Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - The report highlights that during the "Black Friday" shopping season, Jitu Express achieved a record high in daily collection volume in Brazil, and the first domestically produced heavy-duty eVTOL successfully completed its maiden flight [2][3] - In shipping, crude oil freight rates have declined from high levels, while freight rates on long-distance routes have shown mixed trends [3][15] - The report notes that the domestic logistics market is experiencing significant growth, particularly in emerging markets [3][25] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, with the China Import Crude Oil Composite Index (CTFI) reported at 2324.92 points, a slight increase of 0.1% from December 4 [3][15] - The first domestically produced heavy-duty eVTOL, AR-E800, successfully completed its maiden flight, marking a significant milestone in China's aviation industry [3][17] - Jitu Express reported a record high in daily collection volume in Brazil during the "Black Friday" shopping season, reflecting strong growth in logistics operations [3][25] High-Frequency Dynamic Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year [29] - In October 2025, the express delivery business volume increased by 7.90% year-on-year, with revenue rising by 4.70% [56] - The shipping market has shown mixed trends, with the Shanghai Export Container Freight Index (SCFI) reported at 1506.46 points, a week-on-week increase of 7.79% but a year-on-year decrease of 36.82% [43] Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - It also highlights investment opportunities in low-altitude economy sectors, recommending CITIC Offshore Helicopter [5] - The report emphasizes the potential in the express delivery sector, recommending companies like SF Express, Jitu Express, and Yunda [5]

"云散月明谁点缀？天容海色本澄清。"北宋文学家苏轼笔下这片南海秘境，曾是古人眼中孤悬海外的天 涯海角。如今，这座拥有1944公里海岸线、200万平方公里管辖海域的南海明珠，正在新一轮开放发展 的浪潮中，经历着日新月异的巨大变迁：洋浦港国际集装箱码头，巨型桥吊像钢铁巨人般精准挥动臂 膀，把来自东南亚的货物稳稳装上中欧班列；南海碧波中，"深海一号"能源站如钢铁岛礁熠熠生辉；海 南商业航天发射场，中国卫星腾空而起，问鼎苍穹…… 2020年6月份，中共中央、国务院正式发布《海南自由贸易港建设总体方案》(以下简称《总体方 案》)，为海南自贸港建设描绘了全面的蓝图。五年多来，海南自贸港建设分步骤、分阶段稳步推进， 即将于2025年12月18日迎来全岛封关运作的历史一刻，开启更高水平的开放发展新篇章。 "因海而生，依海而兴，向海图强"是海南历史与未来的写照，也是海南发展的逻辑所在。封关前夕， 《证券日报》记者来到海南，实地探访港口、企业、科研机构，深入了解自贸港建设给这片热土带来的 深刻变化。 空海呼应 全域联通 位于海南北部的海口港，是海南现代港口群的核心，新海港是其重要组成部分。 在井然有序的新海港码头，记者看到货运司 ...

12月13日美股成交额前20：博通股价创10个月来最大跌幅 12月13日热门中概股涨跌不一 网易涨2.11%，台积电跌4.17% 周五国际油价因供应过剩担忧小幅走低 现货黄金涨0.53% 本周累涨约2.5% 欧洲股市从创纪录高点附近回落 美国科技股下跌带来压力 宏观 欲览更多环球财经资讯，请移步7×24小时实时财经新闻 上周市场回顾 12月13日收盘：美股收跌纳指下跌400点 AI个股普跌 特朗普称美联储新掌门将倾向于降息 哈塞特称特朗普可自由就美联储政策发表意见 美国特使称美乌柏林会谈取得"重大进展" 美乌代表团将于15日继续商讨"和平计划" 美国安全专家：乌克兰放弃加入北约目标不会改变和谈进程 美国众议院共和党医保计划不延长"奥巴马医改"补贴 泽连斯基：乌克兰已放弃加入北约 美墨达成协议 解决格兰德河水争端 悉尼邦迪海滩发生致命枪击案 警方已拘留两人 美叙部队在叙利亚中部遭袭 三名美方人员死亡 黎真主党领导人称永远不会解除武装 斯塔默与冯德莱恩讨论乌克兰和平计划及俄罗斯冻结资产问题 美国布朗大学发生校园枪击事件 公司 报道：SpaceX 启动华尔街投行竞标 为潜在IPO甄选承销商 SpaceX敲定内部股票 ...

多家航空公司和旅行社数据显示，近期中国赴日旅游咨询量与预订量明显下滑，截至11月20日，已累计 退订机票超过54万张。多个旅游团退单，部分中日航线也同步调减运力。这一变化引发日本业界的广泛 关注与担忧。 "12月的中国游客订单全部取消了，这使公司运营压力陡增。"日本名古屋一家旅游包车公司负责人近日 的无奈感叹，成为当前日本旅游业遭遇"寒潮"的缩影。近期，日本首相高市早苗公然发表涉台错误言 论，粗暴干涉中国内政，严重违背一个中国原则、中日四个政治文件精神和国际关系基本准则，由此引 发的民间交流降温，迅速波及日本旅游业。 近年来，日本出口产品竞争力下滑，旅游业成为其仅次于汽车出口的第二大外汇来源，而中国游客正是 日本旅游业的核心客源与消费主力。据日本政府观光局统计，今年1月至9月，中国大陆赴日游客数量位 居所有国家和地区之首，消费总额占赴日游客消费总额的约四分之一。日本野村综合研究所估算，当前 中国赴日游客大幅减少，将直接拉低日本国内生产总值（GDP）0.36%，造成约2.2万亿日元的经济损 失。 （文章来源：经济日报） 同时，旅游业关联性强，其波动对经济的影响范围广、链条长，给日本经济带来更大不确定性。目前， ...

司的就是国际这条线；马上追踪热点 秘闻背后的事；我给你说透 欢迎各位看官收看今天的【司马秘事】 文：司马秘事 编辑：司马秘事 12月美联储议息会议结果今晚揭晓，市场大概率要迎来年内第三次降息。 这波全球宽松潮可不是小事，咱们手里的存款、想入手的房子、关注的黄金，都可能跟着变天。 A股迎外资科技金融成香饽饽 美联储一降息，美元资产的吸引力就弱了，全球热钱得找新去处，A股自然成了重点目标。 2025年三季度，北向资金已经净买超2000亿元，持股比例冲到了历史高位。 这些外资选股眼光挺挑，只盯着有业绩、符合产业趋势的标的。 科技股里的AI算力、半导体，金融股里的券商、保险，还有航空、造纸这类靠进口原材料的行业，都 会直接受益。 我身边做基金的朋友早就开始布局了，他说科技公司借钱成本变低，加上国产替代的红利，北方华创、 中芯国际这些龙头值得关注。 但也别想着闭眼买，要是降息幅度没达到预期，前期涨太猛的AI股可能会回调。 如此看来，跟着外资方向走没错，但得选有真本事的公司，别被纯概念炒作套住。 房贷利率走低楼市分化更明显 对想买房的人来说，美联储降息确实是个好消息，国内央行政策空间变宽松，房贷利率大概率会继续往 下走。 ...

头条大事 《跨境支付"成本问不倒"》报告下载 对跨境商户而言，建立系统性的成本认知框架，是实现有效成本管理的前提。支付费率为什么忽高忽低？都说本地收单能省钱，到底值不值得做？除了费 率，还有什么在悄悄影响利润？这些问题，值得被每一位跨境商家探究。为此，36氪出海与蚂蚁集团旗下国际业务跨境支付品牌 Antom 联合推出《跨境支 付"成本问不倒"》系列内容，系统梳理了理解跨境支付成本的三大维度，帮助商家揭开从成本构成到战略优化的完整逻辑链。欢迎扫描下方二维码或点 击"此处"，获取完整报告。 公司动态 出门问问正式发布 AI 录音耳机 TicNote Pods 12月9日，出门问问正式发布全球首款 4G AI 录音耳机 TicNote Pods，支持耳机和充电仓双录音通道，搭载"4G eSIM"与"Shadow AI"双引擎，可独立于手机 自主运行，适用于线上会议、线下研讨、学术讲座、电话沟通、人物访谈等多种核心对话场景，目前已在 Kickstarter 平台上线。（36氪） 智动力：已成功进入并服务于越南、印度等重要市场 12月10日，人形机器人核心部件研发商智动力在互动平台表示，公司致力于全球化的产能布局更好地 ...

对于后市，我们比市场共识更乐观：部分投资者以政策表述从"超常规"到"跨周期"解读政策不积极，但 这存在谬误，2025年超常规是相较于2024年尾部风险暴露而言。面向2026年，中央经济工作会议明 确"巩固拓展经济稳中向好势头"，并要求财政政策"更加积极"与"内需主导"，首次提出"推动投资止跌 回稳"，并时隔十年重提房地产"去库存"；中财办副主任韩文秀表示将根据形势变化出台实施增量政 策，继续实施"国补"与靠前实施"十五五"重点项目，隐含了实现"十五五"良好开局的开门红重要性。考 虑近期经济活动转淡与房地产销售面积下滑加快，政策预期有望上修。在人民币稳定的前提下，2026年 初中国央行降息预期有望提高。在交易层面，保收益降仓位已经步入尾声，岁末年初的再配置与机构资 金回流有望改善市场流动性和活跃成交，跨年攻势已经开始。 考虑到前期股指的大幅调整、总量政策加码与增量入市环境，当下是布局春季行情的重要窗口。春节前 具备产业趋势的大盘成长有望占优，受益险资"开门红"配置的大盘价值也有望反弹。看好科技/券商保 险/消费。 中信建投：跨年有望迎来新一波行情 从9月初至12月初，AH两地市场经历了较长时间的调整，投资者情绪 ...

Core Viewpoint - The article highlights various companies' initiatives and collaborations aimed at expanding their international presence and leveraging technology, particularly AI, to enhance their operations and market reach [5][6][8][10][12]. Group 1: Company Initiatives - The video blogger team "影视飓风" has entered the B2B overseas platform Alibaba International Station, utilizing AI Agents to expand into international markets, receiving cooperation intentions from over 30 countries [5]. - The company "智动力" has successfully entered and is servicing key markets in Vietnam and India, establishing strong partnerships and making overseas business a significant part of its operations [5]. - "出门问问" launched the world's first 4G AI recording headset, TicNote Pods, which operates independently of a smartphone and is designed for various dialogue scenarios [5]. Group 2: Collaborations and Partnerships - Temu signed a memorandum of understanding with Belgian postal operator bpost group to enhance cross-border e-commerce supply chain capabilities and logistics systems in Europe and North America [6]. - Riyadh Airlines and Huawei signed a cooperation memorandum to create a new generation of digital aviation ecosystem, focusing on enhancing digital capabilities for seamless travel experiences [8]. - "北斗智联" completed a strategic financing round to accelerate its overseas expansion and product development in AI and low-altitude economy sectors, with a focus on Europe, North America, and Southeast Asia [12]. Group 3: Market Expansion and Investments - "新凤鸣" plans to invest approximately $280 million in a 360,000-ton/year functional fiber project in Egypt, aiming to enhance local textile industry capabilities [10]. - "Airwallex" completed a $330 million Series G financing round, raising its valuation to $8 billion, which will support its expansion in the U.S. and other key markets [10]. - "快造科技" achieved a record-breaking crowdfunding amount for its 3D printer, indicating strong market interest and potential for significant revenue growth [10].

Investment Rating - The report assigns an "Accumulate" rating for the transportation industry [7]. Core Insights - The aviation sector is experiencing a rebound in public and business demand, with expectations for ticket price profitability to rise by 2026, suggesting a strategic investment during this super cycle [3][7]. - In the oil shipping sector, freight rates remain high, and the potential impact of Russia-Ukraine negotiations is expected to be limited, indicating a positive outlook for future market conditions [3][7]. - The airport duty-free segment anticipates increased competition among leading domestic and foreign companies, which is expected to drive growth in sales [3][7]. Summary by Relevant Sections Aviation - Recent recovery in public and business demand is noted, with a focus on state-owned enterprises reducing "involution" competition. The aviation sector entered a traditional off-peak season from September, with public and business demand being a key factor influencing ticket prices. Ticket prices have shown a year-on-year increase due to the release of suppressed demand from the summer travel season [7]. - The report forecasts that by December, public and business passenger flow will increase, with ticket prices expected to continue rising year-on-year, although the growth rate may narrow. The report anticipates a significant reduction in losses by Q4 2025, with a full-year turnaround expected [7]. - Recommendations include major airlines such as Air China, Juneyao Airlines, China Eastern Airlines, China Southern Airlines, and Spring Airlines [7]. Oil Shipping - Freight rates are expected to maintain a high level, with the impact of U.S. sanctions on shadow fleets being a significant factor. The report highlights that recent increases in oil production from the Middle East and South America have driven VLCC TCE rates to rise, with Q4 2025 profits projected to reach a ten-year high [7]. - The report suggests that while seasonal factors may affect short-term freight rates, the overall upward trend for the year remains intact. The global increase in oil production is expected to drive demand for oil shipping beyond expectations [7]. - Recommended companies in this sector include COSCO Shipping Energy, China Merchants Energy Shipping, China Merchants Jinling, and China Ship Leasing [7]. Airport Duty-Free - The report discusses a new round of duty-free contract adjustments at Shanghai Airport, anticipating that competition among leading domestic and foreign companies will drive sales growth. The new bidding results indicate a shift in the contract model, which may stabilize or enhance airport duty-free revenues [7]. - The introduction of foreign competitors and a revised commission structure are expected to improve the operational enthusiasm of duty-free operators, potentially leading to increased sales [7]. - Recommendations include Shanghai Airport and Beijing Capital International Airport [7].

证券研究报告 | 行业周报 gszqdatemark 2025 12 14 年 月 日 交通运输 快递、民航"反内卷"整治持续，VLCC 受制裁名单再扩大 周观点：中央经济工作会议 12 月 10 日至 11 日在北京举行，会议明确"制 定全国统一大市场建设条例，深入整治'内卷式'竞争"。继续看好快递、 航空在"反内卷"整治下的投资机会。快递反内卷线：快递行业份额逐步 向头部快递集中，反内卷政策下恶性价格战得到有效遏制，头部快递份额、 利润同步提升，有望迎来双击。快递出海线：快递出海，天地广阔，海外 电商 GMV 爆发式增长，带动快递业务量迅猛增长，相关标的为极兔速递。 看好"反内卷"整治下航空板块中长期景气度：运力供给维持低增速、需 求持续恢复，供需缺口缩小叠加油价中枢下移及"反内卷"政策继续推进， 静待票价持续修复、航司盈利不断改善。 行情回顾：本周交通运输板块行业指数下跌 1.55%，跑输上证指数 1.21 个百分点（上证指数下跌 0.34%）。从申万交通运输行业三级分类看，仅 公路货运板块上涨，涨幅为 4.76%；跌幅前三名分别为公交、高速公路、 铁路运输板块，对应跌幅分别为-4.97%、-2.49% ...