交通运输 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 行 业 及 产 业 范晨轩 A0230525070003 fancx@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 严天鹏 A0230524090004 yantp@swsresearch.com 王晨鉴 A0230525030001 wangcj@swsresearch.com 王易 A0230525050001 wangyi@swsresearch.com 张慧 A0230524100001 zhanghui@swsresearch.com 王凯婕 A0230525110001 wangkj@swsresearch.com 研究支持 郑逸欢 A0230124010001 zhengyh@swsresearch.com 联系人 范晨轩 A0230525070003 fancx@swsresearch.com 2025 年 12 月 28 日 油散进入淡季布局窗口，船舶板 ...

截至2025年12月26日收盘，江西长运（600561）报收于6.56元，较上周的6.64元下跌1.2%。本周，江西 长运12月25日盘中最高价报6.94元。12月23日盘中最低价报6.47元。江西长运当前最新总市值18.66亿 元，在铁路公路板块市值排名33/33，在两市A股市值排名5106/5178。 本周关注点 江西长运股份有限公司于2025年12月23日召开2025年第三次临时股东会，会议由董事长王晓主持，采取 现场与网络投票相结合方式举行。出席会议股东共62人，代表有表决权股份72,251,153股，占公司总股 本的25.40%。会议审议通过《关于向交银国际信托有限公司申请信托融资的议案》和《关于全资子公 司江西九江长途汽车运输集团有限公司为下属全资子公司借款提供担保的议案》。北京市天元律师事务 所对会议进行见证并出具法律意见书，认为会议召集、召开程序合法，表决结果有效。 因南昌市西湖区八一大道221、223号及东侧地块改造项目需要，江西长运位于西湖区八一大道和广场南 路的部分房屋建筑物被政府征收。公司已于2025年12月8日签署补偿协议，征收补偿金额为 15,701,858.74元，款项已全部到账 ...

证券之星消息，12月26日铁路公路板块较上一交易日上涨0.34%，海汽集团领涨。当日上证指数报收于 3963.68，上涨0.1%。深证成指报收于13603.89，上涨0.54%。铁路公路板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600033 | 福建高速 | 4.41 | -2.43% | 91.15万 | 4.04亿 | | 600561 | 江西长运 | 6.56 | -2.38% | 8.77万 | 5792.01万 | | 600106 | 重庆路桥 | 6.37 | -2.00% | 29.33万 | 1.88 亿 | | 000548 | 湖南投资 | 5.55 | -1.07% | 6.94万 | 3867.13万 | | 601006 | 大秦铁路 | 5.28 | -0.75% | 104.66万 | 5.54Z | | 601107 | 四川成渝 | 6.30 | -0.63% | 9.00万 | 5680.98万 | | 600834 | 申通地 ...

从资金流向上来看，当日铁路公路板块主力资金净流出9236.42万元，游资资金净流出8207.2万元，散户 资金净流入1.74亿元。铁路公路板块个股资金流向见下表： 证券之星消息，12月25日铁路公路板块较上一交易日上涨0.38%，重庆路桥领涨。当日上证指数报收于 3959.62，上涨0.47%。深证成指报收于13531.41，上涨0.33%。铁路公路板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600106 | 重庆路桥 | 6.50 | 4.84% | 38.19万 | 2.46亿 | | 000557 | 西部创业 | 5.04 | 2.23% | 16.19万 | 8190.82万 | | 002357 | 富临远业 | 10.08 | 2.02% | 9.33万 | 9317.00万 | | 600012 | 皖通高速 | 14.93 | 1.29% | 4.63万 | 6919.27万 | | 600368 | 五洲交通 | 4.00 | 1.27% | 31. ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 001317 | 三丰司 | 55.26 | -4.84% | 12.95万 | 7.24亿 | | 600650 | 锦江在线 | 15.58 | -3.11% | 18.81万 | 2.96亿 | | 002357 | 富临远山 | 10.16 | -3.05% | 7.09万 | 7246.05万 | | 600611 | 大众交通 | 5.50 | -2.65% | 1 33.66万 | 1.87亿 | | 600834 | 申通地铁 | 8.29 | -1.31% | 2.40万 | 1992.08万 | | 600106 | 重庆路桥 | 6.18 | -1.12% | 9.51万 | 5881.17万 | | 000548 | 湖南投资 | 5.54 | -1.07% | 5.98万 | 3322.88万 | | 600368 | 五洲交通 | 3.93 | -1.01% | 7.72万 | 3042.37万 | | 601006 | ...

证券研究报告 交通运输 | 铁路公路 非金融|公司点评报告 hyzqdatemark 2025 年 12 月 22 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 市场表现： | 基本数据 | | | 2025 | 年 | 12 | 日 | | | 月 19 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 6.21 | | | 一 年 内 高 / 低 | 最 | 最 | | | | | 6.57/4.74 | ...

证券之星消息，12月22日铁路公路板块较上一交易日下跌0.36%，皖通高速领跌。当日上证指数报收于 3917.36，上涨0.69%。深证成指报收于13332.73，上涨1.47%。铁路公路板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日铁路公路板块主力资金净流出1.08亿元，游资资金净流出1231.71万元，散户资 金净流入1.2亿元。铁路公路板块个股资金流向见下表： ...

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly recommending stocks such as China Shipbuilding, China Power, and Sumec [4]. Core Insights - The launch of the first shipping industry index fund on December 19, 2025, indicates a growing interest in the sector. The prices of second-hand ships continue to rise, with a notable increase in the price of 5-year-old VLCC ships by $2 million to $120 million [4]. - The report highlights a seasonal decline in freight rates as the Christmas holiday approaches, while the prices of oil and bulk second-hand ships are on the rise. The second-hand bulk carrier price index increased by 0.38% to 194.32 points [4]. - The report emphasizes the resilience of the air transport sector, predicting significant improvements in airline profitability due to supply constraints and increasing passenger demand, recommending stocks like China Eastern Airlines and Spring Airlines [4]. Summary by Sections Shipping Industry - The report notes that the second-hand ship market is experiencing a positive trend, with specific recommendations for stocks such as China Shipbuilding and China Power [4]. - VLCC freight rates have decreased by 11% week-on-week, averaging $101,623 per day, while the Middle East to Far East route recorded $109,772 per day [4]. - The report anticipates that shipping rates may face downward pressure but highlights shipowners' reluctance to significantly lower prices [4]. Air Transport - The report indicates that the global aircraft manufacturing chain is facing unprecedented challenges, with an aging fleet expected to continue. The report suggests that airlines are poised for a golden era of profitability due to improved operational metrics and demand recovery [4]. - Recommended stocks in the airline sector include China Eastern Airlines, China Southern Airlines, and Cathay Pacific [4]. Logistics and Express Delivery - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined for industry performance. Recommendations include Shentong Express and Yunda Express, with a focus on companies benefiting from Southeast Asian e-commerce growth [4]. - The report notes that the logistics demand remains robust, with rail freight and highway truck traffic showing steady growth [4]. Market Performance - The transportation index rose by 2.04%, outperforming the Shanghai Composite Index by 2.31 percentage points. The air transport sector saw the highest increase at 6.84% [5][12]. - The report provides insights into the performance of various sub-sectors within transportation, highlighting the resilience of air transport and the challenges faced by the express delivery sector [5][12].

证券研究报告·固定收益·固收点评 固收点评 20251220 绿色债券周度数据跟踪 （20251215-20251219） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20251215-20251219）银行间市场及交易所市场共新发行绿色债券 31 只，合计发行规模约 211.10 亿元，较上周减少 156.42 亿元。发行年 限多为 3 年；发行人性质为中央国有企业、央企子公司、地方国有企业、 大型民企、中央国有企业、中外合资企业、地方国有企业、央企子公司； 主体评级多为 AAA、AA+级；发行人地域为山东省、上海市、江苏省、 陕西省、北京市、浙江省、福建省、湖北省、广东省、江西省、山西省； 发行债券种类为交易商协会 ABN、企业 ABS、商业银行普通债、一般 公司债、超短期融资券、中期票据、定向工具（PPN）。 ◼ 二级市场成交情况： 本周（20251215-20251219）绿色债券周成交额合计 801 亿元，较上周增 加 157 亿元。分债券种类来看，成交量前三为金融机构债、非金公司信 用债和利率债，分别为 376 亿元、298 亿元和 94 亿元；分发 ...

Market Overview - The railway and highway sector increased by 0.42% on December 19, with Haikou Group leading the gains [1] - The Shanghai Composite Index closed at 3890.45, up 0.36%, while the Shenzhen Component Index closed at 13140.22, up 0.66% [1] Top Performers - Haikou Group (603069) closed at 23.86, up 10.00% with a trading volume of 234,900 shares and a transaction value of 543 million [1] - Hainan Expressway (000886) closed at 6.68, up 6.37% with a trading volume of 834,200 shares [1] - Sanfeng Company (001317) closed at 56.22, up 5.08% with a trading volume of 209,700 shares and a transaction value of 1.151 billion [1] Underperformers - Ninghu Expressway (600377) closed at 12.16, down 1.46% with a trading volume of 151,000 shares and a transaction value of 18.4 million [2] - China Merchants Highway (001965) closed at 9.98, down 1.09% with a trading volume of 158,600 shares [2] - Guangdong Expressway A (000429) closed at 11.86, down 1.08% with a trading volume of 83,700 shares [2] Capital Flow - The railway and highway sector experienced a net outflow of 17.788 million from institutional investors, while retail investors saw a net inflow of 7.817 million [2] - The main stocks with significant capital inflow included Dazhong Transportation (600611) with a net inflow of 58.3566 million [3] - Haikou Group (603069) had a net inflow of 55.5408 million, while Sanfeng Company (001317) saw a net inflow of 52.0940 million [3]