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]

Core Viewpoint - As of September 18, a total of 149 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the highest number of consecutive days of net buying is Tianpu Co., which has seen net buying for 13 consecutive trading days [1] - Other notable stocks with significant net buying days include Jiankangyuan, Shandong Publishing, Aima Technology, Mosi Co., Hunan Haili, Xiamen Guomao, Zhuojin Co., and Botuo Biotechnology [1]

Group 1 - The second extraordinary general meeting of shareholders was held on September 16, 2025, at the Guomao Center in Xiamen, Fujian Province [2] - The meeting was convened by the board of directors and chaired by the vice chairman, Mr. Cai Yingbin, in compliance with the Company Law and the Articles of Association [2][3] - Attendance included 8 out of 9 current directors and 2 out of 3 current supervisors, with the chairman and the supervisor chairman absent due to official duties [3] Group 2 - All proposed resolutions were approved, including a special resolution regarding changes to the company's registered capital and the cancellation of the supervisory board [4][5] - Other resolutions included amendments to the company's articles of association and various management systems, all of which received majority approval [5] - The special resolution required more than two-thirds of the valid voting rights held by attending shareholders to pass [5] Group 3 - The meeting was witnessed by Fujian Tianheng United Law Firm, with lawyers confirming the legality of the meeting's procedures and voting results [6][7] - The legal opinion concluded that the qualifications of attendees and the voting procedures were in accordance with relevant laws and regulations [7]

福建天衡联合律师事务所 关于厦门国贸集团股份有限公司 2025 年 第二次临时股东大会的 法律意见书 中国·厦门 厦禾路 666 号海翼大厦 A 幢 16-18 楼 厦门 · 上海 · 福州 · 泉州 · 龙岩 http://www.tenetlaw.com 中国 · 厦门 厦禾路 666 号海翼大厦 A 幢 16-18 楼 传真:86 · 592 · 5881668 电话:86 · 592 · 5883666 厦门 · 泉州 · 福州 · 龙岩 · 上海 www.tenetlaw.com 关于厦门国贸集团股份有限公司 2025 年 在本法律意见书中,本所律师仅对本次股东大会的召集和召开程序、出席会 议人员的资格、召集人资格、会议表决程序以及表决结果是否符合《公司法》《股 东会规则》以及《公司章程》的规定发表意见,并不对本次股东大会所审议的提 案内容以及这些提案所表述的事实或数据的真实性、准确性和完整性发表意见。 本所律师假定公司提交给本所律师的资料(包括但不限于有关人员的身份证明、 股票账户卡、授权委托书、营业执照等）是真实、完整的,该等资料上的签字和 1 | 天衡联合律师事务所 第二次临时股东大会的 法律 ...

证券代码：600755 证券简称：厦门国贸 公告编号：2025-58 厦门国贸集团股份有限公司 2025年第二次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 16 日 (二)股东大会召开的地点：福建省厦门市湖里区仙岳路 4688 号国贸中心 5 层会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 564 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 873,823,587 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 40.8783 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次大会由公司董事会召集、副董事长蔡莹彬先生主持。会议召集、召开及 表决方式符合《公司法》和《公司章程》等有关规定。 (五 ...

Group 1 - The core viewpoint of the news is the performance and characteristics of the National Index of Free Cash Flow and its corresponding ETF, highlighting the positive trends in liquidity and returns [1][2] - As of September 12, 2025, the Free Cash Flow ETF has seen a net inflow of 97.92 million yuan over the last 10 trading days, with 7 days of net inflow [1] - The Free Cash Flow ETF has achieved a net value increase of 12.46% over the past 6 months, with a maximum monthly return of 7% since its inception [1] Group 2 - The National Index of Free Cash Flow closely tracks the performance of companies with high and stable free cash flow levels in the Shanghai and Shenzhen stock exchanges [2] - The top ten weighted stocks in the National Index of Free Cash Flow as of August 29, 2025, include SAIC Motor, China National Offshore Oil Corporation, Midea Group, and others, accounting for 57.95% of the index [2] - The performance of individual stocks within the top ten includes SAIC Motor with a 1.46% increase and China National Offshore Oil Corporation with a 0.57% decrease [4]

Group 1 - China's foreign direct investment (FDI) net amount for 2024 is projected to be $192.2 billion, representing an 8.4% increase from the previous year [1][3] - The investment composition includes $73.05 billion in new equity investments (38%), $77.89 billion in reinvested earnings (40.5%), and $41.26 billion in debt instruments (21.5%) [3] - As of the end of 2024, approximately 34,000 domestic investors have established around 52,000 foreign direct investment enterprises across 190 countries, with total overseas assets exceeding $9 trillion [3] Group 2 - The trend of Chinese companies "going out" is increasingly characterized by collaboration, with supply chain giants playing a significant role [3][5] - Xiamen International Trade Group has established stable partnerships with over 90,000 upstream and downstream enterprises across more than 170 countries and regions, creating a global resource channel network [5][6] - The company has developed a comprehensive supply chain service system, providing customized operations based on logistics, information, finance, and business elements [6][8] Group 3 - Xiamen International Trade Group has successfully connected Central Asian cotton resources with Chinese textile industries, becoming a key bridge in this supply chain [7] - The company has launched a return route from Tashkent to Fuzhou, significantly reducing logistics time for cotton imports [7] - The diversification of product categories by companies like Jianfa Group includes metals, agricultural products, and consumer goods, achieving a global layout [8]

Group 1 - The 25th China International Investment and Trade Fair (CIFIT) is attracting global attention, showcasing investment opportunities and new industrial landscapes with participation from over 120 countries and regions [1][5] - Xiamen International Trade's exhibition theme focuses on enhancing the resilience of China's supply chain, highlighting successful case studies in industrial chain collaboration [2] - The logistics efficiency of Xiamen International Trade is demonstrated by the "Tashkent-Fuzhou" return route, which reduced shipping time for Uzbek cotton yarn to Fuzhou to 13 days, nearly halving traditional sea freight time [2] Group 2 - The Ministry of Commerce, National Bureau of Statistics, and State Administration of Foreign Exchange reported that China's outbound direct investment flow is projected to reach $192.2 billion in 2024, an 8.4% increase year-on-year, maintaining a global share of 11.9% [3] - Over 80% of listed companies in Xiamen are expanding overseas, with companies like Jianfa Co., Xiamen International Trade, and Xiamen Xiangyu achieving overseas revenues exceeding 10 billion yuan [3] - A total of 55 listed companies engaged in overseas business reported combined foreign income of 333.7 billion yuan, reflecting a 5% year-on-year growth [3] Group 3 - The emerging industries section of the fair showcased advanced technologies, including flight simulation experiences and AI-integrated products from Tesla, which aims to produce 1 million humanoid robots within five years [4] - Tesla's participation emphasizes the integration of AI in their product ecosystem, highlighting the importance of technology in achieving sustainable prosperity [4] - The fair serves as a platform for demonstrating China's economic openness and innovative potential, fostering international cooperation [5]

Group 1 - The 25th China International Investment and Trade Fair (CIFIT) has commenced in Xiamen, with Xiamen International Trade Group's exhibition arm enhancing the event's scale and quality through various initiatives [1] - The exhibition area for this year's CIFIT has reached a new high of 120,000 square meters, featuring multiple specialized zones including a 10,000 square meter financial capital zone attracting over 70 financial institutions [1] - The event includes an 8,000 square meter "CIFIT Lounge" that integrates Minnan culture with international consumer trends, creating an immersive consumption experience [1] Group 2 - The investment promotion function has been upgraded, with the creation of an 8,000 square meter "Future Capital Projects Pavilion" that offers a complete ecosystem from display to landing [2] - High-profile events such as the 2025 Future Investment Conference, co-hosted with UNCTAD, are expected to attract around 1,000 participants to discuss global investment trends [2] - Digital services have been enhanced with the launch of a "Cloud CIFIT" membership system, enabling features like appointment negotiations and online signing, promoting a seamless online-offline experience [2] Group 3 - Brand cooperation has expanded with the introduction of key brands like China Resources Group and Luckin Coffee, facilitating connections with over 20 brand enterprises [2] - The event aims to transform into a comprehensive international fair, continuously injecting vitality into the CIFIT [2]

Core Viewpoint - The Free Cash Flow ETF has shown strong performance with significant inflows and high returns, indicating a favorable investment environment for companies with robust free cash flow [3][4]. Group 1: Performance Metrics - As of September 8, 2025, the National Index of Free Cash Flow increased by 0.48%, with leading stocks including Mould Technology, Ningbo Huaxiang, and Oriental Tower [3]. - The Free Cash Flow ETF (159201) rose by 0.36%, with a latest price of 1.12 yuan [3]. - Over the past month, the Free Cash Flow ETF has achieved an average daily trading volume of 350 million yuan, ranking first among comparable funds [3]. - In the last 15 days, the ETF attracted a total net inflow of 726 million yuan, reaching a new high in total shares at 4.112 billion and total size at 4.584 billion yuan [3]. Group 2: Financial Metrics - The latest financing buy-in amount for the Free Cash Flow ETF reached 7.1087 million yuan, with a financing balance of 48.055 million yuan [3]. - Since its inception, the ETF has recorded a maximum monthly return of 7%, with the longest consecutive months of increase being 4, and the highest cumulative increase of 16.68% [3]. - The ETF has a historical holding period profit probability of 100% over 6 months, with an average monthly return of 3.46% and a monthly profit percentage of 83.33% [3]. Group 3: Fee Structure and Tracking Accuracy - The management fee for the Free Cash Flow ETF is 0.15%, and the custody fee is 0.05%, making it the lowest among comparable funds [4]. - As of September 5, 2025, the ETF's tracking error over the past month was 0.066%, indicating the highest tracking accuracy among similar funds [4]. - The National Index of Free Cash Flow reflects the price changes of listed companies with high and stable free cash flow levels in the Shanghai and Shenzhen stock exchanges [4]. Group 4: Top Holdings - The top ten weighted stocks in the National Index of Free Cash Flow account for 57.95% of the index, including SAIC Motor, China National Offshore Oil, and Midea Group [4].