Core Viewpoint - The opening of the "Hengyang South - Nansha Port" point-to-point freight train marks a significant step in enhancing the quality development of the Hunan-Guangdong non-railway sea-transportation corridor [1] Group 1 - A freight train carrying 108 standard containers of soda ash and refrigerators departed from Hunan Hengyang South Station [1] - Upon arrival at Guangzhou Nansha Port South Station, the goods will be transferred to sea vessels for their final destination [1] - This initiative is part of the Hunan railway department's efforts to promote high-quality development in logistics and transportation [1]

美国政府滥施关税的影响正在持续恶化。据美国消费者新闻与商业频道（CNBC）6日报道，由于美国政府执意挑起"关税战"， 许多企业取消了制造订单，美国的进口量出现暴跌，如今美国各地港口的出口也出现下滑。 报道称，维齐恩全球海运订单追踪系统（Vizion）分析了关税生效前后的集装箱订舱数据，他们发现，美国全国大多数港口的出 口量都出现明显下降。 维齐恩首席执行官凯尔·亨德森表示："这意味着，原计划在未来六到八周内到达的货物根本无法送达。此外，由于关税推高了成 本，小型企业正在暂停订单，曾经有可靠运输渠道的商品现在价格翻了一倍，迫使进口商作出艰难的抉择。"这种成本增加和订 单减少的双重压力，进一步加剧了出口下滑的趋势。 涨价、失业关税对美国经济带来连锁冲击 美国银行全球研究部门的报告指出，尽管美国企业在今年年初提前"囤货"，商品库存却没有大幅度增加，许多零售商可能只有 一到两个月的库存，任何不可预见的需求或供应中断都可能影响零售商在美国的商品供应和商品价格。 美国南加州海事交易所执行董事基普林·洛蒂特警告说，到美货船数量和集装箱量减少，将导致供应链中的劳动力、卡车、火车 等方面出现运力过剩，"由于货物抵达量的减少，他 ...

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [8]. Core Insights - The report highlights a significant increase in passenger load factors during the "May Day" holiday, with domestic passenger load factors rising by 4.9 percentage points year-on-year and international load factors increasing by 5.2 percentage points [3][21]. - Despite the increase in load factors, ticket prices remain under pressure, with domestic oil-inclusive ticket prices down by 10.0% year-on-year and average oil-inclusive ticket prices during the holiday period down by 8.5% [3][21]. - The report anticipates a positive outlook for the aviation sector, recommending A-share private airlines and the three major Hong Kong airlines due to tightening supply and clear signs of demand recovery [3]. - In the shipping sector, oil tanker rates have decreased by 8.6% to $47,000 per day, while bulk shipping rates continue to rise, with the BDI index increasing by 3.5% to 1,421 [4][52]. - The logistics sector shows a sustained increase in express delivery volumes, with a year-on-year increase of 19.9% in the week of April 21-27, totaling 4.08 billion parcels [5][55]. Summary by Sections Passenger Transport - Domestic passenger volume growth accelerated, with a 13% year-on-year increase in the seven-day moving average [3][15]. - International passenger volume also saw a high increase of 24% year-on-year in the same period [3][15]. - The report recommends focusing on A-share private airlines and the three major Hong Kong airlines due to favorable conditions in the aviation market [3]. Shipping - Oil tanker rates have seen a decline, with the average VLCC-TCE down by 8.6% to $47,000 per day due to reduced cargo volumes from the Middle East and other regions [4][45]. - The SCFI index for foreign trade shipping decreased by 0.5% to 1,341 points, while domestic shipping rates showed stability with a slight increase [4][50]. - The report recommends focusing on the oil tanker sector due to expected demand increases from OPEC+ production hikes [4][53]. Logistics - The express delivery sector continues to grow rapidly, with a total of 4.08 billion parcels delivered in the week of April 21-27, marking a 19.9% year-on-year increase [5][55]. - The report notes improvements in bulk commodity transportation prices, with a 5.4% increase week-on-week [5][55]. - Recommendations include focusing on companies like SF Express and other major players in the express delivery market due to their strong performance and shareholder returns [5].

2025 年 4 月 29 日 二 〇 二 五 年 度 期货研究 国 泰 君 安 期 货 研 究 所 集运碳成本更新：英国碳市场扩围影响与指标 编制方案修订——绿色金融联合研究（二） 唐惠珽 投资咨询从业资格号：Z0021216 tanghuiting@gtht.com 郑玉洁 投资咨询从业资格号：Z0021502 zhengyujie@gtht.com 报告导读： 2025 年 3 月 25 日，英国交通部发布了《海事脱碳战略》，该战略为英国国内海运排放设定了新目标， 与国际海事组织的最高雄心水平保持一致。为实现上述目标，2026 年起，英国碳市场将扩展至海上运输业。 然而，不同于欧盟碳市场，英国碳市场计划仅对国内海运业排放进行定价。 英国碳市场拓展至国内海运业的技术细节尚未公布，在缺乏技术细节的情况下，仍有一些问题值得探 讨，例如英国海港是否会被欧盟确定为"邻近集装箱转运港"，这将极大地影响承运人的显性碳成本。尽 管英国海港存在被纳入欧盟"邻近集装箱转运港"清单的可能性，但是欧盟委员会最新监测报告表明，欧 盟短期内可能不会这么做。 既然欧盟短期可能不会将英国海港纳入清单，那么"集运（欧线）碳排放交易成本" ...

Group 1 - The core viewpoint of the news is the launch of the first container multimodal transport "one document system" bill in Guangxi, which enhances the efficiency of logistics and reduces costs for companies by integrating rail and maritime transport [1][2] - The container multimodal transport "one document system" allows for unified cargo bills, optimized transport organization, and shared data information, which helps to compress overall transport time [1] - The railway transport enterprises act as the multimodal transport operators, coordinating the entire transport chain and providing a "door-to-door" service, which simplifies the logistics process for companies [1][2] Group 2 - Guangxi Huachang Calcium Carbonate Technology Co., Ltd. plans to transport approximately 500,000 tons of high-calcium stone to Tangshan, Hebei, using the "one document system" this year, benefiting from reduced logistics costs and simplified procedures [2] - The "one document system" has evolved from offline contract signing to an online process, improving transport efficiency and service quality, as demonstrated by the successful trial run of the "Nandan—Qinzhou Port East—Shanghai Port" zinc ingot special train [2] - The implementation of the "one document system" is expected to further promote the deep integration of rail and maritime transport, enhancing overall transport efficiency and reducing social logistics costs [2]

Group 1 - The China Pavilion at the Osaka Expo has received nearly 90,000 visitors, averaging over 5,700 daily, with peaks of up to 8,000 on weekends, making it one of the most popular pavilions at the event [2][6] - The pavilion showcases the theme of "building a community of life between humans and nature," integrating traditional Chinese cultural symbols and ecological wisdom, reflecting China's commitment to green development [5][6] - Future activities at the pavilion include performances from 31 provinces and cities, as well as themed days highlighting China's advancements in green technology and digital intelligence [6] Group 2 - A recent survey indicates that nearly 50% of foreign trade enterprises plan to reduce their business with the U.S., while 75.3% intend to explore emerging markets to compensate for the decline in exports to the U.S. [8] - The U.S. has been identified as a major disruptor in global trade, with the highest number of unilateral trade measures affecting various countries, including China [7][8] - The China Council for the Promotion of International Trade (CCPIT) is actively working to support enterprises in navigating external challenges and enhancing their market resilience [9]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [10] Core Insights - Domestic passenger traffic is accelerating, with a year-on-year increase of 10% in the seven-day moving average, primarily due to a low base from last year caused by severe weather [4][15] - International passenger traffic continues to grow significantly, with a year-on-year increase of 23% in the seven-day moving average [4][15] - The average load factor for domestic flights increased by 1.9 percentage points year-on-year, while international flights saw an increase of 1.2 percentage points [4][19] - Domestic ticket prices are under pressure but the decline has narrowed to 6.0% year-on-year, attributed to early travel demand ahead of the May Day holiday [4][19] - The report recommends A-share private airlines and the three major Hong Kong airlines due to strong recovery signals in demand and tightening supply [4] Summary by Sections Passenger Transport - Domestic passenger volume growth is accelerating, with a 10% year-on-year increase in the seven-day moving average as of April 25 [4][15] - International passenger volume continues to show high growth, with a 23% year-on-year increase in the same period [4][15] - Load factors for domestic flights increased by 1.9 percentage points year-on-year, while international flights saw a 1.2 percentage point increase [4][19] - Ticket prices for domestic flights are under pressure but the decline has narrowed to 6.0% year-on-year, influenced by early travel demand [4][19] Maritime Transport - The average VLCC-TCE rate increased by 15.1% to $51,000 per day, driven by tight available capacity in the Middle East [5][40] - The SCFI index for foreign trade container shipping fell by 1.7% to 1,348 points, with significant declines in the US-China shipping routes due to tariffs [5][40] - The PDCI index for domestic container shipping rose by 0.7% to 1,198 points, indicating stable market cargo volumes [5][40] Logistics - The volume of postal express deliveries reached 3.95 billion items, a year-on-year increase of 20.5% [6][50] - The national average price for bulk commodity road transport was 0.299 yuan per ton, a 2.4% increase week-on-week but a 1.6% decrease year-on-year [6][50] - The average daily traffic for coal transport in Ganqimaodu was 1,034 vehicles, with port inventory decreasing by 14.7 million tons [6][50]

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0183 | 0.0926 | -80.24 | 0.0943 | | 每股净资产（元） | 3.28 | 3.29 | -0.3 | 3.23 | | 每股公积金(元) | 0.98 | 0.98 | 0 | 0.98 | | 每股未分配利润(元) | 1.03 | 1.05 | -1.9 | 0.99 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 24.32 | 22.67 | 7.28 | 20.73 | | 净利润(亿元) | 0.22 | 1.12 | -80.36 | 1.14 | | 净资产收益率(%) | 0.56 | 2.84 | -80.28 | 2.94 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 63663.31万股，累计占流通股比： 52.75%，较上期变 ...

不少声音质疑美国是否具备这样的制造能力。联合国贸易和发展会议的数据显示，在造船方面， 美国的份额不到1%。占世界造船能力一半的中国自不必说，与韩国和日本的差距也很巨大。目 前，在全球约850艘汽车运输船中，有一半左右是在日本建造的。 的本田车辆 停留在横滨大黑码头 金额通过可以装载的最大数量乘以150美元来计算。如果是大型船舶，容量通常在6000～7000辆 左右。如果是7000辆，收费将超过100万美元。最终有可能由汽车制造商承担，实际上将相当于 对日本汽车等产品征收新的关税…… 特朗普政府计划从10月开始对在国外建造的汽车运输船征收入港费。这是为了保护本国造船和海 运业，理由是"对经济安全保障来说不可或缺"。实际上是与关税相同的措施，形成新的贸易壁 垒。美国的内向型政策拖累世界经济的趋势加速。 入港费的依据是美国《贸易法》301条，该条款规定了对不公平贸易惯例的制裁措施等。美国贸 易代表办公室(USTR)最近公布了详细措施。明确表示除了对中国制造的船舶征收追加费用的此 前方案外，还将广泛向国外的汽车运输船征收手续费。 金额通过可以装载的最大数量乘以150美元来计算。如果是大型船舶，容量通常在6000～70 ...

市盈率的第三种情况是寡头垄断型 、 低增长 、 成熟工业制造业的市盈率 ， 这种市盈率都是比较 低的 ， 因为它未来利润增长缓慢 ， 已经到了成熟期 ， 所以可以把它当做一种债券或者分红股来 投资 。 最典型的就是格力电器 ， 格力电器早年的时候 ， 它的行业市占率很低 ， 比如说格力电 器从 2000 年到 2005 年 ， 它的市值一直不涨 ， 一直是 50 亿的市值 ， 当时格力电器有将近 200 亿的营收 ， 它的净利率很低 ， 只有 2% 、 3% ， 那 200 亿的营收呢 ， 只有 5 个亿的利润 ， 5 亿利润 ， 50 亿市值是当年估值最低点 。 格力电器从 2005 年开始之后 ， 一系列的改革措 施 ， 降本增效 ， 提高净利率 ， 盈利能力 、 毛利率都极大增加 ， 导致格力电器的利润从 4 个 亿涨到今天的 400 多亿 ， 涨了 100 倍 ， 市值也涨了 100 倍 ， 由 50 亿涨到 4000 多亿 。 格 力电器最好的投资机会应该是 2005 年前后 ， 当时行业市占率比较低的时候 ， 投资到现在 ， 格 力电器的空调占到中国的一半左右 ， 已经进入了寡头垄断的一个格局 ， ...