Market Overview - On August 28, the logistics sector rose by 1.1%, with YTO Express leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - YTO Express (600233) closed at 18.25, with a gain of 6.17% and a trading volume of 378,700 shares, amounting to a transaction value of 672 million [1] - Milkway (603713) closed at 67.01, up 5.76%, with a trading volume of 39,900 shares and a transaction value of 257 million [1] - Other notable performers include: - Jiayou International (603871) at 12.31, up 3.62% [1] - Jianfa Co. (600153) at 11.69, up 2.81% [1] - SF Express (002352) at 48.40, up 1.02% [1] Fund Flow Analysis - The logistics sector experienced a net outflow of 319 million from institutional investors, while retail investors saw a net inflow of 291 million [2] - Notable net inflows from retail investors include: - YTO Express with a net inflow of 29.22 million [3] - Milkway with a net inflow of 23.49 million [3] - Conversely, significant net outflows from institutional investors were observed in: - Milkway with a net outflow of 25.99 million [3] - SF Express with a net outflow of 22.76 million [3]

上 市 公 司 交通运输 2025 年 08 月 27 日 密尔克卫 (603713) ——栉风沐雨二十余载，铸造民营危化品物流领先者 投资要点： 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 12,118 | 7,035 | 13,815 | 15,669 | 17,685 | | 同比增长率（%） | 24.3 | 17.4 | 14.0 | 13.4 | 12.9 | | 归母净利润（百万元） | 565 | 352 | 672 | 818 | 1,026 | | 同比增长率（%） | 31.0 | 13.1 | 18.8 | 21.8 | 25.5 | | 每股收益（元/股） | 3.45 | 2.22 | 4.25 | 5.17 | 6.49 | | 毛利率（%） | 11.4 | 11.5 | 11.6 | 12.2 | 12.8 | | ROE（%） | 13.1 | 7.8 | 13.6 | 14.2 | 15.2 | | 市盈 ...

Group 1: Logistics and Warehousing Industry - In July 2025, the national express delivery volume reached 16.4 billion pieces, a year-on-year increase of 15.1%, with a total of 112.05 billion pieces from January to July, up 18.7% year-on-year [5][6] - The express delivery industry is experiencing a trend of concentration, with the CR8 increasing to 86.9, reflecting a 1.7 point year-on-year increase, indicating a significant rise in the market share of leading companies [6][7] - The revenue of the express delivery industry in July 2025 increased by 8.9% year-on-year, while the average revenue per piece decreased by 5.3%, showing a narrowing of the price decline and a shift towards healthier competition [7][8] Group 2: New Energy Power Generation Industry - The report discusses the supply-demand contradictions and cyclical nature of the new energy industry, particularly focusing on the photovoltaic sector [10] - It emphasizes the importance of reviewing the photovoltaic industry's supply-side capacity cycles and new technologies [10] Group 3: Building Materials Industry - The report outlines a research framework focusing on sub-industries such as cement, glass fiber, and consumer building materials [11] Group 4: Robotics Industry - The report highlights breakthroughs in humanoid robots, particularly in their ability to walk without visual aids, indicating significant advancements in technology [12][13] - It suggests that the humanoid robot industry is rapidly evolving, driven by technological deepening and practical applications, with a focus on key manufacturers and core component suppliers [13][15] Group 5: Dairy Products Industry - The report indicates that raw milk prices are expected to continue declining, with a potential supply-demand balance in the second half of 2025, benefiting from reduced costs and improved demand [17][18] - It notes that beef prices are entering an upward cycle, driven by supply reduction and decreased import pressures, which could enhance profitability for livestock companies [18][20] Group 6: Company Reports - Futu Holdings reported a strong net inflow of funds, with H1 2025 revenue and net profit reaching 10.006 billion and 4.72 billion HKD, respectively, marking increases of 74.89% and 109.76% year-on-year [22][23] - Baba Foods achieved H1 2025 revenue of 8.35 billion, a year-on-year increase of 9.31%, with net profit rising by 18.08% [26][28] - Milky Way achieved a 13.17% year-on-year increase in net profit for H1 2025, driven by a focus on intelligent supply chain services [35][36]

Market Overview - On August 22, the logistics sector declined by 0.49%, with Hengji Daxin leading the drop [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - Notable gainers in the logistics sector included: - Furande (605050) with a closing price of 16.50, up 6.04% and a trading volume of 128,200 shares, totaling 205 million yuan [1] - ST Yuanshang (603813) closed at 16.13, up 5.01% with a trading volume of 4,983 shares, totaling approximately 800,000 yuan [1] - Major decliners included: - Hengji Daxin (002492) closed at 7.24, down 2.82% with a trading volume of 131,800 shares, totaling approximately 96.3 million yuan [2] - Huami Duhai (872351) closed at 29.92, down 2.54% with a trading volume of 26,700 shares, totaling approximately 80.1 million yuan [2] Capital Flow - The logistics sector experienced a net outflow of 317 million yuan from institutional investors, while retail investors saw a net inflow of 245 million yuan [2] - Notable capital flows included: - Donghang Logistics (601156) had a net inflow of 66.26 million yuan from institutional investors, but a net outflow of 46.13 million yuan from retail investors [3] - Furande (605050) saw a net inflow of 33.59 million yuan from institutional investors, with retail investors experiencing a net outflow of 12.39 million yuan [3]

股 票 研 究 25H1 扣非净利润同比增长 13.17%， 项目建设有序推进 密尔克卫(603713) 公司半年报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘威(分析师) | 0755-82764281 | liuwei7@gtht.com | S0880525040100 | | | 本报告导读： 公司全球化布局全面启动，项目建设为公司贡献增量。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 9,753 | 12,118 | 13,559 | 15,225 | 17,155 | | (+/-)% | -15.7% | 24.3% | 11.9% | 12.3% | 12.7% | | 净利润(归母) | 431 | 565 | 668 ...

Group 1: Military Industry - The military sector is experiencing an upward trend, driven by the intensifying geopolitical competition among major powers, with a long-term positive outlook for military investments [4][5][6] - The recent commemorative events for the 80th anniversary of the victory in the Anti-Japanese War have highlighted the importance of national defense, leading to increased military spending [5] - Key companies to focus on include major manufacturers and component suppliers such as AVIC Shenyang Aircraft Corporation, AVIC South Lake, and AVIC Xi'an Aircraft Industry [4] Group 2: Non-Metallic Building Materials - The implementation of new national standards for refrigerators is expected to accelerate the demand for VIP boards, with the company Reascent Technology poised for significant growth following its acquisition of Maikelong [8][9] - The company has integrated its supply chain from fiberglass cotton to VIP core materials and VIP boards, which is anticipated to enhance its competitive edge and profitability [9] Group 3: Dairy Industry - The price of raw milk continues to decline, and a supply-demand balance is expected in the second half of 2025, benefiting from reduced production and improved demand [11][19] - Beef prices are entering an upward cycle due to supply reduction and decreased import pressures, with a projected increase in profitability for livestock companies [12][20] - The cyclical resonance between meat and milk production is expected to enhance the profitability of leading livestock companies [11][21]

证券之星消息，8月19日物流板块较上一交易日下跌0.06%，嘉诚国际领跌。当日上证指数报收于 3727.29，下跌0.02%。深证成指报收于11821.63，下跌0.12%。物流板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603535 | 嘉诚国际 | 12.23 | -4.00% | 26.03万 | | 3.18亿 | | 002492 | 恒基达整 | 7.33 | -2.27% | 17.41万 | 1.28亿 | | | 001202 | 炬申股份 | 15.42 | -1.91% | 25.32万 | | 4.03亿 | | 002485 | ST雪发 | 3.79 | -1.30% | 2.95万 | 1126.25万 | | | 603056 | 德邦股份 | 16.72 | -1.12% | 20.21万 | | 3.39 Z | | 603713 | 密尔克卫 | 60.70 | -0.98% | 3.40万 | | 2.07亿 | ...

Overview - The dangerous goods warehousing industry in China has seen significant growth, with a market size reaching 392.4 billion yuan in 2022, reflecting a year-on-year increase of 6.28% [6][8] - However, the market is expected to slightly decline to 388.1 billion yuan in 2024 due to various factors such as global geopolitical conflicts, inflation pressures, and uneven economic recovery [6][8] Industry Chain - The upstream of the dangerous goods warehousing industry involves the production, processing, and supply of hazardous materials, including chemical raw materials and explosives [4] - The downstream consists of industries such as chemicals, pharmaceuticals, energy, and cosmetics, which are the primary demanders of dangerous goods warehousing services [4] Current Development - The industry plays a crucial role in the logistics system for hazardous materials, providing comprehensive storage and related services to ensure safe and efficient operations [6][8] - The demand for dangerous goods logistics is increasing due to the growth of high-risk industries in China [6][8] Competitive Landscape - The dangerous goods warehousing industry has high specialization and is subject to strict safety and environmental regulations, creating significant entry barriers [10][11] - The top ten companies in the hazardous goods warehousing sector include Milky Way Intelligent Supply Chain Service Group, Shanghai Changji Supply Chain Management, and others, with Milky Way leading in warehouse area at 679,000 square meters [12][14] Company Analysis - Milky Way Intelligent Supply Chain Service Group reported a total revenue of 12.12 billion yuan in 2024, with a significant portion coming from integrated logistics services [14] - Guangdong Hongchuan Smart Logistics Co., Ltd. achieved a total revenue of 1.45 billion yuan in 2024, primarily from comprehensive storage and transfer services [16] Development Trends - The future of the industry will see increased application of IoT technology and big data analytics to enhance monitoring and emergency response capabilities [18] - There will be a stronger focus on green development, with companies adopting environmentally friendly materials and optimizing logistics to reduce energy consumption and carbon emissions [18]

证券之星消息，8月18日物流板块较上一交易日上涨1.32%，炬申股份领涨。当日上证指数报收于 3728.03，上涨0.85%。深证成指报收于11835.57，上涨1.73%。物流板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 001202 | 炬申股份 | 15.72 | 10.01% | 5.06万 | | 7714.08万 | | 600233 | 圆通速递 | 17.83 | 6.00% | 49.96万 | | - 8.71亿 | | 002468 | 申通快递 | 17.28 | 5.43% | 55.86万 | | 9.46 亿 | | 002120 | 韵达股份 | 8.75 | 5.17% | 134.14万 | | 11.49亿 | | 603713 | 密尔克卫 | 61.30 | 4.02% | 4.99万 | | 3.06亿 | | 600119 | 长江投资 | 9.26 | 3.12% | 15.71万 | | 1.46亿 | | ...

证 券 研 究 报 告 密尔克卫（603713）2025 年半年报点评 推荐（维持） 25H1 归母净利 3.5 亿元，同比+13%，积极推动全 球化布局，静待周期景气回暖 公司公告 2025 年中报：1）业绩表现：25H1 营收 70.4 亿，同比+17.4%；归母 净利 3.5 亿，同比+13.1%。其中 25Q1 营收 33.4 亿，同比+15.4%；归母净利 1.7 亿，同比+14.0%。25Q2 营收 36.9 亿，同比+19.3%；归母净利 1.8 亿，同 比+12.3%。 2）分业务来看，全球移动、化工品分销增长亮眼。2025 上半年全球货代业务 营收 16.9 亿，同比+4.85%；毛利 1.8 亿，同比+5.3%；毛利率 10.86%，同比 +0.04pct。仓配一体化业务营收 12.2 亿，同比-1.9%；毛利 2.3 亿，同比-9.2%； 毛利率 18.67%，同比-1.5pct。全球移动业务营收 7.0 亿，同比+50.9%；毛利 0.88 亿，同比+37.9%；毛利率 12.49%，同比-1.2pct。化工品分销业务营收 33.8 亿，同比+27.1%；毛利 2.7 亿，同比+50. ...