Summary of Key Points from Conference Call Records Industry or Company Involved - **Industries**: Rental, Express Delivery, Aviation, Chemical, Cobalt, Coal - **Companies**: China Shipbuilding Leasing, Bank of China Aviation Leasing, Jitu, Shentong, Zhongtong, Yunda, SF Express, Huaxia Airlines, China Shenhua, Huayi Chemical, Wanhua, Hualu, Yangnong, Satellite Chemical, New Chemical, Huayou Cobalt, Likin, Shengtun, Jiayou International Core Points and Arguments 1. **U.S. Labor Market Impact**: The U.S. labor market data has raised expectations for a 25 basis point rate cut in September, increasing the likelihood to 75%, which is favorable for leasing companies like China Shipbuilding Leasing and Bank of China Aviation Leasing [1][2] 2. **Express Delivery Industry**: The political bureau meeting focused on capacity governance rather than production governance, which is expected to accelerate the anti-involution in the express delivery industry. Price increases are anticipated in regions like Yiwu and Guangdong, with recommended companies including Jitu, Shentong, Zhongtong, Yunda, SF Express [1][4] 3. **Aviation Industry Challenges**: Despite efforts to combat market involution, the aviation industry faces skepticism regarding joint price increases due to high transparency of data. Recommended stocks include Huaxia Airlines and major A-share airlines [1][5] 4. **Chemical Industry Trends**: The chemical sector is experiencing a bottoming out, with PPI showing continuous negative growth. However, prices for certain chemicals like epoxy chloropropane and lithium carbonate are rising due to downstream replenishment [1][8][10] 5. **Cobalt Market Tightness**: The cobalt market is experiencing supply tightness, with prices expected to average 250,000 yuan/ton this year. Companies like Huayou Cobalt and Likin are recommended for investment [1][19][20] 6. **Coal Industry Developments**: China Shenhua's acquisition of National Energy Group assets is expected to enhance its strength and positively impact the coal sector. Current coal prices remain strong despite recent declines in stock performance [1][22][23] Other Important but Possibly Overlooked Content 1. **Chemical Industry Profitability**: The chemical industry saw a revenue growth of 1.4% in June 2025, but profit growth was negative at -9%, indicating a widening profit decline despite revenue increases [1][12] 2. **Market Sentiment in Chemical Sector**: The increase in Penghua Chemical ETF shares by 1.1 billion yuan indicates a growing market interest in the chemical sector, despite it being at a relative bottom compared to other cyclical sectors [1][13] 3. **Potential for Price Stabilization**: The possibility of production limits in the chemical sector could help stabilize prices, as seen in past successful interventions [1][16] 4. **Investment Opportunities in New Materials**: Companies like Dongcai Technology and Xinzhou Bang are highlighted as key players in the new materials sector, particularly in the high-performance resin supply chain [1][17] 5. **Gold and Silver Market Dynamics**: Recent trends show that while industrial metals have risen, precious metals like gold have not seen similar increases, suggesting potential investment opportunities in gold stocks [1][18]

Group 1: Stock Recommendations - The report recommends 10 stocks and 3 ETFs based on a top-down approach for August allocation [1] - Lu'an Huanneng is highlighted for its high spot coal ratio, significant earnings elasticity, and low PB valuation [1][8] - Huayou Cobalt benefits from integrated layout advantages, stable incremental profit from wet nickel production, and a significant decrease in cobalt imports in June [1][8] - Geely Automobile's privatization of Zeekr will enhance resource integration and decision-making efficiency, with an adjusted annual sales target of 3 million vehicles [2][8] - Cambrian is positioned to benefit from the increasing demand for AI chips and has plans for hardware and software platform development [2][8] - SMIC is advancing in domestic computing capabilities with improved yield rates and is expected to benefit from the semiconductor cycle [2][8] - North Navigation is a leader in the long-range fire industry, experiencing rapid demand recovery and implementing stock incentives [3][8] - Shengquan Group is a leading supplier in high-frequency resin, expected to see rapid growth due to PCB industry demand [3][8] - CITIC Securities is well-positioned in the financial sector with a solid market position and ample IPO reserves [3][8] - Jiao You International focuses on cross-border mineral logistics, particularly in Africa, ensuring efficient and secure transportation [3][8] - China Jinmao has made significant impairment provisions and is on track to meet its sales target [4][8] Group 2: ETF Recommendations - Recommended ETFs include Military Industry ETF, TMT ETF, and Chemical ETF, reflecting sectoral strengths [4][10] - The Military Industry ETF has a total net value of 171.45 billion yuan with a year-to-date growth rate of 14.33% [10] - The TMT ETF shows a year-to-date growth rate of 12.27% and a total net value of 5.02 billion yuan [10] - The Chemical ETF has a total net value of 33.81 billion yuan with a growth rate of 9.22% [10] Group 3: Financial Data Highlights - Lu'an Huanneng's EPS is projected to be 0.65 yuan in 2025, with a PE ratio of 23 [9] - Huayou Cobalt's EPS is expected to rise to 3.11 yuan in 2025, with a PE ratio of 15 [9] - Geely Automobile's EPS is forecasted at 1.61 yuan in 2025, maintaining a PE ratio of 11 [9] - Cambrian is projected to have an EPS of 3.04 yuan in 2025, with a high PE ratio of 234 [9] - SMIC's EPS is expected to reach 0.64 yuan in 2025, with a PE ratio of 144 [9] - North Navigation's EPS is projected at 0.17 yuan in 2025, with a PE ratio of 104 [9] - Shengquan Group's EPS is expected to be 1.53 yuan in 2025, with a PE ratio of 21 [9] - CITIC Securities is projected to have an EPS of 1.56 yuan in 2025, with a PE ratio of 19 [9] - Jiao You International's EPS is expected to be 1.49 yuan in 2025, with a PE ratio of 8 [9] - China Jinmao's EPS is projected at 0.12 yuan in 2025, with a PE ratio of 11 [9]

证券之星消息，7月29日物流板块较上一交易日下跌0.04%，音飞储存领跌。当日上证指数报收于 3609.71，上涨0.33%。深证成指报收于11289.41，上涨0.64%。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) | | --- | --- | --- | --- | --- | --- | | 002468 | 申通快递 | 14.64 | 3.68% | 80.13万 | 11.35 亿 | | 603871 | 嘉友国际 | 11.62 | 3.20% | 22.26万 | 2.53亿 | | 872351 | や米濃海 | 29.79 | 2.02% | 2.39万 | 7008.63万 | | 603056 | 德邦股份 | 16.15 | 1.19% | 18.94万 | 3.03亿 | | 601598 | 中国外运 | 5.41 | 1.12% | 22.91万 | 1.24亿 | | 603569 | 长久物流 | 7.98 | 0.50% | 5.85万 | 4632.38万 | | 600787 | 中储股份 | 6.01 ...

Group 1: Metal Sector - China Hongqiao's net profit forecast for 2024 is CNY 223.72 billion, with a PE ratio of 8.14[12] - Hualing Steel's net profit is projected to increase from CNY 20.32 billion in 2024 to CNY 28.54 billion in 2025, with a PE ratio of 19.72[12] - Xiamen Tungsten's net profit is expected to rise from CNY 17.28 billion in 2024 to CNY 21.01 billion in 2025, with a PE ratio of 22.97[12] Group 2: Construction and Transportation - Sichuan Road and Bridge's net profit is forecasted to grow from CNY 72.10 billion in 2024 to CNY 82.86 billion in 2025, with a PE ratio of 10.35[12] - YTO Express's net profit is expected to decrease from CNY 40.12 billion in 2024 to CNY 35.39 billion in 2025, with a PE ratio of 13.03[12] - China Merchants Highway's net profit is projected to be CNY 55 billion in 2025, with a PE ratio of 14.56[12] Group 3: Chemical and Energy Sector - Yara International's net profit is expected to rise from CNY 9.50 billion in 2024 to CNY 17.94 billion in 2025, with a PE ratio of 30.56[12] - Funiu Power's net profit forecast for 2025 is CNY 28.95 billion, with a PE ratio of 9.18[12] - Huajin's net profit is projected to recover to CNY 0.92 billion in 2025 after a loss of CNY 27.95 billion in 2024[12] Group 4: Strategic Metals and New Materials - Xiamen Tungsten's strategic metal segments are expected to contribute 79% to profits in 2024, with a focus on tungsten and rare earths[21] - Zhongcai Technology's special glass fiber is projected to see significant demand growth due to AI hardware requirements, with expected profits of CNY 0.2 billion in 2024[30] - The company anticipates a profit contribution from special glass fiber of CNY 7.2 billion by 2026[30]

Core Viewpoint - The company is expanding its futures hedging business to mitigate the risks associated with price volatility of Mongolian coking coal and other commodities, enhancing its financial stability and operational resilience [1][2][3]. Group 1: Adjustment Reasons and Trading Purpose - The company focuses on supply chain trading of Mongolian coking coal, which has experienced significant price fluctuations due to various factors such as supply and demand, costs, policies, and international markets [1][2]. - To further hedge against price volatility risks, the company is increasing the scale of its futures hedging business and raising the upper limit for futures trading [1][2]. Group 2: Adjusted Trading Amount - The maximum trading margin and premium for the futures hedging business is set to not exceed RMB 200 million or equivalent in other currencies [2][3]. - The maximum contract value held on any trading day is expected to not exceed RMB 1 billion or equivalent in other currencies [2][3]. Group 3: Funding Sources and Trading Methods - The funding for the futures hedging activities will come from the company's own funds, without involving raised capital [3]. - The trading methods include selling hedges on existing inventory, hedging fixed-price purchase and sales contracts, and hedging expected procurement or production volumes [3][4]. Group 4: Trading Duration and Approval Process - The authorization period for the futures hedging business is set for 12 months from the date of board approval [4]. - The adjustment of the futures hedging business was approved by the company's board without the need for shareholder meeting approval [2][4]. Group 5: Impact on the Company and Accounting Treatment - The futures hedging business is aligned with the company's operational needs and aims to mitigate adverse impacts from price fluctuations in bulk mineral products [4]. - The company will conduct accounting for the futures hedging business in accordance with relevant regulations from the Ministry of Finance [4].

证券代码：603871 证券简称：嘉友国际 公告编号：2025-032 嘉友国际物流股份有限公司 关于调整期货套期保值业务相关事项的公告 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。 重要内容提示： 调整原因及交易目的：公司以蒙古国主焦煤为核心开展供应链贸易业务， 由于主焦煤价格受供需、成本、政策及国际市场等多重因素影响，近年来呈现较 大波动性。为进一步对冲价格波动风险，基于审慎经营原则，公司扩大期货套期 保值业务规模，提高期货交易额度上限，以增强抗风险能力，保障经营稳定性， 提升财务稳健性。 交易品种：主焦煤、铜精矿等与公司日常经营相关的大宗商品。 本次调整后的交易金额：公司开展期货套期保值业务预计动用的交易保 证金和权利金上限不超过人民币 2 亿元或等值其他货币，预计任一交易日持有的 最高合约价值不超过人民币 10 亿元或等值其他货币。 本次调整履行的审议程序：第三届董事会第三十七次会议审议通过《关 于调整期货套期保值业务相关事项的议案》，本议案无需提交股东会审议。 特别风险提示：公司开展期货套期保值业务可能存在市场、资 ...

证券代码：603871 证券简称：嘉友国际 公告编号：2025-031 嘉友国际物流股份有限公司 第三届董事会第三十七次会议决议公告 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。 表决结果：通过。 具体内容详见公司同日在上海证券交易所网站披露的《关于调整期货套期保 值业务相关事项的公告》。 2、关于对外投资设立全资子公司的议案 表决情况：同意 7 票，反对 0 票，弃权 0 票。 表决结果：通过。 根据业务发展需要，公司投资 1,000 万美元在香港设立全资子公司嘉汇国际 有限公司（暂定名，以香港相关部门最终注册核准为准），从事国际矿能跨境多 式联运综合物流服务及供应链贸易业务。 一、董事会会议召开情况 嘉友国际物流股份有限公司（简称"公司"）第三届董事会第三十七次会议 于 2025 年 7 月 23 日以电子邮件、专人送出方式发出通知和资料，同日在公司会 议室以现场结合通讯方式紧急召开，应出席董事 7 人，实际出席董事 7 人。会议 由董事长韩景华先生召集和主持，公司监事和高级管理人员列席了会议。本次会 议的召开符合《公司 ...

Summary of Key Points from the Conference Call Company and Industry Overview - **Company**: 嘉友国际 (Jiayou International) - **Industry**: Coal and Logistics Core Insights and Arguments - Recent rebound in Mongolian coking coal spot prices by **20%** due to domestic safety and environmental regulations leading to reduced coal production, a **16%** decline in coking coal imports in Q2, and sustained high downstream procurement demand with weekly pig iron production stable above **2.4 million tons** [2][3] - Jiayou International's supply chain trading business benefits from rising coking coal prices due to a pricing time lag with upstream and downstream clients. Although long-term contract prices fell by **$7** in Q3, terminal sales prices continued to rise, indicating potential for significant improvement in profit per ton in Q3 [2][6] - Expected Q2 net profit for Jiayou International to decline by nearly **30%** year-on-year to **320 million yuan**, but showing improvement from Q1, indicating a potential bottom in performance [2][7] - Expansion plans include supply chain trading at the Ceke and Mandula ports, with expectations for growth in various African projects, including the Kasai project and the Zambia Sakanya project [2][8] Market Dynamics - Strong performance in the coking coal market attributed to: - Strict safety and environmental measures leading to reduced coal supply - Overall coking coal imports down **16%**, with Mongolian imports down **13%** - High downstream procurement demand, with stable pig iron production [5] - Positive policy developments and large-scale infrastructure investments boosting market expectations [5] Future Growth Predictions - Anticipated progress in multiple African projects over the next three years, including increased throughput at the Kasai project and the launch of the Zambia road project [4][10] - Expected improvement in supply chain trading profit margins and gross margins as coking coal prices stabilize and recover in the second half of **2025** [4][11] Cross-Border Logistics Development - Significant progress in cross-border logistics in Africa, managing over **1,000 vehicles** and establishing a network covering Southern Africa. Projected revenue growth of nearly **30%** and gross profit growth of nearly **50%** in the second half of **2024** [9] Dividend Policy and Shareholder Returns - Jiayou International increased its dividend payout ratio to **53.5%** last year, with a current dividend yield exceeding **4%**, indicating a favorable environment for long-term investors [12]

证券代码：603871 证券简称：嘉友国际 公告编号：2025-030 嘉友国际物流股份有限公司 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。 重要内容提示： 交易目的：公司以蒙古国主焦煤为核心开展供应链贸易业务。受供需关 系、成本因素、政策法规及国际市场等多重因素影响，主焦煤价格呈现较大波动 性。鉴于大宗矿产品价格与公司经营密切相关，为有效对冲价格波动风险，公司 开展期货套期保值业务，提高市场风险应对能力，保障公司经营稳定性，增强整 体财务稳健性。 交易品种：主焦煤、铜精矿等与公司日常经营相关的大宗商品。 交易工具：期货、期权等金融工具。 关于开展期货套期保值业务的公告 交易场所：境内外经监管机构批准、具有相关业务资质的金融机构。 交易金额：公司开展期货套期保值业务预计动用的交易保证金和权利金 上限不超过人民币 1 亿元或等值其他货币，预计任一交易日持有的最高合约价值 不超过人民币 5 亿元或等值其他货币。 已履行的审议程序：第三届董事会第三十六次会议审议通过《关于开展 期货套期保值业务的议案》，本议案无需提交股东会审议。 ...

国泰海通证券股份有限公司 关于嘉友国际物流股份有限公司 非公开发行股票募集资金投资项目结项并将节余募集资金 永久补充流动资金的核查意见 国泰海通证券股份有限公司（以下简称"保荐机构"）作为嘉友国际物流股份 有限公司（以下简称"公司"）2021 年度非公开发行股票的持续督导保荐机构，根 据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》《上海证券 交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范 运作》等有关规定，对公司非公开发行股票募集资金投资项目结项并将节余募集 资金永久补充流动资金的事项进行了审慎核查，核查情况及核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准嘉友国际物流股份有限公司非公开发 行股票的批复》（证监许可〔2021〕3708 号）核准，公司向特定对象非公开发行 人民币普通股股票 31,575,446 股，发行价格为 18.49 元/股，募集资金总额为人民 币 583,829,996.54 元，扣除保荐承销费及其他发行费用人民币 6,740,100.42 元（不 含增值税），募集资金净额为人民币 577,089,896.12 元，上述 ...