Investment Rating - The report rates the transportation industry as "Outperforming the Market" [1] Core Insights - HMM reported significant growth in Q1 2025, with revenue reaching 28,547 billion KRW (approximately 2.05 billion USD), a year-on-year increase of 23%. Operating profit and net profit grew by 51% and 52% respectively, with an operating margin rising from 17.5% to 21.5% [2][12] - The China National Airlines saw an 8.6% year-on-year increase in passenger turnover in April, with a total of 5.26 million international and regional passengers at Beijing Capital Airport in the first four months [2][14] - JD Logistics reported total revenue of approximately 47 billion CNY in Q1 2025, with a year-on-year growth of 11.5%, while the express delivery business volume in the first four months grew by 20.9% [2][19] Summary by Sections 1. Industry Hot Events - HMM's Q1 2025 report shows a substantial increase in revenue and profits, attributed to the US-China tariff agreement leading to a significant rise in shipping rates [12][13] - China National Airlines experienced an 8.6% increase in passenger turnover in April, with a notable rise in international travel [14][15] - JD Logistics achieved a revenue of 47 billion CNY in Q1 2025, with a strong growth in express delivery volume [19][20] 2. Industry High-Frequency Data Tracking - The air cargo market remains stable, with a slight decrease in domestic cargo flights and an increase in international flights [24][30] - The shipping market shows a mixed trend, with a rise in container shipping rates and a decrease in domestic shipping rates [34][39] - The express delivery sector reported a 19.1% year-on-year increase in business volume for April 2025 [47] 3. Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - It highlights investment opportunities in the low-altitude economy and the cruise and ferry sectors, recommending companies like Bohai Ferry and Haixia Shares [4] - The report also emphasizes opportunities in the e-commerce express delivery market, recommending SF Express, Jitu Express, and Yunda Shares [4]

泰禾股份(301665.SZ)：拟不超1.5亿美元在埃及建设农药及功能化学品项目 【项目投资】 | | | 5月19日重要公告精选 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 热点进踪 | 百利电气 | 2024年度相关业务收入占公司整体收入比重不是1% | | 项目投资 | 泰禾股份 | 拟不超1.5亿美元在埃及建设农药及功能化学品项目 | | 中标合同 | 华康洁净 | 预中标四川大学华西医院第二住院楼10层装修、诊疗环境装修项目 | | 业绩披露 | 圆通速递 | 4月快递产品收入57.55亿元,同比增长16.32% | | | 申通快递 | 4月快递服务业务收入41.18亿元 同比增长16.39% | | 股权转让 | 康平科技 | 拟1.98亿元购买搜鹿电子100%股权 | | 回购 | 合兴包装 | 拟斥资0.5亿元-1.0亿元回购股份 | | 增减持 | 光线传媒 | 控股股东及其一致行动人拟减持合计不超1%股份 | | | 华鼎股份 | 发展资产、杭州越骏拟合计减持不超3%股份 | | 其他 | 金固股份 | 收到某全球新能源汽车行业龙头企业的定点通知 ...

证券代码：002468 证券简称：申通快递 公告编号：2025-041 根据《深圳证券交易所上市公司自律监管指引第3号—行业信息披露》的有关规定，公司现 披露2025年4月份相关数据信息如下： | 项 目 | 2025年4月 | 同比增长 | | --- | --- | --- | | 快递服务业务收入（亿元） | 41.18 | 16.39% | | 完成业务量（亿票） | 20.92 | 20.98% | | 快递服务单票收入（元） | 1.97 | -3.90% | 上述快递服务单票收入计算如有差异为四舍五入原因所致。上述数据未经审计，与定期报告 披露的数据之间可能存在差异，请以公司定期报告为准。 特此公告。 申通快递股份有限公司 2025 年 4 月经营简报 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导性 陈述或者重大遗漏。 申通快递股份有限公司董事会 2025年5月20日 ...

证 券 研 究 报 告 交通运输行业周报（20250512-20250518） 聚焦中美关税进展：双边贸易迅速升温，备货潮推 推荐（维持） 高运价，推荐集运板块投资机会 一、聚焦中美关税进展：双边贸易迅速升温，备货潮推高运价，推荐集运板块 投资机会 5 月 12 日，中美发表日内瓦经贸会谈联合声明，中美将互相取消此前加征的 91%的反制关税，并暂停实施 24%的对等关税 90 天。 关税政策一经调整，双边贸易迅速升温，美国进口商快速启动原本积压订单的 发货，市场美线货运量激增，据财联社公众号报道：贸易追踪机构 Vizion 公 布的数据显示，在美国和中国互降关税之后，在美国下单的从中国到美国的集 装箱运输预订量飙升近 300%。截至 5 月 5 日的七天平均预订量为 5709 个标 准集装箱，而截至 5 月 14 日的七天平均预订量飙升 277%至 21530 个标准集 装箱。 出货需求大增推高市场运价，根据上海航交所公众号报道，本周北美航线的运 输需求明显复苏，即期订舱价格大幅上涨：5 月 16 日，上海港出口至美西和 美东基本港市场运价（海运及海运附加费）分别为 3091 美元/FEU 和 4069 美 ...

证券研究报告 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 板块表现： 美线抢运拉动航运景气，内需物流保持稳健 投资评级： 看好（维持） —交通运输行业周报（2025 年 5 月 12 日-2025 年 5 月 18 日） 交通运输 行业定期报告 hyzqdatemark 2025 年 05 月 18 日 投资要点： 一、行业动态跟踪 航运船舶： 联系人 1）中美关税暂缓 90 天，引发集运美线抢运潮： 5 月 12 日，中美宣布自 5 月 14 日 起 90 天内中美双方互降关税，引爆外贸企业抢运潮。Vizion 数据显示，在中美宣布 互降关税后，截至 5 月 13 日，7 天平均订舱量较 5 月 5 日飙升 277%。中美外贸企 业发货需求迅速回升，带来中美航线货量出现明显反弹。中 ...

航空量价向好可期，集运迎来多重催化 交通运输 证券研究报告/行业定期报告 2025 年 05 月 17 日 | 评级： | 增持（维持） | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：杜冲 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740522040001 | | 南方航空 | 5.97 | -0.23 | -0.09 | 0.30 | 0.44 | 0.54 | -25.96 | -66.33 | 19.77 | 13.70 | 10.96 | 买入 | | | | 中国东航 | 3.79 | -0.37 | -0.19 | 0 ...

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [1] Core Insights - The transportation industry is experiencing a steady demand increase despite price reductions, maintaining a healthy dividend [1] - The express delivery sector is facing intensified price competition, leading to operational divergence among companies, while direct-operated express companies are achieving stable growth [4][10] - The aviation sector is under pressure due to increased passenger volume but reduced ticket prices, with a slow improvement in supply-demand relationships [4][52] - The highway sector is seeing a recovery in traffic volume, resulting in profit restoration for most leading companies [4][59] - The shipping industry is experiencing mixed performance, with container shipping under pressure from external trade policies, while oil shipping is recovering [4][59] - The shipbuilding market is facing challenges due to fluctuating demand and pricing pressures [7] - Port operations are stable, with significant growth in cargo throughput [7] - The bulk supply chain is under pressure from weak demand, but leading companies are demonstrating resilience [7][32] Summary by Sections Express Delivery - The express delivery industry saw a year-on-year business volume growth of 21.6% in Q1 2025, exceeding market expectations [14] - Major companies like YTO, Yunda, and Shentong reported business volumes of 6.78 billion, 6.08 billion, and 5.81 billion pieces respectively, with year-on-year growth rates of 21.7%, 23.0%, and 26.6% [14] - The average revenue per package in Q1 2025 decreased by 8.8% year-on-year, indicating ongoing price competition [18] - The single-package profit for YTO, Yunda, and Shentong decreased by 25.3%, 36.7%, and 2.0% respectively [24] Aviation - The aviation sector experienced a 4.9% year-on-year increase in passenger volume in Q1 2025, reaching 186 million passengers [52] - The international passenger volume surpassed the 2019 level for the first time, indicating a recovery in international travel [52] - The average ticket price is under pressure, leading to a decline in unit revenue for major airlines [68] Highways - The highway sector is witnessing a steady recovery in traffic volume, contributing to profit growth for most leading companies [4][59] - Nine out of nineteen listed highway companies reported an increase in dividend yield year-on-year [4] Shipping - The container shipping index decreased by 12% year-on-year due to external trade uncertainties, while domestic shipping showed some recovery [4][59] - The oil shipping market is experiencing a recovery, but the bulk shipping market remains sluggish [4] Ports - Major ports achieved a cargo throughput of 4.222 billion tons in Q1 2025, a year-on-year increase of 3.23% [7] Bulk Supply Chain - The bulk supply chain is facing challenges due to weak demand, but leading companies are adapting through operational optimizations [7][32] Investment Recommendations - The report suggests focusing on leading companies in the express delivery sector, such as ZTO Express, YTO Express, and Shentong Express, due to their stable operations and growth potential [32]

交运整体稳健，看好物流发展 [Table_Industry] 交运 24 年度复盘及 25Q1 总结 [Table_ReportDate] 2025 年 5 月 9 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（深度） | [Table_StockAndRank] 交通运输 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 匡培钦 交运行业首席分析师 执业编号：S1500524070004 邮 箱：kuangpeiqin@cindasc.com 黄安 交运行业分析师 秦梦鸽 交运行业分析师 陈依晗 交运行业研究助理 邮 箱：chenyihan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 交运 24 年度复盘及 25Q1 总结：交运整体稳 健，看好物流发展 [Table_ReportDate] 2025 年 5 月 9 日 [Table_S [➢Table_S ...

证券代码：002468 证券简称：申通快递 七、年报中提到月度最快揽签时效缩短至 44 小时左右，公司是怎 么来提升时效的？ 您好，为了进一步提升时效，为广大消费者带来更优质的服 务体验，2024 年公司在以下方面持续发力：一是优化升级路由， 持续增加干线投入，新开通超过 110 条战略线路，升级支线路由 系统，优化网点交货时间和频次，实现更好与中心出港操作衔接； 二是优化末端环节，针对超过 900 家网点的回货时间和中心操作 衔接环节进行全新优化，提升末端时效；三是专项改善落后区域， 针对重点省份的落后线路通过交货衔接、发车调整、线路优化等 措施进行专项改善，履约速度逐步超越部分同行。 2025 年以来，公司时效进一步提升，其中，第一季度国家邮 政局快递服务时限测试中，申通全链路时效、72 小时准时率两大 核心指标均排名行业九大品牌前三。近期，公司月度揽签时效最 快缩短至 43 小时以内。 八、近期关注到公司实施了义乌转运资产组收购及推动当地网点 扁平，能否详细介绍一下，同时未来公司将给网点提供哪些支持？ 2025 年 1 月 23 日，公司披露了《关于收购转运中心中转业 务资产组的公告》，公司以 1.1 ...

快递行业 2024 年年报及 2025 年一季报综述 24 年及 25Q1 申通呈现较强成长性，中通龙头地位稳固 2025 年 05 月 09 日 ➢ 行业概况：件量呈现较强增长韧性，2025Q1 快递业务量同比+21.6%，单 票价格小幅承压。2024 年，我国快递行业业务收入累计完成 1.4 万亿元，同比 增长 13.8%，累计完成业务量 1750.8 亿件，同比增长 21.5%，单票均价同比下 滑 14.2%；2025 年第一季度，业务收入累计完成 3456.4 亿元，同比增长 10.9%， 快递业务量累计完成 451.4 亿件，同比增长 21.6%，单票均价同比-7.7%。 ➢ 业绩综述：各快递公司业务量、营收均实现稳步增长，中通龙头地位稳固。 经营状况：1）业务量：各公司业务量均实现稳步增长，申通件量增速最快，2024 年及 2025Q1 件量同比增速分别为+29.8%和+26.6%；2）市场份额：2024 年 中通维持市场领先地位，市场份额为 19.6%，市占率较第二名领先 4.2pct；3） 营收及利润：2024 年及 2025Q1 各快递公司营收均实现稳步增长，2024 年申 通归母净利润实现 ...