经公司董事长胡伟先生提名，董事会提名委员会审核，董事会同意聘任王雁丰先生为公司总经理，任期 自公司董事会审议通过之日起至第六届董事会任期届满之日止。 格隆汇7月30日丨德邦股份(603056.SH)公布，公司于2025年7月29日收到公司董事兼总经理黄华波先生 提交的书面辞职报告。黄华波先生因个人原因，申请辞去公司第六届董事会董事、总经理职务。辞职 后，黄华波先生将在公司其他岗位任职。 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提名王雁丰先生为公司第六届董事会非独立 董事候选人，经公司董事会提名委员会审核,董事会同意提名王雁丰先生为公司第六届董事会非独立董 事候选人，任期自公司股东会审议通过之日起至第六届董事会任期届满之日止。本事项尚需提交公司 2025年第一次临时股东会审议。 ...

证券代码：603056 证券简称：德邦股份 公告编号：2025-037 重要内容提示： 德邦物流股份有限公司（以下简称"公司"）于 2025 年 7 月 29 日收到公司 董事兼总经理黄华波先生提交的书面辞职报告。黄华波先生因个人原因，申请辞 去公司第六届董事会董事、总经理职务。辞职后，黄华波先生将在公司其他岗位 任职。具体情况如下： 德邦物流股份有限公司 关于董事兼总经理辞职暨补选董事、聘任总经理的公 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。 | 姓名 | 离任 | | 离任时间 | 原定任期到期日 | | 离任 | 是否继续在 上市公司及 | 具体职 务（如 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 职务 | | | | | 原因 | 其控股子公 | 适用） | 毕的公开 | | | | | | | | | 司任职 | | 承诺 | | 黄华波 | 董事、 | 2025 年 | 7 月 29 日 ...

Investment Rating - The report maintains a "Positive" investment rating, highlighting the favorable momentum in new consumption sectors, particularly in beauty care, gold, trendy toys, and freshly brewed tea drinks [4]. Core Insights - The new consumption landscape reflects the evolving consumer preferences of the younger generation, emphasizing the importance of understanding these narratives for capturing growth opportunities in new consumption companies [80]. Beauty Care Sector - The high-end beauty segment is expected to grow faster than the mass market, with projected CAGR for high-end skincare and makeup at 9.6% and 10.8% respectively from 2023 to 2028, compared to 8.2% and 6.7% for mass-market products [5][9]. - Domestic brands are gaining market share, with the national beauty market share reaching 50.4% in 2023, surpassing foreign brands [15][18]. Gold Jewelry Sector - The gold jewelry market in China is projected to grow from 820 billion yuan in 2023 to 1,140 billion yuan by 2028, with a CAGR of 6.8% [19]. - The ancient gold segment shows strong growth potential, with a CAGR of 21.8% expected from 2023 to 2028, despite a slowdown in growth rates [24][25]. Trendy Toys Sector - The trendy toy market in China reached 626 billion yuan in 2023, with a CAGR of 31.24% from 2019 to 2023, indicating rapid growth [40]. - The market concentration is increasing, with the top five companies' market share rising from 22.8% in 2019 to 26.4% in 2021 [46]. Freshly Brewed Tea Drinks Sector - The freshly brewed tea drink market in China was valued at 517.5 billion yuan in 2023, accounting for 36.3% of the beverage market, with expectations to reach 1,163.4 billion yuan by 2028 [67]. - The market for freshly brewed tea drinks is anticipated to maintain its position as the largest segment within the freshly brewed beverage category, with a projected CAGR of 17.3% from 2023 to 2028 [71][75].

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [4][6][7]. Core Views - The "anti-involution" policy in the express delivery sector is expected to ease competition, with Shentong Express planning to acquire Dan Niao Logistics [3][54]. - The shipping industry is anticipated to see a bottoming out of oil transportation rates during the summer, with potential upward pressure on rates due to supply constraints and demand changes [1][22][23]. - The aviation sector is experiencing a decline in flight volumes, but the domestic passenger market is expected to continue optimizing supply and demand dynamics through 2025 [2][37][46]. Summary by Sections Shipping Sector - In July, crude oil entered the off-season, leading to a softening of oil freight rates, with expectations for a bottoming out during the summer [1]. - The current supply situation is relatively tight, and marginal changes in demand could significantly impact freight rates [1][22]. - Recommendations include China Merchants Energy and China Merchants Shipping, with a focus on China Merchants South Oil [1]. Aviation Sector - The overall and domestic passenger flight volumes have decreased by 1.5% and 1.4% respectively compared to the previous week, but remain above 2019 levels [2][37]. - The average ticket price for domestic routes has dropped by 8.0% year-on-year, while passenger load factors have improved slightly [2][37]. - Investment recommendations include closely monitoring ticket price performance during the peak summer season, with a focus on China National Aviation, Eastern Airlines, Southern Airlines, and Spring Airlines [2][46]. Express Delivery Sector - The "anti-involution" policy has been implemented to combat excessive competition, with price increases already observed in regions like Yiwu [3][53]. - The introduction of unmanned logistics vehicles is expected to reduce costs significantly for leading companies like SF Express and Zhongtong Express [3][61]. - Investment suggestions include SF Express, Zhongtong Express, YTO Express, and Shentong Express, with a focus on the impact of the "anti-involution" policy [3][63]. Key Company Earnings Forecasts and Investment Ratings - China Merchants Energy, China Merchants Shipping, SF Express, Zhongtong Express, and YTO Express are all rated as "Outperform" [7]. - SF Express is expected to maintain a growth rate of 15-20% over the next two years, with a PE ratio of approximately 20 times in 2025 [3][63]. - China Merchants Shipping reported a 20.1% year-on-year increase in revenue for Q1 2025, indicating strong performance [27].

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 ...

Core Viewpoint - The article highlights the issue of "rounding up" charges in various sectors such as express delivery, parking, and shared services, which has raised public concern regarding fairness and transparency in pricing practices [1][14]. Express Delivery Sector - Several express delivery companies have been reported to engage in unfair "rounding up" practices, where the weight of packages is inflated for charging purposes [2][4]. - For instance, YTO Express marked a 2.7 kg package as 4 kg, increasing the charge by nearly 50%, while Jitu Express charged for a 3 kg weight for a 2.1 kg package [3][4]. - A significant number of express delivery companies (about half) have been found to have similar issues in their weight charging practices [4]. - The new regulations effective from April 1, 2024, stipulate that billing weight must be in kilograms and retain at least one decimal place, making the "rounding up" practices clearly illegal [5][17]. Parking Sector - Parking fees are often charged based on a minimum time unit, leading to situations where even a slight delay results in significantly higher charges [7][10]. - For example, a consumer was charged for 45 minutes despite only using 30 minutes and 7 seconds of parking time, highlighting the unfairness in the billing system [9][11]. - The article notes that this practice is widespread and often seen as a "hidden rule" in many parking facilities [8][10]. Shared Services Sector - Similar "rounding up" practices are observed in shared services like charging stations, where consumers are charged for longer durations than they actually used [12][13]. - A case was mentioned where a consumer was charged for 30 minutes of charging despite only using 5 minutes, which was deemed unreasonable [13][19]. - The article emphasizes that such practices infringe upon consumers' rights to fair transactions as outlined in consumer protection laws [18][20]. Regulatory Response - The National Postal Administration has taken notice of the express delivery sector's "rounding up" practices and has initiated investigations, urging companies to comply with national standards for weight billing [17]. - The article calls for similar scrutiny and reform in the parking and shared services sectors to ensure fair pricing practices [23].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector shows significant divergence in June data, with a focus on the industry's anti-involution process [3] - The express logistics market is expanding, supported by the national strategy to boost domestic demand, with a year-on-year growth of 15.8% in express delivery volume in June 2025 [5] - The performance of major express companies varies, with SF Express maintaining a business volume growth rate of over 30%, while other companies like YTO Express and Yunda Express show slower growth [4][5] Summary by Sections Express Logistics - In June 2025, the total express delivery volume reached 16.87 billion pieces, a year-on-year increase of 15.8%, with total revenue of 126.32 billion yuan, up 9.0% [5][24] - Major express companies' performance in June: YTO Express (2.627 billion pieces, +19.34%), Yunda Express (2.173 billion pieces, +7.41%), SF Express (1.460 billion pieces, +31.77%) [4][28] - The market share for these companies is 15.6% for YTO, 12.9% for both Yunda and Shentong, and 8.7% for SF Express [4] Air Transportation - The air travel sector is expected to benefit from macroeconomic recovery, with a year-on-year increase of 4.4% in passenger transport volume in June 2025 [52] - Major airlines are projected to improve their performance in Q2 2025 due to better supply-demand dynamics and lower oil prices [8] Shipping and Ports - The shipping sector is anticipated to benefit from OPEC+ production increases and a favorable economic environment, with a focus on crude oil transportation [16] - The Baltic Dry Index (BDI) increased by 27.8% week-on-week, indicating a recovery in the bulk shipping market [11][68] - Container throughput at Chinese ports showed a slight increase in cargo volume but a decrease in container throughput [81] Road and Rail - In June 2025, road freight volume increased by 2.86% year-on-year, while rail freight volume rose by 7.36% [45] - National logistics operations are running smoothly, with a slight increase in freight truck traffic [14] Supply Chain Logistics - Companies like Shenzhen International and Debon Logistics are expected to benefit from strategic transformations and improved profitability [15]

Core Insights - The National Postal Administration conducted a survey to monitor express delivery service quality and promote industry improvement, focusing on customer satisfaction and timely delivery rates for the second quarter of 2025 [1] Group 1: Survey Overview - The survey included nine express delivery brands: Postal Express, SF Express, Zhongtong Express, YTO Express, Yunda Express, Shentong Express, JD Express, Debon Express, and Jitu Express [1] - The survey covered 50 cities, including municipalities, provincial capitals, and 19 cities with high express delivery volumes [1] - A total of 9,211 valid samples were collected for customer satisfaction evaluation across five service aspects, while 2.4 million samples were collected for timely delivery testing [1] Group 2: Customer Satisfaction Results - The overall customer satisfaction score for express delivery services in Q2 2025 was 85.1, an increase of 1.3 points year-on-year [2] - SF Express and JD Express received the highest satisfaction scores among brands [3] - Regions with high satisfaction scores included Shanghai, Beijing, Inner Mongolia, Shanxi, Hebei, Shandong, and Jiangsu, all scoring above 86 [3] - Satisfaction scores for order services via unified customer service hotline reached 90.8, up by 2.0 points year-on-year [3] - User satisfaction scores for delivery service timeliness and quality were 86.9 and 86.4, reflecting increases of 4.7 and 1.7 points respectively [3] Group 3: Timeliness and Delivery Rates - The average total time for express delivery services in Q2 2025 was 51.08 hours, a reduction of 1.99 hours year-on-year [4] - Breakdown of average times showed: - Processing at the shipping location: 8.44 hours (up 0.34 hours) - Transportation: 30.98 hours (down 1.44 hours) - Processing at the destination: 8.89 hours (down 0.77 hours) - Delivery: 2.77 hours (down 0.11 hours) [4] - The 72-hour delivery success rate was 86.85%, an increase of 2.13 percentage points year-on-year [5] - Postal Express and SF Express had the highest 72-hour delivery success rates among brands [6]

Group 1 - The company expects to achieve an operating income of approximately 20.6 billion yuan in the first half of 2025, representing a year-on-year growth of over 10% [1] - The net profit attributable to the parent company is projected to be between 40.4 million yuan and 52.4 million yuan, a year-on-year decrease of 84.26% to 87.86% [1] - Excluding non-recurring gains and losses, the company anticipates a net loss attributable to the parent company of between -51.065 million yuan and -39.065 million yuan, a year-on-year decrease of 119.77% to 125.84% [1] Group 2 - The company attributes the decline in performance for the first half of 2025 to a combination of external environment factors and internal operational strategy adjustments [1] - Despite the challenges, the company reports continuous optimization of customer experience metrics, with revenue achieving double-digit year-on-year growth for two consecutive quarters and a steady increase in market share [1] - The company has experienced a downward trend in gross margin, with figures of 10.19%, 8.68%, and 7.62% for the years 2022 to 2024, and a gross margin of only 3.99% in the first quarter of 2025, a year-on-year decline of 37.83% [2] Group 3 - As of the close on the 16th, the company's stock price increased by 0.90%, reaching 15.73 yuan per share, with a total market capitalization of 16.04 billion yuan [3]

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]