Investment Rating - The report assigns an "Accumulate" rating for Xiamen International Trade (600755) [1] Core Views - The company is focusing on its core supply chain management business after divesting from real estate and financial services, positioning itself to navigate through economic cycles [8][10] - The domestic bulk commodity supply chain market presents significant growth potential, with the company holding only 0.85% market share as of 2023, indicating room for expansion [9][62] - The investment logic is based on a combination of demand recovery, internal growth, and a high dividend yield, making it a balanced investment option [10] Summary by Sections Company Overview - Xiamen International Trade has transitioned from a diversified business model to a focus on supply chain management, shedding non-core assets [34][37] - The company has a stable ownership structure backed by local state-owned assets, with 35.82% of shares held by Xiamen State-owned Assets Supervision and Administration Commission [38] Business Model - The company operates as a midstream circulation organizer with high turnover and low profit margins, leveraging its advantages in credit, capital, operations, and logistics [7][12] - The business model includes both self-operated and agency trading modes, with revenue primarily generated from the sale of goods [18] Financial Performance - The company’s revenue and profit growth rates are positioned in the upper-middle tier of the industry, with stable ROE and net profit margins [55][56] - Revenue projections for 2024 to 2026 are estimated at CNY 389.05 billion, CNY 404.61 billion, and CNY 418.84 billion, with corresponding net profits of CNY 1.22 billion, CNY 1.61 billion, and CNY 2.09 billion [10] Market Position - Xiamen International Trade is a leading player in the domestic bulk commodity supply chain, particularly strong in metals and paper products [42][43] - The company’s market share in key categories like steel, iron ore, and copper ranks among the top in the industry [43] Growth Strategy - The company is pursuing a dual growth strategy of horizontal expansion into new product categories and vertical integration along the supply chain [9][61] - The focus on emerging sectors such as health and renewable energy is part of its strategy to diversify and mitigate demand fluctuations [78]

3月24日至28日，郑商所主办的央企金融衍生业务培训班（第7期）在国务院国资委下属事业单位中国大 连经理学院举办，来自中石化、中建材、中粮集团等10余家中央企业，以及厦门国贸、物产中大、广东 天禾等10家地方国企的50余名业务骨干齐聚一堂，系统学习了金融衍生品业务监管政策、期货市场法治 化建设及风险防控实践等课程。据期货日报记者了解，该培训既是国务院国资委推动中央企业规范参与 金融衍生品市场的重要举措，也是期货市场持续深化服务国家战略、助力实体经济稳健发展的重要实 践。 监管体系升级 护航央企风险管理 近年来，随着全球大宗商品价格波动加剧，我国实体企业面临的市场风险敞口不断扩大。央企、国企作 为国民经济的重要支柱，其风险管理能力直接影响产业链供应链的稳定性。在此背景下，国务院国资委 自2020年起密集出台政策文件，构建覆盖业务准入、风险管控、合规操作的金融衍生业务监管框架。 培训首日，国务院国资委相关负责人系统梳理了我国金融衍生业务监管理念的演进历程，重点宣贯了 2020年《关于切实加强金融衍生业务管理有关事项的通知》（国资发财评规〔2020〕8号，下称8号文） 和2021年《关于进一步加强金融衍生业务管理有 ...

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [1] Core Insights - The report highlights that U.S. sanctions against Iran are intensifying, and OPEC has reached a consensus to increase production, indicating upward potential for the oil tanker sector [2][7] - The express delivery business volume has shown significant year-on-year growth, with a reported increase of 21.5% in 2024 [3] Summary by Sections Weekly Focus - The U.S. government has announced additional sanctions against Iran, targeting several individuals, entities, and vessels involved in Iranian oil exports, including 10 VLCC supertankers, which constitutes about 20% of the global tanker fleet [7] - OPEC has agreed to gradually increase production starting April, aiming to release 2.2 million barrels per day [7] Industry Data Tracking (2025.03.09 – 03.15) Aviation Data - Domestic flight volume for the week was 84,029 flights, averaging 12,004 flights per day, a slight decrease of 0.10% week-on-week and 0.50% year-on-year [10] - Domestic passenger volume reached 11.43 million, a 0.05% increase week-on-week and a 2.12% increase year-on-year [11] - The average domestic ticket price decreased by 3.49% week-on-week and 6.31% year-on-year [11] Express Delivery Data - For the week of March 3-9, the average daily collection volume was approximately 555 million pieces, a 3.99% increase from the previous week [17] - Year-to-date, the average daily collection volume is about 495 million pieces, reflecting a 36.00% increase year-on-year [17] - In 2024, the express delivery business volume increased by 21.5% year-on-year, with revenue up by 13.8% [3] Shipping Data - The BDI index for dry bulk shipping was reported at 1,517 points, a 20% increase week-on-week [48] - The VLCC-TCE rate was $38,329 per day, a 3% decrease week-on-week [49] Recent Key Reports - The report recommends focusing on companies such as COSCO Shipping Energy, Shandong Highway, and China Eastern Airlines, among others, as part of the investment strategy [4]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights that the recent decline in oil prices is expected to elevate the profit margins for the aviation sector, with Brent oil prices dropping below $70 per barrel and WTI prices below $67 per barrel [8] - The report suggests that if oil prices remain low, it could lead to cost savings of approximately 4-5 billion yuan for major airlines, equivalent to a ticket price reduction of about 3%-4% [8] - The report emphasizes the importance of monitoring supply-demand dynamics and macroeconomic conditions to ensure that the benefits of lower oil prices translate into profits for the airlines [13] Summary by Sections Weekly Focus - The focus of the week is on the accelerated decline in oil prices, which is expected to enhance the profit margins for the aviation industry [6] Industry Data Tracking (2025.03.02 - 03.08) Aviation High-Frequency Data Tracking - Domestic flight volume for the period was 81,367 flights, with a daily average of 11,624 flights, down 10.07% week-on-week and 7.47% year-on-year [10] - Domestic passenger volume reached 11.0615 million, down 12.05% week-on-week and 4.17% year-on-year [11] - The average full ticket price decreased by 4.76% week-on-week and 3.39% year-on-year [11] - The domestic passenger load factor was 83.18%, an increase of 3.73 percentage points year-on-year [12] - International passenger volume reached 1.315 million, down 5.27% week-on-week but up 26.01% year-on-year [14] Express Delivery High-Frequency Data Tracking - For the week of February 24 to March 2, the average daily express delivery volume was approximately 534 million pieces, with a delivery volume of about 541 million pieces, showing a slight decrease of 0.56% and an increase of 0.05% respectively compared to the previous week [19] - Year-to-date (January 1 to March 2), the average daily express delivery volume was approximately 488 million pieces, up 37.41% year-on-year [20] Shipping High-Frequency Data Tracking - The BDI index for the international dry bulk market was 1,263 points, up 17% week-on-week [51] - The CCFI index for the international container shipping market decreased by 3% week-on-week, while the SCFI index fell by 5% [51] - The VLCC-TCE rate for oil shipping was $39,359 per day, down 1% week-on-week [52] Recent Key Reports - The report includes a recommended investment portfolio consisting of companies such as COSCO Shipping Energy, Shandong Hi-Speed, and China Eastern Airlines, among others [5]

证券代码：600755 证券简称：厦门国贸 编号：2025-18 厦门国贸集团股份有限公司 董事会决议公告 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。 一、董事会会议召开情况 厦门国贸集团股份有限公司（以下简称"公司"）第十一届董事会 2025 年度 第四次会议通知于 2025 年 2 月 21 日以书面方式送达全体董事，会议于 2025 年 2 月 28 日以通讯方式召开。本次会议应到董事 9 人，实到董事 9 人。会议由董事长 高少镛先生主持，全体监事及董事会秘书列席了会议。会议的通知、召开及审议 程序符合《公司法》等法律法规及《公司章程》的规定。 二、董事会会议审议情况 表决结果：同意 9 票、反对 0 票、弃权 0 票。 2.《关于修订<公司投资管理制度>的议案》 与会董事经审议，通过以下议案： 1.《关于制定<公司市值管理制度>的议案》 表决结果：同意 9 票、反对 0 票、弃权 0 票。 特此公告。 厦门国贸集团股份有限公司董事会 2025年3月1日 报备文件 1．厦门国贸集团股份有限公司第十一届董事会 202 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in this regard [4][6]. Core Views - The company is recognized as one of the leading players in the bulk supply chain sector, with a diversified layout that builds a competitive moat [4][5]. - The report highlights the company's strong market position and its ability to optimize business structure, which is expected to enhance its resilience and profitability despite current market challenges [8][36]. Summary by Relevant Sections Company Overview - The company, Xiamen International Trade Group Co., Ltd., was founded in 1980 and is a leader in the domestic bulk supply chain industry. It has diversified into health technology and supply chain management, with a significant portion of its revenue derived from these sectors [5][15]. Financial Performance - The company reported a total revenue of 521,918 million RMB in 2022, with a projected decline to 370,336 million RMB in 2024, followed by a recovery to 411,111 million RMB in 2026 [4][6]. - The net profit attributable to shareholders is expected to decrease from 3,589 million RMB in 2022 to 1,123 million RMB in 2024, before rising to 1,878 million RMB in 2026 [4][6]. Market Position and Industry Dynamics - The bulk commodity supply chain market in China has been expanding, with a compound annual growth rate (CAGR) of 7.62% from 2018 to 2022. The market is transitioning from fragmented competition to a more concentrated structure, with the top four companies (CR4) increasing their market share from 2.19% in 2018 to 4.18% in 2022 [5][34]. - The company is positioned to benefit from this trend, leveraging its resource network, financial tools, and digital capabilities to enhance its competitive edge [8][34]. Business Strategy - The company is focused on optimizing its supply chain management services and expanding into high-value sectors, including health technology. The health technology segment is expected to grow significantly, contributing to the overall revenue [19][36]. - The report emphasizes the company's commitment to digital transformation and risk management, which are crucial for maintaining operational efficiency and enhancing service offerings [55][56]. Valuation Metrics - The current price-to-earnings (P/E) ratios for the company are projected to be 12.2x in 2024, 8.9x in 2025, and 7.3x in 2026, indicating a favorable valuation compared to its peers [4][6].

证券代码：600755 股票简称：厦门国贸 编号：2025-17 厦门国贸集团股份有限公司 关于控股股东及其一致行动人权益变动提示性公告 本公司董事会、全体董事及相关股东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： 本次权益变动后，厦门国贸集团股份有限公司（以下简称"公司"）控股 股东厦门国贸控股集团有限公司（以下简称"国贸控股"）及其一致行动人厦门 国贸建设开发有限公司（系国贸控股全资子公司，以下简称"国贸开发"）、兴证 证券资管－厦门国贸控股集团有限公司－兴证资管阿尔法科睿 1 号单一资产管 理计划（出资人为国贸控股，以下简称"兴证资管计划"）合计持有公司股份比 例从 37.030%增加至 38.131%，权益变动触及 1%整数倍。 本次权益变动为国贸控股履行此前披露的增持股份计划，不触及要约收 购，不会导致公司控股股东及实际控制人发生变化。 2025年2月14日，公司收到控股股东国贸控股《关于增持厦门国贸集团股份 有限公司股份权益变动的通知》，现将相关情况公告如下： | 一、本次权益变动情况 | | --- | | （一）信 ...

二、董事会会议审议情况 与会董事经审议，通过以下议案： 证券代码：600755 证券简称：厦门国贸 编号：2025-16 厦门国贸集团股份有限公司 董事会决议公告 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。 一、董事会会议召开情况 厦门国贸集团股份有限公司（以下简称"公司"）第十一届董事会 2025 年度 第三次会议通知于 2025 年 2 月 7 日以书面方式送达全体董事，会议于 2025 年 2 月 12 日以通讯方式召开。本次会议应到董事 9 人，实到董事 9 人。会议由董事长 高少镛先生主持，全体监事及董事会秘书列席了会议。会议的通知、召开及审议 程序符合《公司法》等法律法规及《公司章程》的规定。 该议案已经公司第十一届董事会提名委员会 2025 年度第二次会议审议通过。 2.《关于修订公司<总裁基金管理办法>的议案》 表决结果：同意 9 票、反对 0 票、弃权 0 票。 特此公告。 1.《关于聘任刘志滔先生为公司常务副总裁的议案》 同意聘任公司副总裁刘志滔先生为公司常务副总裁，任期至公司第十一届董 事会任期届满之 ...

Group 1 - Xiamen Qirun Cloud Intelligent Manufacturing Co., Ltd. has been established with a registered capital of 50 million yuan [1] - The legal representative of the company is Zhao Dongfei [1] - The business scope includes manufacturing of metal materials, steel rolling processing, non-ferrous metal rolling processing, and metal structure manufacturing [1] Group 2 - The company is jointly held by Xiamen International Trade Group's subsidiary Xiamen International Trade Metal Co., Ltd. and Guomao Qirun (Shanghai) Co., Ltd. [1]

http://www.tenetlaw.com 关于厦门国贸集团股份有限公司 2025 年第一次临时股东大会的 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 中国 · 厦门 厦禾路 666 号海翼大厦 A 幢 16-18 村 电话:86·592·5883666 传真:86·592 厦门 · 泉州 · 福州 · 龙岩 · 上海 关于厦门国贸集团股份有限公司 2025 年第一次临时股东大会的法律意见书 (2025) 天衡(意)字第 022 号 律师声明事项: 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 东大会规则》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 /或印章均为真实,授权书均获得合法及适当的授权，资料的副 ...