Core Points - The stock price of Huamao Logistics (603128) closed at 6.36 yuan on July 11, 2025, reflecting a 1.92% increase from the previous week's closing price of 6.24 yuan [1] - The company's total market capitalization is 8.326 billion yuan, ranking 17th out of 45 in the logistics sector and 1992nd out of 5149 in the A-share market [1] Company Announcements - Huamao Logistics announced a cash dividend of 0.174 yuan per share, with the record date set for July 14, 2025 [2] - The total cash dividend distribution amounts to approximately 227.77 million yuan, based on a total share capital of 1,309,046,494 shares [2] - The ex-dividend date and cash dividend payment date are both scheduled for July 15, 2025 [2]

Core Viewpoint - China Southern Airlines Logistics Co., Ltd. has launched a new international cargo route from Guangzhou to Auckland and Sydney, marking the first regular all-cargo flight route from mainland China to New Zealand and the first fifth freedom cargo route for the airline [1][3]. Group 1: New Route Details - The new route is operated by Boeing 777 freighters and aims to meet the increasing cargo demand between Australia and New Zealand [3]. - The launch of this route is expected to significantly shorten the transportation time for goods between the Greater Bay Area and the Australia-New Zealand region, providing more efficient logistics solutions for over 300 cross-border e-commerce and high-end manufacturing companies in the Greater Bay Area [3]. Group 2: Trade Context - Trade cooperation between China and New Zealand has deepened in recent years, with bilateral goods trade increasing by nearly 30 billion New Zealand dollars since the China-New Zealand Free Trade Agreement came into effect [3]. - In the first quarter of 2025, the total trade volume between China and New Zealand reached 10.51 billion New Zealand dollars, reflecting a year-on-year growth of 8.9% [3]. Group 3: Fifth Freedom Rights - The fifth freedom rights allow an airline to carry passengers and cargo between two foreign countries while en route to its own country, enhancing the connectivity of international cargo routes [3]. - This new route facilitates the movement of goods between Sydney and Auckland, effectively activating the Asia-Pacific transit hub function for China Southern Airlines [3]. Group 4: Operational Capacity - Currently, China Southern Airlines Logistics operates 19 Boeing 777 freighters and conducts over 80 regular international flights weekly, establishing a comprehensive all-cargo flight network that connects domestic and global markets [3].

Core Points - The company announced a cash dividend of RMB 0.174 per share for its A-shares [1] - The dividend distribution plan was approved at the annual general meeting on June 30, 2025 [1] - The record date for the dividend is July 14, 2025, with the last trading day and ex-dividend date both on July 15, 2025 [1] Dividend Distribution Details - The total share capital before the distribution is 1,309,046,494 shares, and the cash dividend will be distributed based on this number [1] - The dividends will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch [1] - Shareholders who have completed designated transactions can receive their cash dividends on the distribution date, while those who have not will have their dividends held until the transaction is completed [1] Taxation Information - Individual shareholders holding shares for one month or less will incur a 20% tax on dividends, while those holding for more than one month but less than one year will incur a 10% tax [2] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net dividend of RMB 0.1566 per share [3] - Hong Kong Stock Exchange investors will also face a 10% withholding tax, leading to the same net dividend of RMB 0.1566 per share [3] - Other institutional investors will receive a gross dividend of RMB 0.174 per share, with tax obligations determined by local regulations [3]

港中旅华贸国际物流股份有限公司2024年年度权益分派实施公告 证券代码：603128 证券简称：华贸物流 公告编号：2025-017 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： 每股分配比例 A 股每股现金红利0.174元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/14 | － | 2025/7/15 | 2025/7/15 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 6 月 30 日的2024年年度股东大会审议通过。 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,309,046,494股为基数，每股派发现金红利 0.174元（含税），共计派发现金红利 ...

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Insights - The easing of the Israel-Iran conflict has led to a decline in oil tanker rates, with the VLCC market shifting from geopolitical influences to supply-demand fundamentals [3][14] - The establishment of the General Aviation and Low Altitude Economy Working Group by the Civil Aviation Administration of China (CAAC) aims to enhance the development of low-altitude economy and general aviation [3][16] - The price of unmanned logistics vehicles has dropped to around 20,000 yuan, contributing to a 5.3% year-on-year growth in national social logistics total in the first five months of 2025 [3][22] Industry Highlights - The VLCC market sentiment has transitioned to supply-demand fundamentals, with tanker rates under pressure due to increased competition among shipowners and no significant rise in cargo volumes [3][14] - As of July 4, 2025, the shipping rates from Shanghai to Europe increased by 3.5% to 2,101 USD/TEU, while rates to the US West and East coasts decreased by 19.0% and 12.6%, respectively [3][15] - In the first half of 2025, 117 new international air cargo routes were opened in China, with over 233 round-trip flights added weekly [3][16][18] - The logistics sector has seen a total of 138.7 trillion yuan in social logistics, reflecting a 5.3% year-on-year increase, with a slight deceleration in growth compared to previous months [3][24] High-Frequency Data Tracking - In June 2025, domestic cargo flights increased by 9.42% year-on-year, while international flights rose by 32.87% [26][33] - The express delivery sector experienced a 17.20% year-on-year increase in business volume in May 2025, with total express business volume reaching 173.2 billion pieces [56][58] - The national port cargo throughput reached 7.345 billion tons in the first five months of 2025, marking a 3.8% year-on-year growth [52]

Group 1 - Multiple companies are involved in various acquisition and joint venture cases, with completion dates primarily set for June 2025 [1][2][3] - Notable transactions include the acquisition of shares by China Logistics Co., Ltd. from Xuzhou Xugong Intelligent Cloud Warehouse Co., Ltd. and the establishment of a joint venture between Warner Bros. Discovery and Jinjiang International Group [1][2] - The transactions span various industries, including pharmaceuticals, renewable energy, and automotive sales, indicating a diverse investment landscape [1][2][3] Group 2 - The acquisition cases involve significant players such as Amperex Technology Limited and Stonepeak Partners LP, highlighting the interest in renewable energy and technology sectors [1][2] - The establishment of joint ventures, such as that between Japan Paper Corporation and Sumitomo Corporation, reflects ongoing collaboration trends in the materials and manufacturing industries [1][2][3] - The involvement of investment management firms like British Columbia Investment Management Corporation and Ethos Capital demonstrates the role of institutional investors in these transactions [1][2]

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The easing of tensions in the Middle East has led to a decline in oil tanker rates, with the VLCC market experiencing a significant price drop of 14.31% compared to June 19, with current rates at WS59.88 [3][12] - In the shipping sector, the demand for European routes has improved, resulting in a 10.6% increase in spot market booking prices, while the US routes have seen a decline of 7.0% and 11.9% for the West and East coasts, respectively [3][14] - During the summer travel season, Hainan Airlines plans to operate nearly 2,500 flights daily, with domestic ticket bookings reaching 17.9 million, a 5% increase year-on-year [3][15] - The newly unveiled Zhuque eVTOL has a range of 600 kilometers, and from January to May, national railway freight volume increased by 3.1% year-on-year, totaling 1.641 billion tons [3][22] Summary by Sections 1. Industry Hot Events - The Middle East situation has calmed, leading to a reduction in oil tanker rates and a return to supply-demand fundamentals [12] - Hainan Airlines is set to launch 75 new domestic and international routes during the summer travel season, with a daily flight plan of nearly 2,500 [15] - The Zhuque eVTOL was showcased, achieving a range of 600 kilometers, while railway freight volume showed a year-on-year increase [22] 2. High-Frequency Data Tracking - Air logistics: The overall trend for routes to the Asia-Pacific remains stable, with air freight prices showing a decline [25] - Shipping ports: The domestic container shipping price index has decreased, while dry bulk freight rates have also fallen [43] - Express logistics: In May 2025, express delivery volume increased by 17.20% year-on-year, with revenue rising by 8.20% [54] - Air travel: The average daily international flights in the last week of June 2025 increased by 17.51% year-on-year [3] - Road and rail: The number of freight trucks on highways increased by 0.88% week-on-week [3] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Investment opportunities in the road and rail sector, recommending Sichuan Chengyu, Gansu Expressway, and others [4] - Interest in cruise and ferry investment opportunities, recommending Bohai Ferry and Haixia Co [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, and others [4]

Core Viewpoint - The legal opinion confirms that the 2024 annual general meeting of China Travel International Logistics Co., Ltd. was convened and conducted in accordance with relevant Chinese laws and regulations, as well as the company's articles of association [2][8]. Group 1: Meeting Procedures - The notice for the 2024 annual general meeting was published on June 10, 2025, in compliance with legal requirements, and the meeting was held on June 30, 2025 [4]. - The meeting utilized a combination of on-site and online voting, with specific time slots designated for online voting [4][5]. - The procedures for convening and holding the meeting were found to be in accordance with Chinese laws and the company's articles of association [5][8]. Group 2: Voting Participation and Qualifications - A total of 682 shareholders participated in the voting, representing 653,351,779 shares, which is 45.8435% of the total voting shares [4][6]. - The qualifications of the participants, including shareholders and their proxies, were verified and deemed valid [5][8]. Group 3: Voting Procedures and Results - The meeting reviewed several proposals, including the 2024 annual report and financial budget for 2025, with specific proposals requiring separate voting for minority investors [6][7]. - The voting results indicated that all proposals were passed by a simple majority, with the necessary votes from non-related shareholders for related party transactions [6][8].

Meeting Details - The shareholders' meeting was held on June 30, 2025, at Tianan Center, Shanghai [1] - The total proportion of shares held by attending shareholders was 49.9105% [1] Voting Results - All non-cumulative voting proposals were approved with significant majority support, including: - Proposal 1: 99.5007% approval from A-shareholders [1] - Proposal 2: 99.4925% approval from A-shareholders [1] - Proposal 3: 99.4963% approval from A-shareholders [1] - Proposal 4: 99.4920% approval from A-shareholders [1] - Proposal 5: 98.4808% approval from A-shareholders [1] - The voting method combined on-site and online voting, complying with the Company Law and Articles of Association [1] Legal Compliance - The meeting's convening and voting procedures were confirmed to be in accordance with relevant Chinese laws and regulations, as well as the company's Articles of Association [2]

证券代码：603128 证券简称：华贸物流 公告编号：2025-016 港中旅华贸国际物流股份有限公司 2024年年度股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (五)公司董事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：《公司 2024 年年度报告及其<摘要>的议案》 (一)股东会召开的时间：2025 年 6 月 30 日 (二)股东会召开的地点：上海市南京西路 338 号天安中心 20 楼 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 682 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 653,351,779 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 49.9105 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况 ...