Investment Rating - The industry investment rating is "Outperform the Market" [3][44] Core Viewpoints - Supply chain logistics companies are leveraging their substantial transaction volumes to create a second growth curve through monetization of flow, extending their business from "logistics - trade - manufacturing" [5][18] - New business segments are experiencing high growth, with significant increases in profit margins. For instance, from 2018 to 2024, the annualized gross profit growth rate for Manufacturing at Wuchan Zhongda is 22%, while for Milky Way's distribution, it is 21% [6][19] - The potential for a "Davis Double" exists, where high growth in new business profits and rising profit shares could drive overall profit growth for companies, alongside a rebound in commodity prices and improved market sentiment [7][30] Summary by Sections 1.1 Transaction Volume and Growth - Supply chain companies handle substantial transaction volumes, but revenue growth in logistics or manufacturing is slowing, necessitating new growth points [10][12] - The revenue growth rates for various companies from 2018 to 2024 show a mix of positive and negative trends, indicating a need for strategic shifts [11] 1.2 Monetization Logic - The monetization logic follows a "logistics - trade - manufacturing" model, with companies like Wuchan Zhongda and Milky Way focusing on enhancing their manufacturing and distribution capabilities [13][15] 2.1 Flow Monetization and New Business Growth - Flow monetization is driving high growth in new business revenues and gross profits, with expectations for continued growth in the future [16][18] 2.2 Wuchan Zhongda: High Growth in Manufacturing - Wuchan Zhongda's high-end manufacturing business has seen a 26% annualized revenue and gross profit growth from 2016 to 2024, with a 28% year-on-year gross profit increase in the first half of 2025 [21][23] 2.3 Profit Growth Center Rising - The rising share of gross profits from new business segments for companies like Wuchan Zhongda and Milky Way indicates an upward trend in overall profit growth [27][29] 3.1 Supply Chain Profit Recovery - Supply chain profit growth is correlated with commodity prices, which are currently at a historical low, suggesting potential for recovery as commodity prices rise [31][33] 3.2 Valuation Upside - Domestic supply chain companies' PE and PB ratios are approaching those of Japanese trading companies, with expectations for higher valuations due to faster projected profit growth from 2024 to 2027 [34][36]

Summary of 嘉友国际 Conference Call Company Overview - 嘉友国际 is involved in the coal supply chain and logistics, with a focus on coal trading and transportation services. The company has a target trade volume of 6-7 million tons for the year, up from 5.5 million tons last year [2][4]. Key Points Industry and Market Dynamics - The company expects to return to profitability starting from Q3, benefiting from a decrease in coking coal prices and a stable domestic demand for coal during the economic recovery phase [2][3]. - The logistics profit is relatively stable, with a gross profit of over 50 RMB per ton for full-service logistics and around 35 RMB for partial services [2][6]. Financial Performance - The company achieved a trading volume of 1.7 million tons in Q2, with a significant increase in expected annual trading volume [4]. - If the company achieves its target of 7 million tons, logistics could contribute approximately 350 million RMB in profit [6]. - The overall profit expectation for the year is around 1.2 billion RMB, with contributions from both Mongolia and Africa [12][18]. Growth Opportunities - The company has secured long-term contracts totaling 7.5 million tons, providing a stable foundation for future growth [2][5]. - The African land port business has seen a growth rate of 40%, with expected profits of 330-350 million RMB this year, up from 270 million RMB last year [9]. - The company is expanding its operations in Africa, with projects in Zambia and Tanzania, which are expected to enhance profitability significantly [10][11][15]. Strategic Initiatives - 嘉友国际 plans to introduce advanced logistics models from China to Africa, optimizing resource allocation and improving operational efficiency [10][16]. - The company is also involved in significant infrastructure projects, such as the upgrade of the TAZARA railway, which will facilitate mineral transportation [15]. Future Outlook - The company anticipates a stable demand for coking coal in China, with a positive outlook on pricing and demand during the economic recovery [7][17]. - The potential for profit in Africa is substantial, with projections indicating that overall profits could reach 1.5 billion RMB as projects mature [16]. - The company is expected to maintain a growth trajectory, with a projected market valuation of over 28 billion RMB based on a 20x P/E ratio, compared to its current valuation of 20 billion RMB [19]. Risks and Considerations - The company acknowledges that while coal prices have decreased, operational costs have also declined, which may limit profit margins compared to previous high price levels [17][18]. - The reliance on logistics profits rather than coal price fluctuations is a strategic shift that may mitigate risks associated with market volatility [18]. This summary encapsulates the key insights from the conference call, highlighting 嘉友国际's strategic positioning, financial expectations, and growth potential in both the coal and logistics sectors.

Market Overview - On September 25, the logistics sector declined by 0.71% compared to the previous trading day, with Huapengfei leading the decline [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Individual Stock Performance - China National Foreign Trade (601598) saw a closing price of 7.80, with a significant increase of 7.44% and a trading volume of 692,900 shares, amounting to 524 million yuan [1] - Huapengfei (300350) closed at 6.76, down 5.59%, with a trading volume of 702,900 shares and a turnover of 479 million yuan [2] - Other notable stocks include Zhejiang Merchants Zhongtuo (000906) with a slight increase of 0.66% and a closing price of 6.06, and ST Guangwu (600603) which decreased by 0.35% to 8.65 [1][2] Capital Flow Analysis - The logistics sector experienced a net outflow of 434 million yuan from institutional investors, while retail investors saw a net inflow of 297 million yuan [2] - Major stocks like China National Foreign Trade had a net inflow of 43.04 million yuan from institutional investors, but a net outflow from retail investors of 33.37 million yuan [3] - Other stocks such as Jiayou International (603871) and Milkewei (603713) also showed mixed capital flows, with Jiayou International experiencing a net inflow of 9.51 million yuan from institutional investors [3]

Core Viewpoint - Jiayou International's stock rose by 5.01% on September 23, reaching a price of 14.04 CNY per share, with a trading volume of 261 million CNY and a turnover rate of 1.41%, resulting in a total market capitalization of 19.207 billion CNY [1] Company Overview - Jiayou International Logistics Co., Ltd. is located in Shijingshan District, Beijing, and was established on June 22, 2005, with its listing date on February 6, 2018 [1] - The company's main business includes cross-border multimodal transport, bulk mineral product logistics, and smart warehousing, providing comprehensive logistics services and supply chain trade services [1] - The revenue composition of the main business is as follows: supply chain trade services 62.06%, cross-border multimodal transport services 29.83%, land port project services 7.57%, PPP project contracts 0.53%, and others 0.02% [1] Shareholder Information - Among the top ten circulating shareholders of Jiayou International, a fund under China Europe Fund holds a significant position. The China Europe Times Pioneer Stock A (001938) increased its holdings by 5.6 million shares in the second quarter, totaling 10.6001 million shares, which accounts for 0.77% of the circulating shares [2] - The estimated floating profit for today is approximately 7.102 million CNY [2] - The China Europe Times Pioneer Stock A (001938) was established on November 3, 2015, with a latest scale of 8.986 billion CNY. Year-to-date returns are 41.4%, ranking 1006 out of 4220 in its category; the one-year return is 54.3%, ranking 1830 out of 3814; and since inception, the return is 320.1% [2]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [13] Core Insights - The transportation industry is expected to see improvements in profitability across various sub-sectors in Q3 2025, driven by domestic demand recovery and resilient international demand [2][6][7][8][9][10][11][12] Summary by Sub-Sector Aviation - The aviation sector is experiencing subdued demand but is benefiting from reduced costs, leading to an overall improvement in profitability for Q3 2025. The international flight recovery remains strong, and oil prices have significantly decreased [6][19][24] Airports - Domestic airport traffic is recovering, with international flights also increasing. Revenue is expected to improve steadily, with key airports benefiting from both domestic and international demand growth [2][6][24][26] Express Delivery - The "anti-involution" policy is driving price increases in the express delivery sector, leading to improved profitability for e-commerce deliveries. However, operational costs are temporarily pressuring profit margins [2][6][28][30] Logistics - The logistics sector is stabilizing, with major players expected to see profit growth due to improved supply chain performance and resilient cross-border logistics profitability [2][6][7][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different shipping types. While container shipping faces challenges, oil tanker profits are improving due to favorable market conditions [2][6][8][33][37] Ports - Port operations are expected to see improved profitability in bulk cargo handling, while container throughput remains resilient despite external pressures [2][6][9][39] Highways - Highway traffic is relatively stable, with a slight increase in profitability anticipated for Q3 2025, supported by steady freight and passenger traffic [2][10][41] Railways - Railway passenger and freight volumes are showing mixed trends, with a focus on opportunities arising from high-speed rail transformations. Overall, passenger transport is expected to grow, while freight transport is improving [2][11][43][44]

Core Viewpoint - 嘉友国际's stock price increased by 5.11% to 13.17 CNY per share, with a trading volume of 178 million CNY and a market capitalization of 18.017 billion CNY as of September 18 [1] Company Overview - 嘉友国际物流股份有限公司 is located in Beijing and was established on June 22, 2005, with its listing date on February 6, 2018 [1] - The company specializes in cross-border multimodal transport, bulk mineral product logistics, intelligent warehousing, and comprehensive logistics services [1] - Revenue composition: Supply chain trade services (62.06%), cross-border multimodal transport services (29.83%), land port project services (7.57%), PPP project contracts (0.53%), and others (0.02%) [1] Shareholder Insights - 景顺长城基金's 景盛双息收益债券 A class fund increased its holdings in 嘉友国际 by 3.4726 million shares, totaling 8.6211 million shares, representing 0.63% of the circulating shares [2] - The estimated floating profit from this investment is approximately 5.5175 million CNY [2] - The fund has a total size of 10.557 billion CNY and has achieved a year-to-date return of 7.06% [2] Fund Manager Performance - The fund managers of 景顺长城景盛双息收益债券 A class include 李怡文, 邹立虎, and 李曾卓卓, with varying tenures and performance records [3] - 李怡文 has a tenure of 15 years and a best fund return of 84.05% [3] - 邹立虎 has a tenure of 8 years with a best fund return of 62.99% [3] - 李曾卓卓 has a tenure of 3 years with a best fund return of 21.1% [3] Fund Holdings - 景顺长城价值驱动一年持有期灵活配置混合 fund holds 969,400 shares of 嘉友国际, accounting for 3.2% of the fund's net value [4] - The estimated floating profit from this position is around 620,400 CNY [4] - The fund has a total size of 325 million CNY and has achieved a year-to-date return of 18.45% [4]

Core Viewpoint - 嘉友国际's stock price has shown fluctuations with a recent increase, while the company faces a decline in revenue and profit year-on-year [1][2]. Financial Performance - As of June 30, 嘉友国际 reported a revenue of 40.84 billion, a year-on-year decrease of 11.99% [2]. - The net profit attributable to shareholders was 5.61 billion, reflecting a year-on-year decrease of 26.15% [2]. - The company has distributed a total of 19.10 billion in dividends since its A-share listing, with 12.79 billion distributed over the last three years [3]. Stock Market Activity - On September 18, 嘉友国际's stock price rose by 2.08% to 12.79 yuan per share, with a trading volume of 51.91 million and a turnover rate of 0.30% [1]. - The total market capitalization of 嘉友国际 is 174.97 billion [1]. - Year-to-date, the stock price has decreased by 5.51%, but it has increased by 1.83% over the last five trading days, 11.12% over the last 20 days, and 30.11% over the last 60 days [1]. Shareholder Information - As of June 30, 嘉友国际 had 33,800 shareholders, an increase of 20.77% from the previous period [2]. - The average number of circulating shares per shareholder is 40,507, which is an increase of 15.93% [2]. - Notable institutional shareholders include 中欧时代先锋股票A and 景顺长城景盛双息收益债券A类, both of which increased their holdings [3].

Core Viewpoint - The announcement details the election of employee representative director Tang Shilun to the fourth board of directors of Jiayou International Logistics Co., Ltd., and outlines the resolutions passed during the recent shareholder meetings and board meetings [1][3][9]. Group 1: Election of Directors - Tang Shilun was elected as the employee representative director during the first employee representative meeting held on September 15, 2025 [1]. - The newly elected employee representative director will serve a term consistent with the fourth board of directors [1]. - The board of directors now includes both shareholder-elected directors and employee representative directors [1]. Group 2: Shareholder Meeting Resolutions - The second temporary shareholder meeting was held on September 15, 2025, with all resolutions passed without any objections [4][6]. - Resolutions included changes to registered capital, amendments to the company’s articles of association, and the decision to abolish the supervisory board [6][12]. Group 3: Board Meeting Resolutions - The first meeting of the fourth board of directors took place on September 15, 2025, with all seven directors present [12]. - Resolutions included the election of Han Jinghua as the chairman of the board, the appointment of Meng Lian as the president, and the appointment of several vice presidents and a financial director [15][19][22][26]. - The board established four specialized committees: the Strategy Committee, Audit Committee, Nomination Committee, and Compensation and Assessment Committee [17]. Group 4: Management Team - The management team includes experienced professionals with backgrounds in logistics and mining, such as Meng Lian, who has served in various leadership roles within the company [33][36]. - The team is structured to ensure effective governance and operational efficiency, with a focus on strategic growth and compliance with regulations [31][38].

嘉友国际物流股份有限公司 独立董事工作制度 （2025 年修订） 第一章 总则 第一条 为完善嘉友国际物流股份有限公司（简称"公司"）的治理结构，充 分发挥独立董事在公司治理中的作用，明确独立董事的工作职责，根据《中华人 民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》《上市公司独 立董事管理办法》《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》和公司章程等有关规定，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主 要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独 立客观判断关系的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位或 者个人的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律法 规和公司章程的规定，认真履行职责，在董事会中发挥参与决策、监督制衡、专 业咨询作用，维护公司整体利益，保护中小股东合法权益。 第六条 董事会下设审计委员会、提名委员会、薪酬与考核委员会、战略委 员会，其中审计委员会、提名委员会、薪酬与考核委员会中独立董事应当过半数 并 ...

嘉友国际物流股份有限公司 股东会议事规则 （2025 年修订） 第一章 总则 第一条 为规范嘉友国际物流股份有限公司（简称"公司"）行为，保证股东 会依法行使职权，根据《中华人民共和国公司法》（简称"《公司法》"）、《中华 人民共和国证券法》（简称"《证券法》"）、《上市公司章程指引》《上市公司股东 会规则》和公司章程的规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、本规则及公司章程的相关规定 召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第四条 股东会应当在《公司法》和公司章程规定的范围内行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开，出现《公 司法》第一百一十三条规定的应当召开临时股东会的情形时，临时股东会应当在 2 个月内召开。 公司在上述期限内不能召开股东会的，应当报告公司所在地中国证券监督管 理委员会（简称"中国证监会"）派 ...