Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The military strike by the US against Iran and the closure of the Strait of Hormuz have profound impacts on the global oil transportation market, potentially leading to supply chain disruptions and increased oil transportation costs [3][15] - Tesla's Cybercab, designed for fully autonomous driving, has been launched, marking a significant step towards the original dedicated era of Robotaxi services [3][17] - A strategic partnership between Youjia Innovation, Didi, and Wall Street Technology aims to advance the large-scale deployment of driverless logistics vehicles, filling a market gap for vehicle-grade autonomous logistics [3][32] - The pre-sale ticket prices for economy class flights during the 2026 Spring Festival have shown a year-on-year increase, indicating stable industry performance as demand is released [3][34] - Uber has launched the Uber Air service supported by Joby, integrating ground and air travel booking, which validates the commercial viability of eVTOL [3][41] Industry Dynamics - The Baltic Air Freight Price Index has decreased month-on-month and year-on-year, while domestic air freight flights have seen a decline [4][44] - The shipping and port sector has experienced an increase in domestic shipping rates, while dry bulk freight rates have also risen [4][52] - The express logistics sector reported a 2.30% year-on-year increase in business volume and a 0.70% increase in revenue as of December 2025 [4] - The average number of international flights operated daily in the last week of February 2026 was 1992.86, reflecting a month-on-month increase of 3.73% and a year-on-year increase of 19.22% [4] - The number of trucks passing through national highways decreased by 40.04% from February 9 to February 15 [4] Investment Recommendations - Focus on opportunities in the shipping sector, particularly oil transportation, dry bulk, and container shipping due to geopolitical tensions, with recommendations for China Merchants Energy Shipping and COSCO Shipping [5] - Consider investments in low-altitude economy and autonomous driving sectors, recommending CITIC Offshore Helicopter and monitoring Cao Cao Mobility [5] - Explore investment opportunities in the travel sector driven by increased demand during the Spring Festival, recommending Air China, China Southern Airlines, and China Eastern Airlines [5] - Look into international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Pay attention to investment opportunities in the highway sector, recommending Sichuan Chengyu Expressway and other major expressway companies [5]

2月28日晚，受中东局势影响， 国航、东航、南航等国内多家航空公司相继发布了涉及中 东地区航班机票特殊处理方案。 国航 通知显示，旅客于2026年2月28日20时（含）前购买的机票，旅行日期在2026年2月 28日至3月15日（均含当日）之间的迪拜、阿布扎比、利雅得进出港航班， 可申请变更或 退票，首次变更免收手续费，但需 补 舱位差价。 东航 规定，旅客购买的机票至少含有一段未使用的涉及迪拜、阿布扎比、利雅得、马斯喀 特的进港、出港或经停航班，航班起飞日期在2026年2月28日（含）至2026年3月15日 （含）， 可免费变更一次至原航班前后3天（含）以内的航班。 南航 方案中，旅客购买的涉及迪拜、利雅得、德黑兰、多哈的进出港（含经停）航班机 票，同样针对2026年2月28日20:00（含）前购买、旅行日期在2月28日至3月15日之间的 机票， 可免费变更一次。 此外， 海南航空、深圳航空、四川航空、厦门航空 也陆续发布了涉及中东地区航班机票特 殊处理方案。 来源： 央视财经 更多财经视频，请关注视频号"新浪财经" 往期回顾 ...

2026 年 03 月 01 日 相关研究 券研究报 证券分析师 范晨轩 A0230525070003 fancx@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 严天鹏 A0230524090004 yantp@swsresearch.com 王晨签 A0230525030001 wangcj@swsresearch.com 王易 A0230525050001 wangyi@swsresearch.com 张慧 A0230524100001 zhanghui@swsresearch.com 王凯婕 A0230525110001 wangkj@swsresearch.com 郑逸欢 A0230526010001 zhengyh@swsresearch.com 联系人 范晨轩 A0230525070003 fancx@swsresearch.com 申万宏源研究微信服务号 伊朗高势油运行情空中加油， 告船联动关注 ST 松发、招商锌 申万宏源交运一周天地汇(2026 ...

行 业 及 产 业 交通运输 行 业 研 究 / 行 业 点 评 范晨轩 A0230525070003 fancx@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 严天鹏 A0230524090004 yantp@swsresearch.com 王晨鉴 A0230525030001 wangcj@swsresearch.com 王易 A0230525050001 wangyi@swsresearch.com 张慧 A0230524100001 zhanghui@swsresearch.com 王凯婕 A0230525110001 wangkj@swsresearch.com 郑逸欢 A0230526010001 zhengyh@swsresearch.com 相关研究 证 券 研 究 报 告 证券分析师 联系人 范晨轩 A0230525070003 fancx@swsresearch.com 2026 年 03 月 01 日 伊朗局势油运行情空中加油，集运 造船联 ...

格隆汇2月27日丨*ST海钦（维权）(600753.SH)公布，公司于2026年2月27日收到中国证券监督管理委员 会福建监管局下发的《行政处罚事先告知书》（闽证监函〔2026〕108号），公司触及《上海证券交易 所股票上市规则（2025年4月修订）》第9.8.1条规定的其他风险警示情形，公司股票自2026年3月2日起 将被上海证券交易所叠加实施其他风险警示。本次被叠加实施其他风险警示后，公司股票简称仍 为"*ST海钦"，公司股票代码仍为"600753"，公司股票交易日涨跌幅限制仍为5%，公司股票不停牌，公 司股票继续在风险警示板交易。 ...

Market Overview - The Hong Kong stock market rebounded with the Hang Seng Index rising by 0.95% to close at 26,630.54 points, with a total turnover of HKD 288.42 billion. The Hang Seng China Enterprises Index increased by 0.51%, while the Hang Seng Tech Index rose by 0.56%. However, for the month, the Hang Seng Index fell by 2.76%, the China Enterprises Index by 4.91%, and the Tech Index by 10.15% [1] Blue-Chip Stocks Performance - Sun Hung Kai Properties (00016) reached a new high, closing up 7.12% at HKD 146, contributing 22.72 points to the Hang Seng Index. Morgan Stanley reported a 17% year-on-year profit growth for the first half of 2026, significantly above their expected 4% increase, driven by better-than-expected profits from mainland property developments [2] - Other blue-chip stocks included WuXi Biologics (02269) up 5.07%, China Shenhua Energy (01088) up 4.03%, while China Biologic Products (01177) fell by 1.63%, and Budweiser APAC (01876) dropped by 1.39% [2] Sector Highlights Technology Sector - Major tech stocks showed recovery, with Tencent rising by 1.17% and Meituan by 0.87%. The prices of tungsten and rare earth metals increased significantly, with Jiaxin International Resources surging over 15% to a new high [3] - The demand for rare earths is reportedly increasing, with suppliers in the aerospace and semiconductor sectors facing shortages [3] Pharmaceutical Sector - The pharmaceutical sector saw most stocks rebound, with WuXi AppTec (02268) up 8.23% and Basilea Pharmaceutica (02616) up 7.05%. Recent earnings reports from several biotech firms showed strong performance, indicating a potential continuation of high growth in the sector [4] Power Sector - The power sector performed well, with Huaneng International (00902) rising by 6.54% and Datang International Power Generation (00991) up 6.43%. The recent announcement from the National Energy Administration regarding new power system construction capabilities has positively impacted this sector [5] Airline Sector - Major airlines experienced collective declines, with China Southern Airlines (01055) down 5.01% and China Eastern Airlines (00670) down 4.31%. The People's Bank of China announced a reduction in the foreign exchange risk reserve ratio, which may stabilize market expectations [6] MSCI Index Changes - The MSCI China Index will see changes post-market close, adding 37 new constituent stocks, including four Hong Kong stocks. This adjustment aims to enhance market representation and liquidity [7] Notable Stock Movements - JunDa Holdings (02865) surged by 23.69% due to its collaboration with a research institute on new battery technologies [8] - DCH Holdings (00179) rose by 17.4% as it enters the humanoid robot components market [9] - Lao Pu Gold (06181) saw a 3.58% increase following a successful promotional event [10] - Baidu Cloud (06608) issued a profit warning, predicting a significant decline in net profit due to increased investments in AI [11] - China Everbright Water (01857) fell by 12.5% after reporting a revenue decrease of 22% [12]

2月27日，港股三大指数止跌回暖，恒指涨0.95%报26630点，国指、恒科指数分别上涨0.51%及0.56%。 | 名称 | | 最新价 | 涨跌额 涨跌幅 ^ | | --- | --- | --- | --- | | 国企指数 | a profit | 8859.49 | +45.20 +0.51% | | 800100 | | | | | 恒生科技指数 | monutin | 5137.84 | +28.51 +0.56% | | 800700 | | | | | 恒生指数 | | 26630.54 | +249.52 +0.95% | | 800000 | ਲ | | | 具体盘面上，昨日领衔大市下跌的权重科技股、大金融股多数反弹上涨，煤炭股午后涨幅进一步加大，生物医药股、钢铁股、电力股、石油股、电信股、影 视股多数表现活跃。航空股全天低迷，三大航空股领跌；半导体存储概念股部分表现弱势，电力设备股下跌，军工股、苹果概念股、建材水泥股普跌。 | 行业热力图 × | 领涨板块 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | -- ...

智通财经2月27日讯（编辑 胡家荣）港股三大指数本月交易结束，全月整体震荡调整。恒生指数围绕27000点区间反复波动，恒生科技指数回调尤为显著， 月内累计跌幅超10%。 截至收盘，恒生指数累计下跌2.76%，报26630.54点；恒生科技指数累计下跌10.15%，报5137.84点；恒生国企指数累计下跌4.91%，报8859.49点。 值得关注的是，恒生科技指数本月创下2024年1月以来最大单月跌幅纪录。同期的恒生指数也领跌全球主要指数。 此轮调整，本质上反映出市场对当前估值水平与盈利预期的重新定价，投资者风险偏好趋于谨慎，整体资金配置策略更趋审慎。 机构称基本面修复支撑结构性机会 驱动逻辑切换：从业绩修复到政策催化 光大证券指出，当前港股处于"基本面温和修复、流动性内外共振、情绪中性偏暖"格局，市场正由资金驱动向业绩驱动切换，一季度结构性反弹可期。 布局三大主线：政策与季节性机会并重 中信证券指出，2025年四季度压制因素逐步消化，参考历史春季躁动规律，建议重点关注："十五五"政策主线(生物制造、具身智能、6G)；政策催化预期逆 转领域(外卖平台、地产)；春季躁动受益板块(非银金融)。 月度个股表现：景气赛 ...

据央视财经消息，订票平台数据显示，春节假期后，上海至北京、三亚、哈尔滨、西双版纳等多条航线推出折扣机票，单程票价低至200元。北京飞往三 亚、广州飞往北京的机票价格均在400元左右。 从三亚飞往上海和北京的机票价格也出现下降。第三方订票平台数据显示，2月27日，三亚飞往上海的航线价格最低为2700元；三亚飞北京的直达航线， 最低价格为4000元。 西安飞往三亚的机票价格也有所下降 3月2日西安飞往三亚 春节假期过后不少航线的机票价格立刻"跳水"。 记者查询多个OTA平台发现，不少航线的票价不到1折。比如2月27日国航上海浦东到成都双流的最低票价380元；同日，东航上海浦东到武汉天河机票249 元起；南航上海浦东到青岛胶东机票240元。 价格在350元-450元之间 ¥427 17:50 21:05 凤凰T3 咸阳T3 已减¥8 8 新海航 | 长安航空9H8361 | 737-800 ▼ ¥442 20:55 00:25 +1天 = 凤凰T1 咸阳T5 南航CZ6936 | 空客330(大) 查看共享航班 ▼ ¥450 20:55 00:25 +1天 凤凰T1 咸阳T5 * 长龙航GJ3566 实际乘坐 南航 ...

每经AI快讯，2月27日，港股三大航集体走低。截至发稿，南方航空(01055.HK)跌4.36%，报5.92港元； 东方航空(00670.HK)跌3.28%，报5.61港元；中国国航(00753.HK)跌2.68%，报6.89港元。 ...