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]

Core Viewpoint - Zhonggu Logistics (603565.SH) announced a share reduction plan by its major shareholders, which includes a total of 1,365,480,392 shares held, representing 65.02% of the company's total share capital [1] Shareholder Reduction Plans - Ningbo Guze Investment Management Partnership (Limited Partnership) plans to reduce its holdings by up to 11,552,043 shares, accounting for no more than 0.55% of the total share capital, through centralized bidding [2] - Ningbo Guyang Investment Management Partnership (Limited Partnership) intends to reduce its holdings by up to 51,449,850 shares, representing no more than 2.45% of the total share capital, through centralized bidding and block trading [3] Reduction Implementation Details - The reduction plan will be implemented within three months after the announcement, starting 15 trading days post-announcement, with a limit of 1% of the total share capital for centralized bidding and 2% for block trading within any consecutive 90 days [4] Company Listing and Fundraising - Zhonggu Logistics was listed on the Shanghai Stock Exchange on September 25, 2020, with an issuance of 66.67 million shares at a price of 22.19 yuan per share, raising a total of 1.479 billion yuan [4] - The net proceeds from the fundraising after deducting issuance costs amounted to 1.396 billion yuan, which were allocated for container ship and container acquisition projects [4] Additional Fundraising Information - The company raised a total of 4.227 billion yuan through two fundraising events since its listing [6]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6][8]. Core Views - The company is positioned as a leader in domestic container logistics, with a strong synergy between domestic and foreign trade, enhancing its profit resilience. The report highlights the potential for significant upward movement in the domestic shipping market, supported by policy-driven infrastructure investment and increased consumer demand [10][6]. Summary by Sections Company Overview - The company, Zhonggu Logistics, is one of the earliest enterprises in China specializing in domestic container shipping, providing comprehensive logistics services through a multi-modal transport network [15][7]. As of December 31, 2024, the company operates 111 vessels with a total capacity of 213,000 TEU, ranking second nationally in container fleet size [18][7]. Financial Performance - The company forecasts revenue growth from container logistics services, with expected revenues of 12,031 million RMB in 2025, reflecting a year-on-year growth rate of 6.86% [9]. The projected net profit for 2025 is 1,984 million RMB, with a growth rate of 8.08% [6][8]. Market Dynamics - The domestic container shipping market is currently at a historical low, with significant potential for recovery. The report notes that demand for shipping services is expected to rise due to increased infrastructure investment and consumer spending [10][6]. The foreign trade leasing market is also anticipated to remain robust, particularly in the Asian regional market, driven by trade agreements and shifts in supply chains [10][6]. Profitability and Dividend Policy - The company exhibits strong cash flow and a high dividend payout ratio, with a dividend rate reaching 90.39% in 2024, amounting to 1,659 million RMB [48][57]. The report emphasizes the company's ability to maintain profitability even during periods of market pressure, showcasing its operational flexibility [10][6]. Investment Outlook - The report projects that the company's net profit will continue to grow steadily, with estimates of 1,984 million RMB for 2025, 2,098 million RMB for 2026, and 2,202 million RMB for 2027, indicating a stable growth trajectory [8][6]. The anticipated price-to-earnings ratios for these years are 10.37, 9.81, and 9.35, respectively, suggesting attractive valuation levels [8][6].

Investment Rating - The report maintains a "Buy" rating for Zhonggu Logistics [1] Core Views - The small container ship market remains highly prosperous, benefiting from the foreign trade leasing business [1] - The company reported a revenue of 11.258 billion yuan in 2024, a year-on-year decline of 9%, with a net profit of 1.835 billion yuan, a year-on-year increase of 7% [7] - In Q1 2025, the company achieved a revenue of 2.569 billion yuan, down 8% year-on-year, while net profit rose by 41% to 547 million yuan [7] - The company is optimizing its capacity allocation between domestic and foreign trade to enhance operational efficiency [7] - The demand for small container ships is strong due to the shift of the industrial chain from China to Southeast Asia and ongoing trade tensions between China and the US [7] - The company plans to distribute a cash dividend of 0.79 yuan per share for 2024, with a payout ratio of 90%, leading to an estimated dividend yield of about 9% for 2025 [7] - The earnings forecast for 2025-2027 has been raised, with expected profits of 2 billion, 1.8 billion, and 1.7 billion yuan respectively [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 13.148 billion yuan, with a year-on-year growth rate of 16.8% [6] - The gross profit margin is expected to be 17.7% in 2025 [6] - The return on equity (ROE) is projected to be 17.4% in 2025 [6] - The price-to-earnings ratio (PE) is estimated at 10 for 2025 [6]

Core Viewpoint - The announcement details the shareholding structure and a planned reduction of shares by major shareholders of Shanghai Zhonggu Logistics Co., Ltd, indicating a significant ownership concentration and upcoming changes in shareholding [1][2][3] Shareholding Structure - As of the announcement date, the controlling shareholder, Zhonggu Shipping Group Co., Ltd, along with its concerted parties, holds a total of 1,365,480,392 shares, representing 65.02% of the company's total equity [1] - Zhonggu Shipping Group Co., Ltd directly holds 1,206,682,881 shares, accounting for 57.46% of the total shares [2] - Ningbo Guyang Investment Management Partnership holds 147,245,468 shares, which is 7.01% of the total shares [2] Reduction Plan - Ningbo Guyang Investment and Ningbo Guze Investment plan to reduce their holdings by up to 51,449,850 shares, which is 2.45% of the total shares, through centralized bidding and block trading [2][3] - The reduction will occur within three months starting from 15 trading days after the announcement [2] - The maximum reduction in any 90-day period will not exceed 1% of the total shares for centralized bidding and 2% for block trading [2] Shareholding Changes and Commitments - The major shareholders have committed to adhere to relevant laws and regulations regarding shareholding and reduction, ensuring that any reduction will not exceed 25% of the total shares in any year after the lock-up period [4][5] - The shareholders will also ensure that the reduction price will not be lower than the initial public offering price, with adjustments made for any corporate actions affecting share capital [4][5]