中蒙物流：朔气去，暖流通 [Table_Industry] 物流仓储 ——2026 年 2 月物流仓储行业周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 虞楠(分析师) | 021-23219382 | yunan@gtht.com | S0880525040110 | | 岳鑫(分析师) | 0755-23976758 | yuexin@gtht.com | S0880514030006 | 本报告导读： 中蒙业务拐点已至，甘其毛都口岸通车数稳步回升、短盘运费企稳上行、蒙古主焦 煤价格持续回暖，共同推动嘉友国际业绩进入修复通道。 投资要点： [Table_Report] 相关报告 物流仓储《中蒙业务复苏，物流春意渐浓》 2026.03.01 物流仓储《中蒙物流：量稳价升，修复持续》 2026.02.14 物流仓储《蒙煤进口需求复苏，跨境物流业绩向 好》2026.02.10 物流仓储《件量增速持续放缓，反内卷下单价稳 定》2026.02.03 物流仓储《中蒙业务拐点至，业绩改善初显现》 2026.02.02 股 票 研 ...

中蒙物流：朔气去，暖流通 [Table_Industry] 物流仓储 ——2026 年 2 月物流仓储行业周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 虞楠(分析师) | 021-23219382 | yunan@gtht.com | S0880525040110 | | 岳鑫(分析师) | 0755-23976758 | yuexin@gtht.com | S0880514030006 | 本报告导读： 中蒙业务拐点已至，甘其毛都口岸通车数稳步回升、短盘运费企稳上行、蒙古主焦 煤价格持续回暖，共同推动嘉友国际业绩进入修复通道。 投资要点： 股 票 研 究 券 研 究 报 告 证 请务必阅读正文之后的免责条款部分 行 业 [Table_Report] 相关报告 物流仓储《中蒙业务复苏，物流春意渐浓》 2026.03.01 物流仓储《中蒙物流：量稳价升，修复持续》 2026.02.14 物流仓储《蒙煤进口需求复苏，跨境物流业绩向 好》2026.02.10 物流仓储《件量增速持续放缓，反内卷下单价稳 定》2026.02. ...

本报告导读： 中蒙业务拐点已至，甘其毛都口岸通车数稳步回升、短盘运费企稳上行、蒙古主焦 煤价格持续回暖，共同推动公司业绩进入修复通道。 中蒙业务复苏，物流春意渐浓 [Table_Industry] 物流仓储 ——2026 年 2 月物流仓储行业周报 | [Table_Invest] 评级： | | | --- | --- | | | 增持 | | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 虞楠(分析师) | 021-23219382 | yunan@gtht.com | S0880525040110 | | 岳鑫(分析师) | 0755-23976758 | yuexin@gtht.com | S0880514030006 | 投资要点： [Table_Report] 相关报告 物流仓储《中蒙物流：量稳价升，修复持续》 2026.02.14 物流仓储《蒙煤进口需求复苏，跨境物流业绩向 好》2026.02.10 物流仓储《件量增速持续放缓，反内卷下单价稳 定》2026.02.03 物流仓储《中蒙业务拐点至，业绩改善初显现》 ...

Investment Rating - The report assigns an "Accumulate" rating for the logistics and warehousing industry [1]. Core Insights - The turning point for the China-Mongolia business has arrived, with the traffic volume at the Ganqimaodu port steadily recovering, short-distance freight rates stabilizing and rising, and the price of Mongolian coking coal continuing to rebound, collectively driving the company's performance into a recovery phase [2]. Summary by Relevant Sections - **Traffic Volume at Ganqimaodu Port**: From February 2 to February 9, the average daily traffic volume was 1,318 vehicles/day (excluding closed days), a decrease of 8.7% week-on-week but an increase of 57.9% year-on-year. Cumulatively, as of 2026, the total traffic volume reached 36,148 vehicles, up 48.1% year-on-year [5]. - **Import and Export Freight Volume**: In February 2026, the freight volume increased by 218% year-on-year to 4.9525 million tons. By the end of Q3 2025, the cumulative import and export volume at Ganqimaodu port was 30.0266 million tons, with a narrowing year-on-year decline, and a total of 43.0585 million tons for the year, reflecting a year-on-year increase of 6% [5]. - **Short-Distance Freight Rates**: In the first half of 2025, short-distance freight rates averaged a decrease of 34.5% year-on-year due to fluctuations in domestic demand for Mongolian coal. However, with demand recovering, the rates stabilized in the range of 60-70 yuan/ton. As of 2026, the average short-distance freight rate was 66 yuan/ton, with a week-on-week change of 0.0% and a year-on-year increase of 8.3% [5]. - **Recovery of China-Mongolia Business**: In Q3 2025, the company achieved revenue of 2.486 billion yuan, a year-on-year increase of 30.61%, and a net profit attributable to shareholders of 313 million yuan, a year-on-year decrease of 4.90%. For the first three quarters of 2025, revenue was 6.570 billion yuan, a year-on-year increase of 0.40%, with a net profit of 874 million yuan, down 19.72% year-on-year. The increase in revenue and the narrowing of net profit decline were primarily due to the recovery of cross-border business and the rise in coking coal prices [5]. - **Long-term Competitive Advantage**: The company has a strong core competitive advantage by strategically positioning itself in key logistics infrastructure at the port and advancing an integrated "goods and trade" business model, effectively consolidating its leading position and market share in the China-Mongolia business [5].

Investment Rating - The report assigns an "Accumulate" rating for the logistics and warehousing industry [1]. Core Insights - The turning point for the China-Mongolia business has arrived, with the traffic volume at the Ganqimaodu port steadily recovering, short-distance freight rates stabilizing and rising, and the price of Mongolian coking coal continuing to rebound, collectively driving the company's performance into a recovery phase [2]. Summary by Relevant Sections - **Traffic Volume at Ganqimaodu Port**: From February 2 to February 9, the average daily traffic volume was 1,318 vehicles/day (excluding closed days), a decrease of 8.7% week-on-week but an increase of 57.9% year-on-year. Cumulatively, as of 2026, the total traffic volume reached 36,148 vehicles, up 48.1% year-on-year [5]. - **Import and Export Freight Volume**: In February 2026, the freight volume increased by 218% year-on-year to 4.9525 million tons. By the end of Q3 2025, the cumulative import and export volume at Ganqimaodu port was 30.0266 million tons, with a narrowing year-on-year decline, and a total of 43.0585 million tons for the year, reflecting a year-on-year increase of 6% [5]. - **Short-Distance Freight Rates**: In the first half of 2025, short-distance freight rates averaged a decrease of 34.5% due to fluctuations in domestic demand for Mongolian coal. However, with demand recovering, the average short-distance freight rate stabilized in the range of 60-70 yuan/ton. As of 2026, the cumulative average short-distance freight rate was 66 yuan/ton, with an average of 65 yuan/ton from February 2 to February 6, showing no change month-on-month but an increase of 8.3% year-on-year [5]. - **Recovery of China-Mongolia Business**: In Q3 2025, the company achieved revenue of 2.486 billion yuan, a year-on-year increase of 30.61%, and a net profit attributable to shareholders of 313 million yuan, a decrease of 4.90% year-on-year. For the first three quarters of 2025, revenue was 6.570 billion yuan, a year-on-year increase of 0.40%, with a net profit of 874 million yuan, down 19.72% year-on-year. The increase in revenue and the narrowing decline in net profit were primarily due to the recovery of cross-border business and the rise in coking coal prices [5]. - **Long-term Competitive Advantage**: The company has a strong core competitive advantage by strategically positioning itself in the core logistics infrastructure of the port and is effectively advancing the "integrated trade and logistics" business model, which consolidates its leading position and market share in the China-Mongolia business [5].

Investment Rating - The report assigns an "Accumulate" rating for the logistics and warehousing industry [5]. Core Insights - The report highlights a turning point in the China-Mongolia business, with the steady recovery of traffic at the Ganqimaodu port, stabilization and upward trend in short-distance freight rates, and a continuous rebound in the price of Mongolian coking coal, collectively driving the company's performance into a recovery phase [2]. Summary by Sections Traffic and Freight Volume - The daily traffic at Ganqimaodu port has shown a steady increase, with an average of 1,495 vehicles per day from January 26 to January 29, 2026, representing a week-on-week increase of 22.2% and a year-on-year increase of 258.9%. Cumulatively, from the beginning of 2026, the port has recorded a total of 29,642 vehicles, up 37.2% year-on-year [5]. - The import and export cargo volume at Ganqimaodu port has also seen significant year-on-year growth, with January 2026 cargo volume increasing by 58% to 2.4532 million tons. By the end of Q3 2025, the cumulative cargo volume was 30.0266 million tons, with a narrowing year-on-year decline, and an annual total of 43.0585 million tons, reflecting a year-on-year increase of 6% [5]. Freight Rates - Short-distance freight rates have stabilized and begun to rise. In the first half of 2025, the average short-distance freight rate was down 34.5% year-on-year due to fluctuations in domestic demand for Mongolian coal. However, with the recovery in demand, the average short-distance freight rate has stabilized in the range of 60-70 yuan per ton, with a cumulative average of 66 yuan per ton in 2026. From January 26 to January 30, 2026, the average short-distance freight rate was 65 yuan per ton, unchanged from the previous period but up 8.3% year-on-year [5]. Company Performance - The report indicates that Jiayou International achieved revenue of 2.486 billion yuan in Q3 2025, a year-on-year increase of 30.61%, with a net profit attributable to shareholders of 313 million yuan, down 4.90% year-on-year. For the first three quarters of 2025, the company reported revenue of 6.570 billion yuan, a slight increase of 0.40% year-on-year, and a net profit of 874 million yuan, down 19.72% year-on-year. The increase in revenue and the narrowing of the net profit decline are attributed to the recovery of cross-border business with Mongolia and the rise in coking coal prices [5]. - The average market price of coking coal in the second half of 2025 increased by 29.13% to 1,383 yuan per ton. With the ongoing "anti-involution" policy, coal prices have stabilized and begun to rise, leading to a gradual recovery in demand for Mongolian coal, which in turn has driven the daily traffic and short-distance freight rates at Ganqimaodu port to rise, resulting in continuous improvement in the company's performance. The company has established a strong competitive advantage through strategic positioning in core logistics infrastructure at the port and is effectively consolidating its leading position and market share in the China-Mongolia business [5].

Investment Rating - The report assigns an "Accumulate" rating for the logistics and warehousing industry [5]. Core Insights - The report highlights a turning point in the China-Mongolia business, with the steady recovery of traffic at the Ganqimaodu port, stabilization and upward trend in short-distance freight rates, and a continuous rebound in the price of Mongolian coking coal, collectively driving the company's performance into a recovery phase [2]. Summary by Sections Traffic and Freight Volume - The daily traffic at Ganqimaodu port has shown a steady increase, with an average of 1,495 vehicles per day from January 26 to January 29, 2026, representing a week-on-week increase of 22.2% and a year-on-year increase of 258.9%. Cumulatively, from the beginning of 2026, the port has recorded a total of 29,642 vehicles, up 37.2% year-on-year [5]. - In January 2026, the freight volume at Ganqimaodu port increased by 58% year-on-year to 2.4532 million tons. By the end of Q3 2025, the cumulative import and export volume reached 30.0266 million tons, with a gradual narrowing of the year-on-year decline, achieving a total of 43.0585 million tons for the year, up 6% year-on-year [5]. Freight Rates - Short-distance freight rates have stabilized and are on the rise. In the first half of 2025, the average short-distance freight rate was down 34.5% year-on-year due to fluctuations in domestic demand for Mongolian coal. However, with the recovery in demand, the average short-distance freight rate has stabilized in the range of 60-70 yuan per ton. As of January 26-30, 2026, the average short-distance freight rate was 65 yuan per ton, unchanged from the previous period but up 8.3% year-on-year [5]. Company Performance - The report indicates that Jiayou International achieved revenue of 2.486 billion yuan in Q3 2025, a year-on-year increase of 30.61%, with a net profit attributable to shareholders of 313 million yuan, down 4.90% year-on-year. For the first three quarters of 2025, the company reported revenue of 6.570 billion yuan, a slight increase of 0.40% year-on-year, and a net profit of 874 million yuan, down 19.72% year-on-year. The increase in revenue and the narrowing of the net profit decline are attributed to the recovery of cross-border business and the rise in coking coal prices [5]. - The average market price of coking coal in the second half of 2025 increased by 29.13% to 1,383 yuan per ton. The ongoing "anti-involution" policy has stabilized coal prices, leading to a gradual recovery in demand for Mongolian coal, which in turn has boosted daily traffic and short-distance freight rates at Ganqimaodu port, contributing to the continuous improvement in the company's performance. The company has established a strong competitive advantage through strategic positioning in core logistics infrastructure and is effectively consolidating its leading position and market share in the China-Mongolia business [5].

华源证券研报指出，密尔克卫是国内危化品供应链领军企业，历经二十余年发展，已形成"综合物流 +化工品分销"双轮驱动格局，构建了覆盖国内六大战区、延伸至亚太等地区的全球化服务网络。截至 2025H1有效客户超10,000家，物贸一体化协同效应持续释放，支撑公司业绩稳步增长。行业随化工增产 持续扩容，龙头或具备成长空间。复制海外龙头成长路径，并购+协同有望打开长期空间。公司为化工 物流龙头，商业模式清晰，多业务并举，综合物流服务能力持续增强，服务链条延伸推动盈利能力持续 上涨，维持"买入"评级。 ...

股票研究 /[Table_Date] 2026.02.02 中蒙业务拐点至，业绩改善初显现 [Table_Industry] 物流仓储 ——2026 年物流仓储行业周报 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 虞楠(分析师) | 021-23219382 | yunan@gtht.com | S0880525040110 | | 岳鑫(分析师) | 0755-23976758 | yuexin@gtht.com | S0880514030006 | 本报告导读： 中蒙业务拐点已至，甘其毛都口岸通车数稳步回升、短盘运费企稳上行、蒙古主焦 煤价格持续回暖，共同推动公司业绩进入修复通道。 | | | 投资要点： 风险提示。需求下滑、政策变化、地缘政治风险、汇率波动等。 行 业 周 报 证 券 研 究 报 告 [Table_Report] 相关报告 物流仓储《快递件量增速趋缓，反内卷助盈利修 复》2026.01.02 物流仓储《快递单价降幅收窄，反内卷持续扩 散》2025.10.2 ...

股票研究 /[Table_Date] 2026.02.02 中蒙业务拐点至，业绩改善初显现 [Table_Industry] 物流仓储 ——2026 年物流仓储行业周报 | | | [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 虞楠(分析师) | 021-23219382 | yunan@gtht.com | S0880525040110 | | 岳鑫(分析师) | 0755-23976758 | yuexin@gtht.com | S0880514030006 | 本报告导读： 中蒙业务拐点已至，甘其毛都口岸通车数稳步回升、短盘运费企稳上行、蒙古主焦 煤价格持续回暖，共同推动公司业绩进入修复通道。 投资要点： 风险提示。需求下滑、政策变化、地缘政治风险、汇率波动等。 行 业 周 报 票 研 究 证 券 研 究 报 告 [Table_Report] 相关报告 物流仓储《快递件量增速趋缓，反内卷助盈利修 复》2026.01.02 物流仓储《快递单价降幅收窄，反内卷持续扩 散》202 ...