（来源：劳动午报） 转自：劳动午报 本报讯（记者 刘欣欣） 近日，朝阳区2025年基层工会服务站评价结果揭晓，东湖街道总工会服务站获 评A+档第一名。此次成绩的取得来源于该街道总工会在组织建设、阵地搭建、精准服务及权益保障等 方面的扎实深耕。 2025年，东湖街道总工会围绕职工需求，以多元模式深耕服务，全力打造"职工暖心之家"。在组织建设 方面，该街道总工会创新采用"摆摊设点+入户走访+专场服务"模式，全年新建单独基层工会22家，涵 盖美团、泡泡玛特乐园等企业，实现百人以上企业建会率100%。同步优化入会流程，推行"网上入 会""指尖入会"，确保入会申请"日清日结"，让职工"手机点一点，就能找到组织"。 服务阵地建设方面，东湖街道总工会持续发力，39家户外劳动者驿站遍布街头巷尾。该街道总工会还指 导辖区企业建成100家工会驿站，东湖街道工会服务站及区域性职工之家获评全国总工会"最美工会户外 劳动者服务站点"。在这里，职工累了能歇脚、渴了能喝水、雨天能避雨，实实在在的便利让职工真切 感受到"工会服务就在身边"。 去年，东湖街道总工会各类文体与服务活动接连开展，80余场活动惠及职工超5000人次。健身操、亲子 嘉 ...

截至2026年1月30日收盘，顺丰控股(002352)报收于37.5元，下跌1.63%，换手率0.62%，成交量29.41万 手，成交额11.08亿元。 董秘最新回复 投资者： 供应链及国际业务剔除并购后盈利暴增 178%，同城业务增长 38.9%，但面临极兔等对手的全 球化竞争。请问当前国际业务的核心客户结构与订单储备如何？同城、快运等新业务何时能形成稳定盈 利支撑，成为第二增长曲线的核心动力？ 董秘： 尊敬的投资者，您好！根据公司于2025年8月29日在巨潮资讯网（www.cninfo.com.cn）披露的 《2025年半年度报告》，2025年上半年，若剔除海外子公司KEX亏损、公司并购KLN相关融资利息费 用的影响，公司供应链及国际分部实现净利润人民币4.3亿元，较去年同比增长178%；同城即时配送业 务实现不含税营业收入54.9亿元，同比增长38.9%。在国际快递及跨境电商物流业务领域，公司通过优 化国际产品体系、提升网络效率及强化海外本土运营能力，依托国内稳固的客群基础，公司重点开拓中 高端企业客户，提供定制化高时效国际快递服务；同时凭借品牌效应与末端揽收网络优势，公司聚焦华 人跨境消费，拓展个人境 ...

Investment Rating - The report maintains a "Buy" recommendation for the shipping industry, highlighting the upward potential in both oil and dry bulk markets [7]. Core Insights - Geopolitical tensions, particularly between the US and Iran, have led to an increase in VLCC freight rates, with the Clarksons VLCC-TCE index rising to $116,000, a week-on-week increase of 17% [10][11]. - The BDI index has shown resilience during the off-season, closing at 2148 points, up 21.9% week-on-week, with significant increases in various vessel types [23][24]. Summary by Sections Oil Shipping - The ongoing tensions in the Middle East have resulted in a significant rise in VLCC freight rates, particularly on the Middle East to China route, which saw a 27% increase to $127,000 per day [10][11]. - The market fundamentals are weakening, with a slowdown in cargo availability and a lack of new cargo in the US Gulf market, leading to a decline in overall market activity [10][11]. Dry Bulk Shipping - The BDI index has shown a remarkable performance during the off-season, with a year-on-year increase of 89% in January, averaging 1759 points [24]. - The strong performance of the BCI index, which increased by 121% year-on-year, is attributed to supply constraints and steady demand from Brazil and West Africa [24]. Investment Recommendations - The report emphasizes the potential for upward trends in both oil and dry bulk markets, recommending companies such as China Merchants Energy Shipping and COSCO Shipping Energy [27]. - For dry bulk, the report suggests companies like Haitong Development and Pacific Shipping, citing favorable supply and demand dynamics [28]. Industry Data Tracking - Recent data shows a year-on-year increase of 8.3% in domestic air passenger volume, with average ticket prices rising by 4.3% [29]. - The SCFI index has decreased by 10% week-on-week, indicating a decline in container shipping rates [50].

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。 ...

强于大市 交通运输行业周报 南航海航 2025 年实现扭亏为盈，航空运输行业 有望逐步迈入盈利周期 物流方面，九识智能三年"200→2,000→20,000"百倍增长，联合菜鸟无人车打造 "无人货运超级航母舰队。航空方面，2025 年全球航空货运需求稳增，南航、海 航 2025 年实现扭亏为盈。低空经济方面，广州塔、白云山等地标将设 eVTOL 垂直起降点，低空经济从概念培育到现实场景稳步推进。航运方面，2025 年中 国船舶租赁市场多维度发展，规模与效益并进。高速公路方面，交通运输部举 行 2026 年首次例行新闻发布会，保障春运期间交通顺畅与安全。 ◼ 核心观点 交通运输 | 证券研究报告 — 行业周报 2026 年 2 月 1 日 ◼ ①九识智能三年"200→2,000→20,000"百倍增长，联合菜鸟无人车打造 "无人货运超级航母舰队。九识智能披露其 RoboVan 实现从 200 台商业破 冰、2,000 台规模验证到如今 20,000 台常态化履约的跨越，连续三年"10 倍 增长"，并称已刷新全球自动驾驶产品量产履约纪录。②2025 年全球航空 货运需求稳步增长，南航、海航实现扭亏为盈。国际航协披 ...

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - Geopolitical factors are driving up VLCC freight rates, with the Clarksons VLCC-TCE index rising to $116,000 per day, a week-on-week increase of 17%. The Middle East to China route is reported at $127,000 per day, up 27% week-on-week [1][10]. - The BDI index is showing resilience during the off-season, closing at 2148 points, a week-on-week increase of 21.9%. The average BDI for January is reported at 1759 points, a year-on-year increase of 89% [2][23][24]. Summary by Sections Oil Transportation - The ongoing tensions between the US and Iran have led to an increase in VLCC freight rates, with the market showing signs of weakness as the supply of cargo from the Middle East is tapering off [1][10]. - The Brent crude oil futures price has risen to $69.83 per barrel, a 9.6% increase since January 22, driven by concerns over potential disruptions in Middle Eastern oil supply [2][11]. Dry Bulk Transportation - The BDI index has shown strong performance despite seasonal trends, with significant increases in various sub-indices: BCI up 35.8%, BPI up 8.1%, BSI up 4.0%, and BHSI up 3.0% week-on-week [2][23]. - The report highlights that the supply side is constrained due to recent storms affecting shipping schedules, while demand remains robust due to favorable weather conditions for iron ore exports from Brazil [3][24]. Investment Recommendations - The report suggests a positive outlook for both oil and dry bulk markets, recommending companies such as China Merchants Energy and COSCO Shipping for oil transportation, and Haitong Development and Pacific Shipping for dry bulk [7][28]. - The report emphasizes the importance of performance elasticity and dividend value in the transportation sector, particularly in aviation and shipping [7][62].

Investment Rating - The report recommends a positive outlook for the logistics and transportation sector, particularly highlighting companies like SF Holding and China National Aviation [2][4]. Core Views - The express delivery sector saw a year-on-year growth of 2.3% in December, with major companies benefiting from price increases amid reduced competition [2]. - The logistics sector is advised to focus on smart logistics, with Hai Chen Co. recommended due to improved demand [3]. - The aviation sector is experiencing a slight decline in flight volumes, but major airlines like China Southern Airlines and Air China are expected to turn profitable in 2025 [4]. - The shipping sector shows a significant increase in dry bulk shipping index (BDI) by 14.2% week-on-week, indicating a positive trend [5]. Summary by Sections Transportation Market Review - The transportation index fell by 1.3% during the week of January 24-30, 2026, while the Shanghai and Shenzhen 300 index rose by 0.1%, indicating underperformance in the transportation sector [12]. Industry Fundamentals Tracking Shipping Ports - The shipping market is adjusting, with the SCFI index down by 9.7% week-on-week, reflecting weak demand in the long-distance shipping market [20]. - The export container shipping index (CCFI) is at 1175.59 points, down 2.7% week-on-week and down 21.9% year-on-year [21]. Aviation Airports - In December 2025, civil aviation passenger volume reached 60.6 million, a 6% increase year-on-year, with domestic routes showing a similar growth [53]. - Major airlines are expected to see improved profitability, with Air China and China Southern Airlines projected to return to profit in 2025 [4]. Rail and Road - National railway passenger volume in December 2025 was 323 million, up 8.52% year-on-year, while freight volume decreased by 2.60% [72]. - The road freight volume for the same period was 37.97 billion tons, showing a slight increase of 0.62% year-on-year [77].

证券研究报告 | 行业周报 gszqdatemark 2026 02 01 年 月 日 交通运输 干散货运价淡季回升，继续重视油运 周观点：VLCC 运价周五再度冲高；干散货运价淡季超预期回升，大船更为明 显。VLCC 市场，本周 VLCC 市场中东航线 2 月上旬货盘基本收尾，租家出货 节奏放缓，运价在周四之前高位回落；随着运价下跌，船东对进一步下跌表现 出较强抵抗意愿，潜在地缘政治风险再度升温，1 月 30 日，波斯湾至中国 27 万吨原油运价指数升至 WS137.2 点，较 1 月 29 日上涨 42.6 点。受矿石、粮 食等品种发货需求较好支撑，本周干散货运价持续回升，BDI 于 1 月 30 日收 于 2148 点，大船涨势更为明显，BCI 于 1 月 30 日收于 3507 点。重点关注招 商轮船、中远海能、海通发展、中远海运国际和中集安瑞科等。 行情回顾：本周（2026.1.26-2026.1.30）交通运输板块行业指数下跌 1.40%， 跑输上证指数 0.96 个百分点（上证指数下跌 0.44%）。从申万交通运输行业 三级分类看，涨幅前三名的板块分别为航运、港口、高速公路，涨幅分别为 2.19 ...

Investment Rating - The report recommends a positive outlook for the logistics and transportation sector, particularly highlighting companies like SF Holding and China National Aviation [2][4]. Core Insights - The express delivery sector saw a year-on-year growth of 2.3% in December, with major companies benefiting from price increases amid reduced competition [2]. - The logistics sector is experiencing a recovery in demand, with a recommendation for Haicheng Co. due to its focus on smart logistics [3]. - The aviation sector is expected to see improved profitability as supply constraints ease, with recommendations for China National Aviation and Southern Airlines [4]. Summary by Sections Transportation Market Review - The transportation index fell by 1.3% during the week of January 24-30, 2026, while the Shanghai and Shenzhen 300 index rose by 0.1%, indicating underperformance against the broader market [12]. Industry Fundamentals Tracking Shipping Ports - The shipping market is adjusting, with the China Export Container Freight Index (CCFI) at 1175.59 points, down 2.7% week-on-week and down 21.9% year-on-year [21]. - The dry bulk shipping index (BDI) increased by 14.2% week-on-week, indicating a positive trend in dry bulk demand [34]. Aviation Airports - In December 2025, civil aviation passenger volume reached 60.6 million, a 6% year-on-year increase, with domestic routes showing strong performance [53]. - Major airlines are expected to improve profitability, with China National Airlines and Southern Airlines highlighted for their potential [4]. Rail and Road - National railway passenger volume increased by 8.52% year-on-year in December 2025, while road freight volume showed a slight increase of 0.62% [72]. - The report notes a decline in truck traffic on highways, with a 3.32% decrease week-on-week [34]. Recommendations - The report recommends investing in SF Holding for its valuation and resilience, and in Haicheng Co. for its smart logistics initiatives [2][3]. - The aviation sector is also recommended for investment, particularly in China National Aviation and Southern Airlines due to expected profit recovery [4].

Investment Rating - The report maintains a recommendation for the transportation industry, indicating a positive outlook for specific sectors such as shipping and logistics [3]. Core Insights - Geopolitical tensions are driving up oil shipping rates, while the dry bulk shipping market shows signs of improvement. The report suggests focusing on oil tanker and dry bulk stocks for 2026, including companies like COSCO Shipping Energy and China Merchants Energy [6][11][16]. - The logistics sector is experiencing a decline in air freight prices, with a week-on-week decrease of 3.9% but a year-on-year increase of 0.7% [2][29]. - The report highlights a positive trend in the infrastructure sector, recommending investments in stable cash flow assets like ports, which are currently undervalued [18]. - The aviation sector is expected to benefit from improved supply-demand dynamics and lower fuel prices in 2026, marking a potential recovery year for profitability [27][28]. - The express delivery industry is projected to see a slowdown in growth rates, with a forecasted return to mid-to-high single-digit growth in 2026 after a strong performance in 2025 [20]. Shipping Sector Summary - The shipping industry is facing a mixed outlook, with container shipping rates under pressure due to seasonal declines in shipping volumes. The SCFI index for the East America route dropped by 10% this week [11][35]. - Oil tanker rates are influenced by geopolitical risks, particularly in the Middle East, with VLCC rates showing a year-on-year increase of 29% [13][16]. - The dry bulk index (BDI) has risen by 21.9% this week, indicating a recovery in the dry bulk market driven by improved demand for iron ore and grain shipments [16][51]. Infrastructure Sector Summary - Weekly data shows a decrease in truck traffic by 3.3% week-on-week but a significant year-on-year increase of 38.4%. Rail freight volumes also showed a slight year-on-year growth of 1.2% despite a week-on-week decline [17][18]. - The report recommends focusing on high-quality infrastructure stocks, particularly in the port sector, which is seen as a stable investment opportunity [18]. Express Delivery Sector Summary - The express delivery market saw a total volume of 1.99 billion packages in 2025, with a year-on-year growth of 13.7%. However, growth is expected to slow in 2026 [19][20]. - The competitive landscape is gradually improving, with major players like SF Express expected to benefit from operational adjustments and profit growth in 2026 [20]. Aviation Sector Summary - The aviation sector is currently experiencing a temporary decline in passenger volumes due to the timing of the Spring Festival, with a year-on-year decrease of 3.5% in passenger numbers [27]. - The report anticipates that 2026 will be a pivotal year for the aviation industry, with potential profitability improvements driven by better supply-demand conditions and lower fuel costs [28].