Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - SF Express and Jitu Express announced a strategic mutual shareholding agreement worth HKD 8.3 billion, focusing on building a global integrated logistics network to meet the needs of Chinese enterprises going abroad and the new landscape of cross-border e-commerce logistics [3][14] - COSCO Shipping and Peru Post signed a memorandum of cooperation to enhance cross-border e-commerce logistics channels between China and Peru, improving logistics service capabilities and operational efficiency [3][16] - Zhihang released a lightweight eVTOL aircraft named "Bullet," targeting the personal flying vehicle market, while Eastern Airlines Jiangsu will open and restore multiple international and domestic routes during the 2026 Spring Festival [3][17][19] - The tense situation in Iran has led to a rapid increase in risk premiums in the Strait of Hormuz, with VLCC daily earnings doubling to USD 68,000, while sanctions on Venezuela may lead to a redistribution of heavy crude oil shipping capacity [3][24][25] Industry Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year [4][30] - Domestic express delivery volume increased by 5.00% year-on-year in November 2025, while revenue decreased by 3.70% [4][51] - The average daily number of international flights in the second week of January 2026 was 1,802.29, down 1.15% month-on-month and 1.34% year-on-year [4] - From January 5 to January 11, 2026, the number of freight trucks on national highways reached 55.09 million, a month-on-month increase of 17.3% [4] Investment Recommendations - Recommended investment opportunities in international market expansion for express logistics, specifically in SF Express and Jitu Express [5] - Suggested investment in the airline industry due to increased demand during the Spring Festival, recommending China National Aviation Holding, Southern Airlines, and Eastern Airlines [5] - Suggested attention to the low-altitude economy sector, recommending CITIC Offshore Helicopter [5] - Recommended investment opportunities in oil shipping due to geopolitical conflicts, suggesting China Merchants Energy Shipping [5][28] - Recommended focusing on the equipment and manufacturing export chain, suggesting COSCO Shipping Heavy Industry [5] - Recommended investment opportunities in the highway and railway sector, suggesting Beijing-Shanghai High-Speed Railway [5]

Meeting Details - The first extraordinary general meeting of China International Cargo Airlines Co., Ltd. was held on January 9, 2026, at 14:30 [1][2] - The meeting was conducted both in-person and via online voting [2] Attendance - A total of 1,095 shareholders and their authorized representatives attended the meeting, representing 10,348,880,493 shares, which is 84.7652% of the total voting shares [3] - Among them, 8 shareholders voted in person, representing 8,676,120,811 shares (71.0640%), while 1,087 shareholders voted online, representing 1,672,759,682 shares (13.7012%) [4] Small Shareholders - 1,089 small shareholders and their authorized representatives attended, representing 176,226,473 shares (1.4434%) [5] - Of these, 3 small shareholders voted in person, representing 106,895,872 shares (0.8756%), and 1,086 voted online, representing 69,330,601 shares (0.5679%) [5] Proposal Voting - The proposal to change the use of raised funds was approved with 10,345,367,336 shares in favor (99.9661%), 2,980,257 shares against (0.0288%), and 532,900 shares abstaining (0.0051%) [6] - This proposal was passed as an ordinary resolution, receiving more than half of the valid voting shares present at the meeting [6] Legal Opinion - The legal opinion was provided by Beijing Haiwen Law Firm, confirming that the meeting's procedures and voting were in compliance with relevant laws and the company's articles of association [7] Documents for Reference - The resolutions from the first extraordinary general meeting and the legal opinion from Beijing Haiwen Law Firm are available for review [8]

证券日报网讯 1月9日，国货航发布公告称，公司2026年第一次临时股东会审议通过《关于变更募集资 金用途的议案》。 （文章来源：证券日报） ...

致：中国国际货运航空股份有限公司 北京市海问律师事务所（以下简称"本所"）作为中国国际货运航空股份有限 公司（以下简称"国货航"或"公司"）的常年法律顾问，应国货航要求，根据《中 华人民共和国公司法》《中华人民共和国证券法》（以下统称"有关法律"）及《中 国国际货运航空股份有限公司章程》（以下简称"公司章程"）的规定，就国货航 于 2026 年 1 月 9 日召开的 2026 年第一次临时股东会（以下简称"本次会议"）出 具本法律意见书。 北京市海问律师事务所 关于中国国际货运航空股份有限公司 2026 年第一次临时股东会的法律意见书 一、本次会议的召集和召开程序 经核查《中国国际货运航空股份有限公司第二届董事会第七次会议决议公告》 及《中国国际货运航空股份有限公司关于召开 2026 年第一次临时股东会的通知》 并经见证本次会议，本次会议由公司董事会召集，会议召开的时间、地点、方式与 会议通知中所告知的时间、地点、方式一致，经过半数董事推举，本次会议由公司 董事李军先生主持。 本所律师认为，本次会议的召集和召开程序、召集人的资格符合有关法律和公 司章程的有关规定。 海问律师事务所 HAIWEN & PARTN ...

证券代码：001391 证券简称：国货航 公告编号：2026-001 中国国际货运航空股份有限公司 2026年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1.本次股东会未出现否决提案的情形； 2.本次股东会未涉及变更以往股东会已通过决议的情 形。 一、会议召开和出席情况 （一）会议召开情况 1.召开时间： (1)现场会议召开时间：2026年1月9日（星期五）14:30 (2)网络投票时间： 通过深圳证券交易所交易系统投票的时间为2026年1月 9日上午9:15—9:25，9:30—11:30和下午13:00—15:00； 5.主持人：经过半数董事推举，本次会议主持人为本公 司董事李军先生 6.本次会议的召开符合《中华人民共和国公司法》《上 市公司股东会规则》等相关法律法规和《中国国际货运航空 股份有限公司章程》的规定。 （二）会议出席情况 1.股东出席的总体情况： 出席本次会议的股东及股东授权委托代表共1,095人， 代表股份10,348,880,493股，占公司有表决权股份总数的 84.7652％。 其中：通过现场投 ...

Core Insights - Zhengzhou Airport has seen a significant increase in all-cargo aircraft operations, with an average of around 80 flights per day and a record of 104 flights on October 8, 2025, marking the highest single-day all-cargo aircraft operations in its history [3] - The airport's annual cargo and mail throughput surpassed 1 million tons for the first time in 2025, ranking sixth nationally, with international cargo volume reaching 660,000 tons, placing fifth in the country [3] - The event showcased two large cargo aircraft, including the original cargo version of the 747-400 and a converted 777-300ER, which can carry up to 100 tons after modification [3][5] Company and Industry Overview - Zhongyu Aviation Group is positioned as a core driver of aviation economic development in Henan Province, operating across eight key business sectors, including air transport, airport operations, and aviation logistics [4] - The group is enhancing Zhengzhou Airport's hub capabilities in line with the Civil Aviation Administration of China's international air cargo hub positioning, focusing on efficient support, convenient customs clearance, and specialized cargo transport [4] - The event attracted representatives from over 30 domestic and international logistics companies, highlighting the growing demand for large cargo aircraft in China, with Boeing predicting a need for approximately 140 large cargo aircraft over the next decade [5]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Insights - The company is positioned as a leading integrated logistics service provider in air transportation, benefiting from the booming cross-border e-commerce market [1][2]. - The air freight business shows significant profit elasticity, primarily driven by demand from developed economies and cross-border e-commerce [2][3]. - The company has a diversified business model with three main segments: air freight services, integrated logistics solutions, and air cargo station services, with air freight being the most profitable [1][18]. Summary by Sections Company Overview - The company is the only flag carrier cargo airline in China, with a stable and diversified shareholder structure, primarily controlled by state-owned enterprises [1][14]. - Its main operations are based in Shanghai, and it has expanded its business through strategic partnerships and investments [13][14]. Air Freight Market - The air freight market is experiencing a supply-demand imbalance, which is expected to drive up air freight rates [2]. - Demand is closely linked to economic growth in developed markets, with cross-border e-commerce being a key growth driver [2][49]. - Supply constraints are evident, with limited capacity in both freighter and passenger aircraft [2][49]. Financial Performance and Forecast - The company is projected to achieve revenues of 229.5 billion, 249.2 billion, and 268.9 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 12%, 9%, and 8% [4][7]. - Net profit forecasts for the same years are 25.6 billion, 27.1 billion, and 29.0 billion yuan, reflecting growth rates of 31%, 6%, and 7% [4][7]. - The current market capitalization corresponds to a price-to-earnings ratio of 28x, 27x, and 25x for the respective years [4]. Business Segments - The air freight segment contributes significantly to the company's gross profit, with full freighter operations showing high elasticity [1][27]. - The integrated logistics solutions segment is expanding, catering to high-end product logistics needs, and is expected to benefit from the growth in cross-border e-commerce [1][3]. - The air cargo station services are also growing steadily, with a projected gross margin improvement [1][3]. Market Dynamics - The company is well-positioned to capitalize on the increasing demand for air freight driven by cross-border e-commerce, which is expected to grow significantly in the coming years [57][58]. - The report highlights that 80% of cross-border e-commerce goods are transported by air, indicating a strong market potential for the company [57].

Investment Rating - The report indicates a positive investment outlook for the cross-border logistics sector, with a noted increase in the sector's performance by 1.16% this week [7][55]. Core Insights - The shipping sector shows a rise in various indices: the China Export Container Freight Index (CCFI) is at 1146.67 points, up by 1.95% week-on-week; the Shanghai Container Freight Index (SCFI) is at 1,656.32 points, up by 6.66%; and the Ningbo Container Freight Index (NCFI) is at 1060.86 points, up by 10.23% [5]. - In air freight, the global air cargo index (BAI) reports a decline, with BAI at 2495 points, down by 3.33%, and BAI80 at 5821 points, down by 8.60% [5]. - Significant developments include MSC's order for six 11,400 TEU container ships at a Chinese shipyard and the opening of new shipping routes to enhance trade efficiency [5][17]. Summary by Sections 1. Global Cross-Border Logistics News - Thailand and Laos postal services have signed a cooperation agreement to enhance e-commerce and cross-border trade [13]. - Amazon has terminated its drone delivery project in Italy due to regulatory challenges [13]. - China plans to adjust certain import tariff rates starting January 1, 2026, to enhance market dynamics [13]. 2. Cross-Border Logistics Data Changes - The shipping sector's weekly leading data shows an increase in freight rates, with the CCFI and SCFI indices reflecting positive trends [5][9]. - Air freight volumes are experiencing a decline, as indicated by the BAI index [5][10]. 3. Capital Market Perspective on Cross-Border Logistics - The cross-border logistics sector has seen a 1.16% increase this week, with a cumulative increase of 2.53% since the beginning of the year [7][55]. - Individual stock performance in the cross-border logistics sector has remained stable overall [7].

Core Viewpoint - The company, Guohang (国货航), confirmed that all of its cargo aircraft are owned rather than leased [1] Group 1 - The company responded to an investor inquiry regarding the ownership status of its aircraft [1] - Guohang's current fleet consists entirely of self-owned cargo planes [1]

Group 1 - The core viewpoint of the news is that China International Cargo Airlines (国货航) has shown significant financial performance with a notable increase in revenue and net profit for the first nine months of 2025, alongside active trading activity in its stock [2][3]. Group 2 - As of December 30, 2024, China International Cargo Airlines' stock price decreased by 2.11%, with a trading volume of 251 million yuan. The financing buy-in amount was 17.76 million yuan, while the net financing buy-in was 11.12 million yuan, leading to a total financing and margin balance of 245 million yuan [1]. - The company reported a revenue of 16.64 billion yuan for the period from January to September 2025, representing a year-on-year growth of 16.92%. The net profit attributable to shareholders was 1.84 billion yuan, reflecting a significant increase of 66.21% compared to the previous year [2]. - The main business revenue composition of China International Cargo Airlines includes air freight services (71.01%), comprehensive logistics solutions (22.65%), and air cargo station services (5.95%) [1].