Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry shows resilient demand, with a "reverse involution" trend driving up express prices, enhancing corporate profit elasticity. The e-commerce express delivery sector is expected to see healthy competition opportunities in the medium to long term. Companies like SF Express and JD Logistics are likely to benefit from cyclical recovery and ongoing cost reductions, with both performance and valuation having room for growth. J&T Express is expected to benefit from high growth and market share expansion in overseas markets [16] - In the shipping sector, the outlook for crude oil transportation is positive due to the OPEC+ production increase cycle and the Federal Reserve's interest rate cut cycle. The geopolitical uncertainties in the Middle East may enhance VLCC freight rate elasticity. The shipping market is expected to improve further in 2026, with recommendations to focus on companies like China Merchants Energy Shipping and COSCO Shipping Energy [16] - The shipping market is anticipated to recover, driven by environmental regulations limiting the operation of older fleets and the expected demand boost from the production of iron ore in Western Australia and the Federal Reserve's interest rate cuts. Companies like China Merchants Energy Shipping and Hainan Airlines are recommended for attention [16] - The aviation sector is expected to see Q3 performance as a potential signal for a long-term market upturn, with stable demand growth and a tightening supply situation. Companies such as China Eastern Airlines and Hainan Airlines are suggested for early positioning [16] Summary by Sections Express Delivery - The express delivery industry is experiencing a robust demand with a year-on-year growth of 5.0% in business volume, reaching 180.6 billion pieces in November 2025. However, the business revenue decreased by 3.7% to 137.65 billion yuan [25][30] - Companies like YTO Express and Shentong Express are showing significant growth in business volume, with YTO achieving a 13.55% increase and Shentong a 14.67% increase in November 2025 [30] Shipping and Vessels - The BDTI index for crude oil transportation increased by 15.61% to 1388 points, while the BCTI index for refined oil transportation rose by 11.00% to 795 points [47] - The overall shipping market is expected to improve, with the BDI index showing a decrease of 10.23% to 1591 points, indicating a potential recovery phase ahead [47] Aviation - In November 2025, civil aviation completed a passenger transport volume of approximately 60 million people, reflecting a year-on-year increase of 6.6%. The cargo and mail transport volume reached 930,000 tons, up by 10.8% [56] - The overall passenger load factor for major airlines was 85.57%, indicating a stable demand environment [62] Ports - From January 5 to January 11, 2026, China's port cargo throughput reached 26.275 million tons, a week-on-week increase of 3.06%, while container throughput increased by 5.50% to 685,000 TEU [80]

Core Insights - The aviation and airport sector experienced a significant increase of 3.36% on January 19, with China Eastern Airlines leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Stock Performance - China Eastern Airlines (600115) closed at 6.13, up 6.06%, with a trading volume of 1.6115 million shares and a transaction value of 979 million [1] - Southern Airlines (600029) closed at 7.75, up 4.31%, with a trading volume of 937,300 shares and a transaction value of 720 million [1] - Air China (601111) closed at 8.81, up 4.14%, with a trading volume of 1.3003 million shares and a transaction value of 1.141 billion [1] - Spring Airlines (601021) closed at 58.46, up 3.87%, with a trading volume of 75,900 shares and a transaction value of 441 million [1] - Other notable performances include Xiamen Airport (600897) at 17.27, up 2.37%, and Shanghai Airport (600009) at 31.72, up 1.05% [1] Capital Flow - The aviation and airport sector saw a net inflow of 27.1067 million in main funds, while retail funds experienced a net inflow of 54.5283 million [2] - The sector's overall capital flow indicates a mixed sentiment, with main funds showing a net outflow in some stocks while retail investors contributed positively [2][3] Individual Stock Capital Flow - Hainan Airlines (600221) had a main fund net outflow of 56.1893 million, while retail investors showed a net outflow of 28.2785 million [3] - Shanghai Airport (600009) recorded a main fund net inflow of 41.0025 million, but retail investors had a net outflow of 50.1886 million [3] - Southern Airlines (600029) saw a main fund net inflow of 23.9450 million, with retail investors also showing a net outflow of 13.4306 million [3] - Other stocks like Xiamen Airport (600897) and Shenzhen Airport (000089) also reflected varied capital flows, indicating differing investor sentiments across the sector [3]

Group 1: Express Delivery Industry - The express delivery business volume is expected to grow by 13.7% year-on-year by 2025, with some companies benefiting from price increases amid reduced competition [2] - During the week of January 5-11, the total collection volume of postal express reached approximately 4.107 billion pieces, a week-on-week increase of 7.1% and a year-on-year increase of 4.1% [2] - The total delivery volume for the same week was about 4.16 billion pieces, with a week-on-week increase of 6.0% and a year-on-year increase of 9.0% [2] - By 2025, the express delivery industry in China is projected to achieve a revenue of 1.5 trillion yuan and a business volume of 199 billion pieces, representing year-on-year growth of 6.5% and 13.7% respectively [2] - The report recommends investing in SF Holding (002352) due to valuation, operational resilience, and improved shareholder returns, while also being optimistic about Zhongtong Express [2] Group 2: Logistics Industry - The chemical product price index (CCPI) in China is at 4024 points, showing a year-on-year decrease of 7.7% but a month-on-month increase of 1.1% [3] - The domestic sea freight price for liquid chemicals is 169 yuan/ton, reflecting a year-on-year decrease of 8.98% [3] - Shanghai has launched a plan to promote high-level autonomous driving, aiming to enhance the competitiveness of smart connected technologies and expand the application of L3 autonomous vehicles [3] - The report recommends Hai Chen Co., Ltd. (300873) due to improved demand in the logistics sector [3] Group 3: Aviation Industry - The average daily number of flights in China has decreased by 5.66% year-on-year, with domestic flights down by 6.18% and international flights down by 2.58% [4] - The Brent crude oil futures price is at $64.13 per barrel, showing a month-on-month increase of 1.25% and a year-on-year decrease of 19.76% [4] - The report recommends investing in the aviation sector, specifically China National Aviation (601111) and China Southern Airlines (600029), due to expected profit elasticity from supply-demand optimization [4] Group 4: Shipping Industry - The China Container Freight Index (CCFI) is at 1209.85 points, reflecting a month-on-month increase of 1.3% but a year-on-year decrease of 22.5% [5] - The Shanghai Container Freight Index (SCFI) is at 1574.12 points, showing a month-on-month decrease of 4.4% and a year-on-year decrease of 31.3% [5] - The report indicates that the dry bulk freight index (BDI) is at 1586.4 points, with a year-on-year increase of 51.2% [5] - The report highlights that the highway freight traffic has decreased year-on-year by 2.02%, with a total of 55.089 million trucks passing through highways during the week of January 5-11 [5]

Investment Rating - The report recommends "Buy" for the logistics sector, specifically highlighting companies such as SF Express and ZTO Express due to their valuation and operational resilience [2][3]. Core Views - The express delivery industry is expected to see a business volume growth of 13.7% year-on-year in 2025, with major companies benefiting from price increases amid reduced competition [2]. - The logistics sector is experiencing a recovery in demand, supported by favorable policies for intelligent driving in Shanghai, which is expected to enhance operational efficiency [3]. - The aviation sector is projected to benefit from improved supply-demand dynamics, with airlines like China Southern Airlines and Air China recommended for investment due to their profit potential [4]. - The shipping industry shows signs of stabilization, with container shipping rates experiencing slight increases, although overall rates remain lower compared to previous years [5]. Summary by Sections Transportation Sector Overview - The transportation index fell by 1.2% during the week of January 10-16, 2026, underperforming the Shanghai Composite Index by 0.6% [12]. Express Delivery - In 2025, the express delivery business volume is projected to reach 1.5 trillion yuan, with a year-on-year growth of 6.5% in revenue [2]. - The total volume of postal express collected was approximately 4.107 billion pieces, with a week-on-week increase of 7.1% [2]. Logistics - The chemical product price index (CCPI) was reported at 4024 points, with a year-on-year decrease of 7.7% [3]. - The opening rates for key chemicals such as paraxylene and methanol showed slight increases, indicating a stable production environment [3]. Aviation - The average daily flights in China decreased by 5.66% year-on-year, with domestic flights down by 6.18% [4]. - The Brent crude oil price was reported at $64.13 per barrel, reflecting a year-on-year decrease of 19.76% [4]. Shipping - The China Containerized Freight Index (CCFI) was at 1209.85 points, showing a week-on-week increase of 1.3% but a year-on-year decrease of 22.5% [5]. - The Baltic Dry Index (BDI) was reported at 1586.4 points, with a year-on-year increase of 51.2% [5]. Road and Rail - National highway freight traffic saw a week-on-week increase of 17.3%, although year-on-year figures showed a decline of 2.02% [5]. - The total railway freight volume for November 2025 was 4.6 billion tons, reflecting a year-on-year increase of 1.16% [78].

Market Overview - The aviation and airport sector declined by 0.78% on January 16, with CITIC Hainan Airlines leading the drop [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Stock Performance - Notable stock performances included: - Huaxia Airlines (002928) increased by 2.06% to close at 10.90 with a trading volume of 221,100 shares and a turnover of 239 million yuan [1] - Hainan Airlines (600221) rose by 0.60% to 69.1 with a trading volume of 2.51 million shares and a turnover of 423 million yuan [1] - Xiamen Airport (600897) increased by 0.42% to 16.87 with a trading volume of 35,800 shares and a turnover of 60.46 million yuan [1] - China Eastern Airlines (600115) decreased by 0.86% to 5.78 with a trading volume of 1.33 million shares and a turnover of 770 million yuan [1] - China Southern Airlines (600029) fell by 1.46% to 7.43 with a trading volume of 795,100 shares and a turnover of 594 million yuan [2] Capital Flow - The aviation and airport sector experienced a net outflow of 477 million yuan from institutional investors, while retail investors saw a net inflow of 257 million yuan [2] - The capital flow for individual stocks showed: - Xiamen Airport had a net inflow of 121.82 million yuan from retail investors, despite a net outflow of 341.39 million yuan from institutional investors [3] - CITIC Hainan Airlines faced a significant net outflow of 75.42 million yuan from institutional investors, while retail investors contributed a net inflow of 57.25 million yuan [3] - China Eastern Airlines had a net outflow of 73.70 million yuan from institutional investors, with retail investors contributing a net inflow of 45.21 million yuan [3]

Core Viewpoint - The aviation and airport sector experienced a slight decline of 0.29% on January 15, with Xiamen Airport leading the drop. The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index rose by 0.41% to 14306.73 [1]. Group 1: Stock Performance - Xiamen Airport (600897) closed at 16.80, down 1.52% with a trading volume of 55,900 shares and a transaction value of 94.38 million [2]. - Huaxia Airlines (002928) saw a gain of 1.71%, closing at 10.68 with a trading volume of 184,300 shares and a transaction value of 197 million [1]. - China Eastern Airlines (600115) closed at 5.83, down 0.34% with a trading volume of 890,800 shares and a transaction value of 523 million [2]. Group 2: Capital Flow - The aviation and airport sector had a net inflow of 3.57 million from institutional investors, while retail investors saw a net outflow of 73.65 million [2]. - Spring Airlines (601021) had a net inflow of 27.87 million from institutional investors, representing 9.46% of its total trading [3]. - Xiamen Airport (600897) experienced a significant net outflow of 21.86 million from institutional investors, accounting for -23.17% of its total trading [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The capital market tightened slightly this week, with the weighted average interest rate of DR001 rising to around 1.39%. The central bank's open - market operations had a total of 13,236 billion yuan in reverse repurchase maturities this week. [4] - The three - market trading volume in Shanghai, Shenzhen, and Beijing reached 39,872 billion yuan, a significant increase of 2,881 billion yuan from the previous day, hitting a new record high. Industry sectors showed more gains than losses. [6] - On January 19, the Shanghai, Shenzhen, and Beijing stock exchanges will increase the margin ratio for margin trading to curb excessive speculation. In the short term, the stock index is expected to continue rising after shock adjustment. In 2026, multiple positive factors such as macro - policy support, inflation recovery, low - interest environment, technological progress, and capital - market reform are expected to support the A - share market. It is recommended that investors hold long positions for the long - term. [7] 3. Summary by Relevant Content 3.1 Money Market - **Interest Rate Changes**: DRO01 closed at 1.39% with a 0.07bp increase; DR007 at 1.57% with a 1.94bp increase; GC001 at 1.52% with a 5.00bp increase; GC007 at 1.58% with a 1.50bp increase; SHBOR 3M at 1.60% with no change; LPR 5 - year at 3.50% with no change; 1 - year treasury bond at 1.27% with a 0.77bp increase; 5 - year treasury bond at 1.63% with a - 0.75bp decrease; 10 - year treasury bond at 1.85% with a - 0.74bp decrease; 10 - year US treasury bond at 4.18% with a - 1.00bp decrease. [4] - **Central Bank Operations**: The central bank conducted 240.8 billion yuan of 7 - day reverse repurchase operations on the previous day, with the same bid, winning, and operation rate of 1.40%, achieving a net injection of 212.2 billion yuan. [4] 3.2 Stock Market - **Stock Index Performance**: The CSI 300 fell 0.4% to 4741.9; the SSE 50 fell 0.67% to 3112.1; the CSI 500 rose 1.04% to 8227.7; the CSI 1000 rose 0.66% to 8257.2. [6] - **Futures Contracts**: For futures contracts like IF, IH, IC, and IM, there were changes in both prices and trading volumes. For example, IF's trading volume increased by 20.6%, and its holding volume increased by 4.0%. [6] - **Industry Performance**: Internet services, software development, cultural media, communication equipment, mining, and precious metals sectors led the gains, while energy metals, insurance, banking, and airport sectors led the losses. [6] 3.3 Futures Market - **Futures Ascending/Descending Water Situation**: The ascending/descending water rates of IF, IH, IC, and IM contracts in different periods (current month, next month, current quarter, and next quarter) are presented, such as IF's current - month contract with an ascending water rate of 16.67%. [8]

Core Viewpoint - The aviation and airport sector experienced a decline of 1.94% on January 14, with China Eastern Airlines leading the drop, while the Shanghai Composite Index fell by 0.31% and the Shenzhen Component Index rose by 0.56% [1] Group 1: Market Performance - The closing price of China Eastern Airlines was 5.85, down by 2.99%, with a trading volume of 1.27 million shares and a transaction value of 748 million yuan [2] - The aviation and airport sector saw a net outflow of 439 million yuan from major funds, while retail investors contributed a net inflow of 242 million yuan [2][3] Group 2: Individual Stock Performance - CITIC Hainan Airlines had the highest increase, closing at 22.44 with a rise of 5.30% and a transaction value of 1.31 billion yuan [1] - Major stocks like China Eastern Airlines, China Southern Airlines, and Air China saw declines of 2.99%, 2.83%, and 2.95% respectively, indicating a negative trend in the sector [2][3] Group 3: Fund Flow Analysis - Major funds showed a significant net outflow from several stocks, including China Eastern Airlines with a net outflow of 98.73 million yuan, and China Southern Airlines with 82.17 million yuan [3] - Retail investors showed a contrasting trend, with net inflows into stocks like China Eastern Airlines and Xiamen Airport, indicating differing investor sentiment [3]

北京商报讯（记者 马换换 王蔓蕾）1月14日，A股三大股指开盘集体震荡走高，上证综指剑指4200点。 盘面上，MLOps概念、Kimi概念、拼多多概念等板块涨幅居前，仅银行、保险、航空机场、能源金属 四大板块飘绿。 截至当日午间收盘，上证综指、深证成指、创业板指分别收涨1.2%、1.98%、2.24%，分别报4188.24 点、14449.57点、3396.35点。 ...

Market Overview - The aviation and airport sector experienced a decline of 1.14% on January 13, with CITIC Heli leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Stock Performance - China Eastern Airlines (600115) closed at 6.03, up 0.50% with a trading volume of 989,300 shares and a turnover of 5.95 million [1] - Shanghai Airport (600009) closed at 32.53, down 0.03% with a trading volume of 206,800 shares and a turnover of 678 million [1] - Hainan Airlines (600221) closed at 1.72, down 1.15% with a trading volume of 5,161,100 shares and a turnover of 890 million [1] - Xiamen Airport (600897) closed at 17.18, down 1.66% with a trading volume of 95,300 shares and a turnover of 165 million [1] Capital Flow - The aviation and airport sector saw a net outflow of 215 million in main funds, while retail investors had a net inflow of 117 million [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types, with retail investors showing some confidence [2] Individual Stock Capital Flow - Shanghai Airport had a main fund net inflow of 52.92 million, but a retail net outflow of 89.22 million [3] - CITIC Heli experienced a significant main fund net outflow of 47.57 million, while retail investors had a net inflow of 45.51 million [3] - Hainan Airlines saw a main fund net outflow of 49.59 million, with retail investors showing a net inflow of 52.57 million [3]