一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法规、部门规 章及其他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其他履 行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料（如有）。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定； 独立董事候选人声明与承诺 本人薛祖云，已充分了解并同意由提名人厦门象屿股份有限公司第九届董事 会提名为厦门象屿股份有限公司第十届董事会独立董事候选人。本人公开声明， 本人具备独立董事任职资格，保证不存在任何影响本人担任厦门象屿股份有限公 司独立董事独立性的关系，具体声明并承诺如下： （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者退 （离）休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规定（如 适用）； （五）中共中央组织 ...

Core Insights - The report emphasizes the importance of "strong, change, and new" in the 2026 strategy for the trading industry, focusing on both external and internal demand, particularly through consumer exports and resource trading [1][3] Group 1: Industry Review and Trends - In 2025, the trading industry benefited from national subsidies, leading to a recovery in consumer demand, particularly in discretionary categories, with growth rates of 18-21% for various consumer goods [3][14] - The "anti-involution" trend has led to a recovery in production profits, with industrial profits showing over 20% year-on-year growth in August and September [3][23] - The rise of new consumption patterns, the impact of trade wars on consumer exports, and the significant increase in gold prices present unique opportunities for the industry [3][24][26] Group 2: Future Directions for the Trading Industry - Consumer exports and trade security are expected to play a crucial role in China's economy, with a focus on building "Chinese brands" globally [3][28] - The gold and jewelry retail sector is anticipated to remain a key area of focus in 2026, despite high gold prices, as consumer habits typically lag behind price changes [3][29] - The bulk trading sector is at a turning point, with potential for the emergence of large Chinese trading groups similar to Japan's trading houses [3][30] - Retail and tourism sectors are expected to undergo significant changes and reforms, providing marginal catalysts for growth [3][31] Group 3: Investment Recommendations - Strong investment opportunities include companies involved in consumer exports such as Xiaoshangcheng, Anker Innovations, and Luguan Technology, as well as gold retail brands like Luk Fook Holdings and Chow Tai Fook [3][33] - Companies undergoing changes in trading cycles and brand development, such as Xiamen Xiangyu and Yonghui Superstores, are also recommended [3][34] - New consumption trends represented by brands like Laopu Gold and Pop Mart are highlighted as potential growth areas [3][35] - Companies with low valuations, including Huazhu Group and Miniso, are suggested for consideration [3][36] Group 4: Cross-Border E-commerce Growth - The cross-border e-commerce sector is experiencing high growth, with exports reaching 2.6 trillion yuan in 2024, a 10.8% increase year-on-year [42] - The sector's growth is driven by China's supply chain advantages and increasing e-commerce penetration in overseas markets [42][45] - Future growth in cross-border e-commerce is expected to be fueled by the branding of supply chains and the continued rise of overseas e-commerce platforms [42][45] Group 5: Bulk Supply Chain Recovery - The bulk supply chain industry is fragmented, with leading companies holding less than 2% market share, indicating significant growth potential [54] - The market concentration in the bulk supply chain sector is increasing, with leading companies showing continuous growth [54][58] - As domestic manufacturing becomes more specialized, the advantages of leading supply chain companies in terms of scale and efficiency are expected to enhance their market share [58]

Core Viewpoint - The report from Huachuang Securities indicates that the highway sector is expected to maintain resilience in 2026, with high dividend configurations being a preferred investment direction. The port industry is anticipated to shift from a single container-driven growth model to a dual-wheel structure of stable container growth (5%-8%) and a recovery in bulk cargo (2%-5%) by 2026, with stable pricing expected. There are strategic layout opportunities for leading companies in the bulk supply chain that focus on dividends and returning to growth expectations in the coming year [1]. Highway Sector - The highway sector is viewed as a preferred option for stable asset allocation due to low valuations and high dividends, with expected dividend yields around 5% for leading highway companies in 2026. Notable companies include Sichuan Chengyu (5.6%), Shandong Highway (5.0%), and Anhui Wantong Highway (5.0%), with higher yields for H-shares [2]. - The outlook for 2026 suggests strong performance driven by stable volume and pricing, alongside significant cost reduction opportunities. Key factors include potential optimization of toll policies and a favorable interest rate environment that could alleviate operational pressures for highway companies [2]. - High dividend characteristics are expected to remain stable in 2026, with clear three-year return plans from leading companies like Sichuan Chengyu and Wantong Highway [2]. Port Sector - The port sector is entering a strategic value era, transitioning from a perception of cyclical capacity assets to being recognized as global supply chain security hubs. This shift is driven by geopolitical factors and the need for strategic asset control [3]. - The industry is expected to see stable throughput and pricing in 2026, with a dual growth model of container stability and bulk cargo recovery. The average dividend payout ratio is projected to be 37.46%, indicating significant potential for increases [3]. Railway Sector - Passenger transport is expected to see steady growth, with flexible pricing mechanisms in place. Freight transport is also showing signs of improvement, particularly in coal and other cargo types [4][5]. Bulk Supply Chain - The bulk supply chain is poised for a new growth phase in 2026, with companies like Xiamen Xiangyu leading the way in transformation logic focused on profit margin enhancement and investor returns. The operational environment is recovering, with strong performance trends evident since 2025 [6][7]. - Strategic layout opportunities exist for leading companies in the bulk supply chain that emphasize dividends and growth expectations [7]. Investment Recommendations - The company continues to favor A/H share transportation assets, highlighting the importance of industry logic and valuation elasticity. Key recommendations include Sichuan Chengyu and Wantong Highway for their stable growth and high dividends, as well as other notable companies in the highway and port sectors [8].

分组1 - 莱绅通灵 announced a cash dividend of 0.10 yuan per share (tax included), with the record date on November 24, 2025, and the ex-dividend date on November 25, 2025 [1] - 卫信康 declared a cash dividend of 0.147 yuan per share (tax included), with the record date on November 25, 2025, and the ex-dividend date on November 26, 2025 [1] - 宏辉果蔬 issued a cash dividend of 0.005 yuan per share (tax included), with the record date on November 24, 2025, and the ex-dividend date on November 25, 2025 [1] 分组2 - 杭叉集团 reported a cash dividend of 0.2 yuan per share (tax included), with the record date on November 25, 2025, and the ex-dividend date on November 26, 2025 [2] - 新坐标 announced a cash dividend of 0.25 yuan per share (tax included), with the record date on November 25, 2025, and the ex-dividend date on November 26, 2025 [2] - 厦门象屿 declared a cash dividend of 0.1 yuan per share (tax included), with the record date on November 24, 2025, and the ex-dividend date on November 25, 2025 [2] 分组3 - 鼎泰高科 announced a cash dividend of 4.0 yuan for every 10 shares (tax included), with the record date on November 24, 2025, and the ex-dividend date on November 25, 2025 [3] - 宝莱特 declared a cash dividend of 0.494386 yuan for every 10 shares (tax included), with the record date on November 25, 2025, and the ex-dividend date on November 26, 2025 [3] - 华明装备 issued a cash dividend of 0.1999450 yuan per share (tax included), with the record date on November 24, 2025, and the ex-dividend date on November 25, 2025 [3] 分组4 - 金岭矿业 announced a cash dividend of 0.50 yuan for every 10 shares (tax included), with the record date on November 26, 2025, and the ex-dividend date on November 27, 2025 [4]

Core Viewpoint - Xiamen Xiangyu announced a cash dividend distribution plan for the first half of 2025, with a dividend of 0.1 yuan per share (tax included) [2] Summary by Relevant Sections - **Dividend Details** - The cash dividend of 0.1 yuan per share is set to be distributed to A-share holders [2] - The record date for the dividend is November 24, 2025, and the ex-dividend date is November 25, 2025 [2]

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

| 证券代码：600057 | 证券简称：厦门象屿 | | | 公告编号：2025-090 | | --- | --- | --- | --- | --- | | 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 | | 厦门象屿股份有限公司 2025年中期权益分派实施公告 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。 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- ...

Core Points - Xiamen Xiangyu (600057.SH) announced a cash dividend distribution of 0.1 yuan per share, totaling 284 million yuan (before tax) based on a total share capital of 2.841 billion shares [1] Summary by Sections - **Dividend Distribution**: The company will distribute a cash dividend of 0.1 yuan per share, amounting to a total of 284 million yuan (before tax) [1] - **Key Dates**: The record date for the dividend distribution is November 24, 2025, and the ex-dividend date is November 25, 2025 [1]

Core Points - The logistics sector experienced a decline of 1.32% on November 18, with Jushen Co. leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Summary by Category Stock Performance - Longzhou Co. (002682) saw a significant increase of 9.96%, closing at 7.84, with a trading volume of 1.2486 million shares and a turnover of 979 million [1] - Jiacheng International (603535) rose by 5.70%, closing at 11.68, with a trading volume of 310,400 shares and a turnover of 366 million [1] - Jushen Co. (001202) led the decline with a drop of 6.22%, closing at 16.14, with a trading volume of 130,400 shares and a turnover of 210 million [2] - Shentong Express (002468) fell by 5.87%, closing at 14.28, with a trading volume of 443,200 shares and a turnover of 634 million [2] Capital Flow - The logistics sector experienced a net outflow of 612 million from institutional investors, while retail investors saw a net inflow of 550 million [2][3] - Jiacheng International had a net inflow of 54.67 million from institutional investors, but a net outflow of 10.73 million from speculative funds [3] - Longzhou Co. had a net inflow of 46.14 million from institutional investors, with a net outflow of 63.63 million from speculative funds [3]

Investment Rating - The report maintains a "Positive" investment rating for the bulk supply chain industry [12] Core Viewpoints - The bulk supply chain industry is at a dual bottom of "commodity prices" and "corporate profits," with a cyclical turning point approaching. Historical data shows a positive correlation between the profits of bulk supply chain companies and PPI, indicating that profits tend to rise in inflationary environments. Since July 2025, the "anti-involution" policy has been implemented, driving improvements in PPI growth rates [2][6][28] - Leading companies in the sector, such as Xiamen Xiangyu, Wuchan Zhongda, and Jianfa Co., have actively adjusted their business strategies and strengthened risk management, with their supply chain business profits turning positive year-on-year in Q3. The combination of liquidity easing and global supply chain restructuring, along with the steady advancement of domestic policies, suggests that the cyclical turning point for certain bulk commodities is gradually approaching, with clearer signals of profit improvement in the sector [2][6][42] Summary by Sections Bulk Supply Chain - The bulk supply chain industry is driven by capital, where the scale of business is determined by the amount of capital and turnover efficiency significantly impacts profitability. Macro demand is a crucial variable affecting trade turnover demand. The industry is currently at a dual bottom of "commodity prices" and "corporate profits," with a cyclical turning point approaching. The implementation of the "anti-involution" policy has led to a rebound in commodity prices, with indices for metals, energy, and agricultural products showing year-on-year increases of 4.5%, 2.5%, and 2.1% respectively in Q3 2025 [6][28][34] - Leading companies are accelerating their globalization efforts and integrating resources across the entire supply chain to enhance market share both domestically and internationally. Companies like Xiamen Xiangyu and Xiamen Guomao are maintaining favorable dividend policies, providing a safety net for investors [6][34][42] Transportation Chain - Domestic passenger traffic continues to grow, with a 5% year-on-year increase in domestic passenger volume and a 19% increase in international passenger volume as of November 14. The average domestic passenger load factor has improved by 2.6 percentage points year-on-year, while the international load factor has increased by 4.8 percentage points [7][43][48] - The report highlights that the supply-demand relationship in the domestic market continues to improve, with oil prices rising by 1.0% year-on-year. The outlook for the industry suggests that revenue is expected to improve marginally, driven by tightening supply and significant cost improvements [7][48] Shipping - The oil shipping sector remains buoyant, with the average VLCC-TCE rate rising by 26.2% to $120,000 per day. The overall tight capacity and OPEC+ production increases are expected to sustain the positive outlook for oil shipping. Conversely, the container shipping sector has seen a decline, with the SCFI index dropping by 2.9% to 1,451 points [8][13] - The report recommends companies such as COSCO Shipping Energy and China Merchants Energy for investment, given the favorable conditions in the oil shipping market [8][42] Logistics - During the 2025 "Double Eleven" shopping festival, the average daily express delivery volume reached 634 million packages, a 9% year-on-year increase. The air freight price index has shown a slight increase as the cross-border e-commerce peak season approaches [9][14] - The report suggests focusing on companies like SF Holding, which is entering a phase of absolute return, and Xiamen Xiangyu, which is expected to benefit from improved export expectations and strong dividend capabilities [9][42]