| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 4183 | 0.47 | 4.15 | 2.46 | | 深证综指 | 2745 | -0.68 | 4.95 | 2.41 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | 0.31 | 1.9 | 4.08 | | 中盘指数 | 0.13 | 8.01 | 22.39 | | 小盘指数 | -0.68 | 6.68 | 18.08 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 油服工程 | 11.58 | 27.37 | 59.71 | | 贵金属 | 10.24 | 8.83 | 78.57 | | 炼化及贸易 | 6.96 | 14.25 | 35.96 | | 航天装备Ⅱ | 6.45 | 8.05 | 123.89 | | ...

互联在 交通运输/ 铁路公路 2026 年 03 月 02 日 版费 行业 相关研究 #那就玩 证券分析师 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 范晨轩 A0230525070003 fancx@swsresearch.com 册 分歧了后 范晨轩 A0230525070003 fancx@swsresearch.com 联系人 严天鹏 A0230524090004 yantp@swsresearch.com 寻找时代的"HALO 资 铁路公路资产的时代奏鸣 铁路公路行业点评 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 铁路公路资产"HALO"属性突出,中长期战略配置窗口期开启。"HALO资产"是指重 ○ 资产、低淘汰风险、壁垒高（审批壁垒、复制壁垒、CAPEX 规模等）、稳定现金流，铁 路公路资产作为典型的网络型交通运输资产，具备较强的"HALO 资产" 属性。 春运景气度前低后高，铁路公路景气度改善。根据交通运输部数据，2026 年 2 月 2 日 ● 至 ...

行 业 及 产 业 交通运输/ 铁路公路 2026 年 03 月 02 日 寻找时代的"HALO 资产"，唱响 铁路公路资产的时代奏鸣曲 看好 ——铁路公路行业点评 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 范晨轩 A0230525070003 fancx@swsresearch.com 研究支持 范晨轩 A0230525070003 fancx@swsresearch.com 联系人 严天鹏 A0230524090004 yantp@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 - ⚫ 铁路公路资产"HALO"属性突出，中长期战略配置窗口期开启。"HALO资产"是指重 资产、低淘汰风险、壁垒高（审批壁垒、复制壁垒、CAPEX 规模等）、稳定 ...

Core Viewpoint - The "Sustainable Development Blue Book: Sustainable Development Report of China's Transportation Industry Enterprises (2025)" highlights the critical transition of the transportation industry in China from "factor-driven, scale expansion" to "innovation-driven, quality and efficiency-oriented" development [1] Group 1: Industry Overview - The blue book assesses the sustainable development progress, current shortcomings, and future pathways of 244 listed companies in the transportation sector, including A-shares and Hong Kong stocks, for the years 2024-2025 [1] - The green and low-carbon development of the transportation industry is not only essential for the industry itself but also a strategic priority for achieving the societal "dual carbon" goals [1] Group 2: Disclosure and Challenges - As of April 2025, 156 companies have disclosed sustainability-related reports, achieving a disclosure rate of 64%, indicating a significant increase in awareness of sustainable development information disclosure [2] - The industry exhibits a "layered" characteristic in performance across different segments, with the aviation and airport sector leading in information disclosure completeness and sustainable development [2] - The logistics and transportation sector still has considerable room for improvement in social responsibility and internal governance [2] Group 3: Structural Challenges - The overall industry faces shortcomings in the "comparability" and "verifiability" of information disclosure, with issues such as non-unified disclosure standards, ambiguous data accounting boundaries, and lack of third-party verification, leading to the risk of "greenwashing" [2] - Although over 90% of sample companies achieved a BB rating or above in sustainable development performance for 2024, there remains a gap in management capabilities, characterized by "grand visions and vague paths" [2] - Many companies have set long-term strategic goals but have not fully established a closed loop from indicator management, data governance to input-output analysis, hindering the implementation of strategies [2]

Core Insights - The "Sustainable Development Blue Book: Sustainable Development Report of China's Transportation Industry Enterprises (2025)" evaluates the progress, challenges, and future paths of sustainability in the transportation sector, based on a sample of 244 listed companies [3][9] - The transportation industry in China is transitioning from an "element-driven, scale expansion" model to an "innovation-driven, quality and efficiency" model, which is crucial for achieving national carbon neutrality goals [3][9] - As of April 2025, 156 companies have disclosed sustainability reports, achieving a disclosure rate of 64%, indicating a growing awareness of sustainability in the industry [3][9] Industry Challenges - The transportation sector exhibits a "layered" performance across its sub-sectors, with the aviation sector leading in sustainability disclosures, while logistics still has significant room for improvement [4][10] - There are issues with the comparability and verifiability of disclosed information, with some companies facing challenges such as non-uniform disclosure standards and lack of third-party verification, leading to "greenwashing" risks [4][10] - Despite over 90% of sampled companies achieving a BB rating or above in sustainability performance for 2024, many still struggle with translating strategic goals into actionable management practices [4][10][11] Recommendations for Development - The report suggests a three-pronged action framework focusing on standards, finance, and technology to enhance sustainability in the transportation sector [5][11] - Establishing a unified ESG indicator system and accounting standards is essential to address the quantification challenges of carbon emissions and value chain responsibilities [5][11] - Financial tools such as green bonds and transition finance should be leveraged to reduce transformation costs, while technology should support initiatives like shore power usage and clean fuel alternatives [5][11]

Investment Rating - The report maintains a positive outlook on the aviation sector, indicating a potential "golden era" for airlines due to improving demand and supply constraints [2]. Core Insights - The report highlights India's potential reduction in Russian oil imports, shifting towards sourcing from non-sanctioned countries like the US and Venezuela, which may impact shipping dynamics [2]. - The report emphasizes the strengthening of the shipbuilding sector, with recommendations for companies like China Shipbuilding and China Power, as the dollar strengthens [2]. - The report notes that VLCC freight rates remain high, with a slight increase of 2% week-on-week, indicating a complex interplay between supply and demand in the oil shipping market [2]. - The aviation sector is expected to see significant improvements in profitability due to historical high passenger load factors and a growing trend in international travel [2]. - The express delivery industry faces uncertainties in demand and regulatory policies, but leading companies like ZTO Express and YTO Express are expected to maintain their market share and profitability [2]. Summary by Sections Shipping and Oil Transportation - VLCC freight rates have shown a week-on-week increase of 2%, with current rates at $124,743 per day, while Suezmax and Aframax rates have decreased by 3% and 7% respectively [2]. - The report discusses the impact of geopolitical tensions on shipping rates, particularly in the context of the Middle East and the Black Sea region [2]. Aviation - The aviation sector is poised for a significant turnaround, with airlines expected to benefit from increased capacity allocation to international routes and a favorable oil price environment [2]. - Companies such as China Eastern Airlines, China Southern Airlines, and Spring Airlines are highlighted as key players to watch in this sector [2]. Express Delivery - The express delivery sector is characterized by a concentration of market share among leading firms, with ZTO Express and YTO Express being noted for their resilience and growth potential [2]. - The report suggests that despite uncertainties, the competitive landscape will favor established players [2]. Rail and Road Transportation - Rail freight volumes and highway truck traffic have shown resilience, with a reported increase of 2.27% and 4.75% respectively in recent weeks [2]. - The report identifies two main investment themes in the highway sector: high dividend yields and potential value management opportunities [2].

Core Insights - The railway and highway sector experienced a rise of 1.42% on February 4, with Fulin Transportation leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Sector Performance - Fulin Transportation (002357) closed at 13.42, up 4.76% with a trading volume of 171,900 shares and a turnover of 230 million yuan [1] - Shanxi Expressway (000755) increased by 3.03% to close at 5.44, with a trading volume of 259,200 shares and a turnover of 142 million yuan [1] - Guangzhou-Shenzhen Railway (601333) rose by 2.61% to 3.15, with a trading volume of 702,800 shares and a turnover of 219 million yuan [1] - Other notable performers include Jilin Expressway (601518) up 2.45%, Tielong Logistics (600125) up 2.21%, and Shenhigao Expressway (600548) up 2.01% [1] Capital Flow - The railway and highway sector saw a net inflow of 400 million yuan from institutional investors, while retail investors contributed a net inflow of 1.78 million yuan [2] - The sector experienced a net outflow of 418 million yuan from speculative funds [2] Individual Stock Capital Flow - Major net inflows were observed in Daqin Railway (601006) with 272 million yuan, and Beijing-Shanghai High-Speed Railway (601816) with 131 million yuan [3] - Fulin Transportation (002357) had a net inflow of 17 million yuan from institutional investors, while retail investors saw a net outflow of 24.8 million yuan [3] - Other stocks like Haikou Group (603069) and Fujian Expressway (600033) also showed varying net inflows and outflows among different investor types [3]

Group 1 - The A-share market showed mixed performance on February 4, 2026, with the Transportation ETF (159666) rising by 1.48%, and key holdings such as China Eastern Airlines increasing over 7%, Huaxia Airlines over 5%, and Ningbo Port over 4% [1] - The 2026 Spring Festival travel rush, lasting from February 2 to March 13, is expected to see a record high of 9.5 billion people traveling across regions, driven by both family visits and tourism [1] - National civil aviation passenger transport volume during the Spring Festival is projected to reach 95 million, averaging 2.38 million passengers per day, representing a year-on-year growth of approximately 5.3% [1] Group 2 - The Transportation ETF (159666) and its linked funds (019405/019404) are the only ETFs tracking the CSI All-Share Transportation Index, which includes logistics, railways, highways, shipping ports, and airports, reflecting the overall performance of listed transportation companies in the A-share market [2]

Market Overview - The railway and highway sector experienced a decline of 0.28% on February 3, with Guangshen Railway leading the drop [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Individual Stock Performance - Notable gainers in the railway and highway sector included: - Hunan Investment (Code: 000548) with a closing price of 5.78, up 1.94% on a trading volume of 86,600 shares and a turnover of 49.73 million yuan [1] - Jiangxi Changyun (Code: 600561) closed at 7.01, up 1.89% with a trading volume of 64,900 shares and a turnover of 45.22 million yuan [1] - Haikou Group (Code: 603069) closed at 22.84, up 1.33% with a trading volume of 64,800 shares [1] - Conversely, Guangshen Railway (Code: 601333) saw a decline of 1.60%, closing at 3.07 with a trading volume of 768,200 shares and a turnover of 238 million yuan [2] - Other notable decliners included: - Jilin Expressway (Code: 601518) down 1.04% to 2.86 [2] - Beijing-Shanghai High-speed Railway (Code: 601816) down 0.82% to 4.84 [2] Capital Flow Analysis - The railway and highway sector experienced a net outflow of 179 million yuan from institutional investors, while retail investors saw a net inflow of 6.61 million yuan [2] - Key stocks with significant capital flow included: - Tielong Logistics (Code: 600125) with a net inflow of 22.37 million yuan from institutional investors, but a net outflow of 24.39 million yuan from retail investors [3] - China Merchants Highway (Code: 001965) had a net inflow of 9.78 million yuan from institutional investors [3] - Dongguan Holdings (Code: 000828) saw a net inflow of 9.16 million yuan from institutional investors [3]

Core Viewpoint - The railway and highway sector experienced a slight decline of 0.06% on February 2, with Western Entrepreneurship leading the drop. The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1]. Group 1: Stock Performance - Hainan Highway saw a closing price of 6.60, with an increase of 3.77% and a trading volume of 640,500 shares, amounting to a transaction value of 425 million yuan [1]. - China Merchants Highway closed at 9.61, up 2.45%, with a trading volume of 288,500 shares and a transaction value of 279 million yuan [1]. - Shandong Highway closed at 10.21, increasing by 1.90%, with a trading volume of 97,200 shares and a transaction value of 99.28 million yuan [1]. - Western Entrepreneurship led the decline with a closing price of 4.97, down 5.15%, with a trading volume of 325,300 shares and a transaction value of 165 million yuan [2]. - Iron Dragon Logistics closed at 6.38, down 3.04%, with a trading volume of 260,400 shares and a transaction value of 168 million yuan [2]. Group 2: Capital Flow - The railway and highway sector saw a net inflow of 30.83 million yuan from institutional investors, while retail investors experienced a net inflow of 8.58 million yuan [2]. - The main stocks with significant net inflows included Beijing-Shanghai High-Speed Railway with 94.52 million yuan and Hainan Highway with 32.26 million yuan [3]. - Retail investors showed a net outflow in several stocks, including Hainan Highway and Beijing-Shanghai High-Speed Railway, indicating a mixed sentiment among different investor types [3].