Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [12] Core Insights - The report identifies four key development focuses and investment opportunities for the transportation industry over the next five years, summarized as "Two Internals and Two Promotions": combating internal competition, driving domestic demand, promoting overseas expansion, and facilitating transformation [2][6][17] Summary by Sections Express Delivery - The ongoing effort to combat internal competition in the express delivery sector is expected to remain effective, positively impacting the entire e-commerce express delivery segment. Key recommendations include YTO Express, Shentong Express, Jitu Express, Zhongtong Express, and Yunda Express [2][6][17] Aviation - The implementation of paid staggered vacations is anticipated to improve the supply-demand dynamics in the aviation industry, aiding in reversing the current profitability downturn. Recommendations include A-share private airlines and the three major Hong Kong airlines [2][6][17] Overseas Expansion - The development of new growth poles through overseas expansion and the construction of the Western Land-Sea New Corridor is highlighted. This opens up profit margins for overseas enterprises, with continued recommendations for Jitu Express, Jiayou International, and Eastern Airlines Logistics [2][6][17] Green Transition - The report emphasizes the acceleration of green low-carbon transformation, marking the year as a significant one for green fuel investments. The focus is on promoting a green production and lifestyle, particularly in the transportation sector [2][6][17] Passenger Transport - Domestic passenger traffic has shown a 5% year-on-year increase, while international passenger traffic has risen by 20%. The domestic passenger load factor has improved by 2.2 percentage points year-on-year, and international load factors have increased by 5.6 percentage points [7][40] Maritime Transport - The average VLCC-TCE rate has surged by 44.1% to $114,000 per day, driven by increased demand from the Middle East. The SCFI index for foreign trade container shipping has risen by 10.5% to 1,551 points, indicating a favorable market environment [8][61][62] Logistics - The volume of express deliveries has increased by 9.9% year-on-year, with a stable demand for coal transportation. The report highlights the ongoing price adjustments in the express delivery sector, recommending investments in YTO Express, Shentong Express, Jitu Express, and Zhongtong Express [9][17]

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The completion of the sale of 25% equity in Lukai International is expected to bring approximately 1.65 billion RMB in investment income, benefiting from the phase of easing Sino-U.S. relations, which may improve the company's Q4 operations [2][4]. - The company achieved a revenue of 75 billion RMB in the first three quarters of 2025, a year-on-year decrease of 13%, primarily due to declining freight rates. However, gross profit increased by 2.4% year-on-year to 4.29 billion RMB, with a gross margin of 5.7%, up 0.8 percentage points year-on-year [3]. Revenue and Profit Analysis - For Q1-Q3 2025: - Revenue: 75 billion RMB, down 13% year-on-year - Gross profit: 4.29 billion RMB, up 2.4% year-on-year - Net profit attributable to shareholders: 2.68 billion RMB, down 5% year-on-year - Investment income: 1.63 billion RMB, up 11.2% year-on-year [3][6]. - For Q3 2025: - Revenue: 24.5 billion RMB, down 17% year-on-year - Gross profit: 1.18 billion RMB, down 7.7% year-on-year - Net profit attributable to shareholders: 730 million RMB, down 17% year-on-year [3]. Business Segment Performance - Freight forwarding: - Q1-Q3 2025 volumes: - Sea freight: 11.79 million TEUs, up 7.56% - Air freight: 66.4 thousand tons, down 11.82% - Rail freight: 39.2 million TEUs, down 12.5% - Vessel agency: 5.59 million trips, up 16.74% - Warehouse services: 21.54 million tons, up 6.9% [5]. - E-commerce logistics: - Q1-Q3 2025 volumes: - Logistics e-commerce platform: 2.917 million TEUs, up 55.41% - Cross-border e-commerce logistics: 0.46 million shipments, down 72.66% [6]. Financial Forecast - Projected revenues for 2025-2027 are 110.3 billion RMB, 114.5 billion RMB, and 119.5 billion RMB, respectively, with net profits of 4.2 billion RMB, 4.46 billion RMB, and 4.68 billion RMB [6][7]. - The current stock price corresponds to a PE ratio of 12 for 2025, decreasing to 10 by 2027 [6][7].

2025年10月31日 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 标的指数成份股涨幅 TOP20 标普中国 A 股红利机会指数(CSPSADRP) | 序号 | 代理 | 简称 | 車日涨幅 | 年内涨幅 | 股息率(近12个 | | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | 月) (%) | | 1 | 600026.SH | 中远海能 | 8.76 | 19.08 | 2.77 | | 2 | 601598.SH | 中国外运 | 7.40 | 31.14 | 4.28 | | 3 | 600066.SH | 宇通客车 | 5.54 | 29.02 | 6.21 | | ব | 603408.SH | 建霖家居 | 4.37 | 1.56 | 5.99 | | 5 | 600219.SH | 南山铝业 | 3.94 | 25.81 | 3.57 | | 6 | 603365 SH | 水星家纺 | 3.61 | 35.45 | 4.24 | | 7 | 601187.SH | 厦门银行 | 3.09 | 27.23 | 4 ...

Market Overview - The logistics sector experienced a decline of 0.21% on October 30, with Furan De leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers in the logistics sector included: - Pulutong (002769) with a closing price of 10.04, up 9.97% and a trading volume of 274,600 shares [1] - China Foreign Trade (601598) closed at 6.68, up 7.40% with a trading volume of 779,900 shares [1] - Yongtaiyun (001228) closed at 27.88, up 3.18% with a trading volume of 74,700 shares [1] - Major decliners included: - Furan De (605050) closed at 14.34, down 6.76% with a trading volume of 276,000 shares [2] - Longzhou Co. (002682) closed at 4.81, down 4.56% with a trading volume of 775,200 shares [2] - Guanghui Logistics (600603) closed at 7.86, down 3.91% with a trading volume of 263,900 shares [2] Capital Flow - The logistics sector saw a net outflow of 18.6 million yuan from institutional investors, while retail investors experienced a net outflow of 17.6 million yuan [2] - Conversely, speculative funds recorded a net inflow of 36.2 million yuan [2] Individual Stock Capital Flow - China Foreign Trade (601598) had a net inflow of 93.62 million yuan from institutional investors, while retail investors saw a net outflow of 80.52 million yuan [3] - Pulutong (002769) experienced a net inflow of 86.91 million yuan from institutional investors, with retail investors facing a net outflow of 54.94 million yuan [3] - Yongtaiyun (001228) had a net inflow of 14.84 million yuan from institutional investors, while retail investors saw a net outflow of 22.66 million yuan [3]

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant daily and year-to-date gains along with dividend yields [1]. Group 1: Stock Performance - Nanshan Aluminum (600219.SH) leads with a daily increase of 10.12% and a year-to-date gain of 21.05%, with a dividend yield of 3.71% [1]. - Chuanheng Co., Ltd. (002895.SZ) follows closely with a daily rise of 10.00% and an impressive year-to-date increase of 44.31%, offering a dividend yield of 4.14% [1]. - Shenhuo Co., Ltd. (000933.SZ) shows a daily increase of 7.38% and a year-to-date performance of 53.35%, with a dividend yield of 3.16% [1]. - Yuntianhua Co., Ltd. (600096.SH) has a daily gain of 7.04% and a year-to-date increase of 42.93%, with a dividend yield of 5.37% [1]. - Tianshan Aluminum (002532.SZ) reports a daily rise of 6.81% and a remarkable year-to-date gain of 79.73%, with a dividend yield of 2.87% [1]. Group 2: Additional Notable Stocks - Mercury Home Textiles (603365.SH) shows a daily increase of 6.43% and a year-to-date performance of 30.72%, with a dividend yield of 4.39% [1]. - Deyue Co., Ltd. (605117.SH) has a daily rise of 4.50% and a year-to-date increase of 37.54%, with a dividend yield of 3.35% [1]. - Yiyi Co., Ltd. (001206.SZ) reports a daily gain of 4.32% and an impressive year-to-date increase of 101.18%, with a dividend yield of 2.59% [1]. - China Foreign Trade (601598.SH) shows a daily increase of 3.32% and a year-to-date performance of 22.11%, with a dividend yield of 4.60% [1]. - COSCO Shipping Energy (600026.SH) has a daily rise of 2.56% and a year-to-date increase of 9.48%, with a dividend yield of 3.02% [1].

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | 原因 | | | ( 請參閱上述 * 註 | | | | | | | | ■ ) 份百分比 | | | | | | | | ( %) | | | CS20251028E00001 | LSV Asset Management | 1201(L) | 149,000(L | HKD 5.3203 | 120,879,600(L) | 5.99(L)24/10/2025 | | 股份代號: | 00598 | | --- | --- | | 上市法國名稱: | 中國外運股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 30/09/2025 - 30/10/2025 | 格隆汇10月30日丨根据联交所最新权益披露资料显示，2025年10月24日，中国外运(00598.HK)遭LSV Asset Management在场内以 ...

减持计划的主要内容：自本公告之日起 15 个交易日后的 3 个月内，李世 础先生拟通过集中竞价方式合计减持不超过 128,100 股公司 A 股股票，占公司总 股本的 0.0018%；王笃鹏先生拟通过集中竞价方式合计减持不超过 128,500 股公 司 A 股股票，占公司总股本的 0.0018%。 | 股东名称 | 李世础 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 | √否 | | | 直接持股 5%以上股东 | □是 | √否 | | | 董事、监事和高级管理人员 | √是 | □否 | | | 其他：无 | | | | 持股数量 | 512,534 股 | | | | 持股比例 | 0.0070% | | | | 当前持股股份来源 | 股权激励取得：512,534 股 | | | 一、减持主体的基本情况 1 股东名称 王笃鹏 股东身份 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 □是 √否 董事、监事和高级管理人员 √是 □否 其他：无 持股数量 514,134 股 持股比例 0.0071% 当前持股股份 ...

Core Viewpoint - The announcement indicates that two executives of China Shipping Development Company plan to reduce their holdings in the company's A-shares through centralized bidding, which may reflect their personal financial strategies or market outlook [1] Group 1: Executive Share Reduction - Vice General Manager and Board Secretary Li Shichu intends to reduce his holdings by up to 128,100 shares, representing 0.0018% of the company's total share capital [1] - Vice General Manager Wang Dupeng plans to reduce his holdings by up to 128,500 shares, also representing 0.0018% of the company's total share capital [1]

格隆汇10月29日丨中国外运(601598.SH)公布，自本公告之日起15个交易日后的3个月内，李世础先生拟 通过集中竞价方式合计减持不超过128,100股公司A股股票，占公司总股本的0.0018%；王笃鹏先生拟通 过集中竞价方式合计减持不超过128,500股公司A股股票，占公司总股本的0.0018%。 ...

智通财经APP讯，中国外运(00598)公布，自本公告之日起 15 个交易日后的 3 个月内，公司副总经理、 董事会秘书、首席合规官(总法律顾问)李世础先生拟通过集中竞价方式合计减持不超过12.81万股公司 A 股股票，占公司总股本的 0.0018%;王笃鹏先生拟通过集中竞价方式合计减持不超过12.85万股公司 A 股 股票，占公司总股本的 0.0018%。 ...