华贸物流所属申万行业为：交通运输-物流-跨境物流。所属概念板块包括：央企改革、统一大市场、快 递概念、智慧物流、长三角一体化等。 华贸物流今年以来股价跌2.17%，近5个交易日跌3.16%，近20日涨3.03%，近60日涨2.68%。 机构持仓方面，截止2025年9月30日，华贸物流十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股892.26万股，相比上期增加20.26万股。南方中证1000ETF（512100）位居第五大流通股 东，持股717.89万股，相比上期减少10.08万股。华夏中证1000ETF（159845）位居第七大流通股东，持 股426.90万股，相比上期减少7700.00股。广发中证1000ETF（560010）位居第九大流通股东，持股 331.80万股，相比上期减少10.75万股。宏利集利债券A（162210）、广发中证国新央企股东回报ETF （560700）退出十大流通股东之列。 今年以来华贸物流已经4次登上龙虎榜，最近一次登上龙虎榜为4月18日，当日龙虎榜净买入5399.28万 元；买入总计1.59亿元 ，占总成交额比8.19%；卖出总计1.05亿元 ，占总成交额比5.4 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - Crude oil freight rates have significantly decreased, while long-distance shipping rates have increased. The China Import Crude Oil Composite Index (CTFI) dropped by 40.6% to 1354.35 points as of December 25. Meanwhile, shipping rates from Shanghai to Europe and the US have risen by 10.2% and 9.8% respectively [3][14] - The National Development and Reform Commission (NDRC) has issued a trial classification for the low-altitude economy, aiming to clarify the concept and boundaries of the industry. This classification includes a framework of "4 categories + 23 subcategories + 65 small categories" [3][15][16] - China's high-speed rail operating mileage has surpassed 50,000 kilometers, marking a significant milestone in global rail infrastructure. This expansion supports logistics networks and enhances regional connectivity [3][21] Industry Dynamics Shipping and Logistics - The Baltic Air Freight Index has shown a month-on-month decline, while domestic air freight volumes decreased by 2.03% in November 2025. Conversely, international air freight volumes increased by 14.88% [4][35] - The Shanghai Containerized Freight Index (SCFI) reported a week-on-week increase of 6.66% but a year-on-year decrease of 32.68% [39] - In November 2025, the total express delivery volume reached 180.60 billion pieces, a year-on-year increase of 5.00%, while revenue decreased by 3.70% [52] Investment Recommendations - The report suggests focusing on the industrial goods export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics. It also highlights opportunities in the low-altitude economy, road and rail sectors, and e-commerce logistics [5]

Market Overview - The logistics sector increased by 0.16% on December 26, with Pulutong leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Top Gainers in Logistics Sector - Pulutong (002769) closed at 12.32, up 10.00% with a trading volume of 624,300 shares and a transaction value of 750 million [1] - Xiamen Guomao (600755) closed at 8.72, up 9.96% with a trading volume of 4,011,100 shares [1] - Other notable gainers include Jiayou International (603871) at 13.93, up 2.73%, and Xiamen Xiangyu (600057) at 8.86, up 2.31% [1] Top Losers in Logistics Sector - Tiensheng Co. (002800) closed at 15.58, down 4.65% with a trading volume of 203,800 shares [2] - New Ning Logistics (300013) closed at 4.11, down 2.61% with a trading volume of 497,200 shares [2] - Other significant decliners include Dongfang Jiasheng (002889) at 16.16, down 2.18%, and Longzhou Co. (002682) at 8.90, down 2.09% [2] Capital Flow in Logistics Sector - The logistics sector saw a net inflow of 43.62 million in main funds, while retail funds experienced a net outflow of 190 million [2] - Retail investors contributed a net inflow of 146 million [2] Individual Stock Capital Flow - Xiamen Guomao (600755) had a main fund net inflow of 184 million, while Pulutong (002769) saw a net inflow of 132 million [3] - Huamao Logistics (603128) recorded a net inflow of 27.51 million from main funds [3] - Other stocks like Jiayou International (603871) and Hongchuan Wisdom (002930) also experienced varying levels of net inflow and outflow from different investor categories [3]

（文章来源：证券日报） 证券日报网讯 12月24日，华贸物流在互动平台回答投资者提问时表示，截至2025年9月30日，公司普通 股股东总数为65002户。公司股东人数信息，请以定期报告披露的数据为准。 ...

证券日报网讯12月24日，华贸物流（603128）在互动平台回答投资者提问时表示，公司下属子公司中特 物流提供超限超重非标准化的物流运输服务，目前以特高压电力设备运输为主要服务对象。铁路专用车 自行设计，拥有完全知识产权，单车运输能力最大可达1800吨，核心竞争优势明显，国内市场占有率持 续领先。 ...

证券日报网讯 12月24日，华贸物流在互动平台回答投资者提问时表示，华贸物流紧紧抓住全球物流产 业链供应链体系重构的宝贵机遇，坚定地紧跟中国制造"走出去"的步伐，加快海外网络建设，持续完善 自身全球服务能力。争取以更好的业绩和发展成果回报广大投资者的信任。 （文章来源：证券日报） ...

华贸物流(603128) 2025 年第一次临时股东大会会议文件 港中旅华贸国际物流股份有限公司 2025年第一次临时股东大会 会议文件 2025年12月 1 港中旅华贸国际物流股份有限公司 2025年第一次临时股东大会会议网络投票注意事项 尊敬的各位股东及股东代表： 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》（下称"《规范运作指引》"），港中旅华贸国际物流股份有限公司（以 下简称"华贸物流"或"公司"）股东通过上海证券交易所股东大会网络投票系 统行使表决权的，既可以登陆交易系统投票平台（通过指定交易的证券公司交易 终端）进行投票，也可以登陆互联网投票平台（网址：vote.sseinfo.com）进行投 票。现就本次股东大会网络投票特别提请注意如下相关事项： 一、 交易系统投票平台 公司股东通过上交所交易系统投票平台投票的，可以通过股东账户登录其指 定交易的证券公司交易终端，参加网络投票。 通过交易系统投票平台进行网络投票的时间为股东大会召开当日的交易时 间段，即 2025 年 12 月 29 日 9:15-9:25，9:30-11:30，13:00-15:00。 二、 ...

Group 1 - The concept of Free Trade Port has seen an increase of 2.96%, ranking 6th among concept sectors, with 41 stocks rising, including Hainan Ruize and Haikou Group hitting the daily limit [1] - Leading stocks in the Free Trade Port sector include China Duty Free Group, which rose by 8.25%, Hainan Ruize by 10.08%, and Haikou Group by 10.00% [2][3] - The sector experienced a net inflow of 1.105 billion yuan, with 23 stocks receiving net inflows, and China Duty Free Group leading with a net inflow of 958 million yuan [2][3] Group 2 - The top three stocks by net inflow ratio are China Duty Free Group at 15.13%, Huamao Logistics at 14.71%, and Haikou Group at 13.56% [3] - The trading volume for China Duty Free Group was 95.78 million yuan, with a turnover rate of 3.99% [3] - Stocks with significant declines include China Foreign Trade, which fell by 1.29%, Ningbo Port by 0.54%, and Shanghai Port by 0.18% [1][5]

Group 1 - The core viewpoint of the article highlights the positive performance of the transportation sector, particularly during the "Double Twelve" e-commerce promotion, which has driven strong demand in the logistics and airline sectors [1] - The Transportation ETF (159666) saw a 0.7% increase, with significant gains in stocks such as Shanghai Airport (over 6%) and Shentong Express (over 2%) [1] - The inflow of over 10 million yuan into the Transportation ETF over the past 20 days indicates strong investor interest in the sector [1] Group 2 - The domestic outbound cargo volume of China Southern Airlines Logistics in the East China region exceeded 1,000 tons from December 8 to 15, reflecting robust consumer demand [1] - Huayuan Securities believes that the e-commerce express delivery industry remains resilient, with rising express delivery prices due to "anti-involution," which enhances corporate profit elasticity [1] - The Transportation ETF (159666) and its linked funds are the only ETFs tracking the CSI All-Share Transportation Index, covering logistics, railways, highways, shipping ports, and airports, thus providing a comprehensive view of the A-share transportation sector [1]

Core Viewpoint - Huamao Logistics (603128) announced its intention to continue appointing Xinyong Zhonghe Accounting Firm (Special General Partnership) as the auditor for the company's 2025 financial report, pending approval from the shareholders' meeting [1] Group 1 - The company plans to maintain its relationship with Xinyong Zhonghe Accounting Firm for auditing purposes [1] - The decision is subject to approval at the upcoming shareholders' meeting [1]