Core Viewpoint - The shipping sector has shown strong performance, with notable stock price increases for several companies, indicating a positive trend in the industry [1] Company Performance - Qin Port Co., Ltd. reached the daily limit increase in stock price [1] - Xiamen Port Authority and Dongfang Chuangye also hit the daily limit increase previously [1] - Haitong Development, Xiamen International Trade, and Air China Oceanic have seen significant stock price increases [1]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry shows resilient demand, with a year-on-year growth of 12.7% in September, indicating a steady expansion of the market [4][25] - The logistics sector is witnessing technological advancements, with JD Logistics planning to procure 3 million robots and 100,000 unmanned vehicles over the next five years, which may enhance supply chain efficiency [5] - The shipping market is expected to benefit from geopolitical factors and trade negotiations, potentially increasing demand for oil transportation and bulk shipping [6][10] - The aviation sector is experiencing growth, with a 10.8% increase in international flight volumes for the upcoming winter-spring season, reflecting a recovery in air travel [10][12] Summary by Sections Express Delivery - In September 2025, the express delivery business volume reached 16.88 billion pieces, a 12.7% year-on-year increase, with revenue of 127.37 billion yuan, up 7.2% [4][25] - Major players like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost control, with significant growth potential [14] Shipping and Ports - The VLCC market may benefit from U.S. sanctions on Russian oil, potentially increasing long-distance shipping demand [6] - The shipping market is expected to see a recovery driven by environmental regulations and geopolitical stability, with recommendations to focus on companies like China Shipping and COSCO [14][15] Aviation - The aviation industry is projected to maintain steady growth, with a 10.3% increase in total transport turnover and a 5.2% rise in passenger transport volume in the first three quarters of 2025 [10] - Airbus has opened a new A320 assembly line in Tianjin, marking a significant milestone in Sino-European cooperation [9] Road and Rail - National logistics operations are running smoothly, with rail freight increasing by 2.33% and highway freight truck traffic rising by 24.72% [13] - Strategic partnerships in the highway sector are being formed to enhance service offerings and operational efficiency [13] Overall Market Performance - From October 20 to October 24, 2025, the transportation sector index increased by 1.12%, underperforming the Shanghai Composite Index, which rose by 2.88% [20][23]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [7] Core Insights - The passenger transport volume is recovering, with domestic passenger volume increasing by 3% year-on-year and international passenger volume rising by 17% [5][13] - Shipping rates for container shipping are showing strong support, while oil and bulk shipping rates have slightly adjusted downwards [6][39] - Logistics technology financing is accelerating, with express delivery volume increasing by 7.8% year-on-year [5][50] Summary by Sections Passenger Transport - Domestic passenger volume has shown a 3% year-on-year increase as of October 24, with international passenger volume up by 17% [5][13] - The average domestic seat occupancy rate has improved by 1.0 percentage points year-on-year, while international occupancy has increased by 5.1 percentage points [22] - Oil prices have decreased by 0.7% year-on-year, putting slight pressure on industry revenue [22] Shipping - The average VLCC-TCE rate has decreased by 8.4% to $79,000 per day [39] - The SCFI index for foreign trade container shipping has increased by 7.1% to 1,403 points, indicating strong pricing support from shipping companies [6][39] - The BDI index has decreased by 3.8% to 1,991 points, reflecting a softening demand for large vessel rentals [39] Logistics - The express delivery volume from October 13 to October 19 reached 3.944 billion pieces, a year-on-year increase of 7.8% [50] - The average price for bulk commodity road transport has increased by 4.8% year-on-year, reaching 0.33 yuan per ton [50] - The average daily transport volume at Ganqimaodu was 900 vehicles, with a short-distance average price of 90 yuan per ton, reflecting a 13 yuan increase [50]

证券代码：603162 证券简称：海通发展 公告编号：2025-120 福建海通发展股份有限公司 关于 2023 年限制性股票激励计划预留授予第二个 解除限售期解除限售暨上市的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 217,560股。 本次股票上市流通总数为217,560股。 本次股票上市流通日期为2025 年 10 月 30 日。 一、2023 年限制性股票激励计划批准及实施情况 3、2023 年 7 月 28 日至 2023 年 8 月 6 日，公司对首次授予部分激励对象姓名 及职务在公司内网进行了公示，在公示期内，公司监事会未收到与本次激励计划 首次授予部分激励对象有关的任何异议。2023 年 8 月 10 日，公司发表了《监事会 关于 2023 年限制性股票激励计划首次授予部分激励对象名单的核查意见及公示情 况说明》。 4、2023 年 8 月 15 日，公司召开 2023 年第三次临时股东大会，审议通过了《关 于<福建海 ...

Group 1: Logistics - The logistics industry is expected to undergo a paradigm shift towards high-quality development, driven by policy changes and the "anti-involution" movement, which aims to ensure the rights of delivery personnel and improve profitability [4][24][30] - The logistics sector is entering a new phase of overseas expansion, with companies like Jitu Express and Jiayou International transitioning from initial stages to more advanced operations, focusing on management and capacity exports [4][8][35] Group 2: Aviation - The aviation industry is poised for recovery, benefiting from a resurgence in business travel demand since September, leading to improved revenue and cost dynamics [9][51] - The supply side is tightening, with low aircraft deliveries expected in 2025 and high capacity utilization rates, indicating a potential for revenue and cost resonance in the industry [9][51] Group 3: Shipping - The shipping sector is influenced by both seasonal and non-seasonal factors, with a focus on oil transportation due to OPEC+ production adjustments and the expected positive impact of new projects in the dry bulk segment [10][20] - The container shipping market is facing tariff disruptions, but demand is anticipated to rise due to proposed measures from the 301 investigation, which may boost feeder vessel demand [10][20] Group 4: Highways - Highway companies are regaining attractiveness in terms of valuation and dividend yield, with a focus on low valuation and high dividend characteristics [11][20] - The widening gap between highway company dividend yields and ten-year government bond yields suggests a return to a high cost-performance ratio for these assets [11][20]

Core Viewpoint - The significant fluctuation in gross margin of Haitong Development (603162.SH) has drawn attention, with a drop from 40.06% in 2022 to 15.01% in 2023, followed by a recovery to 20.05% in 2024, and a further decline to 11.65% in the first half of 2025 [1][2] Group 1: Gross Margin Fluctuations - The gross margin changes are primarily influenced by the cyclical fluctuations in the global dry bulk shipping market [1] - The Baltic Dry Index (BDI) averaged a 28.72% year-on-year decline in 2023 due to macroeconomic weakness and geopolitical factors, leading to a significant drop in the company's freight revenue [1] - In 2024, the BDI index increased by 27.36% year-on-year, and the company expanded its capacity by acquiring 17 new vessels, which helped to rebound the gross margin [1] - However, in the first half of 2025, the BDI average declined by 30% year-on-year, coupled with increased vessel maintenance costs and incomplete benefits from new ships, further pressuring the gross margin [1] Group 2: Business Structure Changes - The company actively expanded its external chartering business, with its revenue share increasing from 32.85% to 49.29%, but this segment has a gross margin of less than 10%, significantly lower than the self-operated shipping business [2] - The self-operated shipping business is the core source of gross margin, with its margin fluctuations closely aligned with market freight trends [2] - In 2023, the domestic charter business saw a 32.19% year-on-year decline in unit price, resulting in a gross margin drop to 3.10% [2] - The overseas time charter business experienced a more than 50% decline in daily rental rates in 2023, leading to a gross margin decrease of 28.31 percentage points, although improvements are expected in 2024 as rental rates recover [2]

Core Points - Fujian Haitong Development Co., Ltd. has completed its response to the Shanghai Stock Exchange regarding the inquiry letter about its application for a specific object issuance of stocks [1] - The company received the inquiry letter on October 13, 2025, and has since worked with relevant intermediaries to address the questions raised [1] - The issuance of A-shares to specific objects still requires necessary review procedures, including approval from the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission [1] Summary by Sections - **Company Announcement** - The company announced the completion of its response to the inquiry from the Shanghai Stock Exchange [1] - The response was disclosed on the same day it was completed [1] - **Regulatory Process** - The issuance of stocks is subject to further review and approval processes [1] - There is uncertainty regarding the final approval and specific timeline for the issuance [1] - **Investor Advisory** - The company will fulfill its information disclosure obligations based on the progress of the matter [1] - Investors are advised to pay attention to investment risks associated with this process [1]

Core Viewpoint - Fujian Haitong Development Co., Ltd. plans to raise no more than 210 million yuan for the purchase of dry bulk carriers, with the issuance directed towards companies controlled by the actual controller Zeng Erbin [1][2] Group 1: Issuance Plan Compliance - The issuance targets two companies, Dayunming Investment and Dalan Investment, both controlled by Zeng Erbin, who holds 51% of their shares [2] - The funding will come from shareholder contributions and stock pledge loans, with Zeng Erbin's family having over 70 million yuan in self-owned funds and a stock pledge financing of 140 to 210 million yuan [2] Group 2: Fundraising Project Focus - The fundraising aims to acquire three ultra-flexible dry bulk carriers, adding approximately 170,000 deadweight tons of capacity, with an internal rate of return of 11.27% and a static investment payback period of 6.32 years [3] - The project aligns with the "Hundred Ships Plan" strategy, targeting a fleet of 100 self-owned vessels by 2028-2029 [3] - The company currently operates 45 self-owned vessels with a total capacity of 3.1412 million deadweight tons, ranking seventh among domestic shipping companies [3] Group 3: Financial Performance - From 2022 to 2024, the company's revenue grew from 2.046 billion yuan to 3.659 billion yuan, with a compound annual growth rate of 33.72% [4] - The gross margin fluctuated significantly due to market price volatility, dropping from 40.06% to 20.05% during the same period [4] - In the first half of 2025, despite a 30% year-on-year decline in the BDI index affecting net profit, revenue increased by 6.74% to 1.8 billion yuan due to fleet expansion [4] - Accounts receivable reached 219 million yuan by the end of 2024, with a 100% collection rate from major clients in the energy and steel industries [4]

关于福建海通发展股份有限公司 向特定对象发行股票申请文件的 审核问询函中 致同会计师事务所（特殊普通合伙） 有关财务会计问题的回复 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话+861085665588 传真+861085665120 www.grantthornton.cn 关于福建海通发展股份有限公司 向特定对象发行股票申请文件的审核问询函中 有关财务会计问题的回复 致同专字（2025）第 351A021559 号 上海证券交易所： 福建海通发展股份有限公司（以下简称"发行人"、"公司"或"海通发展"） 于 2025 年 10 月 13 日收到上海证券交易所（以下简称"上交所"）出具的《关于福 建海通发展股份有限公司向特定对象发行股票申请文件的审核问询函》（上证上审 （再融资）〔2025〕295 号）（以下简称"问询函"），致同会计师事务所（特殊普通 合伙）（以下简称"我们"或"申报会计师"）本着勤勉尽责、诚实守信的原则， 就问询函所列问题逐项进行了核查、落实和认真讨论，现回复如下，请予审核。 本回复中 2025 年 1-6 月或 202 ...

福建天衡联合律师事务所 关于福建海通发展股份有限公司 2025 年度向特定对象发行 A 股股票的 补充法律意见书 | | | 福建天衡联合律师事务所 关于福建海通发展股份有限公司 2025 年度向特定对象发行 A 股股票的 补充法律意见书 〔2025〕天衡福非字 0108-12 号 引 言 一、释义 在本补充法律意见书中，除非明确表述或上下文另有定义，下列各项用语具有 如下特定的含义 致：福建海通发展股份有限公司 福建天衡联合律师事务所接受福建海通发展股份有限公司的委托，指派林晖律 师、陈韵律师和陈张达律师，担任福建海通发展股份有限公司 2025 年度向特定对 象发行 A 股股票事项的专项法律顾问，并出具〔2025〕天衡福非字 0108-06 号《关 于福建海通发展股份有限公司 2025 年度向特定对象发行 A 股股票的法律意见书》 和〔2025〕天衡福非字 0108-07 号《关于为福建海通发展股份有限公司 2025 年度向 特定对象发行 A 股股票事项出具法律意见书的律师工作报告》。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司证券发行 注册管理办法》《律师事务所从事证券法律业务管理办法 ...