Market Overview - The Shanghai Composite Index fell by 0.44% on June 10, with six industries experiencing gains, led by beauty care and banking, which rose by 1.10% and 0.48% respectively [1] - The transportation sector saw a slight increase of 0.17% [1] - A total of 26 industries experienced net outflows of capital, with the electronics sector leading the outflow at 7.532 billion yuan, followed by the computer sector with 7.427 billion yuan [1] Capital Flow Analysis - The transportation industry had a net inflow of 635 million yuan, with 125 stocks in the sector, of which 54 rose and 62 fell [2] - The top three stocks with the highest net inflow in the transportation sector were Lianyungang (180 million yuan), Nanjing Port (149 million yuan), and COSCO Shipping Holdings (140 million yuan) [2] - The leading stocks with net outflows included Debon Logistics (-39.14 million yuan), CITIC Offshore Helicopter (-34.45 million yuan), and Chongqing Port (-30.83 million yuan) [4] Transportation Sector Performance - The transportation sector's top gainers included Lianyungang (9.99%), Nanjing Port (10.02%), and COSCO Shipping Holdings (0.50%) [2] - The sector's stocks with significant net outflows included Debon Logistics (-1.94%), CITIC Offshore Helicopter (-1.87%), and Chongqing Port (5.17%) [4]

Investment Rating - The industry rating is "Outperform the Market" [8][16] Core Viewpoints - The automotive sector is focusing on luxury vehicles and unmanned logistics, with a recommendation to pay attention to leading companies such as BYD, Geely, and Xiaomi for overall vehicle production, and to Seres and Li Auto for luxury vehicles [3][4] - The robotaxi segment has experienced significant adjustments, primarily influenced by trading factors rather than fundamental issues, with a focus on the upcoming operational effects of Tesla's robotaxi on June 12 [4][5] - The low-altitude economy is highlighted, particularly the unmanned aerial vehicle (UAV) sector, which is expected to shift from being part of unmanned logistics to an independent market leader if relevant policies are implemented in June [6] Summary by Sections Automotive Sector - The report emphasizes the ongoing pressure in the domestic market and the increasing competition, suggesting a focus on leading automotive companies and luxury vehicle manufacturers [4][3] - Key companies to watch include BYD, Geely, Xiaomi, Seres, and Li Auto [4] Robotaxi and Robotics - The report notes a significant adjustment in the robotaxi market, with a focus on the upcoming Tesla robotaxi operations and the potential for new market trends [4][5] - Recommendations include focusing on large-cap stocks related to Tesla and companies with strong industrial logic and future potential [5] Low-altitude Economy - The report suggests that the UAV sector is poised for growth, particularly if low-altitude policies are enacted, with a focus on companies like Zongheng and Green Energy Hui充 [6]

Core Viewpoint - The stock of Debon Logistics Co., Ltd. experienced abnormal trading fluctuations, with a cumulative decline of 20% over three consecutive trading days from June 4 to June 6, 2025, following a period of continuous price increases [1][2]. Group 1: Stock Trading Abnormalities - The company's stock was identified as having abnormal trading fluctuations according to the Shanghai Stock Exchange regulations [1]. - The stock price fell significantly after a series of price increases, indicating potential irrational speculation in the market [1][3]. Group 2: Company Operations and Major Events - The company confirmed that its daily operations are normal, with no significant changes in its main business or market environment [2]. - There are no undisclosed major events affecting the stock's abnormal fluctuations, including asset restructuring or major transactions [2][3]. Group 3: Media Reports and Market Rumors - The company noted recent market interest in "unmanned logistics vehicles," but it has not implemented such technology, and it does not impact the company's performance [2]. - No other media reports or market rumors were found that could significantly affect the stock price [2]. Group 4: Share Buyback Plan - The company plans to repurchase shares to reduce registered capital, but the implementation of this plan is uncertain due to the stock price exceeding the buyback price limit of 16 yuan per share [3][5]. - The indirect controlling shareholder, JD Zhaofeng, has not engaged in buying or selling the company's stock during the abnormal trading period [4]. Group 5: Financial Performance - For Q1 2025, the company reported revenue of 10.407 billion yuan, an increase of 11.96% year-on-year, but a net loss of 68 million yuan, a decline of 173.691% compared to the previous year [5]. - The net profit after excluding non-recurring items was a loss of 117 million yuan, down 853.68% year-on-year [5].

德邦物流股份有限公司 股票交易异常波动公告 证券代码：603056 证券简称：德邦股份 公告编号：2025-031 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： 德邦物流股份有限公司（以下简称"公司"）股票于 2025 年 6 月 4 日、 6 月 5 日、6 月 6 日连续三个交易日内日收盘价格跌幅偏离值累计达到 20%， 根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动情形。 经公司自查，并书面征询公司控股股东宁波梅山保税港区德邦投资控 股股份有限公司（以下简称"德邦控股"）和间接控股股东宿迁京东卓风企业 管理有限公司（以下简称"京东卓风"），截至本公告披露日，确认不存在应披 露而未披露的重大信息。 重大风险提示：公司近期股价在连续涨停后又连续 3 天下跌，上下波 动较大，可能存在非理性炒作。公司敬请广大投资者注意二级市场交易风险， 理性决策，审慎投资。 一、股票交易异常波动的具体情况 公司股票于 2025 年 6 月 4 日、6 月 5 日、6 月 6 日连续三个交易日内日 收盘价格跌幅偏 ...

《关于德邦物流股份有限公司 特此回复。 股票交易异常波动有关事项的问询函》的回函 宿迁京东 H 德邦物流股份有限公司: 本公司收到贵公司发来的《关于德邦物流股份有限公司股票交 易异常波动有关事项的问询函》。本公司作为贵公司的间接控股股东, 经认真自查,现就有关情况回复如下: 截至本回函出具之日,除公司已公告的相关事项外,不存在影 响贵公司股票交易异常波动的重大事项,不存在涉及贵公司应披露 而未披露的重大信息,包括但不限于重大资产重组、股份发行、重 大交易类事项、业务重组、股份回购、股权激励、破产重整、重大 业务合作、引进战略投资者等重大事项。 本次股票交易异常波动期间(2025年6月4日至6月6日),本 公司不存在买卖贵公司股票的情形。 ...

截至本回函出具之日,除公司已公告的相关事项外,不存在影 响贵公司股票交易异常波动的重大事项,不存在涉及贵公司应披露 而未披露的重大信息,包括但不限于重大资产重组、股份发行、重 大交易类事项、业务重组、股份回购、股权激励、破产重整、重大 业务合作、引进战略投资者等重大事项。 本次股票交易异常波动期间(2025年6月4日至6月6日),本 公司不存在买卖贵公司股票的情形。 特此回复。 宁波梅山保税港区德邦投 《关于德邦物流股份有限公司 股票交易异常波动有关事项的问询函》的回函 德邦物流股份有限公司: 本公司收到贵公司发来的《关于德邦物流股份有限公司股票交 易异常波动有关事项的问询函》。本公司作为贵公司的控股股东,经 认真自查，现就有关情况回复如下： ...

Core Viewpoint - The recent surge in the "unmanned logistics vehicle" concept has sparked significant interest in the capital market, with companies like Jiushi Intelligent and New Stone Technology leading the charge, despite some companies clarifying their lack of actual involvement in this sector [1][2][3]. Group 1: Market Activity - Jiushi Intelligent launched its new E-series unmanned logistics vehicle platform and the E6 model, priced at 19,800 yuan [1]. - Debon Logistics (603056.SH) experienced a stock price increase of 72.16% from May 26 to June 3, achieving a five-day consecutive limit-up [2]. - Other logistics stocks such as New Ning Logistics (300013.SZ) and Tongda Electric (603390.SH) also showed active performance during this period [1]. Group 2: Company Clarifications - Debon Logistics clarified that it has no actual application of unmanned logistics vehicles despite the stock price surge [2][3]. - Tongda Electric announced that it has no business revenue related to unmanned logistics vehicles or autonomous driving [3]. - Wantong Technology (002331.SZ) also stated that its products do not involve unmanned logistics vehicles [4]. Group 3: Demand for Unmanned Logistics Vehicles - The demand for unmanned logistics vehicles is real, with significant market interest driven by cost reduction and efficiency improvements [5]. - New Stone Technology's CEO reported that the unmanned delivery vehicle industry is growing at ten times the rate of the previous year, with monthly deliveries exceeding 1,000 units [5]. - The logistics sector is experiencing a surge in demand for unmanned vehicles, particularly from rural areas, as companies innovate delivery methods to enhance efficiency [5]. Group 4: Market Drivers - The commercialization of unmanned logistics vehicles is supported by decreasing costs of core components like lidar, chips, and batteries, bringing manufacturing costs down to the tens of thousands of yuan [6]. - The rapid application of large models in autonomous driving is reducing the time and cost of road data collection, facilitating quicker deliveries and better management [6]. - The logistics industry is under pressure to reduce costs, particularly in the competitive express delivery sector, making unmanned vehicles a viable solution [7]. Group 5: Regulatory Environment - The growth of unmanned logistics vehicles is currently hindered by regulatory challenges, including the need for testing licenses and the absence of unified standards [8]. - The majority of unmanned vehicles are limited to low-speed operations, primarily for last-mile delivery, with limited involvement in long-distance logistics [8]. - However, the regulatory environment is improving, with pilot programs allowing for broader applications of intelligent connected vehicles in various cities [8].

证券代码：603056 证券简称：德邦股份 公告编号：2025-030 德邦物流股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： 司提供相应担保的风险； 划实施的风险； 公司于 2025 年 4 月 24 日召开第六届董事会第五次会议，会议审议通过了《关 于以集中竞价交易方式回购股份预案的议案》。详见公司于 4 月 25 日在上海证券 交易所（以下简称"上交所"）网站（www.sse.com.cn）披露的《德邦物流股份 有限公司关于以集中竞价交易方式回购股份的预案》（公告编号：2025-013）。 （二）本次回购股份方案提交股东会审议情况 公司于 2025 年 5 月 16 日召开 2024 年年度股东会，会议逐项审议并通过了《关 于以集中竞价交易方式回购股份预案的议案》。详见公司于 5 月 17 日在上交所网 站（www.sse.com.cn）披露的《德邦物流股份有限公司 2024 年年度股东会决议公 告》（公告编号：2025-023）。 财务情况、 ...

证券代码：603056 证券简称：德邦股份 公告编号：2025-030 德邦物流股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： 1、本次回购方案需通知债权人，存在债权人要求公司提前清偿债务或要求公 司提供相应担保的风险； 2、公司股票价格持续超出回购方案披露的价格上限，导致回购方案无法按计 划实施的风险； 3、若发生对公司股票交易价格产生重大影响的重大事项，或公司生产经营、 财务情况、外部客观情况发生重大变化，或其他导致公司董事会决定终止本次回 购方案等事项，则存在回购方案无法按计划实施的风险； 4、回购股份所需资金未能到位，导致回购方案无法实施的风险； 回购股份金额：本次回购资金总额不低于人民币 7,500 万元（含，下同）,不 超过人民币 15,000 万元（含，下同）； 回购股份资金来源：本次回购股份的资金来源为德邦物流股份有限公司（以下 简称"公司"）自有资金； 回购股份用途：本次回购的股份将全部予以注销并减少公司注册资本； 回购股份价格：本 ...

提供担保金额：近期公司为全资及控股子公司提供担保金额合计为人民 币 564.09 万元。 截止 2025 年 5 月 31 日，公司及子公司已实际提供的担保余额为人民币 118,584.55 万元。 本次担保是否有反担保：本次新增担保事项无反担保。 对外担保逾期的累计数量：无。 特别风险提示：本次新增担保存在被担保对象最近一期资产负债率超过 70%的情形，敬请投资者充分关注担保风险。 证券代码：603056 证券简称：德邦股份 公告编号：2025-029 德邦物流股份有限公司关于提供担保的进展公告 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： 被担保人名称：德邦物流股份有限公司（以下简称"公司"、"本公司" 或"德邦股份"）的全资及控股子公司。 一、担保情况概述 （一）担保履行的决策程序 公司第六届董事会第五次会议及2024年年度股东会审议通过了《关于公司 2025年度银行授信及担保额度预计的议案》。公司预计2025年新增对外担保（包 括公司及子公司对子公司）额度不超过7.00亿元，其中为资产负债率70%及以 ...