Group 1: Industry Dynamics Tracking - The SCFI composite freight index decreased by 3.8% week-on-week to 1267 points, with specific routes showing varied changes: Shanghai-Europe/Med prices changed by -1.1%/-5.5%, Shanghai-West Coast/East Coast US prices changed by -3.5%/-2.9%, and Shanghai-Southeast Asia prices fell by 4.6% [1][6] - ZTO Express forecasts a revenue range of 48.5 to 50 billion yuan for 2025, with a year-on-year growth of 9.5% to 12.9%, driven by a 13.3% increase in package volume to 38.52 billion pieces [2] - The global air passenger volume is expected to reach 10.2 billion by 2026, with a compound annual growth rate of 3.4% driven by growth in emerging markets [4] Group 2: Financial Instruments and Corporate Actions - ZTO Express plans to issue $1.5 billion in convertible preferred notes, with net proceeds of approximately $1.404 billion, to refinance and repurchase shares, indicating a strategy to enhance shareholder returns [3] - Hongchuan Smart announced a downward revision of the conversion price for its bonds from 14.00 yuan/share to 12.65 yuan/share, effective from February 9, 2026 [3] Group 3: Shipping and Port Operations - The BCTI index increased by 1.6% week-on-week to 903 points, with specific route changes: LR1 Middle East-Japan down by 6.0%, MR-Pacific/Singapore-Australia/Atlantic down by 5.0%/-7.5% and up by 48.8% respectively [8] - China's port cargo throughput increased by 9.63% week-on-week to 281.6 million tons, with container throughput rising by 12.41% to 7.41 million TEU [9] Group 4: Logistics and Transportation - National logistics operations were orderly from January 26 to February 1, with rail freight increasing by 2.27% to 76.11 million tons and highway freight traffic up by 4.75% to 56.83 million vehicles [10] - The demand for express delivery in the e-commerce sector remains resilient, with a positive outlook for companies like SF Express and JD Logistics due to cost control and cyclical recovery [11]

然而，在这一片繁忙与火热的背后，旅客的乘机体验并非全然顺畅。当千万人奔波在返乡与出游的途中，除了关注机票价格与航班准点率，一个老生常谈却 始终未决的问题再次浮出水面——付费选座。 1月29日，中国航协在官网发布《关于<公共航空运输企业航班预留座位规则（征求意见稿）>征求意见的通知》。这个并不起眼的征求意见稿甫一发布，就 引起了舆论的极大关注，各大主流媒体都纷纷进行了报道，消息还上了热搜。从媒体的反应，可见社会对此的关注程度。大约1年多前（2024年12月23 日），央视新闻对于旅客线上值机选座时遭遇大量座位被锁定的报道，相关话题#飞机锁座越来越多了#迅速攀升至当天热搜榜第二位，阅读量甚至高达5294 万。 【文/观察者网专栏作者 苏奎】 2026年春运大幕已启，民航业迎来了史上最繁忙的时刻。据民航局预测，今年春运期间全国民航旅客运输量有望达到9500万人次，日均运输238万人次，同 比增长约5.3%，创下历史新高。为应对井喷的出行需求，全国民航预计保障航班78万班，日均达19400班，在9天超长春节假期的催化下，长途出行意愿激 增，航空运输的比较优势得以充分释放。 事实上，有关国内航班选座收费或锁座已经多次引 ...

本次交易定价以北京中企华资产评估有限责任公司出具的《资产评估报告》（中企华评报字（2025）第 5553号）为依据。交易双方同意按照资产评估值确认交易价格，即49%股权对价为19,984.65万元。标的 资产所属公司东航供应链是专业从事包括发动机在内的航材供应链服务及精密仪器运输的专业公司，是 各大航空公司发动机、航材、大型精密仪器的指定物流解决方案服务商，主营业务是仓储、操作业务、 国内空运和零担业务、国际空运业务和专车运输业务。 本次股权转让将有利于公司聚焦航空主业，同时，东航供应链成为东航物流的全资子公司，将进一步提 升东航物流的航材供应链业务的运营效率和协同水平，从而为公司提供更加高效优质的航材供应链管理 和物流保障服务。公司的主要业务、收入、利润不依赖于本次关联交易。本次交易价格基于资产评估值 确定，不会影响公司的独立性，亦不会损害公司和股东特别是中小股东的利益，不会对公司的经营造成 重大不利影响。 格隆汇2月9日丨中国东航(600115.SH)公布，公司为聚焦航空主业，充分利用并发挥东航物流在航材供 应链运输和管理业务领域的优势，从而为公司提供更加高效优质的航材供应链管理和物流保障服务，公 司下属 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the transportation sector, including SF Holding, Eastern Airlines Logistics, and Spring Airlines, among others [2]. Core Insights - The report highlights the competitive landscape in the instant retail sector, emphasizing the strategic moves by Meituan and Alibaba, which are intensifying their investments in instant retail. The market for instant retail in China is projected to grow significantly, with an expected CAGR of 43.6% from 2018 to 2026, reaching a market size of 1.2 trillion yuan by 2026 and over 2 trillion yuan by 2030 [7][14]. - The report also notes the strong performance of the aviation sector during the Spring Festival, with both passenger volume and ticket prices showing positive trends. The average ticket price for domestic economy class has increased by 4.8% year-on-year as of February 6, 2026 [44][47]. - The logistics sector, particularly SF Express, is highlighted for its rapid growth and profitability, with a 49% year-on-year revenue increase in the first half of 2025. The company is positioned as a leading independent third-party instant delivery service provider, benefiting from the expansion of the instant delivery market [22][34]. Summary by Sections Instant Retail Competition - Meituan and Alibaba are aggressively expanding their instant retail capabilities, with Meituan planning to acquire Dingdong Maicai to enhance its supply chain and delivery capabilities [12]. - The instant retail market in China is experiencing rapid growth, with significant investments from major players like Alibaba and the entry of competitors such as Pinduoduo and Douyin [14][21]. - SF Express is positioned to benefit from the tightening supply in the instant delivery sector, enhancing its competitive edge [34]. Aviation Sector - The Spring Festival has led to a surge in both passenger numbers and ticket prices, with domestic flights operating at 116.74% of 2019 levels [36]. - The average ticket price for domestic economy class has risen to 840.52 yuan, reflecting a 3.06% increase compared to the previous year [44]. - The report suggests that the strong performance in the aviation sector could catalyze investment sentiment, particularly if pre-sale performance improves [47]. Logistics and Freight - SF Express reported a significant increase in revenue and profitability, with a 120.4% year-on-year increase in net profit for the first half of 2025 [24]. - The logistics sector is expected to see continued demand growth, driven by stable demand in food delivery and retail sectors [28]. - The report recommends focusing on leading logistics companies like Eastern Airlines Logistics, which are well-positioned to capitalize on the expected demand surge during the Spring Festival [59]. Port Operations and Coal Production - The report highlights a significant increase in daily traffic at the Ganqimaodu port, with a 117.3% year-on-year increase in daily vehicle traffic [60]. - Indonesia plans to significantly reduce coal production in 2026, which may impact global coal prices and supply dynamics [72].

Investment Rating - The report maintains a "Recommended" rating for key companies in the transportation sector, including SF Holding, Eastern Airlines Logistics, and Spring Airlines, among others [2]. Core Insights - The report highlights the competitive landscape in the instant retail sector, emphasizing the strategic moves by Meituan and Alibaba to enhance their market positions. Meituan's acquisition of Dingdong Maicai and Alibaba's significant promotional activities are noted as key developments [7][10]. - The instant retail market in China is projected to grow rapidly, with a CAGR of 43.6% from 2018 to 2026, potentially reaching a market size of 1.2 trillion yuan in 2026 and over 2 trillion yuan by 2030 [14][19]. - The report underscores the importance of SF Express's positioning as a leading independent third-party delivery service, benefiting from the rapid expansion of the instant delivery market and increasing demand for express services [22][34]. - In the aviation sector, the report indicates a strong performance during the Spring Festival travel period, with passenger numbers and ticket prices showing positive trends. The average ticket price for domestic economy class has increased by 4.8% year-on-year [36][44]. - The report also discusses the recovery in air cargo demand, driven by seasonal inventory replenishment ahead of the Spring Festival, and recommends focusing on leading logistics companies like Eastern Airlines Logistics [59]. Summary by Sections Instant Retail Competition - Meituan and Alibaba are intensifying their efforts in instant retail, with Meituan acquiring Dingdong Maicai for approximately 7.17 billion yuan to enhance its supply chain capabilities [12]. - The instant retail market is expected to grow significantly, with a projected market size of 1.2 trillion yuan in 2026 and over 2 trillion yuan by 2030, driven by a CAGR of 43.6% [14][19]. - The competition in the instant retail space is intensifying, with major players like Douyin and Pinduoduo entering the market, indicating a "must-win" scenario for market share [21][34]. Aviation Sector Insights - The Spring Festival travel period has seen a surge in passenger numbers, with an average of 231.34 million passengers per day, a year-on-year increase of 5.48% [7][36]. - The average ticket price for domestic economy class has risen to 840.52 yuan, reflecting a 3.06% increase compared to the previous year [44]. - The report suggests that the aviation sector is poised for growth, with favorable supply-demand dynamics expected to drive ticket prices higher [47]. Air Cargo and Logistics - Air cargo demand is rebounding, with major airlines reporting increased cargo aircraft utilization rates, indicating a seasonal recovery in logistics operations [51][55]. - The report recommends focusing on leading logistics companies like Eastern Airlines Logistics, which are well-positioned to benefit from the recovery in air cargo demand [59]. Gankimau Port Operations - The average daily traffic at Gankimau Port has increased significantly, with a year-on-year growth of 117.3% [60]. - Indonesia plans to significantly reduce coal production in 2026, which may impact global coal prices and logistics operations [72].

中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 公告编号：临 2026-007 中国东方航空股份有限公司 关于东航进出口转让东航供应链股权 暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 重要内容提示： 中国东方航空股份有限公司（以下简称"东航股份"或"公司"）下属公司 东方航空进出口有限公司（以下简称"东航进出口"）与公司控股股东中国 东方航空集团有限公司（以下简称"中国东航集团"）的控股子公司东方航 空物流股份有限公司（以下简称"东航物流"）于 2026 年 2 月 9 日签署股权 转让协议，东航进出口将其持有的参股公司上海东航供应链管理有限公司（以 下简称"东航供应链"）的 49%股权转让至东航物流，交易价格约为人民币 19,984.65 万元（以下简称"本次股权转让"或"本次交易"）。本次股权转 让价格以相关主管部门备案的评估价值为基础确定。本次股权转让后，东航 进出口将不再持有东航供应链的股权。 东航物流为公司 ...

Core Viewpoint - China Eastern Airlines announced that its subsidiary, China Eastern Import and Export, has signed a share transfer agreement with China Eastern Logistics, a subsidiary of its controlling shareholder, China Eastern Group. The agreement involves the transfer of a 49% stake in Shanghai Eastern Airlines Supply Chain Management Co., Ltd. for approximately 200 million yuan. Following the transaction, China Eastern Import and Export will no longer hold any equity in the supply chain company, which will become a wholly-owned subsidiary of China Eastern Logistics. This transaction is classified as a related party transaction and does not constitute a major asset restructuring [1]. Group 1 - The share transfer agreement involves a 49% stake in Shanghai Eastern Airlines Supply Chain Management Co., Ltd. [1] - The transaction price is approximately 200 million yuan [1] - After the transaction, China Eastern Import and Export will not hold any equity in the supply chain company [1] Group 2 - Shanghai Eastern Airlines Supply Chain Management Co., Ltd. will become a wholly-owned subsidiary of China Eastern Logistics [1] - The transaction is classified as a related party transaction [1] - The transaction does not constitute a major asset restructuring [1]

本次股权转让将有利于公司聚焦航空主业，同时，东航供应链成为东航物流的全资子公司，将进一步提 升东航物流的航材供应链业务的运营效率和协同水平，从而为公司提供更加高效优质的航材供应链管理 和物流保障服务。公司的主要业务、收入、利润不依赖于本次关联交易。本次交易价格基于资产评估值 确定，不会影响公司的独立性，亦不会损害公司和股东特别是中小股东的利益，不会对公司的经营造成 重大不利影响。 格隆汇2月9日丨中国东航(600115.SH)公布，公司为聚焦航空主业，充分利用并发挥东航物流在航材供 应链运输和管理业务领域的优势，从而为公司提供更加高效优质的航材供应链管理和物流保障服务，公 司下属东航进出口将其持有的参股公司东航供应链的49%股权转让至东航物流。本次股权转让价格以经 相关主管部门备案的资产评估报告中的评估值为基础确定，评估基准日为2025年6月30日。本次股权转 让后，东航进出口将不再持有东航供应链的股权，东航供应链将成为东航物流的全资子公司。 本次交易定价以北京中企华资产评估有限责任公司出具的《资产评估报告》（中企华评报字（2025）第 5553号）为依据。交易双方同意按照资产评估值确认交易价格，即49%股权 ...

证券之星消息，2月9日人民币升值受益板块较上一交易日上涨1.84%，中国中免领涨。当日上证指数报 收于4123.09，上涨1.41%。深证成指报收于14208.44，上涨2.17%。人民币升值受益板块个股涨跌见下 表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | 97.10 | 5.14% | 71.66万 | 68.95 Z | | 002012 | 凯恩股份 | 6.92 | 3.28% | 28.26万 | 1.95亿 | | 002511 | 中顺洁桑 | 8.32 | 2.21% | 24.76万 | 2.05亿 | | 601111 | 中国国航 | 9.21 | 2.11% | 80.84万 | 7.45亿 | | 002493 | 荣盛石化 | 14.77 | 2.07% | 62.00万 | 9.09亿 | | 002078 | 太阳纸业 | 16.66 | 1.59% | 23.48万 | 3.86亿 | | 600115 | 中国东航 | ...

多位职工表示，此次活动让家人更加理解自己的工作与责任。总签员工庄婴颖说："家人走进工作岗 位，才更懂我的坚守与责任，这份理解让我更有干劲。"航班调配部员工卞文哲表示："工会的暖心安 排，让家人感受到企业的关怀，也让我们一家人的心贴得更近。"重大办员工陈志浩感慨："看到家人为 东航运控的发展点赞，我既自豪又感动，未来会以更饱满的热情投入工作，不负企业与家庭的期待。" 运控中心总经理刘志敏表示，向家属介绍东航与运控中心是一种荣幸。理解与支持源于了解，职工取得 的每一份成绩都离不开家人的默默支持。由衷感谢家属们的倾情相伴。 《中国民航报》、中国民航网 记者胡夕姮 通讯员奚啸麒报道：为深入贯彻党的二十届四中全会精神， 以党建引领工会工作，增强职工归属感与凝聚力，东航运控中心工会于2月7日至8日开展"运控一家亲 相伴共暖心"家庭日活动，邀请30组职工家庭、共90余位家属走进东航，近距离感受职工工作环境与企 业文化。运控中心领导全程带队讲解，向家属介绍公司发展、春运保障情况，并陪同参观东航企业文化 展示厅、运控中心（OCC）大厅、客舱部、飞行部出发大厅等办公区域，以及职工书屋、职工食堂等 服务阵地。 活动中，家属们实地了 ...