Core Insights - The shipping and port sector experienced a rise of 0.51% on November 28, with Phoenix Shipping leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Stock Performance - Phoenix Shipping (000520) closed at 4.94, with an increase of 8.33% and a trading volume of 784,900 shares, amounting to a transaction value of 381 million yuan [1] - Haitong Development (603162) saw a closing price of 12.19, up 6.93%, with a trading volume of 646,000 shares [1] - Xiamen Port Authority (000905) closed at 10.81, up 6.08%, with a trading volume of 404,300 shares [1] - Other notable performers include Xingtong Co. (603209) with a 4.00% increase and Haixia Co. (002320) with a 3.09% increase [1] Capital Flow - The shipping and port sector saw a net inflow of 318 million yuan from institutional investors, while retail investors experienced a net outflow of 297 million yuan [2] - The main capital inflow was concentrated in stocks like Haitong Development and Zhongyuan Marine Energy, with significant net inflows of 107 million yuan and 74 million yuan respectively [3] - Conversely, retail investors showed a net outflow in several stocks, including Phoenix Shipping and Haixia Co. [3]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profit elasticity, and creating favorable competition opportunities in the medium to long term [15] - The shipping market is expected to benefit from the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market's outlook for Q4 2025 [15] - The shipping market is anticipated to recover, supported by environmental regulations limiting the operation of older fleets and the upcoming production of the West Manganese iron ore by the end of 2025 [15] Summary by Sections Express Logistics - In October 2025, the express delivery industry achieved a business volume of 17.6 billion pieces, a year-on-year increase of 7.9%, with revenue reaching 131.67 billion yuan, up 4.7% year-on-year [4][24] - Major players like YTO, Shentong, and Yunda showed varied growth rates, with YTO's volume increasing by 12.78% and Shentong by 3.97%, while Yunda's volume decreased by 5.11% [4][30] - The industry is transitioning towards high-quality development, with significant improvements in single-ticket revenue due to price increases driven by the de-involution trend [4] Shipping and Ports - VLCC freight rates reached a new high of $136,843 per day, the highest since Q2 2020, driven by tight available capacity and stable inquiry rhythms [8] - The Capesize bulk carrier spot freight rates surpassed $30,000 per day, reflecting a 20% increase over the past week, supported by seasonal demand recovery and strong import demand from China [8] - The BDI index increased by 7.1% to 2225 points, indicating a robust recovery in the bulk shipping market [9] Aviation - In October 2025, civil aviation transported approximately 68 million passengers, a year-on-year increase of 5.8%, and cargo/mail transport reached 917,000 tons, up 13.3% [58] - The overall passenger load factor for major airlines was 86.88%, showing a slight increase from the previous month [62] Road and Rail - From November 10 to November 16, 2025, national freight logistics operated smoothly, with rail freight reaching 81.8 million tons, a 0.17% increase week-on-week [14] - In October 2025, road freight volume was 3.706 billion tons, a year-on-year increase of 0.08% [64] Supply Chain Logistics - The logistics landscape is evolving, with companies like Shenzhen International expected to benefit from the transformation of logistics parks, providing performance elasticity [15] - The industry is witnessing a slowdown in competition, with companies like Debang and Aneng Logistics showing significant profit improvements due to strategic transformations [15]

Core Insights - The shipping and port sector experienced a slight decline of 0.09% on November 11, with Hainan Airlines leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance Summary - Hainan Technology (600751) saw an increase of 3.06% with a closing price of 5.05 and a trading volume of 2.71 million shares, totaling 1.393 billion yuan [1] - An Tong Holdings (600179) rose by 1.33% to 4.58, with a trading volume of 1.4718 million shares and a total transaction value of 687 million yuan [1] - China Ocean Shipping (601975) increased by 0.93% to 3.27, with a trading volume of 973,000 shares and a transaction value of 318 million yuan [1] - The biggest decline was seen in Haixia Co. (002320), which fell by 5.89% to 13.74, with a trading volume of 1.0327 million shares and a transaction value of 1.435 billion yuan [2] - Nanjing Port (002040) decreased by 2.32% to 10.97, with a trading volume of 218,700 shares and a transaction value of 241 million yuan [2] Capital Flow Analysis - The shipping and port sector experienced a net outflow of 622 million yuan from main funds, while retail investors contributed a net inflow of 617 million yuan [2]

Group 1 - The third extraordinary general meeting of shareholders for Xingtong Shipping Co., Ltd. was held on November 10, 2025, with no resolutions rejected [2][4] - The meeting was convened by the board of directors and chaired by Chairman Chen Xingming, utilizing a combination of on-site and online voting methods, in compliance with the Company Law and the Articles of Association [2][3] - All current directors and supervisors attended the meeting, with 11 directors and 3 supervisors present [3] Group 2 - The following proposals were approved during the meeting: cancellation of the supervisory board, amendments to the Articles of Association, and various institutional revisions [4][5] - Specific proposals that received approval include the rules for shareholder meetings, board meetings, independent director work systems, and management systems for related transactions and external guarantees [5][6] Group 3 - The meeting was witnessed by Shanghai Jintiancheng Law Firm, confirming that the procedures and results of the meeting complied with relevant laws and regulations [7] - The resignation of non-independent director Ke Wenli was accepted, and he was subsequently elected as a worker representative director during the workers' representative assembly held on November 10, 2025 [9][10] - Ke Wenli holds 11,760,000 shares, representing 3.62% of the company's total share capital, and his resignation will not affect the normal operation of the board [11][14]

Group 1 - The core point of the article is the resignation of Mr. Ke Wenli from his position as a non-independent director of Xingtong Co., Ltd. due to adjustments in the company's governance structure [2] - Mr. Ke Wenli's resignation takes effect immediately upon delivery of his resignation report to the company's board of directors [2] - Despite resigning from the non-independent director position, Mr. Ke Wenli will retain his other roles within the company [2] Group 2 - The company held a staff representative meeting on November 10, 2025, where Mr. Ke Wenli was elected as a staff representative director of the second board of directors [2] - The term of Mr. Ke Wenli as a staff representative director will be consistent with the term of the company's second board of directors [2]

第一条 为了充分发挥兴通海运股份有限公司（以下简称"公司"）董事和 高级管理人员的积极性，增强凝聚力，体现"责任、风险、利益一致"的公平原 则，实现股东利益最大化，根据《中华人民共和国公司法》《上市公司治理准则》 等有关法律法规和《兴通海运股份有限公司公司章程》（以下简称"《公司章程》"） 的规定，结合公司实际情况，特制订本制度。 第二条 本制度所指的董事和高级管理人员是指董事会成员，包括董事长、 副董事长、董事、独立董事、职工董事及在公司任职的所有高级管理人员（包括 但不限于总经理、副总经理、财务负责人、董事会秘书、总船长）等。 第三条 董事薪酬与公司长远发展和股东利益相结合，保障公司的长期稳定 发展，董事薪酬与公司效益及工作目标紧密结合，同时与市场价值规律相符。公 司薪酬制度遵循以下原则： （一）坚持按劳分配与责、权、利相结合的原则； 兴通海运股份有限公司 董事和高级管理人员薪酬管理制度 第一章 总 则 （二）实行收入水平与公司效益及工作目标挂钩的原则； （三）薪酬与公司长远利益相结合的原则。 （四）薪酬标准以公开、公正、透明为原则。 第二章 管理机构 第四条 公司董事会负责审议公司高级管理人员的薪酬；公 ...

第一章 总则 兴通海运股份有限公司 董事和高级管理人员行为规范 第一条 为完善兴通海运股份有限公司（以下简称"公司"）治理，引导和规范 公司董事和高级管理人员的行为，确保其勤勉、忠实地履行职责，切实保护公司、股 东以及其他利益相关者的利益，根据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司治理准则》和《上海证券交易所股票上市规则》（以下简称"《股 票上市规则》"）等有关法律、行政法规和部门规章以及《兴通海运股份有限公司章 程》（以下简称"《公司章程》"）的有关规定，特制定本行为规范。 第二条 董事和高级管理人员应当遵守有关法律、行政法规、部门规章、规范性 文件、上海证券交易所其他相关规定和《公司章程》，并严格履行其所签署的各项声 明及承诺。 第三条 董事和高级管理人员作为公司和全体股东的受托人，对公司和全体股东 负有忠实义务和勤勉义务，全心全意处理公司事务，维护公司和全体股东的利益。 第四条 董事和高级管理人员应当忠实、勤勉地为公司和全体股东利益行使职权， 避免与公司和全体股东发生利益冲突，在发生利益冲突时应当将公司和全体股东利益 置于自身利益之上。 第五条 董事和高级管理人员不得利用在公司的职 ...

第一条 为规范兴通海运股份有限公司（以下简称"公司"）的对外投资行为， 提高投资效益，规避投资所带来的风险，有效、合理地使用资金，使资金的时间价 值最大化，依照《中华人民共和国公司法》（以下简称"《公司法》"）、《上海 证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》《中华人民共和国民法典》以及其他法律、行政法规、部门规章的相关规 定，结合《兴通海运股份有限公司章程》（以下简称"《公司章程》"）、《兴通 海运股份有限公司股东会议事规则》《兴通海运股份有限公司董事会议事规则》《兴 通海运股份有限公司总经理工作细则》等公司制度，制定本制度。 兴通海运股份有限公司 对外投资管理制度 第一章 总则 第二条 本制度所称的对外投资是指公司为获取未来收益而将一定数量的货币 资金、股权以及经评估后的房屋、机器、设备、物资等实物，以及专利权、专有技 术、商标权、土地使用权等无形资产作价出资，对外进行各种形式的投资活动，包 括但不限于投资新设全资或控股子公司（以下简称"子公司"）、向子公司追加投 资、与其他单位进行联营、合营、兼并或者进行股权/资产收购、委托理财、委托贷 款、提供财务资助等。 ...

兴通海运股份有限公司 募集资金管理办法 第一章 总 则 第一条 为规范兴通海运股份有限公司（以下简称"公司"）募集资金的存放、 使用和管理，保证募集资金的安全，提高募集资金使用效率，最大限度地保障投资 者的合法权益，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》"）、《上市公司募集资金监管规 则》《上海证券交易所股票上市规则》（以下简称"《股票上市规则》"）及《上 海证券交易所上市公司自律监管指引第1号——规范运作》等有关法律、行政法规 和部门规章以及《兴通海运股份有限公司章程》（以下简称"《公司章程》"）的 有关规定，并结合公司实际情况，特制定本办法。 第二条 本办法所称募集资金，是指公司通过发行股票或者其他具有股权性质 的证券，向投资者募集并用于特定用途的资金，但不包括公司为实施股权激励计划 募集的资金。 第三条 发行股票或者其他具有股权性质的证券的募集资金到位后，公司应及 时办理验资手续，由具有证券期货相关业务资格的会计师事务所出具验资报告。 第四条 公司董事会负责制定募集资金的详细使用计划，组织募集资金投资项 目的具体实施，做到募集资金使用的公 ...

第一章 总则 第一条 为了进一步规范兴通海运股份有限公司（以下简称"公司"）董事会的 议事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事会规范运作 和科学决策水平，根据中国《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》《上市公司治理准则》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等法律、行政法规 及《兴通海运股份有限公司章程》（以下简称"《公司章程》"），结合公司实际 情况，制订本规则。 第二章 董事会的组成和职权 第二条 董事会由 11 名董事组成，其中独立董事 4 名。本公司董事会中职工代 表担任董事的名额为 1 名。 兴通海运股份有限公司 董事会议事规则 第三条 董事会行使下列职权： （一）召集股东会，并向股东会报告工作； （二）执行股东会的决议； （五）制订公司增加或者减少注册资本、发行债券或者其他证券及上市方案； （六）拟订公司重大收购、收购本公司股票或者合并、分立、解散及变更公司 形式的方案； （七）在股东会授权范围内，决定公司对外投资、收购出售资产、资产抵押、 对外担保事项、委托理财、关联交易、对外捐赠 ...