Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [13] Core Insights - The transportation industry is expected to see improvements in profitability across various sub-sectors in Q3 2025, driven by domestic demand recovery and resilient international demand [2][6][7][8][9][10][11][12] Summary by Sub-Sector Aviation - The aviation sector is experiencing subdued demand but is benefiting from reduced costs, leading to an overall improvement in profitability for Q3 2025. The international flight recovery remains strong, and oil prices have significantly decreased [6][19][24] Airports - Domestic airport traffic is recovering, with international flights also increasing. Revenue is expected to improve steadily, with key airports benefiting from both domestic and international demand growth [2][6][24][26] Express Delivery - The "anti-involution" policy is driving price increases in the express delivery sector, leading to improved profitability for e-commerce deliveries. However, operational costs are temporarily pressuring profit margins [2][6][28][30] Logistics - The logistics sector is stabilizing, with major players expected to see profit growth due to improved supply chain performance and resilient cross-border logistics profitability [2][6][7][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different shipping types. While container shipping faces challenges, oil tanker profits are improving due to favorable market conditions [2][6][8][33][37] Ports - Port operations are expected to see improved profitability in bulk cargo handling, while container throughput remains resilient despite external pressures [2][6][9][39] Highways - Highway traffic is relatively stable, with a slight increase in profitability anticipated for Q3 2025, supported by steady freight and passenger traffic [2][10][41] Railways - Railway passenger and freight volumes are showing mixed trends, with a focus on opportunities arising from high-speed rail transformations. Overall, passenger transport is expected to grow, while freight transport is improving [2][11][43][44]

丨证券研究报告丨 行业研究丨专题报告丨运输 [Table_Title] 快递单价涨幅超预期，油运运价延续上行 ——交运周专题 2025W38 报告要点 [Table_Summary] 出行链：客座率持续改善，裸票价格同比转正 海运：油运延续上行，集运挺价落空 物流：单价数据超预期，看好"反内卷"盈利弹性 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 [Table_Title 快递单价涨幅超预期，油运运价延续上行 2] ——交运周专题 2025W38 [Table_Summary2] 出行链：客座率持续改善，裸票价格同比转正 9 月 19 日，航空运量数据增速有所改善，国内客运量七日移动平均同比增加 11%，国际客运 量七日移动平均同比增加 15%； ...

格隆汇9月17日丨中远海发(02866.HK)公告，中远海运发展股份有限公司(以下简称"公司")已于2025年8 月30日发布公司2025年半年度报告，为便于广大投资者更全面深入地了解公司2025年半年度经营成果、 财务状况，公司计划于2025年9月25日(星期四)13:30-14:45举行2025年半年度业绩说明会，就投资者关 心的问题进行交流。 ...

对于有货物发往美国的卖家或个人而言，美国海运专线的时效稳定性以及不同港口间的时效差异，一直 是备受关注的焦点。今天，咱们就来深入聊聊这两个问题。 一、海运专线时效 先说说美国海运专线的时效稳定性。总体来看，经验丰富、实力强劲的海运专线公司，通常能提供较为 稳定可靠的时效保障。这些公司往往拥有完善的物流网络和运输系统，能有效应对运输途中的各类风险 与挑战。比如，它们会与多家船公司建立长期合作，确保舱位充足，避免因舱位紧张导致货物延误。同 时，先进的追踪系统让客户能实时掌握货物运输状态，一旦出现问题可及时处理。 不过，海运时效也受到诸多不可控因素的影响。天气状况就是一大变量，遇到恶劣天气，如台风、大雾 等，船舶可能需要避风或减速航行，这无疑会延长运输时间。港口拥堵也不容忽视，当大量船舶集中到 港，港口处理能力有限时，货物就会在港口滞留，导致时效延迟。此外，海关清关速度也会对时效产生 影响，若货物申报信息不准确或不完整，可能会被海关扣留查验，进而耽误时间。 三、如何保障海运时效 为了确保海运时效的稳定性和可靠性，在选择海运方式和海运公司时，要综合考虑多方面因素。优先选 择那些口碑好、实力强、拥有完善物流网络和应急处 ...

Core Viewpoint - Ningbo Marine announced the resignation of director Fu Weiqin due to job changes, effective September 16, 2025 [2] Company Summary - The board of directors received Fu Weiqin's written resignation report on September 16, 2025 [2]

Group 1: Market Overview - The Shanghai Composite Index has stabilized above 3400 points, with increasing trading volume and a stock rise-fall ratio of 2.57:1, indicating a seemingly strong market [1] - However, less than 50% of stocks have risen more than 6%, suggesting underlying weaknesses in the market [1] Group 2: Illusions in the Bull Market - The approval of the national standard for pre-prepared food safety reflects a "waiting for rise" illusion, indicating potential transformation pressures for related restaurant businesses [3] - A significant drop in shipping prices, with the Ningbo Export Container Freight Index decreasing by 11.7%, highlights the "hot and cold" illusion in the market [3] - The denial by Goldman Sachs regarding the upgrade of Shenghong Technology's target price illustrates the "rise and fall" illusion, where misleading information is prevalent [3] - Despite low loan interest rates (approximately 3.1% for new loans in August), a wave of shareholder reduction plans from over 30 companies indicates a "high and low" illusion in market liquidity [3] Group 3: Quantitative Perspective - Anxiety in investment decisions stems from the tendency to speculate on market fluctuations rather than focusing on fundamental data [4] - The analysis of two stocks shows that while one stock has occasional rebounds, its "institutional inventory" has disappeared, whereas the other stock, despite a sharp decline, maintains active "institutional inventory" [6] Group 4: Global Investment Insights - Recent global events, such as the U.S. anti-dumping investigation on simulated chips and significant layoffs at Musk's AI company, emphasize the need for a broader investment perspective in a globalized economy [12] - The new regulations on pre-prepared food not only signify the beginning of industry standardization but also indicate a trend towards consumer upgrades [12] - Investors are encouraged to focus on core data that truly impacts the market, rather than being swayed by overwhelming information, to avoid traps in a bull market and seize opportunities during fluctuations [12]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [11]. Core Insights - VLCC freight rates have reached a new high since March 2023, driven by limited supply and OPEC's production increase, indicating a tight oil tanker supply-demand situation [6][20]. - The express delivery sector is experiencing a nationwide price increase trend, with a significant recovery in profitability expected in Q4 2025 [7][39]. Summary by Sections Oil Tankers - VLCC freight rates have surged, with a notable increase of 39.3% to 78k USD/day, reflecting a tight supply situation due to limited new ship deliveries and stringent sanctions [9][20]. - The correlation between VLCC freight rates and annual profits of Zhongyuan Shipping indicates potential for price recovery in the sector [6][36]. - OPEC's production policy shift has led to increased exports, further supporting oil transportation demand [28][32]. Express Delivery - The regulatory stance against "involution" in the express delivery sector has strengthened, leading to a nationwide price increase that began as regional trials [51][52]. - The average price across the country has risen by 0.23 RMB since July, with potential net profit increases for major companies like Zhongtong and Yunda expected in Q4 2025 [7][53]. - The report highlights a significant recovery in profitability for major express delivery companies, with projected net profit increases of 7.8 billion RMB for Zhongtong and 5.3 billion RMB for Yunda by Q4 2025 [7][56]. Passenger Transport - Domestic passenger transport volume has shown improvement, with a 8% year-on-year increase in domestic passenger volume and a 14% increase in international passenger volume [61]. - The average domestic passenger load factor has improved by 3.2 percentage points, while international load factors have increased by 4.0 percentage points [67]. - Despite a slight decline in ticket prices, the overall market is expected to see marginal improvements in revenue as demand continues to recover [67][75].

公示期：2025年9月12日至2025年9月21日 联系邮箱：jyzjz@samr.gov.cn 转自：市场监管总局网站 ...

截至发稿，张圣贤累计任职时间10年103天，现任基金资产总规模196.42亿元，任职期间最佳基金回报 103.4%， 任职期间最差基金回报-89.6%。 数据显示，富国基金旗下1只基金重仓招商轮船。富国中证现代物流ETF（516910）二季度增持1.56万 股，持有股数31.48万股，占基金净值比例为3.78%，位居第六大重仓股。根据测算，今日浮盈赚取约 16.05万元。 富国中证现代物流ETF（516910）成立日期2021年6月3日，最新规模5217.81万。今年以来收益9.62%， 同类排名3698/4222；近一年收益30.87%，同类排名3291/3800；成立以来收益14.2%。 富国中证现代物流ETF（516910）基金经理为张圣贤。 9月12日，招商轮船涨6.3%，截至发稿，报8.60元/股，成交4.81亿元，换手率0.70%，总市值694.41亿 元。 资料显示，招商局能源运输股份有限公司位于上海市中山东一路9号轮船招商总局大楼;香港干诺道中 168-200号信德中心招商局大厦32楼;广东省深圳市南山区招商街道五湾社区邮轮大道5号太子湾海纳仓 (招商积余大厦)，成立日期2004年12月31日 ...

Market Performance - US stock indices reached new highs, with the Chinese concept index rising by 2.89% [1] - Hong Kong's three major indices opened significantly higher, with the Hang Seng Index up 1.74%, the National Index up 1.73%, and the Hang Seng Tech Index up 1.97%, all hitting new phase highs [1] Sector Performance - Large technology stocks showed strong performance, reportedly starting to use self-developed chips for AI model training, with Alibaba and Baidu opening up by 5.86% and 3.76% respectively, and JD.com rising by 3.47% [1] - Other tech stocks like Tencent and Kuaishou increased by over 2%, while Xiaomi and Meituan also saw gains [1] - Biopharmaceutical stocks rebounded, with Zai Lab rising by 5.6% and BeiGene increasing by over 5% [1] - Evergrande Property resumed trading and surged by 38%, leading the property management sector's rise [1] - Shipping, domestic real estate, gaming, internet healthcare, gold, and automotive stocks all experienced gains [1] Decliners - Some Apple concept stocks, new consumption concept stocks, and domestic insurance stocks saw declines, with Hongteng Precision dropping nearly 3%, and Hu Shang Aunt down by 1.66% [1] - China Pacific Insurance fell by nearly 1% [1]