Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - Crude oil freight rates have declined from high levels, with mixed changes in ocean freight rates. The China Import Crude Oil Composite Index (CTFI) was reported at 2321.90 points on December 4, down 7.9% from November 27. The VLCC market has seen transactions at major loading ports, with shipowners trying to maintain price levels despite a cooling market [3][14] - China Eastern Airlines has launched the world's longest one-way flight route from Shanghai to Buenos Aires, reducing travel time by over 4 hours. Additionally, a ton-class eVTOL was included in urban firefighting drills for the first time [3][16] - In November, China's express delivery volume exceeded 180 billion items for the first time, marking a new record. The first full schedule China-Europe freight train departed from Shijiazhuang [3][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, with the Middle East route showing a 9.76% drop. The Shanghai port's export rates to Europe and the US have also seen declines of 0.3%, 5.0%, and 4.7% respectively [14][15] - The launch of the longest flight route by China Eastern Airlines connects Shanghai to Buenos Aires, significantly shortening travel time [16][17] - The express delivery volume in China reached a record high of 180 billion items in November, reflecting strong economic vitality [24][26] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was reported at 5721.00 points, up 2.4% year-on-year [28] - Domestic freight flight numbers decreased by 2.03% year-on-year in November, while international flights increased by 14.88% [30] - The SCFI index for container shipping was reported at 1397.63 points, down 0.39% week-on-week and down 38.06% year-on-year [37] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the transportation demand increase driven by hydropower station construction in the Yarlung Tsangpo River downstream [5] - Investment opportunities in low-altitude economy trends, recommending CITIC Offshore Helicopter [5] - Opportunities in the highway and railway sectors, recommending Gansu Expressway, Beijing-Shanghai High-Speed Railway, and others [5] - Investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Shares [5] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [5] - Opportunities in the aviation sector, recommending Air China, China Southern Airlines, and others [5]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The report highlights an upward trend in crude oil freight rates, with the China Import Crude Oil Index (CTFI) reaching 2520.07 points, an increase of 8.4% from November 20 [3][13] - The postal industry revenue surpassed the telecommunications industry for the first time in history, reaching 1.47 trillion yuan, compared to 1.467 trillion yuan for telecommunications [3][24] - The civil aviation sector showed growth in both passenger and cargo transport volumes in October, with international routes performing particularly well [3][17] Summary by Sections Industry Hot Events - Crude oil freight rates are rising, with the Middle East route seeing a 10.76% increase in rates [13] - Qifly Aviation signed a procurement agreement for 105 eVTOL aircraft with three companies in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on low-altitude logistics [15][16] - The postal industry revenue for January to October 2025 reached 1.47 trillion yuan, marking a significant milestone [24][25] High-Frequency Data Tracking - The Baltic Air Freight Price Index decreased month-on-month but increased year-on-year [26] - Domestic freight flights in October 2025 increased by 0.32% year-on-year, while international flights rose by 11.12% [32] - The express delivery business volume in October 2025 increased by 7.90% year-on-year, with total revenue reaching 131.67 billion yuan [50] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy [5] - Attention to low-altitude economy investment opportunities, particularly in companies like CITIC Offshore Helicopter [5] - Consider investment opportunities in the express delivery sector, recommending SF Express and Jitu Express [5]

Core Viewpoint - Recent announcements from multiple A-share listed companies indicate a trend of asset disposals, with "focusing on core business" being a central theme. Companies are divesting non-core and underperforming assets to improve financial conditions and operational efficiency [1][2][3]. Group 1: Asset Disposals - Hangzhou Tiandi Digital Technology Co., Ltd. announced the transfer of 100% equity of its wholly-owned subsidiary for 49 million yuan, aiming to optimize asset structure and improve operational efficiency [1]. - China Travel Service International Logistics Co., Ltd. plans to publicly transfer 100% equity of its wholly-owned subsidiary, emphasizing resource concentration on core business and enhancing competitive advantages [1]. - Shanghai Chuangxing Resource Development Co., Ltd. intends to transfer 100% equity of its subsidiary, which has been affected by litigation and poor receivables, to improve financial health [2]. Group 2: Strategic Focus - The current market environment drives companies to reassess their resources and capabilities, leading to the divestiture of non-core assets to enhance core competitiveness and market share [2]. - Companies are focusing on strategic optimization by selling off loss-making or high-risk assets, which helps in cutting losses and improving financial statements [3]. - The sale of underperforming assets is seen as a dual benefit for companies, allowing them to isolate risks and prevent "problem businesses" from dragging down core operations [3].

剥离不良资产、改善财务状况是上市公司出售资产的另一重要原因。11月26日，上海创兴资源开发股份有限公司发布公告 称，拟向台州冠格企业管理有限公司协议转让全资子公司上海筑闳建设工程有限公司（以下简称"筑闳建设"）100%股权。根据 公告，筑闳建设涉及较多诉讼事项，且为失信被执行人，此外，筑闳建设的应收账款回款情况较差，对公司业绩产生较大影 响。公告显示，处理公司不良资产，转让全资子公司股权，符合公司的长远规划及全体股东的利益。 本报记者 张文湘 见习记者 占健宇 近期，多家A股上市公司发布资产处置相关公告，出售标的涵盖子公司股权、闲置房产等多个品类。从公告披露信息来 看，"聚焦主业"成为核心关键词，同时，部分企业亦通过剥离不良资产来改善财务状况。 例如，11月25日，杭州天地数码科技股份有限公司（以下简称"天地数码"）发布公告称，拟以4900万元的价格将全资子公 司浙江天浩数码科技有限公司100%股权转让给嘉兴市强强泡塑制造有限公司。天地数码在公告中表示："本次事项是公司根据 实际经营情况及战略发展规划作出的决策，有利于优化公司资产结构和资源配置，提高公司资产运营效率、降低管理成本，进 而提升公司经营质量。" ...

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates are rising while ocean freight rates are declining. The China Import Crude Oil Comprehensive Index (CTFI) reached 2325.40 points on November 20, up 4.2% from November 13. VLCC market activity remains strong, but overall market activity is expected to decline without actual cargo support [3][14] - Changlong Airlines has initiated its IPO process, and VOLANT has signed a confirmation order for the VE25-100 eVTOL aircraft with a state-owned investment group, with the order amount exceeding 100 million yuan [3][16] - The China-Europe Railway Express has surpassed 3500 trips this year, marking a historical high. A new "passenger-cargo-mail integration" model has been launched in cooperation between Rizhao Public Transport and SF Express [3][22] Summary by Sections Industry Hot Events - Crude oil freight rates are high while ocean freight rates are declining. The Shanghai port export price to Europe was $1367/TEU, down 3.5%, and to the US West and East Coast was $1645/FEU and $2384/FEU, down 9.8% and 8.3% respectively [3][15] - Changlong Airlines is preparing for its IPO, with a focus on expanding its operational capacity and market reach [3][16] - The China-Europe Railway Express has achieved a record of over 3500 trips this year, with a focus on high-value goods transportation [3][23] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased both month-on-month and year-on-year, indicating a positive trend in air freight pricing [4][28] - Domestic express delivery volume increased by 7.90% year-on-year in October 2025, with total express delivery volume reaching 176 billion pieces [4][50] - The national highway freight truck traffic increased by 2.57% week-on-week, indicating a recovery in road logistics [4][18] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the low-altitude economy sector, with recommendations for CITIC Offshore Helicopter [5] - Investment opportunities in the road and rail sectors, recommending companies such as Gansu Expressway and Beijing-Shanghai High-Speed Railway [5]

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 上述增持主体存在一致行动人： 证券代码：603128证券简称：华贸物流公告编号：2025-027 港中旅华贸国际物流股份有限公司 增持股份进展公告 本公司董事会、全体董事及相关股东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： ● 港中旅华贸国际物流股份有限公司（以下简称"公司"）于2025年10月10日发布《关于控股股东增持股 份及增持计划的公告》，公司控股股东中国物流集团有限公司的全资子公司中国物流集团资本管理有限 公司（以下简称"资本管理有限公司"）计划自2025年10月9日起6个月内，通过上海证券交易所交易系统 以集中竞价交易方式增持公司股份，增持金额不低于人民币0.645亿元，不超过人民币1.29亿元。 截止2025年11月21日，资本管理有限公司已通过集中竞价交易方式增持公司股份4,049,530股。 ● 增持计划无法实施风险：本次增持计划可能因资本市场情况变化等因素影响存在不确定性。 一、增持主体的基本情况 （二）本次增持计划是否导致公司控股股东及实际控制人发生变化 ...

证券日报网讯 11月21日晚间，华贸物流发布公告称，港中旅华贸国际物流股份有限公司（以下简称"公 司"）于2025年10月10日发布《关于控股股东增持股份及增持计划的公告》，公司控股股东中国物流集 团有限公司的全资子公司中国物流集团资本管理有限公司（以下简称"资本管理有限公司"）计划自2025 年10月9日起6个月内，通过上海证券交易所交易系统以集中竞价交易方式增持公司股份，增持金额不低 于人民币0.645亿元，不超过人民币1.29亿元。截至2025年11月21日，资本管理有限公司已通过集中竞价 交易方式增持公司股份4，049，530股。 （文章来源：证券日报） ...

格隆汇11月21日丨华贸物流(603128.SH)公布，为实现股权处置效益最大化，华贸物流拟通过依法设立 的产权交易机构公开挂牌交易方式转让全资子公司武汉供应链100%的股权。本次交易转让价格参照评 估价值，以29,952.15万元为底价，最终转让价格取决于受让方的受让价格。 ...

智通财经APP讯，华贸物流(603128.SH)公告，公司拟将持有的武汉华贸供应链服务有限公司(称"武汉供 应链")100%股权通过公开挂牌方式转让。本次交易转让价格参照评估价值，以3亿元为底价，最终转让 价格取决于受让方的受让价格。 ...

智通财经APP讯，华贸物流(603128.SH)公告，公司拟将持有的武汉华贸供应链服务有限公司(称"武汉供 应链")100%股权通过公开挂牌方式转让。本次交易转让价格参照评估价值，以3亿元为底价，最终转让 价格取决于受让方的受让价格。 ...