（来源：嘉兴日报） 转自：嘉兴日报 ■本报评论记者 汪 莹 春运首日，嘉兴南湖机场再添嘉兴—重庆、哈尔滨—嘉兴—海口两条新航线，并将于2月6日开通至昆明 航线，全面扩容返乡"空路"；满足多元出行需求，嘉兴南站不仅针对返乡热门地增开多趟临客，还为旅 游热门地横店增加运力；应对持续升温的自驾出行，嘉兴高速免费通行9天，并对接"浙路智行"，联动 高德、腾讯，为返乡路智能护航保畅通……"十五五"开局之年的首个春运已经开启，嘉兴充分发挥"公 铁水空"联运枢纽优势，以"平安、便捷、温馨"为目标，全力以赴答好这份民生考卷。 春运年年有，今年尤不同。据交通部门数据，春运的40天里，将有95亿人次奔赴史上最长春节，创历史 新高，其中自驾出行占比达八成。以嘉兴为例，春运首日，全市客运量19.32万人次，同比增长27.6%； 高速公路出入口客流59.84万车次，同比增长36.68%。当"最长春节"遇上"最忙春运"，如何在短时间内 承载庞大的客流量，让每个人都走得了、走得快，更走得好、走得暖，考验的是嘉兴作为长三角综合交 通枢纽城市的交通韧性与治理水平。 春运启幕，归心向暖。春运这场大考，检验的不仅是有形的路网与运力，更是无形的协同 ...

本文编选自："交通运输部"微信公众号；智通财经编辑：陈筱亦。 智通财经APP获悉，来自综合运输春运工作专班数据显示，2026年2月2日（春运第1天，农历腊月十 五），预计全社会跨区域人员流动量18791万人次，比2025年同期（春运第1天）增长13%。 其中：铁路客运量预计1200万人次，比2025年同期增长15.5%。公路人员流动量（包括高速公路及普通 国省道非营业性小客车人员出行量、公路营业性客运量）预计17312万人次，比2025年同期增长13%。 其中，公路营业性客运量预计3004万人次，比2025年同期增长10.3%；高速公路及普通国省道非营业性 小客车人员出行量预计14308万人次，比2025年同期增长13.5%。水路客运量预计60万人次，比2025年 同期增长12.7%。民航客运量预计219万人次，比2025年同期增长5.3%。 ...

Investment Rating - The report maintains a "Buy" recommendation for the shipping industry, highlighting the upward potential in both oil and dry bulk markets [7]. Core Insights - Geopolitical tensions, particularly between the US and Iran, have led to an increase in VLCC freight rates, with the Clarksons VLCC-TCE index rising to $116,000, a week-on-week increase of 17% [10][11]. - The BDI index has shown resilience during the off-season, closing at 2148 points, up 21.9% week-on-week, with significant increases in various vessel types [23][24]. Summary by Sections Oil Shipping - The ongoing tensions in the Middle East have resulted in a significant rise in VLCC freight rates, particularly on the Middle East to China route, which saw a 27% increase to $127,000 per day [10][11]. - The market fundamentals are weakening, with a slowdown in cargo availability and a lack of new cargo in the US Gulf market, leading to a decline in overall market activity [10][11]. Dry Bulk Shipping - The BDI index has shown a remarkable performance during the off-season, with a year-on-year increase of 89% in January, averaging 1759 points [24]. - The strong performance of the BCI index, which increased by 121% year-on-year, is attributed to supply constraints and steady demand from Brazil and West Africa [24]. Investment Recommendations - The report emphasizes the potential for upward trends in both oil and dry bulk markets, recommending companies such as China Merchants Energy Shipping and COSCO Shipping Energy [27]. - For dry bulk, the report suggests companies like Haitong Development and Pacific Shipping, citing favorable supply and demand dynamics [28]. Industry Data Tracking - Recent data shows a year-on-year increase of 8.3% in domestic air passenger volume, with average ticket prices rising by 4.3% [29]. - The SCFI index has decreased by 10% week-on-week, indicating a decline in container shipping rates [50].

转自：央视网 民航方面，春运期间，浙江全省机场预计运送旅客超1060万人次，同比增长5.4%，高出全国平均增幅2.2个百分点。 针对大客流，杭州机场增派引导问询及志愿者岗位，为行动不便、行李较多、怀抱儿童的旅客提供全程陪护及优先通道。 春节假期期间，公路出行同样将迎来高峰。杭州辖区日均流量预计达100.4万辆次，单日最高可能突破140万辆次。为此，当地交警 部门将开展为期40天的春运交通安全保障服务，运用AI巡检等手段保障道路安全畅通。铁路服务升级 全力应对春运面对即将到来 的春运客流，云南省内多个车站提前升级服务、增加运力。其中，保山站春运期间计划每日开行11对列车，串联昆明、大理、丽 江、香格里拉等热门旅游地，预计日均发送旅客1.8万人次。 央视网消息：2026年春运将于2月2日启动至3月13日结束，共计40天。应对即将到来的客流高峰，各地都有哪些措施和服务保障旅 客出行？ 春运期间，长三角铁路预计发送旅客将历史性突破1亿人次。其中，铁路杭州站预计发送1128万人次，同比增长3.8%。节前客流高 峰将出现在2月13日，也就是腊月二十六，单日发送旅客量将达到41万人次。 作为2026年春运重点便民服务举措， ...

Core Insights - In 2025, China's inter-regional personnel flow is expected to reach 66.86 billion trips, a year-on-year increase of 3.5% [1] - The transportation sector is projected to maintain a stable economic operation with steady progress [3] Personnel Flow - Railway and civil aviation passenger volumes are expected to grow by 6.7% and 5.5% respectively, while road personnel flow is projected to increase by 3.3%, and waterway passenger volume is expected to remain stable [1] Freight Volume - The total freight volume in China is anticipated to reach 5.87 billion tons in 2025, reflecting a year-on-year growth of 3.2% [1] - Freight volumes by mode are expected to grow as follows: railway by 2%, road by 3.4%, waterway by 3.2%, and civil aviation by 13.3% [1] - Express delivery volume is projected to reach 199 billion items, marking a year-on-year increase of 13.7% [1] Port Throughput - Port cargo throughput is expected to reach 1.834 billion tons, with a year-on-year growth of 4.2% [1] - Domestic and foreign trade throughput is expected to grow by 4% and 4.7% respectively [1] - Container throughput is projected to reach 35 million TEUs, with a year-on-year increase of 6.8% [1] Investment in Transportation - Transportation fixed asset investment is expected to exceed 3.6 trillion yuan in 2025, with specific allocations of 901.5 billion yuan for railways, over 2.6 trillion yuan for roads and waterways, and 120 billion yuan for civil aviation [2]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry, indicating an expectation of relative performance that exceeds the relevant market indices over the next 12 months [10]. Core Insights - In Q4 2025, the transportation sector's public fund heavy holding ratio decreased by 0.03 percentage points to 1.09%, primarily due to significant reductions in logistics and supply chain investments, while the aviation sector saw a slight increase in allocation [2][6]. - The number of heavily held stocks in the transportation sector increased to 60, with a total market value of 21.49 billion yuan, reflecting a 15.3% quarter-on-quarter increase [6]. - The transportation sector index outperformed major indices such as the Shanghai Composite Index, CSI 300, and ChiNext Index, with a quarterly increase of 3.4% [6]. Summary by Sections Fund Holdings - The transportation sector's allocation is ranked 17th among 32 primary industries, indicating an underweight status compared to the standard allocation ratio of 2.46% [6]. - The allocation ratios for sub-sectors in Q4 2025 are as follows: Aviation (0.50%), Logistics and Supply Chain (0.34%), Rail and Road (0.12%), Maritime (0.08%), and Transportation Infrastructure (0.05%) [6][14]. Heavy Holdings - The top five heavily held stocks in the transportation sector accounted for 57.7% of the total market value, with the top ten accounting for 79.2%, indicating an increase in concentration [7]. - The leading stocks by market value in Q4 2025 were China Eastern Airlines (4.55 billion yuan), Southern Airlines (3.08 billion yuan), and SF Express (2.29 billion yuan) [7][22]. Northbound Capital - Northbound capital holdings in the transportation sector increased to 4.3%, with the aviation sector being the largest segment at 11.61 billion yuan, representing 27.5% of the transportation industry [8][26]. - The top five stocks with the highest foreign ownership ratios included Sichuan Chengyu, Southern Airlines, and Iron Dragon Logistics, with foreign ownership ratios of 15.4%, 14.6%, and 8.1% respectively [8][26].

一组数据见证实力： 高铁营业里程达1906公里，铁路营运里程4419公里。 出省高铁通道6个，累计铁路出省通道17个。 谁还记得，曾经的贵州，是"地无三里平"的阻隔，是"翻山越岭几半天"的无奈？ 而2025年，这座被群山环抱的省份，用一场震撼全国的交通蝶变，彻底改写历史——铁路成网、高速加 密、桥梁凌空、航空通达、水运复苏，"黔道难"的千年慨叹，终于变成"出门即坦途"的当下实景！ 这一年，贵州交通全面开花，每一个突破都足以惊艳时光，每一组数据都藏着底气与实力。 高铁圆梦！九市州通高铁，1-2小时逛遍贵州 2025年11月，盘兴高铁正式通车，这一历史性时刻，标志着贵州在西南地区率先实现9个市(州)行政中 心高铁全覆盖，高铁网络彻底闭环成型。曾经从贵阳到兴义要3.5小时，如今坐上盘兴高铁，2小时内就 能直达，沿途串联马岭河峡谷、万峰林等美景，"交通+旅游"的融合之路越走越宽。 贵州的公路，从来都是"逢山开路、遇水架桥"的奋斗写照，2025年，这份底气再升级！ 截至目前，贵州高速公路总里程达9563公里，较"十三五"末新增1786公里，彻底实现县县通"双高速"； 公路总里程超22万公里，出黔陆路大通道45条，"六横 ...

Core Insights - The "14th Five-Year Plan" period marks the fastest development phase in Guangxi's transportation history, achieving significant results and benefiting the public widely [4] Infrastructure Development - Approximately 3,850 kilometers of new expressways have been added, bringing the total to 10,650 kilometers [5] - About 700 kilometers of new high-speed rail have been constructed, with a total nearing 2,500 kilometers [6] - 366 kilometers of new third-level and above inland waterways have been added, totaling 1,579 kilometers [6] Connectivity Enhancements - The region has achieved comprehensive connectivity with high-speed rail, expressways, and postal services reaching every city, county, and village [6][7] - The development axis of the Western Land-Sea New Corridor is being accelerated, enhancing connections between the eastern, central, and western regions [8] Major Projects - Key projects such as the Pinglu Canal and the Huangtong to Baise railway have commenced construction [9] - The Pearl River-Xijiang development axis is being optimized to enhance connectivity with Guangdong, Hong Kong, Macau, and ASEAN [10] Port and Air Transport Growth - Beibu Gulf Port has officially entered the ranks of ports handling over 10 million TEUs [11] - Port cargo and container throughput has consistently ranked in the top 10 nationally for five consecutive years, with increases of 64% and 99% respectively compared to the end of the "13th Five-Year Plan" [12] Transportation Network Expansion - The highway framework is nearly complete, with a solid high-speed rail network established and accelerated inland waterway connectivity [12] - The civil aviation network has expanded to connect nationwide, ASEAN, and globally, with passenger and cargo throughput increasing by 36% and 56% respectively compared to the end of the "13th Five-Year Plan" [12] Rural Infrastructure Improvements - Over 41,000 kilometers of rural roads have been newly constructed or renovated, totaling 158,000 kilometers, with more than 15,000 natural villages now connected by hardened roads [18] - Safety projects for rural roads cover 20,000 kilometers, and 857 dangerous bridges have been renovated [19] Smart and Green Initiatives - The first smart expressway, the first unmanned subway, and the first automated container terminal have been put into operation [24] - The region has achieved full coverage of charging facilities in expressway service areas and has a higher proportion of new energy buses and taxis compared to the national average [28] Future Goals - By 2030, the goal is to establish a modern comprehensive transportation system that is safe, convenient, efficient, green, and economical, with significant progress in transportation infrastructure modernization [31] - Key initiatives for 2026 include completing the Pinglu Canal, enhancing connectivity with ASEAN, and improving the transportation logistics efficiency [32][33]

Core Viewpoint - The company is positioned as a leading traffic infrastructure asset management company in China, with a "buy" rating and a target price of HKD 5.73 [1] Group 1: Company Performance - The company has been optimizing its assets to strengthen its toll road business, expecting a revenue growth of 14.9% to CNY 2.099 billion in the first half of 2025, aided by the inclusion of the Pinglin Expressway in November 2024 [2] - The company has maintained stable and sustainable dividends since 2010, with annual dividends accounting for approximately 50% to 60% of net profit attributable to shareholders [2][3] - The company controls, holds stakes in, and manages 18 projects including highways, bridges, and terminals, totaling approximately 1,039.54 kilometers [3] Group 2: Industry Context - The highway industry in China has entered a mature phase, having completed over 70% of the mileage targets set in the National Comprehensive Transportation Network Planning Outline [3] - Despite a steady recovery in overall industry revenue post-pandemic, rising costs for new road construction may lead to future revenue shortfalls [3] - New policies, such as the revised toll road management regulations, are expected to encourage highway companies to engage in upgrades, acquisitions of quality mature assets, and diversification of their business [3] Group 3: Investment and Financing - The company has established a unique asset layout with advantageous regional locations and good operational efficiency [4] - Over the past five years, the company has incubated highway assets worth nearly CNY 25 billion, and successfully set up a REITs platform in 2021, indicating a well-structured financial development model [4] - The company can utilize various financing tools through its three-platform structure, which includes incubation, public listing, and public REITs, to lower its debt ratio and optimize its asset structure [4]

Core Insights - Jinan aims to become a national comprehensive transportation hub by advancing key transportation projects during the 14th Five-Year Plan period [1][2] Group 1: Railway Development - Jinan is constructing a "米" shaped high-speed rail network, with 20 operational railway lines totaling 835 kilometers, including 12 high-speed rail lines covering 446 kilometers [1] - Approximately 660 high-speed trains operate daily, connecting Jinan to 366 cities nationwide [1] Group 2: Highway Network Enhancement - The Jinan metropolitan area has established a primary framework for the "二环一联十六射" highway network, with plans to reach 915.6 kilometers of operational highways by the end of 2025 [1] - The highway network density and the proportion of dual six-lane roads are the highest in the province [1] Group 3: Urban Road and Airport Expansion - A total of 902 kilometers of urban roads have been newly constructed or renovated, with 86 projects completed, including major roads like Aoti West Road and Longding Avenue [2] - The second phase of Jinan International Airport's expansion is underway, aiming to achieve a maximum flight level of 4F and facilitate seamless "air-rail" transfers [2] Group 4: Urban Rail Transit Projects - Nine urban rail transit projects are planned during the 14th Five-Year Plan, with several lines already completed, resulting in a total operational length of over 248 kilometers [2] Group 5: Inland Waterway Development - Jinan has developed inland waterway transport, completing the Xiaoqing River restoration and constructing Jinan Port and Zhangqiu Port, providing low-cost, high-capacity transport options for bulk goods [2] Group 6: National Recognition and Investment - Jinan was selected as one of the first national comprehensive freight hub cities, with 27 key projects underway and a total investment of 14.75 billion yuan planned for the implementation period from 2022 to 2024 [2] - The city has received A-level performance evaluations for three consecutive years and has secured 1.8 billion yuan in central and provincial funding, being the only city among the first 15 to receive full funding for three years [2]