人民财讯11月19日电，厦门国贸11月19日在互动平台回复投资者称，根据摩尔线程公开信息显示，持有 摩尔线程0.67%股份的"厦门国贸"系厦门国贸产业发展股权投资基金合伙企业(有限合伙)。该基金为公 司参与投资的项目。敬请广大投资者注意投资风险。 ...

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]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - In the third quarter of 2025, the company's bulk commodity operating volume stabilized, with some core operating categories showing year-on-year and quarter-on-quarter increases [1][3]. - The company achieved an estimated spot gross profit of 1.36 billion yuan in the third quarter of 2025, representing a year-on-year increase of 11.8% and a quarter-on-quarter increase of 7.3%, indicating an improving trend [1][7]. - The estimated spot gross profit margin reached 1.54%, up 0.2 percentage points year-on-year, with profitability showing clear bottom characteristics [1][7]. - The company effectively controlled expenses, with period expenses decreasing by 12.3% year-on-year, primarily due to a 52.8% reduction in financial expenses [7]. - The net profit attributable to the parent company for the third quarter of 2025 was 50 million yuan, a significant improvement from a loss of 130 million yuan in the same period last year [3][7]. - The company is expected to see gradual stabilization in operations and anticipates a turning point in profitability, with projected net profits for 2025-2027 being 600 million, 900 million, and 1.37 billion yuan, respectively [7]. Summary by Sections Revenue and Profitability - In the third quarter of 2025, the company reported revenue of 88.69 billion yuan, a year-on-year decline of 2.7%, but the decline was significantly narrowed compared to previous quarters [3][7]. - The gross profit margin for the third quarter was 1.54%, reflecting a year-on-year increase of 0.2 percentage points, indicating a potential recovery in profitability [1][7]. Expense Management - The company managed to reduce its period expenses to 940 million yuan, down 12.3% year-on-year, largely due to improved debt structure and reduced financial costs [7]. Future Outlook - The company is pursuing a "three-chain integration" model to optimize its business structure and operational strategy, with expectations for gradual stabilization in operating volume and improvement in gross profit margins [7].

Market Overview - The logistics sector experienced a decline of 0.92% on November 17, with *ST Yuan Shang leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Notable gainers in the logistics sector included: - Longzhou Co., Ltd. (002682) with a closing price of 7.13, up 10.03% [1] - *ST Haiqin (600753) with a closing price of 8.40, up 5.00% [1] - Tiens Group (002800) with a closing price of 16.12, up 4.00% [1] - Conversely, *ST Yuan Shang (603813) saw a significant decline of 5.00%, closing at 35.88 [2] Trading Volume and Capital Flow - The logistics sector recorded a net outflow of 319 million yuan from institutional investors, while retail investors saw a net inflow of 222 million yuan [2] - The trading volume for Longzhou Co., Ltd. reached 45,700 hands with a transaction value of approximately 32.6 million yuan [1] Individual Stock Capital Flow - Key capital flows for selected stocks included: - Longzhou Co., Ltd. (002682) had a net inflow of 12.36 million yuan from institutional investors, representing 37.92% of its total trading [3] - Tiens Group (002800) saw a net inflow of 11.51 million yuan, accounting for 5.96% of its trading [3] - *ST Haiqin (600753) experienced a net inflow of 5.56 million yuan, representing 6.99% of its trading [3]

Core Insights - The Guozheng Free Cash Flow Index has decreased by 0.86% as of November 17, 2025, with mixed performance among constituent stocks [1] - The Free Cash Flow ETF (159201) has dropped by 1.07%, currently priced at 1.21 yuan, with a trading volume of 2.02 billion yuan [1] - Over the past six days, the Free Cash Flow ETF has seen continuous net inflows, totaling 8.88 billion yuan, with a daily average net inflow of 1.48 billion yuan [1][4] Performance Metrics - The Free Cash Flow ETF has achieved a net value increase of 22.85% over the past six months [4] - Historical performance shows a maximum monthly return of 7%, with the longest consecutive monthly gain of 6 months and a total gain of 22.69% [4] - The ETF has a monthly profit percentage of 87.5% and a historical 100% profit probability for holding over six months [4] Fund Details - The management fee for the Free Cash Flow ETF is 0.15%, and the custody fee is 0.05% [5] - As of October 31, 2025, the top ten weighted stocks in the Guozheng Free Cash Flow Index account for 54.79% of the index, including China National Offshore Oil Corporation and SAIC Motor [5] Stock Performance - The top ten stocks in the index have shown varied performance, with notable declines in stocks like Gree Electric Appliances (-1.08%) and China Aluminum (-2.57%) [7]

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]

Core Viewpoint - The company plans to hold an investor briefing on November 21, 2025, to discuss its third-quarter performance and address investor inquiries [2][3]. Group 1: Meeting Details - The investor briefing will take place on November 21, 2025, from 10:00 AM to 11:00 AM [4]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, accessible online [4]. - The meeting will be conducted in an interactive online format, allowing for real-time engagement with investors [3][4]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [5]. - A pre-question submission period is available from November 14 to November 20, 2025, where investors can submit questions via the website or email [5]. - The company will address commonly asked questions during the briefing [5]. Group 3: Company Representatives - Key representatives attending the meeting include the Vice Chairman and President, Mr. Cai Yingbin, and other senior executives [4]. Group 4: Contact Information - The company's Securities Affairs Department can be contacted for further inquiries at phone number 0592-5897363 or via email at zqswb@itg.com.cn [6][7].

Core Viewpoint - The company, Xiamen International Trade Group Co., Ltd., is set to hold a performance briefing for the third quarter of 2025 on November 21, 2025, to enhance communication with investors and address their concerns regarding the company's financial performance [2][3]. Group 1: Meeting Details - The performance briefing will take place on November 21, 2025, from 10:00 AM to 11:00 AM [4]. - The meeting will be held at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [4][5]. - Participants will include the company's Vice Chairman and President, Mr. Cai Yingbin, Independent Director Mr. Peng Shuijun, Vice President and Secretary of the Board Ms. Fan Dan, and Vice President and Chief Financial Officer Mr. Zhou Chaohua [4]. Group 2: Investor Participation - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the day of the event [5]. - A pre-questioning period is available from November 14 to November 20, 2025, where investors can submit questions via the Roadshow Center's website or through the company's email [5]. Group 3: Contact Information - The company's Securities Affairs Department can be contacted for inquiries at phone number 0592-5897363 or via email at zqswb@itg.com.cn [6].

关于召开2025年第三季度业绩说明会的公告 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。 重要内容提示： 证券代码：600755 证券简称：厦门国贸 编号：2025-61 厦门国贸集团股份有限公司 会议召开时间：2025 年 11 月 21 日（星期五）上午 10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 14 日（星期五） 至 11 月 20 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （zqswb@itg.com.cn）进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 厦门国贸集团股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日在 上海证券交易所网站（http://www.sse.com.cn）披露了公司 2025 年第三季度报告。 为便于广大 ...

Core Viewpoint - The China Coal Economic Research Association reports significant structural changes in the coal transportation system during the "14th Five-Year Plan" period, enhancing the national allocation capacity of coal resources and promoting a smart and green transformation in coal transportation [1][2]. Group 1: Market Performance - As of November 13, 2025, the CSI State-Owned Enterprises Dividend Index (000824) decreased by 0.27%, with component stocks showing mixed performance [1]. - Leading gainers included Luxi Chemical (000830), while Sichuan Road and Bridge (600039) led the declines [1]. Group 2: Coal Transportation Developments - The National Railway Group reported that coal transportation reached 1.57 billion tons in the first nine months of the year, a year-on-year increase of 11.1%, with thermal coal accounting for 1.1 billion tons, up 17% [2]. - The successful operation of the new Shuo Railway, capable of 20,000-ton heavy-load transport, marks a significant advancement in coal transportation capabilities [1][2]. Group 3: Investment Strategies - CITIC Securities suggests that in the context of a weak macroeconomic recovery, high dividend strategies remain attractive, particularly for large-cap stocks in sectors like coal and photovoltaics [2]. - The CSI State-Owned Enterprises Dividend ETF closely tracks the CSI State-Owned Enterprises Dividend Index, which includes 100 listed companies with high and stable cash dividend yields [2].