| 证券代码：600057 | 证券简称：厦门象屿 | | | 公告编号：2026-017 | | --- | --- | --- | --- | --- | | 债券代码：240429 | 债券简称：23 | 象屿 | Y2 | | | 债券代码：240722 | 债券简称：24 | 象屿 | Y1 | | | 债券代码：242565 | 债券简称：25 | 象屿 | Y1 | | | 债券代码：242747 | 债券简称：25 | 象屿 | Y2 | | | 债券代码：242748 | 债券简称：25 | 象屿 | Y3 | | | 债券代码：244130 | 债券简称：25 | 象屿 | Y4 | | | 债券代码：244131 | 债券简称：25 | 象屿 | Y5 | | | 债券代码：244650 | 债券简称：26 | 象屿 | Y1 | | 厦门象屿股份有限公司 关于回购注销部分限制性股票的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 厦门象屿股份有限公司（以下简称"公司"）于 2026 年 3 月 3 ...

| 证券代码：600057 | 证券简称：厦门象屿 | | | 公告编号：2026-018 | | --- | --- | --- | --- | --- | | 债券代码：240429 | 债券简称：23 | 象屿 | Y2 | | | 债券代码：240722 | 债券简称：24 | 象屿 | Y1 | | | 债券代码：242565 | 债券简称：25 | 象屿 | Y1 | | | 债券代码：242747 | 债券简称：25 | 象屿 | Y2 | | | 债券代码：242748 | 债券简称：25 | 象屿 | Y3 | | | 债券代码：244130 | 债券简称：25 | 象屿 | Y4 | | | 债券代码：244131 | 债券简称：25 | 象屿 | Y5 | | | 债券代码：244650 | 债券简称：26 | 象屿 | Y1 | | 厦门象屿股份有限公司 关于回购注销部分限制性股票通知债权人的公告 根据《2022 年激励计划》规定，预留授予激励对象中因个人原因离职的回购 价格为预留授予价格 5.36 元/股。根据《2025 年激励计划》规定，激励对象中因 个人原因离职的回购价格为授予价 ...

关于 厦门象屿股份有限公司 2022 年股权激励计划与 2025 年股权激 计划之回购注销部分限制性股票 的法律意见书 天衡联合律师事务所 福建天衡联合律师事务所 法律意见书 目录 | 寻!言 3 | | | --- | --- | | 3 | 一、释义 " | | 3 | 二、律师声明事项 | | 正文. | 6 | | 一、本次 | 2022 年计划回购注销的批准和授权 6 | | 二、本次 | 8 2025 年计划回购注销的批准和授权.. | | 三、本次 | 2022 年计划回购注销的具体情况 10 | | 四、本次 | 2025 年计划回购注销的具体情况 10 | | 五、预计回购注销前后公司股权结构的变动情况. | …… , 11 | | 六、结论意见. | 11 | 福建天衡联合律师事务所 法律意见书 关于 厦门象屿股份有限公司 2022 年股权激励计划与 2025 年股权激励计划之回购 注销部分限制性股票的 法律意见书 (2026) 天衡意字 055 致:厦门象峙股份有限公司 福建天衡联合律师事务所接受委托，担任厦门象屿股份有限公司 2022 年股 权激励计划与 2025 年股权激励计划的专项 ...

| 证券代码：600057 | 证券简称：厦门象屿 | | | 公告编号：2026-015 | | --- | --- | --- | --- | --- | | 债券代码：240429 | 债券简称：23 | 象屿 | Y2 | | | 债券代码：240722 | 债券简称：24 | 象屿 | Y1 | | | 债券代码：242565 | 债券简称：25 | 象屿 | Y1 | | | 债券代码：242747 | 债券简称：25 | 象屿 | Y2 | | | 债券代码：242748 | 债券简称：25 | 象屿 | Y3 | | | 债券代码：244130 | 债券简称：25 | 象屿 | Y4 | | | 债券代码：244131 | 债券简称：25 | 象屿 | Y5 | | | 债券代码：244650 | 债券简称：26 | 象屿 | Y1 | | 厦门象屿股份有限公司 关于收到控股股东第三期债权受让款的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 厦门象屿股份有限公司（以下简称"公司"）控股股东厦门象屿集团有 ...

| 股票代码：600057 | 股票简称：厦门象屿 | | | 公告编号：2026-016 | | --- | --- | --- | --- | --- | | 债券代码：240429 | 债券简称：23 | 象屿 | Y2 | | | 债券代码：240722 | 债券简称：24 | 象屿 | Y1 | | | 债券代码：242565 | 债券简称：25 | 象屿 | Y1 | | | 债券代码：242747 | 债券简称：25 | 象屿 | Y2 | | | 债券代码：242748 | 债券简称：25 | 象屿 | Y3 | | | 债券代码：244130 | 债券简称：25 | 象屿 | Y4 | | | 债券代码：244131 | 债券简称：25 | 象屿 | Y5 | | | 债券代码：244650 | 债券简称：26 | 象屿 | Y1 | | 厦门象屿股份有限公司 第十届董事会第四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 厦门象屿股份有限公司（以下简称"公司"）第十届 ...

Investment Rating - The report maintains a recommendation for the express delivery industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - The express delivery industry is experiencing price increases due to rising oil prices and a trend against excessive competition, with multiple regions implementing price hikes [1][10]. - The industry is entering a new phase of high-quality development, focusing on improving service quality and maintaining stable pricing, which is expected to benefit leading companies [3][84]. - The volume growth in the express delivery sector is gradually recovering, with a notable increase in the growth rate of delivery volumes in early 2026 compared to the previous year [2][12]. Summary by Sections Price Adjustments - Multiple express delivery companies have raised prices in response to increased transportation costs due to rising oil prices, with adjustments starting from March 23, 2026, in various provinces [1][10]. - The price adjustments reflect a broader trend of stabilizing prices in the industry, with significant increases in single-package revenue reported by major companies [2][11]. Volume Growth - The growth rate of express delivery volumes has shown signs of recovery, with January and February 2026 reporting a 7.1% increase compared to previous months [2][12]. - Major companies like YTO and ZTO have outperformed the market in terms of volume growth, indicating a strengthening competitive position [15][16]. Market Positioning - Leading companies in the express delivery sector are expected to gain market share as they benefit from improved volume structures and pricing strategies [3][13]. - ZTO is highlighted as a key player with a commitment to enhancing investor returns, while YTO continues to show strong performance metrics [18][19][86]. Investment Recommendations - The report suggests continued investment in leading express delivery companies such as ZTO, YTO, and Shentong, emphasizing their potential for growth in the evolving market landscape [3][20][21]. - The report also highlights the importance of maintaining a focus on performance elasticity and dividend value in the transportation sector, particularly in shipping and express delivery [7][82].

Investment Rating - The report maintains an "Overweight" rating for the retail sector, emphasizing investment opportunities in both high-end and low-end consumer segments [1]. Core Insights - The retail sector is currently experiencing a weak overall sentiment, but many sub-sectors are at historically low valuation levels, providing a good safety margin for medium to long-term investments. Key segments such as gold and jewelry, travel chains, education services, and retail are noted to have core companies that have fallen below the historical 10th percentile in terms of PE-TTM ratios, indicating high investment value [5][10]. - The retail sector is characterized by companies with light asset operations and low capital expenditure needs, resulting in strong cash flows and high dividend payouts. As of March 20, 2026, several leading companies in the sector have attractive dividend yields, with some reaching as high as 10% [5][10]. - A selection of 10 recommended stocks with low valuations and high dividend yields has been identified, including companies like Shangmei Co. (PE 15.3, dividend yield 5.0%), China Oriental Education (PE 11.4, dividend yield 7.6%), and others, showcasing the potential for defensive investment strategies [5][10]. Summary by Sections Industry Trends - The report highlights that multiple sub-sectors within the retail industry are currently undervalued, with many companies showing a PE-TTM ratio below the historical 10th percentile, indicating a favorable entry point for investors [5][10]. Dividend Observations - The retail sector's companies generally maintain high dividend payout ratios due to their stable business models and strong cash flows. As of March 20, 2026, several leading firms exhibit dividend yields of 5% to nearly 10%, making them attractive for income-focused investors [5][10]. Recommended Stocks - The report lists 10 stocks that combine low valuation with high dividend characteristics, including: 1. Shangmei Co. (2145.HK): PE 15.3, dividend yield 5.0% 2. China Oriental Education (0667.HK): PE 11.4, dividend yield 7.6% 3. Action Education (605098.SH): dividend payout ratio near 100%, yield 5.6% 4. Beijing Renli (600861.SH): PE 8.9, yield 5.6% 5. Xiaomen Xiangyu (600057.SH): PE 9.2, yield 5.3% 6. Zhou Daxing (002867.SZ): yield 9.8% 7. Liufu Group (0590.HK): yield 8.6% 8. Zhou Dafu (1929.HK): yield 7.9% 9. Haidilao (6862.HK): yield 5.9% [5][10].

Investment Rating - The report assigns an "Accumulate" rating for the transportation industry [2]. Core Insights - The aviation sector is experiencing high domestic passenger load factors and rising ticket prices, with international routes seeing significant price increases. The impact of oil prices is expected to be less than previously feared, suggesting a strategic opportunity to capitalize on geopolitical oil price movements [3][4]. - In the oil shipping sector, the strategic value of oil transportation is becoming more pronounced, with the Chinese fleet's value expected to exceed expectations. The oil shipping market has entered a high prosperity phase, driven by geopolitical factors and market dynamics [4]. - The logistics sector is witnessing a dual increase in volume and price, particularly in the express delivery segment, with expectations for continued growth and recovery in performance throughout the year [4]. Summary by Sections Aviation - Domestic passenger load factors are estimated to have increased by over 2 percentage points year-on-year, supporting a continued upward trend in ticket prices. The average domestic aviation fuel price decreased by 8% year-on-year in Q1 2026, while ticket prices are expected to rise by over 4% year-on-year, leading to a significant improvement in airline gross margins [4][5]. - The report recommends investing in major airlines such as Air China, China Eastern Airlines, and Spring Airlines due to their potential for profitability amidst favorable supply-demand dynamics [4]. Oil Shipping - The oil shipping market is characterized by a "super bull market" with long-term growth prospects. The geopolitical situation in the Middle East is providing opportunities for market changes, which could lead to sustained high prosperity in the sector [4]. - Recommendations include companies like COSCO Shipping Energy and China Merchants Energy, which are expected to benefit from these market conditions [4]. Logistics - The express delivery sector saw a year-on-year volume increase of 7.1% in January and February 2026, with major players like YTO Express and SF Express showing varying growth rates. The report anticipates a continued recovery in pricing and volume throughout the year, benefiting leading companies [4]. - Attention is drawn to the B2B supply chain, particularly in the context of fluctuating commodity prices, with companies like Jiayou International and Hongchuan Wisdom highlighted as potential beneficiaries [4].

Investment Rating - The report maintains a "Recommendation" rating for the transportation industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [78]. Core Insights - The report highlights the significant impact of the ongoing Middle East conflict on shipping rates, with oil tanker rates experiencing a decline but remaining at historical highs, while container shipping rates are on the rise [1][2]. - The daily average of vessels passing through the Strait of Hormuz has drastically decreased by 95% to 5 vessels, compared to 125 vessels before the conflict, with oil tankers averaging only 1 vessel per day [1][11]. - Brent crude oil futures have shown substantial volatility, closing at $103.89 per barrel, an increase of 11% from March 6 [1][15]. Industry Data Tracking Shipping Market Impact - Oil shipping rates have adjusted from historical highs, with the Clarksons VLCC-TCE index at $175,000, down 54.2% week-on-week. The Middle East to China route is reported at $390,000 per day, down 17% [2][18]. - Container shipping rates have increased, with the SCFI index reaching 1710 points, up 14.9% week-on-week, driven by rising fuel costs and the ongoing geopolitical situation [2][25]. - The dry bulk shipping market has seen limited impact, with the BDI index at 2028 points, reflecting a 0.9% increase week-on-week [2][26]. Investment Recommendations - The report suggests that if the Middle East conflict remains manageable and the passage through the Strait of Hormuz gradually resumes, it could trigger a replenishment market. The report continues to recommend companies such as China Merchants Energy and COSCO Shipping Energy [3][31]. - Emphasis is placed on the importance of energy resource security, with recommendations for logistics and warehousing companies like Hongchuan Wisdom and Milky Way [3][31]. - The report also highlights the potential for growth in the aviation sector, with a focus on major airlines and logistics companies, suggesting a favorable outlook for companies like China Southern Airlines and Spring Airlines [4][58].

Core Viewpoint - The recent land auction in Shanghai reflects a rational trend in the real estate market, with developers showing increased caution in land acquisitions, resulting in lower transaction prices compared to previous years [4][6]. Group 1: Auction Overview - The land auction held on March 13, 2026, featured three residential plots in Xuhui, Jiading New City, and Qingpu, covering a total area of 151 acres and a total building area of 198,000 square meters, with a starting price of 6.644 billion yuan [1]. - All three plots were successfully sold, with a total transaction amount reaching 6.8 billion yuan [1]. Group 2: Specific Plot Details - The Jiading New City plot was acquired by a consortium of Jinmao and Xiangyu at a base price of 1.45918 billion yuan, resulting in a floor price of approximately 24,500 yuan per square meter [3]. - Compared to similar plots sold in the previous year, the floor price for this plot decreased by about 7,000 yuan per square meter, a reduction of nearly 22% [3]. Group 3: Market Implications - The low transaction prices and cautious bidding behavior indicate a "low premium, stable transaction" trend in Shanghai's land auction market for 2026 [5]. - The Shanghai government has adopted a "less but better" land supply strategy, prioritizing high-quality plots with favorable locations and mature infrastructure, which has contributed to the current market dynamics [5][6].