格隆汇1月26日丨吉祥航空(603885.SH)公布，2026年1月26日，公司已完成回购，已实际回购公司股份 3647.49万股，占公司总股本（2,184,005,268股）的比例为1.67%，回购成交的最高价为13.46元/股，最 低价为11.93元/股，回购均价为12.70元/股，支付的资金总额为人民币4.63亿元（不含交易费用）。公司 回购股份金额已达到回购方案中回购资金总额下限、且未超过回购资金总额上限，由于回购执行期限届 满，故本次回购方案实施完毕。 ...

Global Market Overview - The MSCI ACWI Global Index closed at 1,037.55, with a weekly change of -0.1% and a yearly change of +19.0% [6] - The MSCI Emerging Markets Index increased by 1.1% over the week and has a yearly change of +38.8% [6] - The US market, represented by the S&P 500, saw a slight decline of -0.4% for the week but has a yearly increase of +13.0% [6] US Market Focus - The Federal Reserve is expected to pause interest rate cuts in the upcoming meeting, with a low probability of a 25 basis point cut [10][15] - Short-term volatility is not expected to alter the long-term upward trend of the stock market, with companies like NVIDIA and TSMC highlighted for their growth potential [10][23] - The technology sector is seen as a key area for investment, particularly in AI-related companies [25] Taiwan Market Focus - A trade agreement with the US is anticipated to support Taiwan's economy, with a reduction in tariffs from 20% to 15% on non-exempt items [33][37] - The semiconductor industry remains strong, with significant growth in exports driven by AI demand, particularly from companies like TSMC [37][41] - Despite high valuations, the AI sector is expected to continue driving growth, with specific companies like Creative Electronics and Jentech Precision highlighted for their strong market positions [45][33] Philippines Market Focus - The Philippine market is expected to see interest rate cuts of 25 basis points in February and June [51] - Negative factors affecting the market are believed to be largely priced in, with companies like Bloomberry and Cebu Pacific Airlines noted for their potential [51]

智通财经APP获悉，一场猛烈的冬季风暴于上周日席卷美国大西洋沿岸，带来强降雪和冻雨天气，这导 致美国电网不堪重负、天然气价格自2022年以来首次突破6美元关口，同时还引发了自疫情以来最大规 模的航班停飞潮。 美国多个城市的航空出行也几近瘫痪。根据FlightAware的数据，从上周六到周一，风暴已导致超过1.7 万个航班取消。 根据航空分析公司Cirium的数据，截至上周日上午10点，在降雪持续期间，纽瓦克自由国际机场、拉瓜 迪亚机场和肯尼迪国际机场超过80%的出港航班被取消，华盛顿里根机场的取消率更超过了90%。 | Airline | Scheduled | Cancelled | | Cancelled % | | | --- | --- | --- | --- | --- | --- | | American Airlines | 5,573 | | 3,100 | | 56% | | Delta Air Lines | 4,601 | | 1.996 | | 43 | | United Airlines | 4,240 | 1,599 | | 38 | | | JetBlue | 654 | 471 ...

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 ...

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 汪友若）近期A股整体呈现震荡上行格局，市场成交维持高位，赚钱效应明 显修复。与此同时，主要宽基指数涨跌互现，市场风格分化进一步加剧。代表大盘蓝筹的上证50和沪深 300指数表现较弱，而中证500和中证1000等中小盘指数则大幅领涨。逆周期调节政策落地后，春季行情 将如何演绎？市场结构性分化会否延续？请看本周机构研判。 中信证券：市场信心持续恢复中 消费链的增配时点就是当下 近期宽基ETF的赎回规模继续放大，在此背景下，不同行业和个股的承接力相差较大。从结构上来看， 主动型机构超配的板块和个股在宽基ETF赎回潮中反而超额收益更明显。往后看，市场信心处于持续恢 复过程中，只要估值处于相对低位、具备增长逻辑且非宽基权重股的行业，预计都将出现修复。其中消 费链的增配时点就是当下到3月前后，地产链亦可能在此阶段发生明显修复。 此外，在"资源+传统制造定价权重估"的基本思路下，围绕化工、有色、新能源、电力设备构建的基础 组合，仍然是优先配置方向。在此基础上，投资者可逢低增配非银（证券、保险），同时通过部分内需 品种（如免税、航空、建材等）或高景气品种（半导体设备、材 ...

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].

Core Viewpoint - The redemption scale of broad-based ETFs continues to expand without signs of slowing down, impacting various industries and individual stocks differently, with a notable effect on sectors and stocks that institutions are underweighting [1][2][3] Group 1: ETF Redemption Dynamics - The redemption of broad-based ETFs has led to a significant change in the ETF market structure, with cumulative net redemptions of 8,458 billion yuan since October 2024, while industry/theme ETFs have seen net subscriptions of 5,864 billion yuan [3] - As of January 23, 2026, the total scale of broad-based ETFs is approximately 20,574 billion yuan, with industry/theme ETFs at 15,115 billion yuan, representing 42% of the total [3] - The redemption behavior of broad-based ETFs is perceived more as a profit-taking strategy rather than a means to cool down the market, indicating strong market sentiment and active trading [4] Group 2: Sector Performance and Opportunities - During the recent redemption period, 86 stocks in the CSI 300 index outperformed the index by over 2%, primarily in the electronics, electric new energy, and chemical sectors, while 121 companies underperformed, mainly in non-bank financials and pharmaceuticals [5] - The consumer chain is expected to see increased allocation from now until the Two Sessions, with travel consumption leading the recovery, and the market is pricing in positive changes in consumer sentiment [7][8] - The real estate chain may also experience significant recovery, with signs of market stabilization in new home transactions and rental yields in major cities [9] Group 3: Investment Strategies - A strategy focusing on "resources + traditional manufacturing pricing power" is recommended, emphasizing sectors like chemicals, non-ferrous metals, new energy, and power equipment, which are expected to provide stable returns amid market fluctuations [10] - Investors are encouraged to increase allocations to non-bank financials and select domestic demand sectors, such as duty-free, aviation, and quality real estate developers, to capture potential policy changes and enhance returns [10]

Investment Rating - The report maintains a recommendation for the transportation industry [2] Core Views - The shipping sector is experiencing high oil tanker rates and improving bulk freight rates, while the express delivery industry is expected to see a growth rate of 13.6% year-on-year in 2025 [1][6][19] Shipping - Oil tanker rates remain high, influenced by geopolitical tensions, with the market sentiment showing signs of volatility [6][12] - The dry bulk shipping market is showing signs of improvement, with increased inquiries from Australian miners and rising grain prices from South America [14][15] - Key stocks to focus on include COSCO Shipping Energy, China Merchants Energy, Haitong Development, and Pacific Shipping [6][15] Infrastructure - Weekly data shows a slight increase in truck traffic, with 56.12 million vehicles recorded, a 1.87% increase week-on-week, but a 1.6% decrease year-on-year [16][17] - Port throughput reached 261.318 million tons, a 6.2% increase year-on-year, while container throughput increased by 7.5% [16][17] - Recommended stocks include Anhui Expressway, which is seen as a stable cash flow asset with low current valuations [17] Express Delivery - The express delivery industry saw a total volume of 199 billion items in 2025, a 13.6% increase year-on-year, with December showing a 2.3% increase [18][19] - The competitive landscape is expected to stabilize, with major companies like SF Express and ZTO Express showing potential for profit growth in 2026 [19] - Recommended stocks include SF Express, ZTO Express, and YTO Express [19] Aviation - The aviation sector is currently in a transitional phase due to the Spring Festival timing, with passenger numbers showing a 9.9% year-on-year decrease [20][21] - The industry is expected to benefit from improved supply-demand dynamics and lower fuel prices in 2026 [21] - Key metrics to monitor include passenger volume and ticket pricing trends during the Spring Festival [21] Logistics - The logistics sector is seeing fluctuations in air freight prices, with a recent decrease of 2% week-on-week but a 7.4% increase year-on-year [22]

据美国广播公司援引航班追踪网站FlightAware的数据称，24日全美已取消航班逾4000架次，25日取消航 班超过9000架次，相关数字仍在上升。 报道称，在人口密集的纽约市，拉瓜迪亚机场周末约85%的航班被取消。此外，位于得克萨斯州的达拉 斯-沃斯堡国际机场的航班取消情况也十分严重。 随着冬季风暴来袭，从得克萨斯州到新英格兰地区，至少18个州已宣布进入紧急状态。气象预报显示， 全美三分之二地区正在或即将遭遇低温、冻雨、冰雹和强降雪等极端天气。 中新社纽约1月24日电 美国媒体24日报道称，受大规模冬季风暴影响，美国周末有超过一万架次航班被 取消。 美国国家气象局24日表示，预计这场冬季风暴将自南向北影响广泛地区，并持续至26日，局部地区可能 出现灾害天气，包括创纪录的低温和严重冰冻状况。(完) 据美国有线电视新闻网报道，未来一周，近2亿美国人将遭受冬季风暴带来的天气影响。截至目前，得 克萨斯州、路易斯安那州、阿肯色州、俄克拉荷马州等地已出现不同程度停电，数万用户在严寒中无电 可用。多地电力公司表示，随着冻雨、冰雹和强降雪影响加重，停电情况可能进一步恶化。 ...