026 年 1 月 30 日 以电子邮件和专人送达的方式发出第十一届董事会 2026 年度第一次临时会议的 书面通知。 （二）董事会会议的时间、地点和方式 会议于 2026 年 2 月 6 日召开，采取通讯方式进行并做出决议。 （三）董事会会议出席情况 证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2026-002 招商局港口集团股份有限公司 第十一届董事会 2026 年度第一次临时会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述 或重大遗漏。 一、董事会会议召开情况 （一）董事会会议通知的时间和方式 会议以 10 票同意、0 票反对、0 票弃权、2 票回避审议通过《关于经理层成 员 2024 年度薪酬兑现方案的议案》。该议案已经本公司第十一届董事会提名、 薪酬与考核委员会 2026 年度第一次会议审议通过。董事徐颂兼任本公司首席执 1 行官（CEO）职务，董事陆永新兼任本公司首席运营官（COO）、总经理职务，审 议该议案时已回避表决。 三、备查文件 会议应参加董事 12 名，共有 ...

证券日报网讯 2月4日，招商港口在互动平台回答投资者提问时表示，公司所有正式、完整的分部财务 数据均以公司发布的定期报告为准。 （文章来源：证券日报） ...

Investment Rating - The report maintains a "Buy" recommendation for the shipping industry, highlighting the upward potential in both oil and dry bulk markets [7]. Core Insights - Geopolitical tensions, particularly between the US and Iran, have led to an increase in VLCC freight rates, with the Clarksons VLCC-TCE index rising to $116,000, a week-on-week increase of 17% [10][11]. - The BDI index has shown resilience during the off-season, closing at 2148 points, up 21.9% week-on-week, with significant increases in various vessel types [23][24]. Summary by Sections Oil Shipping - The ongoing tensions in the Middle East have resulted in a significant rise in VLCC freight rates, particularly on the Middle East to China route, which saw a 27% increase to $127,000 per day [10][11]. - The market fundamentals are weakening, with a slowdown in cargo availability and a lack of new cargo in the US Gulf market, leading to a decline in overall market activity [10][11]. Dry Bulk Shipping - The BDI index has shown a remarkable performance during the off-season, with a year-on-year increase of 89% in January, averaging 1759 points [24]. - The strong performance of the BCI index, which increased by 121% year-on-year, is attributed to supply constraints and steady demand from Brazil and West Africa [24]. Investment Recommendations - The report emphasizes the potential for upward trends in both oil and dry bulk markets, recommending companies such as China Merchants Energy Shipping and COSCO Shipping Energy [27]. - For dry bulk, the report suggests companies like Haitong Development and Pacific Shipping, citing favorable supply and demand dynamics [28]. Industry Data Tracking - Recent data shows a year-on-year increase of 8.3% in domestic air passenger volume, with average ticket prices rising by 4.3% [29]. - The SCFI index has decreased by 10% week-on-week, indicating a decline in container shipping rates [50].

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - Geopolitical factors are driving up VLCC freight rates, with the Clarksons VLCC-TCE index rising to $116,000 per day, a week-on-week increase of 17%. The Middle East to China route is reported at $127,000 per day, up 27% week-on-week [1][10]. - The BDI index is showing resilience during the off-season, closing at 2148 points, a week-on-week increase of 21.9%. The average BDI for January is reported at 1759 points, a year-on-year increase of 89% [2][23][24]. Summary by Sections Oil Transportation - The ongoing tensions between the US and Iran have led to an increase in VLCC freight rates, with the market showing signs of weakness as the supply of cargo from the Middle East is tapering off [1][10]. - The Brent crude oil futures price has risen to $69.83 per barrel, a 9.6% increase since January 22, driven by concerns over potential disruptions in Middle Eastern oil supply [2][11]. Dry Bulk Transportation - The BDI index has shown strong performance despite seasonal trends, with significant increases in various sub-indices: BCI up 35.8%, BPI up 8.1%, BSI up 4.0%, and BHSI up 3.0% week-on-week [2][23]. - The report highlights that the supply side is constrained due to recent storms affecting shipping schedules, while demand remains robust due to favorable weather conditions for iron ore exports from Brazil [3][24]. Investment Recommendations - The report suggests a positive outlook for both oil and dry bulk markets, recommending companies such as China Merchants Energy and COSCO Shipping for oil transportation, and Haitong Development and Pacific Shipping for dry bulk [7][28]. - The report emphasizes the importance of performance elasticity and dividend value in the transportation sector, particularly in aviation and shipping [7][62].

Investment Rating - The report maintains a "Recommend" rating for the transportation sector, emphasizing the value of transportation assets [1]. Core Insights - The port container sector shows relatively good market conditions, with only the port segment outperforming the CSI 300 and transportation indices [4][10]. - The overall performance of transportation assets is average, with highway and railway sectors underperforming [10][11]. - The report highlights a low interest rate environment, which is conducive to capital operations and market activity [20][21]. Monthly Market Performance - In January 2026, the performance of transportation assets was generally average, with only the port sector showing positive growth [4][8]. - The cumulative performance from January 1 to January 27, 2026, showed highways down by 1.50%, railways down by 3.14%, and ports up by 2.96% [10][11]. - The average daily transaction volume for ports increased significantly, while highway transaction volumes decreased [22]. Industry Data - Highway passenger traffic in November 2025 was 961 million, down 2.4% year-on-year, while freight traffic increased by 3.6% [33]. - Railway passenger volume in December 2025 was 323 million, up 8.5% year-on-year, while freight volume decreased by 2.6% [51]. - Port cargo throughput for the four weeks from December 29, 2025, to January 25, 2026, was 1.036 billion tons, up 4.3% year-on-year [60]. Investment Recommendations - The report identifies high-dividend quality stocks in the transportation sector, recommending companies like Sichuan Chengyu and Daqin Railway for their stable growth and high dividend yields [4][19]. - It emphasizes the importance of capital operations and strategic investments in the highway and port sectors to enhance overall performance [29][30].

（原标题：驻圣保罗总领事余鹏访问巴拉那州） 2026年1月26日，驻圣保罗总领事余鹏访问巴拉那州，会见州议长库里，并率领中资企业与州政府工贸厅厅长里贝洛 座谈，白春晖参赞陪同。 图片1.png 库里欢迎余总领事到访，回顾巴拉纳瓜港等双方重要合作成果，表示钦佩中国发展成就，愿持续优化营商环境， 不断深化对华友好合作。余总领事积极评价中国和巴拉那州友好交往成果，期待进一步拓展双方在地方交往、经贸合 作、文化交流等领域合作，推动双方互利合作结出更多硕果。 座谈会上，余总带领招商港口、中建材、吉利、中控等企业代表与巴方就加强项目信息宣介、财税优惠政策落地 等议题进行交流。 图片2.png 巴拉那州位于巴西南部，人口约1189万，是巴西经济第四大州、禽肉出口第一大州和粮食产量第二大州。 ...

董秘： 尊敬的投资者，您好！码头与船公司的装卸费率谈判一般是一年一议。装卸费率受航运市场走 势、区域港口竞争、航司联盟变化等多方面因素影响，且不同区域港口收费水平存在差异。公司旗下海 外主控码头收费以美元计价或美元结算为主，其装卸费率调整会考虑所在国的通胀水平。公司作为全球 港口运营商，将加强市场研判，根据国内及海外各码头的运营情况，灵活制定商务策略，争取合理的收 费水平，推动公司旗下码头持续健康发展，谢谢！ 本公司选定的信息披露媒体为《证券时报》《中国 证券报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn），公司所有信息均以在上述指定媒体刊 登的为准，敬请广大投资者注意投资风险。 当日关注点 来自交易信息汇总：1月26日主力资金净流出86.73万元，游资资金同步净流出，散户资金则呈现 净流入态势。 截至2026年1月26日收盘，招商港口(001872)报收于19.54元，上涨0.83%，换手率0.12%，成交量2.84万 手，成交额5521.99万元。 董秘最新回复 投资者： 您好领导，请问国内2026年装卸费率上调了吗？公司国外港口收入是美元，还是当地货币， 也是每年调高装卸等费用来应对 ...

Core Viewpoint - The 2025 China Enterprise ESG "Golden Responsibility Award" aims to recognize companies and institutions that have made significant contributions to ESG initiatives in China, reflecting a shift from voluntary practices to compliance requirements in ESG performance [1][12]. Group 1: ESG Development and Awards Overview - By 2025, China's ESG development has transitioned from "setting standards" to "strengthening regulations," with a comprehensive disclosure standard system being established [1][12]. - The award selection attracted over 5,000 companies, with results based on ESG performance, online voting, and professional evaluations [2][12]. Group 2: Award Categories and Winners - The award categories include Excellent Environmental Responsibility Award, Excellent Social Responsibility Award, Excellent Corporate Governance Responsibility Award, Excellent Responsibility Initiative Award, Excellent Sustainable Development Award, and various responsibility investment awards [1][12]. - Notable winners of the Excellent Environmental Responsibility Award include Great Wall Motors, Hikvision, and China Petroleum [7][24]. - The Excellent Social Responsibility Award was awarded to companies such as YF Communication, ZTE, and Ningde Times [7][24]. - Winners of the Excellent Corporate Governance Responsibility Award include China Petroleum, Hikvision, and WuXi AppTec [7][24]. - The Excellent Responsibility Initiative Award was given to companies like ZTE, Sunlight Power, and Industrial and Commercial Bank of China [7][24]. - The Excellent Sustainable Development Award included companies such as WanHua Chemical, China Bank, and China Petroleum [7][24]. Group 3: Responsibility Investment Awards - The Responsibility Investment Excellent Bank Award was given to institutions like CITIC Bank and Minsheng Bank [5][21]. - The Responsibility Investment Excellent Securities Company Award included firms such as Shenwan Hongyuan and CITIC Securities [5][22]. - The Responsibility Investment Excellent Insurance Company Award recognized companies like New China Life and AIA [5][26]. - The Responsibility Investment Excellent Fund Company Award included firms such as Xinhua Fund and Harvest Fund [5][27]. - The Responsibility Investment Excellent Asset Management Institution Award recognized institutions like Ping An Asset Management and Sunshine Asset Management [5][28]. Group 4: Call to Action and Future Directions - The award committee encourages more Chinese enterprises to integrate ESG principles into their operations and strategic planning, emphasizing the importance of balancing commercial and social values [10][29].