Industry Overview - The China Chemical Products Price Index (CCPI) is reported at 4120 points this week, showing a year-on-year decrease of 5.0% and a month-on-month increase of 1.1% [1] - The CCPI for the previous week was 4066 points, reflecting a year-on-year decline of 6.6% and a month-on-month decrease of 1.0% [1] - The domestic maritime shipping price for liquid chemicals was 168 RMB/ton, down 8.51% year-on-year and 0.62% month-on-month [1] Express Delivery - In December, the express delivery business volume increased by 2.3% year-on-year, with some companies benefiting from price increases due to reduced competition [2] - The total collection volume for postal express from January 26 to February 1 was approximately 4.541 billion pieces, up 60.8% year-on-year and 5.5% month-on-month [2] - The total delivery volume during the same period was about 4.477 billion pieces, reflecting a year-on-year increase of 18.7% and a month-on-month increase of 5.8% [2] - The State Post Bureau forecasts that by 2025, express delivery revenue will reach 1.5 trillion RMB, growing by 6.5% year-on-year [2] Logistics - DSV's integration of DB Schenker is progressing ahead of expectations, with completion anticipated by the end of 2026 [3] - The company is focusing on smart logistics, benefiting from improved demand [3] Aviation and Airports - The average daily flights nationwide decreased by 1.08% year-on-year, with domestic flights down 1.28% [4] - Brent crude oil futures settled at 67.55 USD/barrel, down 4.47% month-on-month and 11.07% year-on-year [4] - The domestic aviation kerosene ex-factory price (including tax) is 5334 RMB/ton, down 4.3% month-on-month and 12.7% year-on-year [4] - The airline sector is expected to see profit elasticity due to supply constraints from aircraft manufacturers and upstream component suppliers [4] Shipping - The container shipping price index (CCFI) is at 1122.15 points, down 4.5% month-on-month and 20.7% year-on-year [5] - The Shanghai Export Container Freight Index (SCFI) is at 1266.56 points, down 3.8% month-on-month and 33.2% year-on-year [5] - The crude oil transportation index (BDTI) increased by 2.1% month-on-month and 88.5% year-on-year, indicating a growing demand for oil transportation [5] - A recent agreement between the U.S. and India to halt Russian oil purchases is expected to boost oil transportation demand [5] Road and Rail Ports - Anhui Expressway completed the acquisition of Shandong Expressway, acquiring 7% of its total share capital at a price of 8.92 RMB/share, totaling 3.019 billion RMB [5] - The total number of freight vehicles on national highways reached 56.83 million, up 4.75% month-on-month and 506.12% year-on-year [5]

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 - The second China Life CBA Club Cup finals stage has commenced in Hohhot, Inner Mongolia, featuring 8 strong CBA teams competing for the championship [2] - The tournament follows a single-elimination format and will run from February 6 to February 12, with the final match scheduled for February 12 at 19:30 [12] - The participating teams include Zhejiang Chouzhou, Shandong High-Speed, Shanghai Jiushi, Guangdong Dongyangguang, Zhejiang Fangxingdu, Changbai Mountain Enduri, Shanxi Fenjiu, and Beijing Holdings [12] Group 2 - In the quarterfinals, Shanghai Jiushi defeated Guangdong Dongyangguang with a score of 113 to 104, while Shandong High-Speed narrowly won against Zhejiang Chouzhou with a score of 89 to 88, both advancing to the semifinals [6]

Core Viewpoint - The company has announced a share transfer agreement where its controlling shareholder, Shandong Expressway Group Co., Ltd., will transfer 7% of its shares to Anhui Wantong Expressway Co., Ltd. at a price of 8.92 CNY per share, totaling approximately 3.02 billion CNY [1][2]. Group 1: Share Transfer Agreement Details - On October 21, 2025, the controlling shareholder, Shandong Expressway Group, signed a share transfer agreement with Anhui Wantong Expressway, agreeing to transfer 338,419,957 shares, which represent 7% of the company's total share capital, through a private agreement [3]. - The share transfer has received compliance confirmation from the Shanghai Stock Exchange and the share transfer registration procedures have been completed, with the transfer date set for February 3, 2026 [4]. Group 2: Post-Transfer Arrangements - Anhui Wantong Expressway has committed not to trade or transfer the acquired shares for 12 months after the shares are registered in its name. Following the completion of the share transfer, it has the right to nominate or recommend one director [2]. - The share transfer does not trigger a mandatory bid and will not result in changes to the controlling shareholder or actual controller, nor will it significantly impact the company's governance structure or ongoing operations [2].

Meeting Overview - The first temporary shareholders' meeting of Shandong Expressway Bridge Group Co., Ltd. was held on February 4, 2026, combining on-site and online voting methods [4][5]. - The meeting was chaired by Chairman Lin Cunyou and complied with relevant laws and regulations [5][20]. Attendance - A total of 266 shareholders and authorized representatives attended the meeting, representing 989,389,023 shares, which is 64.1094% of the total voting shares [6]. - Among them, 4 shareholders attended the on-site meeting, representing 976,450,917 shares (63.2711% of total voting shares) [7]. - 262 shareholders participated via online voting, representing 12,938,106 shares (0.8384% of total voting shares) [8]. - Small and medium shareholders totaled 263, representing 12,981,206 shares (0.8411% of total voting shares) [9]. Resolutions and Voting Results - The meeting adopted a combination of on-site and online voting for the resolutions [10]. - The following resolutions were passed: - Approval of the estimated 2026 annual related party transactions [11][12]. - Revision of the "Independent Director Work System" [13]. - Revision of the "Independent Director Special Meeting Work System" [14]. - Revision of the "Related Party Transaction System" [15]. - Revision of the "Financial Management System" [16]. - Revision of the "External Guarantee System" [17]. - Revision of the "External Investment System" [18][19]. - Revision of the "Internal Audit System" [20]. - Revision of the "Director and Senior Management Compensation Management System" [20]. Legal Opinion - The legal opinion was provided by Guohao Law Firm (Jinan), confirming that the meeting's procedures, qualifications of attendees, and voting results complied with relevant laws and regulations [20].

Core Viewpoint - The company, Anhui Expressway, is focusing on expanding its investment in the highway sector to strengthen and grow its core business sustainably through a strategic acquisition of shares in Shandong Expressway [1] Group 1: Acquisition Details - Anhui Expressway has acquired 7% of the total shares of Shandong Expressway, amounting to 338,419,957 shares, from Shandong High Group [1] - The acquisition was executed through a non-public agreement at a price of 8.92 yuan per share, totaling approximately 3.02 billion yuan [1] - The share transfer agreement was signed on October 21, 2025, and the transfer was completed on February 3, 2026, with the shares being unrestricted tradable [1] Group 2: Corporate Governance - The company held its 17th meeting of the 10th Board of Directors and the 10th meeting of the 10th Supervisory Board on October 21, 2025, to review the acquisition proposal [1] - A temporary shareholders' meeting was convened on December 30, 2025, to approve the acquisition of shares in Shandong Expressway [1] - The transaction has received compliance confirmation from the Shanghai Stock Exchange and a securities transfer registration confirmation from China Securities Depository and Clearing Corporation Limited [1]

Group 1 - The core point of the article is that Shandong Expressway announced the transfer of approximately 338 million unrestricted circulating shares, representing 7% of the company's total share capital, from its controlling shareholder, Gaosu Group, to Anhui Expressway through a private agreement [1] - The share transfer agreement was signed on October 21, 2025, and has received compliance confirmation from the Shanghai Stock Exchange [1] - The transfer was officially registered on February 4, 2026, with the transfer date set for February 3, 2026, and all registration procedures have been completed [1]

证券代码：600350 证券简称：山东高速 公告编号：2026-007 山东高速股份有限公司 关于控股股东协议转让公司部分股份 过户完成的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 协议转让的主要内容：2025 年 10 月 21 日，山东高速股份有限公司（以 下简称"公司"）控股股东山东高速集团有限公司（以下简称"高速集团"）与安 徽皖通高速公路股份有限公司（股票代码:600012.SH、0995.HK，以下简称"皖 通高速"）签署了《股份转让协议》，高速集团通过非公开协议转让方式以 8.92 元/股的价格向皖通高速转让所持公司 7%股份，即 338,419,957 股，交易金额为 人民币 3,018,706,016.44 元。 协议转让的办理情况：本次协议转让已取得上海证券交易所的合规性确 认，并于 2026 年 2 月 4 日收到中国证券登记结算有限责任公司出具的《证券过 户登记确认书》，本次交易所涉及的股份过户登记手续已办理完毕，过户日期为 2026 年 2 月 3 日，过户数量为 ...

智通财经APP讯，安徽皖通高速公路(00995)发布公告，有关(其中包括)本公司收购山东高速股份有限公 司部分股份的主要交易。股份转让协议的所有先决条件均已达成，主要交易已于本公告日期根据股份转 让协议的生效条款完成。完成后，本公司持有目标公司已发行股份的约7%。 目标公司主要从事对交通基础设施的投资运营，以及高速公路产业链上下游相关行业等领域的股权投 资。 ...

智通财经APP讯，安徽皖通高速公路(00995)发布公告，有关(其中包括)本公司收购山东高速股份有限公 司部分股份的主要交易。股份转让协议的所有先决条件均已达成，主要交易已于本公告日期根据股份转 让协议的生效条款完成。完成后，本公司持有目标公司已发行股份的约7%。 目标公司主要从事对交通基础设施的投资运营，以及高速公路产业链上下游相关行业等领域的股权投 资。 ...