【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 2025年12月2日，A股三大指数集体低开，交通运输ETF（159666）下跌0.4%。资金面上，交通运 输ETF（159666）持续获资金布局，连续四日净流入超900万元。 2025年，是"十四五"规划收官之年，也是"十五五"规划谋划之年，2025年全国交通运输工作会议要 求，要加强统筹、持续攻坚，做好两个五年规划的有效衔接，新的一年，要深刻认识交通固定资产投资 面临的新形势，谋划实施一批重大工程项目，发挥规划战略导向和重大项目牵引支撑作用，着力编规 划、建项目、促转型、抓改革、谋试点，在加快建设交通强国、推动行业高质量发展上当好排头兵。 交通运输ETF（159666）及其联接基金（019405/019404）是全市场唯一跟踪中证全指运输指数的 ETF基金，其涵盖了A股市场包括物流、铁路公路、航运港口、机场等，能够充分反映出A股运输行业 上市公司的整体表现 ...

Group 1: Transportation Service Trade - The goal is to develop a competitive international freight forwarding market with a focus on comprehensive international freight forwarding companies and innovative operational models [1] - Key cultivation points include having at least 70% of total revenue from international freight forwarding and related auxiliary services, and establishing logistics service networks both domestically and internationally [2] Group 2: Tourism Service Trade - The aim is to create a prosperous tourism market with strong enterprises and encourage horizontal alliances among companies [3] - Key cultivation points for star-rated hotels include hosting at least 30% of foreign guests and obtaining city-level tourism standardization demonstration unit status [4] - Economic hotel chains should have over 400 branded hotels and expand internationally through franchising [5] Group 3: Telecommunications, Computer, and Information Service Trade - The objective is to establish leading enterprises with strong technological innovation and service quality in the telecommunications and information services sector [6] - Key cultivation points include software development services with international market capabilities and certifications in quality management systems [7][8] - Data processing and information system maintenance services should also focus on international market development and high technical standards [9] Group 4: Engineering Contracting and Construction Service Trade - The goal is to innovate methods for "going out" and support enterprises in undertaking overseas projects, enhancing Shanghai's brand image in quality engineering [12] - Key cultivation points include undertaking large-scale overseas projects supported by the state and maintaining a good safety record [13] Group 5: Professional Service Trade - The aim is to enhance the quality and international competitiveness of professional services such as consulting, accounting, and legal services [15] - Key cultivation points include providing management consulting to foreign enterprises and obtaining necessary licenses for accounting and legal services [16][17][18] Group 6: Exhibition Services - The goal is to develop high-level international exhibition enterprises and support the introduction of domestic and international brand exhibitions [24] - Key cultivation points include hosting international exhibitions with significant foreign participation and organizing large-scale international conferences [25][26] Group 7: Pharmaceutical and Biotechnology R&D Services - The objective is to develop high-quality pharmaceutical and biotechnology R&D services and enhance international competitiveness [29] - Key cultivation points include having strong international market capabilities and signing contracts with foreign enterprises [30] Group 8: Cultural Service Trade - The aim is to cultivate culturally competitive enterprises that promote Chinese culture internationally [31] - Key cultivation points include publishing traditional publications abroad and providing printing services to foreign clients [32][33] Group 9: Medical and Health Services - The goal is to develop high-end medical services with strong international competitiveness [41] - Key cultivation points include having stable business channels and providing services to a significant number of foreign clients [42] Group 10: Sports Service Trade - The objective is to expand the sports service trade market and attract international sports resources [43] - Key cultivation points include hosting international sports events and providing professional sports consulting services [44][45][46] Group 11: Overseas E-commerce Platform Services - The aim is to encourage e-commerce platforms to explore overseas markets and develop international operational capabilities [48] - Key cultivation points include establishing or acquiring e-commerce platforms abroad with necessary qualifications [49] Group 12: Digital Delivery Service Trade - The goal is to create a favorable environment for digital trade and cultivate high-potential unicorn companies [50] - Key cultivation points include engaging in international transactions through remote delivery via computer networks [51]

截至2025年11月28日 13:55，交通运输ETF(159666)下跌0.20%，持仓股厦门港务涨超6%，海汽集团、北方国际涨超4%。 流动性方面，交通运输ETF盘中换手5.36%，成交436.91万元。拉长时间看，截至11月27日，交通运输ETF近1月日均成交793.27万元。 截至11月27日，交通运输ETF近2年净值上涨12.87%。从收益能力看，截至2025年11月27日，交通运输ETF自成立以来，最高单月回报为15.82%，最长连涨 月数为4个月，最长连涨涨幅为11.93%，上涨月份平均收益率为3.16%，年盈利百分比为100.00%，历史持有1年盈利概率为62.78%。截至2025年11月27日， 交通运输ETF近6个月超越基准年化收益为5.05%。 回撤方面，截至2025年11月27日，交通运输ETF近半年最大回撤5.80%，相对基准回撤0.04%。 费率方面，交通运输ETF管理费率为0.50%，托管费率为0.10%。 跟踪精度方面，截至2025年11月27日，交通运输ETF近1月跟踪误差为0.017%。 值得注意的是，该基金跟踪的中证全指运输指数估值处于历史低位，最新市净率PB为1.32倍 ...

央视网消息：寒潮来袭的这几天，山西北部最低气温将降至零下18℃。为应对气温骤降，山西省朔州市的一些热电联产电厂增加 发电，满足"煤改电"取暖需求，减少环境污染。 相关部门工作人员称，截至2025年10月底，朔州全市新能源运煤电动重卡保有量突破1277辆，市区周边4座大型燃煤电厂电煤运 输车辆全部实现新能源化，全市重点行业清洁运输比率达到76%，清洁运输转型成效显著。 在朔州市郊区一座热电联产电厂，这几天，两台100万千瓦的机组正在全力运行，这个电厂承担着京津唐区域的电力供应任务和 朔州市约600万平方米的供热任务。 朔州是山西省重要的煤炭和电力生产基地，每年的供暖季由于煤炭消耗量较大，都会对当地空气质量提出挑战。为了尽可能减少 污染物排放，当地今年提前要求市内不具备"公转铁"的煤矿和燃煤电厂等重点行业企业实现物料运输新能源重卡替代，并加强重卡充 电桩、换电站等配套设施建设，形成覆盖主要运输通道的绿色能源补给网络。 ...

来源：新浪港股 摩根大通发布研报称，中通快递-W（02057）将在未来3至6个月继续成为运输行业中的首选股，将公司 H股目标价由187港元上调至197港元，给予"增持"评级。该行又将中通快递（ZTO.US）美股目标价由 24美元调升至25美元，评级同样为"增持"。 小摩引述中通快递管理层最新评论指，反内卷政策正从根本上重塑竞争格局，推动整个行业从以量取胜 的增长模式，转向更关注质量与盈利能力。小摩认为，中通快递正明显受惠于当前行业发展，除了持续 扩大市场占有率，亦展现出稳健的利润表现。 11月25日，中通快递-W发布2025"双11"战报。今年"双11"期间（10月20日至11月21日），中通在各平台 考核指标综合排名第一，其中中通在逆向单量、上门及时率等细分服务环节均实现领跑。在派送环节， 中通通过数据驱动和末端协同，做好上门服务与按需派送，揽签达成率整体提升0.76%。在"双11"业务 量方面，中通快递继续保持领先优势，连续十年"双11"业务量领跑。与此同时，中通在农村市场的表现 尤为亮眼，农村快递上行件量同比增长19.5%。 中通快递-W（02057）盘中涨超4%，截至发稿，股价上涨3.41%，现报16 ...

Core Viewpoint - The "Finding Gold Medal Spokesperson" event aims to promote cost reduction and efficiency enhancement in the automotive and transportation industries while advocating for more humanistic care, highlighting the contributions of industry leaders and their stories [1][9][10]. Event Overview - The event has been held for seven consecutive years, with increasing industry influence, and the 2025 edition was launched in the second half of 2025, involving months of visits and selections [3][9]. - The event was attended by various experts, scholars, and media representatives from logistics, passenger transport, and vehicle manufacturing sectors, marking the announcement of the 2025 "Gold Medal Spokesperson" [4][10]. Industry Impact - The event serves as a platform to amplify the voices of transportation professionals who often remain unnoticed, thereby enhancing their recognition and attracting new talent to the industry [6][9]. - The "Finding Gold Medal Spokesperson" event has significantly raised social awareness of the transportation industry, showcasing the dedication and contributions of its workers [9][10]. Award Recipients - The two "Gold Medal Spokespersons" for 2025 are "Efficient Transportation Spokesperson" Nie Wei and "Green Power Spokesperson" Gao Feng, both of whom have made significant contributions to their respective fields [12][15]. - Nie Wei, a truck driver from Jiangxi, has driven over 100,000 kilometers, demonstrating the reliability of the Shaanxi Automobile Delong G300 light truck [12][15]. - Gao Feng, president of a new energy technology company, emphasizes the importance of reliable power systems and has established a green transportation system tailored to industry characteristics [12][14]. Future Aspirations - The event organizers aim to continue enhancing the event's influence and authority, encouraging more industry professionals to share their stories and contribute to the industry's development [11][15]. - The ongoing commitment to recognizing and promoting exemplary figures in the transportation sector is expected to foster a stronger collaborative force for the industry's advancement towards intelligence, sustainability, and efficiency [11][15].

小摩引述中通快递管理层最新评论指，反内卷政策正从根本上重塑竞争格局，推动整个行业从以量取胜 的增长模式，转向更关注质量与盈利能力。小摩认为，中通快递正明显受惠于当前行业发展，除了持续 扩大市场占有率，亦展现出稳健的利润表现。 智通财经APP获悉，摩根大通发布研报称，中通快递-W(02057)将在未来3至6个月继续成为运输行业中 的首选股，将公司H股目标价由187港元上调至197港元，予"增持"评级。该行又将中通快递(ZTO.US)美 股目标价由24美元调升至25美元，评级同样为"增持"。 ...

Core Viewpoint - JPMorgan's research report indicates that ZTO Express will continue to be a preferred stock in the transportation industry over the next 3 to 6 months, raising its target price for H-shares from HKD 187 to HKD 197 and for US shares from USD 24 to USD 25, maintaining a "Buy" rating [1] Group 1 - ZTO Express is benefiting from the current industry development, showing a clear increase in market share while demonstrating robust profit performance [1] - The management's recent comments highlight that anti-involution policies are fundamentally reshaping the competitive landscape, shifting the industry focus from quantity-driven growth to an emphasis on quality and profitability [1]

Core Viewpoint - Japan's economy is facing significant challenges, including a return to negative growth due to external factors such as U.S. tariff policies impacting key industries like automotive, compounded by long-standing structural issues and short-term political risks [1][3][8]. Economic Growth and External Demand - In Q3, Japan's real GDP decreased by 1.8% on an annualized basis, marking a return to negative growth since Q1 2024, primarily driven by a sharp contraction in external demand, which contributed -0.2 percentage points to economic growth [1]. - The U.S. increased tariffs on Japanese goods, particularly raising automotive tariffs from 2.5% to 15%, severely impacting Japan's automotive industry and creating a vicious cycle of order declines and economic recession [1][3]. Domestic Demand and Consumer Behavior - Domestic demand remains weak, with inflation and declining real wages leading to reduced consumer spending. Personal consumption, which accounts for over half of Japan's economy, saw a slight increase of 0.1% quarter-on-quarter, while private residential investment fell by 9.4% [3][8]. - The deterioration of Japan-China relations, exacerbated by controversial statements from Prime Minister Fumio Kishida, has led to travel warnings from China, potentially costing Japan between $11.5 billion to $14 billion in tourism revenue, further dragging down GDP growth by 0.29 to 0.36 percentage points [3][5]. Government Response and Economic Stimulus - In response to the economic crisis, the Kishida government approved a ¥21.3 trillion (approximately $135.4 billion) economic stimulus plan aimed at addressing rising prices and boosting investment in sectors like semiconductors and AI. However, this plan relies heavily on fiscal expansion and monetary easing without addressing structural economic reforms [5][7]. - The government's debt, which stands at about 263% of GDP, raises concerns about the sustainability of increased spending, potentially leading to higher long-term interest rates and further pressure on government finances [7][8]. Structural Issues and Long-term Outlook - Japan's economy is hindered by deep-rooted structural issues, including an aging population (29% aged 65 and older), declining labor force, and reduced competitiveness in key industries like automotive, which has lagged in the transition to electric vehicles [8]. - The reliance on external markets exposes Japan's economy to risks, as evidenced by the impact of U.S. tariffs and geopolitical tensions. Analysts suggest that Japan's economy may continue to fluctuate around the growth line without effective reforms, and the current fiscal stimulus may only provide temporary relief without addressing fundamental issues [8].

Economic Overview - Japan's economy has entered a negative growth phase again, with a GDP decline of 1.8% year-on-year in Q3, primarily due to a sharp contraction in external demand [2] - The contribution of external demand to Japan's economic growth in Q3 was -0.2 percentage points, exacerbated by increased tariffs on Japanese goods, particularly automobiles [2] - Domestic demand remains weak, with personal consumption showing only a slight increase of 0.1% quarter-on-quarter, while residential investment fell by 9.4% [2] Government Response - The Japanese government, led by Prime Minister Fumio Kishida, has approved an economic stimulus plan worth 21.3 trillion yen (approximately 135.4 billion USD) to address rising prices and boost investment in sectors like semiconductors and AI [3] - The stimulus plan relies heavily on fiscal expansion and monetary easing, without addressing necessary structural reforms in the economy [3][4] Structural Challenges - Japan's government debt has reached approximately 263% of GDP, limiting the effectiveness of further spending and increasing long-term interest rates [4] - The aging population, with 29% aged 65 and above, is contributing to labor shortages and a shrinking consumer market [4] - Japan's automotive industry is struggling to adapt to the global shift towards electric vehicles, missing opportunities in the transition to new energy sources [4] Market Impact - Tensions in Sino-Japanese relations, exacerbated by controversial statements from the Japanese Prime Minister, have led to a significant decline in tourism revenue, estimated to be between 11.5 billion to 14 billion USD, impacting GDP growth by 0.29 to 0.36 percentage points [3] - The stock market has reacted negatively, particularly in the retail and transportation sectors, as civil exchanges between China and Japan are postponed or canceled [3] Long-term Outlook - Analysts suggest that Japan's economy may continue to fluctuate around the growth line without achieving effective growth, as the current fiscal stimulus may only provide short-term relief [5] - A genuine recovery will require institutional reforms and technological innovation rather than reliance on short-sighted policies or external confrontations [5]