戴震表示，能链将以能源AI研发与资本双轮驱动，服务山东绿色低碳转型，计划在青岛科创大走廊建 设能源AI研发中心，推动能源服务向"智能"升级，同时，继续落实山东省有关服务业的战略规划，深耕 生产性服务业；同时依托国内庞大市场，深化产融协同、探索技术出海，力争2030年前成为国内交通能 源领域头部平台。此外，戴震建议山东实施"能源产业+垂类AI"领航计划，深化实体经济与数字经济融 合；持续优化资本环境，加大企业上市培育力度。 山东能链控股有限公司2025年跻身中国民营经济500强(位列第303位)、中国服务业500强(位列第192 位)。该公司创始人、董事长戴震作为青岛唯一发言的企业家代表，结合企业实践，围绕交通能源AI化 与绿色低碳转型建言献策，助力山东抢抓发展机遇。 戴震介绍，能链2019年将总部落户青岛，深耕交通能源数字化主业。目前，公司已服务全国2.5万座加 油站、100多万把充电枪，累计交易用户超1.5亿、企业客户超1万家，与比亚迪（002594）、蔚来等 80%的主流主机厂达成合作，累计交易额超3500亿元。能链62%的融资金额来自国资背景企业，既包括 山东高速（600350）、青岛金家岭控股集团等省 ...

Industry Overview - The China Chemical Products Price Index (CCPI) is reported at 4120 points this week, showing a year-on-year decrease of 5.0% and a month-on-month increase of 1.1% [1] - The CCPI for the previous week was 4066 points, reflecting a year-on-year decline of 6.6% and a month-on-month decrease of 1.0% [1] - The domestic maritime shipping price for liquid chemicals was 168 RMB/ton, down 8.51% year-on-year and 0.62% month-on-month [1] Express Delivery - In December, the express delivery business volume increased by 2.3% year-on-year, with some companies benefiting from price increases due to reduced competition [2] - The total collection volume for postal express from January 26 to February 1 was approximately 4.541 billion pieces, up 60.8% year-on-year and 5.5% month-on-month [2] - The total delivery volume during the same period was about 4.477 billion pieces, reflecting a year-on-year increase of 18.7% and a month-on-month increase of 5.8% [2] - The State Post Bureau forecasts that by 2025, express delivery revenue will reach 1.5 trillion RMB, growing by 6.5% year-on-year [2] Logistics - DSV's integration of DB Schenker is progressing ahead of expectations, with completion anticipated by the end of 2026 [3] - The company is focusing on smart logistics, benefiting from improved demand [3] Aviation and Airports - The average daily flights nationwide decreased by 1.08% year-on-year, with domestic flights down 1.28% [4] - Brent crude oil futures settled at 67.55 USD/barrel, down 4.47% month-on-month and 11.07% year-on-year [4] - The domestic aviation kerosene ex-factory price (including tax) is 5334 RMB/ton, down 4.3% month-on-month and 12.7% year-on-year [4] - The airline sector is expected to see profit elasticity due to supply constraints from aircraft manufacturers and upstream component suppliers [4] Shipping - The container shipping price index (CCFI) is at 1122.15 points, down 4.5% month-on-month and 20.7% year-on-year [5] - The Shanghai Export Container Freight Index (SCFI) is at 1266.56 points, down 3.8% month-on-month and 33.2% year-on-year [5] - The crude oil transportation index (BDTI) increased by 2.1% month-on-month and 88.5% year-on-year, indicating a growing demand for oil transportation [5] - A recent agreement between the U.S. and India to halt Russian oil purchases is expected to boost oil transportation demand [5] Road and Rail Ports - Anhui Expressway completed the acquisition of Shandong Expressway, acquiring 7% of its total share capital at a price of 8.92 RMB/share, totaling 3.019 billion RMB [5] - The total number of freight vehicles on national highways reached 56.83 million, up 4.75% month-on-month and 506.12% year-on-year [5]

Investment Rating - The report indicates a positive outlook for the transportation sector, with specific recommendations for companies such as SF Holding and China Southern Airlines [2][4]. Core Insights - The express delivery sector experienced a year-on-year growth of 2.3% in December, with major companies benefiting from price increases due to reduced competition. The total express business revenue for 2025 reached 1.5 trillion yuan, a 6.5% increase year-on-year [2]. - The logistics sector is seeing improvements with DSV's integration of DB Schenker progressing ahead of schedule, and a focus on smart logistics is recommended for Hai Chen Co. [3]. - The aviation sector is witnessing a slight decrease in flight volumes, but ticket prices are expected to rise due to supply constraints from manufacturers. Recommendations include China National Aviation and China Southern Airlines [4]. - The shipping sector shows a mixed performance, with container shipping rates declining while oil transport indices are on the rise, indicating a potential increase in oil transport demand [5]. - The road and rail sectors are showing stable growth, with significant increases in truck traffic on highways and a notable rise in the dividend yield of major public road operators [6][79]. Summary by Sections 1. Transportation Market Review - The transportation index rose by 1.8% during the week of January 31 to February 6, 2026, outperforming the Shanghai Composite Index by 3.2% [1][13]. 2. Industry Fundamentals Tracking 2.1 Shipping Ports - The export container shipping index (CCFI) was reported at 1122.15 points, down 4.5% week-on-week and down 20.7% year-on-year. The Shanghai export container shipping index (SCFI) was at 1266.56 points, down 3.8% week-on-week and down 33.2% year-on-year [21]. 2.2 Aviation Airports - In December 2025, civil aviation passenger volume reached 60.6 million, a 6% increase year-on-year, with domestic routes showing a 6% increase and international routes a 9% increase [56]. 2.3 Rail and Road - In December 2025, national railway passenger volume was 323 million, up 8.52% year-on-year, while road freight volume was 3.797 billion tons, up 0.62% year-on-year [77][79].

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Insights - The aviation sector is expected to benefit from the Spring Festival travel peak, leading to a positive outlook for airline stocks. The report highlights a significant increase in flight operations and passenger volumes during this period, indicating a recovery in demand [4][6] - The report emphasizes the potential for oil transportation to rise, driven by geopolitical factors and structural demand growth, suggesting a favorable investment environment in the shipping sector [6][7] Summary by Sections Investment Highlights - The report identifies key investment opportunities in the aviation sector, particularly focusing on major airlines and low-cost carriers that are expected to benefit from rising ticket prices and improved operational performance [4][6] - It also highlights the logistics and express delivery sectors, noting the positive earnings forecast for companies like SF Express, which is capitalizing on the growth of instant delivery services [6] Aviation Data Tracking - Daily flight operations from February 2 to February 6 showed significant increases for major airlines, with Eastern Airlines and Southern Airlines leading the growth [4] - The average aircraft utilization rates also improved, indicating a recovery in operational efficiency across the sector [4] Shipping Data Tracking - The report tracks various shipping indices, noting a mixed performance in container shipping but a positive trend in oil transportation indices, suggesting a potential upturn in the oil shipping market [6][7] - The report recommends focusing on companies in the oil shipping sector due to limited supply and structural demand growth [6][7] Logistics Data Tracking - The report provides data on logistics performance, indicating a substantial increase in express delivery volumes, which is expected to continue benefiting from the growth in e-commerce and instant delivery services [6] - It highlights the importance of addressing industry challenges such as competition and regulatory changes to maintain profitability [6] Company Performance Tracking - The report includes performance metrics for key companies in the aviation and logistics sectors, showcasing their earnings forecasts and operational improvements [4][6] - It emphasizes the strategic positioning of companies like Spring Airlines and China Eastern Airlines, which are expected to leverage their market positions for growth [4][6]

Group 1 - The second China Life CBA Club Cup finals stage has commenced in Hohhot, Inner Mongolia, featuring 8 strong CBA teams competing for the championship [2] - The tournament follows a single-elimination format and will run from February 6 to February 12, with the final match scheduled for February 12 at 19:30 [12] - The participating teams include Zhejiang Chouzhou, Shandong High-Speed, Shanghai Jiushi, Guangdong Dongyangguang, Zhejiang Fangxingdu, Changbai Mountain Enduri, Shanxi Fenjiu, and Beijing Holdings [12] Group 2 - In the quarterfinals, Shanghai Jiushi defeated Guangdong Dongyangguang with a score of 113 to 104, while Shandong High-Speed narrowly won against Zhejiang Chouzhou with a score of 89 to 88, both advancing to the semifinals [6]

林武指出，近年来，我们坚定不移发展壮大民营经济，完善政策举措，优化营商环境，民营经济保持稳 健发展势头。特别是去年以来，我们谋划开展服务民营企业专项行动，解决了一批民营企业生产经营中 的突出矛盾和问题。当前外部环境复杂严峻，国内发展也面临一些新情况新挑战，要准确把握形势变 化，着力稳定预期、提振信心，推动民营企业抓住机遇、开拓更加广阔的天地。 戴震指出，我国交通能源行业正经历两大变革：一是能源结构加速向电动化转型，目前全国新车销售中 电车占比接近50%，预计2030年电车存量达1亿辆；二是服务模式向AI驱动的数字化升级。"十五五"时 期是山东布局交通能源AI化的重要窗口期，需抢抓机遇加快转型。 林武强调，"十五五"时期，要更加注重提升产业能级，加快数智赋能，优化提升传统产业、培育壮大新 兴产业、前瞻布局未来产业，推动服务业扩能提质；要更加注重加强科技创新，加快关键核心技术突破 和科技成果转化，加大人才引育力度，推动发展新质生产力；要更加注重扩投资抓项目，优化投资方 向，抓实重大项目，用好投融资政策工具；要更加注重拓展市场空间，深入挖掘国内市场，大力开拓海 外市场，坚决杜绝"内卷式"竞争；要更加注重绿色低碳转型 ...

Investment Rating - The report maintains a stable outlook for the Chinese toll road industry, reflecting the expectation that the overall credit quality of the industry will not undergo significant changes in the next 12 to 18 months [3][32]. Core Insights - The toll road industry in 2025 is characterized by stable overall performance, with passenger transport experiencing a "total decline, slight increase in turnover" due to competition from other transportation modes, while freight transport continues to grow under macroeconomic support [4][31]. - The fixed asset investment scale in the toll road sector has been on a downward trend, with future construction tasks primarily concentrated in the western regions, which may face greater investment pressures [4][12]. - The overall profitability of toll road operators has shown slight recovery, with debt repayment capabilities slightly declining but remaining at a good level, and financial leverage levels appearing relatively stable [4][31]. Summary by Sections Analysis Approach - The report analyzes the overall fundamentals of the toll road industry from the perspectives of demand changes, investment pressures, and industry policies, while summarizing the current credit situation and future credit trends for the next 12 to 18 months [5]. Industry Fundamentals - The toll road industry in 2025 shows stable performance, with passenger transport volume slightly declining by 2.4% to 11.492 billion passengers, while freight transport volume increased by 3.4% to 43.288 billion tons [6][7]. - The construction of a smart transportation system is expected to bring new opportunities and challenges to the toll road industry [6][11]. - The proportion of road transport turnover in the total transport industry is expected to decline slightly, with road passenger turnover accounting for 14.35% and freight turnover for 29.81% [8]. Financial Performance - The net profit of toll road operators has shown slight growth due to diversified business development and a decrease in financial expenses, with a net profit increase of 4.29% in 2025 [22][30]. - The overall financial performance remains stable, with the total debt of sample enterprises maintaining a low growth rate, and the financial leverage continuing to decline [24][30]. - The cash flow from operating activities for sample enterprises has increased, with net cash flow from operations growing by 10.33% and 8.62% in 2024 and the first three quarters of 2025, respectively [26][30]. Conclusion - The toll road industry is expected to maintain stable performance, with the overall credit level remaining stable due to manageable capital expenditure pressures and ongoing consolidation within the industry [31][32].

Core Viewpoint - The company has announced a share transfer agreement where its controlling shareholder, Shandong Expressway Group Co., Ltd., will transfer 7% of its shares to Anhui Wantong Expressway Co., Ltd. at a price of 8.92 CNY per share, totaling approximately 3.02 billion CNY [1][2]. Group 1: Share Transfer Agreement Details - On October 21, 2025, the controlling shareholder, Shandong Expressway Group, signed a share transfer agreement with Anhui Wantong Expressway, agreeing to transfer 338,419,957 shares, which represent 7% of the company's total share capital, through a private agreement [3]. - The share transfer has received compliance confirmation from the Shanghai Stock Exchange and the share transfer registration procedures have been completed, with the transfer date set for February 3, 2026 [4]. Group 2: Post-Transfer Arrangements - Anhui Wantong Expressway has committed not to trade or transfer the acquired shares for 12 months after the shares are registered in its name. Following the completion of the share transfer, it has the right to nominate or recommend one director [2]. - The share transfer does not trigger a mandatory bid and will not result in changes to the controlling shareholder or actual controller, nor will it significantly impact the company's governance structure or ongoing operations [2].

Meeting Overview - The first temporary shareholders' meeting of Shandong Expressway Bridge Group Co., Ltd. was held on February 4, 2026, combining on-site and online voting methods [4][5]. - The meeting was chaired by Chairman Lin Cunyou and complied with relevant laws and regulations [5][20]. Attendance - A total of 266 shareholders and authorized representatives attended the meeting, representing 989,389,023 shares, which is 64.1094% of the total voting shares [6]. - Among them, 4 shareholders attended the on-site meeting, representing 976,450,917 shares (63.2711% of total voting shares) [7]. - 262 shareholders participated via online voting, representing 12,938,106 shares (0.8384% of total voting shares) [8]. - Small and medium shareholders totaled 263, representing 12,981,206 shares (0.8411% of total voting shares) [9]. Resolutions and Voting Results - The meeting adopted a combination of on-site and online voting for the resolutions [10]. - The following resolutions were passed: - Approval of the estimated 2026 annual related party transactions [11][12]. - Revision of the "Independent Director Work System" [13]. - Revision of the "Independent Director Special Meeting Work System" [14]. - Revision of the "Related Party Transaction System" [15]. - Revision of the "Financial Management System" [16]. - Revision of the "External Guarantee System" [17]. - Revision of the "External Investment System" [18][19]. - Revision of the "Internal Audit System" [20]. - Revision of the "Director and Senior Management Compensation Management System" [20]. Legal Opinion - The legal opinion was provided by Guohao Law Firm (Jinan), confirming that the meeting's procedures, qualifications of attendees, and voting results complied with relevant laws and regulations [20].

Group 1 - The Chinese Basketball Association has announced a new training roster for the national men's basketball team in preparation for the FIBA 2027 Basketball World Cup qualifiers [1][2] - The training camp will take place from February 5 to February 23 at the National Sports General Administration Training Center, focusing on team cohesion and readiness for upcoming matches against Japan and Chinese Taipei [2] - Head coach Guo Shiqiang emphasized the importance of maintaining focus and effort in training to achieve long-term goals for the 2027 World Cup and the 2028 Olympics [2] Group 2 - The training roster includes notable players such as Zhao Rui, Zeng Fanbo, and the rookie Pang Zhenglin, selected based on performance, injury status, age structure, and opponent analysis [3] - The team plans to arrive in Okinawa, Japan, on February 23 for final training before facing Japan on February 26 and Chinese Taipei on March 1 [2]