Core Viewpoint - Sichuan Chengyu (601107) reported on November 18 that as of October 31, 2025, the total number of shareholders is 37,213, with 36,980 in A-shares and 233 in H-shares [1] Summary by Category - **Shareholder Information** - Total number of shareholders is 37,213 as of October 31, 2025 [1] - A-shares account for 36,980 shareholders, while H-shares have 233 shareholders [1]

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - Crude oil freight rates initially declined but then increased, with a divergence in container shipping rates on long-distance routes. The China Import Crude Oil Composite Index (CTFI) rose to 2231.96 points, up 9.5% from November 6 [2][13] - Volant Aviation completed a multi-hundred million yuan Series B financing round, and the C919 aircraft made its debut at the Dubai Airshow [2][15] - Jitu Express reported over 100 million packages on "Double Eleven," marking a 9% year-on-year increase, with an average daily package volume of 94.59 million during the peak season [2][23] Summary by Sections Industry Hot Events - Crude oil freight rates fluctuated, with the CTFI at 2231.96 points, a 9.5% increase from November 6. The VLCC market is optimistic about future rates due to tight vessel availability [2][13] - Volant Aviation's Series B financing was led by Huaying Capital, with existing shareholders also increasing their investments. The C919 aircraft is set to showcase its capabilities at the 2025 Dubai Airshow [2][15] - Jitu Express achieved a record-breaking package volume during "Double Eleven," with a total of 1.3938 billion packages collected nationwide from October 21 to November 11, reflecting a 17.8% increase in daily average volume [2][25] High-Frequency Dynamic Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was 5356.00 points, down 2.5% year-on-year [27][28] - Domestic freight flights increased by 0.32% year-on-year, while international flights rose by 11.12% [28] - The SCFI index reported a decrease of 2.92% week-on-week, while the CCFI index increased by 3.39% week-on-week [35] Investment Recommendations - Focus on the equipment and manufacturing industrial products export chain, recommending companies like COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to the transportation demand increase driven by the construction of hydropower stations in the Yarlung Tsangpo River downstream [4] - Investment opportunities in the low-altitude economy, with a recommendation for CITIC Offshore Helicopter [4] - Recommendations for highway and railway sectors, including Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Straits Shares [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, and Spring Airlines [4]

Group 1 - ST Er Ya (600107) closed at 7.62 yuan on November 14, 2025, with a 4.96% increase and a trading volume of 155,300 shares, amounting to a total transaction value of 118 million yuan [1] - On November 14, 2025, ST Er Ya was listed on the "Dragon and Tiger List" due to a cumulative price deviation of 12% over three consecutive trading days, marking the second appearance in five days [2] - The company reported a net profit of -35.68 million yuan for the first three quarters of 2025, and if the annual revenue falls below 300 million yuan and continues to incur losses, it may trigger financial delisting risk warnings [3][4] Group 2 - The company and its chairman, Zheng Jiping, are currently under investigation by the China Securities Regulatory Commission [3][4] - If the internal control audit report for 2025 continues to receive a negative opinion or cannot express an opinion, it may trigger regulatory delisting risk warnings [3][4]

Core Viewpoint - ST Er Ya (600107) has experienced significant stock price fluctuations, with a recent increase of 4.53% to 7.62 CNY, while facing potential delisting risks due to financial performance issues [1][2][3] Trading Information Summary - ST Er Ya's stock was listed on the "Dragon and Tiger List" twice within a week due to a cumulative price deviation of over 12% in both downward and upward directions [1][3] - The stock reached a high of 7.62 CNY and a low of 6.37 CNY during the week [1] Company Announcement Summary - For the first three quarters of 2025, ST Er Ya reported revenue of 172 million CNY and a net loss of 35.68 million CNY [1][3] - The company is at risk of financial delisting if annual revenue falls below 300 million CNY and continues to incur losses [1] - The 2024 annual report received a qualified opinion, and if the internal control report for 2025 is also negative or unable to express an opinion, it may trigger regulatory delisting warnings [1] - The company and its actual controller, Zheng Jiping, are currently under investigation by the China Securities Regulatory Commission [1][2][3]

Core Viewpoint - ST Er Ya (600107) experienced a significant stock price increase, raising concerns about potential financial risks and ongoing investigations by regulatory authorities [1] Group 1: Stock Performance - As of November 14, 2025, ST Er Ya closed at 7.62 yuan, up 4.96% from the previous trading day, with a total market capitalization of 2.743 billion yuan [1] - The stock opened at 7.59 yuan, reached a high of 7.62 yuan, and a low of 7.37 yuan, with a trading volume of 1.18 billion yuan and a turnover rate of 4.31% [1] Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenue of 172 million yuan and a net loss of 35.68 million yuan [1] - If the annual revenue falls below 300 million yuan and losses continue, the company may face financial delisting risk warnings [1] Group 3: Regulatory Issues - The 2024 financial report received a qualified audit opinion, and the internal control audit report received a negative opinion [1] - If the internal control report for 2025 also receives a negative or unable to express an opinion, it may trigger regulatory delisting risk warnings [1] - The company and its chairman, Zheng Jiping, are currently under investigation by the China Securities Regulatory Commission [1]

（股份編號：00107） 海外監管公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 四川成渝高速公路股份有限公司 Sichuan Expressway Company Limited* （在中華人民共和國註冊成立之股份有限公司） 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列四川成渝高速公路股份有限公司（「本公司」）在上海證券交易所網站發佈的 《四川成渝高速公路股份有限公司投資者關係活動記錄表》，僅供參閱。 承董事會命 四川成渝高速公路股份有限公司 姚建成 執行董事兼公司秘書 中華人民共和國 • 四川省 • 成都市 二零二五年十一月十三日 於本公告之日，董事會成員包括：執行董事羅祖義先生（董事長）、游志明先生 （副董事長）、馬永菡女士、姚建成先生及毛渝茸女士，非執行董事楊少軍先生 （副董事長）、李成勇先生及陳朝雄先生，獨立非執行董事余海宗先生、步丹璐女 士、周華先生及姜濤先生。 * 僅供識別 证券代码：601107 ...

Core Points - Sichuan Chengyu announced that the board of directors will postpone its re-election [2] - The terms of the board of directors, various special committees, and senior management will be extended accordingly [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 四川成渝高速公路股份有限公司 Sichuan Expressway Company Limited* * 僅供識別 （在中華人民共和國註冊成立之股份有限公司） （股份編號：00107） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列四川成渝高速公路股份有限公司（「本公司」）在上海證券交易所網站發佈的 《四川成渝高速公路股份有限公司關於董事會延期換屆的公告》，僅供參閱。 承董事會命 四川成渝高速公路股份有限公司 姚建成 執行董事兼公司秘書 中華人民共和國 • 四川省 • 成都市 二零二五年十一月十二日 於本公告之日，董事會成員包括：執行董事羅祖義先生（董事長）、游志明先生 （副董事長）、馬永菡女士、姚建成先生及毛渝茸女士，非執行董事楊少軍先生 （副董事長）、李成勇先生及陳朝雄先生，獨立非執行董事余海宗先生、步丹璐女 士、周華先生及姜濤先生。 1 | 证券代码： ...

四川成渝高速公路股份有限公司（以下简称"公司"）第八届董事会将于 2025 年 11 月 17 日任期届满，鉴于董事会换届工作尚在筹备中，为保证公司治 理的连续性及稳定性，公司董事会将延期换届。公司董事会、董事会各专门委员 会、高级管理人员的任期亦相应顺延。 四川成渝高速公路股份有限公司 关于董事会延期换届的公告 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。 | 债券代码：241012.SH | | 成渝 01 | | | | --- | --- | --- | --- | --- | | | 债券简称：24 | | | | | 证券代码：601107 | 证券简称：四川成渝 | | | 公告编号：2025-050 | | 债券代码：102485587 | 债券简称：24 | 成渝高速 | MTN001 | | 在新一届董事会换届选举工作完成前，公司第八届董事会全体董事及各专门 委员会委员、高级管理人员将依照法律、法规和公司章程的相关规定继续履行相 应职责。 本次延期换届不会影响公司的正常经营。公司将尽快推进董事会的换届选举 ...

Trading Information Summary - ST Er Ya's stock price closed at 6.58 yuan on November 11, 2025, down 5.05%, marking a continuous decline for six days [1][4] - The stock has experienced a cumulative decline of 24.52% over the past ten trading days, with a total net outflow of 160 million yuan from major funds [1][4] - The trading volume on November 11 was 202,632 shares, with a total transaction amount of 20.26 million yuan [1] Fund Flow Analysis - On November 11, major funds had a net outflow of 24.67 million yuan, accounting for 18.44% of the total transaction amount [2][4] - Retail investors saw a net inflow of 10.32 million yuan, representing 7.72% of the total transaction amount [2] Company Announcement Summary - ST Er Ya's stock experienced abnormal fluctuations, with a cumulative price drop exceeding 12% over three consecutive trading days [3] - For the first three quarters of 2025, the company reported a revenue of 172 million yuan and a net loss of 35.68 million yuan [3] - If the annual revenue falls below 300 million yuan and losses continue, the company will trigger a financial delisting risk warning [3]