| 3 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 0119.HK | 保利置业集团 | | 000099.SZ | 中信海直 | | 601872.SH | 招商轮船 | | 600352.SH | 浙江龙盛 | | 002409.SZ | 雅克科技 | | 002709.SZ | 天赐材料 | | 300760.SZ | 迈瑞医疗 | | 605338.SH | 巴比食品 | | 1579.HK | 颐海国际 | | 601888.SH | 中国中免 | | 689009.SH | 九号公司-WD | | 688630.SH | 芯碁微装 | | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 4182.59 | 0.47 | | 深证成指 | 14465.79 | (0.20) | | 沪深 300 | 4728.67 | 0.38 | | 中小 100 | 8847.90 | 0.14 | | 创业板指 | 3294.16 | (0.49) | 证券研究报告——晨会聚焦 2026 年 3 ...

蔚星科技有限公司成立于2019年5月，注册资本7亿人民币，经营范围包括小微型客车租赁经营服务、计 算机软硬件及辅助设备批发、计算机及办公设备维修等。 天眼查工商信息显示，近日，蔚星科技有限公司发生工商变更，原股东浙江济底科技有限公司、 Mercedes-Benz Mobility Services GmbH退出，新增曹操出行关联公司杭州优行科技有限公司为全资股 东，同时，杨广卸任法定代表人，由臧珂接任。 ...

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]

证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 交通运输 持续重点关注油运和 VLCC 造船两类资产 周观点：VLCC 运价持续超预期上行，重点关注油运和 VLCC 造船板块。VLCC 市场，非合规市场受限、合规市场供需关系改善的逻辑持续落地验证；Sinokor 大举收购 VLCC 资产，行业集中度提升，景气周期下的运价弹性提升。重点 关注招商轮船、中远海能、ST 松发、中远海运国际和海通发展等。 行情回顾：本周（2026.2.24-2026.2.27）交通运输板块行业指数上涨 3.64%，跑赢上证指数 1.66 个百分点（上证指数上涨 1.98%）。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、仓储物流、港口， 涨幅分别为 11.81%、5.37%、5.08%；仅航空运输下跌，跌幅为 1.41%。 航运港口：VLCC 运价持续超预期上行，重点关注油运和 VLCC 造船板块。 VLCC 市场，非合规市场受限、合规市场供需关系改善的逻辑持续落地验证； Sinokor 大举收购 VLCC 资产，行业集中度提升，景气周期下的运价弹性提 升。展望后市，（1）若制裁 ...

本周观点 风险提示 后续政策不及预期风险；中美关系变化风险；内容上线及表现不及预期风险；宏观经济运行不及预期风险；AI 技 术迭代和应用不及预期风险；政策监管风险。 敬请参阅最后一页特别声明 1 咖啡茶饮：1）咖啡：高景气维持；行业具备β性红利，各品牌依旧积极开店，整体咖啡行业价格竞争趋缓；阿 拉比卡咖啡期货价格持续下跌，后续有望带来成本改善。2）茶饮：略有承压；短期平台 AI 流量大战，奶茶成为 引流品，数据依旧具备韧性；但有关"糖税"征收相关研究讨论引发市场担忧。 电商：持续承压。受国内消费环境影响，整体国内电商基本面表现平淡。 流媒体平台：音乐流媒体平台为内需驱动的优质互联网资产，高性价比悦己消费，规模效应驱动盈利杠杆释放。 网易云音乐 2025 年收入略微不及预期，关注 2026 年音乐订阅业务有望量价齐升。 虚拟资产&资产交易平台：地缘冲突风险加剧，币价持续承压。香港 2026-2027 年度财政预算案确认香港年内将 提交法案，建立虚拟资产交易商及托管服务提供者的发牌制度，监管范围将进一步扩展至场外交易等数字资产买 卖业务。 汽车服务：IAM中，多家主机系汽服连锁蛰伏后市场，车后连锁品牌持续加码开店 ...

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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就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。 CaoCao Inc. 曹操出行有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：02643） 公告 於2026年2月27日舉行的臨時股東大會的投票表決結果 董事會欣然宣佈，於2026年2月27日舉行的臨時股東大會上提呈的所有決議案 已以投票方式正式通過。 | | 普通決議案 | 所投票數 | | | --- | --- | --- | --- | | | | （佔所投總票數百分比） | | | | | 贊成 | 反對 | | | 授權本公司任何董事在其可能全權酌情認為就實施 (b) | 56,068,498 | 400 | | | 股權收購協議及其項下擬進行或其附帶的其他事項 | (99.999287%) | (0.000713%) | | | 或與之有關而屬必要或適宜的情況下簽署、簽立、 | | | | | 完善及交付一切有關文件以及作出一切有關舉措、 | | | | | 行動、事宜及事情， ...

观点网讯：2月27日，天眼查信息显示，蔚星科技有限公司近日发生工商变更，原股东浙江济底科技有 限公司、Mercedes﹣Benz Mobility Services GmbH退出，新增曹操出行关联公司杭州优行科技有限公司 为全资股东。 同时，杨广卸任法定代表人，由臧珂接任。 蔚星科技有限公司成立于2019年5月，注册资本7亿人民币，经营范围包括小微型客车租赁经营服务、计 算机软硬件及辅助设备批发、计算机及办公设备维修等。 此前，曹操出行在港交所公告称，杭州优行同意向浙江济底及梅赛德斯-奔驰出行分别收购蔚星科技 50%股权，总现金对价2.25亿元。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...

Core Insights - The article discusses the evolution and globalization of China's ride-hailing industry, highlighting key players like Didi and Cao Cao Mobility, and their strategies for international expansion [1][4][8]. Group 1: Ride-Hailing Platforms - Didi has been expanding internationally since 2015, initially through capital investments in platforms like Grab and later acquiring local companies such as 99 in Brazil, marking a shift from mere investment to deep market penetration [4][5]. - As of now, Didi has 55 million active users and 1.5 million drivers in Brazil, covering over 3,300 towns, and has extended its reach to 14 countries across Latin America, Asia-Pacific, and Africa [5]. - Didi's international business saw over 20% growth in Q3 2025, with order volume increasing by 24.3% year-on-year to 1.162 billion orders, indicating its significant global presence [6][5]. - Cao Cao Mobility, backed by Geely, has also made strides in international markets, achieving a total transaction volume (GTV) of 17 billion yuan in 2024, with a market share of 5.4% [6][7]. Group 2: Autonomous Driving - The autonomous driving sector is a critical extension of the ride-hailing industry, with companies like WeRide and Pony.ai aggressively pursuing global expansion [9][10]. - WeRide received approval to operate a fully autonomous Robotaxi service in Abu Dhabi, marking a significant milestone as the first city-level L4 autonomous driving commercial license outside the U.S. [10]. - Pony.ai has also made progress in the Middle East, conducting successful Robotaxi road tests in Qatar and obtaining testing permits in Dubai [10][11]. - Baidu's Apollo Go has initiated public autonomous driving services in Abu Dhabi and is exploring partnerships in Europe to navigate regulatory challenges [11]. Group 3: New Entrants - New players like Hello Bike are emerging in the market, leveraging support from Ant Group to expand their business model beyond bike-sharing to include four-wheeled transport and local services [14][15]. - The ride-hailing industry in China is projected to grow significantly, with the market size expected to reach 10 trillion yuan by 2029 [13]. - The article notes that the demand for mobility solutions is driving innovation and competition, with various companies exploring new technologies and business models [13][16]. Group 4: Industry Trends - The article emphasizes the importance of digital mapping and location services in the ride-hailing industry, as companies adapt to new technologies that reduce reliance on high-precision maps [15]. - The rise of eVTOL (electric vertical takeoff and landing) vehicles is highlighted, with companies like XPeng and Tsinghua Technology securing significant orders for eVTOL aircraft [15][16]. - The overall narrative suggests a burgeoning global landscape for the ride-hailing and mobility sectors, with Chinese companies poised to play a significant role in shaping the future of transportation [17].

前言 2025年，我国国内生产总值(GDP)首次突破140万亿元，达到1401879亿元，比上年增长5.0%。 消费需求平稳增长。消费品以旧换新等提振消费政策协同发力，消费需求持续释放，消费市场保持平稳增长。 2025年，最终消费支出对经济增长贡献率为52.0%。 2025年AI的产业重心从模型参数的比拼、算法的创新竞赛，逐步转向商业价值的深度挖掘与高效兑现，企业纷纷 将目光聚焦于如何让AI技术真正融入市场，转化为实际生产力与经济效益。 长视频内容创新方面，各个平台仍在积极推进内容精品战略，为观众提供更多优质剧集。 短剧则继续快速增长，中国网络视听协会最新测算的2025年微短剧行业全年产值已接近900亿元。 2025年第四季度正值中国传统的冬季旅游旺季，冰雪旅游成为带动旅游业增长的新引擎。 1.3互联网流量变化：移动设备达到12.99亿，用户时长相比三季度有所下滑 2.互联网细分市场发展分析 2.1AI篇：市场转向商业价值的深度挖掘与高效兑现 2.2视频篇：优质内容涌现，市场格局稳定 2.3电商篇：发展稳定，AI提升平台竞争力 2.4旅游篇：政策红利不断，冬季冰雪旅游火爆 展望2026年，互联网将继续稳定发展 ...

一、8大商旅平台API对接能力全面解析 滴滴企业版 在数字化转型加速的今天，企业商旅管理中API对接不畅导致的数据割裂、流程繁琐、效率低下等问题，已成为众多企业的痛点。对于企业来说，选择一款 API对接高效的商旅平台至关重要，它能有效打通系统壁垒，提升费控效率与管理水平。那么，商旅平台里api对接更高效的是哪家？本文将对8大商旅平台 的API对接能力进行深度解析，为企业提供参考。 作为滴滴出行旗下专为企业打造的一站式商旅出行与费用管控解决方案平台，滴滴企业版的API对接能力备受关注。其支持与企业OA、ERP等自有系统无缝 对接，实现员工架构同步、行程数据实时传输、费用结算自动同步等功能。依托十年出行服务经验与自研原生出行系统，API接口稳定可靠，对接流程简 化，能快速完成部署，帮助企业打通从出行预订到费用管理的全链路数字化闭环。同时，通过API接口，企业可获取30+多维度数据分析报告，为成本优化 与决策提供数据支撑。 首汽约车企业版 首汽约车企业版提供标准化API接口，支持与企业内部系统对接，实现用车订单的统一管理与费用结算。其API覆盖基础用车服务场景，能满足企业日常差 旅出行的对接需求，帮助企业简化出行管 ...