| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 4183 | 0.47 | 4.15 | 2.46 | | 深证综指 | 2745 | -0.68 | 4.95 | 2.41 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | 0.31 | 1.9 | 4.08 | | 中盘指数 | 0.13 | 8.01 | 22.39 | | 小盘指数 | -0.68 | 6.68 | 18.08 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 油服工程 | 11.58 | 27.37 | 59.71 | | 贵金属 | 10.24 | 8.83 | 78.57 | | 炼化及贸易 | 6.96 | 14.25 | 35.96 | | 航天装备Ⅱ | 6.45 | 8.05 | 123.89 | | ...

| 3 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 0119.HK | 保利置业集团 | | 000099.SZ | 中信海直 | | 601872.SH | 招商轮船 | | 600352.SH | 浙江龙盛 | | 002409.SZ | 雅克科技 | | 002709.SZ | 天赐材料 | | 300760.SZ | 迈瑞医疗 | | 605338.SH | 巴比食品 | | 1579.HK | 颐海国际 | | 601888.SH | 中国中免 | | 689009.SH | 九号公司-WD | | 688630.SH | 芯碁微装 | | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 4182.59 | 0.47 | | 深证成指 | 14465.79 | (0.20) | | 沪深 300 | 4728.67 | 0.38 | | 中小 100 | 8847.90 | 0.14 | | 创业板指 | 3294.16 | (0.49) | 证券研究报告——晨会聚焦 2026 年 3 ...

互联在 交通运输/ 铁路公路 2026 年 03 月 02 日 版费 行业 相关研究 #那就玩 证券分析师 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 范晨轩 A0230525070003 fancx@swsresearch.com 册 分歧了后 范晨轩 A0230525070003 fancx@swsresearch.com 联系人 严天鹏 A0230524090004 yantp@swsresearch.com 寻找时代的"HALO 资 铁路公路资产的时代奏鸣 铁路公路行业点评 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 铁路公路资产"HALO"属性突出,中长期战略配置窗口期开启。"HALO资产"是指重 ○ 资产、低淘汰风险、壁垒高（审批壁垒、复制壁垒、CAPEX 规模等）、稳定现金流，铁 路公路资产作为典型的网络型交通运输资产，具备较强的"HALO 资产" 属性。 春运景气度前低后高，铁路公路景气度改善。根据交通运输部数据，2026 年 2 月 2 日 ● 至 ...

行 业 及 产 业 交通运输/ 铁路公路 2026 年 03 月 02 日 寻找时代的"HALO 资产"，唱响 铁路公路资产的时代奏鸣曲 看好 ——铁路公路行业点评 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 范晨轩 A0230525070003 fancx@swsresearch.com 研究支持 范晨轩 A0230525070003 fancx@swsresearch.com 联系人 严天鹏 A0230524090004 yantp@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 - ⚫ 铁路公路资产"HALO"属性突出，中长期战略配置窗口期开启。"HALO资产"是指重 资产、低淘汰风险、壁垒高（审批壁垒、复制壁垒、CAPEX 规模等）、稳定 ...

交通运输 2026 年投资策略：高速公路：高股息再入配置 区间，静待政策催化 20260226 摘要 高速公路行业呈现国资主导和区域垄断特征，95%的上市公司为央国企， 多数省份仅有一家上市平台。路网稀缺性和替代性弱，以及政府对公路 规划、收费的审批，体现了其公共事业属性。 行业进入存量运营成熟期，投资和增长放缓。2024 年全国高速公路里 程同比增长仅 4%，固定资产投资连续两年下降。2025 年上半年板块收 入同比略微下滑 3%，归母净利润小幅增长 3%，整体运行平稳。 高速公路板块具备重资产、高折旧、强现金流、弱周期性等"类债券" 属性，为高分红奠定基础。近五年板块经营性现金流占营业收入比重维 持在 35%—45%之间，2025 年上半年接近 43%。 通行费收入是研究核心，收费能力可用"单公里收入"衡量，主要由车 流量驱动。区位选择关键在于是否靠近核心城市与核心通道。 聚焦收费公路主业的公司经营更稳定，辅业盈利波动较大，对 ROE 未必 有明显提升。成本端应关注建造成本，过高造价可能拖累项目长期回报 率。财务费用率下降为经营带来利润弹性。 Q&A 如何概括高速公路板块 2026 年投资策略的核心判断、 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The military strike by the US against Iran and the closure of the Strait of Hormuz have profound impacts on the global oil transportation market, potentially leading to supply chain disruptions and increased oil transportation costs [3][15] - Tesla's Cybercab, designed for fully autonomous driving, has been launched, marking a significant step towards the original dedicated era of Robotaxi services [3][17] - A strategic partnership between Youjia Innovation, Didi, and Wall Street Technology aims to advance the large-scale deployment of driverless logistics vehicles, filling a market gap for vehicle-grade autonomous logistics [3][32] - The pre-sale ticket prices for economy class flights during the 2026 Spring Festival have shown a year-on-year increase, indicating stable industry performance as demand is released [3][34] - Uber has launched the Uber Air service supported by Joby, integrating ground and air travel booking, which validates the commercial viability of eVTOL [3][41] Industry Dynamics - The Baltic Air Freight Price Index has decreased month-on-month and year-on-year, while domestic air freight flights have seen a decline [4][44] - The shipping and port sector has experienced an increase in domestic shipping rates, while dry bulk freight rates have also risen [4][52] - The express logistics sector reported a 2.30% year-on-year increase in business volume and a 0.70% increase in revenue as of December 2025 [4] - The average number of international flights operated daily in the last week of February 2026 was 1992.86, reflecting a month-on-month increase of 3.73% and a year-on-year increase of 19.22% [4] - The number of trucks passing through national highways decreased by 40.04% from February 9 to February 15 [4] Investment Recommendations - Focus on opportunities in the shipping sector, particularly oil transportation, dry bulk, and container shipping due to geopolitical tensions, with recommendations for China Merchants Energy Shipping and COSCO Shipping [5] - Consider investments in low-altitude economy and autonomous driving sectors, recommending CITIC Offshore Helicopter and monitoring Cao Cao Mobility [5] - Explore investment opportunities in the travel sector driven by increased demand during the Spring Festival, recommending Air China, China Southern Airlines, and China Eastern Airlines [5] - Look into international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Pay attention to investment opportunities in the highway sector, recommending Sichuan Chengyu Expressway and other major expressway companies [5]

航空淡季不淡把握加仓机会，油运大周期加速持续看好 交通运输 证券研究报告/行业定期报告 2026 年 02 月 28 日 | 增持（维持） 评级： | | | 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 | 7.34 | -0.23 | -0.09 | 0.30 | 0.44 | 0.54 | -31.91 | -81.56 | 24.30 | 16.85 | 13.48 | 买入 | | | | 中国东航 | 5.73 | -0.37 | -0 ...

行业研究 证 券 研 究 报 告 华创交运|红利资产月报（2026 年 2 月） 基本面韧性强，建议重视业绩窗口期交运红 推荐（维持） 利配置机会 交通运输 2026 年 02 月 27 日 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 证券分析师：李清影 邮箱：liqingying@hcyjs.com 执业编号：S0360525080004 联系人：刘邢雨 邮箱：liuxingyu@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 122 | 0. ...

Core Insights - The implementation of the "Interim Regulations on Accounting Treatment of Enterprise Data Resources" in January 2024 has allowed data assets to be included in financial statements, leading to significant benefits for early adopters [2] Group 1: Financing Opportunities - Data assets have become a new source of financing, allowing companies to secure funding without relying solely on physical assets like factories and land [2] - Over 10 companies among the 100 that included data assets in their financial statements have successfully obtained financing through data pledges, totaling over 55 million yuan [3] Group 2: Financial Optimization - The inclusion of data assets in financial statements has led to improved financial metrics, with some companies experiencing a decrease in debt ratios despite an overall increase in liabilities for data-native companies [4] - For instance, companies like Zhongwen Online and China Mobile saw their data asset inclusion amounts surge by 15.59 times and 8.8 times, respectively, indicating a strategic investment in data collection and platform development [4] Group 3: Industry Winners - Not all industries have benefited equally; three sectors have emerged as the biggest winners in leveraging data assets: public utilities/infrastructure, telecommunications/information technology, and manufacturing/agriculture [5] - Companies such as Shandong Expressway and Qingdao Port have successfully utilized clear and non-sensitive data for financing, while data-native companies like Daily Interaction and Zhuochuang Information derive nearly 90% of their revenue from data-related businesses [5] Group 4: Successful Case Studies - Shandong Expressway used traffic flow data as collateral to secure financing, while Digital China obtained 30 million yuan in bank credit through data assets [6] - The case of Minqing Public Transport, which created a high-quality data set from vehicle operation data, illustrates the potential for county-level companies to access financing through data pledges [6] - Qingdao Port's port scheduling data enabled it to secure 230 million yuan in credit, demonstrating the value of data over traditional physical assets [6] Group 5: Strategic Insights - Companies are encouraged to prioritize clear and non-sensitive self-owned data for asset inclusion, avoiding privacy-related data risks [9] - Staying aligned with the regulatory framework and leveraging local data bureau support can help reduce costs associated with data rights confirmation and valuation [9] - Although initial investments in data governance and auditing may be necessary, the long-term benefits include easier access to financing and improved financial health [9]

山东高速（600350）集团利用智慧大脑平台深度分析历年数据，预测春节假期高速公路日均车流量约为 日常的2倍，高峰时段集中在腊月二十七前后及正月初六、初七。针对预判的重点路段和枢纽节点，实 行"一点一策"个性化处置方案，提升路网通行效率。 从2月2日到3月13日，为期40天的春运周期里，山东将迎来一场规模空前的"人口大迁徙"。据预测，全 省高速公路车流量将突破9100万辆次、同比增长5%，营业性客运量将达到5400万人次、同比增长 3.8%，均创历史新高。 规模创新高，保畅任务艰巨 今年春运恰逢9天"史上最长春节假期"，探亲流、旅游流叠加，自驾出行持续升温。预计2月5日、2月15 日为节前客流高峰，2月23日、3月4日为节后客流高峰，小汽车占比将达90%，重要枢纽场站、重点路 段将经受超大客流考验。 面对严峻的保畅压力，山东交通运输系统提前部署，投放省际、市际线路班车4700辆，客运包车1.48万 辆，比平时增加35%；铁路运输在图定开行旅客列车586.5对基础上，再安排临客运行线99.5对；民航计 划起降飞机5.6万架次、提供约900万个客位，比平时增加25%；水路运输投放船舶运力152艘、3.9万个 客位 ...