编辑：郭晋嘉 广告等商务合作，请点击这里 根据报告，2026年天津将稳步扩大制度型开放，推动贸易、投融资便利化等政策向国家级经开区延伸， 并在增值电信业务、生物技术、国际诊疗等细分领域争取突破，支持存量外资企业增资扩容。同时，拓 展外贸新市场，做大跨境电商、海外仓、"保税+"业态规模。 报告还提出，将深化港产城融合发展，发挥天津港牵引作用，扩大与国内外航运头部企业合作；推进华 北区域中欧班列集结中心建设，强化国际航空货运枢纽建设；推动海工装备、航运金融、临港产业、海 洋旅游等市场拓展、聚链延链。(完) 来源：中国新闻网 天津2026年外贸进出口目标超8500亿元 中新社天津1月26日电 (记者 周亚强)天津市第十八届人民代表大会第四次会议26日开幕，天津市市长张 工作政府工作报告(下称"报告")。报告称，2026年天津将推动开放能级跃升，提出外贸进出口规模超 8500亿元人民币等目标。 报告指出，"十四五"以来，天津改革开放先行区引领带动作用更加彰显，实际使用外资达263亿美元。 2025年，天津出台促进外贸稳增长等措施，推动出口同比增长10.1%，跨境电商交易额增长28.1%，高 水平开放持续推进。 报告显 ...

智通财经APP获悉，中信建投发布研报称，欧美对俄油贸易制裁升级，从金融合规软性约束转向军事维 度硬性拦截，船舶扣押风险凸显，影子运力短期剧烈收缩，抬升合规船队运价中枢。影子船队换旗避管 模式失效，执法逻辑变为"无国籍认定+公海扣押"，主干航道及欧洲多海域强化管控，违规判定标准拓 宽，监管力度显著升级。油运有效运力现刚性缺口，运价呈K型分化，合规船队享安全溢价、议价力提 升，持续看好行业合规龙头。 投资逻辑修正 中信建投主要观点如下： 全球原油运输有效运力将现刚性缺口。此前市场默认占全球运力16%的VLCC影子船队可满负荷运营， 如今受船舶扣押事件影响，影子船东或将大规模停航观望。只要5%-10%的影子运力退出或绕行，全球 原油运输周转量就会显著紧缺。运价将呈K型分化，合规船队享受安全溢价，议价能力提升;灰色运力运 费或暴涨，但不确定性极高，不具备投资价值。 行业综述 从交运各子板块相对沪深300表现看，本周(1月19日-1月23日)交运板块整体上涨。本周航运板块涨幅为 0.53%，港口板块涨幅为2.52%。 航运港口：影子船队监管政策突变：从"猫鼠博弈"转向"物理出清" 2026年原油运输供给侧风险需即刻重估 ...

Industrial Sector - In January, daily average pig iron production and float glass operating rates remained stable, while asphalt and some chemical products saw a decline in operating rates[4] - The apparent demand for major steel products decreased, while cement clinker capacity utilization increased[4] - The operating rate for automotive semi-steel tires increased, while full-steel tire operating rates declined[20] Real Estate - New home sales in 30 major cities decreased by 38.5% year-on-year as of January 23, with a similar decline of 38.6% for the month of January[21] - The second-hand housing listing price index fell by 0.93% week-on-week, a decrease of 0.46 percentage points from the previous value[25] Domestic Demand - Retail sales of passenger cars from January 1 to 18 dropped by 28% year-on-year, with a slight expected increase of 0.3% for the entire month due to the Spring Festival timing[29] - Major home appliance retail sales fell by 34.5% year-on-year as of January 16, a decline of 3.3 percentage points from the previous value[33] - The volume of postal express deliveries decreased by 5.4% year-on-year as of January 18, a drop of 3.2 percentage points from the previous value[32] External Demand - Port cargo throughput increased by 3.4% year-on-year as of January 18, an improvement of 1.7 percentage points from the previous value[35] - Container throughput at ports rose by 7.6% year-on-year, also showing an increase from previous values[35] Price Trends - The Nanhua Industrial Index rose by 1.1%, while the Nanhua Black Raw Materials Index fell by 0.9% and the Nanhua Nonferrous Metals Index increased by 3.0%[36] - The agricultural product wholesale price index rose by 1.7% week-on-week[40]

Investment Rating - The report rates the transportation industry as "Overweight" indicating that it is expected to outperform the overall market [30]. Core Insights - The total market value of transportation industry funds reached 21.5 billion, a 19% increase from the previous quarter, ranking 16th among 31 industries [5][6]. - The proportion of holdings in the aviation transportation, ports, cross-border logistics, and highways sectors has increased, with respective shares of 56.8%, 3.4%, 4.6%, and 4.8%, showing significant increases [12]. - The top ten holdings in the transportation industry funds include China Eastern Airlines, Southern Airlines, SF Express, and others, with notable growth rates for China Eastern Airlines and Southern Airlines at 448% and 244% respectively [20][23]. Summary by Sections 1. Changes in Fund Holdings - The total market value of transportation industry funds reached 21.5 billion, a 19% increase from Q3, with a 1 rank increase in the industry ranking [5][6]. - The transportation industry fund holdings accounted for 1.32% of all fund heavy holdings, up by 0.24 percentage points from Q3 [10]. 2. Sector Performance - The market value changes for various sectors within the transportation industry showed significant fluctuations, with aviation transportation increasing by 80% and express delivery decreasing by 39% [12]. - The holdings in the aviation transportation sector have increased significantly, while express delivery and shipping sectors have seen declines [12]. 3. Top Holdings - The top ten holdings in the transportation industry funds include: - China Eastern Airlines: 45 billion, up 448% - Southern Airlines: 31 billion, up 244% - SF Express: 11 billion, down 16% [20][23]. - Other notable stocks with over 3 billion in total market value and growth rates exceeding 10% include Spring Airlines and Jiayou International [20].

Group 1 - The Hong Kong stock market experienced a decline, with the Hang Seng Index down by 0.2%, while the Central Enterprises Dividend Index rose by 1.08% [1] - Among the constituents of the Central Enterprises Dividend Index, China Merchants Energy surged over 6%, China Railway increased by over 5%, and China National Offshore Oil, China National Building Material, and China Shenhua all rose by over 4% [1] - The Tianhong Central Enterprises Dividend ETF (159281) recorded a trading volume exceeding 63 million yuan, with a net subscription of 22 million shares during the session [1] Group 2 - CICC indicated that the dividend sector presents phase-specific and structural opportunities amid increasing external uncertainties or a pullback in growth styles, highlighting a "seesaw" effect between dividend and technology growth styles [2] - Demand for capital allocation is expected to support the dividend sector, including the shift of long-term funds from insurance and bank wealth management towards equity assets, as well as the transition of household deposits to dividend assets [2] - The overall dividend payout ratio in the A-share market has increased to 45%, providing fundamental support for the dividend style, alongside continuous encouragement from capital market policies for dividend-oriented strategies [2]

该行考虑到中远海能盈利滞后及老船拆解损失等因素，下调2025年纯利预测至45亿元人民币，维持2026 年预测66亿元人民币，并预计2027年达70亿元人民币。 国泰海通证券发布研报称，油运景气已持续上升四年，预计中远海能（600026）(01138)2025年盈利再 创新高，且2026年首季业绩将同比大增。该行预计，未来数年油运景气有望继续胜于预期，外贸油运盈 利具充分弹性。予公司目标价20.26港元，维持"增持"评级。 ...

该行考虑到中远海能盈利滞后及老船拆解损失等因素，下调2025年纯利预测至45亿元人民币，维持2026 年预测66亿元人民币，并预计2027年达70亿元人民币。 智通财经APP获悉，国泰海通证券发布研报称，油运景气已持续上升四年，预计中远海能(01138)2025年 盈利再创新高，且2026年首季业绩将同比大增。该行预计，未来数年油运景气有望继续胜于预期，外贸 油运盈利具充分弹性。予公司目标价20.26港元，维持"增持"评级。 ...

投资咨询业务资格：证监许可【2012】31号 评 | 逻辑: 论 国贸期货研究院 能源化工研究中心 卢钊毅 数据来源：Clarksons、Wind 投资咨询号: Z0021177 从业资格号: F03101843 2026/1/26 | | 运价指数 | 上海出口集装箱运价 | 中国出口集装箱运价 | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 综合指数SCEI | 指数CCFI | | | | | | 業 | 现值 | 1458 | 1209 | 2084 | 1305 | 2896 | 1595 | | | 前值 | 1574 | 1210 | 2194 | 1323 | 3163 | 1676 | | 运 | 涨跌幅 | -7.39% | -0.09% | -5.01% | -1.36% | -8.44% | -4.83% | | P 11 | | SCFIS-西北欧 | SCFI-地中海 | | | | | | 数 | | | | | | | | | ...

几乎同时，为便利上海航运人才赴港澳开展科研学术和经贸活动等，服务促进沪港澳合作交流，上海市 交通委员会会同市公安局出入境管理总队制定措施，航运领域高层次管理和专业技术人才自2026年1月4 日起可在上海全市任一出入境办证窗口，申请办理有效期最长1年的多次往来港澳人才签注，每次可停 留不超过30天。 在全球航运格局深度调整的背景下，上海正以更开放的姿态、更精准的政策，全力构筑航运人才高地。 上海国际航运中心建设已进入深化提质的关键阶段。 近日，上海市接连推出两项重要人才政策，不仅将远洋船舶高级船员、民用航空空中交通管制员等纳入 航运专门人才引进范围，而且还为在上海工作的航运领域高层次管理和专业技术人才提供签注便利化政 策。这一"引进"与"便利"的双重组合，标志着上海在国际航运中心建设进程中，正从"硬件投入"转 向"软件升级"，通过制度型开放与人才战略的深度融合，为航运业高质量发展注入持久动能。 从落户放宽到"走出去"便利 为了进一步加大航运专门人才引进力度，日前出台的《上海市引进人才申办本市常住户口办法实施细 则》，首次将"远洋船舶轮机长、大副、大管轮"和"民用航空空中交通管制员"明确列入航运专门人才范 围。 ...

德路里世界集装箱运价综合指数（WCI）显示，截至1月22日，综合运价指数周环比下跌10%，至2212 美元/FEU，主要航线均呈现疲软态势。其中跨太平洋航线跌幅达到11%，亚欧/地中海航线下降9%，跨 大西洋航线回落4%。面对需求波动，船公司正加大运力调控力度，未来五周已安排109个停航，停航比 例达16%。据分析，集装箱市场在年初的不确定性中持续波动，扰动因素包括亚洲始发运价走低、跨大 西洋航线承压、红海航线通航决策反复等。 ...