交运ETF（561320）跟踪的是内地运输指数（000945），该指数主要涵盖在中国内地运营的交通运 输企业，选取涉及铁路、公路、航空及海运等领域的代表性公司作为指数样本，以反映中国内地运输行 业的整体表现与发展趋势。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 春运催化交运板块，2月25日，交运ETF（561320）涨超2% 【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 广发证券指出，2026年春运期间全社会跨区域人员流动量在高基数下实现稳健增长，总量或创新 高。其中机场航空呈现量价双升态势：量端，春 ...

编辑：马萌伟 调查同时显示，劳动力短缺、员工缺勤仍是制约企业经营的重要因素；建筑业企业普遍反映融资困难、利率水平偏高，部分企业还面临需求不足、监管约 束等问题。 经济景气调查基于企业问卷编制，综合反映企业对经营状况和发展预期的判断，是观察佛得角短期经济走势的重要参考指标。 新华财经达喀尔2月22日电（记者陈晨）佛得角国家统计局近日发布的经济景气调查结果显示，2025年第四季度该国经济景气指数升至25，高于2024年同 期的13，延续此前上升态势，表明企业信心持续改善，经济运行总体向好。 调查显示，商业、旅游、建筑、制造业、运输等主要行业景气状况普遍处于有利区间。其中，商业和制造业信心指数继续上升，运输业经营预期保持乐 观；旅游业景气指数较上季度略有回落，但仍高于长期平均水平；建筑业经营状况同比有所改善。 ...

Group 1 - The State Council's Safety Committee and the Ministry of Emergency Management held an emergency video meeting to enhance safety control over the entire chain of fireworks and firecrackers, emphasizing strict implementation of safety measures to prevent accidents [1] - The total box office for the 2026 Spring Festival film season, including pre-sales, has surpassed 2.8 billion yuan, with "Flying Life 3," "Silent Awakening," and "Boon Year" ranking as the top three films [1] - The Ministry of Transport reported that on February 18, the total cross-regional passenger flow reached 32.2988 million, a 9.7% increase compared to the same period in 2025, marking the first time daily traffic exceeded 300 million during the Spring Festival [1] Group 2 - The U.S. Department of Commerce reported that the merchandise trade deficit for 2025 reached a record $1.2409 trillion, an increase of $25.5 billion or 2.1% from the previous year, indicating that tariffs have had little effect on the overall deficit level [1] - The Indonesian central bank announced that it would maintain the benchmark 7-day reverse repurchase rate at 4.75%, aligning with market expectations [2] - Argentina's regulatory agency reported a decrease of nearly 22,000 companies over the past two years, with registered companies dropping from over 510,000 in November 2023 to over 490,000 in November 2025, resulting in a loss of nearly 300,000 jobs [2]

Core Viewpoint - Companies are offering exclusive benefits such as free tickets and entertainment packages to shareholders as a way to reward investors and enhance shareholder engagement [2][3]. Group 1: Companies Offering Benefits - Companies from the media and social services sectors, including Hengmei Mountain A, Xiangyuan Cultural Tourism, and Caesar Travel, are providing various perks such as free admission to scenic spots and discounted cruise tickets [2][3]. - Film companies like Hengdian Film and Bona Film have also introduced movie ticket packages for shareholders [2][3]. Group 2: Specific Benefits and Requirements - Hengmei Mountain A offers substantial benefits, including free entry to the mountain, complimentary cable car rides, and discounts on hot springs and skiing for shareholders and their families [2][3]. - Other companies, such as Palm Holdings in the construction sector, are giving away free tickets to certain 4A scenic spots, while Haixia Holdings in the transportation sector is promoting special travel packages [3][22]. Group 3: Cash Dividends - Since 2025, seven companies have distributed over 10 million yuan in cash dividends, including Xianheng International and Hengmei Mountain A, with the latter distributing more than 100 million yuan [3][22].

肯《星报》2月9日报道，由于燃油价格上涨、车辆维护成本高昂、融资费用增 加以及主要运输通道拥堵，肯运输企业面临巨大压力。为此，肯交通运输协会 (KTA)出具指导意见，设定过境货物的单程最低运输成本为257.25肯先令/公 里，本地货物的单程最低价格为250肯先令/公里，基准价格不包括最后一公里 配送费用和道路使用费。该协会表示，这些数字只是成本指导价格，并非强制 固定价格，会员在确定其商业利润方面拥有完全的自主权。 （原标题：肯运输协会设定最低运输成本基准） ...

春节长假前的提前发货推动运费上涨。汇丰银行发布的货运监测报告显示，今年1月初上海出口集装箱 运价指数介于1400至1656之间，明显高于过去15年来1337至1568之间的水平。该报告还显示，在今年1 月的大部分时间和2月初，从中国发往美国的大型集装箱运输船的运输量高于2024年和2025年同期水 平。 美国消费者新闻与商业频道2月15日文章，原题：美国关税政策实施一年后，中国的工厂和港口正热闹 非凡 在美国征收高额关税引发出口商及客户恐慌的一年后，中国的工厂和港口在农历新年前夕仍然呈 现出热火朝天的繁忙景象，甚至推高了运费。中国工厂的活动通常在年初激增，因为制造商们竞相在春 节长假前完成订单并发货。即使在美国对中国商品加征关税后，今年春节前的"赶工潮"依然强劲。 随着来自世界各地的客户纷纷为他们的下一个生产周期下订单，中国的工厂车间一直忙得热火朝天—— 这是商业咨询人士卡梅伦·约翰逊上个月走访中国华南多家工厂时看到的景象。他表示，华南地区的许 多汽车、消费品和体育用品制造商都"相当忙碌"，他们正在处理积压订单，并回答包括美国买家在内的 外国买家的现场咨询。（作者Anniek Bao，王会聪译） 广东一家电子 ...

日前，联合国贸发会议发布《2025年最不发达国家报告》，探究服务业能否成为最不发达国家实现结构 转型的新路径，尽管服务业在最不发达国家经济中的比重日益增长，但目前尚未成为推动广泛发展和结 构转型的强大引擎。服务业增长并未有效转化为生产率的普遍提高和高质量就业。 服务业增长显著但转型乏力。报告指出，服务业已成为最不发达国家最大的经济部门，2023年，服务业 平均占此类国家国内生产总值（GDP）的48.9%，同时也是重要的就业吸纳者，提供了38.4%的就业， 但这一增长主要发生在诸如零售贸易等低生产率、非正规的传统服务领域。最不发达国家整体劳动生产 率增长缓慢，各类服务业行业中，只有金融和商业服务等少数知识密集型领域出现了生产率增长，而吸 纳了大部分劳动力的贸易服务等部门生产率几乎停滞。报告还注意到，在许多最不发达国家，城市低端 服务业吸收大量从农业部门转移出来的劳动力，导致其无法进入制造业，出现了"过早去工业化"的现 象。 服务业贸易格局脆弱性突出。报告指出，最不发达国家的服务出口高度集中于传统部门，旅游和运输2 项合计占其服务出口总额的近70%，使其极易受到外部冲击的影响。此外，最不发达国家正在错失数字 机遇 ...

Core Insights - The report by UNCTAD explores whether the service sector can become a new pathway for structural transformation in least developed countries (LDCs), highlighting that despite the growth of the service sector, it has not yet become a strong engine for broad development and structural transformation [1] Group 1: Service Sector Growth - The service sector has become the largest economic sector in LDCs, accounting for an average of 48.9% of GDP in 2023 and providing 38.4% of employment [1] - Growth in the service sector is primarily concentrated in low-productivity, informal traditional service areas such as retail trade, with slow overall labor productivity growth in LDCs [1] - Only a few knowledge-intensive sectors, like financial and business services, have seen productivity growth, while productivity in trade services, which employs a large portion of the workforce, has stagnated [1] Group 2: Vulnerabilities in Service Trade - The service export structure of LDCs is highly concentrated in traditional sectors, with tourism and transport accounting for nearly 70% of total service exports, making them vulnerable to external shocks [2] - LDCs are missing out on digital opportunities, with their participation in the dynamic global trade of digital delivery services being extremely low, at approximately 0.16%, the lowest recorded share [2] - Due to insufficient trade capacity, LDCs face significant deficits in service trade, with trade deficits in digital delivery services accounting for 41.1% of their total trade deficit in 2024 [2] Group 3: Strategic Recommendations - The relationship between the service sector and industrialization is complementary rather than substitutive, suggesting that national strategies should not choose between "services or industry" but rather promote both [3] - The report recommends that LDCs and their development partners adopt a comprehensive transformation approach, integrating service sector development into broader structural transformation agendas [3] - Key strategies include investing in infrastructure and human capital, upgrading traditional service sectors, and enhancing regional and international cooperation to expand service trade [3] - The report emphasizes that the service sector alone is not a "magic bullet" for development challenges; it must be deeply integrated with the national economy and supported by comprehensive national strategies and favorable global conditions to effectively drive structural transformation [3]

Group 1 - The core viewpoint of the report is that while the service sector is growing in least developed countries (LDCs), it has not yet become a strong engine for broad development and structural transformation [1] - In 2023, the service sector accounted for an average of 48.9% of GDP in LDCs and provided 38.4% of employment, but this growth is primarily in low-productivity, informal traditional service areas like retail [1] - Labor productivity growth in LDCs is slow, with only a few knowledge-intensive sectors like financial and business services showing productivity increases, while trade services, which employ most workers, have stagnated [1] Group 2 - The report highlights the vulnerability of service trade patterns in LDCs, with tourism and transport accounting for nearly 70% of service exports, making them susceptible to external shocks [2] - LDCs are missing out on digital opportunities, with their participation in the dynamic global digital delivery services sector at only about 0.16%, the lowest recorded share [2] - In 2024, LDCs' trade deficit in digital delivery services accounted for 41.1% of their total trade deficit, indicating significant trade capacity limitations [2] Group 3 - The report suggests a comprehensive transformation path, emphasizing that the relationship between services and industrialization is complementary rather than substitutive [3] - It recommends that LDCs and their development partners adopt integrated development strategies that include service sector development within broader structural transformation agendas [3] - Key recommendations include investing in infrastructure and human capital, upgrading traditional service sectors, and deepening regional and international cooperation to enhance service trade [3]

Group 1 - Concerns about AI disruption have led to significant divergence in the travel and leisure industry, with online travel platform stocks plummeting while traditional hotel operators' stocks surged [1] - TripAdvisor's stock has fallen 29% this year, hitting a historical low after disappointing earnings, while Booking Holdings and Amadeus IT Group have seen declines of 22% [1] - In contrast, Marriott's stock has risen 14% and Hilton's stock has increased by 12% this year, with analysts raising target prices following Hilton's earnings report [1] Group 2 - The sell-off in travel stocks accelerated in early February as investors fled companies perceived to be vulnerable to AI disruption, initially triggered by a new tool from Anthropic [4] - The sell-off has spread to IT services, wealth management, real estate platforms, and logistics sectors, with significant drops in stocks like Charles Schwab and LPL Financial [4] - Concerns about AI's impact on office space demand have led to declines in commercial real estate stocks, with major firms like CBRE and JLL experiencing drops of 8.8% and 7.6% respectively [4] Group 3 - The market is currently characterized by a "sell first, ask questions later" mentality, as fears of AI disruption escalate with the rollout of AI products [4] - The Dow Jones Transportation Average has outperformed the S&P 500 by 13 percentage points over the past month and a half, driven by strong economic data and a trend of reducing exposure to tech giants [4] - Investors are increasingly seeking alternatives to AI-related stocks, with strong economic conditions reinforcing positive investment logic in traditional sectors [5] Group 4 - The software sector has experienced significant sell-offs, presenting a buying opportunity for investors, as many software stocks are considered severely oversold [6] - Despite recent declines in software stocks, there is a belief that market turmoil is creating favorable conditions for savvy investors [6] - A significant divergence in growth prospects and fundamental expectations among software companies is anticipated, rather than a uniform rebound across the market [6]