Group 1 - The company Milkyway announced a share reduction plan completed on September 5, 2025, with three investment entities reducing their holdings by approximately 1.43 million shares, 970,000 shares, and 750,000 shares, totaling 1.99% of the company's current total share capital [1] - For the first half of 2025, Milkyway's revenue composition was as follows: logistics accounted for 51.39%, trading for 48.08%, and other businesses for 0.53% [1] - As of the report, Milkyway's market capitalization stood at 10.4 billion yuan [1]

| | | 密尔克卫智能供应链服务集团股份有限公司 股东大宗交易减持股份结果公告 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： 股东持股的基本情况 在本次减持股份计划实施前，密尔克卫智能供应链服务集团股份有限公司 （以下简称"公司"、"密尔克卫"）股东上海演若投资合伙企业（有限合伙）（以 下简称"演若投资"）、上海演智投资合伙企业（有限合伙）（以下简称"演智投 资"）、上海演惠投资合伙企业（有限合伙）（以下简称"演惠投资"）分别持有公 司股份 5,945,165 股、4,029,921 股、3,792,633 股，分别占公司当时总股本的 3.76%、 2.55%、2.40%。 2025 年 5 月 14 日，公司披露了《密尔克卫智能供应链服务集团股份有限公 司股东大宗交易减持股份计划公告》（公告编号：2025-052），公司股东演若投资、 演智投资、演惠投资计划通过大宗交易方式分别减持公司股份数量不超过 1,436,300 股、976,500 股、750,300 股，即分别减持不超过公司总股本的 0 ...

格隆汇9月5日丨密尔克卫(603713.SH)公布，在减持计划实施期间，演若投资、演智投资、演惠投资分 别通过大宗交易方式累计减持公司股份1,429,300股、971,700股、746,600股，合计占公司当前总股本的 1.99%。公司股东演若投资、演智投资、演惠投资系员工持股平台，股份来源为公司IPO前取得，其一 致行动人公司控股股东、实际控制人陈银河先生及其直系亲属持有的上述合伙企业财产份额不参与本次 减持计划。 ...

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]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][7]. Core Views - The company is positioned as a leading player in the private hazardous chemical logistics sector, benefiting from the increasing compliance ratio in chemical logistics and the growth of China's chemical production capacity [6][10]. - The report forecasts significant growth in the third-party hazardous chemical logistics market, estimating it could reach 23,186 billion yuan by 2030, driven by increased chemical sales and market penetration [6][60]. - The company has a robust ecological layout and a significant warehousing network, with over 750,000 square meters of managed storage facilities, which is expected to expand further in the coming years [6][10]. Financial Data and Profit Forecast - Total revenue is projected to grow from 12,118 million yuan in 2024 to 17,685 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 12.9% [2]. - Net profit is expected to increase from 565 million yuan in 2024 to 1,026 million yuan in 2027, reflecting a CAGR of 25.5% [2]. - Earnings per share (EPS) are forecasted to rise from 3.45 yuan in 2024 to 6.49 yuan in 2027 [2]. Industry Overview - The global chemical market has substantial growth potential, with China's chemical sales expected to account for 48.6% of the global market by 2030 [20][27]. - The hazardous chemical logistics market in China reached 2.38 trillion yuan in 2023, with a slight year-on-year decline of 1.1%, yet the market remains robust with ongoing expansion plans from many companies [54][58]. - The report highlights the increasing regulatory scrutiny in the hazardous chemical sector, which is expected to enhance the competitive edge of leading firms [42][58]. Competitive Positioning - The company is compared with three similar A-share listed companies, with its price-to-earnings (PE) ratios being significantly lower than the average of its peers, indicating potential undervaluation [7][10]. - The report emphasizes the company's comprehensive qualifications in hazardous chemical logistics, which positions it favorably against competitors [6][10]. Digital Transformation - The report discusses the importance of digital transformation in enhancing supply chain efficiency and compliance in the hazardous chemical logistics sector, with significant potential for improving operational margins [64][67]. - The integration of digital platforms is expected to optimize the purchasing experience for B2B clients, addressing common pain points in traditional distribution channels [67][68].

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]

Investment Rating - The investment rating for the company is "Accumulate" [6][13]. Core Insights - The company's global layout has been fully initiated, contributing incremental growth through project construction [2]. - In the first half of 2025, the company achieved a net profit attributable to shareholders of 352 million yuan, a year-on-year increase of 13.12%, and a non-net profit of 325 million yuan, up 13.17% year-on-year [13]. - The company is focusing on intelligent supply chain services and enhancing chemical product distribution services, leading to continuous revenue growth and improved overall profitability [13]. - The company has made several acquisitions and investments to strengthen its logistics capabilities and expand its global presence, including subsidiaries in the US, Singapore, Malaysia, Vietnam, Myanmar, and Thailand [13]. - The company maintains a dual-driven strategy of "Investment + Resources," aiming to enhance operational efficiency and resource allocation while controlling debt levels [13]. Financial Summary - The total revenue for 2023 is projected at 9,753 million yuan, with a year-on-year decrease of 15.7%, followed by a recovery in 2024 with a projected increase of 24.3% to 12,118 million yuan [4]. - The net profit attributable to shareholders is expected to be 431 million yuan in 2023, with a significant decline of 28.7%, but is projected to recover to 565 million yuan in 2024, reflecting a growth of 31% [4]. - The earnings per share (EPS) for 2025 is estimated at 4.22 yuan, with a price-to-earnings (PE) ratio of 17.45 [4][13]. - The company’s total assets are projected to grow from 11,124 million yuan in 2023 to 16,853 million yuan by 2027 [14]. Market Data - The target price for the company's stock is set at 71.74 yuan, with the current price at 62.38 yuan [6]. - The market capitalization is approximately 9,864 million yuan, with a 52-week price range of 41.73 to 62.40 yuan [7]. - The company has a net asset value per share of 28.62 yuan, with a price-to-book (P/B) ratio of 2.2 [8].

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]

Market Overview - On August 19, the logistics sector experienced a slight decline of 0.06% compared to the previous trading day, with Jiacheng International leading the drop [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Stock Performance - Notable gainers in the logistics sector included: - Pulutong (002769) with a closing price of 9.02, up 3.92% on a trading volume of 298,600 shares and a turnover of 267 million yuan - Chuanhua Zhili (002010) at 6.33, up 2.43% with a volume of 911,300 shares and a turnover of 577 million yuan - Hongchuan Wisdom (002930) at 12.45, up 2.38% with a volume of 128,100 shares and a turnover of 159 million yuan [1] - Conversely, Jiacheng International (603535) saw a significant decline of 4.00%, closing at 12.23 with a trading volume of 260,300 shares and a turnover of 318 million yuan [2] Capital Flow - The logistics sector experienced a net outflow of 192 million yuan from institutional investors and 139 million yuan from retail investors, while individual investors saw a net inflow of 331 million yuan [2] - Key stocks with notable capital flows included: - Shunfeng Holdings (002352) with a net inflow of 14.7 million yuan from institutional investors, but a net outflow of 82.7 million yuan from retail investors [3] - Pulutong (002769) had a net inflow of 17.5 million yuan from institutional investors, while retail investors saw a net outflow of 20.4 million yuan [3]