证券之星消息，10月10日物流板块较上一交易日上涨0.88%，恒基达鑫领涨。当日上证指数报收于 3897.03，下跌0.94%。深证成指报收于13355.42，下跌2.7%。物流板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002492 | 恒基达整 | 8.49 | 7.20% | 75.79万 | | 6.49亿 | | 600057 | 厦门象屿 | 7.52 | 5.32% | 42.22万 | | 3.13亿 | | 603813 | *ST原尚 | 24.06 | 5.02% | ● 1.66万 | 3982.80万 | | | 300013 | 新宁物流 | 4.29 | 2.88% | P 38.15万 | | 1.63亿 | | 002800 | 天顺股份 | 15.02 | 2.39% | 10.59万 | | 1.59亿 | | 000906 | 浙商中拓 | 6.24 | 2.30% | 14.09万 | 8728.76万 | | ...

人民财讯10月10日电，企查查APP显示，近日，上海象启房地产开发有限公司成立，注册资本2000万 元，经营范围包含：房地产开发经营。企查查股权穿透显示，该公司由厦门象屿（600057）集团有限公 司旗下上海象盈房地产开发有限公司全资持股。 ...

更多政策解读、城市月报、房企研究报告...... 中指云 Q 就在 \ 2025 t - That W FRERRARE 2025 年 1-8 月苏州房地产企业销售业绩排行榜 1-8 月,苏州市区(含吴江)商品住宅新增供应 172.39 万平,成交 204.06 万 平, 销 售 金 额 达 514.79 亿 元 ; 苏 州 大 市 新 增 供 应 295.15 万 平，成 交 316.69 万 平 ， 销 售 金 额 达 705.87 亿 元 。下 面 请 看 2025 年 1-8 月 苏 州 市 区 及 苏 州 大 市 房 企 的 具 体 表 现 。 | | | | 2025年1-8月苏州市区房地产企业 | | | | --- | --- | --- | --- | --- | --- | | | | | 销售业绩TOP20 | | | | 排名 | 企业名称 | (12.77 | 司名 | 企业名称 | 销售面积 (万 m2) | | 1 | 苏州恒泰 | 44.0 | 1 | 苏州恒泰 | 14.6 | | 2 | 保利置业 | 36.4 | 2 | 保利置业 | 12.7 | | 3 | 新鸡基地产 ...

Core Insights - Xiamen Xiangyu Group has officially partnered with DingTalk to launch a new digital office platform project, marking a significant step towards digital transformation for the company and its subsidiaries [2] - The initiative aims to create a unified, intelligent, and global collaborative office platform driven by AI, impacting over 30,000 employees across all subsidiaries [2] - Xiangyu Group, established in 1995, is a state-owned enterprise in Xiamen, consistently ranked among the Fortune Global 500 and China's top 500 enterprises, with over 600 investment companies in various sectors [2] Company Overview - Xiangyu Group focuses on supply chain management, urban development, comprehensive financial services, port shipping, and innovation incubation, aiming to become a globally competitive investment holding group centered on supply chains [2] - The collaboration with DingTalk will leverage AI capabilities to enhance operational efficiency and quality in daily office tasks, utilizing new AI products such as DingTalk One, AI Listening, AI Inquiry, and AI Forms [2]

Group 1 - Xiamen Xiangyu Group has officially partnered with Alibaba DingTalk to launch a new digital office platform project, marking the start of its digital transformation phase for over 30,000 employees across all subsidiaries [1][2] - The collaboration aims to create a unified, intelligent, and global collaborative office platform driven by AI, addressing challenges such as resource allocation and organizational capability enhancement due to diversified and global operations [1] - The integration of DingTalk's AI products, including AI forms and AI listening, will enhance operational efficiency and quality in daily office tasks, particularly in supply chain management and financial analysis [2] Group 2 - Established in 1995, Xiamen Xiangyu Group is a state-owned enterprise in Xiamen, consistently ranked among the Fortune Global 500 and China’s Top 500 Enterprises, with over 600 investment companies under its umbrella [2] - The company operates in various sectors, including bulk commodity supply chain, urban development, comprehensive financial services, port shipping, and innovation incubation, aiming to become a globally competitive investment holding group centered on supply chain [2]

面对AI时代的到来，拥抱人工智能、加速智能化转型成为象屿集团坚定的发展核心战略。象屿集团此 次与钉钉合作，不仅是AI技术平台的引入，更是双方对未来发展方向的高度共识。 通过联合钉钉打造AI驱动的一体化数字底座，以钉钉"底座＋AI＋生态"为依托，象屿集团将进一步实现 集团层面自上而下且覆盖全员的AI能力部署与应用深化，为整个集团及旗下所有子公司提供坚实的数 智化基底，确保集团战略高效传达及跨组织高效协作，将AI真正融入业务流程和管理体系，驱动运营 模式创新和核心竞争力提升。 中国经济网北京9月29日讯(记者王婉莹)9月28日，厦门象屿（600057）集团有限公司与阿里巴巴钉钉正 式达成合作协议，宣布象屿集团新一代数字化办公平台项目建设正式启动。象屿集团将基于钉钉数字底 座、以AI为核心驱动力、打造统一、智能、全球化的协同办公平台，推进全集团所有子公司、3万多名 员工大步迈入数智化转型新阶段。 ...

证券研究报告 2025年09月29日 行业报告 | 行业专题研究 供应链物流：流量变现，第二成长曲线 作者： 分析师 陈金海 SAC执业证书编号：S1110521060001 联系人 李宁 1 行业评级： 上次评级： 强于大市 强于大市 首次 （ 评级） 请务必阅读正文之后的信息披露和免责申明 物流 摘要 ⚫ 庞大流量变现 供应链物流企业的经手货值庞大，通过"物流—贸易—制造"业务延伸，流量变现打造第 二成长曲线，海外如日本商社投资制造业，国内如密尔克卫拓展分销、嘉友国际开发陆港 项目、物产中大投资并购高端实业。 ⚫ 新业务高增长 把控核心环节，上下游赋能，使新业务高增长、利润占比上升。2018-24年物产中大制造 业务毛利润年化增速22%，占比从16%上升到41%；密尔克卫分销毛利润年化增速21%， 占比从3%上升到62%。流量变现空间较大、模式更加成熟，未来新业务有望持续高增长。 ⚫ 有望戴维斯双击 新业务利润高增长、占比上升，推动公司整体利润增速上行；商品价格回升，供应链业务 利润反转；公司风险下降、市场风险偏好上升，估值有望上升。 ⚫ 供应链物流公司经手货值往往较大，如物产中大、厦门象屿等。 ⚫ 供应 ...

图为绥化象屿金谷农产有限公司的智能标准储粮仓。 产业链共赢是联农带农的重要前提 依托京粮龙江生物工程有限公司、黑龙江龙凤玉米开发有限公司和源发物流等玉米产业主体，绥化市青冈县 打造形成了百亿玉米产业园。"京粮生物和龙凤玉米既是我们公司的大股东，也是我们主要服务的粮食加工企业。 我们目前每年的贸易量在50万吨左右，在向这两家企业提供稳定粮源的基础上，我们要尽可能为其降低玉米采购 价格，以助力加工企业控制原材料成本。"刘勇告诉记者。 绥化象屿金谷农产有限公司（以下简称"绥化象屿农产"）在产业链上也有着类似定位。"我们的主营业务之一 是为绥化象屿金谷生化科技有限公司提供原粮保障。"据绥化象屿农产总经理范洪图介绍，公司自有仓容130万 吨，除了政策性储存、期货交割、金融供应链使用仓容外，有30万吨仓容供生化加工原料需求使用。这一定位叠 加国有企业属性，决定了他们需要向上游发挥联农带农作用，在稳定粮源的同时，助力农民稳产增收。 这样的两家企业，前几年开始，其经营受到农户惜售情绪及"高价买粮、低价销售"的双重影响；与此同时， 种植端的感受是卖粮难。"2022年整个市场红利期回调后，包括我们在内的粮贸企业或多或少都受到冲击 ...

Summary of Bulk Supply Chain Industry Research Industry Overview - The bulk supply chain industry has a low net profit margin, typically ranging from 0.5% to 0.6%, with state-owned enterprises enjoying significant advantages in funding rates, creating high barriers to entry [1][3][4] - The demand growth driven by urbanization in China allows leading companies to achieve continuous growth by increasing market share, demonstrating resilience through economic cycles [1][3] - Since 2025, commodity prices have stabilized or increased, coupled with anti-involution policies, which are expected to enhance the profitability elasticity of bulk supply chain companies [1][3][6] Core Competitiveness - Key competitive advantages of bulk supply chain companies include: - High dividend yields and low valuations (PE) [5][6] - Thin profit margins but significant profitability elasticity [5][6] - High entry barriers and advantages for state-owned enterprises [5][6] - Broad growth potential, with opportunities to increase market share [5][6] Business Model - Bulk supply chain companies operate on a light asset model, locking in upstream and downstream orders to mitigate price volatility risks and secure stable service fees [1][7] - They generate profits through capital advances and comprehensive logistics services, requiring bank loan support and utilizing futures to hedge risks [1][12] Market Trends - The bulk supply chain market in China is expected to show a trend of concentration among leading companies, which will leverage economies of scale to capture larger market shares over the next decade [1][16] - Despite the current low concentration in the market, leading companies are anticipated to achieve sustained growth and resilience through natural market share concentration [16][17] Financial Performance - The industry has experienced fluctuations in profit margins due to intensified competition, accounting standard changes, and improved resource turnover efficiency [14][15] - Companies like Xiamen Xiangyu have maintained net profit margins around 0.5% to 0.6%, indicating significant elasticity in profitability during favorable market conditions [3][5] Risk Management - Bulk supply chain companies employ various strategies to mitigate price risks, including collecting a 15% deposit from customers and using a combination of futures and spot contracts for hedging [13][24] - Effective risk management is crucial for long-term stability, especially given the low profit margins where any risk event can significantly impact net profits [25] Recent Developments - In the first half of 2025, the profitability of bulk supply chain companies showed improvement, with some companies achieving approximately 30% year-on-year growth through volume increases and customer structure optimization [30][31] - Companies have adapted to industry downturns by lowering service fees for quality clients and focusing resources on stronger operational partners to enhance stability and profitability [29][30] Future Outlook - The bulk supply chain industry is expected to continue evolving towards modernization and specialization, enhancing risk control and capital management [11][26] - The market remains promising, with opportunities for leading companies to expand overseas and optimize customer structures to recover and enhance profitability [31][32]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [13] Core Insights - The transportation industry is expected to see improvements in profitability across various sub-sectors in Q3 2025, driven by domestic demand recovery and resilient international demand [2][6][7][8][9][10][11][12] Summary by Sub-Sector Aviation - The aviation sector is experiencing subdued demand but is benefiting from reduced costs, leading to an overall improvement in profitability for Q3 2025. The international flight recovery remains strong, and oil prices have significantly decreased [6][19][24] Airports - Domestic airport traffic is recovering, with international flights also increasing. Revenue is expected to improve steadily, with key airports benefiting from both domestic and international demand growth [2][6][24][26] Express Delivery - The "anti-involution" policy is driving price increases in the express delivery sector, leading to improved profitability for e-commerce deliveries. However, operational costs are temporarily pressuring profit margins [2][6][28][30] Logistics - The logistics sector is stabilizing, with major players expected to see profit growth due to improved supply chain performance and resilient cross-border logistics profitability [2][6][7][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different shipping types. While container shipping faces challenges, oil tanker profits are improving due to favorable market conditions [2][6][8][33][37] Ports - Port operations are expected to see improved profitability in bulk cargo handling, while container throughput remains resilient despite external pressures [2][6][9][39] Highways - Highway traffic is relatively stable, with a slight increase in profitability anticipated for Q3 2025, supported by steady freight and passenger traffic [2][10][41] Railways - Railway passenger and freight volumes are showing mixed trends, with a focus on opportunities arising from high-speed rail transformations. Overall, passenger transport is expected to grow, while freight transport is improving [2][11][43][44]