行业周报 · 交通运输行业 冬春航季开启新活力，驱动绿色数字化转型 ——交通运输行业周报 1027 2025 年 10 月 27 日 ⚫ 本周板块行业行情回顾：本周（10 月 20 日-10 月 25 日），31 个 SW 一级 行业中，交通运输行业累计涨跌幅为+0.72%，位列第 24 位；沪深 300 指数涨 跌幅为+3.24%。 本周（10 月 20 日-10 月 25 日），SW 交通运输各个子板块累计涨跌幅分别 为：公交（+4.81%）、仓储物流（+2.88%）、高速公路（+2.45%）、跨境物 流（+2.18%）、铁路（+1.26%）、航空机场（+1.22%）、公路货运（+1.36%）、 港口（+0.92%）、快递（+0.18%）、航运（-1.28%）。 ⚫ 航空机场基本面跟踪：运力恢复情况来看，2025 年 9 月，我国主要上市航司 中，国航、南航、东航、海航、吉祥、春秋的月度国内 ASK 较 2019 年同期恢 复率分别达到 145.09%、116.42%、115.45%、92.17%、115.48%、176.49%； 月度国际及地区 ASK 较 2019 年同期恢复率分别达到 98.13%、 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603885 | 吉祥航空 | 13.46 | -0.81% | 13.12万 | 1.78亿 | | 601021 | 春秋航空 | 52.73 | -0.72% | 7.51万 | 3.986 | | 002928 | 华夏航空 | 10.56 | -0.66% | 25.72万 | 2.74亿 | | 600115 | 中国东航 | 4.83 | -0.41% | 95.32万 | 4.62亿 | | 000089 | 深圳机场 | 7.24 | -0.14% | 17.95万 | 1.30亿 | | 600004 | 白云机场 | 9.55 | -0.10% | 16.25万 | 1.55亿 | | 600009 | 上海机场 | 31.37 | 0.00% | 7.17万 | 2.25亿 | | 600221 | 海航控股 | 1.68 | 0.00% | 363.38万 | 6.11亿 | | 600029 | 南方航空 | 6.60 ...

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2025 年 10 月 27 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 联系人 板块表现： 9 月快递行业业务量增长 12.7%，民航新航季启动 投资评级： 看好（维持） —交通运输行业周报（2025 年 10 月 20 日-2025 年 10 月 26 日） 投资要点： 一、行业动态跟踪 快递物流： 1）国家邮政局公布 9 月快递行业数据，快递业务量同比增长 12.7%。2025 年 9 月 我国快递业务量完成 168.8 亿件，同比增长 12.7%，快递业务收入完成 12 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600897 | 厦门空港 | 15.70 | 2.28% | 11.68万 | | 1.84亿 | | 000099 | 中信海直 | 21.95 | 0.78% | 11.88万 | | 2.61亿 | | 600009 | 上海机场 | 31.37 | -0.03% | 5.18万 | | 1.63亿 | | 600004 | 白云机场 | 9.56 | -0.42% | 12.60万 | | 1.21亿 | | 600221 | 海航控股 | 1.68 | -1.18% | 446.69万 | | 7.56亿 | | 600029 | 南方航空 | 6.58 | -1.20% | 80.50万 | | 5.26亿 | | 002928 | 华夏航空 | 10.63 | -1.67% | 22.94万 | | 2.43亿 | | 600115 | 中国东航 | 4.85 | -1.82% | 112.63万 | | 5.43亿 ...

Market Overview - On October 23, the aviation and airport sector rose by 0.38% compared to the previous trading day, with Shenzhen Airport leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Shenzhen Airport (000089) closed at 7.40, up 3.06% with a trading volume of 554,900 shares and a turnover of 408 million yuan [1] - Xiamen Airport (600897) closed at 15.35, up 1.12% with a trading volume of 67,900 shares and a turnover of 105 million yuan [1] - China Eastern Airlines (600115) closed at 4.94, up 0.82% with a trading volume of 966,200 shares and a turnover of 473 million yuan [1] - China Southern Airlines (600029) closed at 6.66, up 0.45% with a trading volume of 608,500 shares and a turnover of 403 million yuan [1] Capital Flow - The aviation and airport sector saw a net inflow of 32.22 million yuan from institutional investors, while retail investors experienced a net inflow of 35.07 million yuan [2] - However, speculative funds recorded a net outflow of 67.29 million yuan [2] Individual Stock Capital Flow - China Southern Airlines (600029) had a net inflow of 69.47 million yuan from institutional investors, while it faced a net outflow of 34.49 million yuan from speculative funds [3] - China Eastern Airlines (600115) saw a net inflow of 39.42 million yuan from institutional investors, with a net outflow of 3.79 million yuan from speculative funds [3] - Shenzhen Airport (000089) experienced a net outflow of 11.13 million yuan from institutional investors, but had a net inflow of 5.62 million yuan from retail investors [3]

Market Performance - The market experienced a strong surge, with all three major indices closing higher at midday: Shanghai Composite Index up 1.2%, Shenzhen Component Index up 1.97%, and ChiNext Index up 2.92% [1] - Over 4,600 stocks rose across the two markets, with a total trading volume of 1.15 trillion yuan [1] Industry Highlights - The cultivated diamond sector continued its strong performance, rising by 5.23% at midday, with stocks like Inno Laser, Sifangda, Huifeng Diamond, Huanghe Xunfeng, and Hengsheng Energy hitting the daily limit [3] - The deep earth technology sector remained robust, with ShenKai Co. and Petrochemical Machinery both achieving two consecutive trading limits, and several other stocks also hitting the daily limit [3] - The computing hardware sector maintained its strength, with active performance in the Apple supply chain and a significant rise in storage chip concepts [3] Sector Adjustments - The coal industry faced a decline, dropping 1.24% at midday, with notable declines in stocks such as Antai Group down 6.42% and Baotailong down 5.91% [3] - The aviation, airport, and gas sectors followed suit with slight declines, while the banking and liquor sectors showed relative weakness but with minimal overall declines [3] News Developments - At the 15th China Henan International Investment and Trade Fair, Power Diamond announced the successful cultivation of a 156.47-carat artificial diamond rough [3] - Recent outbreaks of avian influenza have been reported in multiple regions of Germany, with numerous migratory birds found dead [3] - Chery has achieved a technological breakthrough in the solid-state battery full industry chain and showcased the Rhino S solid-state battery module [3]

证券之星消息，10月22日航空机场板块较上一交易日下跌0.19%，华夏航空领跌。当日上证指数报收于 3913.76，下跌0.07%。深证成指报收于12996.61，下跌0.62%。航空机场板块个股涨跌见下表： 从资金流向上来看，当日航空机场板块主力资金净流出1.52亿元，游资资金净流出1547.72万元，散户资 金净流入1.68亿元。航空机场板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600115 | 中国东航 | 5062.26万 | 9.49% | -1676.96万 | -3.14% | -3385.30万 | -6.35% | | 600029 | 南方航空 | 4292.72万 | 10.32% | -2226.39万 | -5.35% | -2066.33万 | -4.97% | | 002928 | 华夏航空 | 251.16万 | 0.72% | -90.82万 | ...

Core Viewpoint - The recent cold air mass has led to significant wind, temperature drops, and precipitation in the central and eastern regions, reviving interest in the ice and snow economy, with related concepts gaining notable traction [1] Group 1: Market Performance - Companies such as Dalian Shengya and Hainan Airport have seen continuous stock price increases [1] - The tourism ETF (562510) experienced a significant increase in trading volume on October 20 [1] Group 2: Airline Sector Outlook - The airline sector is expected to see an improvement in performance, with a continued tightening of flight schedules compared to the previous year, indicating a bottoming out of the market [1] - Factors such as "anti-involution" and a low base are likely to contribute to a year-on-year increase in ticket prices, which may continue into the fourth quarter [1] - A decline in oil prices is anticipated to alleviate cost pressures for airlines, collectively enhancing airline profitability [1] Group 3: Tourism ETF Insights - The tourism ETF (562510) tracks the CSI Tourism Theme Index, covering various segments including scenic spots, airports, duty-free shops, and hotel catering [1] - The ETF is expected to benefit from multiple catalysts such as ice and snow tourism, outbound travel, and visa-free policies [1]

Core Insights - The transportation sector in China showed a cumulative increase of 0.37% from October 13 to October 18, ranking 4th among 31 SW primary industries, while the CSI 300 index decreased by 2.22% [2] Subsector Performance - The performance of various subsectors within transportation during the week was as follows: Shipping (3.06%), Airport (2.57%), Expressway (2.33%), Road Freight (1.08%), Port (0.83%), Railway (0.22%), Bus (-2.00%), Cross-border Logistics (-3.49%), Express (-4.36%), and Warehousing Logistics (-4.76%) [1][3] Airline Sector Analysis - Domestic and international capacity recovery rates for major listed airlines in September 2025 compared to the same month in 2019 were as follows: Air China (145.09%), China Southern Airlines (116.42%), China Eastern Airlines (115.45%), Hainan Airlines (92.17%), Juneyao Airlines (115.48%), and Spring Airlines (176.49%) for domestic ASK; and for international ASK: 98.13%, 94.97%, 105.34%, 73.58%, 219.78%, and 81.74% respectively [3] Oil Prices and Exchange Rates - As of October 17, 2025, Brent crude oil was priced at $61.29 per barrel, reflecting a week-on-week decrease of 2.79% and a year-on-year decrease of 17.68% [3] - The exchange rate of the Chinese Yuan against the US Dollar was 7.1048, with a week-on-week depreciation of 0.08% and a year-on-year depreciation of 0.38% [3] Airport Traffic Recovery - Major airports in China showed the following recovery rates for domestic passenger throughput in September 2025 compared to 2019: Baiyun Airport (115.74%), Shanghai Airport (125.22%), Capital Airport (89.82%), and Shenzhen Airport (119.73%) [4] Shipping and Port Metrics - The SCFI index was reported at 1310 points, a week-on-week increase of 12.92% but a year-on-year decrease of 36.46% as of October 17, 2025 [4] - The CCFI index was at 973 points, with a week-on-week decrease of 4.11% and a year-on-year decrease of 30.75% [4] Dry Bulk Shipping Metrics - The BDI index was reported at 2069 points, reflecting a week-on-week increase of 6.87% and a year-on-year increase of 29.80% [5] Road and Rail Performance - In August 2025, railway passenger volume was 505 million, a year-on-year increase of 6.55%, while road passenger volume was 950 million, a year-on-year decrease of 4.80% [5] Express Delivery Sector - The express delivery industry achieved a revenue of 1189.60 billion Yuan in August 2025, a year-on-year increase of 4.20%, with a business volume of 16.15 billion pieces, up 12.30% year-on-year [5] Investment Recommendations - The airline sector is expected to benefit from increased international flights and domestic demand recovery, with recommendations for stocks such as Air China, China Southern Airlines, and others [6] - The airport sector is advised to focus on bottom-fishing opportunities due to the anticipated recovery in international passenger traffic [6] - The cross-border logistics sector is expected to benefit from the growth of cross-border e-commerce, with a recommendation to pay attention to Huamao Logistics [7] - The express delivery sector is seen as having growth potential due to the acceleration of e-commerce and improved industry dynamics [8]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [3] Core Views - The express logistics sector is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. The long-term outlook for e-commerce express logistics is positive due to healthy competition [3][13] - The shipping sector is expected to benefit from the OPEC+ production increase and the Federal Reserve's interest rate cuts, with a notable improvement in VLCC freight rates anticipated in Q4 2025 [13] - The aviation industry is seeing stable demand growth, with supply chain issues leading to increased costs for airlines. The overall passenger demand is projected to grow by 10.4% in 2024, outpacing capacity growth [9][14] Summary by Sections Express Logistics - In September 2025, major express companies reported improved performance, with YTO, Shentong, and Yunda achieving business volumes of 2.627 billion, 2.187 billion, and 2.110 billion pieces, respectively, representing year-on-year growth of 13.64%, 9.46%, and 3.63% [3][27] - The average revenue per piece for these companies also saw increases, indicating a trend of rising prices in the express delivery sector [3][27] Shipping and Ports - The implementation of new port fees between China and the US is expected to create a dual market structure, granting strategic pricing power to compliant shipping capacities [5] - China has secured pricing power for iron ore, marking a significant shift in global commodity trade dynamics [6] - The Shanghai Container Freight Index (SCFI) rose by 12.9% week-on-week, indicating a positive trend in shipping rates [7] Aviation - The International Air Transport Association (IATA) reported that supply chain bottlenecks are delaying aircraft production, leading to increased costs for airlines, estimated to exceed $11 billion in 2025 [9] - Chinese airlines collectively oppose the US Department of Transportation's proposed flight restrictions, highlighting concerns over operational impacts [10] Road and Rail - National logistics operations were reported to be running smoothly, with significant increases in highway freight traffic [12] - The National Development and Reform Commission plans to enhance electric vehicle charging infrastructure along highways by 2027 [12] Overall Market Performance - From October 13 to October 17, 2025, the transportation sector index increased by 0.73%, outperforming the Shanghai Composite Index, which fell by 1.47% [18]