Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing the timely allocation of transportation dividend assets [1]. Core Insights - The resilience of highway performance is highlighted, with a notable inflection point in bulk commodity performance. The report indicates that the transportation sector is currently experiencing a favorable investment environment [1]. Summary by Sections Highway: Stable Growth in Toll Revenue and Resilient Performance - In the first three quarters of 2025, the overall toll revenue of listed highway companies remained stable, with a year-on-year increase of 2.4% [4][7]. - The net profit growth rate for the highway sector in Q3 2025 was 7.1%, with notable performers including Ganyue Expressway (+64.7%) and Zhongyuan Expressway (+43.8%) [10][11]. - Current dividend yields for highway companies as of October 31, 2025, show Sichuan Chengyu at 5.1%, followed by Guangdong Expressway A and Shandong Expressway at 4.5% each [17][18]. Port: Slight Recovery in Bulk Cargo and Mixed Overall Performance - In Q3 2025, the total cargo throughput of national ports increased by 5.8% year-on-year, with container throughput rising by 5.2% [19][21]. - The port industry achieved a net profit of 97.9 billion yuan in Q3 2025, a decrease of 7.4% year-on-year, with Liaoport Co. leading in performance growth at +37.5% for the first three quarters [25][27]. - Current dividend yields for major ports include Tangshan Port at 5.0% and Qingdao Port at 3.7% [17][18]. Railway: Improvement in Q3 Performance - The railway sector showed a sequential improvement in Q3 2025, with key companies like Beijing-Shanghai High-Speed Railway reporting a net profit of 39.86 billion yuan, up 8.96% year-on-year [11][12]. - Current dividend yields for railway companies include Daqin Railway at 4.7% and Beijing-Shanghai High-Speed Railway at 2.3% [17][18]. Bulk Supply Chain: Continuous Recovery in Operating Environment - Xiamen Xiangyu reported a significant net profit increase of 443.17% in Q3 2025, indicating a strong upward trend [4][28]. - Xiamen Guomao turned profitable in Q3 2025, reflecting a stabilization in operations despite a year-on-year decline of 18.94% in the first three quarters [4][28]. Investment Recommendations - The report suggests a continued positive outlook for A/H shares in transportation dividend assets, emphasizing the importance of industrial logic and valuation elasticity [4]. - Key recommendations include Sichuan Chengyu and Wuhu Expressway for highways, and Tangshan Port and Qingdao Port for ports, highlighting their strong dividend yields and growth potential [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's revenue has shown a quarter-on-quarter recovery, indicating a gradual stabilization in operations. Despite a year-on-year decline of 2.66% in Q3 2025 revenue, the company has experienced three consecutive quarters of revenue growth. The volume of major commodity operations has stabilized, with some core product categories showing both year-on-year and quarter-on-quarter increases [7] - The company is actively optimizing its business structure and diversifying its service capabilities, which helps build a competitive moat. The ongoing structural adjustments in the industry and declining commodity demand have prompted the company to enhance its business structure to mitigate risks. The expansion of high-value-added services and cost control has led to steady improvements in the quality and profitability of its main products. If global economic recovery aligns with increased demand for new energy, the company is expected to leverage its resource network, technological capabilities, and financial stability to enter a new growth cycle [7] - The company is one of the leading players in the domestic bulk commodity supply chain industry, with long-term growth potential in its performance. The projected net profits for 2025-2027 are 889 million, 1.24 billion, and 1.53 billion yuan, respectively, with corresponding P/E ratios of 15.5, 11.1, and 9.0 times [7] Financial Summary - As of October 30, 2025, the company's closing price is 6.43 yuan, with a total market capitalization of 13,744.90 million yuan and a circulating market capitalization of 13,709.78 million yuan. The total share capital is 2,137.62 million shares, and the debt-to-asset ratio stands at 67.90% [4] - The company's revenue forecast for 2023 is 468,247 million yuan, with a year-on-year growth rate of -10.28%. For 2024, the revenue is expected to be 354,440 million yuan, reflecting a -24.30% decline. The forecasted revenue for 2025 is 313,099 million yuan, with an anticipated growth of 6.85% in 2026 and 5.09% in 2027 [6][8]

Core Insights - The National Index of Free Cash Flow has increased by 0.15% as of November 3, 2025, with notable stock performances from companies like Yaxing Integration and Hailu Heavy Industry reaching the daily limit up [1] - The Cash Flow ETF from Harvest has seen a net value increase of 20.15% over the past six months, indicating strong performance and investor interest [3] Group 1: Cash Flow ETF Performance - As of October 31, 2025, the Cash Flow ETF from Harvest has achieved a maximum monthly return of 6.91% since its inception, with an average monthly return of 3.13% [3] - The top ten weighted stocks in the National Index of Free Cash Flow account for 54.79% of the index, with China National Offshore Oil Corporation (CNOOC) being the largest at 9.80% [3][5] Group 2: Market Environment and Trends - Global monetary and fiscal easing expectations have positively influenced risk assets, creating a favorable macro environment for A-shares [5] - A-share third-quarter reports show improvements in key metrics such as profit, revenue, and ROE compared to the first half of the year, suggesting a potential transition to a fundamental bull market [5]

Core Insights - Xiamen International Trade (600755.SH) reported a steady operational performance for the first three quarters of 2025, with total revenue reaching 240.35 billion and a net profit attributable to shareholders of 577 million [1] - The company achieved a revenue of 88.69 billion in Q3 2025, marking the third consecutive quarter of sequential growth, with stable trading volumes in bulk commodities and improvements in key operational categories both year-on-year and quarter-on-quarter [1] Group 1 - The company is committed to optimizing its business structure and enhancing operational quality while aligning with national development strategies and focusing on its "14th Five-Year" development plan [2] - Xiamen International Trade has implemented a strategy of "doing better and finer," strengthening risk management and actively promoting business model transformation and upgrades [1] - The company has successfully launched several projects, including a port iron ore blending project in Qingdao, which integrates non-mainstream mineral sources from Canada, Brazil, and Australia to provide cost-effective raw material solutions for steel mills [1] Group 2 - The company has initiated the construction of the polyester filament project in Jiujiang, leveraging its operational and channel advantages in the polyester supply chain to ensure raw material supply and smooth product sales [1] - Xiamen International Trade has been approved for the delivery warehouse qualification for printing paper at the Shanghai Futures Exchange, enhancing its ability to stabilize price fluctuations in paper products based on existing supply chain service models [1]

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 证券代码：600755 证券简称：厦门国贸 编号：2025-60 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 第十六次会议通知于2025年10月24日以书面方式送达全体董事，本次会议于2025 年 10 月 30 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，董事会秘书列席了会议。会议的通知、召开及审议程序 符合《中华人民共和国公司法》等法律法规及《公司章程》的规定。 二、董事会会议审议情况 与会董事经审议，通过如下议案： 1. 《公司 2025 年第三季度报告》 本议案已经第十一届董事会审计委员会 2025 年度第六次会议审议通过。 具体内容详见同日刊载于上海证券交易所网站的《厦门国贸集团股份有限公 司 2025 年第三季度报告》。 2. 《关于制定<公司董事、高级管理人员离职管理制度>的议案》 表决结果：同意 9 票、反对 0 票、弃 ...

Group 1 - Xiamen International Trade's board meeting was held on October 30, 2025, to review the Q3 2025 report and other documents [1] - For the first half of 2025, the company's revenue composition was 99.63% from supply chain management, 0.36% from health technology, and 0.02% from other sectors [1] - As of the report, Xiamen International Trade's market capitalization was 13.7 billion yuan [1]

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of CNY 240.35 billion, a decrease of 16.06% year-on-year[3] - For Q3 2025, the company reported operating revenue of CNY 88.69 billion, a decrease of 2.66% compared to the same period last year, marking the third consecutive quarter of sequential growth[5] - The net profit attributable to shareholders for the first three quarters of 2025 was CNY 577.17 million, down 18.94% year-on-year[5] - The company reported a total profit of CNY 704.46 million for the first three quarters, a decrease of 8.66% year-on-year[5] - Net profit for the first three quarters of 2025 was approximately ¥450.30 million, a decline of 36.4% from ¥708.03 million in 2024[20] - The total comprehensive income attributable to the parent company for the first three quarters of 2025 is CNY 496,354,321.61, a decrease of 30.2% compared to CNY 711,448,444.58 in the same period of 2024[21] - Operating profit for the first three quarters of 2025 was CNY -22.32 million, compared to CNY 426.37 million in the first three quarters of 2024, indicating a decline in profitability[29] - Net profit for the first three quarters of 2025 was CNY 127.11 million, down from CNY 445.29 million in the same period of 2024, reflecting a decrease of approximately 71.5%[30] - The company reported a gross profit margin of approximately 0.31% for the first three quarters of 2025, down from 1.35% in the same period of 2024, indicating a decline in profitability[29] - The company’s total comprehensive income for the first three quarters of 2025 was CNY 119.86 million, down from CNY 450.52 million in the same period of 2024, indicating a decline of approximately 73.4%[30] Cash Flow and Assets - The net cash flow from operating activities for the first three quarters was CNY 1.77 billion, an increase of 5.10% year-on-year[5] - Total current assets as of September 30, 2025, amount to ¥100,759,412,458.84, an increase from ¥73,749,875,048.83[15] - Cash and cash equivalents are reported at ¥9,228,601,780.33, up from ¥8,479,400,167.04[15] - Inventory stands at ¥29,752,868,015.89, compared to ¥25,647,510,578.37 in the previous period[15] - The company has a total of ¥10,355,932,397.72 in trading financial assets, significantly up from ¥3,410,092,562.51[15] - Long-term receivables increased to ¥2,732,516,840.23 from ¥1,484,019,422.64[15] - The total cash and cash equivalents at the end of September 2025 is CNY 8,074,372,947.54, down from CNY 11,793,437,431.35 at the end of December 2024[24] - The cash inflow from operating activities totaled CNY 270,336,052,914.17 for the first three quarters of 2025, down 12.7% from CNY 309,542,960,144.06 in 2024[23] - The cash inflow from financing activities for the first three quarters of 2025 is CNY 115,059,827,695.86, a decrease from CNY 119,277,662,107.91 in 2024[24] - Total assets at the end of the reporting period reached CNY 126.39 billion, an increase of 26.78% compared to the end of the previous year[5] - The company's total assets as of September 30, 2025, were approximately ¥126.39 billion, an increase from ¥99.70 billion at the end of 2024[17] - Total liabilities increased to approximately ¥90.12 billion as of September 30, 2025, compared to ¥61.46 billion at the end of 2024[17] - Total liabilities as of September 30, 2025, amounted to CNY 55.17 billion, an increase from CNY 43.00 billion as of December 31, 2024, representing a growth of approximately 28.4%[28] - Total equity as of September 30, 2025, was CNY 23.91 billion, compared to CNY 24.86 billion as of December 31, 2024, showing a decrease of about 3.9%[28] Shareholder Information - Total number of common shareholders at the end of the reporting period is 80,329[13] - Xiamen Guomao Holding Group Co., Ltd. holds 819,660,486 shares, accounting for 38.34% of total shares[13] - The number of shares held by the top 10 shareholders includes significant stakes from various institutional investors[14] - The company has no changes in the participation of major shareholders in margin trading and securities lending[15] - There are no significant changes in the shareholding structure of the top 10 unrestricted shareholders[15] Strategic Initiatives - The company plans to continue optimizing its business structure and improving operational quality in line with national development strategies[3] - The company aims to focus on its "14th Five-Year" development strategy while navigating external uncertainties and market challenges[3] Expenses and Investments - Research and development expenses for the first three quarters of 2025 were approximately ¥59.64 million, slightly up from ¥56.59 million in 2024[20] - The company reported a significant decrease in financial expenses, totaling ¥1.06 billion in 2025 compared to ¥1.66 billion in 2024, marking a reduction of 36.1%[20] - Investment income for the first three quarters of 2025 was approximately ¥942.82 million, down 38% from ¥1.52 billion in 2024[20] - The company’s long-term investments amounted to approximately ¥9.74 billion as of September 30, 2025, compared to ¥9.83 billion at the end of 2024[16] Cash Flow from Activities - Cash inflow from investment activities for the first three quarters of 2025 was approximately ¥10.82 billion, a decrease of 21.1% compared to ¥13.76 billion in the same period of 2024[32] - Cash outflow from investment activities for the first three quarters of 2025 was approximately ¥16.83 billion, down by 23.1% from ¥21.86 billion in the first three quarters of 2024[32] - Net cash flow from investment activities for the first three quarters of 2025 was approximately -¥6.01 billion, an improvement from -¥8.10 billion in the same period of 2024[32] - Total cash inflow from financing activities for the first three quarters of 2025 was approximately ¥56.09 billion, a decrease of 13.5% compared to ¥64.85 billion in the first three quarters of 2024[32] - Net cash flow from financing activities for the first three quarters of 2025 was approximately ¥1.87 billion, a significant improvement from -¥1.40 billion in the same period of 2024[32] - Cash received from investment income for the first three quarters of 2025 was approximately ¥325.63 million, a substantial increase of 321.5% compared to ¥77.20 million in the same period of 2024[32] - Cash paid for debt repayment in the first three quarters of 2025 was approximately ¥22.92 billion, a decrease of 39.6% compared to ¥37.97 billion in the same period of 2024[32] Accounting Standards - The company did not apply new accounting standards or interpretations for the year 2025[33]

厦门国贸集团股份有限公司 投资者关系管理制度 （2025 年 10 月 30 日第十一届董事会 2025 年度第十六次会议审议通过） 第一章 总则 第一条 为规范厦门国贸集团股份有限公司（以下简称"公 司"）投资者关系管理工作，加强公司与投资者之间的有效沟通， 促进公司完善治理，切实保护投资者特别是中小投资者合法权益， 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司投资者关系管理工作指引》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 等法律、法规、规范性文件及《厦门国贸集团股份有限公司章程》 《厦门国贸集团股份有限公司信息披露管理制度》的有关规定， 结合公司实际情况，制定本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、 信息披露、互动交流和诉求处理等工作，加强与投资者及潜在投 资者之间的沟通，增进投资者对公司的了解和认同，以提升公司 治理水平和企业整体价值，实现尊重投资者、回报投资者、保护 投资者目的的相关活动。 第三条 投资者关系管理的基本原则是： （一）合规性原则。公司投资者关系管理应当在依法履行信 息披露义务的基础上开展，符 ...

第三条 公司董事和高级管理人员所持本公司股份，是指登记在其名下和利 用他人账户持有的所有本公司股份。公司董事和高级管理人员从事融资融券交易 的，其所持本公司股份还包括记载在其信用账户内的本公司股份。 第二章 交易禁止和限制 第四条 公司董事和高级管理人员应当遵守《公司法》《证券法》和有关法 律、行政法规，中国证券监督管理委员会（以下简称"中国证监会"）规章、规 范性文件以及证券交易所规则中关于股份变动的限制性规定。 董事和高级管理人员就其所持股份变动相关事项作出承诺的，应当严格遵守。 董事和高级管理人员所持本公司股份及其变动管理制度 （2025年10月30日第十一届董事会2025年度第十六次会议审议通过） 第一章 总则 第一条 为加强对厦门国贸集团股份有限公司（以下简称"公司"或"本公 司"）董事和高级管理人员所持本公司股份及其变动的管理，维护证券市场秩序， 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证 券法》（以下简称《证券法》）、《上市公司董事和高级管理人员所持本公司股 份及其变动管理规则》、《上市公司股东减持股份管理暂行办法》、《上海证券 交易所上市公司自律监管指引第15号—— ...

（2025年10月30日公司第十一届董事会2025年度第十六次会议审议通过） 第一章 总则 厦门国贸集团股份有限公司 信息披露事务管理制度 第一条 为加强厦门国贸集团股份有限公司（以下简称"公司"）对外信息披 露工作的管理，确保信息披露的真实性、准确性、完整性与及时性，保护公司、 股东及其他利益相关人的合法权益，规范公司的信息披露行为，根据《中华人民 共和国公司法》、《中华人民共和国证券法》（以下简称《证券法》）、《上市 公司信息披露管理办法》（以下简称《信息披露管理办法》）、《上海证券交易 所股票上市规则》（以下简称《股票上市规则》）、《上海证券交易所上市公司 自律监管指引第2号——信息披露事务管理》等法律法规、规范性文件的要求和《公 司章程》的有关规定，结合公司实际情况，特制定本制度。 第二条 本制度所称"信息披露"是指将可能对公司证券及其衍生品种交易 价格产生重大影响的信息以及证券监管部门要求披露的信息，在规定的时间内， 在上海证券交易所（以下简称"上交所"）的网站和符合中国证券监督管理委员 会（以下简称"中国证监会"）规定条件的媒体上向社会公众公布。 第三条 本制度所称信息披露义务人是指公司及其董事、 ...