Investment Rating - The report maintains a positive outlook on the shipping industry, particularly focusing on oil transportation and shipbuilding sectors, recommending stocks such as ST Songfa and China Merchants Energy [4]. Core Insights - The report highlights a strong performance in oil shipping, with VLCC TCE rates rising by 24% to $146,385 per day, and a significant increase in demand leading to higher freight rates [4]. - The global energy chain's valuation is on the rise, driven by long-term capacity utilization and mid-cycle profit expectations, suggesting a favorable environment for shipping rates [4]. - The report emphasizes the resilience of the dry bulk market, with the BDI index recording a slight increase of 1.19% to 2,043 points, indicating stable demand despite seasonal fluctuations [5]. Summary by Sections Shipping Market Performance - The shipping index decreased by 1.41%, underperforming the CSI 300 index by 1.77 percentage points, with the aviation sector experiencing the largest decline at -5.16% [5]. - The report notes that the coastal dry bulk freight index in China fell by 1.76%, while the Baltic Dry Index increased by 1.19% [5]. Oil Transportation - VLCC rates reached a new high of approximately $160,000 per day during the Spring Festival, with expectations for continued strength in the coming weeks [4]. - The report indicates that the average VLCC freight rate increased by 23% week-on-week, reaching $149,564 per day, reflecting tight capacity and strong demand [4]. Dry Bulk Market - The report mentions that the Capesize freight rate decreased by 4.1%, while the Panamax index showed resilience with a 3.5% increase [4]. - The report anticipates that post-holiday demand recovery will be crucial for the dry bulk market, particularly in iron ore shipments [4]. Air Transportation - The report suggests that the airline industry is at a turning point, with potential for significant profit growth due to increased passenger volumes and operational efficiencies [4]. - Airlines such as China Eastern Airlines and Spring Airlines are highlighted as key players to watch in this sector [4]. Express Delivery - The report notes uncertainties in the express delivery sector due to fluctuating demand and competitive pressures, but highlights the strong market position of leading companies like ZTO Express and YTO Express [4]. Rail and Road Transportation - Rail freight volumes and highway truck traffic are reported to be resilient, with the Ministry of Transport data showing a slight decrease in freight volume but overall stability [4]. - The report identifies two main investment themes in the highway sector: high dividend yields and potential value recovery in undervalued stocks [4].

Group 1 - The company Haichen Co., Ltd. (300873) plans to disclose its annual report on April 23, 2026, which is an event worth noting [1]

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]

Core Viewpoint - The company has successfully developed and delivered semiconductor AMHS equipment, achieving recognition from both domestic and international clients in the semiconductor and display panel industries [1] Group 1: Product Development and Recognition - The company’s self-developed semiconductor AMHS equipment, including OHT cranes and intelligent storage cabinets, has been delivered in bulk to multiple clients [1] - The products have received widespread recognition from customers, indicating their acceptance in the market [1] - The company’s products have reached internationally advanced levels in core technical indicators, showcasing their competitive edge [1] Group 2: Market Position and Strategy - The company has successfully replaced international brands in several benchmark projects, demonstrating the reliability and competitiveness of its products in high-demand production environments [1] - The company aims to seize strategic opportunities in the semiconductor supply chain by continuing to invest in research and development to maintain technological leadership [1] - The company is actively expanding its domestic and international market presence, aspiring to become a significant supplier in the global semiconductor AMHS sector [1]

Core Viewpoint - The company, Haichen Co., has developed its own semiconductor Automated Material Handling System (AMHS), which has been recognized and validated by multiple industry clients, indicating a potential for domestic alternatives to Japanese products in the semiconductor sector [1]. Group 1: Product Development and Performance - Haichen Co. has successfully delivered its AMHS products, including OHT cranes and intelligent storage cabinets, to various semiconductor manufacturing benchmark projects in mainland China, Taiwan, and overseas [1]. - The company's products have achieved or are close to international leading levels in key performance indicators such as handling efficiency, positioning accuracy, system stability, and intelligence [1]. - The company is committed to continuous technological iteration and product optimization, aiming to provide high reliability and cost-effective domestic AMHS solutions for global semiconductor clients [1].

Core Viewpoint - The company has successfully developed and delivered its self-developed semiconductor AMHS system, achieving recognition from multiple industry clients and marking the industrialization of high-end material handling systems in China and abroad [1] Group 1: Product Development and Recognition - The semiconductor AMHS system includes core products such as OHT cranes and intelligent storage cabinets, which have been validated by several industry clients [1] - The products have been successfully delivered to benchmark semiconductor manufacturing projects in mainland China, Taiwan, and various overseas countries and regions [1] Group 2: Technical Performance - The company's products have reached or are close to international leading levels in key performance indicators such as handling efficiency, positioning accuracy, system stability, and intelligence [1] - The products are capable of supporting efficient and stable operations in semiconductor production lines [1] Group 3: Customer-Centric Approach - The company focuses on customer needs, continuously iterating on technology and optimizing products [1] - The goal is to provide global semiconductor clients with high reliability and cost-effective domestic AMHS solutions [1]

Core Viewpoint - The company has successfully developed and delivered semiconductor AMHS equipment, achieving recognition from both domestic and international clients in the semiconductor and display panel industries [1] Group 1: Product Development and Recognition - The company’s self-developed semiconductor AMHS equipment, including OHT cranes and intelligent storage cabinets, has been delivered in bulk to multiple clients [1] - The products have received widespread recognition from customers, indicating their acceptance in the market [1] - The core technical indicators of the company’s products have reached an internationally advanced level, showcasing their competitiveness [1] Group 2: Market Position and Strategy - The company has successfully replaced international brands in several benchmark projects, demonstrating the reliability and competitiveness of its products in high-demand production environments [1] - The company aims to seize strategic opportunities in the semiconductor industry for self-sufficiency, with plans to continue investing in research and development to maintain technological leadership [1] - The company is actively expanding its domestic and international markets, aspiring to become a significant supplier in the global semiconductor AMHS field [1]

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].

Investment Rating - The report maintains a "Positive" outlook on the shipping industry, highlighting strong performance in the sector despite seasonal challenges [4]. Core Insights - The shipbuilding sector is expected to show significant earnings growth, with Su Mei Da's Q4 net profit forecasted at 2.5 billion, a year-on-year increase of 71%, driven by strong contributions from shipbuilding and power generation [5]. - The shipping market continues to experience robust demand, with one-year charter rates for VLCCs rising by 2.8% to $64,000 per day, and Cape rates increasing by 8.4% to $28,700 per day [5]. - The report emphasizes the ongoing volatility in oil transportation rates, with VLCC rates experiencing a 62% increase in a single day due to supply-demand imbalances and geopolitical tensions [5]. - The dry bulk shipping market is also showing resilience, with the BDI index rising by 21.9% week-on-week, driven by strong demand from Australia and Brazil [5]. Summary by Sections Shipbuilding Sector - Su Mei Da's Q4 net profit is projected at 2.5 billion, up 71% year-on-year, exceeding expectations [5]. - ST Songfa's Q4 net profit is estimated between 11-14 million, with a net profit margin of 14%, reflecting a 1.6 percentage point increase from Q3 [5]. - Attention is drawn to China Shipbuilding's upcoming full consolidation of assets and the release of high-priced orders in Q1 2026 [5]. Shipping Market - The report notes a continued upward trend in shipping rates, with VLCC rates increasing by 2.8% and Cape rates by 8.4% [5]. - The VLCC average rate rose by 16% week-on-week, reaching $122,326 per day, with Middle East to Far East rates dropping by 25% [5]. - The report highlights the impact of geopolitical tensions on oil transportation, particularly in the context of the Ukraine conflict [5]. Dry Bulk Shipping - The BDI index recorded a 21.9% increase, with Capesize rates rising by 35.8% to $31,809 per day [5]. - Strong demand from Australia and Brazil is noted, with limited supply contributing to higher rates [5]. Air Transportation - The report indicates a significant opportunity for airlines due to rising passenger volumes and historical high load factors, suggesting a potential "golden era" for the industry [5]. - Airlines such as China Eastern Airlines and Spring Airlines are highlighted as key players to watch [5]. Express Delivery - The report anticipates uncertainty in the express delivery sector due to fluctuating demand and industry self-regulation policies, but notes that leading companies like Zhongtong Express and YTO Express are expected to maintain their market share and profitability [5]. Rail and Road Transportation - Rail freight volumes and highway truck traffic are showing resilience, with recent data indicating a slight decline in volumes but overall stability [5]. - The report suggests that high dividend investment themes and potential value management catalysts in the highway sector are worth monitoring [5].

Market Overview - The logistics sector experienced a decline of 1.27% on January 27, with Changjiang Investment leading the drop [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Stock Performance - Notable gainers in the logistics sector included: - Hengji Daxin (002492) with a closing price of 9.14, up 5.91% and a trading volume of 413,800 shares, totaling 369 million yuan [1] - ST Haiqin (600753) closed at 8.75, up 3.80% with a trading volume of 67,000 shares, totaling 57.79 million yuan [1] - Major decliners included: - Changjiang Investment (600119) closed at 8.11, down 4.25% with a trading volume of 139,800 shares, totaling 114 million yuan [2] - Jiayou International (603871) closed at 13.32, down 2.63% with a trading volume of 168,900 shares, totaling 227 million yuan [2] Capital Flow - The logistics sector saw a net outflow of 238 million yuan from institutional investors, while retail investors had a net inflow of 270 million yuan [2] - Key stocks with significant capital flow included: - Hengji Daxin (002492) with a net inflow of 42.47 million yuan from institutional investors, but a net outflow of 33.15 million yuan from retail investors [3] - China Foreign Trade (601598) had a net inflow of 39.76 million yuan from institutional investors, with a net outflow of 19.37% from retail investors [3]