渤海轮渡公告，公司董事会于2025年12月15日收到副总经理张志伟、李召新书面辞职报告。张志伟因个 人原因，李召新因年龄原因申请辞去副总经理职务，辞职后不再担任公司任何职务。两人均未持有公司 股份，已按公司离职管理制度完成交接工作。 ...

渤海轮渡公告，公司董事会于2025年12月15日收到公司副总经理张志伟、副总经理李召新的书面辞职报 告，张志伟因个人原因申请辞去公司副总经理职务，李召新因年龄原因申请辞去公司副总经理职务。辞 职后，两人不再担任公司任何职务。截至本公告日，两人均未持有公司股份，不存在应当履行而未履行 的承诺事项。 (本文来自第一财经) ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - Crude oil freight rates have declined from high levels, with mixed changes in ocean freight rates. The China Import Crude Oil Composite Index (CTFI) was reported at 2321.90 points on December 4, down 7.9% from November 27. The VLCC market has seen transactions at major loading ports, with shipowners trying to maintain price levels despite a cooling market [3][14] - China Eastern Airlines has launched the world's longest one-way flight route from Shanghai to Buenos Aires, reducing travel time by over 4 hours. Additionally, a ton-class eVTOL was included in urban firefighting drills for the first time [3][16] - In November, China's express delivery volume exceeded 180 billion items for the first time, marking a new record. The first full schedule China-Europe freight train departed from Shijiazhuang [3][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, with the Middle East route showing a 9.76% drop. The Shanghai port's export rates to Europe and the US have also seen declines of 0.3%, 5.0%, and 4.7% respectively [14][15] - The launch of the longest flight route by China Eastern Airlines connects Shanghai to Buenos Aires, significantly shortening travel time [16][17] - The express delivery volume in China reached a record high of 180 billion items in November, reflecting strong economic vitality [24][26] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was reported at 5721.00 points, up 2.4% year-on-year [28] - Domestic freight flight numbers decreased by 2.03% year-on-year in November, while international flights increased by 14.88% [30] - The SCFI index for container shipping was reported at 1397.63 points, down 0.39% week-on-week and down 38.06% year-on-year [37] 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 transportation demand increase driven by hydropower station construction in the Yarlung Tsangpo River downstream [5] - Investment opportunities in low-altitude economy trends, recommending CITIC Offshore Helicopter [5] - Opportunities in the highway and railway sectors, recommending Gansu Expressway, Beijing-Shanghai High-Speed Railway, and others [5] - Investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Shares [5] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [5] - Opportunities in the aviation sector, recommending Air China, China Southern Airlines, and others [5]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The report highlights an upward trend in crude oil freight rates, with the China Import Crude Oil Index (CTFI) reaching 2520.07 points, an increase of 8.4% from November 20 [3][13] - The postal industry revenue surpassed the telecommunications industry for the first time in history, reaching 1.47 trillion yuan, compared to 1.467 trillion yuan for telecommunications [3][24] - The civil aviation sector showed growth in both passenger and cargo transport volumes in October, with international routes performing particularly well [3][17] Summary by Sections Industry Hot Events - Crude oil freight rates are rising, with the Middle East route seeing a 10.76% increase in rates [13] - Qifly Aviation signed a procurement agreement for 105 eVTOL aircraft with three companies in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on low-altitude logistics [15][16] - The postal industry revenue for January to October 2025 reached 1.47 trillion yuan, marking a significant milestone [24][25] High-Frequency Data Tracking - The Baltic Air Freight Price Index decreased month-on-month but increased year-on-year [26] - Domestic freight flights in October 2025 increased by 0.32% year-on-year, while international flights rose by 11.12% [32] - The express delivery business volume in October 2025 increased by 7.90% year-on-year, with total revenue reaching 131.67 billion yuan [50] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy [5] - Attention to low-altitude economy investment opportunities, particularly in companies like CITIC Offshore Helicopter [5] - Consider investment opportunities in the express delivery sector, recommending SF Express and Jitu Express [5]

证券代码：603167 证券简称：渤海轮渡 公告编号：2025-036 本次业绩说明会以网络互动方式召开，公司将针对 2025 年第三季度经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就 投资者普遍关注的问题进行回答。 会议召开时间：2025 年 12 月 5 日(星期五) 13:00-14:00 会议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 28 日(星期五) 至 12 月 4 日(星期四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqb@bhferry.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 渤海轮渡集团股份有限公司（以下简称"公司"）已于 2025 年 10 月 25 日发 布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 12 月 5 日 1 ...

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]

Group 1 - The company Bohai Ferry (603167.SH) has announced that its 45,000-ton "Zhonghua Fuxing" and 35,000-ton "Bohai Jingzhu" vessels are equipped with helicopter landing platforms on the upper deck, allowing for emergency or specific helicopter landings [1]

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]

Core Viewpoint - Bohai Ferry announced a share reduction plan involving its executives, indicating potential changes in ownership structure and management's confidence in the company's future [1] Group 1: Shareholding Information - The company's general manager, Mr. Yu Jian, holds 1,160,000 shares, representing 0.2473% of the total share capital [1] - The board secretary, Mr. Ning Wu, holds 510,000 shares, accounting for 0.1087% of the total share capital [1] - As of the announcement date, neither Mr. Yu Jian nor Mr. Ning Wu has reduced their shareholdings through the Shanghai Stock Exchange's centralized bidding system [1]

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 ...