Summary of Key Points Group 1: Trading Activity - A total of 64 stocks experienced block trading on July 8, with a total transaction value of 1.59 billion yuan [1] - The top three stocks by transaction value were Zhonggu Logistics (374 million yuan), Taicheng Light (124 million yuan), and Chen Zhan Optoelectronics (71.3 million yuan) [1] - Among the stocks, 5 were traded at par, 3 at a premium, and 56 at a discount [1] Group 2: Premium and Discount Rates - The stocks with the highest premium rates were Tianyin Holdings (8.19%), Midea Group (0.46%), and Haohua Technology (0.04%) [1] - The stocks with the highest discount rates were Shengwugu (31.48%), Yinuowei (30.18%), and Wanyuantong (20%) [1] Group 3: Institutional Buying and Selling - The top stocks by institutional buying were Zhonggu Logistics (282 million yuan), Taicheng Light (119 million yuan), and Shangtai Technology (70.5 million yuan) [2] - The top stocks by institutional selling were Huicheng Vacuum (29.06 million yuan), Zhongyou Technology (28.44 million yuan), and Midea Group (7.04 million yuan) [3]

Core Viewpoint - The announcement details a reduction in shareholding by a major shareholder, Ningbo Guyang Investment Management Partnership, which decreased its stake in Shanghai Zhonggu Logistics Co., Ltd. from 65.00% to 63.00% through a block trade on July 8, 2025, involving 42,001,262 shares, representing a 2% reduction in total share capital [1]. Group 1: Shareholder Information - The major shareholder involved in the reduction is Ningbo Guyang Investment Management Partnership, which is classified as a controlling shareholder [1]. - Other associated entities include Zhonggu Shipping Group Co., Ltd. and Ningbo Guze Investment Management Partnership, both of which are also classified as controlling shareholders [1]. Group 2: Shareholding Changes - Prior to the transaction, the total shareholding percentage was 65.00%, which decreased to 63.00% post-transaction [1]. - The reduction in shareholding was executed through a block trade on the Shanghai Stock Exchange, indicating a strategic move by the shareholder [1]. Group 3: Compliance and Future Plans - The reduction in shareholding does not violate any previously made commitments or plans by the shareholder [1]. - The announcement confirms that the shareholder's reduction plan is still in progress and has not been fully executed as of the date of the announcement [1].

证券代码：603565 证券简称：中谷物流 公告编号：2025-019 上海中谷物流股份有限公司 关于 5％以上股东权益变动触及 1％整数倍的提示性 公告 二、 权益变动触及 1%刻度的基本情况 上海中谷物流股份有限公司（以下简称"公司"）收到股东宁波谷洋投资 管理合伙企业（有限合伙）（以下简称"谷洋投资"） 出具的《关于股份减持进 展的告知函》，谷洋投资于 2025 年 7 月 8 日通过上海证券交易所系统以大宗交易 方式减持公司股份 42,001,262 股，占公司总股本的 2%，信息披露义务人及其一 致行动人持股比例从 65.00%减少至 63.00%，其权益触及 1%整数倍，具体情况如 下： 控股股东及其一致行动人保证向本公司提供的信息真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 65.00% | | | | 权益变动后合计比例 | 63.00% | | | | 本次变动 ...

Core Insights - The report emphasizes that the investment strategy for the shipping industry in the second half of 2025 will focus on cash flow and supply factors due to significant uncertainties in shipping demand caused by frequent tariff policy adjustments [4][7][24] - The shipping sector's investment logic includes: 1) Tight supply in the industry and strong cash flow for near-sea and domestic shipping; 2) Low supply growth with potential marginal changes in demand for oil and bulk shipping [4][7][24] Container Shipping: Tariff Policy Disruptions - In the first half of 2025, the container shipping market faced fluctuations, with pressure on freight rates in Q1 and underwhelming demand post-tariff reductions in Q2 [8][29] - The report notes that the delivery of new ships is expected to reach historical highs, leading to significant supply pressure in the long-distance shipping sector [8][29] - The report highlights that the near-sea shipping market remains favorable due to limited new supply of feeder vessels and ongoing improvements in domestic shipping [8][29] Oil Tankers: Bullish Options Amid Weak Realities - The oil tanker sector is experiencing a lack of improvement in downstream demand, with low operating rates for refineries in China [9][61] - The report indicates that OPEC+ has begun to increase production, which could lead to an upward shift in the demand curve for oil transportation [9][63] - Geopolitical tensions, such as the recent Israel-Iran conflict, are expected to benefit oil shipping due to increased volatility [9][63] Dry Bulk: Weak Supply and Demand - The dry bulk shipping market has seen a decline in freight rates due to disruptions in the shipment of bauxite and iron ore [10][34] - The report anticipates that the commissioning of the West Manganese project by the end of the year will positively impact the demand for Capesize vessels [10][34] Investment Perspective - The report suggests that the near-sea and domestic shipping sectors are positioned for higher profitability due to tight supply and strong cash flow among leading shipping companies [8][58] - The potential implementation of the U.S. 301 tariff measures could further increase demand for feeder vessels, as it would raise operational costs for Chinese shipping companies [51][58]

证券代码：603565 证券简称：中谷物流 公告编号：2025-018 上海中谷物流股份有限公司 关于 5％以上股东权益变动触及 5％整数倍的提示性 公告 控股股东及其一致行动人保证向本公司提供的信息真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 65.02% | | | | 权益变动后合计比例 | 65.00% | | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ | 否√ | | | 是否触发强制要约收购义务 | 是□ | 否√ | | 一、 信息披露义务人及其一致行动人的基本信息 | | | 3.一致行动人信息 1.身份类别 | | √控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际 ...

上市公司名称：上海中谷物流股份有限公司 上海中谷物流股份有限公司 简式权益变动报告书 住所：浙江省宁波市北仑区梅山七星路88号1幢401室A区A0971 通讯地址：浙江省宁波市镇海区蛟川街道蛟川街道大运路1号中国液化大厦12楼 信息披露义务人二：宁波谷洋投资管理合伙企业（有限合伙） 住所：浙江省宁波市北仑区梅山七星路88号1幢401室A区A1046 通讯地址：浙江省宁波市镇海区蛟川街道蛟川街道大运路1号中国液化大厦12楼 信息披露义务人一：宁波谷泽投资管理合伙企业（有限合伙） 信息披露义务人三：中谷海运集团有限公司 住所：中国（上海）自由贸易试验区临港新片区业盛路188号A-522室 通讯地址：上海市浦东新区民生路1188号19楼 权益变动性质：股份减少 签署日期：二〇二五年七月一日 上市地点：上海证券交易所 股票简称：中谷物流 股票代码：603565 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则的任何条款，或与之冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行 证券的公司信息披露内容与格式准则第15号—权益变动报告书》的规定，本 ...

Metal Sector - China Hongqiao's net profit forecast for 2024 is CNY 223.72 billion, with a PE ratio of 6.78[12] - Luoyang Molybdenum's net profit forecast for 2025 is CNY 167.43 billion, with a PE ratio of 10.42[12] Building Materials Sector - China National Materials' net profit forecast for 2025 is CNY 18.54 billion, with a PE ratio of 16.65[12] - Keda Manufacturing's net profit forecast for 2025 is CNY 17.24 billion, with a PE ratio of 10.82[12] - Three Trees' revenue compound growth rate from 2015 to 2018 was approximately 33%[40] Transportation Sector - SF Holding's net profit forecast for 2025 is CNY 117.44 billion, with a PE ratio of 20.58[12] - The company has seen a significant increase in daily package handling, reaching an average of 166 packages per courier in 2024[56] Chemical Sector - Yara International's net profit forecast for 2025 is CNY 22.52 billion, with a PE ratio of 12.30[12] - Ba Tian's net profit forecast for 2025 is CNY 12.84 billion, with a PE ratio of 7.59[12] Financial Performance - The overall net profit for Keda Manufacturing is projected to reach CNY 19.0 billion by 2026, with a significant increase in overseas revenue contributing to growth[31]

中国经济网北京6月9日讯 中谷物流（603565）（603565.SH）6月7日披露了股东减持股份计划公告称， 截至公告披露日，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%。 近日公司接到股东谷泽投资及谷洋投资的通知，谷泽投资拟通过集中竞价方式减持其所持有的公司股 份，不超过11,552,043股，不超过公司总股本的0.55%；谷洋投资拟通过集中竞价、大宗交易方式减持 其所持有的公司股份，不超过51,449,850股，不超过公司总股本的2.45%。 中谷物流2024年度募集资金存放与使用情况专项报告显示，根据中国证券监督管理委员会《关于核准上 海中谷物流股份有限公司非公开发行股票的批复》（证监许可〔2021〕2355号），公司向特定对象非公 开发行人民币普通股（A股）股票9,209.11万股，发行价为每股人民币29.84元，共计募集资金274,799.96 万元，坐扣承销和保荐费用1 ...

张付哲 zhangfuzhe@huayuanstock.com 证券研究报告 交通运输 | 航运港口 非金融|首次覆盖报告 hyzqdatemark 2025 年 06 月 09 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com | 基本数据 | 2025 | 年 | 06 | 月 | 日 | | 06 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 9.80 | | | | | | 一 年 内 / 最 低 | | | | 10.93/6.82 | | 高 | | 最 | | （元） | | | | | | | | | | 总市值（百万元） ...

一年内股价与大盘对比走势： 上 市 公 司 交通运输 2025 年 06 月 08 日 中谷物流 (603565) ——小集装箱船高景气度延续，外贸出租业务持续获益 报告原因：有新的信息需要补充 买入（维持） | 市场数据： | 2025 年 06 月 06 日 | | --- | --- | | 收盘价（元） | 9.80 | | 一年内最高/最低（元） | 10.93/6.82 | | 市净率 | 1.8 | | 股息率%（分红/股价） | 8.06 | | 流通 A 股市值（百万元） | 20,581 | | 上证指数/深证成指 | 3,385.36/10,183.70 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | | --- | --- | --- | | 每股净资产（元） | | 5.52 | | 资产负债率% | | 52.79 | | 总股本/流通 A 股（百万） | | 2,100/2,100 | | 流通 B 股/H 股（百万） | | -/- | 06-06 07-06 08-06 09-06 10-06 11-06 ...