Core Points - Recent shareholding reduction by major shareholders of Zhonggu Logistics has been reported, with significant amounts of shares sold [1][2] - The total shares reduced by both Ningbo Guzey Investment and Ningbo Guyang Investment amounted to 63,001,805 shares, with a total reduction value of approximately 579 million yuan [2] Summary by Sections Shareholding Reduction - Guzey Investment reduced its holdings by 11,552,043 shares, representing 0.55% of the total share capital, through centralized bidding [1] - Guyang Investment reduced its holdings by 51,449,762 shares, accounting for 2.45% of the total share capital, through both centralized bidding and block trading [1] Shareholder Structure - Prior to the reduction, the controlling shareholder Zhonggu Group and its concerted actors, Guzey Investment and Guyang Investment, held a combined total of 1,365,480,392 shares, which is 65.02% of the total share capital [1] Financial Impact - The total amount raised from the share reductions was 112,942,988.44 yuan from Guzey Investment and 465,894,149.82 yuan from Guyang Investment during the period from June 30, 2025, to July 25, 2025 [1] - The overall reduction in shares and the corresponding financial impact highlight the liquidity actions taken by the shareholders [2]

Fundraising Overview - The company plans to use the raised funds for projects including container ship acquisition, container purchase, and the construction of an intelligent transportation information platform, as well as to supplement working capital [1] Cash Management Plan - As of July 17, 2025, the balance of the non-public offering funds account is 378.69 million yuan (including interest income) [1] - The company intends to use up to 378.69 million yuan for cash management, which is valid for 12 months from the board meeting approval date [1] - The cash management will not change the purpose of the raised funds and will not affect the normal progress of investment projects [1] Investment Strategy - The company will invest in low-risk, high-liquidity financial products with capital protection agreements, and these products cannot be pledged [2] - The maximum term for a single financial product is 12 months [2] - The income generated from cash management will belong to the company and will be prioritized to cover any shortfall in investment amounts for the projects [2]

Summary of Key Points Core Viewpoint - The announcement details the share reduction results of Shanghai Zhonggu Logistics Co., Ltd., highlighting the significant decrease in holdings by major shareholders, which may impact the company's stock performance and investor sentiment [1][2]. Group 1: Shareholder Holdings Before Reduction - Before the reduction, the controlling shareholder, Zhonggu Shipping Group Co., Ltd., and its concerted actors held a total of 1,365,480,392 shares, accounting for 65.02% of the company's total share capital [1]. - Zhonggu Shipping Group Co., Ltd. directly held 1,206,682,881 shares, representing 57.46% of the total shares [1]. - Ningbo Guyang Investment Management Partnership (Limited Partnership) held 147,245,468 shares, or 7.01% [1]. - Ningbo Guze Investment Management Partnership (Limited Partnership) held 11,552,043 shares, accounting for 0.55% [1]. Group 2: Implementation Results of the Reduction Plan - Ningbo Guze Investment Management Partnership reduced its holdings by 11,552,043 shares from June 30, 2025, to July 25, 2025, at a price range of 9.54 to 10.67 CNY per share, totaling 112,942,988.44 CNY [2]. - Ningbo Guyang Investment Management Partnership reduced its holdings by 51,449,762 shares during the same period, with a price range of 8.91 to 9.79 CNY per share, totaling 465,894,149.82 CNY [2]. - The total reduction by Ningbo Guyang Investment Management Partnership represented 2.45% of the company's total share capital [2]. - The actual reduction results were inconsistent with the previously disclosed reduction plan [2].

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 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector shows significant divergence in June data, with a focus on the industry's anti-involution process [3] - The express logistics market is expanding, supported by the national strategy to boost domestic demand, with a year-on-year growth of 15.8% in express delivery volume in June 2025 [5] - The performance of major express companies varies, with SF Express maintaining a business volume growth rate of over 30%, while other companies like YTO Express and Yunda Express show slower growth [4][5] Summary by Sections Express Logistics - In June 2025, the total express delivery volume reached 16.87 billion pieces, a year-on-year increase of 15.8%, with total revenue of 126.32 billion yuan, up 9.0% [5][24] - Major express companies' performance in June: YTO Express (2.627 billion pieces, +19.34%), Yunda Express (2.173 billion pieces, +7.41%), SF Express (1.460 billion pieces, +31.77%) [4][28] - The market share for these companies is 15.6% for YTO, 12.9% for both Yunda and Shentong, and 8.7% for SF Express [4] Air Transportation - The air travel sector is expected to benefit from macroeconomic recovery, with a year-on-year increase of 4.4% in passenger transport volume in June 2025 [52] - Major airlines are projected to improve their performance in Q2 2025 due to better supply-demand dynamics and lower oil prices [8] Shipping and Ports - The shipping sector is anticipated to benefit from OPEC+ production increases and a favorable economic environment, with a focus on crude oil transportation [16] - The Baltic Dry Index (BDI) increased by 27.8% week-on-week, indicating a recovery in the bulk shipping market [11][68] - Container throughput at Chinese ports showed a slight increase in cargo volume but a decrease in container throughput [81] Road and Rail - In June 2025, road freight volume increased by 2.86% year-on-year, while rail freight volume rose by 7.36% [45] - National logistics operations are running smoothly, with a slight increase in freight truck traffic [14] Supply Chain Logistics - Companies like Shenzhen International and Debon Logistics are expected to benefit from strategic transformations and improved profitability [15]

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]