Group 1 - The core viewpoint of the articles highlights the increasing demand for air transportation of fresh summer fruits in Shanghai and other regions, driven by the peak season for local specialties like South Huili peaches and Zhuangxing honey pears [1][2]. - Eastern Airlines Logistics has developed targeted logistics solutions to ensure the efficient and safe transportation of delicate fruits, leveraging its core advantages in air logistics [1][2]. - The company has implemented innovative transportation methods, such as the whole board transfer model for Dalian cherries, which minimizes damage and temperature control risks during transit [2]. Group 2 - Eastern Airlines Logistics has reported a nearly 20% year-on-year increase in fruit transportation from May to July, with a total of 6,267 tons transported since July [3]. - The company is committed to optimizing its service network and expanding its air logistics advantages to provide consumers with faster and higher-quality access to fresh fruits [3]. - Collaborations with other logistics companies, such as SF Express, are being explored to enhance capacity matching and operational support for fruit transportation [2].

承运马匹抵达浦东机场的全货机 此次欧洲赛马包机运输任务的高效、顺利完成，是东航物流在高附加值、特种物流业务领域的重要突 破，也是其积极践行东航"四精"服务理念、推动战略转型升级的有力实践。 东航物流保障抵沪的马匹 《中国民航报》、中国民航网 记者钱擘、胡夕姮 通讯员董文轩 报道：7月23日11时37分，随着中国东 航旗下东航物流所属中货航CK206航班抵达上海浦东国际机场，6匹来自德国与荷兰的珍贵温血马，顺 利完成了自阿姆斯特丹飞往上海、跨越近9000公里的长途飞行。此次运输是东航物流与欧洲知名马场的 首次全方位运输合作，也是东航物流专为欧洲市场打造的马匹类航空运输全链条服务产品的首次亮相。 赛马和马术产业在中国有着巨大的发展潜力，近年来，不断有国际级大赛登陆中国，相关产业的发展催 生出对专业物流的旺盛需求。作为国内领先的航空物流综合服务商，东航物流准确把握这一市场机遇， 积极发挥业务联动优势，主动对接欧洲知名马场，推出面向从欧洲至中国及全球的航线，专注于马术赛 事、马匹繁育交易等专业场景，业务涵盖空中运输、地面保障等环节的定制化马匹全流程解决方案。 承运马匹的全货机抵达上海 为确保物流链条顺畅，东航物流精准 ...

Core Viewpoint - Since 2025, insurance companies have triggered 21 investment events involving stock acquisitions, surpassing the total number of such events in the previous year [4]. Group 1: Investment Activities - The A-share market has been experiencing upward fluctuations, and the Hong Kong stock market is recovering, leading to increased activity from insurance funds in the capital markets [2]. - In July 2025, Zhongyou Insurance announced its acquisition of shares in Green Power Environmental (01330.HK), triggering a stock acquisition disclosure [3][8]. - Other insurance companies, such as Xintai Life and Lianan Life, also disclosed stock acquisitions in July 2025 [9] [10]. Group 2: Specific Investment Cases - Zhongyou Insurance purchased 726,000 shares of Green Power Environmental, increasing its holdings to 20.51 million shares, representing 5.0722% of the company's H-share capital [8]. - Xintai Life increased its holdings in Hualing Steel (000932.SZ) to 345 million shares, raising its ownership from 4.99% to 5.00% [10]. - Lianan Life acquired 1.1 million shares of Jiangnan Water (601199.SH), increasing its stake from 4.91% to 5.03% [10]. Group 3: Financial Data and Trends - As of June 30, 2025, Zhongyou Insurance reported a net buy of over 90 billion yuan in public market equity investments [6]. - Xintai Life's equity assets amounted to 565.78 billion yuan, accounting for 19.07% of its total assets as of June 30, 2025 [10]. - Lianan Life's equity assets were reported at 205.6 billion yuan, making up 16.29% of its total assets as of May 31, 2025 [10]. Group 4: Market Dynamics and Regulatory Environment - The current wave of stock acquisitions by insurance companies is driven by a preference for high-dividend stocks, particularly in sectors like banking, public utilities, and pharmaceuticals, with an average dividend yield of 4.6% since 2024 [14]. - The downward trend in interest rates has increased investment pressure on insurance companies, prompting them to seek stable long-term investment returns through frequent stock acquisitions [15]. - Regulatory changes have encouraged insurance funds to engage in long-term equity investments, with new guidelines introduced to assess net asset returns over extended periods [19].

Core Viewpoint - The insurance sector is increasingly active in the capital markets, with a notable rise in shareholding stakes in listed companies, indicating a strategic shift towards long-term equity investments driven by low interest rates and regulatory support [2][7][11]. Group 1: Shareholding Activities - In 2025, insurance companies triggered 21 shareholding events, surpassing the total for the previous year, with notable participation from companies like China Life, Postal Insurance, and Xinhua Life [3][4]. - Postal Insurance acquired 726,000 shares of Green Power Environmental, raising its stake to 5.0722%, and previously triggered a shareholding event in April by acquiring 79.42 million shares of Eastern Airlines Logistics [4][5]. - Xintai Life and Lian Life also reported shareholding increases in July, with Xintai Life raising its stake in Hualing Steel to 5.00% and Lian Life increasing its stake in Jiangnan Water to 5.03% [5]. Group 2: Investment Trends - The average dividend yield of companies targeted for shareholding by insurance funds has reached 4.6%, the highest in recent years, reflecting a preference for high-dividend stocks in sectors like banking and utilities [7][8]. - The shift towards long-term equity investments is partly due to the mismatch in asset and liability durations, with insurance liabilities averaging over 12 years compared to asset durations of about 6 years [9]. Group 3: Regulatory Environment - Recent regulatory changes encourage insurance funds to engage in long-term equity investments, with new assessment criteria introduced that emphasize long-term performance metrics [11]. - The new accounting standards allow for more stable valuation of long-term equity investments, motivating insurance companies to increase their holdings in high-dividend stocks [10].

Core Viewpoint - The announcement details that Lenovo Holdings, a major shareholder of Eastern Airlines Logistics, has pledged a portion of its shares, which raises concerns regarding the company's financial stability and shareholder confidence [1] Shareholder Information - As of the announcement date, Lenovo Holdings holds 179,254,133 shares of Eastern Airlines Logistics, accounting for 11.29% of the total share capital [1] - The total number of shares pledged by Lenovo Holdings, including this instance, is 52,000,000 shares, which represents 29.01% of its holdings and 3.28% of the company's total share capital [1] Pledge Details - The pledge was initiated on July 16, 2025, with the purpose of securing financing [1] - The cumulative pledged shares by Lenovo Holdings and its concerted actors before and after this pledge are as follows: before the pledge, 28,800,000 shares were pledged, and after the pledge, the total pledged shares amount to 80,800,000 [1] - The pledged shares represent 45.08% of the total pledged shares and 5.09% of the company's total share capital [1]

截至本公告披露日，股东联想控股股份有限公司（以下简称"联想控股"）持 有东方航空物流股份有限公司（以下简称"公司"）股份数量 179,254,133 股， 占公司总股本比例为 11.29%。联想控股持有公司股份累计质押数量（含本次） 80,800,000 股，占其持股数量的比例为 45.08%。 公司于 2025 年 7 月 17 日获悉联想控股所持有本公司的部分股份被质押，具 体情况如下。 证券代码：601156 证券简称：东航物流 公告编号：临 2025-026 东方航空物流股份有限公司 关于 5%以上股东股份质押的公告 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。 重要内容提示： 3.股东累计质押股份情况 特此公告。 东方航空物流股份有限公司董事会 2025 年 7 月 18 日 2 股东名称 持股数量(股) 持股比 例 本次质押前 累计质押数 量（股） 本次质押后 累计质押数 量（股） 占其所 持股份 比例 占公 司总 股本 比例 已质押股份情况 未质押股份情况 已质押股份中 限售股份数量 （股） 已质押股份中 冻结 ...

Group 1 - Eastern Airlines Logistics (601156) announced that its shareholder, Legend Holdings Corporation, holds 179 million shares, accounting for 11.29% of the company's total share capital [1] - As of the announcement date, Legend Holdings has pledged a total of 80.8 million shares, which represents 45.08% of its holdings and 5.09% of the company's total share capital [1] - The current pledge involves 52 million shares, making up 29.01% of its holdings and 3.28% of the company's total share capital, with the pledge starting on July 16, 2025, and expiring on July 16, 2027 [1] Group 2 - The pledge is secured by Industrial International Trust Co., Ltd., and the funds raised from the pledge will be used to repay interest-bearing liabilities [1]

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]