Investment Rating - The report recommends a "Buy" rating for key companies including SF Holding, Cao Cao Travel, and Jitu Express [8]. Core Insights - The report highlights the explosive growth of instant retail driven by major companies' investments, suggesting that investors should seize opportunities in SF Express's urban delivery segment [1]. - The logistics sector is expected to benefit from the rapid growth of overseas e-commerce and the ongoing recovery in domestic demand, with a focus on companies like Jitu Express and Zhongtong Express [3][18]. - The aviation sector is projected to see a historical high in passenger volume during the 2026 Spring Festival, with a year-on-year growth of approximately 5.3% [11][12]. Summary by Sections Weekly View and Market Review - The transportation sector index rose by 1.76%, outperforming the Shanghai Composite Index by 0.93 percentage points [21]. - The top-performing sub-sectors included warehousing logistics, road freight, and public transport, with increases of 6.05%, 5.91%, and 4.09% respectively [21]. Aviation - The Civil Aviation Administration of China forecasts a record 95 million passengers during the 2026 Spring Festival, with domestic and international routes showing significant growth [11][12]. - The aviation sector is expected to maintain a positive outlook due to low supply growth and recovering demand, with a focus on business travel and international flight recovery [12]. Shipping and Ports - The VLCC market is experiencing high rates due to geopolitical risks, with daily rates reaching $107,937 on the Middle East route [13]. - Dry bulk freight rates are recovering, with the BDI index reaching 1,762 points [14]. - The report emphasizes the potential for LNG transport to enter a different economic cycle, highlighting companies like CIMC Anrui [16]. Logistics - The report identifies two main investment themes in the express delivery sector: overseas expansion driven by e-commerce growth and domestic market consolidation amid competitive pressures [3][18]. - In December 2025, the express delivery industry handled 18.2 billion packages, reflecting a year-on-year growth of 2.3% [19]. - The report notes a divergence in performance among leading express companies, with Zhongtong and YTO showing growth while SF Express faced a decline due to strategic business adjustments [20].

中国经营报 . 《中国经营报》由《中国经营报》社有限公司出版，与中国企业同步成长，对话商业领袖，传播商业理想，服务商业人群，掌控中国商界绝对话语权。 来源|中国经营报 作者|杨让晨 张家振 1月22日，申通快递（002468.SZ）公告称，公司于近日收到玉环市人民法院送达的《民事起诉状》《应诉通知书》【（2026）浙1083民初243 号】等有关诉讼材料，自然人奚春阳以股东资格确认纠纷为由对申通快递、实际控制人之一陈小英提起民事诉讼。 以下文章来源于中国经营报 ，作者杨让晨 张家振 申通快递公告 《中国经营报》记者注意到，奚春阳认为，根据双方离婚时对财产分割的约定，申通快递与陈小英均应就4056.85万股股份的50%，即约2028.42万 股归属于自己，并向中国证券登记结算有限责任公司申请办理非交易过户至其名下的手续。 据了解，奚春阳与陈小英已于2012年解除婚姻关系，本次诉讼事项是奚春阳与陈小英之间的离婚财产分割涉及的股东资格确权纠纷。 申通快递方面在公告中表示，此诉讼不会对正常生产经营造成重大不利影响，不会对内部治理和规范运作产生重大不利影响，也不会对实际控制权产 生影响。就此，记者1月23日联系申通快递 ...

一年一度的"快递不打烊"伴随春节假期将至。记者了解到，日前，多家物流企业发布春节期间服务公告。 顺丰速运、京东物流、德邦等企业公告显示， 将保障春节寄递服务需求，并加收高峰期资源调节费，以应对资源调配需求。跨越速运称，春节期间正常取派货，但部分地区不承诺时效。而壹米滴答、 顺心快运（顺丰集团旗下）将于春节假期暂停揽收件。 顺丰、京东快运、德邦 春节加收资源调节费 顺丰公告称，因节日期间资源调配受限、极端天气变化等多重因素，快件时效或将受到不同程度影响，将对快件和资源灵活调度匹配，动态调节部分服务 收费标准。其中： 2026年1月19日-2月15日，顺丰对部分发运20kg（含）以上产品的客户收取0.1-1.5元/kg资源调节费；2026年2月16日-2月23日春节假期 期间，顺丰对寄递服务加收资源调节费。部分长期深度合作的月结客户、会员客户可享受资源调节费优惠或减免政策。 (顺丰公告) 京东物流发布的《快运产品服务公告》显示，受高峰期交通及各地调度资源影响， 在2026年1月19日-2026年2月23日期间，将在特快重货产品原价格基础 上加收0.1-1.2元/kg的高峰期资源调节费。对部分合作月结的客户，将按照 ...

板块市场回顾 本周（2026/1/17-2026/1/23）交运指数上涨 1.6%，沪深 300 指数下跌 0.6%，跑赢大盘 2.3%，排名 18/29。交运子板 块中公交板块涨幅最大(+6.7%)，航运板块涨幅最小(+0.5%)。 行业观点 快递：12 月快递业务量同比增长 2.3%，部分快递公司受益反内卷涨价影响。上周（1 月 12 日-1 月 18 日）邮政快递 累计揽收量约 40.73 亿件，环比-6.5%,同比-0.8%；累计投递量约 40.82 亿件，环比-3.9%，同比-1.9%。国家邮政局 公布 2025 年邮政行业运行情况，2025 年，快递业务收入完成 1.5 万亿元，同比增长 6.5%。快递业务量完成 1989.5 亿件，同比增长 13.6%。其中，12 月快递业务收入完成 1388.7 亿元，同比增长 0.7%；快递业务量完成 182.1 亿件， 同比增长 2.3%。反内卷"背景下多个产粮区已提价，快递旺季来临，反内卷涨价已兑现。考虑估值性价比、经营韧性、 股东回报提升等，推荐顺丰控股。低价件减少，头部快递市场份额提升，看好中通快递。 物流：危化品水运价格环比持平，发力智慧物流推荐海 ...

【#多家快递春节正常上班#】#春节寄快递或将涨价# 春节将至，"快递不打烊"服务如期被推出。日 前，多家物流企业发布春节期间服务公告。顺丰速运、京东物流、德邦等企业公告显示，将保障春节寄 递服务需求，并加收高峰期资源调节费，以应对资源调配需求。跨越速运称，春节期间正常取派货，但 部分地区不承诺时效。顺丰公告称，因节日期间资源调配受限、极端天气变化等多重因素，快件时效或 将受到不同程度影响，将对快件和资源灵活调度匹配，动态调节部分服务收费标准。其中：2026年1月 19日-2月15日，顺丰对部分发运20kg（含）以上产品的客户收取0.1-1.5元/kg资源调节费；2026年2月16 日-2月23日春节假期期间，顺丰对寄递服务加收资源调节费。部分长期深度合作的月结客户、会员客户 可享受资源调节费优惠或减免政策。京东物流发布的《快运产品服务公告》显示，受高峰期交通及各地 调度资源影响，在2026年1月19日-2026年2月23日期间，将在特快重货产品原价格基础上加收0.1-1.2 元/kg的高峰期资源调节费。对部分合作月结的客户，将按照相应的合作产品，分别在不同时间周期加 收不同标准的资源调节费。德邦发布公告称，受 ...

快递提速，不仅让沧州群众收取快递更加及时，也让沧州企业发货更快。为了带动枣制品、杂粮制品、 鱼竿渔具、汽车用品、化妆毛刷、服装服饰等特色产业发展，各快递企业积极与沧州特色产业园区、电 商平台开展战略合作，推动"快递进村""快递进厂"，为沧州特色产品走出去搭建起高效物流通道。"快 递企业到一线装车发货，不仅为企业节约了时间和物流成本，有时候还可以使发货总时长减少一天。这 看似不起眼的一天，放到市场上可是不小的优势。"沧州市邮政管理局市场科相关负责人说。 （来源：沧州发布） 转自：沧州发布 近几年，沧州快递业务量平均每年增长1亿余件。日益增多的快递包裹，对快递处理能力提出了更高要 求。在河间、肃宁、沧县、献县等地，一个个大型快递转运中心的投用，有效缓解了沧州及保定、衡水 等地区的快递分拣压力，进一步提升了快递配送效率。 为了提升分拣效率，各个转运中心引入全自动交叉带分拣机、智能扫码称重设备、可视化监控系统等现 代化设施，实现快递分拣、中转、调度等全流程工作的标准化、智能化运行。目前，我市已经引入了69 条自动分拣线，相较于人工分拣，时间缩短了一半多。 昨天，在刚刚投用的韵达河间转运中心，随着自动化分拣设备高速运转 ...

证券研究报告 | 行业定期报告 2026 年 01 月 25 日 油轮制裁力度仍在加大，2025 年快递业务量同比增长 13.6% 招商交通运输行业周报 周期/交通运输 本周关注：航运方面，本周油运运价延续高位，散货运价好转；基础设施方面， 优选个股布局红利资产；航空方面，关注 26 年行业基本面上行趋势；快递方面， 关注 26 年行业竞争格局和估值修复潜力。 推荐（维持） 行业规模 | 王春环 | S1090524060003 | wangchunhuan@cmschina.com.c | | --- | --- | --- | | n | 孙修远 | S1090524070005 | | sunxiuyuan@cmschina.com.cn | 肖欣晨 | S1090522010001 | | xiaoxinchen@cmschina.com.cn | 刘若琮 | S1090524110003 | | liuruocong@cmschina.com.cn | 张瑜玲 | S1090525060006 | | zhangyuling2@cmschina.com.cn | | | | | | 占比% | | ...

春节加收资源调节费 顺丰公告称，因节日期间资源调配受限、极端天气变化等多重因素，快件时效或将受到不同程度影响，将对快件和资源灵活调度匹配，动态调节部分服务 收费标准。其中：2026年1月19日-2月15日，顺丰对部分发运20kg(含)以上产品的客户收取0.1-1.5元/kg资源调节费；2026年2月16日-2月23日春节假期期 间，顺丰对寄递服务加收资源调节费。部分长期深度合作的月结客户、会员客户可享受资源调节费优惠或减免政策。 一年一度的"快递不打烊"伴随春节假期将至。南都N视频记者了解到，日前，多家物流企业发布春节期间服务公告。顺丰速运、京东物流、德邦等企业公 告显示，将保障春节寄递服务需求，并加收高峰期资源调节费，以应对资源调配需求。跨越速运称，春节期间正常取派货，但部分地区不承诺时效。而壹 米滴答、顺心快运(顺丰集团旗下)将于春节假期暂停揽收件。 顺丰、京东快运、德邦 (顺丰公告) 京东物流发布的《快运产品服务公告》显示，受高峰期交通及各地调度资源影响，在2026年1月19日-2026年2月23日期间，将在特快重货产品原价格基础 上加收0.1-1.2元/kg的高峰期资源调节费。对部分合作月结的客户，将 ...

Investment Rating - The report maintains a positive outlook on the shipping industry, recommending companies such as China Merchants Energy and COSCO Shipping Energy [3]. Core Insights - The report highlights a significant increase in charter rates for VLCCs, which rose by 4.62% to $62,250 per day, and Cape rates increased by 5.37% to $26,475 per day, indicating a strong correlation between commodity prices and shipping rates [3]. - New ship prices are rising alongside second-hand ship prices, with the new ship composite index increasing by 0.07 to 184.76 points, suggesting a favorable market for shipbuilders [3]. - The report emphasizes the resilience of the shipping market, particularly in oil and bulk shipping, with expectations of continued demand driven by geopolitical factors and commodity price fluctuations [3]. Summary by Sections Shipping Market Performance - The shipping index increased by 1.76%, outperforming the CSI 300 index by 2.38 percentage points [4]. - The coastal dry bulk freight index in China rose by 0.84%, while the Shanghai export container freight index fell by 7.39% [4]. Oil Shipping - VLCC rates are currently around $100,000 per day, with a recent decline of 11% in average rates to $105,090 per day, indicating potential volatility in the market [3]. - The report notes that while VLCC rates may adjust, smaller oil tanker rates remain supported due to high demand [3]. Dry Bulk Shipping - The report indicates a rebound in dry bulk rates, particularly driven by increased grain exports from South America, with the BDI index recording a 12.4% increase [3]. - Capesize rates increased by 16.1%, reflecting strong demand in the Pacific market [3]. Container Shipping - The report observes a seasonal decline in container shipping rates as the peak season ends, with the SCFI index dropping by 7.4% [3]. - The resumption of services in the Red Sea has been noted, but the market remains cautious due to geopolitical uncertainties [3]. Air Transportation - The report highlights a significant supply constraint in aircraft manufacturing, with an aging fleet and increasing passenger demand expected to enhance airline profitability [3]. - Airlines are recommended for investment due to their strong demand elasticity and potential for significant earnings growth [3]. Logistics and Express Delivery - The report anticipates a concentration of market share and profits among leading express delivery companies, with a focus on ZTO Express and YTO Express [3]. - The logistics sector shows resilience, with steady growth in freight volumes reported [3].

Investment Rating - The report maintains a positive outlook on the shipping industry, recommending stocks such as China Merchants Energy and COSCO Shipping Energy [4][5]. Core Insights - The report highlights a significant increase in charter rates for VLCCs, which rose by 4.62% to $62,250 per day, and Cape rates increased by 5.37% to $26,475 per day, indicating a strong correlation between commodity prices and shipping rates [4]. - New ship prices are rising alongside second-hand ship prices, with the new ship composite index increasing by 0.07 to 184.76 points, suggesting a favorable market for shipbuilders [4]. - The report notes that the oil tanker market remains robust, with VLCC rates averaging around $105,090 per day, despite a recent decline in rates due to increased supply [4]. - The dry bulk market is experiencing a rebound, with the BDI index recording a 12.4% increase to 1,762 points, driven by increased grain exports from South America [4]. - The air transport sector is expected to see significant improvements in profitability due to rising passenger volumes and constrained supply, marking a potential golden era for airlines [4]. Summary by Sections Shipping Market - The shipping market is experiencing a strong correlation with commodity prices, with VLCC and Cape rates showing significant increases [4]. - The report emphasizes the importance of geopolitical factors and supply constraints in maintaining high shipping rates [4]. New Ship Prices - New ship prices are on the rise, reflecting the overall health of the shipping market, with a slight increase in the new ship composite index [4]. Oil Tanker Market - The oil tanker market remains strong, with high average rates for VLCCs and a stable demand despite recent fluctuations [4]. Dry Bulk Market - The dry bulk market is witnessing a rebound, particularly in the Capesize segment, driven by favorable export conditions from South America [4]. Air Transport Sector - The air transport sector is poised for significant growth, with airlines expected to benefit from increased passenger volumes and a constrained supply of aircraft [4]. Logistics and Express Delivery - The logistics sector is seeing a concentration of market share among leading companies, with a focus on firms like ZTO Express and YTO Express, which are expected to maintain their competitive advantages [4].