来源：乐财聚 当初激情加价拿地，如今回头看却站在了山头。这样的剧情在当下上海土拍市场不断上演，不少房企成 为了背景墙，象屿便是最新一员。 昨天（1月6日），上海2026年首场土拍落槌，2幅地块均以底价成交，其中闵行紫竹低密度地块虽然有2 家房企或联合体参与，但最终仍以底价成交。 地块竞得者为紫江集团、紫竹半岛联合体，前者为一家民营企业，深度参与紫竹开发区建设，后者则是 为本土国资。 地块由3幅子地块构成，2幅为容积率1.01的宅地，1幅为商业用地，平均楼板那家3.344万每平，商业地 块计容面积仅为5267.5平方米。 这幅地块成交后，最为意难平的是象屿。 2025年3月28日，象屿溢价19%拿下闵行区MHP0-1005单元02-09地块、03-04地块、16-07地块及16-06、 16-08地下空间的土地包，平均楼板价3.0151万每平。 虽然看似楼板价低于本次紫江地块，但实际却高出不少。主要原因在于象屿地块为住宅+餐饮旅馆用 地，其中餐饮旅馆土地面积较大。 可以看出，象屿住宅部分实际楼板价在4.16万每平左右，而紫江地块由于商业部分体量较小，即使扣除 商业部分，实际住宅可售楼板价为3.66万每平。 相比 ...

证券日报网讯1月6日，厦门象屿（600057）在互动平台回答投资者提问时表示，公司为配套主营业务现 货经营，运用期货工具对冲大宗商品价格波动风险。相关套保操作控制在与现货业务配套的数量、金额 及计划范围内开展。公司碳酸锂业务也基于上述原则开展，目前期货端不存在被强制平仓情况，碳酸锂 现货在持续交货中，交易方均为公司长期合作客户，而公司拥有多源上下游渠道，风险可控，整体经营 状况良好。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 对此，市场仍在关注该事项是否会对公司经营及财务层面产生进一步影响，后续进展有待公司公告及司 法信息的进一步披露。 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：常福强 近日，中国执行信息公开网信息显示，厦门象屿（代码：600057）旗下公司——厦门象屿新能源有限责 任公司近日被列为被执行人，执行标的约4385万元，执行法院等具体司法信息已在平台公示。 | 被执行人姓名/名称：厦门象屿新能源有限责任公司 | | --- | | 性别: | | 身份证号码/组织机构代码: 91350200MA3***M34W | | 执行法院:拉萨市堆龙德庆区人民法院 | | 立案时间:2025年12月16日 | | 案号: (2025) 藏0103执3806号 | | 执行标的:43859108 | 截至目前，相关案件的具体执行原因及事项细节尚未由公司方面对外披露。 厦门象屿新能源有限责任公司官网介绍，该公司是象屿集团 ...

然而，目前国内铝土矿进口依赖度高、铝资源供给不足，碳排放强度高导致节能降碳压力巨大以及高端 产品依赖进口等问题日益凸显，中国铝行业正面临资源瓶颈与转型升级的双重挑战。 工信部等十部门发布的《铝产业高质量发展实施方案(2025—2027年)》(下称《方案》)从原料保障、产 业布局及技术创新等维度明确提出量化目标：到2027年我国铝产业链供应链韧性及安全水平将显著提 升，重点实现国内铝土矿资源量增长3%-5%、再生铝产量突破1500万吨；推动电解铝行业能效标杆产能 占比超30%、清洁能源使用率超30%、赤泥综合利用率超15%；同步突破低碳冶炼、精密加工等关键技 术，培育高端铝材消费新增长点。 铝作为关键基础原材料和战略资源，是我国第一大有色金属产业。近年来，我国铝产业迅猛发展，已成 为全球最大的生产与消费国。2024年我国氧化铝、电解铝、铝加工材和再生铝产量保持世界第一，分别 约为8500万吨、4400万吨、4950万吨和1050万吨，有力支撑了航空航天、新能源、新一代信息技术等战 略性新兴产业发展。 该政策直击行业目前面临的三大痛点——资源安全、绿色转型与高端替代，专业人士指出，随着政策落 实，产业链上下游整合 ...

人民财讯12月31日电，企查查APP显示，近日，黑龙江象屿储备粮仓储有限公司成立，注册资本1亿 元，经营范围包含：谷物销售；豆及薯类销售；畜牧渔业饲料销售；食用农产品初加工等。企查查股权 穿透显示，该公司由厦门象屿（600057）全资持股。 ...

序号股东名称持股比例1厦门象屿股份有限公司100% 企业名称黑龙江象屿储备粮仓储有限公司法定代表人陈代臻注册资本10000万人民币国标行业交通运 输、仓储和邮政业>装卸搬运和仓储业>装卸搬运地址黑龙江省齐齐哈尔市依安县依安镇西南街城外依 明公路路西工业园区59号企业类型有限责任公司（非自然人投资或控股的法人独资）营业期限2025-12- 30至无固定期限登记机关依安县市场监督管理局 来源：市场资讯 经营范围含粮油仓储服务；粮食收购；货物进出口；谷物销售；豆及薯类销售；畜牧渔业饲料销售；食 用农产品初加工；普通货物仓储服务（不含危险化学品等需许可审批的项目）；物业管理；非居住房地 产租赁；住房租赁；食品销售（仅销售预包装食品）；供应链管理服务；企业管理。许可项目：道路货 物运输（不含危险货物）。 天眼查显示，近日，黑龙江象屿储备粮仓储有限公司成立，法定代表人为陈代臻，注册资本10000万人 民币，由厦门象屿股份有限公司全资持股。 ...

南财智讯12月30日电，太阳电缆公告，厦门象屿集团有限公司及其一致行动人博时资本-厦门象屿集团 有限公司-博时资本博创15号单一资产管理计划于2025年12月26日至12月30日通过集中竞价方式累计减 持公司股份505.6341万股，占公司总股本的0.70%。本次权益变动后，信息披露义务人合计持有公司股 份108,328,361股，持股比例由15.70%降至15.00%。截至本报告书签署日，上述减持计划尚未实施完 毕，信息披露义务人不排除在未来12个月内继续减少持有公司股份。 ...

Investment Strategy Overview - The transportation industry is closely linked to the macroeconomic environment, with a weak overall performance in 2025, underperforming the CSI 300 index. Key segments like railways and highways have weakened due to style shifts, while logistics, aviation, and shipping have seen some support in the second half of the year from anti-involution and external demand factors, but still lag behind the market index. Looking ahead to 2026, domestic demand is expected to improve driven by anti-involution and major infrastructure projects, with recommendations to focus on (1) improved domestic express delivery competition and benefiting bulk supply chains from upstream price recovery, (2) growth in business and leisure demand potentially returning aviation airports to profitability, and (3) the high prosperity cycle of oil transportation [5][72]. 2025 Review - The transportation industry index showed a stable performance, with a cumulative increase of 1.55% as of December 29, 2025, but underperformed the CSI 300 index. The performance of sub-sectors varied, with aviation airports, shipping ports, railways, and logistics showing cumulative changes of 9.74%, 6.56%, -12.86%, and 6.34% respectively, all underperforming the CSI 300 index [13][14]. Aviation Sector - The aviation supply-demand landscape continues to improve, with aircraft utilization recovering to high levels. Domestic civil aviation demand has been steadily increasing, with passenger volume reaching new highs in the second half of 2025. The average daily utilization of aircraft in China was 8.7 hours as of November 2025, nearing pre-pandemic levels [18][21]. - The average ticket price has stabilized, with a peak passenger load factor of 87.5% in August 2025. The market supply-demand situation is tight, and further tightening could boost ticket prices [23][24]. - The supply side faces challenges with aircraft manufacturers struggling to restore production capacity, with Boeing and Airbus delivering significantly fewer aircraft than pre-pandemic levels. As of 2024, Boeing delivered 348 commercial aircraft, while Airbus delivered 766, both below their respective 2019 levels [25][26]. - The demand side is supported by policy initiatives that have revitalized business activities, with business line passenger volume increasing year-on-year in the first eight months of 2025 [34][36]. - Cost pressures are alleviated by declining oil prices, with WTI futures at $56.74 per barrel as of December 26, 2025, down 54.13% from peak levels. The strengthening of the RMB also reduces dollar-denominated debt burdens for airlines [40][43]. Oil Transportation Sector - The oil transportation industry is currently in a high prosperity cycle, with oil prices influenced by demand fluctuations and unexpected events. The BDTI index has seen an uptick, indicating potential for improved industry conditions [46][47]. - Short-term demand is driven by significant U.S. strategic petroleum reserve replenishment needs, while long-term demand is expected to stabilize globally. The IEA forecasts a growth of 2.5 million barrels per day in global oil demand from 2024 to 2030 [49][51]. - The supply side is characterized by tight compliance capacity, with sanctions on shadow fleets leading to a reduction in compliant shipping capacity. This is expected to gradually elevate oil transportation rates [56][57]. Bulk Supply Chain Sector - The bulk supply chain sector is transitioning from traditional trading and logistics models to integrated service provider models, enhancing resource control and operational efficiency. Leading companies are learning from international experiences to improve their market positions [60][63]. - The sector is currently fragmented, with a low market share for leading firms (CR5 at around 5%). As domestic companies consolidate, there is potential for increased market share and profitability [63][64]. - The anti-involution trend is expected to stabilize the PPI, benefiting bulk supply chains as they recover from price declines. The sector is poised to benefit from price rebounds and improved demand conditions [65][66]. Investment Recommendations - Maintain a market-weight rating for the transportation industry, with a focus on improving domestic demand and sector recovery in 2026. Recommended stocks include China National Aviation (601111), Southern Airlines (600029), and Xiamen Xiangyu (600057) [72][74].

Investment Rating - The report initiates coverage with a "Buy" rating for Xiamen Xiangyu [3][9] Core Insights - Xiamen Xiangyu is positioned as a comprehensive investment holding group focused on bulk commodity supply chain services, aiming to become a global supply chain service provider. The company has shown a significant recovery in revenue growth and net profit in the first three quarters of 2025, driven primarily by its metal mining and energy chemical businesses [8][28]. - The report identifies three major trends reshaping the bulk supply chain industry: the strategic focus on supply chain autonomy amid geopolitical tensions, the transition from traditional trade to integrated service platforms, and the globalization of logistics networks following domestic manufacturing expansion [8][41][50]. Financial Data and Profit Forecast - The projected total revenue for Xiamen Xiangyu is expected to reach 387.75 billion yuan in 2025, with a year-on-year growth rate of 5.7%. The net profit attributable to shareholders is forecasted at 21.84 billion yuan, reflecting a significant increase of 53.9% compared to the previous year [7][9]. - The company’s earnings per share (EPS) is anticipated to be 0.77 yuan in 2025, with a price-to-earnings (PE) ratio of 11x [7][9]. Business Model and Growth Drivers - Xiamen Xiangyu's business model is evolving from traditional trading to a comprehensive service platform, focusing on value-added services that enhance customer operations. This shift is expected to stabilize revenue streams and improve profitability [8][50][54]. - The company has made substantial investments in fixed assets and is pursuing digital transformation and globalization as dual drivers for future growth. The shipbuilding segment is also projected to contribute significantly to profit, with a substantial order backlog [8][9][60]. Market Position and Competitive Landscape - Xiamen Xiangyu's market position is strengthened by its diversified business operations, which include metal supply chains, logistics, and shipbuilding. The company is expected to benefit from the recovery in trade demand and improved industrial performance [8][30][60]. - The report compares Xiamen Xiangyu with peers such as Jianfa Co., Xiamen Guomao, and Sumida, noting that the average PE ratio for comparable companies is 14x, indicating a potential upside of 26% for Xiamen Xiangyu's current market valuation [9][30].

Investment Rating - The report maintains a "Positive" investment rating for the logistics industry [15] Core Insights - The logistics industry is expected to see two core trends in 2026: "Advantage Going Abroad" and "Ecosystem Restructuring," which will present significant investment opportunities. The restructuring of supply chains is anticipated to deepen, with the acceleration of Chinese industries going abroad, driving sustained demand in emerging markets. Concurrently, the domestic market's competitive order is being restructured, pushing the industry towards high-quality development [5][10][27]. Summary by Sections Cross-Border Logistics: Order Restructuring and New Opportunities - The transition from "goods going abroad" to "capital going abroad" is underway, with foreign investment becoming a core driver of logistics demand. The standardization and replicability of processes in bulk logistics and e-commerce express delivery present explosive demand potential [11][35]. E-commerce Express Delivery Going Abroad - Chinese e-commerce platforms are expanding overseas, particularly in Southeast Asia and Latin America, where the e-commerce penetration rates are significantly lower than in China. The report highlights that the average package volume in Southeast Asia is about 26 items per year, and in Latin America, it is approximately 11 items per year, indicating substantial growth potential [59][64]. Bulk Logistics Going Abroad - The report discusses the "infrastructure for resources" model, where bulk logistics follows Chinese mining companies into Africa. This approach is expected to drive high growth in local freight demand and rapid expansion of road assets [11][35]. Domestic E-commerce Express: Demand-Side Reform - The report notes that the previous low-price competition in the e-commerce ecosystem is being replaced by rational competition, which is expected to improve the industry landscape. Leading companies like Zhongtong Express and YTO Express are anticipated to see valuation recovery as the competitive order stabilizes [12][30]. Bulk Supply Chain: Bottoming Out and Price Recovery - The bulk supply chain industry is at a dual bottom in terms of "commodity prices" and "corporate profits," with signs of a cyclical turnaround. The report suggests that the easing of liquidity and the implementation of "anti-involution" policies will lead to improved profitability in the sector [13][30]. Investment Recommendations - The report prioritizes investment in: 1. Non-US cross-border logistics, benefiting from the expansion of Chinese industries into emerging markets, with key targets being Jitu Express and Jiayou International [10][30]. 2. Domestic e-commerce express delivery, with a focus on leading companies like Zhongtong Express and YTO Express, which are expected to see valuation adjustments [10][30]. 3. Bulk supply chains, with a recommendation to invest in companies like Xiamen Xiangyu and Xiamen Guomao, as the industry is poised for a cyclical recovery [10][30].