板块市场回顾 上周（2026/2/21-2026/2/27）交运指数上涨 3.3%，沪深 300 指数上涨 1.1%，跑赢大盘 2.2%，排名 14/29。交运子板 块中航运板块涨幅最大(+11.9%)，机场板块跌幅最大(-1.8%)。 行业观点 快递：部分快递公司受益反内卷涨价影响。上周（2 月 16 日-2 月 22 日）邮政快递累计揽收量约 8.06 亿件，同比- 77.8%,环比-64.7%；累计投递量约 6.3 亿件，同比-83.7%,环比-81.1%。在监管底线较明确、反内卷思路延续的背景 下，行业价格大幅下探概率不高，同时考虑去年同期基数偏低，当前价格同比改善仍有望对利润端形成支撑，看好龙 头企业份额持续提升，关注中通快递，极兔海外市场保持较高成长持续看好。 物流：化工品价格看涨，看好化工物流。本周中国化工产品价格指数(CCPI)为 4041 点，同比-8.1%，环比-持平。本 周对二甲苯（PX）开工率为 93.25%，环比持平，同比+1.9pct；甲醇开工率为 87.4%，环比+0.1pct，同比+11.9pct； 乙二醇开工率为 66.2%，环比+0.9%，同比+6.3pct。原油价格上涨化 ...

板块市场回顾 上周（2026/2/21-2026/2/27）交运指数上涨 3.3%，沪深 300 指数上涨 1.1%，跑赢大盘 2.2%，排名 14/29。交运子板 块中航运板块涨幅最大(+11.9%)，机场板块跌幅最大(-1.8%)。 行业观点 快递：部分快递公司受益反内卷涨价影响。上周（2 月 16 日-2 月 22 日）邮政快递累计揽收量约 8.06 亿件，同比- 77.8%,环比-64.7%；累计投递量约 6.3 亿件，同比-83.7%,环比-81.1%。在监管底线较明确、反内卷思路延续的背景 下，行业价格大幅下探概率不高，同时考虑去年同期基数偏低，当前价格同比改善仍有望对利润端形成支撑，看好龙 头企业份额持续提升，关注中通快递，极兔海外市场保持较高成长持续看好。 物流：化工品价格看涨，看好化工物流。本周中国化工产品价格指数(CCPI)为 4041 点，同比-8.1%，环比-持平。本 周对二甲苯（PX）开工率为 93.25%，环比持平，同比+1.9pct；甲醇开工率为 87.4%，环比+0.1pct，同比+11.9pct； 乙二醇开工率为 66.2%，环比+0.9%，同比+6.3pct。原油价格上涨化 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The military strike by the US against Iran and the closure of the Strait of Hormuz have profound impacts on the global oil transportation market, potentially leading to supply chain disruptions and increased oil transportation costs [3][15] - Tesla's Cybercab, designed for fully autonomous driving, has been launched, marking a significant step towards the original dedicated era of Robotaxi services [3][17] - A strategic partnership between Youjia Innovation, Didi, and Wall Street Technology aims to advance the large-scale deployment of driverless logistics vehicles, filling a market gap for vehicle-grade autonomous logistics [3][32] - The pre-sale ticket prices for economy class flights during the 2026 Spring Festival have shown a year-on-year increase, indicating stable industry performance as demand is released [3][34] - Uber has launched the Uber Air service supported by Joby, integrating ground and air travel booking, which validates the commercial viability of eVTOL [3][41] Industry Dynamics - The Baltic Air Freight Price Index has decreased month-on-month and year-on-year, while domestic air freight flights have seen a decline [4][44] - The shipping and port sector has experienced an increase in domestic shipping rates, while dry bulk freight rates have also risen [4][52] - The express logistics sector reported a 2.30% year-on-year increase in business volume and a 0.70% increase in revenue as of December 2025 [4] - The average number of international flights operated daily in the last week of February 2026 was 1992.86, reflecting a month-on-month increase of 3.73% and a year-on-year increase of 19.22% [4] - The number of trucks passing through national highways decreased by 40.04% from February 9 to February 15 [4] Investment Recommendations - Focus on opportunities in the shipping sector, particularly oil transportation, dry bulk, and container shipping due to geopolitical tensions, with recommendations for China Merchants Energy Shipping and COSCO Shipping [5] - Consider investments in low-altitude economy and autonomous driving sectors, recommending CITIC Offshore Helicopter and monitoring Cao Cao Mobility [5] - Explore investment opportunities in the travel sector driven by increased demand during the Spring Festival, recommending Air China, China Southern Airlines, and China Eastern Airlines [5] - Look into international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Pay attention to investment opportunities in the highway sector, recommending Sichuan Chengyu Expressway and other major expressway companies [5]

策略研究 | 证券研究报告 — 总量点评 2026 年 3 月 1 日 3 月金股组合 中银证券研究部 2026 年 3 月金股 3 月金股组合 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐沛东 (8621)20328702 peidong.xu@bocichina.com 证券投资咨询业务证书编号：S1300518020001 策略观点：A 股短期波动中期聚焦国内主线，资源品行情正当时。美以 军事打击伊朗对于全球市场及资产价格的影响取决于行动的目标及持续 性。金价上行有望得到进一步支撑。无论是当下的中东局势还是特朗普 关税政策的反复都为短期市场增加了较高的不确定性因素。而这种不确 定性下的避险情绪将为短期贵金属价格形成有力支撑。目前来看，对于 A 股的影响更多集中在风险偏好层面，中期来看，A 股市场将会回归国内 基本面及政策预期。国内两会即将开幕，A 股短期冲击幅度或小于海外， 节后复工情况、两会前后宏观政策的释放是国内投资者关 ...

证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 交通运输 持续重点关注油运和 VLCC 造船两类资产 周观点：VLCC 运价持续超预期上行，重点关注油运和 VLCC 造船板块。VLCC 市场，非合规市场受限、合规市场供需关系改善的逻辑持续落地验证；Sinokor 大举收购 VLCC 资产，行业集中度提升，景气周期下的运价弹性提升。重点 关注招商轮船、中远海能、ST 松发、中远海运国际和海通发展等。 行情回顾：本周（2026.2.24-2026.2.27）交通运输板块行业指数上涨 3.64%，跑赢上证指数 1.66 个百分点（上证指数上涨 1.98%）。从申万交 通运输行业三级分类看，涨幅前三名的板块分别为航运、仓储物流、港口， 涨幅分别为 11.81%、5.37%、5.08%；仅航空运输下跌，跌幅为 1.41%。 航运港口：VLCC 运价持续超预期上行，重点关注油运和 VLCC 造船板块。 VLCC 市场，非合规市场受限、合规市场供需关系改善的逻辑持续落地验证； Sinokor 大举收购 VLCC 资产，行业集中度提升，景气周期下的运价弹性提 升。展望后市，（1）若制裁 ...

2026 年 03 月 01 日 相关研究 券研究报 证券分析师 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 王晨签 A0230525030001 wangcj@swsresearch.com 王易 A0230525050001 wangyi@swsresearch.com 张慧 A0230524100001 zhanghui@swsresearch.com 王凯婕 A0230525110001 wangkj@swsresearch.com 郑逸欢 A0230526010001 zhengyh@swsresearch.com 联系人 范晨轩 A0230525070003 fancx@swsresearch.com 申万宏源研究微信服务号 伊朗高势油运行情空中加油， 告船联动关注 ST 松发、招商锌 申万宏源交运一周天地汇(2026 ...

行 业 及 产 业 交通运输 行 业 研 究 / 行 业 点 评 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 郑逸欢 A0230526010001 zhengyh@swsresearch.com 相关研究 证 券 研 究 报 告 证券分析师 联系人 范晨轩 A0230525070003 fancx@swsresearch.com 2026 年 03 月 01 日 伊朗局势油运行情空中加油，集运 造船联 ...

1. Report Industry Investment Rating There is no information provided in the text about the report industry investment rating. 2. Core Viewpoints of the Report - In the fourth week of February, the post - Spring Festival resumption of work was not weak. The construction site resumption rate and labor attendance rate were higher than those in the same lunar period of 2025, likely due to the approaching end - of - quarter month after the Spring Festival [5][30]. - In terms of inflation, food prices declined after the Spring Festival. The 200 - index of agricultural product wholesale prices and the wholesale price index of vegetable basket products decreased by 1.72% and 1.96% respectively [5][10]. - Regarding exports, the freight volume weakened significantly during the holiday week, but the year - on - year figures for January - February were high, and export readings were expected to be good [5][11]. - For investment, the downstream construction site resumption rate was 1 - 2 percentage points higher than the same lunar period. It was expected that the resumption of work would accelerate further by early March, while the demand for investment products such as cement and rebar had not significantly recovered, mainly characterized by accelerated inventory accumulation [5][30]. - In the real estate sector, the post - holiday transactions of new and second - hand houses accelerated. Attention should be paid to the boosting effect of Shanghai's "Seven Measures" on the "Little Spring" market in March [5][30]. - For the bond market, the short - term repair slope of investment resumption and transaction rhythm needed to be closely monitored. The resumption of work was expected to accelerate further by early March, and the "Seven Measures" might lead to a concentrated release of second - hand housing transaction demand. The policy expectations of the Two Sessions were likely to be favorable to the bond market [5][31]. 3. Summary according to the Directory (1) Inflation - related: Food prices fell after the Spring Festival - The average wholesale price of pork in the country decreased by 1.39% compared with the week before the holiday, and the price of vegetables decreased by 2.9% compared with before the holiday. The 200 - index of agricultural product wholesale prices and the wholesale price index of vegetable basket products decreased by 1.72% and 1.96% respectively [10]. (2) Import and export - related: Export volume in February decreased slightly month - on - month but remained high year - on - year - The CCFI index decreased by 4.0% month - on - month, while the SCFI index increased by 6.5%. During the Spring Festival holiday week from February 16th to 20th, the port container throughput and cargo throughput decreased by 13.6% and 21.8% respectively month - on - month, and 5.5% and 23.6% respectively year - on - year. The monthly average in February increased by 19.3% and 15.1% respectively year - on - year [11]. - The BDI index increased by 2.9% month - on - month, and the CDFI index increased by about 7.5% compared with before the holiday [11]. (3) Industry - related: Industrial production resumed work slightly slowly - The price of thermal coal at Qinhuangdao Port increased by 1.9% week - on - week. Industrial demand recovered, downstream replenishment willingness increased, and supply was tight, pushing up coal prices [16]. - The spot price of rebar remained stable, and the social inventory of rebar increased by 14.7% week - on - week, with the social inventory of major steel products increasing by 26.3% [16]. - The asphalt plant operating rate decreased by 0.3 percentage points to 21.4% compared with the week before the holiday, and the resumption of work was slow after the holiday [2][16]. - The average price of copper in the Yangtze River Non - ferrous Metals market increased by 0.6% week - on - week. The glass futures price decreased compared with before the holiday, and inventory accumulation pressure still existed [18]. (4) Investment - related: Second - hand housing transactions increased after the Spring Festival - The cement price index decreased by 0.4% compared with before the holiday. As of February 25th, the national construction site resumption rate was 8.9%, 1.5 percentage points higher than the same lunar period, and the labor attendance rate was 15.5%, 3.7 percentage points higher than the same lunar period [20]. - The transaction area of new houses in 30 cities increased by 25.8% week - on - week. As of February 27th, the 7 - day rolling sum of new house transaction area in 30 cities was 769,600 square meters, a year - on - year increase of 48.1% [23]. - The transaction area of second - hand houses in 17 cities increased by 107.4% week - on - week. As of February 27th, the 7 - day rolling sum of second - hand housing transactions was 61,300 square meters, a year - on - year increase of 31.5% [23]. (5) Consumption: Post - holiday travel enthusiasm continued to rise, and international oil prices rose slightly - Affected by the resumption of work, the subway passenger volume in 29 cities increased by 24.8% week - on - week. As of February 27th, the travel volume increased by 28.9% year - on - year according to the Baidu Migration Index [4][25]. - As of February 27th, Brent crude oil and WTI crude oil prices increased by 1.0% and 0.8% respectively compared with last Friday, and the upward trend continued [4][29].

解放日报讯 按照市委统一部署，市委副书记朱忠明昨天走访服务重点企业，与企业负责人座谈交 流，面对面了解发展需求，认真听取意见建议，现场回应企业关切。 在中国远洋海运集团有限公司，市领导一行了解企业建设全球数字化供应链、发展绿色低碳航运等 情况，对企业长期以来为上海经济社会发展作出的贡献表示感谢。朱忠明说，上海深入贯彻党的二十届 四中全会和习近平总书记考察上海重要讲话精神，把优化营商环境摆在推动高质量发展的突出位置。希 望企业深耕主责主业，深化创新转型，积极服务企业走出去，携手推进国家战略落实落地。 在罗氏诊断产品（上海）有限公司，市领导一行了解企业在华发展、核心产品等情况，询问企业对 业务创新有何规划、对上海优化营商环境有什么建议。朱忠明表示，上海全力打造世界级生物医药产业 集群，希望企业坚定信心、创新突破，充分用好上海多重优势，把更多新技术、新产品放在上海。相关 部门和区要进一步主动服务企业，对接企业业务布局拓展，推动更多高附加值产品在沪研发生产。 ...

按照上海市委统一部署，市委副书记朱忠明2月27日走访服务重点企业，与企业负责人座谈交流，面对 面了解发展需求，认真听取意见建议，现场回应企业关切。 在罗氏诊断产品（上海）有限公司，市领导一行了解企业在华发展、核心产品等情况，询问企业对业务 创新有何规划、对上海优化营商环境有什么建议。朱忠明表示，上海全力打造世界级生物医药产业集 群，希望企业坚定信心、创新突破，充分用好上海多重优势，把更多新技术、新产品放在上海。相关部 门和区要进一步主动服务企业，对接企业业务布局拓展，推动更多高附加值产品在沪研发生产。 澎湃讯 在中国远洋海运集团有限公司，市领导一行了解企业建设全球数字化供应链、发展绿色低碳航运等情 况，对企业长期以来为上海经济社会发展作出的贡献表示感谢。朱忠明说，上海深入贯彻党的二十届四 中全会和习近平总书记考察上海重要讲话精神，把优化营商环境摆在推动高质量发展的突出位置。希望 企业深耕主责主业，深化创新转型，积极服务企业走出去，携手推进国家战略落实落地。 ...