安能物流(09956)发布公告，公司的股份已于2025年9月18日上午9时正起在香港联合交易所有限公司短 暂停止买卖，以待根据公司收购及合并守则发出载有公司内幕消息之公告。 ...

格隆汇9月18日丨安能物流(09956.HK)发布公告，该公司的股份将于今天(18/9/2025)上午九时正起短暂 停止买卖。 ...

智通财经APP讯，安能物流(09956)发布公告，该公司股份将于2025年9月18日上午九时正起短暂停止买 卖。 ...

智通财经APP讯，安能物流(09956)发布公告，公司的股份已于2025年9月18日上午9时正起在香港联合交 易所有限公司短暂停止买卖，以待根据公司收购及合并守则发出载有公司内幕消息之公告。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 ANE (Cayman) Inc. 安能物流集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9956） 短暫停牌 應安能物流集團有限公司（「本公司」）之要求，本公司的股份已於2025年9月18日 上午9時正起在香港聯合交易所有限公司短暫停止買賣，以待根據公司收購及合 併守則發出載有本公司內幕消息之公告。 承董事會命 安能物流集團有限公司 陳偉豪先生及秦興華先生 聯席主席 香港，2025年9月18日 截至本公告日期，董事會由執行董事秦興華先生及金雲先生；非執行董事陳偉豪 先生、張迎昊先生及魏斌先生；及獨立非執行董事李維先生、葛曉初先生、沙莎 女士及洪長福先生組成。 ...

9月3日，摩根士丹利发布首份覆盖安能物流(09956)的研究报告，给予其"增持"(Overweight)评级，目标 价定为11.7港元，截至9月2日收盘，安能物流股价为8.10港元，按目标价计算，潜在上行空间达44%。 当前零担货运行业已进入存量竞争阶段，马太效应显著，安能物流的投资价值正逐步释放。作为行业龙 头，其在网络覆盖、产品结构、盈利能力上的优势，将助力其在中小玩家出清过程中持续提升市场份 额;同时叠加稳定的分红政策，安能物流已构成典型的"价值股"特征，随着行业整合深化与自身盈利效 率提升，安能物流有望在存量市场中进一步巩固龙头地位，迎来价值与业绩的双重释放，持续增长或将 成为其投资价值的最佳背书。 值得关注的是，安能物流2025年上半年业绩已展现稳健增长态势：期内零担货运总量682万吨，同比增 长6.2%;营业收入56.25亿元，同比增长6.4%;经调整净利润4.76亿元，同比增长10.7%，毛利率稳定在 15.6%，为全年增长奠定坚实基础。 摩根士丹利在研报中重点强调零担货运市场的成长机遇与安能物流的龙头优势。行业层面，2024年中国 零担货运(LTL)市场规模达1.7万亿元，但格局高度分散，约2 ...

智通财经APP获悉，9月3日，摩根士丹利发布首份覆盖安能物流(09956)的研究报告，给予其"增 持"(Overweight)评级，目标价定为11.7港元，截至9月2 日收盘，安能物流股价为8.10港元，按目标价计 算，潜在上行空间达44%。 安能物流作为中国零担快运龙头，正深度把握行业机遇。2024 年其货运量达1415万吨，同比增长 18%;2025年上半年网络覆盖全国99.6%的乡镇，显著优于同行85%-97% 的覆盖水平，为业务扩张提供坚 实网络支撑。产品结构的优化是其核心竞争力之一：其坚持 "有效规模增长" 战略，摒弃单纯规模扩 张，聚焦高毛利的小件(<70kg)与轻货(70-300kg)市场，这类品类单价与利润率显著高于大宗货运，2025 年上半年迷你小票货量同比增长 23.9%、小票零担货量增长14.0%，推动总票数同比提升25.2%至9057.2 万票，平均每票重量从2023年的93kg降至2025 年二季度的75kg，产品结构持续向高盈利品类倾斜。 值得关注的是，安能物流 2025 年上半年业绩已展现稳健增长态势：期内零担货运总量682 万吨，同比 增长6.2%;营业收入56.25 亿元，同 ...

Summary of Conference Call Industry or Company Involved - **Industries Discussed**: Lithium mining, copper, aluminum, steel, cement, coal, shipping (cruise industry), express delivery, logistics, insurance, industrial equipment. Key Points and Arguments Lithium Mining - Market misunderstanding regarding the resumption of operations at Ningde lithium mines, with a target for resumption set for November [4][3] - Seven mines in Yichun are awaiting a government decision on their operational status, with results expected by October or November [3][4] Copper - Copper smelting processing fees are currently negative, but no significant changes in smelting operations are anticipated [6][6] - New regulations on waste copper suppliers may increase domestic costs and affect supply, with an estimated monthly supply impact of 50,000 to 55,000 tons [7][7] Aluminum - The impact of anti-involution on alumina is minimal, with the industry remaining in a state of oversupply [8][8] Steel - Regional differences in steel production cuts, with some provinces actively implementing reductions while others, like Tangshan, have not yet enforced cuts [9][9] - Profitability in the steel sector has dropped significantly, leading to potential voluntary production cuts [9][9] Cement - Cement demand is declining, particularly in cities like Shanghai, prompting discussions among leading companies about potential production cuts [10][10] Coal - Coal prices are expected to stabilize between 600 and 700, with production checks likely if prices fall below 600 [11][11] Shipping (Cruise Industry) - The cruise industry has faced demand dilution due to illegal oil transport, impacting market performance [14][14] - Recent increases in shipping rates, from around 30,000 to 60,000, indicate a potential recovery in the sector [15][16] - Supply-side changes are expected to drive future price increases, with a focus on compliance and sanctions affecting operational efficiency [20][20] Express Delivery - The express delivery sector is experiencing a gradual price increase, with major players locking in market shares to stabilize pricing [26][26] - Concerns about social security changes impacting delivery costs were noted, but no drastic regulatory changes are expected [29][29] Logistics (Aneng Logistics) - Aneng is positioned as a leading player in the express delivery market, benefiting from structural changes and a growing market share [30][30] - The company is expected to see continued growth due to favorable market dynamics and competitive advantages [31][31] Insurance - The insurance sector has reported strong performance in the first half of the year, with a focus on cost control and structural improvements [39][39] - The growth in the insurance market is driven by fewer catastrophic events and improved expense management [39][39] Industrial Equipment - The industrial sector is entering a new upcycle, particularly in engineering machinery and lithium battery equipment, with expected growth rates of 46%, 24%, and 21% over the next three years [52][57] - Key drivers include equipment replacement cycles, infrastructure projects, and overseas market growth [54][55] Other Important but Possibly Overlooked Content - The overall sentiment in various sectors indicates a cautious optimism, with potential for recovery in specific industries despite ongoing challenges [12][12] - The discussion highlighted the importance of regulatory changes and market dynamics in shaping future performance across sectors [12][12][12]

研究报告 Research Report 8 Sep 2025 安能物流（开曼） ANE (Cayman) (9956 HK) 2025H1 业绩点评：费控保障盈利韧性增长，中期分红超预期 FY2025H1 Performance Review: Expense Control Supports Profit Growth, Interim Dividend Exceeds Expectations [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$9.66 目标价 HK$11.60 HTI ESG 5.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$11.37bn / US$1.46bn 日交易额 (3 个月均值) US$3.10mn 发行股票数目 1,177mn 自由流通股 (%) 56% 1 年股价最高最低值 HK$9.66-HK$6.66 注：现价 ...

September 5, 2025 09:57 AM GMT 安能物流 | Asia Pacific 快运市场龙头；首次覆盖给予 超配 (OW) 就货运量而言，安能是中国快运业务的龙头企业。根据我们 的预测，公司当前股价对应9倍2025年PE，5 的股息收益 率，与同行的20倍相比具有吸引力。我们预计，在反内卷的 背景下，行业竞争将在旺季有所缓解。 快运的强劲增长潜力：在万亿级零担市场中，我们认为快运业务具有强劲的增长 潜ⱱ，因为： 1）随着柔性供应链和重货电商的发展，货主对全国性网络和服务质 量的需求不断增加，2）小型专线和区域零担玩家在宏观不⮵的情⬅下加速退市 场，3）规模效应推动快运行业效率提升。中国的零担市场目⯥非常⮇散，按收入 计算，快运仅占约10％的市场份额。 安能有望把握增长机会：按 2024 年货运量计算，安能是中国最大的加盟⯆快运公 司，拥有最广的网络覆盖。我们预计公司将从快运行业的持续增长中受益，并从 落后的参与者手中夺取市场份额。安能通过迷你小票和小票货量增长不断改善货 量结构，带来了更高的盈⮵能ⱱ 竞争风险可控：由于新玩家进入大件快运市场，且同行采取了激进的竞争策略， 竞争影响下安能的 ...