低利率环境下，市场不确定性加强，红利资产配置价值突出。市场不确定的情况下， 因为有分红的安全边际存在，高股息有配置价值：2010年以来，在A股指数下跌的28 个季度中，22个季度中证红利指数跑赢全A，占比78.6%。交运行业高股息板块股息 率均高于当前国债收益率，截至2024年4月9日，股息率-十年期国债收益率中，高速 公路约2%，港口约1.4%，航运约3%，原材料供应链服务板块波动较大

The "duty-free and travel retail for airlines market" encompasses the retail sector dedicated to selling goods to passengers, often at prices free from specific local taxes and duties. Primarily aimed at international travelers, duty-free shopping is predominantly accessible to those flying internationally. However, there are instances where domestic travelers can also avail themselves of these services.

Fine arts logistics include transportation, packaging, storage, and import clearance of fine arts collectibles, such as artworks, paintings, antiques, and sculptures. All the above artworks are stored in specialized humidity and temperature-controlled warehouses, which are equipped with security web-enabled cameras and closed-circuit televisions (CCTVs).

Finished vehicle logistics includes all the activities that are involved in transporting a finished vehicle from the factory where it is assembled to the dealer and includes yard management, port processing, claims management, and inspection.

航运港口 2025 年 3 月专题：集装箱吞吐量维 持稳增，散杂货吞吐量阶段性承压

2025年夏航季，客运航班周总量13.0万班。同比19夏+15%、同比24夏-3.3%，环比24冬+2.4%；其中国内11.3万班，同比19夏+22.4%、同 比24夏-3.8%，环比24冬+2.3%，国际1.5万班，同比19夏-16.4%、同比24夏+4%，环比24冬+4.8%。 总航班缩量受去年同期高基数影响；国际航线恢复程度高于去年同期，结构差异也导致总量变化。供给缩量，有望抬升票价。

Air cargo service providers ship different kinds of goods by air, which are either for international or domestic customers. Services provided by the companies in the global air cargo market include shipment of goods, customs clearance, tracking of cargo, and packing of goods.

核心解读：3月14日民航局发布2025年夏秋航季计划，国内航司的国内客运时刻同比24年夏航季下降4%， 同比19年增长22%；国际时刻同比24年继续增长，恢复至19年的85%；中国港澳台地区时刻同比24年略 有下降，恢复至19年的87%。

数据资产，开启价值重估新纪元：交运是一个数据资产足够丰富（公 路、航运、航空、供应链领域中积累了多维海量数据），但数据价值挖 掘不足的中游产业。AI 算法的进步与交运数据资产融合有望解决变现 难题，未来数据资产的商业模式向 B2B 订阅服务、B2G 公共服务及 B 2C 增值服务延伸，构建“数据即服务”新生态，推动行业从单一收入 转向多元化数据变现。目前政策驱动下数据资源陆续入表开启价值重 估通道，交运数据资产有望演绎由“沉睡资源”向“核心资产”的跃 迁逻辑。

ToB物流成本压力倒逼变革，AI助力成本管控智能化。我们认为，ToB物流服务链条长、定制化程度 高，且客户对成本诉求敏感，驱动物流企业加强成本控制、精细化运营的核心能力。AI大模型、机器 人等技术在物流场景的落地，有助于成本管控正从“经验式”向“智能化”跃迁，率先使用AI等科技 或具备技术基因的ToB物流商，有望在成本竞争中进一步扩大竞争优势。