2026年2月物流仓储行业周报：中蒙物流：量稳价升，修复持续-20260214

Investment Rating - The report assigns an "Accumulate" rating for the logistics and warehousing industry [1]. Core Insights - The turning point for the China-Mongolia business has arrived, with the traffic volume at the Ganqimaodu port steadily recovering, short-distance freight rates stabilizing and rising, and the price of Mongolian coking coal continuing to rebound, collectively driving the company's performance into a recovery phase [2]. Summary by Relevant Sections - Traffic Volume at Ganqimaodu Port: From February 2 to February 9, the average daily traffic volume was 1,318 vehicles/day (excluding closed days), a decrease of 8.7% week-on-week but an increase of 57.9% year-on-year. Cumulatively, as of 2026, the total traffic volume reached 36,148 vehicles, up 48.1% year-on-year [5]. - Import and Export Freight Volume: In February 2026, the freight volume increased by 218% year-on-year to 4.9525 million tons. By the end of Q3 2025, the cumulative import and export volume at Ganqimaodu port was 30.0266 million tons, with a narrowing year-on-year decline, and a total of 43.0585 million tons for the year, reflecting a year-on-year increase of 6% [5]. - Short-Distance Freight Rates: In the first half of 2025, short-distance freight rates averaged a decrease of 34.5% due to fluctuations in domestic demand for Mongolian coal. However, with demand recovering, the average short-distance freight rate stabilized in the range of 60-70 yuan/ton. As of 2026, the cumulative average short-distance freight rate was 66 yuan/ton, with an average of 65 yuan/ton from February 2 to February 6, showing no change month-on-month but an increase of 8.3% year-on-year [5]. - Recovery of China-Mongolia Business: In Q3 2025, the company achieved revenue of 2.486 billion yuan, a year-on-year increase of 30.61%, and a net profit attributable to shareholders of 313 million yuan, a decrease of 4.90% year-on-year. For the first three quarters of 2025, revenue was 6.570 billion yuan, a year-on-year increase of 0.40%, with a net profit of 874 million yuan, down 19.72% year-on-year. The increase in revenue and the narrowing decline in net profit were primarily due to the recovery of cross-border business and the rise in coking coal prices [5]. - Long-term Competitive Advantage: The company has a strong core competitive advantage by strategically positioning itself in the core logistics infrastructure of the port and is effectively advancing the "integrated trade and logistics" business model, which consolidates its leading position and market share in the China-Mongolia business [5].