Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - The report highlights a slowdown in holiday shipments and a decline in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded [3][14] - Shenzhen has introduced detailed policies to support low-altitude economic development, and international flight routes have resumed during the 2025 National Day and Mid-Autumn Festival holidays [3][16] - China's express delivery volume reached 150 billion packages ahead of schedule, with strategic cooperation agreements signed between YTO Express and Huizhou [3][23] Summary by Sections Industry Hotspot Events - Holiday shipments have slowed, leading to a drop in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded. The China Import Crude Oil Comprehensive Index (CTFI) was reported at 1407.48 points, down 26.2% from September 25 [3][14] - Shenzhen's transportation bureau released measures to support low-altitude economic development, effective from October 9, 2025, to December 31, 2026. During the holiday, civil aviation transported 19.138 million passengers, with an average of 2.392 million passengers per day, a year-on-year increase of 3.2% [3][16][18] - As of October 11, 2025, China's express delivery volume surpassed 150 billion packages, achieving this goal 37 days ahead of schedule compared to 2024. A strategic cooperation agreement was signed between the Huizhou government and YTO Express [3][23][24] Industry High-Frequency Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was reported at 4621.00 points, down 5.3% year-on-year but up 1.3% month-on-month [28] - In September 2025, domestic cargo flights increased by 3.05% year-on-year, while international flights rose by 15.86% year-on-year [33] - The SCFI index for container shipping was reported at 1160.42 points, up 4.12% week-on-week but down 43.74% year-on-year [40] Investment Recommendations - The report suggests focusing on the equipment and manufacturing industrial product export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - It also highlights investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [4] - The report advises attention to the road and rail sector, recommending companies like Gansu Expressway, Beijing-Shanghai High-Speed Railway, and Anhui Expressway [4][5]

证券研究报告 | 2025年10月14日 交通运输行业 10 月投资策略 优于大市 快递"反内卷"有望带来业绩修复，中美互征港口费有望带动航运运价上行 航运：近期，由于美国 301 港口征费措施将于 10 月 14 日实施，交通运输部 宣布中国自 10 月 14 日起对美国船舶实施特别港务费反制措施，中美互相加 征港口费的影响在于，1）预计超过四成的航运运力都会受到美国征收港口 费的影响，而受中国征收港口费影响的运力占比会明显更低，其中中国船企 是这次措施中受影响最大的；2）不同船型受影响程度不同，集运板块影响 或最小，油运和干散货板块影响更大；3）中美互征港口非对运价整体影响 有限，但短期政策实施初期的混乱，可能导致运价有所波动，集运方面，主 要因为包括中远海运在内的多家集运船东已承诺不上调运价，以维持市场竞 争力，集运船东将通过船期调配消化或者自己承担增加的成本，油运和干散 货方面，市场会有自我调节效果，无法承受成本的船舶可能退出美国航线， 再由其他船舶填补运力。油运方面，10 月初，由于远东假期期间成交有限， 原油运价表现平平，而随着 10 月 9 日美国 OFAC 新一轮制裁落地，以及 10 月 10 ...

"这也意味着我们在推动'一条鱼'产业数字化转型上迈出关键一步，自3月至今，入驻的11家企业已完成超1800场直播，预计全年营收将突破千 万元。"舟山国家远洋渔业基地科技发展有限公司副总经理陈阳说，基地将继续以电商为抓手，推动平台经济与产业发展融合，进一步适应电 商新赛道的要求，致力打造产供销融合发展的综合性电商产业园。（来源：定海区委宣传部） 电商企业进行直播（定海区委宣传部供图） 据了解，该电商产业园与物流企业顺丰速运的深度合作，构建了"电商包裹+大件冷运+物流溯源"的一体化运营模式，为舟山海鲜"鲜达天下"提 供了坚实保障。"主要是为了破解水产品电商'保鲜难、配送贵'的痛点难题。"顺丰速运浙中区冷运负责人王传旭说，入驻基地后实现了仓配一 体，直播订单可当天极速发运，截单时间更是从下午5点延至晚上9点。未来还将增仓扩容，并规划直发上海线路，持续提升时效与品质保障。 近日，在舟山国家远洋渔业基地，舟山国家远洋渔业基地电商开渔节启动暨电商产业园（顺丰冷链物流园）正式开园，这标志着"渔业+电商 +冷链"新时代的正式启航，这里也将成为远洋渔业+电商产业融合新坐标。 ...

Core Insights - The article highlights the trend of net inflows of main funds into specific stocks, with a total of 80 stocks experiencing net inflows for five consecutive days or more as of October 13 [1] Group 1: Key Stocks with Continuous Net Inflows - Han's Laser (寒武纪-U) leads with 33 consecutive days of net inflows, totaling 4.475 billion yuan, with a price increase of 35.13% [1] - Agricultural Bank (农业银行) follows with 7 days of net inflows amounting to 1.625 billion yuan and a price increase of 5.18% [1] - ZhenDe Medical (振德医疗) has 11 days of net inflows totaling 468 million yuan, with a significant price increase of 49.98% [1] Group 2: Notable Stocks by Net Inflow Proportions - *ST Dongyi (维权) has the highest proportion of net inflows relative to trading volume, with a recent price increase of 27.66% [1] - Other notable stocks include Huaneng Power (国电南自) with a net inflow of 384 million yuan and a price increase of 23.81% over 6 days [1] - The stock of Oriental Cable (东方电缆) recorded a net inflow of 366 million yuan with a price increase of 16.44% over 8 days [1]

Core Viewpoint - SF Holding conducted a block trade on October 13, with a transaction volume of 17.4886 million shares and a transaction value of 717 million yuan, at a price of 41.00 yuan per share [2] Trading Activity - The block trade was executed by the Shanghai Lujiazui East Road Securities Branch of China Merchants Securities for both the buyer and seller [2] - In the last three months, SF Holding has recorded a total of 9 block trades, amounting to a cumulative transaction value of 809 million yuan [2] Stock Performance - The closing price of SF Holding on the day of the block trade was 41.00 yuan, reflecting a decrease of 0.41% [2] - The daily turnover rate was 0.79%, with a total trading volume of 1.548 billion yuan and a net inflow of main funds amounting to 8.4955 million yuan [2] - Over the past five days, the stock has increased by 2.32%, with a total net inflow of funds reaching 177 million yuan [2] Margin Trading Data - The latest margin financing balance for SF Holding is 3.318 billion yuan, showing a decrease of 26.5672 million yuan over the past five days, which is a decline of 0.79% [2]

机构专用席位买入额排名：中微公司(3.54亿元)、天山铝业(1.27亿元)、金力永磁(7222.25万元)、灿芯股 份(7068万元)、盐湖股份(5942.21万元)、晋控电力(5920.88万元)、晶科能源(5650万元)、锦龙股份 (5319.86万元)、湖南白银(4888万元)、云天励飞-U(4743.6万元)、利民股份(1765.87万元)、超图软件 (1425.06万元)、宁德时代(1168.46万元)、藏格矿业(1130.23万元)、融发核电(892万元)、国盛智科(800.12 万元)、创业慧康(776.1万元)、概伦电子(734.16万元)、北京君正(356.92万元)、康泰医学(308.2万元)、国 轩高科(257.4万元)、天孚通信(235.32万元)、海得控制(205.95万元)、浪潮信息(202.28万元)。 Wind数据显示，今日(10月13日)A股共78只个股发生大宗交易，总成交29.25亿元，其中顺丰控股、中微 公司、光启技术成交额居前，成交额依次为7.17亿元、3.57亿元、2.99亿元。 成交价方面，共20只股票平价成交，7只股票溢价成交，51只股票折价成交；美的集团、北方股 ...

Core Insights - SF Holding (002352) executed a block trade of 717 million yuan at a price of 41 yuan per share, with both the buyer and seller being the Shanghai Lujiazui East Road branch of China Merchants Securities [1] Company Summary - The block trade involved a significant transaction amounting to 717 million yuan, indicating active trading interest in SF Holding [1] - The transaction price of 41 yuan per share reflects the current market valuation and investor sentiment towards SF Holding [1]

2025年10月13日 星期一 强产业、抓培训、优服务,湖北多措并举促就业 今年我国快递业务量已突破一千五百亿件 "小包裹"何以"加速跑" 产业带着就业走 雄伏 con 取得发生 小 小 小 中 小 中 活力中国 日節,本报记变到朋业务被妥访。 量 在外可以在法的身都 产业圆区,一瓶瓶汽水打包发往全日 一直好水"成为致富西水 适企业人驻,带台 的业品最重大在国出 儿·本語万3 臨海地 新技 6万人本国家门口鼓少,关门市邮 《城南省民社区式在四日 只要肯干、技术好,收入就有保障, 能厨房,"张明设 放假景分辨的才能 也是说 h科技有限公司位于武 朋步看制图(光谷)示应因内的公,该是; 明实验外包企业,现在致力于生物仪器和 量示"""""近一 视剧四岩名著名大偷,就没大懂女儿 的 分類是因此因為在出現向發行情報化 新兴企业254家,管动250 的海外,就在城国家中国,比图院家 大庆台 餐饮出创新模, 酒店家庭 培训围着就业转 如梦,张健虚熟照的脸上用静意信 会秋时节,在自家参院穆里采编、分 随日市建县万福店农场玉景庙村村 蓝牙,除书法家德格格斯培 宜德诗 田金春规进零注通过位 高保密町 踏冲怎么选、温湿度怎么样、 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Views - The shipping and shipbuilding industry is poised for historical opportunities due to China's countermeasures against the U.S. shipping fees, which may lead to non-linear price increases in the short term and a reduction in available vessels in the medium term [19][20] - The report highlights the potential for a surge in shipbuilding orders if U.S. investments in Chinese shipbuilding are exempted from tariffs, and the implications of U.S.-China negotiations on the industry [19][20] Summary by Sections 1. Industry Market Performance - The transportation index increased by 1.09%, outperforming the CSI 300 index by 1.60 percentage points, with the road freight sector showing the highest increase of 3.04% [4][5] - Shipping data indicates that the coastal dry bulk freight index in China remained stable, while the Shanghai export container freight index rose by 4.12% [4][5] 2. Sub-industry Weekly Insights - The shipping and shipbuilding sector is expected to benefit from China's recent regulatory changes, which impose special port fees on U.S. vessels, potentially leading to increased operational costs for U.S. shipping companies [20][21] - The report identifies key companies to watch, including China Shipping and China State Shipbuilding, as they may benefit from these developments [19] 3. High Dividend Stocks in Transportation - The report lists high dividend stocks in the transportation sector, including China Shipping (603167.SH) with a projected dividend yield of 10.92% and Daqin Railway (601006.SH) with a yield of 3.75% [17] - The report emphasizes the importance of dividend yields as a factor for investment decisions in the transportation sector [17] 4. ETF Size Changes - The report provides data on the changes in the size of various ETFs related to the transportation sector, indicating a general trend of growth in assets under management [13][14] 5. Potential Investment Opportunities - The report suggests that the shipping sector, particularly oil tankers and dry bulk carriers, may present significant investment opportunities due to the ongoing geopolitical tensions and regulatory changes [19][20] - Companies such as China Shipping and China State Shipbuilding are highlighted as potential beneficiaries of these market dynamics [19]

Core Insights - SF Airlines has officially launched the "Ezhou-Chicago" international cargo route, enhancing its North American network to cover major cities including New York, Los Angeles, and Chicago [1][6] - The new route will operate weekly, providing approximately 220 tons of air cargo capacity for shipments including international express, e-commerce packages, and general cargo [3][6] - The stable operation of this route is expected to boost regional hub vitality and improve logistics connectivity between China and the U.S., facilitating international industrial integration and economic cooperation [6] Company Developments - SF Airlines has expanded its North American route network, having previously opened routes to cities such as Los Angeles, New York, Miami, and Halifax [6] - The airline's fleet now consists of 90 cargo aircraft, with a network that covers domestic routes and extends to Asia, Europe, and North America [6] - The company aims to enhance its international supply chain service capabilities and provide superior logistics support for global customers, contributing to the dual circulation development pattern in China [6]