Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates are rising while ocean freight rates are declining. The China Import Crude Oil Comprehensive Index (CTFI) reached 2325.40 points on November 20, up 4.2% from November 13. VLCC market activity remains strong, but overall market activity is expected to decline without actual cargo support [3][14] - Changlong Airlines has initiated its IPO process, and VOLANT has signed a confirmation order for the VE25-100 eVTOL aircraft with a state-owned investment group, with the order amount exceeding 100 million yuan [3][16] - The China-Europe Railway Express has surpassed 3500 trips this year, marking a historical high. A new "passenger-cargo-mail integration" model has been launched in cooperation between Rizhao Public Transport and SF Express [3][22] Summary by Sections Industry Hot Events - Crude oil freight rates are high while ocean freight rates are declining. The Shanghai port export price to Europe was $1367/TEU, down 3.5%, and to the US West and East Coast was $1645/FEU and $2384/FEU, down 9.8% and 8.3% respectively [3][15] - Changlong Airlines is preparing for its IPO, with a focus on expanding its operational capacity and market reach [3][16] - The China-Europe Railway Express has achieved a record of over 3500 trips this year, with a focus on high-value goods transportation [3][23] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased both month-on-month and year-on-year, indicating a positive trend in air freight pricing [4][28] - Domestic express delivery volume increased by 7.90% year-on-year in October 2025, with total express delivery volume reaching 176 billion pieces [4][50] - The national highway freight truck traffic increased by 2.57% week-on-week, indicating a recovery in road logistics [4][18] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the low-altitude economy sector, with recommendations for CITIC Offshore Helicopter [5] - Investment opportunities in the road and rail sectors, recommending companies such as Gansu Expressway and Beijing-Shanghai High-Speed Railway [5]

格隆汇11月21日丨渤海轮渡(603167.SH)在投资者互动平台表示，公司4.5万吨级的"中华复兴"轮及3.5万 吨级的"渤海晶珠"轮等系列船舶，其上层甲板均设有直升机起降平台，可供直升机紧急或特定情况下起 降。 ...

Core Viewpoint - Bohai Ferry's stock price increased by 0.90% on November 20, with a trading volume of 41.20 million yuan, indicating a stable market performance despite a net financing outflow [1] Financing Summary - On November 20, Bohai Ferry had a financing buy amount of 2.67 million yuan and a financing repayment of 3.50 million yuan, resulting in a net financing outflow of 0.84 million yuan [1] - The total financing and securities balance for Bohai Ferry reached 10.5 million yuan, which is 2.21% of its market capitalization, indicating a low financing level compared to the past year [1] - The company had a securities lending repayment of 200 shares with no shares sold, and the securities lending balance was 1.76 million yuan, also reflecting a low level compared to the past year [1] Business Performance - For the period from January to September 2025, Bohai Ferry reported a revenue of 1.43 billion yuan, representing a year-on-year growth of 1.07%, and a net profit attributable to shareholders of 272 million yuan, which is a 5.68% increase year-on-year [2] - The main business revenue composition includes passenger roll-on/roll-off transport at 87.91%, cargo roll-on/roll-off transport at 12.02%, and other services at 0.07% [1] Shareholder Information - As of November 10, the number of Bohai Ferry shareholders decreased to 23,700, while the average circulating shares per person increased to 19,760 shares [2] - Since its A-share listing, Bohai Ferry has distributed a total of 2.12 billion yuan in dividends, with 924 million yuan distributed in the last three years [3] - Notable institutional holdings include Guangfa Multi-Factor Mixed Fund as the fourth largest shareholder with 9.52 million shares, and new entrants like Guotou Securities and E Fund Hong Kong Stock Connect Dividend Mixed Fund [3]

（编辑 姚尧） 证券日报网讯 11月20日晚间，渤海轮渡发布公告称，本次减持计划实施前，渤海轮渡集团股份有限公 司（以下简称"公司"）董事、总经理于新建先生持有公司股份1，160，000股，占公司总股本的 0.2473%；董事会秘书宁武先生持有公司股份510，000股，占公司总股本的0.1087%。截至本公告披露 日，公司董事、总经理于新建先生及董事会秘书宁武先生未通过上海证券交易所集中竞价减持系统减持 公司股份。 ...

重要内容提示： 董事、高级管理人员持股的基本情况:本次减持计划实施前，渤海轮渡集团 股份有限公司（以下简称"公司"）董事、总经理于新建先生持有公司股份 1,160,000 股，占公司总股本的 0.2473%；董事会秘书宁武先生持有公司股份 510,000 股，占公司总股本的 0.1087%。上述股份来源于公司首次公开发行股票 前取得的股份及股权激励限制性股票所取得的股份。 减持计划的实施结果情况:截至本公告披露日，公司董事、总经理于新建先 生及董事会秘书宁武先生未通过上海证券交易所集中竞价减持系统减持公司股 份。本次减持计划实施过程严格遵守相关法律法规及上海证券交易所业务规则的 规定，不存在违规情形。 | 股东名称 | 于新建 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 直接持股 5%以上股东 | □是 □是 | √否 √否 | | | 董事、监事和高级管理人员 其他：不适用 | √是 | □否 | | 持股数量 | 1,160,000股 | | | | 持股比例 | 0.2473% | | | | 当前持股股份来源 | IPO 前取得：70 ...

Core Viewpoint - Bohai Ferry announced that the planned share reduction by directors and the general manager was not executed due to market conditions, resulting in no shares being sold [1] Group 1 - The planned share reduction period for directors and the general manager is from August 21, 2025, to November 20, 2025 [1] - The total shares intended for reduction were 14.6 thousand shares by the director and 12.75 thousand shares by the general manager, with an actual reduction of 0 shares, leading to a reduction ratio of 0% [1] - As of the announcement date, the director holds 1.16 million shares, representing 0.2473% of the total shares, while the general manager holds 510 thousand shares, representing 0.1087% of the total shares [1]

Core Points - The company announced that the planned share reduction by directors and the general manager, Ning Wu, from August 21, 2025, to November 20, 2025, was not executed due to market conditions, resulting in an actual reduction of 0 shares [1] - As of the announcement date, Yu Xinjian holds 1.16 million shares, representing 0.2473% of the total shares, while Ning Wu holds 510,000 shares, accounting for 0.1087% [1] Summary by Category - **Share Reduction Plan** - The planned reduction involved a maximum of 146,000 shares (0.0311%) and 127,500 shares (0.0272%) [1] - The actual reduction was 0 shares, leading to a reduction ratio of 0% [1] - **Current Shareholding** - Yu Xinjian's current shareholding is 1.16 million shares, which is 0.2473% of total shares [1] - Ning Wu's current shareholding is 510,000 shares, which is 0.1087% of total shares [1]

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - Crude oil freight rates initially declined but then increased, with a divergence in container shipping rates on long-distance routes. The China Import Crude Oil Composite Index (CTFI) rose to 2231.96 points, up 9.5% from November 6 [2][13] - Volant Aviation completed a multi-hundred million yuan Series B financing round, and the C919 aircraft made its debut at the Dubai Airshow [2][15] - Jitu Express reported over 100 million packages on "Double Eleven," marking a 9% year-on-year increase, with an average daily package volume of 94.59 million during the peak season [2][23] Summary by Sections Industry Hot Events - Crude oil freight rates fluctuated, with the CTFI at 2231.96 points, a 9.5% increase from November 6. The VLCC market is optimistic about future rates due to tight vessel availability [2][13] - Volant Aviation's Series B financing was led by Huaying Capital, with existing shareholders also increasing their investments. The C919 aircraft is set to showcase its capabilities at the 2025 Dubai Airshow [2][15] - Jitu Express achieved a record-breaking package volume during "Double Eleven," with a total of 1.3938 billion packages collected nationwide from October 21 to November 11, reflecting a 17.8% increase in daily average volume [2][25] High-Frequency Dynamic Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was 5356.00 points, down 2.5% year-on-year [27][28] - Domestic freight flights increased by 0.32% year-on-year, while international flights rose by 11.12% [28] - The SCFI index reported a decrease of 2.92% week-on-week, while the CCFI index increased by 3.39% week-on-week [35] Investment Recommendations - Focus on the equipment and manufacturing industrial products export chain, recommending companies like COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to the transportation demand increase driven by the construction of hydropower stations in the Yarlung Tsangpo River downstream [4] - Investment opportunities in the low-altitude economy, with a recommendation for CITIC Offshore Helicopter [4] - Recommendations for highway and railway sectors, including Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Straits Shares [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 Spring Airlines [4]

证券代码：603167 证券简称：渤海轮渡 公告编号：2025-034 渤海轮渡集团股份有限公司 关于控股股东增持公司股份结果公告 本公司董事会、全体董事及相关股东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： 已披露增持计划情况：渤海轮渡集团股份有限公司（以下简称"公司"）于 2024 年 11 月 13 日收到控股股东辽渔集团有限公司（以下简称"辽渔集团"）的 通知，辽渔集团基于对公司未来发展的信心和对公司长期投资价值的认可，拟自 2024 年 11 月 15 日起 12 个月内通过上海证券交易所交易系统以集中竞价交易方 式增持公司股份，增持股份比例不超过公司总股本的 2%，即不超过 9,382,890 股，增持总金额不低于 4,000 万元人民币（含），不超过 8,000 万元人民币（含） （以下简称"本次增持计划"）。本次增持股份不设定价格区间，辽渔集团将根据 对公司股票价值判断及二级市场波动情况实施增持计划。本次增持计划的资金为 自有资金和股票回购增持专项贷款相结合。 增持计划的实施结果：截至 2025 年 11 月 14 ...

Core Points - Bohai Ferry announced that its controlling shareholder, Liaoyu Group, has increased its stake in the company by acquiring 5,326,400 shares through the Shanghai Stock Exchange, amounting to 45.9853 million yuan, which represents 1.14% of the total share capital [2] - As of the announcement date, Liaoyu Group and its concerted parties hold a total of 188,485,105 shares, accounting for 40.18% of the company's total share capital [2]