东方航空物流股份有限公司 王永芹女士在担任公司董事期间勤勉尽责、恪尽职守，公司董事会对王永芹 女士在任职期间为公司发展做出的贡献表示衷心的感谢。 特此公告。 东方航空物流股份有限公司董事会 关于公司董事离任的公告 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。 东方航空物流股份有限公司（以下简称"公司"）收到公司董事王永芹女士 递交的请辞函。因工作安排原因，王永芹女士申请辞去公司第三届董事会董事、 战略委员会委员、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 | | | 市公司及其控 | 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 董事、战略委员 | | | 2027 | | | | | | | | | | 到期日 19 | 年 | | | | | | | | | | 日 | | | | | | | | | | | 离任 原因 工作 安排 | | | | | | | | | | | 是 ...

Market Performance - Pinduoduo concept stocks fell by 1.48%, ranking among the top declines in the concept sector [1] - The top gainers in the sector included Inertia Media, Water Sheep Co., and Wanlong Optoelectronics, with increases of 3.22%, 2.72%, and 2.55% respectively [1] Capital Flow - The Pinduoduo concept sector experienced a net outflow of 975 million yuan, with 30 stocks seeing net outflows [1] - The stock with the highest net outflow was Xinhua Dou, with a net outflow of 229 million yuan, followed by Yidian Tianxia and Zhidema, with net outflows of 176 million yuan and 131 million yuan respectively [1][2] Stock Performance - Among the stocks with significant net outflows, Kachun Co. saw a decline of 12.02%, while Huanyoujia and Wanlong Optoelectronics also experienced notable drops of 11.78% and 3.05% respectively [1][2] - Conversely, stocks with net inflows included Inertia Media, which rose by 3.22%, and Yuanlong Yatu, which saw a net inflow of 576,040 yuan [2]

东航物流11月27日公告，公司收到董事王永芹递交的请辞函，王永芹因工作安排原因申请辞去公司董事 等职务，辞职后将不再担任公司任何职务。王永芹的请辞函自送达公司时生效。 ...

从券商推荐家数来看，11月25日有14家上市公司得到券商推荐，其中梅花生物、维力医疗、东航物流等 获得1家推荐。 首次覆盖方面，11月25日券商共给出了3次首次覆盖，其中维力医疗获得中信建投证券给予"买入"评 级，东航物流获得中泰证券给予"买入"评级，爱博医疗获得平安证券给予"推荐"评级。 南财投研通数据显示，11月25日，券商给予上市公司目标价共6次，按最新收盘价计算，目标价涨幅排 名居前的公司有豪威集团、北方华创、立讯精密，目标价涨幅分别为35.83%、25.12%、22.17%，前两 者都属于半导体行业、后者属于消费电子行业。 | | | 11月25日目标价涨幅排名 | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 醫壇自極松 (元) | 目标涨幅 (%) | | 603501 | 豪威集团 | 华兴证券 | 买人 | 159.00 | 35.83 | | 002371 | 北方华创 | 中信证券 | 买人 | 523.00 | 25.12 | | 002475 | 立讯精密 | 华兴证券 | 买入 | 6 ...

航空物流领先服务商，业绩稳健增长可期待 ——东航物流首次覆盖报告 物流 东航物流（601156.SH） 证券研究报告/公司深度报告 2025 年 11 月 25 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：杜冲 | | 营业收入（百万元） | 20,621 | 24,056 | 25,371 | 28,099 | 30,501 | | | | 增长率 yoy% | -12% | 17% | 5% | 11% | 9% | | 执业证书编号：S0740522040001 | | 归母净利润（百万元） | 2,488 | 2,688 | 2,629 | 2,810 | 3,115 | | Email：duchong@zts.com.cn | | 增长率 yoy% | -32% | 8% | -2% | 7% | 11% | | | | 每股收益（元） | 1.57 ...

直飞货运航线的开通，不仅仅为了跨境电商 当前外贸领域呈现出"冰火两重天"的景象：一边是传统外贸遭遇旺季"不旺"的寒意，另一边是跨境电商 的逆势增长。面对外贸格局的深刻变革与业态迭代，近期多条直飞货运航线密集启航，全力抢滩今年的 海外消费旺季，为"中国货通全球"加速。 支撑跨境电商 11月21日，一架B767全货机满载50吨跨境电商货物，从温州龙湾国际机场飞往乌兹别克斯坦首都塔什 干。这标志着温州首条直飞中亚的国际航空货运航线正式开通。这也是继今年7月杭州往来塔什干全货 机航线开通以来的又一条浙江省直达中亚地区的货运航线。 这条从温州直飞中亚的货运航线，首航搭载的货物以跨境电商商品为主。瞄准"黑五"、圣诞等海外消费 旺季，直航通道的打通为浙江及周边地区跨境电商企业抢占市场提供了更强的供应链保障，也进一步增 强了本地外贸企业的国际竞争力。 与此同时，这条直飞中亚的货运航线，帮助温州机场补齐了版图——"十四五"期间开通的11条国际货运 航线，让其航空货运网络实现了东南亚、东北亚、中亚三大区域的全覆盖，为辐射欧洲市场搭建了重要 中转平台。 据新华社报道，8月乌鲁木齐直飞乌兹别克斯坦的国际货运航线开通，装载着50多吨的 ...

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates are rising while ocean freight rates are declining. The China Import Crude Oil Comprehensive Index (CTFI) reached 2325.40 points on November 20, up 4.2% from November 13. VLCC market activity remains strong, but overall market activity is expected to decline without actual cargo support [3][14] - Changlong Airlines has initiated its IPO process, and VOLANT has signed a confirmation order for the VE25-100 eVTOL aircraft with a state-owned investment group, with the order amount exceeding 100 million yuan [3][16] - The China-Europe Railway Express has surpassed 3500 trips this year, marking a historical high. A new "passenger-cargo-mail integration" model has been launched in cooperation between Rizhao Public Transport and SF Express [3][22] Summary by Sections Industry Hot Events - Crude oil freight rates are high while ocean freight rates are declining. The Shanghai port export price to Europe was $1367/TEU, down 3.5%, and to the US West and East Coast was $1645/FEU and $2384/FEU, down 9.8% and 8.3% respectively [3][15] - Changlong Airlines is preparing for its IPO, with a focus on expanding its operational capacity and market reach [3][16] - The China-Europe Railway Express has achieved a record of over 3500 trips this year, with a focus on high-value goods transportation [3][23] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased both month-on-month and year-on-year, indicating a positive trend in air freight pricing [4][28] - Domestic express delivery volume increased by 7.90% year-on-year in October 2025, with total express delivery volume reaching 176 billion pieces [4][50] - The national highway freight truck traffic increased by 2.57% week-on-week, indicating a recovery in road logistics [4][18] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the low-altitude economy sector, with recommendations for CITIC Offshore Helicopter [5] - Investment opportunities in the road and rail sectors, recommending companies such as Gansu Expressway and Beijing-Shanghai High-Speed Railway [5]

Core Insights - Eastern Airlines Logistics experienced a decline of 1.39% in stock price on November 21, with a trading volume of 171 million yuan. The net financing purchase amounted to 40.69 million yuan, indicating strong investor interest despite the price drop [1] Financing Overview - On November 21, the financing buy amount for Eastern Airlines Logistics was 50.99 million yuan, while the financing repayment was 10.30 million yuan, resulting in a net financing purchase of 40.69 million yuan. The total financing and margin balance reached 1.18 billion yuan, which is 7.65% of the circulating market value, indicating a high level of financing activity [1] - The financing balance is above the 90th percentile of the past year, suggesting elevated investor engagement [1] Margin Trading Details - On the same day, Eastern Airlines Logistics had a margin repayment of 400 shares and a margin sale of 800 shares, with a total sale value of 13,000 yuan. The remaining margin balance was 93.62 million yuan, which is below the 10th percentile of the past year, indicating low short-selling activity [1] Company Profile - Eastern Airlines Logistics, established on August 23, 2004, and listed on June 9, 2021, is based in Changning District, Shanghai. The company specializes in air express, ground comprehensive services, and integrated logistics solutions. The revenue breakdown is as follows: integrated logistics solutions (46.66%), air express (41.77%), ground comprehensive services (11.44%), and others (0.14%) [1] Shareholder and Financial Performance - As of September 30, the number of shareholders for Eastern Airlines Logistics was 39,500, a decrease of 26.75% from the previous period. The average number of circulating shares per person increased by 36.52% to 23,935 shares [2] - For the period from January to September 2025, the company reported a revenue of 17.249 billion yuan, a year-on-year decrease of 2.40%, and a net profit attributable to shareholders of 2.001 billion yuan, down 3.19% year-on-year [2] - Since its A-share listing, Eastern Airlines Logistics has distributed a total of 2.726 billion yuan in dividends, with 1.630 billion yuan distributed over the past three years [2] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh-largest circulating shareholder, holding 10.085 million shares, a decrease of 6.9774 million shares from the previous period. The Southern CSI 500 ETF ranked eighth, holding 9.213 million shares, down 217,400 shares [2]

巴黎机场集团发展与合作部副总裁爱德华·马蒂厄对东航物流"上海—巴黎"航线的开通表示热烈祝 贺，表示将全力支持东航物流在欧洲的业务发展，期待该航线为促进两国企业间交流与合作发挥积极作 用。 人民网巴黎11月22日电 （记者于超凡）当地时间11月20日上午，东航物流旗下中国货运航空 CK203航班顺利抵达法国巴黎戴高乐机场，标志着东航物流"上海－巴黎"直达货运航线正式投入运营。 东航物流党委书记、董事长郭丽君介绍，集团全货机航线已覆盖阿姆斯特丹、法兰克福等多个欧洲 货运枢纽，客机腹舱网络深入欧洲近20个主要城市。通过地面卡车服务和外航合作伙伴网络，东航物流 在欧洲的通达能力已超过100个目的地城市。"上海—巴黎"航线的正式投入运营更好地促进了两国的贸 易畅通、产业相融，期待以此为契机，与各位伙伴展开更深层次、更广维度的合作，共同描绘中欧经贸 往来更宏伟的蓝图。 ...

Core Viewpoint - The launch of the direct cargo flight route from Shanghai to Paris by Eastern Airlines Logistics marks a significant step in enhancing Sino-French economic cooperation and improving the efficiency of air cargo logistics between China and Europe [1][3]. Group 1: Route Details - The new cargo route operates with a Boeing 777 freighter, offering three round trips per week, primarily transporting machinery and clothing to Paris, while returning with chemical products and raw materials [3][4]. - The route connects to major European hubs such as Amsterdam, Frankfurt, and Budapest, creating a comprehensive cargo network that enhances logistics efficiency across Western and Central Eastern Europe [3][4]. Group 2: Market Response and Strategy - The opening of this route is a proactive response to the increasing air cargo volume between China and France, reflecting a stable and growing bilateral trade relationship [3]. - Eastern Airlines Logistics aims to deepen international cooperation, having previously partnered with Air France-KLM to extend its logistics network to South America, with plans to further explore emerging markets in Africa [3][4]. Group 3: Strategic Importance - This initiative aligns with China Eastern Airlines' strategic goals of expanding international operations and enhancing the integration of passenger and cargo services [4]. - The company has a long-standing presence in the Shanghai-Paris passenger route, increasing flight frequency from three to twelve per week over the past twenty years, which supports the new cargo operations [4].