福建海通发展股份有限公司 2025 年年度股东会 会议资料 二〇二六年四月 | | | | 2025 年年度股东会会议须知 | 1 | | --- | --- | | 2025 年年度股东会议程安排 | 3 | | 议案一：《关于<2025 年度董事会工作报告>的议案》 5 | | | 议案二：《关于<2025 年度独立董事述职报告>的议案》 15 | | | 议案三：《关于 2025 年度利润分配及资本公积转增股本预案的议案》 | 16 | | 议案四：《关于制定<福建海通发展股份有限公司董事、高级管理人员薪酬管理制 | | | 度>的议案》 | 21 | | 议案五：《关于确认董事 年度薪酬及 2025 2026 年度薪酬方案的议案》 | 22 | 福建海通发展股份有限公司 2025 年年度股东会会议须知 为维护股东的合法权益，确保股东会的正常秩序和议事效率，根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《上市公司股东会规则》《中华人民 共和国证券法》（以下简称"《证券法》"）等法律法规和《公司章程》《股东会议 事规则》等相关规定，现就会议须知通知如下： 一、股东及股东代理人（以下简称"股东" ...

证券研究报告 | 行业定期报告 2026 年 03 月 30 日 1、《招商交通运输行业周报—红利 资产防御价值提升，持续关注海峡通 行情况（20260322）》2026-03-22 2、《航空行业跟踪报告—如何看待 高油价对盈利影响：关注票价对成本 的动态覆盖能力》2026-03-18 油运中期逻辑仍向好，红利资产近期配置价值提升 招商交通运输行业周报 周期/交通运输 本周关注：航运方面，冲突升级，霍尔木兹海峡通行量回落；基础设施方面， 高油价推升滞胀预期，红利资产凸显配置价值；航空方面，关注油价对行业盈 利影响；快递方面，关注 26 年行业竞争格局和估值修复潜力。 ❑ 风险提示：人民币大幅贬值、油价大幅上涨、快递价格战恶化、重大海上安 全事故、重大自然灾害等。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 129 | 2.5 | | 总市值（十亿元） | 3195.1 | 2.9 | | 流通市值（十亿元） | 2992.6 | 3.0 | 行业指数 相关报告 3、《招商交通运输行业周报—红利 资产配置需求提升，油运中期逻辑仍 向好》202 ...

丨证券研究报告丨 行业研究丨行业周报丨海运 [Table_Title] 集运恢复中东订舱，油散 Q1 业绩预计高增 报告要点 [Table_Summary] 本周，油运继续回调，集运船东提价，散运略跌，化学品海运运价环比上涨。 投资维度，1）油运景气上行，散运景气修复， Q1 业绩预计高增，继续推荐招商轮船、中远海 能、海通发展、太平洋航运；2）集运恢复中东订舱，集运红利属性凸显，推荐海丰国际、中谷物 流；3）新能源供应链集中受益，推荐受益于风电、新能源车出海的特种船龙头中远海特。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 韩轶超 魏爱晓 SAC：S0490512020001 SFC：BQK468 [Table_Title2] 集运恢复中东订舱，油散 Q1 业绩预计高增 [Table_Summary2] 集运恢复中东订舱，油散 Q1 业绩预计高增 集运恢复中东订舱，集运红利属性凸显。3 月 25 日，中远海运集运发布告客户通知书，公司恢 复远东至中东（阿联酋、沙特、巴林、卡塔尔、科威特、伊拉克）的普通集装箱订舱服务。恢 复订舱的方式为多式联运，头部公司地中海、马士基、达飞于 ...

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Views - The report highlights the ongoing price increases in the express delivery sector, with regions like Sichuan, Yiwu, Yunnan, and Jiangxi leading the way in implementing price hikes. This trend is expected to improve the profitability of leading companies in the industry [6] - The logistics and express delivery sectors are experiencing a shift towards high-quality development, driven by policies aimed at reducing internal competition and enhancing service quality. The report suggests that the "anti-involution" policies will boost industry profitability [6] - The aviation sector is anticipated to benefit from a recovery in demand, with expectations of improved performance for major airlines as they navigate high oil prices and operational challenges [4][6] Summary by Sections Investment Highlights - The report emphasizes the potential for significant returns in the aviation sector, particularly for major airlines like China Southern Airlines, China Eastern Airlines, and Hainan Airlines, which are expected to see improved profitability due to a recovery in travel demand and operational efficiencies [4][6] - The express delivery sector is highlighted for its resilience and growth potential, with companies like ZTO Express, YTO Express, and Shentong Express recommended for investment due to their strong market positions and expected benefits from rising prices [6] Operational Tracking - Data from March 16 to March 22 indicates a total of 54.58 million truck passages on highways, reflecting a week-on-week increase of 3.38% [6] - The report tracks the performance of major airlines, noting that Eastern Airlines and Southern Airlines have seen increases in their average daily flights and aircraft utilization rates, indicating a recovery in operational capacity [4][6] Logistics Data Tracking - The express delivery sector reported a total of approximately 3.845 billion packages collected and 3.891 billion delivered during the week of March 16 to March 22, with year-on-year increases of 4.43% and 5.53%, respectively [6] - The report notes that the logistics infrastructure, particularly highways, is expected to benefit from increased demand as the economy stabilizes and consumer spending rises [6] Market Comparison - The report compares the performance of the transportation sector against broader market trends, indicating that the sector is poised for growth as economic conditions improve and consumer confidence returns [2][6]

中信证券股份有限公司 关于福建海通发展股份有限公司 2025年度持续督导报告书 | 上市公司：福建海通发展股份有限公司（以下简称"海通发展"或"公司"） | | | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐人"） | | | 保荐代表人姓名：许阳 | 联系电话：010-60838792 | | 保荐代表人姓名：陈拓 | 联系电话：010-60838792 | 经中国证券监督管理委员会《关于核准福建海通发展股份有限公司首次公开 发行股票的批复》（证监许可〔2023〕304 号）核准，并经上海证券交易所同意， 公司于 2023 年 3 月 17 日首次向社会公开发行人民币普通股（A 股）4127.6015 万股，每股发行价格为 37.25 元，募集资金总额为 153,753.16 万元，扣除各类发 行费用之后实际募集资金净额 142,793.20 万元。致同会计师事务所（特殊普通合 伙）于 2023 年 3 月 23 日对海通发展首次公开发行股票的资金到位情况进行了审 验，并出具了"致同验字（2023）第 351C000122 号"验资报告。2023 年 3 月 ...

许阳、陈拓 关于福建海通发展股份有限公司 2025 年度持续督导工作现场检查报告 （三）现场检查人员 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 中信证券股份有限公司 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对福建海通发展股份有限公司（以下简称"海通发展""公司" "上市公司"）进行持续督导工作的保荐人，对上市公司 2025 年度（以下简称 "本持续督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情 况报告如下： 一、本次现场检查的基本情况 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 1 （六）现场检查手段 许阳、陈拓、林真、吴军、李古阳、刘涛 本次现场检查的手段主要包括资料查阅、访谈、现场查看等，具体检查手段 ...

证 券 研 究 报 告 海通发展（603162）2025 年报点评 推荐（维持） 25Q4 盈利 2.1 亿，同比+53%，继续看好公 司业绩随市场复苏弹性持续兑现 ❖ 风险提示：宏观经济下行、运力供给过剩、油价大幅波动等。 [ReportFinancialIndex] 主要财务指标 | | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,443 | 5,267 | 5,964 | 6,686 | | 同比增速(%) | 21.4% | 18.5% | 13.2% | 12.1% | | 归母净利润(百万) | 465 | 902 | 1,222 | 1,506 | | 同比增速(%) | -15.3% | 94.0% | 35.5% | 23.2% | | 每股盈利(元) | 0.50 | 0.97 | 1.32 | 1.62 | | 市盈率(倍) | 26 | 14 | 10 | 8 | | 市净率(倍) | 2.7 | 2.3 | 1.9 | 1.5 | 资料来源：公司公告，华创证券预测 注： ...

Core Viewpoint - The article discusses the recent developments in the shipping industry, particularly focusing on the VLCC (Very Large Crude Carrier) transportation index and its fluctuations due to geopolitical tensions in the Middle East [1]. Shipping Sector Summary - The VLCC transportation index for West Africa to Ningbo, China, has increased by 3.23% to 150.09 WS, despite a monthly decrease of 6.52%, indicating a significant annual increase of 24.85% [5]. - Key players in the core oil transportation sector include COSCO Shipping Energy and China Merchants Energy Shipping [5]. - The article highlights various shipping segments, including: - **Product Tankers and MR Fleet**: China Merchants Jinling Shipyard [5]. - **Container Shipping**: Major companies include COSCO Shipping Holdings, COSCO Shipping Development, and Jinjing Shipping [5]. - **Dry Bulk Shipping**: Notable firms are China National Offshore Oil Corporation and Haitong Development [5]. - **Special/Chemical/Roll-on Roll-off Shipping**: Key players include COSCO Shipping Special, Xingtong Co., and Shenghang Co. [5]. Port Operations Summary - The article outlines significant port operations in various regions: - **Yangtze River Delta Hub**: Includes Nanjing Port, Lianyungang, Shanghai Port Group, and Ningbo Port [5]. - **Bohai Rim Hub**: Notable ports are Tangshan Port, Tianjin Port, and Qinhuangdao Port [5]. - **Southwest Hub**: Key ports include Guangzhou Port and Zhuhai Port [5]. - **Yangtze River Inland Ports**: Chongqing Port is highlighted [5]. Shipping Equipment and Logistics Summary - The core equipment manufacturing sector features companies like CIMC (China International Marine Containers), East China Heavy Machinery, Weichai Heavy Machinery, and Hangzhou Advance Gearbox Group [5]. - The energy and special equipment sector includes firms like Furui Special Equipment and Xizhuang Co. [5].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The current demand in the e-commerce express delivery industry remains resilient, with a top-down "anti-involution" policy driving up express prices, thereby releasing profit elasticity for companies. The long-term outlook for e-commerce express delivery is favorable due to healthy competition opportunities [16] - The oil transportation sector is expected to benefit from sustained crude oil production and tight capacity, with the "Changjin factor" reshaping pricing logic. Geopolitical changes may continue to catalyze sentiment or fundamentals, leading to a significant improvement in the oil transportation market in 2026 [16] - The bulk shipping market is anticipated to recover, driven by environmental regulations limiting the operation of aging fleets and increased production of iron ore from Australia, Brazil, and West Africa. The market is expected to enter a "new cycle" [16] - The shipping industry is experiencing a green renewal cycle, with demand driven by shipping market recovery and progress in green updates. The new shipbuilding market is expected to improve as constraints ease [16] Summary by Sections Shipping and Ports - Iran may establish a "safe passage" in the Strait of Hormuz, with multiple countries negotiating with Tehran for ship passage. However, security experts warn of potential delays or seizures by Iranian forces [4] - MSC Group has acquired a 50% stake in Changjin Shipping, supporting aggressive expansion of its VLCC fleet, which is estimated to control 150 VLCCs, significantly impacting market concentration and pricing [5] - The SCFI composite freight index decreased by 0.2% to 1707 points, with varying changes in freight rates across different routes [6] - The BDTI index for VLCC freight rates increased by 0.26% to 2821 points, while TCE rates for VLCCs decreased by 5.9% [7] - The BDI index for bulk carriers increased by 3.2% to 2046 points, indicating a rise in bulk shipping rates [8] - China's port cargo throughput increased by 9.52% to 25.617 million tons, with container throughput rising by 9.27% to 6.6 million TEU [10] Express Logistics - In January-February 2026, the express delivery industry volume grew by 7.1% year-on-year, with significant differentiation in market share among major players [9] - Zhongtong Express reported a stable net profit per ticket and committed to a shareholder return rate of no less than 50% [10] - Shentong plans to issue 3 billion yuan in convertible bonds for logistics network upgrades, with a commitment to distribute at least 30% of profits in cash over the next three years [11] - Price adjustments have been made in Yunnan and Jiangxi provinces, reflecting rising operational costs [12] Aviation and Airports - China and Thailand have suspended aviation fuel exports, potentially leading to fuel shortages for airlines [14] - The Ministry of Commerce has announced measures to promote travel service exports and expand inbound consumption [14] Road and Rail - From March 9 to March 15, 2026, national freight logistics operated smoothly, with rail freight increasing by 6.7% and highway truck traffic rising by 14.75% [15]

Group 1: Strategy Insights - The financial system's fragility is expected to drive monetary easing in leading countries, with 2026 likely witnessing a bull market in commodities alongside a manufacturing leap by catching-up nations like China [1][9] - In the first half of 2026, it is recommended to increase allocation to the PPI chain, particularly in oil and chemicals, while also focusing on Chinese manufacturing sectors such as photovoltaics, wind power, energy storage, and construction machinery [1][9] - The second half of 2026 should shift focus to the CPI chain, particularly in the liquor sector, and also consider investments in Hang Seng Technology and gold, which are expected to benefit from a rebound in the US dollar index [1][9] Group 2: Company Analysis - Hu Shang A Yi (沪上阿姨) - Hu Shang A Yi has a diversified brand matrix that covers various categories and price ranges, allowing it to fully benefit from growth in different market segments [2][13] - The company is focusing on deepening its presence in lower-tier markets and small store formats, which provides a competitive advantage [2][13] - Revenue projections for Hu Shang A Yi are estimated at 4.197 billion, 4.894 billion, and 5.790 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 493 million, 556 million, and 667 million yuan [2][13] Group 3: Company Analysis - Hai Tong Development (海通发展) - Hai Tong Development reported a revenue of 4.443 billion yuan for 2025, reflecting a year-on-year increase of 21.43% [3][21] - The company achieved a foreign trade revenue of 2.899 billion yuan, up 21.87% year-on-year, while domestic revenue reached 1.205 billion yuan, increasing by 27.78% [3][21] - The overall gross margin slightly declined to 16.29%, down 1.87 percentage points year-on-year, primarily due to a decrease in the gross margin of foreign trade business [3][22] Group 4: Company Analysis - Fangda Special Steel (方大特钢) - Fangda Special Steel achieved a revenue of 18.233 billion yuan in 2025, a decrease of 15.43% year-on-year, while net profit surged by 280.18% to 942 million yuan [25][26] - The company optimized its product structure, resulting in improved profitability metrics, with a gross margin of 9.65%, up 4.85 percentage points year-on-year [25][26] - The production and sales of high-margin products like spring flat steel and automotive leaf springs increased, indicating a successful shift in product strategy [25][26] Group 5: Company Analysis - Xiangcai Co., Ltd. (湘财股份) - Xiangcai Co., Ltd. reported a total revenue of 2.420 billion yuan and a net profit of 464 million yuan for 2025, reflecting increases of 10.37% and 325.15% respectively [29][30] - The company experienced significant growth in its commission income, which rose by 40.11% year-on-year, driven by an active market [29][30] - The firm is focusing on enhancing its self-operated investment performance, which saw a 9.36% increase in investment income [29][30] Group 6: Company Analysis - Chery Automobile (奇瑞汽车) - Chery Automobile achieved a revenue of 300.29 billion yuan in 2025, marking an 11.3% increase year-on-year, with a net profit of 19.02 billion yuan, up 34.6% [33][34] - The company reported a significant increase in overseas sales, with exports reaching 1.294 million units, a growth of 33.2% [33][34] - Chery's strategy includes a multi-brand approach, with plans to launch 16 new models over the next three years, enhancing its market presence [33][35] Group 7: Company Analysis - China Jushi (中国巨石) - China Jushi reported a revenue of 18.881 billion yuan for the first three quarters of 2025, a year-on-year increase of 19.08%, with a net profit of 3.285 billion yuan, up 34.38% [37][38] - The company is focusing on high-end markets, with electronic fabric sales increasing by 21.4% year-on-year, driven by demand from the information technology sector [37][38] - The gross margin improved to 33.12%, reflecting effective cost management and pricing strategies [37][39] Group 8: Company Analysis - Jianghe Group (江河集团) - Jianghe Group achieved a revenue of 21.845 billion yuan in 2025, a decrease of 2.50% year-on-year, while net profit was 610 million yuan, down 4.31% [42][43] - The company reported strong growth in overseas orders, with a 30% increase in new overseas contracts [42][43] - The gross margin improved to 17.24%, despite an increase in expenses due to currency fluctuations [42][43]