航空机场：全国执飞航班量同比小幅下降。本周（2026/1/31-2026/2/6）全国日均执飞航班16736班，同 比减少1.08%；其中国内线日均14409班，同比减少1.28%；国际地区线日均2327班，同比增长0.21%， 为2019年86.50%。本周布伦特原油期货结算价为67.55美元/桶，环比-4.47%，同比-11.07%；2026年2 月，国内航空煤油出厂价（含税）为5334元/吨，环比-4.3%，同比-12.7%。本周美元兑人民币中间价为 6.9590，环比-0.1%，同比-3%。2025Q4人民币兑美元汇率环比+1.9%。中期受飞机制造商及上游零部件 供应商产能制约，供给增速将放缓，供需优化推动票价提升，航司利润弹性将释放，推荐航空板块，推 荐中国国航（601111）、南方航空（600029）。 以下为研究报告摘要： 行业观点 快递：12月快递业务量同比增长2.3%，部分快递公司受益反内卷涨价影响。上周（1月26日-2月1日）邮 政快递累计揽收量约45.41亿件，同比+60.8%，环比+5.5%,；累计投递量约44.77亿件，同比+18.7%，环 比+5.8%。国家邮政局公布2025年邮政 ...

证券日报网讯2月2日，海晨股份（300873）在互动平台回答投资者提问时表示，公司自主研发的半导体 AMHS设备(包括OHT天车、智能存储柜等)已实现向海内外多家半导体与显示面板行业客户实现批量交 付与产线导入，产品获得客户广泛认可。在核心技术指标上，公司产品已达到国际先进水平，并在本地 化快速响应、深度客制化服务等方面形成了自身优势。目前，公司产品已在多个标杆项目中成功实现了 对国际品牌的替代，证明了产品在高要求生产环境下的可靠性与竞争力。未来，公司将紧抓半导体产业 链自主可控的战略机遇，持续投入研发以巩固技术领先性，并积极拓展国内外市场，致力于成为全球半 导体AMHS领域的重要供应商。 ...

有投资者在互动平台向海晨股份提问："现在中日关系这么紧张，国内大多数半导体厂商的天车AMHS 系统，用的日本厂商的。我们的产品在性能上和日本厂商有多少差别？能不能替代日本厂商天车AMHS 系统？" 针对上述提问，海晨股份回应称："尊敬的投资者，您好！公司自主研发的半导体AMHS系统（包括 OHT天车、智能存储柜Stocker等核心产品）已获得多家行业客户的认可与验证，并已成功交付至中国 大陆、中国台湾及海外多个国家和地区的半导体制造标杆项目，实现了国产化高端物料搬运系统的产业 化落地。在技术性能方面，公司相关产品在搬运效率、定位精度、系统稳定性及智能化水平等关键指标 上，已达到或接近国际领先水平，具备支撑半导体产线高效稳定运行的能力。公司始终以客户需求为导 向，持续进行技术迭代与产品优化，致力于为全球半导体客户提供高可靠性、高性价比的国产化AMHS 整体解决方案。感谢您对海晨股份的关注与支持！" 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 ...

格隆汇2月2日丨海晨股份(300873.SZ)在投资者互动平台表示，公司自主研发的半导体AMHS系统（包括 OHT天车、智能存储柜Stocker等核心产品）已获得多家行业客户的认可与验证，并已成功交付至中国 大陆、中国台湾及海外多个国家和地区的半导体制造标杆项目，实现了国产化高端物料搬运系统的产业 化落地。在技术性能方面，公司相关产品在搬运效率、定位精度、系统稳定性及智能化水平等关键指标 上，已达到或接近国际领先水平，具备支撑半导体产线高效稳定运行的能力。公司始终以客户需求为导 向，持续进行技术迭代与产品优化，致力于为全球半导体客户提供高可靠性、高性价比的国产化AMHS 整体解决方案。 ...

格隆汇2月2日丨海晨股份(300873.SZ)在投资者互动平台表示，公司自主研发的半导体AMHS设备(包括 OHT天车、智能存储柜等)已实现向海内外多家半导体与显示面板行业客户实现批量交付与产线导入， 产品获得客户广泛认可。在核心技术指标上，公司产品已达到国际先进水平，并在本地化快速响应、深 度客制化服务等方面形成了自身优势。目前，公司产品已在多个标杆项目中成功实现了对国际品牌的替 代，证明了产品在高要求生产环境下的可靠性与竞争力。未来，公司将紧抓半导体产业链自主可控的战 略机遇，持续投入研发以巩固技术领先性，并积极拓展国内外市场，致力于成为全球半导体AMHS领域 的重要供应商。 ...

板块市场回顾 本周（2026/1/24-2026/1/30）交运指数下跌 1.3%，沪深 300 指数上涨 0.1%，跑输大盘 1.4%，排名 11/29。交运子板 块中航运板块涨幅最大(+2.4%)，公交板块跌幅最大(-5.1%)。 行业观点 快递：12 月快递业务量同比增长 2.3%，部分快递公司受益反内卷涨价影响。上周（1 月 12 日-1 月 18 日）邮政快递 累计揽收量约 40.73 亿件，环比-6.5%,同比-0.8%；累计投递量约 40.82 亿件，环比-3.9%，同比-1.9%。国家邮政局 公布 2025 年邮政行业运行情况，2025 年，快递业务收入完成 1.5 万亿元，同比增长 6.5%。快递业务量完成 1989.5 亿件，同比增长 13.6%。其中，12 月快递业务收入完成 1388.7 亿元，同比增长 0.7%；快递业务量完成 182.1 亿件， 同比增长 2.3%。反内卷"背景下多个产粮区已提价，快递旺季来临，反内卷涨价已兑现。考虑估值性价比、经营韧性、 股东回报提升等，推荐顺丰控股。低价件减少，头部快递市场份额提升，看好中通快递。 物流：危化品水运价格环比增长，发力智慧物流推荐海 ...

Investment Rating - The report maintains a "Positive" outlook on the shipping industry, highlighting strong performance in the sector despite seasonal challenges [4]. Core Insights - The shipbuilding sector is expected to show significant earnings growth, with Su Mei Da's Q4 net profit forecasted at 2.5 billion, a year-on-year increase of 71%, driven by strong contributions from shipbuilding and power generation [5]. - The shipping market continues to experience robust demand, with one-year charter rates for VLCCs rising by 2.8% to $64,000 per day, and Cape rates increasing by 8.4% to $28,700 per day [5]. - The report emphasizes the ongoing volatility in oil transportation rates, with VLCC rates experiencing a 62% increase in a single day due to supply-demand imbalances and geopolitical tensions [5]. - The dry bulk shipping market is also showing resilience, with the BDI index rising by 21.9% week-on-week, driven by strong demand from Australia and Brazil [5]. Summary by Sections Shipbuilding Sector - Su Mei Da's Q4 net profit is projected at 2.5 billion, up 71% year-on-year, exceeding expectations [5]. - ST Songfa's Q4 net profit is estimated between 11-14 million, with a net profit margin of 14%, reflecting a 1.6 percentage point increase from Q3 [5]. - Attention is drawn to China Shipbuilding's upcoming full consolidation of assets and the release of high-priced orders in Q1 2026 [5]. Shipping Market - The report notes a continued upward trend in shipping rates, with VLCC rates increasing by 2.8% and Cape rates by 8.4% [5]. - The VLCC average rate rose by 16% week-on-week, reaching $122,326 per day, with Middle East to Far East rates dropping by 25% [5]. - The report highlights the impact of geopolitical tensions on oil transportation, particularly in the context of the Ukraine conflict [5]. Dry Bulk Shipping - The BDI index recorded a 21.9% increase, with Capesize rates rising by 35.8% to $31,809 per day [5]. - Strong demand from Australia and Brazil is noted, with limited supply contributing to higher rates [5]. Air Transportation - The report indicates a significant opportunity for airlines due to rising passenger volumes and historical high load factors, suggesting a potential "golden era" for the industry [5]. - Airlines such as China Eastern Airlines and Spring Airlines are highlighted as key players to watch [5]. Express Delivery - The report anticipates uncertainty in the express delivery sector due to fluctuating demand and industry self-regulation policies, but notes that leading companies like Zhongtong Express and YTO Express are expected to maintain their market share and profitability [5]. Rail and Road Transportation - Rail freight volumes and highway truck traffic are showing resilience, with recent data indicating a slight decline in volumes but overall stability [5]. - The report suggests that high dividend investment themes and potential value management catalysts in the highway sector are worth monitoring [5].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002492 | 恒基达鑫 | 9.14 | 5.91% | 41.38万 | 3.69亿 | | 600753 | *ST海钦 | 8.75 | 3.80% | 6.70万 | 5779.46万 | | 300873 | 海晨股份 | 24.88 | 2.05% | 5.58万 | 1.38亿 | | 002930 | 宏川智慧 | 11.21 | 1.45% | 10.49万 | 1.17亿 | | 001228 | 永泰运 | 30.48 | 1.16% | 2.55万 | 7648.39万 | | 000906 | 浙商中拓 | 6.27 | 1.13% | 14.53万 | 9023.33万 | | 002769 | 普路通 | 12.40 | 1.06% | 16.54万 | 2.04亿 | | 002682 | 龙洲股份 | 7.15 | 0.85% | 31.30万 | 2.20亿 | | 001202 | 炬申股份 | 4 18. ...

Core Viewpoint - The logistics sector experienced a decline of 0.59% on January 16, with *ST Yuan Shang leading the drop. The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1]. Group 1: Stock Performance - The top performer in the logistics sector was Debon Holdings (603056), which saw a closing price of 18.68, up 10.01% with a trading volume of 299,600 shares and a transaction value of 560 million yuan [1]. - Yongtai Transportation (001228) closed at 29.98, up 4.53%, with a trading volume of 78,800 shares and a transaction value of 232 million yuan [1]. - ST Xuefa (002485) closed at 4.27, up 2.40%, with a trading volume of 34,100 shares and a transaction value of 14.48 million yuan [1]. - The worst performer was *ST Yuan Shang (603813), which closed at 43.18, down 3.01%, with a trading volume of 7,104 shares and a transaction value of 31.05 million yuan [2]. Group 2: Capital Flow - The logistics sector saw a net outflow of 202 million yuan from institutional investors, while retail investors experienced a net inflow of 1.44 billion yuan [2]. - The main capital inflow was observed in Debon Holdings (603056) with a net inflow of 1.19 billion yuan, accounting for 21.29% of its trading volume [3]. - Yongtai Transportation (001228) had a net inflow of 24.37 million yuan, representing 10.52% of its trading volume [3].

Investment Rating - The report does not explicitly state an overall investment rating for the industry, but it recommends specific companies such as SF Express and China Southern Airlines based on their performance and market conditions [2][4]. Core Views - The express delivery sector shows a year-on-year growth of 5% in November, with some companies benefiting from price increases due to reduced competition. The total express delivery volume reached approximately 180.6 billion pieces, while revenue decreased by 3.7% to 137.65 billion yuan [2]. - In logistics, the chemical transportation prices remained stable, and the report recommends Haichen Co. for its focus on smart logistics and improved demand [3]. - The aviation sector experienced a slight increase in flight operations, with an average of 14,612 flights per day, reflecting a 1.79% year-on-year growth. The report anticipates profit elasticity for airlines due to supply constraints and rising ticket prices [4]. - The shipping sector indicates a mixed performance, with container shipping rates showing a slight increase, while dry bulk shipping rates have decreased. The report highlights the impact of geopolitical events on oil tanker operations [5]. - The road and rail sector shows stable performance, with highway freight traffic increasing by 2.02% week-on-week, and the Daqin Railway reported a 1.75% increase in freight volume [6][89]. Summary by Sections 1. Market Review - The transportation index rose by 1.3% during the week of December 20-26, underperforming the Shanghai Composite Index, which increased by 1.9%. The logistics sector had the highest gain at 5.5%, while the aviation sector saw a decline of 0.7% [1][13]. 2. Industry Fundamentals Tracking 2.1 Shipping and Ports - The report notes a slowdown in container shipping declines, with support from seasonal demand and long-term contracts. However, it warns of potential downward pressure on rates in January due to increased capacity [24]. - The export container shipping index (CCFI) was reported at 1,146.67 points, up 2.0% week-on-week but down 24.3% year-on-year [25]. 2.2 Aviation and Airports - The civil aviation sector saw a total passenger volume of 60.17 million in November, a 6% increase year-on-year, with domestic routes growing by 5% and international routes by 19% [58]. - The report highlights that airlines are expected to see significant profit increases in Q4 due to high load factors and rising ticket prices [58]. 2.3 Rail and Road - The report indicates that national railway passenger volume reached 331 million in November, a year-on-year increase of 8.94%, while freight volume was 460 million tons, up 1.16% [83]. - The highway freight traffic showed a slight increase, with a total of 55.44 million trucks passing through highways during the week of December 16-21 [89].