证券研究报告 交通运输 行业定期报告 hyzqdatemark 2025 年 07 月 21 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 联系人 板块表现： 快递 6 月数据明显分化，关注行业反内卷进程 投资评级： 看好（维持） —交通运输行业周报（2025 年 7 月 14 日-2025 年 7 月 20 日） 投资要点： 一、行业动态跟踪 快递物流： 1）各家快递公司发布 6 月经营业绩，顺丰业务量增速维持 30%+，"通达系"中圆 通增速保持领先。2025 年 6 月圆通/韵达/申通/顺丰完成业务量 26.27 / 21.73 /21 ...

Core Insights - The 12th Shenzhen International Game Festival will be held from July 18 to 20, featuring over 100 domestic and international animation and gaming companies [1][2] - The festival will showcase a special exhibition celebrating the 40th anniversary of the China Animation Association, highlighting the evolution of Chinese animation [1][2] Industry Overview - The event is recognized as the largest animation and gaming exhibition in the Guangdong-Hong Kong-Macao Greater Bay Area, attracting over 5,000 companies and 1.35 million visitors since its inception in 2014 [1] - The two-dimensional market in China is experiencing explosive growth, with projections indicating that the user base will reach 503 million by 2024, primarily driven by Generation Z [2] Exhibition Highlights - The special exhibition will feature classic Chinese animations such as "Big Head Son and Small Head Dad" and "Eight Immortals Crossing the Sea," as well as contemporary works like "Boonie Bears" and "White Snake 2: The Tribulation of the Green Snake" [1][2] - Renowned institutions like Beijing Film Academy and Nanjing University of the Arts will showcase award-winning works, emphasizing the strength of the new generation in Chinese animation [2] Participation and Engagement - Major companies such as CCTV Animation, Bilibili, and Tencent Animation will participate, alongside popular guests who will engage with fans [2]

【深圳商报讯】（记者苑伟斌范宏韬）2025年7月11日是我国第二十一个航海日，也是"世界海事日"在 我国的实施日。7月11日，由中国大洋矿产资源研究开发协会（以下简称"中国大洋协会"）、深圳市海 洋发展局、深圳市前海管理局等单位主办的"从深圳驶向深蓝从前海驶向深海：环球科考赋能全球海洋 中心城市建设暨深圳国际海洋创新研究院揭牌仪式"在深圳蛇口邮轮母港举行。陈大可、张偲、林间等 院士出席，来自政府、科研院校、机构、企业等近百名嘉宾见证。 活动上，中国大洋协会、市海洋发展局、市前海管理局签署战略合作框架协议，三方将共建深圳国际海 洋创新研究院"七中心+两平台"，布局落地深海科创平台等高水平创新载体；举行中国大洋协会深圳国 际海洋创新研究院、深圳海洋大学（筹）前海海洋产学研基地、印度洋国际海洋青年学者联盟、全球中 小学海洋素养联盟等重点海洋项目揭牌仪式。 据悉，活动当天下午，i3航次的执行船舶"向阳红10"号面向深圳市中小学生开放参观，学生们登上科考 船，近距离接触海洋探测设备，感受海洋科考的科技魅力。 （文章来源：深圳商报） 中国大洋协会理事长张占海表示，深圳国际海洋创新研究院将聚焦新技术、新材料研发成果转化为新 ...

Core Insights - The development of cold chain logistics in China is being redefined by new infrastructure initiatives, particularly by Shenzhen International, which is a leading logistics operator in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - Shenzhen International is aligning its strategies with national logistics planning, focusing on building a robust cold chain infrastructure through new constructions, acquisitions, and operational improvements [1] Group 1: Infrastructure Development - Shenzhen International has implemented a "water-land-air-rail + intelligent cold chain" strategy since 2019, investing in multiple cold chain logistics parks in key cities such as Shenzhen, Shanghai, Nanjing, Tianjin, Shijiazhuang, and Chengdu [1] - The cold storage facilities in the Shenzhen Li Guang project cover an area of approximately 50,000 square meters, including a frozen warehouse with 29,261 slots and a refrigerated warehouse with 4,376 slots [3] - The Nanjing Jiangning project features a cold storage area of about 29,000 square meters and a dry warehouse of 3,100 square meters, equipped with over 30,000 pallet positions [5] - The Shijiazhuang Zhengding project has a total construction area exceeding 100,000 square meters, with a pharmaceutical and food cold storage area of about 70,000 square meters [7] Group 2: Operational Strategy - Shenzhen International employs a "self-operated + cooperative" dual-track model to enhance its cold chain operational capabilities [9] - The company has established a cold chain operation team in projects like Shijiazhuang Zhengding and Chengdu Qingbaijiang, while also forming a joint venture with Wanwei Logistics to enhance service offerings [11] Group 3: Technological Integration and ESG - Shenzhen International integrates ESG principles into its operations, responding to national policies on cold chain logistics intelligence [12] - The Shenzhen Li Guang project features a smart management system that allows for precise temperature control within ±0.5°C and real-time monitoring of temperature and humidity [14] - The Nanjing Jiangning project utilizes photovoltaic systems to reduce carbon emissions by over 1,000 tons annually and includes charging stations for new energy vehicles [14] Group 4: Policy Support and Market Opportunities - The national development and reform commission has introduced policies to support cold chain logistics as a key area of focus, with nearly 500 billion yuan allocated for major projects since 2025 [15] - The establishment of national backbone cold chain logistics bases is progressing, with the goal of creating 100 such bases as part of the "14th Five-Year Plan" [16] - Shenzhen International is positioned to seize historical development opportunities in the cold chain logistics sector due to favorable policy support [16]

Group 1 - The 2025 China (Shenzhen) International Consumer Electronics Show opened with over 400 global exhibitors, highlighting the growth and innovation potential of China's consumer electronics industry [1] - The theme of the exhibition is "AI Intelligence, Smart Innovation Changing Life," showcasing advancements in technology [1] Group 2 - Yanhe Technology presented its "Light-Powered" theme, featuring the "Qiguang Series" and "Qunying Series" of perovskite solar batteries, which received significant attention and led to multiple on-site agreements with potential clients [2] - The company offers integrated and customized energy solutions for various applications, significantly enhancing battery life and addressing the demand for lightweight, flexible, and long-lasting power sources [2] - The Qiguang Series is designed for low-power products, achieving an output of 20mW/cm under high illumination and up to 180W/cm in indoor conditions, with a thickness of 0.5mm and a weight of less than 0.15g per square centimeter [2] Group 3 - The Qunying Series features a flexible design with a thickness of only 0.2mm, suitable for space-constrained applications like wearables and smart tags [3] - The Qiguang/Qunying Plus version integrates a complete circuit design and energy storage, enabling a "light-powered" experience for AI smart hardware [3] Group 4 - Yanhe Technology, established in February 2024, focuses on the research and industrialization of perovskite solar batteries, supported by several well-known investment institutions [4] - The company has built a 100MW fully automated production line in Changde, Hunan, and a 10MW pilot and R&D platform in Beijing, establishing a comprehensive "R&D-Manufacturing-Market" layout [4] Group 5 - Yanhe Technology's perovskite solar batteries received certification from the global testing organization TÜV Rheinland, marking a significant milestone for the application and promotion of perovskite photovoltaic technology in the consumer market [5] - The company has also achieved multiple certifications, including EU RoHS and REACH, facilitating the global green transition of consumer products [5] - At the upcoming IFA in Berlin, Yanhe Technology will showcase new large-size flexible perovskite solar batteries and additional application cases, further accelerating the commercialization of this technology [5]

Group 1 - The 2025 Shenzhen International Optical Expo opened on June 25, attracting over 200 exhibitors from more than 20 countries and over 30,000 professional visitors [1] - The exhibition covers an area of 15,000 square meters and is divided into nine themed zones, showcasing the entire industry chain [1] - The event features a special exhibition on the 45-year development history of the Longgang eyewear industry, highlighting its evolution from traditional to smart eyewear [1] Group 2 - Lohas Group showcased its first mass-produced AI smart glasses, "Paipai Mirror A1," which integrates multiple functions such as photography, video recording, and translation [2] - RayNeo, a leading AR brand, presented new AR glasses that achieved a market share of 52% during the recent "618" sales event [2] - The 2025 Shenzhen International Eyewear Design Competition announced its winners, aiming to discover and cultivate outstanding eyewear design talent [2] Group 3 - Shenzhen's eyewear industry has developed a complete industrial chain and rich resources over 40 years, actively embracing technological innovation for smart transformation [3]

Core Viewpoint - Shenzhen International Holdings Limited is the only wholly overseas-listed company among Shenzhen's state-owned enterprises, focusing on modern logistics, toll roads, ports, and environmental protection, aiming to become a leading urban infrastructure developer and operator in China [1] Group 1: Business Overview - The company operates in four main sectors: toll roads and environmental protection, logistics (including logistics parks and services), ports and related services, and other investments [1] - The toll road and environmental protection business relies primarily on Shenzhen Expressway Group Co., Ltd. for operations [1] - The company has developed a "投建管转" (investment, construction, management, and transfer) large closed-loop business model and a "投建融管" (investment, construction, financing, and management) small closed-loop business model to achieve sustained performance growth [1] Group 2: Financial Performance - The transformation of the South China logistics park is expected to contribute over HKD 156.58 billion in after-tax profits through land and monetary compensation from the government, followed by real estate development [2] - The company has maintained a stable dividend policy with a payout ratio of around 50% of net profit since 2017, with cumulative dividends of HKD 155.93 billion from 2015 to 2024 [2] - Future profits from the South China logistics park transformation and logistics port REITs are expected to continue driving net profit growth [2] Group 3: Investment Analysis - Forecasted net profits for Shenzhen International from 2025 to 2027 are HKD 30.81 billion, HKD 34.30 billion, and HKD 39.25 billion, respectively, with corresponding dividend yields of 8.28%, 9.22%, and 10.55% based on a 50% payout ratio [3] - The company’s exploration of logistics park transformation and asset securitization enhances earnings elasticity, with expectations of sustained performance from the logistics park transformation project over the next 6-8 years [3] - The current PE valuation of 5.9x is below the average of comparable companies, while the dividend yield of 8.28% is above the average, indicating attractive low valuation and high dividend characteristics [3]

上 市 公 司 交通运输 2025 年 06 月 21 日 深圳国际 (00152) —— 国企优质资源禀赋，物流园转型升级带来业绩弹性 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 06 月 20 日 | | --- | --- | | 收盘价（港币） | 7.60 | | 恒生中国企业指数 | 8527.07 | | 52 周最高/最低（港币） | 8.15/5.68 | | H 股市值（亿港币） | 185.72 | | 流通 H 股（百万股） | 2,443.74 | | 汇率（人民币/港币） | 1.0949 | 一年内股价与基准指数对比走势： -13% 87% 06/20 07/20 08/20 09/20 10/20 11/20 12/20 01/20 02/20 03/20 04/20 05/20 06/20 HSCEI 深圳国际 资料来源：Bloomberg 相关研究 证券分析师 闫海 A0230519010004 yanhai@swsresearch.com 研究支持 郑逸欢 A0230124010001 zhengyh@swsresearch.com 联系人 郑 ...

Exhibition Overview - The 2025 Shenzhen International Power Battery Recycling, Treatment, and Utilization Industry Exhibition will take place from November 14-16, 2025, at the Shenzhen International Convention and Exhibition Center, coinciding with the 27th China International High-Tech Fair [2] - The exhibition aims to provide services for procurement, business cooperation, market expansion, and brand promotion in the battery recycling industry, inviting trade organizations, research institutions, and decision-makers to discuss industry trends and innovations [2] Market Size - The global waste lithium battery generation is projected to reach 2.2 million tons in 2024, with China contributing approximately 1.1 million tons, accounting for 50% of the global total [2] - By 2030, global waste lithium battery generation is expected to exceed 8 million tons, with China's share surpassing 4 million tons [2] - The global waste lithium battery recycling market is valued at $12 billion in 2024, while China's market size is estimated at 48 billion RMB, with a projected annual compound growth rate of 25% globally and 30% in China over the next five years [2] Target Audience - The exhibition targets various sectors including new energy vehicles, buses, electric logistics vehicles, and battery manufacturers, as well as government departments, industry associations, research institutions, and financial institutions [4] Exhibition Scope - The exhibition will cover a wide range of topics including waste battery recycling technologies, dismantling equipment, and the reuse of retired power batteries, as well as environmental systems and waste treatment equipment [5]

Core Insights - The 2025 Shenzhen International Cross-Border E-Commerce Expo will take place from September 17 to 19, showcasing over 1,500 quality enterprises and attracting more than 100,000 professional visitors, focusing on the theme "Digital Empowerment, Cross-Border Win-Win" [1][17] - The expo aims to reconstruct the global trade ecosystem by linking four core industry chains: electronic technology, fashion consumption, sports health, and home life [1] Group 1: Exhibition Highlights - The exhibition area exceeds 80,000 square meters, featuring a dual-driven model of "industrial belts + service providers" with four major themed pavilions [4] - The Electronic Technology Pavilion showcases innovations such as drones and IoT home devices, with Huawei Cloud's AI prediction system improving inventory turnover by 30% [4] - The Fashion Consumption Pavilion highlights rapid customization capabilities, with a smart clothing factory completing the design-to-delivery process in just 72 hours [4] - The Sports Health Pavilion includes AI-enabled fitness equipment that tracks user performance and syncs data to overseas e-commerce platforms [4] - The Home Life Aesthetics Pavilion focuses on smart home solutions and 3D-printed furniture, allowing buyers to design and preview products online [4] Group 2: Technological Empowerment - The expo integrates cross-border ecosystem resources with seven professional service sectors to promote digital transformation [8] - Smart logistics initiatives include J&T Express's plan to establish a 72-hour delivery network across 54 countries and Cainiao's AI-optimized routing reducing transportation costs by 25% [8] - Digital marketing innovations are showcased, with companies using AI to generate 100,000 targeted video ads, improving ad precision by 40% [8] - Cross-border payment solutions are provided by PingPong, supporting currency settlements in 168 countries and saving sellers over 3 million yuan in financial costs annually [8] - Blockchain technology is utilized by Americanas to trace product origins, enhancing product premium rates by 20% [8] Group 3: Regional Collaboration and Policy Support - Shenzhen is positioned as a "super hub" for global cross-border e-commerce, leveraging policy advantages and digital infrastructure [9] - The expo features clusters of Chinese manufacturing, with companies achieving over 50 million USD in orders during the event [9] - RCEP policy insights are shared, enabling companies to reduce tariffs significantly, saving over 10 million yuan annually [9] - Shenzhen companies operate over 350 overseas warehouses, enhancing inventory turnover rates by 50% [9] Group 4: Interactive Activities and Forums - The expo includes various interactive sessions, such as the "Golden Camel Award" recognizing outstanding enterprises, and a live-streaming competition to discover new talents [12] - High-level forums will address topics like AI e-commerce operations and cross-border payment compliance, with brands sharing successful strategies for market growth [12][14] - Sustainability discussions focus on low-carbon logistics and eco-friendly packaging, with companies achieving a 40% reduction in carbon emissions [13] Group 5: Future Outlook - The expo is expected to facilitate over 10 billion USD in transaction intentions, establishing a digital highway for Chinese manufacturing to access global markets [14] - Shenzhen aims to transition from being the "world's factory" to a "global marketplace," leveraging cross-border e-commerce as a key driver for upgrading the manufacturing value chain [14]