证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 交通运输 持续重点关注油运和 VLCC 造船两类资产 周观点：VLCC 运价持续超预期上行，重点关注油运和 VLCC 造船板块。VLCC 市场，非合规市场受限、合规市场供需关系改善的逻辑持续落地验证；Sinokor 大举收购 VLCC 资产，行业集中度提升，景气周期下的运价弹性提升。重点 关注招商轮船、中远海能、ST 松发、中远海运国际和海通发展等。 行情回顾：本周（2026.2.24-2026.2.27）交通运输板块行业指数上涨 3.64%，跑赢上证指数 1.66 个百分点（上证指数上涨 1.98%）。从申万交 通运输行业三级分类看，涨幅前三名的板块分别为航运、仓储物流、港口， 涨幅分别为 11.81%、5.37%、5.08%；仅航空运输下跌，跌幅为 1.41%。 航运港口：VLCC 运价持续超预期上行，重点关注油运和 VLCC 造船板块。 VLCC 市场，非合规市场受限、合规市场供需关系改善的逻辑持续落地验证； Sinokor 大举收购 VLCC 资产，行业集中度提升，景气周期下的运价弹性提 升。展望后市，（1）若制裁 ...

航空淡季不淡把握加仓机会，油运大周期加速持续看好 交通运输 证券研究报告/行业定期报告 2026 年 02 月 28 日 | 增持（维持） 评级： | | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：杜冲 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740522040001 | | 南方航空 | 7.34 | -0.23 | -0.09 | 0.30 | 0.44 | 0.54 | -31.91 | -81.56 | 24.30 | 16.85 | 13.48 | 买入 | | | | 中国东航 | 5.73 | -0.37 | -0 ...

体积重量的计算方式一般是，长乘以宽乘以高算出厘米数，再分别除以5000或者6000。若想节省费用就得学会如何"压缩体积"，使用真空压缩袋将被子衣服 进行压扁处理，或者在快递员上门之前自己先行量好尺寸。可别小瞧这几个步骤，只要把体积缩小些许，运费说不定直接就能打八折。 每逢要把大件的行李寄回家里，或者进行搬家操作时，就会发现物流费用常常会让人内心心疼不已。当面对德邦、顺丰、京东这些众多且让人看得眼花缭乱 不已的选择情况时，究竟怎样进行邮寄才能够既省心又能够节省费用呢？作为一个经常会帮粉丝去对比各种价格的博主，我现在要来拆解一下寄大件物流时 省钱的门道所在嗯，从而能够让你花出去的每一分钱都清清楚楚明明白白的呢。 包装若未达恰当程度，东西一旦损坏那亏损便更为严重。物流运输的过程之中转环节繁杂众多，物品被搬动来搬动去实属平常状态。寄家电需使用原产的包 装泡沫，寄书籍要采用小箱子而别选用大箱子，因为装满了书籍太重故而易于散掉，装放书籍量不足则容易被压扁。 好多人一开始就询问"哪家最便宜"，实际上这个问题自身就问有误了。大件物流不存在绝对的"最便宜"，仅有"最匹配"。德邦于重货方面时常具备优势，顺 丰虽说贵一些然而服务稳 ...

Core Insights - The article highlights the integration of passenger and freight logistics in Ningxia, which has significantly improved the convenience of purchasing goods for local residents, especially during the festive season [1] Group 1: Logistics and Transportation - The "passenger-freight postal business" model allows express deliveries to be transported alongside public transport, reducing costs and improving delivery efficiency [1][4] - Currently, over 30 buses and more than 160 routes are involved in the logistics network, creating an efficient and low-cost rural logistics system [4] - As of now, 162 integrated routes have been established, forming a preliminary three-tier delivery logistics system at the county, township, and village levels [4] Group 2: Economic Impact - The average daily express delivery volume at the Yesheng station has increased from 30 to 500 packages, with a 40% rise in volume over the past month, particularly for New Year goods [1] - Since 2025, the online sales of agricultural products have reached 38,000 items, providing employment for 32 villagers [4] - By 2025, the total social logistics volume in Ningxia is expected to exceed 1 trillion yuan, contributing to high-quality development in the region [4]

Group 1 - The "Spring Warmth" care project for new employment form workers by JD was launched in Beijing, with participation from multiple government and labor organizations [1] - The retirement ceremony for delivery workers included the presentation of certificates to retiring couriers, highlighting the recognition of their contributions [1][8] - The event reflects JD's commitment to employee welfare and the support provided to workers throughout their careers [1][8] Group 2 - Courier Ju Shengjing, who worked for JD for over 15 years, shared his journey from a fruit vendor to a successful delivery worker, emphasizing the growth in his income from over 2,300 yuan in his first month to over 20,000 yuan at his peak [3][6] - JD has consistently contributed to social security benefits for its employees, allowing workers like Ju to secure housing and retirement benefits, enhancing their quality of life [5][6] - Another courier, Liang Changgui, also retired with financial stability, showcasing the positive impact of JD's employment policies on workers' lives [6]

Group 1 - The Ministry of Human Resources and Social Security, along with six other departments, is conducting administrative guidance on labor practices for major platform and express delivery companies [2] - The initiative focuses on protecting the rights of workers in new employment forms, targeting 16 companies including Meituan, Taobao Shanguo, JD Seconds, and several express delivery firms [2] - Companies are required to fully implement their responsibilities regarding labor management and ensure the protection of workers' rights [2]

Group 1 - The Ministry of Human Resources and Social Security, along with several other governmental departments, is taking measures to protect the rights of workers in new employment forms by conducting administrative guidance for 16 companies including Meituan, Taobao, JD, and Didi [1] - The meeting emphasized the need for these companies to fully implement their responsibilities as employers, improve labor management continuously, and effectively safeguard the rights of workers in new employment forms [1]

Core Viewpoint - The Ministry of Human Resources and Social Security, along with several other governmental departments, is taking steps to protect the rights of workers in new employment forms by providing administrative guidance to 16 companies, including Meituan, Taobao, JD, and Didi [1][1]. Group 1 - The meeting emphasized the need for companies to fully implement their responsibilities as employers [1][1]. - Continuous improvement in labor management practices is required to ensure the rights of workers in new employment forms are effectively safeguarded [1][1]. - The companies involved include major players in the delivery and ride-hailing sectors, indicating a broad regulatory focus on gig economy workers [1][1].

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Insights - The aviation sector is expected to benefit from the Spring Festival travel peak, leading to a positive outlook for airline stocks. The report highlights a significant increase in flight operations and passenger volumes during this period, indicating a recovery in demand [4][6] - The report emphasizes the potential for oil transportation to rise, driven by geopolitical factors and structural demand growth, suggesting a favorable investment environment in the shipping sector [6][7] Summary by Sections Investment Highlights - The report identifies key investment opportunities in the aviation sector, particularly focusing on major airlines and low-cost carriers that are expected to benefit from rising ticket prices and improved operational performance [4][6] - It also highlights the logistics and express delivery sectors, noting the positive earnings forecast for companies like SF Express, which is capitalizing on the growth of instant delivery services [6] Aviation Data Tracking - Daily flight operations from February 2 to February 6 showed significant increases for major airlines, with Eastern Airlines and Southern Airlines leading the growth [4] - The average aircraft utilization rates also improved, indicating a recovery in operational efficiency across the sector [4] Shipping Data Tracking - The report tracks various shipping indices, noting a mixed performance in container shipping but a positive trend in oil transportation indices, suggesting a potential upturn in the oil shipping market [6][7] - The report recommends focusing on companies in the oil shipping sector due to limited supply and structural demand growth [6][7] Logistics Data Tracking - The report provides data on logistics performance, indicating a substantial increase in express delivery volumes, which is expected to continue benefiting from the growth in e-commerce and instant delivery services [6] - It highlights the importance of addressing industry challenges such as competition and regulatory changes to maintain profitability [6] Company Performance Tracking - The report includes performance metrics for key companies in the aviation and logistics sectors, showcasing their earnings forecasts and operational improvements [4][6] - It emphasizes the strategic positioning of companies like Spring Airlines and China Eastern Airlines, which are expected to leverage their market positions for growth [4][6]

Group 1 - Amazon plans to cut approximately 16,000 jobs, marking its second round of large-scale layoffs since October of last year [3][4] - The layoffs will affect various departments, including cloud computing and logistics, as the company aims to "reduce layers, enhance employee accountability, and eliminate bureaucracy" [1][4] - As of the end of Q3 2025, Amazon employed around 1.58 million people globally, primarily in warehouse and logistics roles, following significant workforce expansion during the pandemic [4] Group 2 - CEO Andy Jassy has indicated that efficiency improvements from artificial intelligence may lead to a reduction in employee numbers in the coming years [4][5] - Amazon's Senior Vice President of Employee Experience and Technology, Beth Galetti, did not rule out the possibility of further layoffs but emphasized that the company does not intend to make large-scale layoffs a regular occurrence [5] - Amazon has been actively cutting costs across various business segments to focus resources on artificial intelligence and rapid data center construction [6] Group 3 - The trend of layoffs is not isolated to Amazon, as several U.S. companies, including UPS and Nike, have also announced significant job cuts in January, driven by cost reduction and efficiency improvements [7][8] - The rise of artificial intelligence is accelerating the current wave of layoffs, with a report from Goldman Sachs indicating that jobs involving repetitive tasks are at the highest risk of being affected [8]