Group 1: Aviation Sector - The aviation sector is expected to see strong demand during the summer peak season, with a recommendation to focus on pre-peak investment opportunities. The industry has gradually emerged from the low-demand season since March, with rational pricing strategies from airlines supporting demand [3][12]. - In 2024, the total revenue of six listed airlines is projected to reach 521.8 billion yuan, a year-on-year increase of 14%, with a tax pre-profit of 3 billion yuan, a significant recovery from a loss of 9 billion yuan in 2023. Different airlines show varying degrees of profit improvement [10][12]. - The report highlights that the international oil price decline will significantly enhance airline profits. A 5% drop in Brent crude oil prices could increase the pre-tax profits of major airlines by 29 billion yuan for Air China and 23 billion yuan for Eastern Airlines [14][15]. Group 2: Express Delivery Sector - The express delivery sector is anticipated to maintain strong growth resilience, with business volumes expected to increase by 21.5% in 2024 and 21.6% in Q1 2025. The total business volume for 2024 is projected to reach 1.758 billion pieces [32][35]. - The market concentration in the express delivery industry is on the rise, with the CR8 index expected to reach 85.2% in 2024 and 86.9% in Q1 2025, indicating a more consolidated market [32][35]. - Revenue for the express delivery industry is forecasted to grow by 13.8% in 2024, reaching 1.4 trillion yuan, with a slight pressure on average ticket prices, which are expected to decline by 14.2% [35][36]. Group 3: Dividend and Asset Value - The report emphasizes the value of dividend assets in the transportation sector, with cash dividend ratios for highways, railways, and ports projected at 51%, 47%, and 36% respectively for 2024, indicating strong cash flow stability [44][45]. - The TTM dividend yields for these sectors are expected to be 3.0% for highways, 3.3% for railways, and 2.3% for ports, reflecting a stable increase compared to previous years [44][45]. Group 4: Shipping Sector - The shipping sector faces short-term pressure due to US-China tariff disputes, but structural opportunities may arise. The report suggests that the tariff situation could lead to a shift in import demands, particularly for agricultural products, which may benefit dry bulk shipping [48][56]. - Historical data indicates that previous trade disputes have led to increased shipping rates for certain routes, suggesting potential for similar outcomes in the current context [48][56].

Group 1 - The report highlights the steady growth in highway traffic volume, with a focus on the valuation recovery of H-shares and the systemic revaluation of A-shares, recommending specific stocks such as Zhejiang Huhangyong, Wantong Expressway, and Ninghu Expressway [3][4][32] - The railway passenger transport sector is experiencing structural changes in customer demographics, leading to a stable growth outlook, with a shift in valuation logic from PE to DCF and EV/EBITDA [3][4][56] - The railway freight sector is benefiting from the transformation of logistics and adjustments in railway freight pricing policies, with steady growth in freight volume and turnover, although the growth rate remains low [3][4][75] Group 2 - The logistics industry is being empowered by AI, which enhances traffic efficiency through the integration of traffic data models and optimization algorithms, allowing leading companies to expand their market share [3][4][105] - The report notes that the number of vehicles in China has reached 353 million by 2024, reflecting a year-on-year growth of 10.31%, indicating a robust demand for transportation services [5][11] - The report discusses the ongoing digital transformation in the railway sector, aiming for comprehensive digitization and intelligent upgrades by 2027, which will enhance operational efficiency [107][108]

证券代码：603871 证券简称：嘉友国际 公告编号：2025-022 嘉友国际物流股份有限公司 2024年年度权益分派实施公告 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。 2、分派对象： 重要内容提示： A 股每股现金红利0.4元 每股转增股份0.4股 相关日期 | 股份 | 股权登记日 | 最后交 | 除权（息）日 | 新增无限售条件 | 现金红利发 | | --- | --- | --- | --- | --- | --- | | 类别 | | 易日 | | 流通股份上市日 | 放日 | | Ａ股 | 2025/6/18 | － | 2025/6/19 | 2025/6/19 | 2025/6/19 | 差异化分红送转：否 一、通过分配、转增股本方案的股东会届次和日期 本次利润分配及转增股本方案经公司2025 年 5 月 22 日的2024年年度股东会审 议通过。 二、分配、转增股本方案 1、发放年度：2024年年度 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结 ...

Core Points - The legal opinion letter regarding the 2024 annual general meeting of JIAYOU International Logistics Co., Ltd. was issued by Kangda Law Firm [2][3] - The meeting was convened and held in accordance with relevant laws and regulations, including the Company Law and the Articles of Association of the company [3][16] - A total of 350 shareholders and their proxies attended the meeting, representing 455,860,176 shares, which is 46.6520% of the total voting shares [6][7] Meeting Procedures - The meeting was called based on a resolution from the company's board of directors on April 24, 2025 [6] - The meeting utilized a combination of on-site and online voting, with the on-site meeting held on May 22, 2025 [6][9] - The online voting was conducted through the Shanghai Stock Exchange trading system during specified hours on the day of the meeting [6][9] Voting Results - The voting results showed that 455,559,949 shares were in favor of the proposals, accounting for 99.9341% of the votes cast [11] - A total of 155,327 shares were against the proposals, representing 0.0340% of the votes [11] - The meeting's voting process and results were confirmed to comply with legal and regulatory requirements [16]

Meeting Details - The shareholders' meeting of Jiayou International Logistics Co., Ltd. was held on May 22, 2025, in Beijing [1] - The meeting was convened by the board of directors and chaired by Chairman Han Jinghua, utilizing a combination of on-site and online voting methods [1] Voting Results - All non-cumulative voting proposals were approved with significant support from shareholders, including: - Proposal 1: 99.9341% approval from A-shareholders [1] - Proposal 2: 99.9333% approval from A-shareholders [1] - Proposal 3: 99.9237% approval from A-shareholders [1] - Proposal 4: 99.9301% approval from A-shareholders [2] - Proposal 5: 99.9209% approval from A-shareholders [2] - Proposal 6: 99.9199% approval from A-shareholders [2] - Proposal 7: 99.9063% approval from A-shareholders [2] Legal Compliance - The meeting's procedures, including the qualifications of conveners and attendees, voting procedures, and results, were confirmed to comply with the Company Law and other relevant regulations [3]

证券代码：603871 证券简称：嘉友国际 公告编号：2025-021 嘉友国际物流股份有限公司 2024年年度股东会决议公告 本次会议是否有否决议案：无 一、会议召开和出席情况 (一) 股东会召开的时间：2025 年 5 月 22 日 (二) 股东会召开的地点：北京市石景山区城通街 26 号院 2 号楼 24 层公司 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 350 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 455,860,176 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数 | 46.6520 | | 的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况 等。 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： 本次会议由公司董事会召集，董事长韩景华先生主持，采用现场投票和网络 投票相结合的表决方式，符合《公司法》及《公司章程》的 ...

关于本《法律意见书》，本所及本所律师谨作如下声明： 1．在本《法律意见书》中，本所及本所律师仅就本次会议的召集和召 北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所 关于嘉友国际物流股份有限公司 2024 年年度股东会的法律意见书 康达股会字【2025】第 0263 号 致：嘉友国际物流股份有限公司 北京市康达律师事务所（以下简称"本所"）接受嘉友国际物流股份有限 公司（以下简称"公司"）的委托，就公司 2024 年年度股东会（以下简称"本 次会议"）的相关事宜出具《北京市康达 ...

Group 1 - The company will hold a performance briefing for the fiscal year 2024 and the first quarter of 2025 on May 28, 2025, from 14:00 to 15:00 [2][3] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][3] - Key participants in the briefing will include the company's president, independent directors, and the financial director [2] Group 2 - Investors can submit questions for the briefing from May 21, 2025, to May 27, 2025, via the Shanghai Stock Exchange Roadshow Center website or through the company's email [3] - The company will address commonly asked questions during the briefing [2][3] - After the briefing, investors can access the main content and details of the event on the Shanghai Stock Exchange Roadshow Center [3]

证券代码：603871 证券简称：嘉友国际 公告编号：2025-020 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。 嘉友国际物流股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 21 日（星期三）至 2025 年 5 月 27 日（星期二） 16：00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jy_board@jyinternational.com 进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 嘉友国际物流股份有限公司（简称"公司"）已于 2025 年 4 月 25 日披露公 司 2024 年年度报告、2025 年第一季度报告，为便于广大投资者更全面深入地了 解公司 2024 年度、2025 年第一季度经营成果、财务状况，公司计划于 2025 年 5 月 28 日（星期三）14:00-15:00 举行 2024 年度 ...

嘉友国际物流股份有限公司 2024 年年度股东会会议资料 2025 年 5 月 22 日 2024 年年度股东会会议资料 五、本次股东会共审议 8 项议案，均为普通决议议案，须经出席会议的股东 （包括股东代理人）所持表决权的过半数通过。 | 目录 | | --- | | 2024 年年度股东会须知 | 2 | | --- | --- | | 2024 年年度股东会议程 | 3 | | 议案一：《2024 | 年度董事会工作报告》 5 | | 议案二：《2024 | 年度监事会工作报告》 10 | | 议案三：《2024 | 年度财务决算报告》 13 | | 议案四：《2024 | 年年度报告》及其摘要 16 | | 议案五：2024 | 年年度利润分配及资本公积金转增股本方案 17 | | 议案六：关于续聘 | 2025 年度审计机构的议案 18 | | 议案七：董事、监事及高级管理人员 | 2025 年度薪酬预案 19 | | 议案八：关于预计 | 2025 年度日常关联交易金额的议案 20 | | 听取《2024 | 年度独立董事述职报告》 21 | 1 2024 年年度股东会会议资料 2024 年年度股 ...