Group 1: Shipping Industry - The shipping industry is expected to see a divergence in freight rates, with crude oil rates softening while refined oil rates are recovering, indicating a potential bottoming out of oil shipping rates during the summer [1] - The current supply-demand dynamics suggest that marginal changes in demand could have a multiplier effect on freight rates, leading to a recommendation for companies like COSCO Shipping Energy and China Merchants Energy [1] - The container shipping sector is facing pressure on profitability due to ongoing tariff policies and a subdued economic outlook in Europe and the US, with a recommendation to monitor COSCO Shipping Holdings for potential alpha opportunities [1][2] Group 2: Aviation Industry - The aviation sector has entered the peak summer travel season, with domestic flight volumes increasing by 3.1% compared to the previous week, and overall flight volumes reaching 112.3% of 2019 levels [2] - The average ticket price for domestic routes has decreased by 6.6% year-on-year, while the passenger load factor has improved by 1.4 percentage points to 84.1% [2] - Investment recommendations include closely tracking ticket price performance during the summer peak and considering opportunities in airlines such as Air China, China Eastern Airlines, and Spring Airlines [2][5] Group 3: Express Delivery Industry - The "anti-involution" policy released on July 1 aims to curb excessive competition in the express delivery sector, which is currently characterized by severe price competition [3] - The introduction of unmanned logistics vehicles is expected to significantly reduce costs for leading companies like SF Express and ZTO Express, with potential cost savings of approximately 2000 yuan per vehicle per month for SF Express [3][4] - Investment recommendations focus on SF Express due to its strong recovery in revenue growth and cost-saving measures, while also monitoring ZTO Express and Yunda Holdings for potential opportunities [3][5][6] Group 4: Overall Investment Recommendations - The report suggests focusing on domestic demand and high-dividend sectors, recommending companies with stable operations and controllable risks, including SF Express, ZTO Express, and China Southern Airlines [5] - The express delivery sector is projected to maintain a growth rate of 21.5% for the year, driven by strong demand from e-commerce platforms [6] - The report emphasizes the importance of monitoring price changes and the stability of franchisees in the express delivery industry to capitalize on the effects of the "anti-involution" policy [6]

Group 1: Company Initiatives - Great Wall Motors launched a special recruitment event targeting talents over 35 years old, aiming to attract experienced professionals and resonate with public expectations for workplace fairness [1][6][7] - BYD announced a significant breakthrough in intelligent parking, achieving capabilities comparable to L4 level, enhancing user trust with a safety guarantee for its vehicles [2][4] - JD.com initiated the "Double Hundred Plan," committing over 10 billion yuan to support brands in achieving significant sales milestones, aiming to strengthen its position in the instant retail sector [3][4] Group 2: Technological Advancements - Alibaba's DAMO Academy shared progress on its multi-cancer early screening AI, which has served 20 million people across 9 countries, showcasing the potential of AI in healthcare [3][4] - Tencent launched the Hunyuan3D-PolyGen, a 3D generation model aimed at improving modeling efficiency for artists, aligning with the growing demand for 3D content in gaming and film industries [7][8] Group 3: Corporate Social Responsibility - CATL's vice chairman and spouse donated 4.05 million shares to Fudan University, reflecting the company's commitment to higher education and community support [6]

Group 1 - The board of directors of Eastern Airlines Logistics has approved the appointment of Mr. Xu Chen as the deputy general manager, with a term consistent with the third board of directors [1] - The board meeting had full attendance with 10 votes in favor, 0 against, and 0 abstentions, indicating unanimous support for the appointment [1] - The nomination committee confirmed that Mr. Xu Chen meets the qualifications required by the Company Law and the Articles of Association [1] Group 2 - Mr. Xu Chen, aged 45, has extensive experience in the logistics and aviation industry, having held various managerial positions since 2001 [2] - His previous roles include positions at China Cargo Airlines, where he served as the general manager of the logistics solutions division and the marketing department [2] - Mr. Xu holds a master's degree in engineering from Nanjing University of Aeronautics and Astronautics [2]

证券代码：601156 证券简称：东航物流 公告编号：临 2025-025 东方航空物流股份有限公司 关于聘任高级管理人员的公告 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。 2025 年 7 月 8 日，东方航空物流股份有限公司（以下简称"公司"）第三届董 事会第 3 次普通会议，经董事长郭丽君先生召集，以通讯会议方式召开。公司按照 规定向全体董事发出了会议通知和会议文件，本次董事会会议应出席董事 10 人， 实际出席董事 10 人。会议的召集及表决程序符合《公司法》和《公司章程》等有 关规定。 本次会议以"10 票同意、0 票反对、0 票弃权"的表决结果，审议通过《关于 聘任公司高级管理人员的议案》，同意聘任徐陈先生（简历见附件）为公司副总经 理，任期与第三届董事会任期一致。 1 附件： 徐陈先生简历 徐陈，男，45岁，于2001年7月参加工作，历任中国货运航空有限公司（以下 简称"中货航"）网络收益部收益管理处经理、销售服务部长三角营销中心国际销 售处经理、市场营销部销售管理处经理，公司市场营销部收益管理分部高级经理， ...

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Insights - The easing of the Israel-Iran conflict has led to a decline in oil tanker rates, with the VLCC market shifting from geopolitical influences to supply-demand fundamentals [3][14] - The establishment of the General Aviation and Low Altitude Economy Working Group by the Civil Aviation Administration of China (CAAC) aims to enhance the development of low-altitude economy and general aviation [3][16] - The price of unmanned logistics vehicles has dropped to around 20,000 yuan, contributing to a 5.3% year-on-year growth in national social logistics total in the first five months of 2025 [3][22] Industry Highlights - The VLCC market sentiment has transitioned to supply-demand fundamentals, with tanker rates under pressure due to increased competition among shipowners and no significant rise in cargo volumes [3][14] - As of July 4, 2025, the shipping rates from Shanghai to Europe increased by 3.5% to 2,101 USD/TEU, while rates to the US West and East coasts decreased by 19.0% and 12.6%, respectively [3][15] - In the first half of 2025, 117 new international air cargo routes were opened in China, with over 233 round-trip flights added weekly [3][16][18] - The logistics sector has seen a total of 138.7 trillion yuan in social logistics, reflecting a 5.3% year-on-year increase, with a slight deceleration in growth compared to previous months [3][24] High-Frequency Data Tracking - In June 2025, domestic cargo flights increased by 9.42% year-on-year, while international flights rose by 32.87% [26][33] - The express delivery sector experienced a 17.20% year-on-year increase in business volume in May 2025, with total express business volume reaching 173.2 billion pieces [56][58] - The national port cargo throughput reached 7.345 billion tons in the first five months of 2025, marking a 3.8% year-on-year growth [52]

Core Viewpoint - China Eastern Airlines has adjusted its daily related transactions for aircraft and engines for 2025, including the sale of old aircraft to optimize asset management and improve operational efficiency [1][8]. Summary by Category Daily Related Transactions for 2025 - The company plans to include the sale of aircraft and engines in its daily related transactions for 2025, with a maximum transaction amount of RMB 1.8 billion [1][8]. - The company will choose to sell to Eastern Airlines Leasing if their offer is competitive compared to others [1][8]. Daily Related Transactions for 2026 to 2028 - The company has identified new daily related transaction types for 2026 to 2028, including factoring services and aircraft and engine sales, while removing others like foreign trade import and export services [1][12]. - The maximum transaction amounts for financial services and aircraft leasing are expected to increase due to growing passenger revenue and cash flow [2][12]. Financial Services - The company anticipates a slight increase in the maximum daily deposit and comprehensive credit limits for the next three years, driven by increased cash inflow and financing needs [2][12]. - The company will maintain competitive deposit and loan rates with Eastern Airlines Finance compared to major domestic banks [3][12]. Aircraft and Engine Leasing Services - Eastern Airlines Leasing has strong capital strength and expertise in aircraft leasing, which helps reduce overall leasing costs for the company [3][10]. - The company plans to eliminate the previous restriction that limited leasing transactions with Eastern Airlines Leasing to 50% of the total planned aircraft and engine acquisition amount [9][10]. Catering and Supply Services - Eastern Airlines Food will provide comprehensive procurement and supply chain services for in-flight meals, helping to reduce costs and improve quality [4][12]. - The company will ensure that transactions with Eastern Airlines Food do not increase costs or reduce quality [4][12]. Exclusive Cargo Services - The company has granted China Cargo Airlines exclusive rights to operate its passenger aircraft cargo business to avoid competition and enhance operational efficiency [5][12]. Impact of Daily Related Transactions - The daily related transactions are based on fair market pricing and are expected to benefit the company and its shareholders without harming the interests of minority shareholders [5][12]. Future Transaction Estimates - The estimated maximum transaction amounts for 2026 to 2028 are projected to increase, reflecting anticipated growth in the aviation market and the company's operational scale [22][12].

Core Insights - The report highlights the long-term growth potential of Eastern Airlines Logistics, emphasizing its strategic positioning in the aviation logistics sector and the construction of a competitive moat through core resources [2][12][9] - The company has a diversified business model consisting of air express, ground comprehensive services, and integrated logistics solutions, which positions it well to benefit from the growth in cross-border e-commerce [12][3] - The report projects net profits for Eastern Airlines Logistics to reach CNY 21.20 billion, CNY 26.87 billion, and CNY 31.75 billion for the years 2025 to 2027, respectively, indicating a favorable valuation compared to peers [3][12] Company Overview - Eastern Airlines Logistics, headquartered in Shanghai, is a modern comprehensive logistics service provider and was the first civil aviation mixed reform stock listed in 2021, with China Eastern Airlines Group as its controlling shareholder [2][12] - The company operates in three main segments: air express, ground comprehensive services, and integrated logistics solutions, with a focus on providing efficient and precise logistics services [12][3] Financial Performance - Since its listing, Eastern Airlines Logistics has distributed a total of CNY 2.726 billion in dividends, with a planned annual cash distribution of 30%-50% of net profit attributable to shareholders from 2024 to 2026 [3][12] - The report anticipates a stable growth trajectory for the air logistics market, despite short-term disruptions from trade policies, with a slight expansion in cargo aircraft scale expected [3][12] Investment Analysis - The projected price-to-earnings (PE) ratios for Eastern Airlines Logistics from 2025 to 2027 are 9.9x, 7.8x, and 6.6x, respectively, with expected dividend yields of 4.1%, 5.1%, and 6.1% based on a 40% payout ratio [3][12] - The report suggests that the company's assets in cargo aircraft and cargo stations provide a resource endowment advantage, with expectations for improved intercontinental cargo network capabilities and volume optimization [3][12]

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：601156 证券简称：东航物流 公告编号：临 2025-024 东方航空物流股份有限公司 关于股东协议转让股份完成过户登记的公告 2025 年 7 月 1 日，中国证券登记结算有限责任公司出具了《证券过户登 记确认书》，珠海普东股权投资有限公司（以下简称"珠海普东"）向中邮人寿 保险股份有限公司（以下简称"中邮保险"）协议转让其持有的东方航空物流股 份有限公司（以下简称"公司"、"东航物流"）79,420,100 股股份（占公司总 股本的 5.00%）事项完成了股份过户登记手续。过户完成后，珠海普东不再持有 公司股份；中邮保险持有公司 79,420,100 股股份，占公司总股本的 5.00%。 本次协议转让不涉及公司控股股东、实际控制人，不触及要约收购，不 会导致公司控股股东、实际控制人发生变化。 一、协议转让概述 2025 年 4 月 29 日，珠海普东与中邮保险签署了股份转让协议书。珠海普东 拟通过协议转让的方式以 10.944 元/股的交易价格向 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The easing of tensions in the Middle East has led to a decline in oil tanker rates, with the VLCC market experiencing a significant price drop of 14.31% compared to June 19, with current rates at WS59.88 [3][12] - In the shipping sector, the demand for European routes has improved, resulting in a 10.6% increase in spot market booking prices, while the US routes have seen a decline of 7.0% and 11.9% for the West and East coasts, respectively [3][14] - During the summer travel season, Hainan Airlines plans to operate nearly 2,500 flights daily, with domestic ticket bookings reaching 17.9 million, a 5% increase year-on-year [3][15] - The newly unveiled Zhuque eVTOL has a range of 600 kilometers, and from January to May, national railway freight volume increased by 3.1% year-on-year, totaling 1.641 billion tons [3][22] Summary by Sections 1. Industry Hot Events - The Middle East situation has calmed, leading to a reduction in oil tanker rates and a return to supply-demand fundamentals [12] - Hainan Airlines is set to launch 75 new domestic and international routes during the summer travel season, with a daily flight plan of nearly 2,500 [15] - The Zhuque eVTOL was showcased, achieving a range of 600 kilometers, while railway freight volume showed a year-on-year increase [22] 2. High-Frequency Data Tracking - Air logistics: The overall trend for routes to the Asia-Pacific remains stable, with air freight prices showing a decline [25] - Shipping ports: The domestic container shipping price index has decreased, while dry bulk freight rates have also fallen [43] - Express logistics: In May 2025, express delivery volume increased by 17.20% year-on-year, with revenue rising by 8.20% [54] - Air travel: The average daily international flights in the last week of June 2025 increased by 17.51% year-on-year [3] - Road and rail: The number of freight trucks on highways increased by 0.88% week-on-week [3] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Investment opportunities in the road and rail sector, recommending Sichuan Chengyu, Gansu Expressway, and others [4] - Interest in cruise and ferry investment opportunities, recommending Bohai Ferry and Haixia Co [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 others [4]

关于公司董事辞任及提名非独立董事候选人的公告 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。 证券代码：601156 证券简称：东航物流 公告编号：临2025-019 东方航空物流股份有限公司 公司于 2025年6月30日召开的第三届董事会第2次普通会议审议通过了《关 于提名公司第三届董事会非独立董事候选人的议案》，同意提名王永芹女士（简 历见附件）为公司第三届董事会非独立董事候选人，任期与第三届董事会任期一 致，自股东大会审议通过之日起算，同意将本议案提交公司股东大会审议。 特此公告。 东方航空物流股份有限公司董事会 2025 年 7 月 1 日 附件： 王永芹简历 一、董事离任情况 东方航空物流股份有限公司（以下简称"公司"）董事会收到公司董事张渊 女士递交的请辞函。因工作安排原因，张渊女士申请辞去公司第三届董事会董事、 战略委员会委员以及薪酬与考核委员会委员职务。具体情况如下： | 姓名 离任职务 离任时间 | | | 原定任期 到期日 | | 离任 原因 | 是否继续在公 司及其控股子 | 是否存在未 履行完毕的 | ...