Core Viewpoint - Eastern Airlines Logistics has initiated its Spring Festival supply guarantee operations, focusing on the smooth circulation of essential goods and festive products during the 2026 Spring Festival, with an average daily cargo handling volume exceeding 7,000 tons in Shanghai alone during the first week of the Spring Festival [1]. Group 1 - Eastern Airlines Logistics has dynamically optimized capacity allocation to meet the demand for festive goods transportation, ensuring that capacity matches market needs through measures such as charter flights and flight adjustments [2]. - Safety is prioritized in operations, with the company implementing a series of measures including aircraft airworthiness management, weather warning systems, and strict operational monitoring to establish a robust safety defense for holiday supplies [2]. - The company has enhanced personnel and facility support to ensure efficient last-mile delivery of festive goods, optimizing workforce scheduling and completing key facility maintenance in advance [2]. Group 2 - Regional branches of Eastern Airlines Logistics have tailored their logistics services to meet local specialty goods and essential needs, such as upgrading the "land-to-air" model in North China to facilitate the distribution of fresh produce [3]. - The Southwest branch has established a temporary storage area and priority channel for flowers to minimize ground handling time, while the South China branch has reinforced temperature control to maintain the quality of aquatic products [3]. - These logistics initiatives collectively contribute to the efficient delivery of regional specialties and festive flavors across the country, supporting the concept of a "flowing China" through a reliable logistics network [3].

Core Viewpoint - Eastern Airlines Logistics North China Branch is actively ensuring smooth air transportation of goods during the Spring Festival travel rush, implementing comprehensive supply guarantee mechanisms and innovative logistics solutions [1][2] Group 1: Operational Strategies - The company has organized a special mobilization meeting to detail supply guarantee plans and enhance production organization and inter-departmental collaboration [1] - A multi-modal transport model, "land-to-air," has been innovatively upgraded to expand service coverage and improve logistics efficiency [1] Group 2: Service Expansion - The logistics branch is consolidating its supply base from Inner Mongolia for beef and lamb while linking with western regions like Urumqi and Lanzhou to efficiently transport high-quality fresh produce to major hubs like Beijing and Taiyuan [1] - The establishment of a fresh logistics channel combining "high-quality western sources + efficient North China transfer" is aimed at ensuring timely delivery of diverse products to consumers [1] Group 3: Supply Chain Efficiency - The new Spring Festival supply guarantee mechanism has been fully activated, ensuring seamless coordination across all stages from market sales to cold chain transportation and flight loading [1] - The logistics branch has successfully delivered fresh seafood from coastal cities to Harbin and premium beef and lamb from the northwest to Jiangnan, showcasing its professional support [1]

Core Viewpoint - China Eastern Airlines Corporation Limited (00670) announced the transfer of 49% equity stake in Eastern Airlines Supply Chain from its wholly-owned subsidiary, Eastern Airlines Import and Export, to Eastern Airlines Logistics (601156) for approximately RMB 199.8 million, which will enhance the company's focus on its core aviation business [1] Group 1 - The equity transfer will result in Eastern Airlines Supply Chain becoming a wholly-owned subsidiary of Eastern Airlines Logistics [1] - The company aims to leverage the advantages of Eastern Airlines Logistics in the field of aviation material supply chain transportation and management [1] - This transaction is expected to provide more efficient and high-quality aviation material supply chain management and logistics support services for the company [1]

智通财经APP讯，中国东方航空股份(00670)公布，2026年2月9日，公司的全资附属公司东航进出口与东 航物流签署《转让协议》，东航进出口将所持东航供应链49%股权转让给东航物流，股权转让价款约为 人民币1.998亿元。 本次股权转让将有利于公司聚焦航空主业，通过本次交易，东航供应链将成为东航物流的全资子公司。 公司将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。 ...

2026年2月9日，公司的全资附属公司东航进出口与东航物流签署《转让协议》，东航进出口将所持东航 供应链49%股权转让给东航物流，股权转让价款约为人民币19,984.65万元。 格隆汇2月9日丨中国东方航空股份(00670.HK)公告，2025年11月19日，公司董事会2025年第12次会议审 议通过了《关于东航进出口将所持东航供应链49%股权协议转让至东航物流的议案》，董事会一致同意 东航进出口将所持东航供应链49%股权以非公开协议方式转让给东航物流，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].

证券代码：601156 证券简称：东航物流 公告编号：临2026-002 东方航空物流股份有限公司 关于收购东航供应链 49%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： 东方航空物流股份有限公司（以下简称"公司"或"东航物流"）与东方 航空进出口有限公司（以下简称"东航进出口"）于 2026 年 2 月 9 日签署股权转 让协议，公司收购东航进出口持有的上海东航供应链管理有限公司（以下简称"东 航供应链"）49%股权，交易对价为 19,984.65 万元。本次股权收购完成后，公司 持有东航供应链的股权比例将从 51%增加至 100%，不会导致公司合并报表范围发 生变更。 中国东方航空集团有限公司（以下简称"中国东航集团"）为公司控 股股东、实际控制人，东航进出口为中国东航集团间接控股的企业，根据《上 海证券交易所股票上市规则》（以下简称《上市规则》）的相关规定，东航进 出口为公司关联方。本次交易构成关联交易，不构成重大资产重组。 本次交易已经公司第三届董事会 2025 年第 4 次例会 ...

Core Viewpoint - Eastern Airlines Logistics (601156.SH) aims to enhance operational efficiency and synergy in its supply chain business by acquiring a 49% stake in Shanghai Eastern Airlines Supply Chain Management Co., Ltd. from Eastern Airlines Import and Export Co., Ltd. for 200 million yuan, increasing its ownership from 51% to 100% [1] Group 1: Business Integration - The acquisition is part of a strategy to integrate business resources effectively, focusing on "air transportation + aviation material logistics" [1] - The transaction is expected to improve the operational efficiency and collaborative level of the aviation material supply chain business [1] Group 2: Company Profile - Shanghai Eastern Airlines Supply Chain Management Co., Ltd. specializes in supply chain services for aviation materials, including engines, and is a designated logistics solution provider for major airlines [1] - The main business activities of Eastern Airlines Supply Chain include warehousing, operational services, domestic air transport, less-than-truckload services, international air transport, and dedicated vehicle transportation [1]