Group 1 - The stock price of Guohang (001391.SZ) has decreased by 0.17%, reaching a historical low of 5.870 yuan [1] - The total market capitalization of Guohang is 71.666 billion yuan [1]

www.ccxi.com.cn 2026 年 2 月 目录 | 摘要 | 1 | | --- | --- | | 分析思路 | 2 | | 行业基本面 | 2 | | 行业财务表现 | 8 | | 结论 | 10 | 联络人 作者 企业评级部 钟 婷 027-87339288 tzhong@ccxi.com.cn 吴亚婷 027-87339288 ytwu@ccxi.com.cn 其他联络人 | 贺文俊 | 027-87339288 | | --- | --- | | | wjhe@ccxi.com.cn | | 余 璐 | 027-87339288 | | | lyu@ccxi.com.cn | 中诚信国际 行业展望 航空运输行业 中国航空运输行业展望，2026 年 2 月 中诚信国际认为，短期来看，受行业供给端长期低增速影响， 航空客运在完成三年"先国内、后国际" 的总量快速恢复后，将 步入量质并举的发展阶段，而航空货运市场则处于机遇与调整 并存的发展局面。 中国航空运输行业的展望维持稳定，中诚信国际认为，未来 12~18 个月该行业总体信用质量不会发生重大变化。 经营端，从外部竞争来看，2025 年以来 ...

Core Viewpoint - The company is focusing on the procurement of A350F freighters to align with its development plans and market demand, which will optimize its fleet structure and provide core resource support for stable long-term operations [1] Group 1: Fleet Optimization - The acquisition of A350F freighters will help the company build a large and medium-sized freighter capacity structure that meets market and customer needs [1] - The company has signed a firm order for 6 A350F freighters, expected to be delivered between 2029 and 2031, with an additional option for 4 more freighters, which must be exercised by the end of 2026 [1] Group 2: Operational Efficiency - The A350F freighter offers significant improvements in fuel efficiency, payload capacity, and range, enhancing the company's competitive edge [1] - The enhanced fuel efficiency of the A350F freighter will contribute to the company's long-term operational stability and risk resilience [1]

Core Viewpoint - The company is strategically purchasing A350F freighters to align with its development plans and market demand, which will optimize its fleet structure and provide long-term operational capacity support [1] Group 1: Aircraft Orders - The company has signed a firm order for 6 A350F freighters with Airbus, expected to be delivered between 2029 and 2031 [1] - Additionally, there is an option for 4 more A350F freighters, with the latest exercise deadline set for the end of 2026 [1] Group 2: Market and Operational Strategy - The procurement of A350F freighters is aimed at building a fleet structure that meets market and customer needs for medium and large cargo aircraft [1] - This move is intended to provide core resource support for stable long-term operations [1]

编号：2026-001 投资者关系活动类别 ☑ 特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 □业绩说明会 □路演活动 □其他（请文字说明其他活动内容） 活动参与人员 泰康资产、国联基金、国投自营、天风证券，总计 4 人 上市公司人员 董事会秘书：赵婧；证券事务代表：李林；以及相 关工作人员 时间 2026 年 1 月 29 日(周四) 14:00-15:00 地点 国货航综合办公楼 820 会议室 形式 现场调研 投资者关系活动主 要内容介绍 公司就投资者在本次现场调研中提出的问题进行了 回复： 问题一：公司制定"十五五"发展规划的情况？ 答：国货航正按照国家和集团"十五五"规划的统 筹安排推进"十五五"规划制定工作，将积极贯彻 落实国家关于加强国际航空货运能力建设、维护产 业链供应链安全稳定、有效降低物流成本等相关决 策部署，充分发挥国货航在供应链、产业链中的责 任与担当。国货航将借助"十五五"规划契机，结 合公司战略发展方向，进一步提升核心能力，提高 资源使用效率，持续增强行业竞争力，提升投资回 证券代码：001391 证券简称：国货航 中国国际货运航空股份有限公司 投资者关系活动记 ...

证券之星消息，1月28日物流板块较上一交易日下跌0.51%，密尔克卫领跌。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。物流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) | | | --- | --- | --- | --- | --- | --- | --- | | 920351 | 华米源海 | 22.93 | 1.87% | 1.66万 | | 3797.86万 | | 603871 | 嘉友国际 | 13.53 | 1.58% | 11.60万 | | 1.56亿 | | 600787 | 中储股份 | 5.92 | 1.54% | 48.94万 | | 2.89 乙 | | 601156 | 东航物流 | 19.01 | 1.12% | 10.11万 ﺎ | | 1.92亿 | | 600704 | 物产中大 | 5.97 | 0.84% | 79.04万 | | 4.71亿 | | 002889 | 东方嘉盛 | 15.23 | 0.73% | 3.33万 | | 5044.51万 | | ...

董秘最新回复 投资者： 董秘您好:今闻财政部、商务部、文化和旅游部、海关总署、税务总局联合印发《关于口岸进 境免税店有关事宜的通知》（以下简称《通知》），设立调整一批口岸进境免税店。《通知》提出，在 武汉天河国际机场等41个口岸各新设1家口岸进境免税店，大幅增加了我国口岸进境免税店的数量，使 得口岸进境免税店覆盖范围更加广泛。请问对我司业务量有无显著影响。谢谢！ 董秘： 尊敬的投资者，您好。财政部等五部门于2025年1月联合印发的《关于口岸进境免税店有关事宜 的通知》，旨在进一步便利进境旅客免税购物消费，充分发挥免税店支持提振消费的作用，促进免税商 品零售业务健康有序发展。公司作为国内领先的航空货运企业，主营业务聚焦于国际国内航空货物运输 及相关物流服务。公司将密切关注政策落地进展及对航空物流业的影响，并积极研究、把握相关市场机 会。感谢您的关注，谢谢！ 当日关注点 交易信息汇总 资金流向 截至2026年1月23日收盘，国货航(001391)报收于6.04元，上涨0.0%，换手率1.57%，成交量23.91万手， 成交额1.44亿元。 来自交易信息汇总：1月23日主力资金净流出847.03万元，游资资金净流入 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 有投资者在互动平台向国货航提问："董秘您好，今闻财政部、商务部、文化和旅游部、海关总署、税 务总局联合印发《关于口岸进境免税店有关事宜的通知》（以下简称《通知》），设立调整一批口岸进 境免税店。《通知》提出，在武汉天河国际机场等41个口岸各新设1家口岸进境免税店，大幅增加了我 国口岸进境免税店的数量，使得口岸进境免税店覆盖范围更加广泛。请问对我司业务量有无显著影响？ 谢谢！" 针对上述提问，国货航回应称："尊敬的投资者，您好。财政部等五部门于2025年1月联合印发的《关于 口岸进境免税店有关事宜的通知》，旨在进一步便利进境旅客免税购物消费，充分发挥免税店支持提振 消费的作用，促进免税商品零售业务健康有序发展。公司作为国内领先的航空货运企业，主营业务聚焦 于国际国内航空货物运输及相关物流服务。公司将密切关注政策落地进展及对航空物流业的影响，并积 极研究、把握相关市场机会。感谢您的关注，谢谢！" 来源：市场资讯 ...

Group 1 - Teruid (特锐德) plans to issue H-shares and list on the Hong Kong Stock Exchange [1] - Aotwei (奥特维) states that "space photovoltaic" is still in the early exploration and R&D stage [1] Group 2 - Anqi Yeast (安琪酵母) intends to invest 222 million yuan in a green manufacturing project for an annual production of 12,000 tons of yeast products [1] - Beiqi Blue Valley (北汽蓝谷) plans to invest 1.991 billion yuan to build a high-end platform model industrialization and digital upgrade project [1] Group 3 - Jingzhida (精智达) signed a contract worth 1.311 billion yuan for semiconductor testing equipment and supporting fixtures [1] - Qiaoyin Co. (侨银股份) is expected to win a pre-bid of approximately 61 million yuan for integrated sanitation and landscaping services [1] - Chengdi Xiangjiang (城地香江) won the EPC general contracting procurement project for China Mobile's data center [1] Group 4 - Shannon Chip (香农芯创) expects a net profit growth of 81.77% to 134.78% year-on-year for 2025 [1] - Zhongwei Company (中微公司) anticipates a net profit growth of approximately 28.74% to 34.93% for 2025 [1] Group 5 - Shenghong Technology (胜宏科技) plans to acquire 100% equity of SPMY, enhancing its FPC/PCB production capacity in Southeast Asia [1] Group 6 - Jinkai New Energy (金开新能) intends to repurchase shares with an investment of 500 million to 600 million yuan [1] - Wenzhou Hongfeng (温州宏丰) actual controller Chen Xiao plans to reduce his stake by no more than 3% [2] - Guohang (国货航) Innovation Fund plans to reduce its stake by no more than 1.02% [2] - Zhongqi New Materials (中旗新材) plans to reduce its stake by no more than 3% [2] - Pengling Co. (鹏翎股份) actual controller plans to increase his stake by 20 million to 40 million yuan [2] Group 7 - Jinlei Co. (金雷股份) plans to raise no more than 1.55 billion yuan through a private placement [2] - Huashen Technology (华神科技) intends to raise no more than 450 million yuan through a private placement [2]

Group 1 - Aotewei is currently in the early exploration and research phase of "space photovoltaic" technology [2] - Teruid plans to issue H-shares and list on the Hong Kong Stock Exchange [2] - Anqi Yeast's Puer company intends to invest 222 million yuan in a green manufacturing project for an annual production of 12,000 tons of yeast products [2] Group 2 - Jingzhida has signed a contract worth 1.311 billion yuan for semiconductor testing equipment and supporting fixtures [2] - Xiangnong Xinchuan expects a net profit growth of 81.77% to 134.78% year-on-year for 2025 [2] - Zhongwei Company anticipates a net profit growth of approximately 28.74% to 34.93% for 2025 [2] Group 3 - Shenghong Technology's subsidiary plans to acquire 100% equity of SPMY, enhancing the company's FPC/PCB production capacity in Southeast Asia [2] - Jinkai New Energy intends to repurchase shares worth 500 million to 600 million yuan [2] - Wenzhou Hongfeng's actual controller plans to reduce holdings by no more than 3% [2] Group 4 - Jinlei Co. plans to raise no more than 1.55 billion yuan through a private placement [2] - Huashen Technology intends to raise no more than 450 million yuan through a private placement to Yuanhong Bio [2]