证券代码：603565 证券简称：中谷物流 公告编号：2025-020 上海中谷物流股份有限公司 二、公司本次使用募集资金进行现金管理的计划 截至 2025 年 7 月 17 日，公司非公开发行股票募集资金专户余额为 37,869.03 万元（含利息收入等）。 为提高募集资金的使用效率，2025 年 7 月 25 日，经公司第四届董事会第六 次会议及第四届监事会第六次会议审议通过，公司拟使用不超过 37,869.03 万元 募集资金进行现金管理，自公司董事会会议审议通过之日起 12 个月内有效，在 上述额度内，资金可以滚动使用。本次现金管理不存在变相改变募集资金用途的 行为，不影响募集资金投资项目正常进行，不存在损害股东利益的情形。截至本 次董事会审议通过之日,前次董事会授权进行现金管理的募集资金已经全部赎回。 为控制风险，公司进行现金管理购买的理财产品为安全性高、流动性好、有 保本约定的产品，不得用于质押，单笔理财产品期限最长不超过 12 个月。公司 使用募集资金进行现金管理的所得收益归公司所有，优先用于补足募投项目投资 金额不足部分。 保荐机构对公司本次使用募集资金进行现金管理的事项无异议。 特此公告。 ...

注：上表所述"IPO 前取得"的股份包含 IPO 前取得的股份及该部分股份后续通过资本公 积金转增股本方式取得的股份。 上述减持主体存在一致行动人： 股东名称 持股数量 持股比例 一致行动关系 （股） 形成原因 第一组 中谷海运集团有限公司 1,206,682,881 57.46% 受同一实际控 制人控制 宁波谷洋投资管理合伙 147,245,468 7.01% 受同一实际控 企业（有限合伙） 制人控制 宁波谷泽投资管理合伙 11,552,043 0.55% 受同一实际控 企业（有限合伙） 制人控制 合计 1,365,480,392 65.02% — 二、减持计划的实施结果 (一)大股东及董监高因以下事项披露减持计划实施结果： 减持计划实施完毕 股东名称 宁波谷泽投资管理合伙企业（有限合伙） 减持计划首次披露日期 2025 年 6 月 7 日 减持数量 11,552,043股 减持期间 2025 年 6 月 30 日～2025 年 7 月 25 日 减持方式及对应减持数 集中竞价减持，11,552,043 股 量 减持价格区间 9.54～10.67元/股 减持总金额 112,942,988.44元 减持完成情 ...

关于使用募集资金进行现金管理的公告 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。 一、募集资金基本情况 2021 年 9 月 ， 公 司 向 特 定 投 资 者 非 公 开 发 行 股 票 募 集 资 金 总 额 为 2,747,999,647.44元，扣除发行费用后，募集资金净额为2,728,115,477.41元，用于 集装箱船舶购置项目、集装箱购置项目、集装箱智能运输信息化平台建设项目及 补充流动资金，详见公司2021-068号公告。 证券代码：603565 证券简称：中谷物流 公告编号：2025-020 上海中谷物流股份有限公司 为提高募集资金的使用效率，2025 年 7 月 25 日，经公司第四届董事会第六 次会议及第四届监事会第六次会议审议通过，公司拟使用不超过 37,869.03 万元 募集资金进行现金管理，自公司董事会会议审议通过之日起 12 个月内有效，在 上述额度内，资金可以滚动使用。本次现金管理不存在变相改变募集资金用途的 行为，不影响募集资金投资项目正常进行，不存在损害股东利益的情形。截至本 次董事会 ...

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： 上海中谷物流股份有限公司 股东及董监高减持股份结果公告 一、减持主体减持前基本情况 | 股东名称 | 中谷海运集团有限公司 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | √是 | □否 | | | 直接持股 5%以上股东 | √是 | □否 | | | 董事、监事和高级管理人员 | □是 | √否 | | | 其他：无 | | | | 持股数量 | 1,206,682,881股 | | | 1 股东持股的基本情况: 本次减持前，上海中谷物流股份有限公司（以 下简称"公司"）控股股东中谷海运集团有限公司（以下简称"中谷集 团"）及其一致行动人宁波谷洋投资管理合伙企业（有限合伙）（以下 简称"谷洋投资"）、宁波谷泽投资管理合伙企业（有限合伙）（以下简 称"谷泽投资"）合计持有公司股份 1,365,480,392 股，占公司总股本 的比例为 65.02%。 减持计划的实施结果情况：近日公司接 ...

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2025 年 07 月 21 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 联系人 板块表现： 快递 6 月数据明显分化，关注行业反内卷进程 投资评级： 看好（维持） —交通运输行业周报（2025 年 7 月 14 日-2025 年 7 月 20 日） 投资要点： 一、行业动态跟踪 快递物流： 1）各家快递公司发布 6 月经营业绩，顺丰业务量增速维持 30%+，"通达系"中圆 通增速保持领先。2025 年 6 月圆通/韵达/申通/顺丰完成业务量 26.27 / 21.73 /21 ...

Investment Rating - The report assigns a "Buy" rating to Zhonggu Logistics, Haifeng International, and Dexiang Shipping, indicating a positive outlook for these companies in the transportation industry [4][5]. Core Insights - The report highlights that Jinjiang Shipping's net profit for the first half of 2025 is expected to be between 780 million to 810 million yuan, representing a year-on-year increase of 145.86% to 155.32% [3]. - The strong performance in Northeast Asia and Southeast Asia markets is driving the company's growth, with a focus on enhancing its competitive advantage in these regions [3]. - The report notes that the CCFI index for the China-Japan route increased by 29% year-on-year, while the China-Southeast Asia route saw a 28% increase, outperforming the overall CCFI index which declined by 8% [3]. - The emergence of the Twin Star Alliance is shifting shipping routes from pendulum to radial patterns, leading to increased demand for smaller vessels and driving up charter rates [3]. - The report indicates that the demand for shipping from Southeast Asia remains strong, with a 13.5% year-on-year increase in exports from China to ASEAN countries in the first five months of the year [3]. - The supply side is constrained by limited orders for smaller vessels, with only 5.3% of the fleet under 3k TEU currently on order, while older vessels are being retired due to age [3]. Summary by Sections Performance Overview - Jinjiang Shipping's net profit for Q2 2025 is projected to be between 420 million to 450 million yuan, reflecting a year-on-year growth of 119% to 135% [3]. - The report emphasizes the robust performance of the shipping industry in the Asian region, particularly in container shipping [2][3]. Market Dynamics - The report discusses the significant increase in shipping rates, with charter rates for 2000 TEU vessels rising by 20% since the beginning of the year, reaching 28,800 USD per day [3]. - The report also highlights the aging fleet issue, with 25% of vessels under 3k TEU being over 20 years old, which is expected to impact future supply [3]. Investment Recommendations - The report suggests continued attention to Haifeng International, Dexiang Shipping, and Zhonggu Logistics, as they are expected to benefit from the industry's upward trends in volume and pricing [3].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the need for the express delivery industry to shift towards high-quality development, as the State Post Bureau opposes "involution" competition and aims to improve service quality [4] - The express delivery sector is currently experiencing a decline in per-package revenue, with major companies like Zhongtong, Yuantong, Yunda, and Shentong showing year-on-year decreases in revenue per package [4] - Jitu's Southeast Asian market has seen significant growth, with a total package volume of 7.392 billion pieces in Q2 2025, a year-on-year increase of 23.5% [5] - The airline industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends indicating potential for growth [12] - The shipping sector is anticipated to improve due to OPEC+ production increases and the Federal Reserve's interest rate cuts, with specific recommendations for companies like China Merchants Energy and COSCO Shipping [12] Summary by Sections Express Delivery - The express delivery market is facing intense competition, with major players experiencing a decline in revenue per package [4] - The report suggests that regulatory changes could help improve the situation by reducing low-cost competition and enhancing the performance of leading companies [4][12] Airline Industry - The airline sector is characterized by long-term low supply growth, but demand is expected to benefit from macroeconomic recovery [12] - Key companies to watch include China National Aviation Holding, Southern Airlines, and HNA Group [12] Shipping and Ports - The report indicates a positive outlook for oil transportation due to OPEC+ production increases and potential interest rate cuts [12] - Recommendations include focusing on companies like China Merchants Energy and COSCO Shipping for their growth potential in the shipping market [12] Road and Rail - The report notes that the Daqin Railway experienced a year-on-year decrease in freight volume in June 2025, while overall logistics operations remain stable [11][12] - Companies like Zhongyuan Expressway and Sichuan Chengyu are highlighted for their growth potential due to infrastructure developments [12]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [8] Core Insights - The instant retail market in China is expected to exceed 700 billion yuan by 2025, accounting for over 5% of the country's physical network retail sales [2][5] - The shift in consumer behavior from bulk purchasing to "small quantity, multiple times" is driven by smaller family structures and a faster-paced lifestyle, which enhances the demand for instant retail [5][23] - Instant retail is anticipated to drive growth in instant logistics, benefiting companies like SF Holding, and the deployment of smart delivery lockers is also expected to gain traction [2][5] Summary by Sections Instant Retail Emergence - Instant retail is experiencing explosive growth, with major players like JD and Alibaba investing heavily in this sector [15][19] - The transition from distant e-commerce to near-field retail reflects a strong consumer demand for instant gratification [16][23] Opportunities in Transportation and Logistics - The growth of instant retail is expected to stimulate the logistics sector, with a projected increase in online takeaway market size to approximately 1.7 trillion yuan by 2025, representing about 30% of China's dining consumption [43][48] - Instant delivery orders are projected to grow by 18% year-on-year, reaching 48.3 billion orders in 2024, driven by the expansion of flash warehouses and the need for efficient delivery solutions [49][52] Travel Chain Insights - Domestic passenger volume is showing a stable increase, with a 4% year-on-year rise in the week of July 11, while international passenger volume increased by 16% [64] - The average domestic ticket price has seen a slight decline of 6.8% year-on-year, indicating pressure on short-term revenues despite improving demand [62][64] Maritime and Logistics Developments - The maritime sector is witnessing a rebound, with the average VLCC-TCE rate rising by 9.7% to $27,000 per day, driven by active cargo demand in the Middle East [29][30] - The logistics sector is focusing on addressing "involution" in the express delivery market, with a 16.6% year-on-year increase in express delivery volume, indicating robust industry growth [6][20]

Group 1: Macro Strategy and Policy Analysis - The "Beautiful America Act" emphasizes tax cuts for residents and businesses while neglecting social welfare and healthcare sectors [3][21] - The rising U.S. fiscal deficit is attributed to the shift from "balanced finance" to "functional finance," driven by slowing economic output and increasing government spending [3][21] - Support for the new act is divided among social groups, with small business owners and manufacturers in favor, while healthcare and clean energy sectors express dissatisfaction [3][22] - The market's reaction to the fiscal deficit has become "dull," indicating that the narrative around the impact of the deficit on broad national credit has lessened [3][24] Group 2: Industry Insights and Company Analysis - Zhejiang Shibao is a leading player in the automotive steering system industry, focusing on electric power steering systems and line control steering technology [9][32] - The company has seen a recovery in gross margin and net profit due to increased production capacity and the introduction of high-margin products [9][34] - Forecasts for Zhejiang Shibao's revenue from 2025 to 2027 are projected at 35.1 billion, 43.7 billion, and 52.0 billion CNY, with net profits expected to grow significantly [9][36] - Zhonggu Logistics is experiencing high demand in the container shipping market, with domestic shipping rates expected to rise due to capacity shortages [16][39] - The company is projected to maintain high dividend payouts, with a forecasted dividend ratio of 90% in 2025, resulting in a dividend yield of around 10% [16][40] Group 3: Pharmaceutical Developments - BeiGene's CDK4 inhibitor BGB-43395 is on track to become the second CDK4 inhibitor to enter the registration clinical phase, showing promising early efficacy signals [11][41] - The drug demonstrates higher selectivity compared to existing CDK4/6 inhibitors and has shown strong pharmacokinetic data [11][42] - Revenue forecasts for BeiGene from 2025 to 2027 are estimated at 375.17 billion, 450.24 billion, and 540.34 billion CNY, with significant growth in net profit anticipated [11][43]

Investment Rating - The report maintains a "Buy" rating for Zhonggu Logistics (603565) with an expected relative return of over 20% within the next six months [6]. Core Views - The charter market remains highly prosperous, with significant increases in container ship rental prices since 2024, driven by geopolitical factors and trade conflicts, leading to fluctuations in international shipping rates [1]. - Domestic shipping rates are expected to rebound, with the domestic container shipping index (PDCI) projected to increase by 11% year-on-year in the first half of 2025, with further growth anticipated in the latter half of the year [2]. - The company is expected to maintain high dividend payouts, with a projected payout ratio of 88% to 90% for 2023-2024, supported by strong cash inflows and reduced capital expenditures [3]. - The profit forecast for 2026 has been raised to a net profit of 24 billion yuan, while the 2025 forecast has been adjusted down to 22 billion yuan due to lower-than-expected domestic shipping rates [4]. Financial Data and Valuation - Revenue is projected to decline from 12,438.79 million yuan in 2023 to 11,258.25 million yuan in 2024, before rebounding to 12,476.03 million yuan in 2025 [5]. - The net profit attributable to the parent company is expected to decrease from 1,717.28 million yuan in 2023 to 1,835.40 million yuan in 2024, then increase to 2,211.87 million yuan in 2025 [5]. - The earnings per share (EPS) is forecasted to rise from 0.82 yuan in 2023 to 1.05 yuan in 2025, with a price-to-earnings (P/E) ratio decreasing from 11.84 in 2023 to 9.19 in 2025 [5].