中国外运（601598）公告，公司于2024年11月29日至公告披露之日实施了一系列H股股份回购，累计回 购本公司H股股份2201.9万股，约占公司已发行总股本的0.30%及已发行H股总股数的1.08%，回购最高 价为港币3.84元/股，最低价为港币3.25元/股，已使用资金总额为港币7990.85万元(不含交易费用)。截至 2025年7月29日，公司已全部注销上述已回购的H股股份，总股本减少2201.9万股至72.72亿股，注册资 本减少人民币2201.9万元至人民币72.72亿元。 ...

股票代码：601598 股票简称：中国外运 编号：临 2025-055 号 中国外运股份有限公司 关于基础设施公募 REITs 上市的公告 中国外运股份有限公司（以下简称：中国外运、公司或本公司）于 2022 年 6 月 15 日召 开第三届董事会第十二次会议，审议通过了《关于开展基础设施公募 REITs 申请发行工作的 议案》，同意公司开展公开募集基础设施证券投资基金（以下简称：本次基础设施公募 REITs） 申报发行工作；并于 2024 年 6 月 11 日召开第四届董事会第一次会议审议通过了《关于开展 基础设施公募 REITs 申请发行工作相关授权续期的议案》，同意将相关授权有效期进行续期， 授权有效期为自公司董事会审议通过该议案之日起 24 个月。2025 年 1 月，公司获得中国证 券监督管理委员会（以下简称：中国证监会）和上海证券交易所（以下简称：上交所）对本 次基础设施公募 REITs 发行事项的正式受理。2025 年 5 月，中银中外运仓储物流封闭式基 础设施证券投资基金（以下简称：中银中外运仓储物流 REIT）获得上交所无异议函及中国 证监会准予注册批复。具体详见本公司分别于 2022 年 ...

Group 1 - The core point of the article is that China National Foreign Trade Transportation Group Corporation (China Foreign Trade) has successfully launched its public REIT, which is expected to enhance its financial performance significantly [2] - The public REIT named "Bank of China China Foreign Trade Warehousing Logistics REIT" completed its issuance on June 24, with a total of 400 million fund shares sold at a price of 3.277 yuan per share [2] - The net subscription amount raised from this issuance is approximately 1.3108 billion yuan, which will help the company to revitalize its existing infrastructure assets [2] Group 2 - The issuance is projected to increase the company's net profit by approximately 390 million yuan in the fiscal year 2025 [2]

格隆汇7月29日丨中国外运(601598.SH)公布，中银中外运仓储物流REIT已于2025年6月24日完成发售， 自2025年7月29日起在上交所上市，交易代码为"508090"，基金场内简称为"外运REIT"，扩位简称为"中 银中外运仓储物流REIT"。中银中外运仓储物流REIT的发行上市有助于公司盘活存量基础设施资产，形 成投资良性循环，进一步拓宽融资渠道，增强公司可持续经营能力。此外，中银中外运仓储物流REIT 的发行将对公司财务指标产生积极影响，预计整体增加公司2025年度净利润约人民币3.9亿元（最终以 经审计的财务报告为准）。 ...

证券之星消息，7月29日物流板块较上一交易日下跌0.04%，音飞储存领跌。当日上证指数报收于 3609.71，上涨0.33%。深证成指报收于11289.41，上涨0.64%。物流板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002468 | 申通快递 | 14.64 | 3.68% | 80.13万 | 11.35 亿 | | 603871 | 嘉友国际 | 11.62 | 3.20% | 22.26万 | 2.53亿 | | 872351 | や米濃海 | 29.79 | 2.02% | 2.39万 | 7008.63万 | | 603056 | 德邦股份 | 16.15 | 1.19% | 18.94万 | 3.03亿 | | 601598 | 中国外运 | 5.41 | 1.12% | 22.91万 | 1.24亿 | | 603569 | 长久物流 | 7.98 | 0.50% | 5.85万 | 4632.38万 | | 600787 | 中储股份 | 6.01 ...

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Views - The construction of the Yarlung Zangbo River hydropower station is expected to boost transportation demand in the western region [2][21] - Volant Aviation secured a significant order worth $1.75 billion for 500 eVTOL aircraft [2][14] - Oil transportation rates have declined, with the U.S. shipping rates also showing a downward trend [2][12] Summary by Sections 1. Industry Hot Events - Oil transportation rates have decreased, with the China Import Crude Oil Index dropping by 10.4% to 944.92 points [2][12] - Volant Aviation signed a tripartite agreement to deliver 500 VE25-100 eVTOLs, totaling $1.75 billion [2][14] - The Yarlung Zangbo River hydropower project, with a total investment of 1.2 trillion yuan, is expected to enhance transportation demand in the western region [2][21] 2. Industry High-Frequency Data Tracking - In June 2025, the domestic cargo flight volume increased by 9.42% year-on-year, while international flights rose by 32.87% [23][33] - The express delivery business volume in June 2025 reached 16.87 billion pieces, a year-on-year increase of 15.78% [2][52] - The Baltic Dry Index (BDI) rose by 9.99% week-on-week, indicating a recovery in dry bulk shipping rates [2][43] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy Shipping [3] - Pay attention to the transportation demand increase driven by the Yarlung Zangbo River hydropower project, with a focus on companies like Sichuan Chengyu and Chongqing Port [3] - Explore investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [3]

Core Viewpoint - Sinotrans Ltd. is expected to see a 6% year-on-year increase in net profit for 2Q25, reaching Rmb1.21 billion, primarily due to a one-time profit boost from warehouse REITs issuance [1] Financial Performance - The freight forwarding business is anticipated to face pressure in 2Q25 due to trade tariffs, with DHL-Sinotrans likely experiencing a further decline in profits due to the repeal of the "de minimis" exemption by the US [2][3] - The REITs issuance is projected to provide a one-time profit boost of approximately Rmb380 million [3] - Interim dividends are expected to remain stable at Rmb0.145 per share, with the potential for a 17% increase in full-year dividends if the company adopts a 50% payout ratio based on boosted profits from the disposal of Loscam equity [4] Market Trends - A series of tariff hikes between China and the US in April and the elimination of the "de minimis" exemption on May 2 are expected to impact the company's freight forwarding business [2] - The appreciation of the Euro against the RMB by approximately 7.2% in 2Q25 may exacerbate cost pressures for DHL-Sinotrans [3] Valuation and Ratings - The company maintains its earnings forecasts for 2025-2026, estimating net profits of Rmb3.56 billion and Rmb3.70 billion, reflecting year-on-year growth of -9.2% and +4.0% respectively [5] - A-shares and H-shares are currently trading at 11.0x and 8.1x 2025 P/E [5] - The target price for A-shares remains at Rmb5.80, implying a 2025 P/E of 11.9x and an upside of 8.2%, while H-shares maintain a target price of HK$4.75, implying a 2025 P/E of 9.1x and a 12.3% upside [6]

Core Insights - The cold chain logistics industry in Shanghai is experiencing significant growth driven by consumption upgrades and the explosion of fresh e-commerce [1] - Shanghai serves as an international hub, gathering leading cold chain companies that are reshaping industry standards through intelligent management and customized solutions [1] Company Summaries - **Yingmai Logistics**: A national 4A logistics enterprise, Yingmai utilizes ±0.5℃ precise temperature control technology to establish industry barriers. Its blockchain traceability system achieves a 98% judicial evidence acceptance rate, covering 18 high-end sectors and providing emergency services for over 300 multinational companies [3] - **SF Cold Chain**: With the largest cold storage cluster in the country and over 10,000 refrigerated vehicles, SF Cold Chain maintains a leading position in ultra-low temperature vaccine transportation, achieving a 99.2% next-day delivery rate for fresh products across provinces [4] - **JD Cold Chain**: Innovating e-commerce cold chain logistics, JD Cold Chain integrates storage, transportation, and distribution networks, reducing sorting error rates to 0.01% with AI dynamic routing [5] - **Rongqing Logistics**: A multi-business service giant with a million square meters of high-end storage, Rongqing leads in chemical and pharmaceutical cold chain market share, improving customs clearance efficiency by 40% [6] - **Zhengming Modern Logistics**: Operates over 80 intelligent cold storage facilities nationwide, with a temperature-controlled warehouse network of 1.3 million square meters, and has contributed to the formulation of five national standards [7] - **Sinotrans Cold Chain**: A key player in cross-border cold chain logistics, utilizing deep cold storage to streamline import cold chain customs clearance to 6 hours, with over 30% of its business in high-end products [8] - **Wanwake Cold Chain**: A leader in green and low-carbon logistics, operating 20 photovoltaic cold storage parks, achieving a carbon reduction equivalent to 12,000 trees [9] - **Xinxiahui**: A joint venture focusing on restaurant supply chains, employing advanced dynamic temperature control technology to minimize delivery loss rates to below 0.3% [9] - **ZTO Cold Chain**: A pioneer in penetrating lower-tier markets, with a network of 5,000 nodes and a blockchain traceability system ensuring freshness delivery within 48 hours [9] - **Shuanghui Logistics**: A model of industrial synergy, leveraging its parent company's advantages to build a 200,000-ton automated cold storage facility, achieving a meat cold chain loss rate of only 0.03% [10] Industry Trends - The cold chain logistics sector is being redefined by technological advancements, with companies focusing on smart energy management and ultra-low temperature transportation for biopharmaceuticals [12] - As ESG standards are implemented and global supply chains upgrade, leading companies are expected to drive cold chain logistics from a cost center to an industry value engine [12]

Core Viewpoint - The article highlights the active cash dividend distribution by listed companies in the context of regulatory encouragement, with a total of 3,679 companies proposing distribution plans for the 2024 fiscal year, including cash dividends totaling 1.64 trillion yuan [1][2]. Group 1: Dividend Distribution - A total of 3,674 companies included cash dividends in their 2024 distribution plans, with a cumulative cash payout of 1.64 trillion yuan [1]. - There are 346 companies that included stock transfers in their distribution plans for 2024 [1]. - The article emphasizes two important dates for investors focused on dividends: the ex-dividend date and the record date, with 3,398 companies having already implemented their distribution plans [1]. Group 2: Companies with Dividend Plans - Among the 13 companies with record dates today, 9 companies have a cash dividend of 1 yuan (after tax) or more per 10 shares, with Weike Technology offering the highest at 6.00 yuan per 10 shares [1][2]. - The companies listed for dividend distribution include: - Weike Technology: 6.00 yuan per 10 shares, latest closing price 83.66 yuan, 5-day increase 30.35% [2]. - Zhejiang Medicine: 3.70 yuan per 10 shares, latest closing price 15.51 yuan, 5-day increase 1.31% [2]. - Hangzhou Bank: 2.80 yuan per 10 shares, latest closing price 16.85 yuan, 5-day decrease 2.94% [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，且表明不會就本公告全部或任何部分內容所導致或因倚賴該等內容而產生的任何損失承 擔任何責任。 於本公告日期，本公司董事會成員包括張翼（董事長）、高翔、楊國峰、羅立、余志良、 黃傳京、許克威，以及四位獨立非執行董事王小麗、甯亞平、崔新健及崔凡。 中國外運股份有限公司 Sinotrans Limited ( 於中華人民共和國註冊成立的股份有限公司 ) (股份代號: 00598) 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條作出。 茲載列中國外運股份有限公司（『本公司』）於上海證券交易所網站（www.sse.com.cn） 刊登的《中國外運股份有限公司2021年面向專業投資者公開發行公司債券（第一期）2025 年付息公告》，僅供參閱。 承董事會命 中國外運股份有限公司 公司秘書 李世礎 北京，二零二五年七月十五日 债券代码:188446.SH 债券简称:21 外运 01 中国外运股份有限公司2021年面向专业投资者公开 发行公司债券（第一期）2025年付息公告 本公司全体董事或 ...