Group 1 - The company announced on February 9 that it signed a share transfer agreement with Eastern Airlines Import and Export Co., Ltd. to acquire a 49% stake in Shanghai Eastern Airlines Supply Chain Management Co., Ltd. for a transaction price of 199.8465 million yuan [1] - Following the completion of this share acquisition, the company's ownership in Eastern Airlines Supply Chain will increase from 51% to 100%, and this will not result in any changes to the company's consolidated financial reporting scope [1] - This transaction is classified as a related party transaction and does not constitute a major asset restructuring [1]

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 ...

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [7] Core Views - The report highlights three main investment themes for February: aviation, oil shipping, and road transportation, driven by the Spring Festival travel peak and geopolitical factors [1][2][3] - The aviation sector is expected to benefit from improved supply-demand dynamics, with a focus on major airlines [1][2] - Oil shipping is anticipated to see price increases due to geopolitical tensions affecting supply [1][3] - The road transportation sector is viewed as a stable dividend asset amid market volatility, with specific recommendations for certain stocks [1][5] Aviation - The passenger load factor for 2025 is projected to rise to 85.1%, with ticket prices showing a mixed trend [2][14] - The Spring Festival is expected to catalyze stock price movements, with a forecast of 95 million passengers during the travel period, a 5.3% increase year-on-year [16][28] - The report notes that fuel price increases are manageable, as fuel surcharges can cover most cost increases [20][21] Oil Shipping - In January, oil shipping rates continued to strengthen due to increased demand from geopolitical tensions in Venezuela and Iran [3][34] - The report indicates that oil shipping rates are expected to rise further post-Spring Festival, despite a potential short-term dip during the holiday season [34][36] Logistics - The express delivery sector is experiencing a slowdown in volume growth, while prices remain stable [4] - There are signs of recovery in the hazardous materials logistics sector, driven by improved supply-demand dynamics in the upstream chemical industry [4] Road Transportation - The road transportation sector is characterized by high demand for both passenger and freight services, with a notable increase in short-distance travel during the Spring Festival [5][28] - The report recommends specific stocks in the road sector, highlighting their potential for stable returns amid market fluctuations [1][5] Airport Operations - The report emphasizes the steady growth in passenger throughput at listed airports, with international routes contributing significantly to this growth [28] - It also notes that new capacity coming online may impact profitability, particularly for airports undergoing capital expenditure cycles [28][33]

证券之星消息，2月3日物流板块较上一交易日上涨1.2%，N世盟领涨。当日上证指数报收于4067.74，上 涨1.29%。深证成指报收于14127.1，上涨2.19%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 001220 | N世盟 | 57.73 | 106.18% | 17.34万 | | 10.93亿 | | 002930 | 宏川智慧 | 12.69 | 5.40% | 28.10万 | | 3.51亿 | | 002682 | 龙洲股份 | 7.06 | 4.13% | 34.28万 | | 2.39亿 | | 300873 | 海晨股份 | 24.82 | 3.33% | 5.21万 | | 1.29亿 | | 002769 | 普路通 | 12.29 | 3.28% | 16.57万 | | 2.02亿 | | 601156 | 东航物流 | 18.30 | 2.81% | 11.72万 | | 2.14亿 | | 603871 | ...

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 article introduces a novel theoretical framework called the Capital Ordered Expansion Ecological Threshold Model, aimed at balancing the dynamic interaction between digital capital vitality and sustainable civilization development in the context of the global digital economy [1]. Group 1: Theoretical Foundation - The model is rooted in the "Threefold Five-Dimensional" integration framework, emphasizing the need for a healthy "ecological interval" to prevent systemic risks arising from the interrelated nature of capital relationships, movement characteristics, and benefit essence in the digital age [2]. - The model identifies three bottom-line constraints: social equity (α), ecological sustainability (β), and data sovereignty security (γ), which must be maintained to avoid systemic collapse [2]. - The model aims to maximize five dimensions of interests through a coordinated framework, ensuring that no single dimension expands unchecked [2]. Group 2: Model Core - The core of the model is a target function designed to achieve the maximization of five-dimensional interests, expressed mathematically [3]. - The model incorporates governance philosophies and technical logic, such as clarifying data property rights and ensuring algorithm transparency and accountability [4]. Group 3: Decision Variables - The model defines three key decision variables: Kr (relationship variables), Km (movement variables), and Ki (benefit variables), which represent policy levers aimed at optimizing production relationships, capital movement forms, and benefit distribution patterns, respectively [5][8]. - Specific examples include the introduction of employee stock ownership in companies like China Unicom and Eastern Airlines to adjust internal capital and labor relations [8]. Group 4: Five-Dimensional Interest Function - The model specifies five measurable dimensions of interests, including subjective interests (Is), objective interests (Io), process interests (Ip), time interests (It), and spatial interests (Isp), each with its own key indicators [6][9]. - For instance, the implementation of data rights in Shenzhen has led to increased income for delivery workers, reflecting an enhancement of subjective interests [9]. Group 5: Constraints and Governance - The optimization of the target function is bounded by four rigid constraints, which form the model's lifeline: social equity (α), ecological sustainability (β), data sovereignty security (γ), and a coordination degree constraint (δ) [10][11]. - The model emphasizes the importance of maintaining a dynamic harmony index (δ) of at least 0.7 to ensure effective policy coordination across the three dimensions [13]. Group 6: Global Significance of China's Approach - The Capital Ordered Expansion Ecological Threshold Model represents a theoretical innovation and a "Chinese solution" for global digital governance, transcending both technological utopianism and market fundamentalism [11]. - The model provides a practical governance toolbox that translates abstract concepts of fairness, sustainability, and security into quantifiable indicators, facilitating precise management [11]. - It embodies the concept of a "community with a shared future for mankind," reflecting a commitment to global development and long-term sustainability [12].

今后，东航物流与顺丰航空双方还将继续秉持服务国家战略的宗旨，持续积极融入国内国际双循环新发 展格局，充分发挥航空物流在支撑高端制造、保障产业链供应链稳定与推动国货品牌出海中的作用。 （编辑：金杰妮 校对：李海燕 审核：程凌） 《中国民航报》、中国民航网 记者钱擘 报道：2026年2月1日，东航物流旗下中货航与顺丰航空在马来 西亚槟城签署2026年度合作意向备忘录。由此，东航物流与顺丰航空2025年10月在上海签署的战略合作 协议得以深化落地，也标志着双方在新一年的业务协同进入实质性推进阶段。 此次合作备忘录的签署，是签约双方积极响应国际物流市场需求、提升供应链服务能力的重要举措，推 进了双方的全球化布局。根据备忘录，双方计划在上海浦东—洛杉矶、深圳—洛杉矶等重点航线开展运 力互换合作，并共同开发东南亚至欧美的联运产品。双方也计划通过资源整合与优势互补，进一步提升 在亚太及中美市场的综合服务能力，持续为客户提供更优质、更可靠的全球物流解决方案，合力打造更 具国际竞争力的航空物流服务，助力中国物流业的高质量发展与国际化布局。 ...

Core Viewpoint - The article highlights the recognition of Eastern Airlines Logistics for its sustainable practices in building a green supply chain under the Belt and Road Initiative, showcasing its commitment to environmental, social, and governance (ESG) principles [1][3]. Group 1: Event Overview - The Fourth "Belt and Road" Economic and Environmental Cooperation Forum was held in Beijing on January 29, focusing on "Empowering Industrial Win-Win through Green Outbound" [1]. - Eastern Airlines Logistics' case study on creating a green supply chain for fresh produce was selected as a notable example by the China Environmental Protection Federation [1]. Group 2: Company Initiatives - Since 2013, Eastern Airlines Logistics has developed a "Fresh Air Express" route from Santiago, Chile, to Shanghai, continuously bringing high-quality fresh produce to China and connecting it with global markets [2]. - The company is expanding its global route network under the Belt and Road Initiative, particularly in South America, with plans to launch the longest passenger route from Shanghai to Buenos Aires by 2025 [2]. Group 3: Sustainability Practices - Eastern Airlines Logistics integrates green and low-carbon principles into its fresh produce supply chain, utilizing energy-efficient aircraft and optimizing flight routes to reduce carbon emissions [3]. - The company has developed a green and efficient cold chain service network, employing temperature control monitoring devices and visualization systems to manage energy consumption and ensure product quality [3]. - Future plans include the adoption of sustainable aviation fuel (SAF) and clean energy technologies to enhance the resilience and sustainability of the global fresh produce supply chain [3].

Core Viewpoint - Eastern Airlines Logistics experienced a decline in stock price by 1.53% on January 29, with a trading volume of 213 million yuan, indicating market volatility and investor sentiment towards the company [1]. Financing Summary - On January 29, Eastern Airlines Logistics had a financing buy-in amount of 20.08 million yuan, with a net financing purchase of 10.27 million yuan after repayments [1]. - The total financing and margin trading balance reached 1.127 billion yuan, accounting for 6.37% of the circulating market value, which is above the 70th percentile of the past year, indicating a high level of financing activity [1]. - In terms of securities lending, the company repaid 600 shares and sold 500 shares on January 29, with a selling amount of 9,360 yuan, while the remaining securities lending balance was 4.31 million shares, valued at 806,800 yuan, which is below the 10th percentile of the past year, indicating low lending activity [1]. Company Overview - Eastern Airlines Logistics, established on August 23, 2004, and listed on June 9, 2021, is based in Changning District, Shanghai [1]. - The company's main business segments include comprehensive logistics solutions (46.66%), air express (41.77%), ground comprehensive services (11.44%), and others (0.14%) [1]. Financial Performance - As of September 30, 2025, Eastern Airlines Logistics reported a decrease in revenue to 17.249 billion yuan, down 2.40% year-on-year, and a net profit of 2.001 billion yuan, down 3.19% year-on-year [2]. - The company has distributed a total of 2.726 billion yuan in dividends since its A-share listing, with 1.630 billion yuan distributed over the past three years [2]. Shareholder Information - The number of shareholders decreased to 39,500, a reduction of 26.75%, while the average circulating shares per person increased by 36.52% to 23,935 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 10.085 million shares, a decrease of 6.9774 million shares from the previous period [2].