中国物流服务：甘其毛都口岸蒙煤运输跟踪：2024年2月甘其毛都口岸通车数周环比下滑

Investment Rating - The report assigns a "Neutral" rating to SF Express and "Outperform" ratings to YTO Express, Eastern Airlines Logistics, Yunda Holdings, Zhonggu Logistics, Xiamen Xiangyu, Jiayou International, Debon Holdings, Chuanhua Zhili, Yiatong, Huamao Logistics, Hongchuan Zhihui, Haichen Holdings, and Xingtong Holdings [2][3]. Core Insights - The average daily traffic volume of Mongolian coal at Ganqimaodu Port was 485 vehicles/day from February 5 to February 19, 2024, reflecting a week-over-week decline of 47.4% but a year-over-year increase of 37.7% [7]. - As of January 31, 2024, coal inventory at Ganqimaodu Port stood at 2.31 million tons, down 7.2% week-over-week [7]. - The average short-haul freight rate from February 14 to February 18, 2024, was RMB 105/ton, unchanged week-over-week and down 54.9% year-over-year [7]. - The average price of raw coal at Ganqimaodu Port was RMB 1,500, while refined coal averaged RMB 1,785 during the same period [7]. - In January 2024, the port completed a total freight volume of 3.6229 million tons, with coal imports reaching 3.5318 million tons [7]. Summary by Sections Traffic Volume - The traffic volume of Mongolian coal at Ganqimaodu Port has shown significant fluctuations, with a notable decline in February 2024 compared to the previous week [2][3][7]. Inventory Levels - The coal inventory at Ganqimaodu Port decreased to 2.31 million tons as of January 31, 2024, indicating a reduction in stock levels [7]. Freight Rates and Prices - Short-haul freight rates have remained stable at RMB 105/ton, while coal prices have shown slight increases, with raw coal priced at RMB 1,500 and refined coal at RMB 1,785 [7]. Market Outlook - The report anticipates that the demand for Mongolian coal logistics will remain strong in 2024, driven by the cost-effectiveness of Mongolian coal and sustained high growth in transportation volumes [8].