格隆汇10月27日丨*ST岩石(600696.SH)公布2025年第三季度报告，营业收入为651.25万元，同比下降 83.49%；归属于上市公司股东的净利润为-4412.02万元；归属于上市公司股东的扣除非经常性损益的净 利润为-2562.54万元。 ...

Core Insights - The highest short-selling ratios were observed for China Resources Beer (80291) and JD Health (86618), both at 100%, followed by JD Group (89618) at 93.32% [1][2] - The top three companies by short-selling amount were Xiaomi Group (01810) at 2.156 billion, Alibaba (09988) at 2.038 billion, and Tencent Holdings (00700) at 1.552 billion [1][3] - JD Group (89618) had the highest deviation value at 43.55%, indicating significant short-selling activity compared to its historical average [1][2] Short-Selling Ratios - China Resources Beer (80291) and JD Health (86618) both recorded a short-selling ratio of 100% [2] - JD Group (89618) had a short-selling ratio of 93.32% [2] - Other notable companies included Anta Sports (82020) at 87.40% and BYD Company (81211) at 81.07% [2] Short-Selling Amounts - Xiaomi Group (01810) led with a short-selling amount of 2.156 billion, followed by Alibaba (09988) at 2.038 billion and Tencent Holdings (00700) at 1.552 billion [3] - Other significant amounts included Meituan (03690) at 1.461 billion and SMIC (00981) at 1.335 billion [3] Deviation Values - JD Group (89618) had the highest deviation value at 43.55%, indicating a significant difference from its average short-selling ratio [2][3] - Other companies with notable deviation values included SenseTime (80020) at 31.62% and China Resources Beer (80291) at 31.60% [2][3]

Core Viewpoint - The successful flight verification of the "manned-unmanned collaborative operation system" at Shihezi Airport marks a significant milestone in China's low-altitude economy, emphasizing the need for digital infrastructure and multi-entity collaboration for its development [1][2]. Group 1: Low-altitude Economy Development - The low-altitude economy is characterized as a "new economy" with features of "innovative economy" and "digital economy," requiring robust digital infrastructure and collaborative mechanisms [1]. - The Shihezi project serves as a replicable model for collaborative operations at general airports across the country, achieving safe operations of manned and unmanned aircraft at specified altitudes and distances [1][2]. Group 2: Digital Infrastructure - Establishing a solid digital foundation is crucial for transitioning the low-altitude economy from concept to large-scale development, with a focus on platform-based, neutral, and centralized approaches to integrate data, business, and value chains [2][3]. - The system at Shihezi Airport utilizes grid-based airspace management and advanced monitoring services to ensure comprehensive oversight of aircraft operations, enhancing safety and efficiency [3]. Group 3: Industry Collaboration and Standards - Promoting industry collaboration and standardization is essential for unlocking the potential of the low-altitude economy, with a focus on building platforms, ecosystems, and regulatory frameworks [4][5]. - The Shihezi project adheres to existing regulations and safety assessment standards, providing a replicable operational model for the industry [5]. Group 4: Challenges and Solutions - The low-altitude economy faces challenges such as unclear policies, long investment return cycles, and inadequate infrastructure, which need to be addressed for sustainable growth [6][7]. - A complete industrial ecosystem is necessary, with the company taking a leading role in fostering collaboration, establishing standards, and nurturing innovative projects [7]. Group 5: Future Prospects - The low-altitude economy is poised for unprecedented growth opportunities, with ongoing strategic partnerships and pilot projects expected to drive its development across various applications [7]. - The goal is to create a digital foundation that serves as an "operating system" for the low-altitude economy, facilitating rapid deployment and safe operation of diverse applications [7].

Core Insights - The top three companies with the highest short positions as of October 3 are COSCO Shipping Holdings (01919), Ganfeng Lithium (01772), and ZTE Corporation (00763), with short ratios of 15.66%, 15.25%, and 15.16% respectively [1][2] - Ganfeng Lithium (01772) saw the largest absolute increase in short positions, rising by 1.20%, followed by Minmetals Resources (01208) with an increase of 0.96%, and Yuexiu Transport Infrastructure (01052) with an increase of 0.76% [1][2] - The companies with the largest decreases in short positions include GCL-Poly Energy (03800), which decreased by 3.16%, followed by Dongfang Electric (01072) with a decrease of 2.03%, and Jinxin Fertility (01951) with a decrease of 0.76% [1][3] Summary of Short Positions - **Top 10 Companies by Short Ratio** - COSCO Shipping Holdings (01919): 15.66% (from 437 million shares to 451 million shares) - Ganfeng Lithium (01772): 15.25% (from 62.30 million shares to 67.64 million shares) - ZTE Corporation (00763): 15.16% (from 113 million shares to 115 million shares) - CATL (03750): 13.83% (from 21.12 million shares to 21.57 million shares) - Vanke (02202): 12.63% (from 268 million shares to 279 million shares) - Ping An Insurance (02318): 12.59% (from 959 million shares to 938 million shares) - Zijin Mining (02899): 12.58% (from 750 million shares to 754 million shares) - MicroPort Medical (00853): 11.10% (from 213 million shares to 212 million shares) - Hansoh Pharmaceutical (01276): 11.01% (from 28.01 million shares to 28.43 million shares) - Fuyao Glass (06865): 10.85% (from 49.22 million shares to 47.94 million shares) [2] - **Top 10 Companies with Increased Short Positions** - Ganfeng Lithium (01772): Increased by 1.20% (from 14.05% to 15.25%) - Minmetals Resources (01208): Increased by 0.96% (from 1.96% to 2.93%) - Yuexiu Transport Infrastructure (01052): Increased by 0.76% (from 1.08% to 1.84%) - Jinli Permanent Magnet (06680): Increased by 0.66% (from 7.76% to 8.42%) - China Civil Aviation Information Network (00696): Increased by 0.58% (from 6.63% to 7.21%) [2] - **Top 10 Companies with Decreased Short Positions** - GCL-Poly Energy (03800): Decreased by 3.16% (from 11.76% to 8.59%) - Dongfang Electric (01072): Decreased by 2.03% (from 6.78% to 4.75%) - Jinxin Fertility (01951): Decreased by 0.76% (from 10.61% to 9.85%) - Yangtze Optical Fibre and Cable (06869): Decreased by 0.75% (from 7.03% to 6.28%) - Shanghai Electric (02727): Decreased by 0.72% (from 2.25% to 1.52%) [3][4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國民航信息網絡股份有限公司 呈交日期: 2025年9月30日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00696 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 932,562,000 | RMB | | 1 RMB | | 932,562,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 932,562,000 | RMB | | 1 RMB | | 932,562,000 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 ( ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry is experiencing resilient demand, with a shift towards "quality over quantity" leading to price increases, which will enhance corporate profitability. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost reduction [4][13] - The shipping sector is anticipated to benefit from the OPEC+ production cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market expected in Q4 2025 [13] - The aviation industry is projected to see long-term demand growth due to macroeconomic recovery, with short-term ticket booking data indicating a rebound [13] Summary by Sections Express Delivery - The express delivery sector is witnessing a significant price increase, with over 90% of regions in China experiencing price hikes, which is expected to improve profitability for companies [4] - Key companies to watch include YTO Express, Shentong Express, Zhongtong Express, and SF Express, all of which are positioned to benefit from the industry's positive trends [13] Shipping and Shipbuilding - The shipping sector is expected to see a cyclical recovery, particularly in oil transportation due to OPEC+ production increases and geopolitical uncertainties enhancing VLCC rate elasticity [13] - The shipbuilding market is in a green transition phase, with new orders expected to improve as market conditions stabilize [13] Aviation - The aviation sector is experiencing low supply growth with increasing demand, leading to a favorable long-term outlook. Companies like China Southern Airlines and Air China are highlighted for their potential [13][14] Logistics and Ports - The logistics sector is seeing a positive trend with companies like Shenzhen International and Debon Logistics expected to benefit from improved competition and operational efficiencies [13] - Port operations are stable, with a focus on cash flow and growth potential in hub ports like China Merchants Port and Qingdao Port [13]

董事會設立四個委員會。下面列載了各董事在這些委员會中所擔任的職務。 | | 委員會 | 審計委員會 | 薪酬與考核 委員會 | 提名委員會 | 戰略及投資委員會 （法治建設委員會） | | --- | --- | --- | --- | --- | --- | | 董事 | | | | | | | 黃榮順 | | | | C | C | | 孫玉權 | | | | | M | | 曲光吉 | | | | | M | | 何曉群 | | | | | M | | 劉澤洪 | | M | C | M | M | | 陳永德 | | C | M | | | | 徐宏志 | | M | M | M | | | 梁 爽 | | | | | | 註： C：委員會的主席（主任委員） M：委員會的成員 （股份編號：00696） 董事名單與其角色和職能 中國民航信息网络股份有限公司董事會（「董事會」）成員列載如下： | 黃榮順 | | 董事長、執行董事 | | --- | --- | --- | | 孫玉權 | | 非執行董事 | | 曲光吉 | | 非執行董事 | | 何曉群 | | 非執行董事 | | 劉澤洪 | | 獨立非 ...

(于 2000 年 10 月 18 日在中华人民共和国注册成立的股份有限公司。) 中国民航信息网络股份有限公司 董事会工作规则 本董事会工作规则已包括截至 2025 年 9 月 25 日的所有修订。最近一次修订，乃经本公司 2025 年 9 月 25 日 举行的临时股东大会以普通决议批准。 本董事会工作规则的英文版仅为中文版之翻译文本。如英文版与中文版有任何歧义，概以中文版为准。 中国民航信息网络股份有限公司 《董事会工作规则》 目录 | 第一章 | 总则 | 1 | | --- | --- | --- | | 第二章 | 董事会的组成及结构 | 2 | | 第三章 | 董事会的功能定位及职责权限 | 3 | | 第四章 | 董事会专门委员会的设置及职责 | 10 | | 第五章 | 董事会成员的职责、权利和义务 | 13 | | 第六章 | 董事会会议及决策程序 | 17 | | 第七章 | 董事会运行的支撑和保障 | 28 | | 第八章 | 董事会经费 | 29 | | 第九章 | 附则 | 30 | 第一章 总则 "公司""本公司"或"上市公司"指中国民航信息网络股 份有限公司。 "上市公司集团"或" ...

中国民航信息网络股份有限公司 章 程 第一章 总则 (于 2000 年 10 月 18 日在中华人民共和国注册成立的股份有限公司。) 中国民航信息网络股份有限公司 章 程 本章程已包括截至2025年9月25日的所有修订。最近一次修订，乃经本公司2025年9月25日举行的 临时股东会以特别决议批准。 本章程的英文版仅为中文版之翻译文本。如英文版与中文版有任何歧义，概以中文版为准。 | | | 第一条 中国民航信息网络股份有限公司（简称"公司"）系依照《中华 人民共和国公司法》（简称"《公司法》"）和国家其他有关法 律、行政法规成立的股份有限公司。 公司经国家经济贸易委员会[2000]874 号文件批准，以发起方式 设立，于二零零零年十月十八日在中华人民共和国国家工商行政 管理局注册登记，取得公司营业执照。公司的营业执照登记的统 一社会信用代码：9111000071092729XP。 公司董事长任免由公司董事会决定。公司董事长辞任时，视为同 时辞去法定代表人。 法定代表人辞任的，公司应当在法定代表人辞任之日起三十日内 确定新的法定代表人。 法定代表人因执行职务造成他人损害的，公司在承担相应民事责 任后，可以向有过 ...

（在中華人民共和國註冊成立的股份有限公司） （股份代號：00696） 公告 (1)於臨時股東會通過的決議案的投票結果 (2)取消監事會 董事會宣佈，於二零二五年九月二十五日，本公司已於臨時股東會上以投票表決 方式正式通過載列於日期為二零二五年九月五日的臨時股東會通告中的決議案。 茲提述中國民航信息網絡股份有限公司（「本公司」）日期為二零二五年九月五日的通 函（「通函」）。除文義另有所指外，本公告所採用詞彙與通函所定義者具有相同涵 義。 I. 臨時股東會投票結果 董事會宣佈，臨時股東會已於二零二五年九月二十五日（星期四）上午九時三十 分如期舉行，日期為二零二五年九月五日的臨時股東會通告（「臨時股東會通 告」）所載的決議案已經股東以投票表決方式正式通過。於二零二五年九月二十 五日，擁有2,926,209,589股股份的股東有權出席臨時股東會。股東有權出席臨 時 股 東 會 上 投 票 贊 成 或 反 對 臨 時 股 東 會 通 告 所 載 決 議 案 的 股 份 總 數 為 2,926,209,589股。概無股份賦予股東出席臨時股東會但須於會上放棄表決贊成 臨時股東會通告所載決議案的權利。概無股份須就臨時股東會上 ...