Core Insights - The shipping and port sector experienced a rise of 0.59% on January 28, with Haitong Development leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Stock Performance - Haitong Development (603162) closed at 13.05, up 4.82% with a trading volume of 252,400 shares and a transaction value of 328 million yuan [1] - Qingdao Port (601298) closed at 9.47, up 2.82% with a trading volume of 403,500 shares and a transaction value of 381 million yuan [1] - Qin Port Co. (601326) closed at 3.63, up 2.54% with a trading volume of 472,100 shares and a transaction value of 170 million yuan [1] - Liaoning Port Co. (601880) closed at 1.69, up 2.42% with a trading volume of 1,938,200 shares and a transaction value of 326 million yuan [1] - Ningbo Shipping (600798) closed at 3.84, up 2.13% with a trading volume of 635,100 shares and a transaction value of 243 million yuan [1] Capital Flow - The shipping and port sector saw a net outflow of 476 million yuan from institutional investors, while retail investors contributed a net inflow of 88.99 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors showed interest [2][3] Individual Stock Capital Flow - Zhonggu Logistics (603565) experienced a net outflow of 41.62 million yuan from institutional investors, while retail investors had a net outflow of 11.08 million yuan [3] - Liaoning Port Co. (601880) saw a net inflow of 34.01 million yuan from institutional investors, indicating strong interest [3] - Haitong Development (603162) had a net inflow of 22.27 million yuan from institutional investors, but a net outflow of 24.31 million yuan from retail investors [3]

Meeting Overview - The first extraordinary general meeting of shareholders was held on January 26, 2026, at the Shenglong Global Building in Fuzhou, Fujian Province [2] - The meeting was convened by the board of directors and chaired by Chairman Zeng Erbin, utilizing both on-site and online voting methods [2] Attendance and Voting - All 7 current directors attended the meeting, including independent directors who participated online [2] - The voting process complied with the Company Law and the company's articles of association, ensuring legal validity [2] Resolutions Passed - The following proposals were approved during the meeting: 1. Profit distribution plan for the first three quarters of 2025 [3] 2. Estimated guarantee limit for 2026 [4] 3. Announcement regarding the application for comprehensive credit limits from financial institutions for 2026 [4] 4. Announcement on conducting financing leasing and sale-leaseback business for 2026 [4] - Proposal 2 was a special resolution requiring two-thirds approval, while proposals 1, 3, and 4 were ordinary resolutions requiring a simple majority [4] Legal Verification - The meeting was witnessed by Beijing Kangda Law Firm, with lawyers confirming that the meeting's procedures and voting results were in compliance with legal requirements [4]

Group 1 - The company, Haitong Development (603162), primarily engages in domestic coastal and international bulk cargo transportation, and its business does not directly involve exports [1]

本次会议是否有否决议案：无 证券代码：603162 证券简称：海通发展 公告编号：2026-011 福建海通发展股份有限公司 2026年第一次临时股东会决议公告 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： 一、会议召开和出席情况 (一)股东会召开的时间：2026 年 1 月 26 日 (二)股东会召开的地点：福建省福州市台江区长汀街 23 号升龙环球大厦 42 层 (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 | 253 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 676,844,314 | | 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 | 72.9166 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由公司董事会召集，公司董事长曾而斌先生主持，采取现场投票 及网络投票方式召开并表决。会议的召集、召开和表决均符合《公司法》 ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所 关于福建海通发展股份有限公司 2026 年第一次临时股东会的法律意见书 康达股会字[2026]第 0021 号 致：福建海通发展股份有限公司 北京市康达律师事务所（以下简称"本所"）接受福建海通发展股份有限公司（以下 简称"公司"）的委托，指派本所律师参加公司 2026 年第一次临时股东会（以下简称"本 次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和 国证券法》（以下简称"《证券法》" ...

Investment Rating - The report maintains a recommendation for the transportation industry [2] Core Views - The shipping sector is experiencing high oil tanker rates and improving bulk freight rates, while the express delivery industry is expected to see a growth rate of 13.6% year-on-year in 2025 [1][6][19] Shipping - Oil tanker rates remain high, influenced by geopolitical tensions, with the market sentiment showing signs of volatility [6][12] - The dry bulk shipping market is showing signs of improvement, with increased inquiries from Australian miners and rising grain prices from South America [14][15] - Key stocks to focus on include COSCO Shipping Energy, China Merchants Energy, Haitong Development, and Pacific Shipping [6][15] Infrastructure - Weekly data shows a slight increase in truck traffic, with 56.12 million vehicles recorded, a 1.87% increase week-on-week, but a 1.6% decrease year-on-year [16][17] - Port throughput reached 261.318 million tons, a 6.2% increase year-on-year, while container throughput increased by 7.5% [16][17] - Recommended stocks include Anhui Expressway, which is seen as a stable cash flow asset with low current valuations [17] Express Delivery - The express delivery industry saw a total volume of 199 billion items in 2025, a 13.6% increase year-on-year, with December showing a 2.3% increase [18][19] - The competitive landscape is expected to stabilize, with major companies like SF Express and ZTO Express showing potential for profit growth in 2026 [19] - Recommended stocks include SF Express, ZTO Express, and YTO Express [19] Aviation - The aviation sector is currently in a transitional phase due to the Spring Festival timing, with passenger numbers showing a 9.9% year-on-year decrease [20][21] - The industry is expected to benefit from improved supply-demand dynamics and lower fuel prices in 2026 [21] - Key metrics to monitor include passenger volume and ticket pricing trends during the Spring Festival [21] Logistics - The logistics sector is seeing fluctuations in air freight prices, with a recent decrease of 2% week-on-week but a 7.4% increase year-on-year [22]

Investment Rating - The report maintains a "Buy" rating for major airlines including China Southern Airlines, China Eastern Airlines, Spring Airlines, and others, while recommending "Hold" for YTO Express and Shentong Express [2]. Core Insights - The report highlights a positive outlook for the aviation sector driven by multiple factors, including the upcoming Spring Festival travel peak, the appreciation of the RMB easing cost pressures, and the increase in visa-free countries for Chinese citizens, which is expected to boost international travel demand [4][7]. - The anticipated passenger transport volume during the 2026 Spring Festival is projected to reach a historical high of 95 million, with a daily average of 2.38 million passengers, reflecting a year-on-year growth of approximately 5.3% [4]. - The report emphasizes the cyclical recovery of the civil aviation market, with expectations of rising passenger load factors and ticket prices, driven by a gradual recovery in demand and limited capacity growth [4][7]. Summary by Sections Aviation and Airports - Daily flight operations from January 19 to January 23 showed slight fluctuations, with Eastern Airlines and Southern Airlines operating 2,245.80 and 2,221.80 flights respectively, while year-on-year comparisons indicate a decrease in operations [4]. - The average aircraft utilization rates during the same period were reported, with Spring Airlines achieving the highest at 9.20 hours per day, although all airlines showed a decline compared to the previous year [4]. - The report suggests that the upcoming Spring Festival will significantly enhance market demand, particularly from student travelers, as the holiday season approaches [4][7]. Logistics and Express Delivery - The report notes a divergence in the growth rates of express delivery companies, with a total of approximately 4.073 billion packages collected from January 12 to January 18, reflecting a year-on-year decline of 11.82% [7]. - It highlights the ongoing high-quality development of the express delivery industry, with policies aimed at reducing competition ("anti-involution") expected to improve profitability [7]. - The report recommends focusing on express companies with significant profit elasticity, such as Shentong Express and YTO Express, as well as those with strong growth potential in overseas markets like Jitu Express [7]. Infrastructure - The report tracks various transportation metrics, including highway and railway freight volumes, indicating a mixed performance across sectors [7]. - It suggests that the low-interest-rate environment will continue to support investment in infrastructure, with a focus on high-quality assets [7]. - Specific recommendations include investing in highway companies like Shandong Highway and Anhui Expressway, as well as railway companies like Daqin Railway and Beijing-Shanghai High-Speed Railway [7]. Shipping and Trade - The report indicates a mixed performance in shipping rates, with the SCFI index showing a decline of 7.39% week-on-week and a year-on-year drop of 28.73% [7]. - It emphasizes the potential for investment opportunities in oil and bulk shipping due to geopolitical factors and structural demand growth [7]. - Recommendations include focusing on companies like COSCO Shipping Energy and COSCO Shipping Holdings for oil shipping investments, as well as Hai Tong Development for bulk shipping [7].

福建海通发展股份有限公司 关于对外担保进展的公告 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、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | DAI AN | OCEAN | | SHIPPING PTE.LTD. | （以下简称 | | --- | --- | --- | --- | --- | --- | --- | | | | "DAI | AN"） | | | | | | 本次担保金额 | 不超过 | 267.00 | | 万美元。 | | | 担保 | 实际为其提供的担保 | 截至 | 年 2026 | 1 | 月 日，公司及子公司对 20 | DAI AN | | 对象 | 余额 | | 提供的担保余额为 | | 238.82 万美元。 | | | | 是否在前期预计额度 内 | 是 | □否 | | □不适用：_________ | | | | 本次担保是否有反担 保 | 是 | ☑否 | | □不适用：_________ | | 累计担保情况 | 对外担保逾期的累计金额（万元） 无 | | ...

Core Viewpoint - The company has issued a performance guarantee of up to $2.67 million to support its wholly-owned subsidiary, DAIAN, in its chartering business, with no counter-guarantee required [1] Group 1: Guarantee Details - The performance guarantee is provided to ADMINTERNATIONALSARL for DAIAN's operations [1] - As of the 20th, the total guarantee balance for DAIAN by the company and its subsidiaries is $2.3882 million [1] - The guarantee is valid within the authorization scope until 2025 and does not require further approval from the board or shareholders [1] Group 2: Overall Guarantee Status - The total external guarantees provided by the company and its controlling subsidiaries amount to 3.049 billion yuan, which represents 74.02% of the most recent audited net assets [1] - There are no overdue guarantees as of the latest report [1]

Core Viewpoint - The company has approved the repurchase and cancellation of a total of 346,000 restricted shares due to the departure of certain incentive plan participants, which affects both the 2024 and 2025 stock option and restricted stock incentive plans [1][2]. Group 1: Repurchase and Cancellation Details - The company held its 33rd meeting of the fourth board of directors on November 28, 2025, where it approved the repurchase and cancellation of restricted shares and stock options [1]. - A total of 196,000 shares from the 2024 incentive plan and 150,000 shares from the 2025 incentive plan will be repurchased and canceled [1]. - The repurchase is due to two participants from the 2024 plan and one participant from the 2025 plan no longer qualifying as incentive targets due to personal reasons [2][3]. Group 2: Remaining Shares After Repurchase - After the repurchase, there will be 5,019,000 restricted shares remaining from the 2024 incentive plan and 8,295,000 restricted shares remaining from the 2025 incentive plan [3][4]. - The total number of shares will decrease from 928,243,808 to 927,897,808 after the cancellation [5]. Group 3: Shareholder Structure Changes - The controlling shareholder, Mr. Zeng Erbin, and his concerted actors will maintain their shareholding at 633,466,716 shares, which will increase their ownership percentage from 68.24% to 68.27% post-repurchase [5]. Group 4: Compliance and Legal Opinions - The board of directors confirmed that the decision-making process and information disclosure comply with relevant laws and regulations, ensuring no harm to the rights of incentive targets or creditors [6]. - The legal opinion from Beijing Kangda Law Firm states that the repurchase and cancellation of shares comply with the Company Law and Securities Law, and do not harm the interests of the company or its shareholders [7].