Investment Rating - The report maintains an "Accumulate" rating for the transportation industry [6] Core Views - The transportation sector is expected to benefit from the high demand during the Spring Festival travel season, with a notable increase in passenger volume and airline ticket prices [3][11] - The logistics sector shows promising growth, particularly for companies like ZTO Express, which has reported an increase in market share and profitability [4][17] - The shipping market is experiencing high VLCC rates due to tight capacity and geopolitical premiums, while dry bulk rates have seen a decline [2][14] Summary by Sections Weekly Insights and Market Review - On February 2, 2026, the Spring Festival travel season commenced, with a total of 184.986 million people traveling, an increase of 11.3% compared to the same period in 2025. The civil aviation passenger volume reached 2.234 million, up 7.4% year-on-year [3][11] - The transportation sector index rose by 1.90% during the week, outperforming the Shanghai Composite Index by 3.17 percentage points [21] - The top-performing segments included air transportation, express delivery, and logistics, with respective increases of 8.15%, 3.76%, and 1.24% [21] Air Travel - The average ticket price for civil aviation during the Spring Festival was 840 yuan, a 3.0% increase from 2025, with an average seat occupancy rate of 83.3%, up 1.2 percentage points year-on-year [3][11] - The report anticipates continued growth in the aviation sector driven by demand recovery and supportive policies, with a focus on business travel and international flight recovery [12] Shipping and Ports - The VLCC market is experiencing high rates, with the Middle East route commanding $119,447 per day and the West Africa route at $130,293 per day as of February 6 [2][13] - The Baltic Dry Index (BDI) fell to 1,923 points, indicating a decrease in dry bulk shipping rates [14] - The report highlights the importance of monitoring the shipping market dynamics, particularly in relation to geopolitical factors and supply chain developments [15] Logistics - ZTO Express reported a 9.3% year-on-year increase in parcel volume for Q4 2025, with a slight increase in single-ticket revenue and gross profit [4][17] - The company is issuing $1.5 billion in convertible bonds to finance share buybacks, aiming to enhance shareholder returns [18] - The logistics sector is expected to see growth driven by overseas e-commerce and competitive dynamics among leading express companies [19][20]

证券研究报告 | 行业周报 gszqdatemark 2026 02 08 年 月 日 交通运输 春运拉开帷幕，航空迎周期景气拐点 周观点：2 月 2 日，2026 年春运正式拉开帷幕，首日全社会跨区域人员流动量 18498.6 万人次，比 2025 年同期增长 11.3%，其中民航客运量 223.4 万人次，比 2025 年同期增长 7.4%；根据航班管家，截至 2 月 6 日，2026 年春运民航累计平 均票价 840 元、同比 2025 年同期增长 3.0%，累计客座率 83.3%、同比 2025 年 同期增长 1.2 个百分点。在春运高景气预期下，继续看好" 扩内需"及" 反内卷" 下航空板块中长期景气度。 行情回顾：本周（2026.2.2-2026.2.6）交通运输板块行业指数上涨 1.90%，跑赢 上证指数 3.17 个百分点（上证指数下跌 1.27%）。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空运输、快递、物流，涨幅分别为 8.15%、3.76%、 1.24%；跌幅前三名的板块分别为公路货运、航运、港口，跌幅分别为-0.85%、- 0.44%、-0.40%。 航运港口：VLCC ...

Investment Rating - The report maintains a positive outlook on the transportation industry, particularly highlighting the potential for a "golden era" in aviation [1]. Core Insights - The report emphasizes India's potential reduction in oil imports from Russia, shifting towards sourcing from non-sanctioned countries like the US and Venezuela, which could impact shipping dynamics [3]. - The strengthening of the US dollar is expected to benefit the shipbuilding sector, with Q1 performance anticipated to improve [3]. - The report suggests that the aviation sector is poised for significant growth due to historical high passenger load factors and increasing international travel demand, despite supply constraints [3]. Summary by Sections Transportation Industry Performance - The transportation index increased by 1.90%, outperforming the Shanghai Composite Index by 3.23 percentage points [4]. - The aviation sector saw the highest increase at 8.15%, while the raw materials supply chain services experienced a decline of 2.10% [4]. Shipping and Freight Rates - The VLCC average freight rate rose slightly by 2% to $124,743 per day, with Middle East to Far East rates remaining stable at $134,282 per day [3]. - The report notes fluctuations in various shipping rates, with Suezmax rates declining by 3% to $94,768 per day and Aframax rates down by 7% to $91,146 per day [3]. Aviation Sector - The report highlights the unprecedented challenges in the aircraft manufacturing supply chain and the aging fleet, which is expected to constrain supply [3]. - It predicts a significant improvement in airline profitability as more capacity is allocated to international routes, marking a turning point for the industry [3]. Express Delivery and Logistics - The express delivery sector faces uncertainties in demand and regulatory policies, but leading companies like ZTO Express and YTO Express are expected to gain market share [3]. - SF Express is noted for its structural adjustments and potential bottoming opportunities [3]. Rail and Road Transport - Rail freight volumes and highway truck traffic are showing resilience, with national rail freight reaching 76.1 million tons, a 2.27% increase week-on-week [3]. - The report identifies two main investment themes in the highway sector: high dividend stocks and undervalued stocks with potential for market capitalization management [3].

格隆汇2月5日丨极兔速递-W(01519.HK)公告，完成发行2033年到期的零息有担保可换股债券。董事会 欣然宣布，认购协议所载有关发行2026年可换股债券的所有条件已获达成，而债券发行已于2026年2月5 日完成。2026年可换股债券预期将于2026年2月6日或前后在香港联交所上市。2026年可换股债券的本金 总额为4,650百万港元，已由经办人向不少于六(6)名独立的承配人(即独立的个人、公司及╱或机构投资 者)提供及出售。 ...

Group 1 - The core announcement is that Jitu Express (极兔速递-W) has successfully completed the issuance of convertible bonds due in 2026, with all conditions of the subscription agreement met [1] - The total principal amount of the 2026 convertible bonds is HKD 4.65 billion, which has been provided and sold to no less than six independent subscribers, including individuals, companies, and/or institutional investors [1] - The bonds are expected to be listed on the Hong Kong Stock Exchange on or around February 6, 2026 [1]

Group 1 - The company Jitu Express-W (01519) has completed the issuance of 2026 convertible bonds as per the terms outlined in the subscription agreement [1] - The total principal amount of the 2026 convertible bonds is HKD 4.65 billion, which has been provided and sold to no less than six independent subscribers [1] - The bonds are expected to be listed on the Hong Kong Stock Exchange on or around February 6, 2026 [1] Group 2 - All subscribers of the 2026 convertible bonds are confirmed to be independent third parties, including individuals, companies, and/or institutional investors [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 本 公 告 僅 供 參 考，並 不 構 成 出 售 任 何 證 券 的 要 約 或 招 攬 購 買 任 何 證 券 的 要 約， 本 公 告 或 其 任 何 內 容 亦 不 構 成 任 何 合 約 或 承 諾 的 基 礎。本 公 告 或 其 任 何 副 本 概不得帶入美利堅合眾國（「美 國」）或 於 美 國 派 發。 本 公 告 所 載 資 料 不 會 直 接 或 間 接 於 或 向 美 國 派 發。本 公 告 並 不 構 成 或 組 成 在 美 國 境 內 購 買 或 認 購 證 券 的 任 何 要 約 或 招 攬 的 一 部 分。本 公 告 所 述 股 份 及 債 券並無亦不會根據1933年美國證券法（經 修 訂）（「證券法」）登 記，且 除 非 已 根 據 證 券 法 的 登 記 規 定 登 記 或 獲 豁 免 登 記，否 則 不 得 在 美 ...

"极兔快倒闭了，你的问题解决不了。"2026年1月，有小红书网友称，从极兔速递的售后网点得到了如此回复。 不知道大家有没有类似的感觉，近两年，极兔在国内保持"静悄悄"的状态很久了。若去搜索"极兔"相关动态，抛却极兔偶尔传出的合作或融资的消息外，绝 大多数的公众讨论和舆论印象，停留在几年前。 如今，在小红书等社交媒体上，与极兔关联较多的最新内容，是消费者对极兔服务的吐槽。 那个曾以黑马之姿搅动行业格局的极兔，是在默默调整、蓄势待发，还是在悄然退出中国市场？ 一、从狂飙到收缩：极兔中国战略转向 可以肯定的是，从公开信息来看，目前，极兔并没有退出中国市场，它依然在网络覆盖、电商合作与日常物流中保持着存在感。 它的存在感从其在中国市场的基建投入可以窥见。 据《财经网科技》2026年2月2日报道，在郑州新郑国际机场旁，占地面积19.87万平方米的极兔速递郑州转运中心，2025年完成新一轮智能设备升级。 2026年1月13日，极兔速递柳州智慧分拨中心二期项目启动仪式在柳江区长乐物流园隆重举行。 但不可否认，与早期狂飙突进的扩张相比，如今的极兔已进入深刻的战略调整期。这种调整，根源在于其赖以崛起模式的难以为继。 众所周知， ...

Summary of Conference Call Notes Industry Overview Real Estate Market - New home sales in core cities are still experiencing negative growth, while the second-hand housing market saw significant increases in transaction volume year-on-year and month-on-month due to early demand for school district properties and supply lagging behind, leading to a rise in both volume and price [1][3] - Anticipation for continued market heat in March, with April's performance dependent on policy support. A potential policy package similar to that of September 24, 2024, could signal a fundamental turning point in core urban areas by the end of 2026 [1][4] - Real estate stocks typically lead the fundamentals by 2-3 quarters, suggesting Q2 may be a good time to increase allocations [4] Construction and Building Materials - The construction and building materials sector is currently in a subdued state, with many projects halted due to the approaching Spring Festival and downstream demand not yet released [6] - Cement prices are continuously declining, with a recent drop of 0.8%. Glass demand is shrinking, and prices remain stable, while manufacturers of consumer building materials are promoting price increases [6][10] - The sector is at historical low levels, presenting opportunities for capital rebalancing [7] Express Delivery Industry - Domestic express delivery business saw a high growth rate of approximately 20% in January, influenced by the timing of the Spring Festival. There is a noticeable divergence in growth rates among leading companies [8] - Jitu Express benefits from the rapid growth of TikTok in Southeast Asia and Latin America, predicting high growth in shipment volume for Q1 due to promotional activities [8] Oil Transportation Industry - Since August 2025, oil transportation rates have significantly increased due to improved supply-demand dynamics and tightening sanctions. The BDTI index has nearly doubled year-on-year as of February 2, 2026 [9][11] - The mid-term outlook suggests continued upward pressure on rates due to geopolitical events and sanctions, providing substantial earnings elasticity for companies in this sector [11] Chemical Logistics - Chemical prices have gradually recovered since late 2025, although they remain at five-year lows. The industry is expected to experience a recovery in trade activity and inventory digestion, leading to improved logistics conditions [12] Civil Aviation - Domestic civil aviation demand is robust, with January passenger volume increasing nearly 9% year-on-year. The Spring Festival period is expected to exceed historical peak levels for passenger volume [13][14] - The average ticket price has increased by 2.4% year-on-year, with a notable rise in pre-sale ticket prices expected in the coming weeks [13][14] Road Transportation - High-speed road freight throughput reached 241 million vehicles in January, marking a year-on-year increase of 22.8%. Predictions indicate significant population movement during the Spring Festival, with a projected increase in passenger volume [15] Key Recommendations - For real estate, focus on companies like China Merchants Shekou, New Town Holdings (A-shares), and China Resources Land (H-shares) [5] - In the construction sector, consider leading firms such as Yuhong, Sankeshu, Tubao, and China Jushi [7] - In the express delivery sector, maintain a watch on leading domestic companies and Jitu Express for overseas delivery [16] - For oil transportation, prioritize companies like China Merchants Energy and COSCO Shipping Energy [11] - In the chemical logistics space, look at companies like Meikewei, Xingtong Co., and Hongtan Wisdom for potential performance rebounds [12] - In civil aviation, monitor the evolving pricing strategies of airlines as they shift towards price control [14]

格隆汇2月4日丨根据联交所最新权益披露资料显示，2026年1月30日，极兔速递-W(01519.HK)获JPMorgan Chase & Co.以每股均价10.1711港元增持好仓 7102.2万股，涉资约7.22亿港元。 增持后，JPMorgan Chase & Co.最新持好仓数目为466,745,359股，持好仓比例由4.99%上升至5.88%。 | 股份代號: | 01519 | | --- | --- | | 上市法國名稱: | 極免速遞環球有限公司 - W | | 日期 (日 / 月 / 年): | 04/01/2026 - 04/02/2026 | | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | --- | --- | --- | --- | --- | --- | --- | | | 版分数目 | | | | (語參閱上述*龍 | 有投票權股(日 / 月 / 年) | | | | | | | | 份自分 F | | CS20260204E00262 | JPMorgan ...