2026年2月物流仓储行业周报：中蒙物流：朔气去，暖流通

Investment Rating - The report maintains an "Accumulate" rating for the logistics and warehousing industry, indicating a potential increase of over 15% relative to the CSI 300 index [4][18]. Core Insights - The report highlights a turning point in the China-Mongolia business, with the steady recovery of traffic at the Ganqimaodu port, stabilizing short-haul freight rates, and a continuous rebound in the price of Mongolian coking coal, collectively driving the performance of Jiao You International into a recovery phase [2][4]. Summary by Sections Traffic and Freight Volume - The average daily traffic at Ganqimaodu port from February 23 to February 26 was 1,331 vehicles per day, representing an increase of 80.8% week-on-week and 53.1% year-on-year. Cumulatively, 49,684 vehicles have crossed the port in 2026, marking a year-on-year increase of 20.8% [4]. - In February 2026, the freight volume at Ganqimaodu port increased by 218% year-on-year to 4.9525 million tons. By the end of Q3 2025, the cumulative import and export volume reached 30.0266 million tons, with a narrowing year-on-year decline, and an annual total of 43.0585 million tons, reflecting a year-on-year growth of 6% [4]. Freight Rates - Short-haul freight rates, which had dropped by 34.5% year-on-year in the first half of 2025 due to fluctuations in domestic demand for Mongolian coal, have stabilized in the range of 60-70 yuan per ton. The average short-haul freight rate for 2026 so far is 66 yuan per ton, with a rate of 65 yuan per ton recorded from February 24 to February 28, showing no change month-on-month and an increase of 8.3% year-on-year [4]. Company Performance - Jiao You International reported revenue of 2.486 billion yuan in Q3 2025, a year-on-year increase of 30.61%, while the net profit attributable to shareholders was 313 million yuan, down 4.90% year-on-year. For the first three quarters of 2025, the company achieved revenue of 6.570 billion yuan, a slight increase of 0.40%, with a net profit of 874 million yuan, down 19.72% year-on-year. The revenue increase and narrowing of net profit decline are attributed to the recovery of cross-border business and rising prices of coking coal [4]. - The average market price of coking coal in the second half of 2025 increased by 29.13% to 1,383 yuan per ton. The ongoing "anti-involution" policy has stabilized coal prices, leading to a gradual recovery in demand for Mongolian coal, which in turn has boosted daily traffic and short-haul freight rates at Ganqimaodu port, contributing to continuous improvement in the company's performance [4].