Group 1: Company Announcements - The controlling shareholder of Jihua Group is planning a change in control, and the stock will be suspended from trading starting February 2, 2026 [1][2] - Fusheng Holdings' actual controller, chairman, and general manager have been detained, but the company states that operations remain normal [3] - Gree Electric has increased its share repurchase amount to between 1 billion and 1.5 billion yuan [14] Group 2: Performance Forecasts - Guizhou Airlines expects a net profit of 800 million to 1 billion yuan for 2025, marking a turnaround from losses [5] - Aobi Zhongguang forecasts a net profit of approximately 123 million yuan for 2025, indicating a significant increase from the previous year [6] - Sinopharm Group anticipates a net profit increase of 2767% to 3233% for 2025 [8] - Bojie Co. expects a net profit of 130 million to 160 million yuan for 2025, representing a growth of 484.16% to 618.97% [9] - Taiji Group forecasts a net profit of approximately 110 million yuan for 2025, an increase of about 313% [10] - Zhongji Xuchuang expects a net profit of 9.8 billion to 11.8 billion yuan for 2025, a growth of 89.50% to 128.17% [11] Group 3: Significant Contracts and Investments - Jerry Holdings' subsidiary signed a sales contract for gas turbine generator sets worth approximately 1.265 billion yuan [15] - Wanhu Chemical plans to invest 19.086 billion yuan in its subsidiary Wanhu Olefin Company to enhance operational control [17] - Funi Holdings intends to use up to 1.85 billion yuan of idle funds for cash management [17]

Core Viewpoint - Hangzhou Airport has upgraded its "Instant Hangzhou Travel" service, expanding it from the existing China Southern Airlines "Hangzhou-Guangzhou" express route to include the "Hangzhou-Shenzhen" express route, providing more efficient travel options for passengers between Zhejiang and Guangdong provinces [1]. Group 1 - The "Instant Hangzhou Travel" service has already facilitated over 100,000 passengers since its launch on the "Hangzhou-Guangzhou" route, helping more than 1,000 late-arriving passengers board their flights [9]. - The service allows passengers without checked luggage to arrive at the boarding gate up to 15 minutes before flight departure, alleviating the anxiety of last-minute travel [9]. - Passengers who miss their flights can directly reschedule and check in through the China Southern Airlines official app at the boarding gate, eliminating the need to return to service counters [9]. Group 2 - The "Hangzhou-Shenzhen" route serves as a crucial air passage connecting Zhejiang to the Greater Bay Area, with a concentration of business and travel passenger flow [9]. - The upgraded service includes dedicated check-in counters, clear directional signage, expedited security checks, and priority shuttle services, significantly reducing travel time and enhancing passenger experience [9]. - Future plans for Hangzhou Airport include deepening cooperation with airlines and continuously innovating service products to meet diverse travel needs and improve convenience and satisfaction [9].

强于大市 交通运输行业周报 南航海航 2025 年实现扭亏为盈，航空运输行业 有望逐步迈入盈利周期 物流方面，九识智能三年"200→2,000→20,000"百倍增长，联合菜鸟无人车打造 "无人货运超级航母舰队。航空方面，2025 年全球航空货运需求稳增，南航、海 航 2025 年实现扭亏为盈。低空经济方面，广州塔、白云山等地标将设 eVTOL 垂直起降点，低空经济从概念培育到现实场景稳步推进。航运方面，2025 年中 国船舶租赁市场多维度发展，规模与效益并进。高速公路方面，交通运输部举 行 2026 年首次例行新闻发布会，保障春运期间交通顺畅与安全。 ◼ 核心观点 交通运输 | 证券研究报告 — 行业周报 2026 年 2 月 1 日 ◼ ①九识智能三年"200→2,000→20,000"百倍增长，联合菜鸟无人车打造 "无人货运超级航母舰队。九识智能披露其 RoboVan 实现从 200 台商业破 冰、2,000 台规模验证到如今 20,000 台常态化履约的跨越，连续三年"10 倍 增长"，并称已刷新全球自动驾驶产品量产履约纪录。②2025 年全球航空 货运需求稳步增长，南航、海航实现扭亏为盈。国际航协披 ...

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - Geopolitical factors are driving up VLCC freight rates, with the Clarksons VLCC-TCE index rising to $116,000 per day, a week-on-week increase of 17%. The Middle East to China route is reported at $127,000 per day, up 27% week-on-week [1][10]. - The BDI index is showing resilience during the off-season, closing at 2148 points, a week-on-week increase of 21.9%. The average BDI for January is reported at 1759 points, a year-on-year increase of 89% [2][23][24]. Summary by Sections Oil Transportation - The ongoing tensions between the US and Iran have led to an increase in VLCC freight rates, with the market showing signs of weakness as the supply of cargo from the Middle East is tapering off [1][10]. - The Brent crude oil futures price has risen to $69.83 per barrel, a 9.6% increase since January 22, driven by concerns over potential disruptions in Middle Eastern oil supply [2][11]. Dry Bulk Transportation - The BDI index has shown strong performance despite seasonal trends, with significant increases in various sub-indices: BCI up 35.8%, BPI up 8.1%, BSI up 4.0%, and BHSI up 3.0% week-on-week [2][23]. - The report highlights that the supply side is constrained due to recent storms affecting shipping schedules, while demand remains robust due to favorable weather conditions for iron ore exports from Brazil [3][24]. Investment Recommendations - The report suggests a positive outlook for both oil and dry bulk markets, recommending companies such as China Merchants Energy and COSCO Shipping for oil transportation, and Haitong Development and Pacific Shipping for dry bulk [7][28]. - The report emphasizes the importance of performance elasticity and dividend value in the transportation sector, particularly in aviation and shipping [7][62].

Investment Rating - The report recommends a positive outlook for the logistics and transportation sector, particularly highlighting companies like SF Holding and China National Aviation [2][4]. Core Insights - The express delivery sector saw a year-on-year growth of 2.3% in December, with major companies benefiting from price increases amid reduced competition [2]. - The logistics sector is experiencing a recovery in demand, with a recommendation for Haicheng Co. due to its focus on smart logistics [3]. - The aviation sector is expected to see improved profitability as supply constraints ease, with recommendations for China National Aviation and Southern Airlines [4]. Summary by Sections Transportation Market Review - The transportation index fell by 1.3% during the week of January 24-30, 2026, while the Shanghai and Shenzhen 300 index rose by 0.1%, indicating underperformance against the broader market [12]. Industry Fundamentals Tracking Shipping Ports - The shipping market is adjusting, with the China Export Container Freight Index (CCFI) at 1175.59 points, down 2.7% week-on-week and down 21.9% year-on-year [21]. - The dry bulk shipping index (BDI) increased by 14.2% week-on-week, indicating a positive trend in dry bulk demand [34]. Aviation Airports - In December 2025, civil aviation passenger volume reached 60.6 million, a 6% year-on-year increase, with domestic routes showing strong performance [53]. - Major airlines are expected to improve profitability, with China National Airlines and Southern Airlines highlighted for their potential [4]. Rail and Road - National railway passenger volume increased by 8.52% year-on-year in December 2025, while road freight volume showed a slight increase of 0.62% [72]. - The report notes a decline in truck traffic on highways, with a 3.32% decrease week-on-week [34]. Recommendations - The report recommends investing in SF Holding for its valuation and resilience, and in Haicheng Co. for its smart logistics initiatives [2][3]. - The aviation sector is also recommended for investment, particularly in China National Aviation and Southern Airlines due to expected profit recovery [4].

为提升出行体验，南航湖南分公司推出多项服务升级举措。在特色服务方面，持续提供无成人陪伴儿 童/老人、木棉抚婴、爱宠进客舱、"长兴焕新"及中转"经长飞"行李一票到底等服务，满足不同旅客出 行需求。在现场保障方面，增加值机柜台开放数量，增设移动值机柜台，增派工作人员及青年志愿者协 助旅客办理值机、登机、托运行李等手续。特别值得一提的是，1月30日起，南航在长沙至北京大兴航 线率先推出"一刻登机"服务，该服务针对无行李托运的旅客，只需在航班计划起飞前15分钟完成安检及 登机即可，通过技术升级和流程优化提升出行效率。 航线布局方面，南航湖南分公司进一步完善国内国际航线网络。国内方面，航线覆盖北京、广州等主要 商务城市及三亚、哈尔滨等热门旅游地，2月3日起新开长沙至腾冲每日1班航线（CZ8221/CZ8222， 09:05长沙起飞、12:05抵腾冲）；加密长沙—北海（每日1班）、西宁（每周4班）等热点航线，长沙至 西安、长春、乌鲁木齐分别增至每日3班、3.5班、5班。海岛、冰雪旅游专线精准发力，长沙至三亚、 海口等航线提供出港240余班，至哈尔滨、沈阳等航线提供出港460余班。国际方面，新增长沙至新加 坡、胡志明航线各 ...

❑ 风险提示：人民币大幅贬值、油价大幅上涨、快递价格战恶化、重大海上安 全事故、重大自然灾害等。 推荐（维持） 证券研究报告 | 行业定期报告 2026 年 02 月 01 日 ❑ 物流：本周 TAC 上海出境空运价格指数周环比-3.9%，同比+0.7%。 地缘情绪推升油运运价,三大航发布 2025 年业绩预告 招商交通运输行业周报 周期/交通运输 本周关注：航运方面，地缘情绪推升油运运价；基础设施方面，优选个股布局 红利资产；航空方面，关注 26 年行业基本面上行趋势；快递方面，关注 26 年 行业竞争格局和估值修复潜力。 % 1m 6m 12m 绝对表现 3.2 6.1 16.5 相对表现 2.0 -7.3 -6.8 资料来源：公司数据、招商证券 -10 0 10 20 30 Feb/25 May/25 Sep/25 Jan/26 (%) 交通运输 沪深300 相关报告 1、《招商交通运输行业周报—油轮 制裁力度仍在加大，2025 年快递业务 量同比增长 13.6%》2026-01-25 2、《招商交通运输行业周报—油运 景气度高涨，国常会研究部署多项促 消费举措》2026-01-18 3、《招商交通运输 ...

（南航供图） 为精准匹配多样化的出行需求，南航对西安至广州、深圳、乌鲁木齐、三亚、海口等热点航线进行了重点布局，通过增加航班频次、投放宽体客机、优化起 飞时刻等措施，全力提升出行便利性。其中，面向粤港澳大湾区的返乡与探亲客流，西安—广州航线日均9班，西安—深圳航线日均6班，两条航线每日最多 可提供5个宽体机航班，有效提升运输能力与乘机体验。 随着冬季旅游需求持续升温，南航积极布局"南下暖冬"与"北上冰雪"双向出行网络。在冰雪旅游方面，西安至乌鲁木齐每日6班，西安至沈阳每日3班，西安 至长春、哈尔滨两地都是日均2班，方便旅客前往感受北国风光与滑雪的乐趣。同时，为响应海南免税购物及避寒旅游需求，在2月5日至3月13日期间，南航 将对西安至三亚航线调整为每日1班宽体机，西安至海口航线维持每日2班运营，为选择"候鸟式"出行的旅客提供充分运力保障。 温馨提示：春运期间客流量较大，建议旅客提前规划行程，出行前请关注目的地天气变化。旅客可以通过关注南方航空公众号、小程序、登录南方航空官网 等方式，及时了解航班动态。（编辑：金杰妮 校对：李海燕 审核：程凌） 《中国民航报》、中国民航网 记者路泞 报道：2026年春运将于2月 ...

凤凰网投诉讯 1月30日，有网友投诉南方航空诱导乘客办理信用卡。 用户在投诉中表示，自己几个月前在大兴机场赶飞机，自称南航工作人员的人让自己注册南航会员，并在注册过程中试图通过聊天分散自己的注意力。结 果，用户发现注册界面上方显示"浦发银行信用卡申请"字样，工作人员敷衍表示是银行与航司的合作。但用户认为，所谓的办理会员就是诱导乘客办理浦 发银行信用卡。 随后，凤凰投诉致电南方航空客服，客服回应称需要用户会员信息才能核实相关情况。 你是不是也曾遭遇过各种投资理财、购买保险的陷阱，却投诉无门？或手握第一线的真实投资故事，却无人关注？扫码留言，让你的声音"被看见、被回 应"！ ...

——国泰海通交运周观察 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | | --- | --- | --- | --- | --- | | 岳鑫(分析师) | 0755-23976758 | yuexin@gtht.com | S0880514030006 | | | 陈亦凡(研究助理) | 0755-23976151 | chenyifan2@gtht.com | S0880124070025 | [Table_subIndustry] | 春运客流持续增长，油运盈利 Q1 大增 [Table_Industry] 运输 本报告导读： 航空：2025 年主业盈利改善符合预期，春运客流持续增长，旺季表现可期。建议布 局超级周期长逻辑。油运：预计 2026Q1 油轮盈利同比大增数倍，期待超级牛市。 投资要点： [Table_Report] 相关报告 运输《公路政策优化可期，公路法修正将是信 号》2026.01.26 运输《春运客流再创新高，原油运价维持高位》 2026.01.25 运输《全球经济温和复苏，原油运价维持高位》 2026.01.25 运输《航空春运预售启动，预计因私需 ...