Investment Rating - The report maintains a "Positive" investment rating for the logistics industry [15] Core Insights - The logistics industry is expected to see two core trends in 2026: "Advantage Going Abroad" and "Ecosystem Restructuring," which will present significant investment opportunities. The restructuring of supply chains is anticipated to deepen, with the acceleration of Chinese industries going abroad, driving sustained demand in emerging markets. Concurrently, the domestic market's competitive order is being restructured, pushing the industry towards high-quality development [5][10][27]. Summary by Sections Cross-Border Logistics: Order Restructuring and New Opportunities - The transition from "goods going abroad" to "capital going abroad" is underway, with foreign investment becoming a core driver of logistics demand. The standardization and replicability of processes in bulk logistics and e-commerce express delivery present explosive demand potential [11][35]. E-commerce Express Delivery Going Abroad - Chinese e-commerce platforms are expanding overseas, particularly in Southeast Asia and Latin America, where the e-commerce penetration rates are significantly lower than in China. The report highlights that the average package volume in Southeast Asia is about 26 items per year, and in Latin America, it is approximately 11 items per year, indicating substantial growth potential [59][64]. Bulk Logistics Going Abroad - The report discusses the "infrastructure for resources" model, where bulk logistics follows Chinese mining companies into Africa. This approach is expected to drive high growth in local freight demand and rapid expansion of road assets [11][35]. Domestic E-commerce Express: Demand-Side Reform - The report notes that the previous low-price competition in the e-commerce ecosystem is being replaced by rational competition, which is expected to improve the industry landscape. Leading companies like Zhongtong Express and YTO Express are anticipated to see valuation recovery as the competitive order stabilizes [12][30]. Bulk Supply Chain: Bottoming Out and Price Recovery - The bulk supply chain industry is at a dual bottom in terms of "commodity prices" and "corporate profits," with signs of a cyclical turnaround. The report suggests that the easing of liquidity and the implementation of "anti-involution" policies will lead to improved profitability in the sector [13][30]. Investment Recommendations - The report prioritizes investment in: 1. Non-US cross-border logistics, benefiting from the expansion of Chinese industries into emerging markets, with key targets being Jitu Express and Jiayou International [10][30]. 2. Domestic e-commerce express delivery, with a focus on leading companies like Zhongtong Express and YTO Express, which are expected to see valuation adjustments [10][30]. 3. Bulk supply chains, with a recommendation to invest in companies like Xiamen Xiangyu and Xiamen Guomao, as the industry is poised for a cyclical recovery [10][30].

Investment Rating - The investment rating for the transportation industry is "Positive" and is maintained [15] Core Insights - The report provides a forward-looking analysis of the transportation industry for Q4 2025, highlighting improvements in passenger demand and operational efficiencies across various sub-sectors [2][6] Aviation - The aviation sector is expected to see marginal demand improvements, with significant reductions in losses anticipated for Q4 2025. Domestic business demand is stabilizing, and international flights continue to perform well despite short-term disruptions from flight cancellations [6][23] Airports - Domestic airport traffic is projected to increase, with international flights also climbing. Revenue is expected to improve as a result of rising passenger volumes and operational efficiencies [7][26] Express Delivery - The express delivery sector is experiencing a slowdown in growth but is improving profitability through price adjustments and a focus on high-value services. The net profit is expected to turn positive in Q4 2025 [8][29] Logistics - The logistics sector is stabilizing at the bottom of its performance cycle, with cross-border logistics showing signs of recovery. However, overall demand remains weak, leading to a slight decline in performance for major supply chain players [9][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different vessel types. While container shipping faces pressure on earnings, oil and bulk shipping are expected to see improvements due to increased demand and operational efficiencies [10][32] Ports - Port operations are expected to benefit from improved handling of bulk goods and stable container throughput, supported by easing trade tensions and increased exports to ASEAN and EU regions [11][38] Highways - The highway sector is projected to see limited growth, with stable profitability expected as truck traffic shows slight improvements compared to the previous year [12][40] Railways - The railway sector is experiencing a split in performance, with passenger transport growth accelerating while freight transport growth is slowing down. The focus on expanding non-coal business is expected to impact profitability negatively [13][42]

Core Viewpoint - The announcement details the completion of the first lock-up period for the 2024 employee stock ownership plan of Jiayou International Logistics Co., Ltd., indicating that the performance assessment criteria for unlocking shares have not been met [1][3]. Group 1: Employee Stock Ownership Plan Approval and Implementation - The 2024 employee stock ownership plan was approved during meetings held on July 29, 2024, and August 15, 2024, with a total of 35,047,591.72 shares allocated, corresponding to 3,068,966 shares, sourced from the company's repurchased shares [1][2]. - The shares were transferred to the employee stock ownership plan's account at a price of 11.42 yuan per share on December 17, 2024, with the plan's duration set for 60 months and shares to be unlocked in three phases [2]. Group 2: Performance Assessment and Results - The performance assessment for the first lock-up period includes both company-level and individual performance metrics, with the company-level performance assessment not meeting the required targets [3][4]. - The net profit for the year 2024 was reported at 1,276,417,070.88 yuan, with adjustments leading to a net profit of 1,294,677,636.77 yuan after excluding employee stock ownership plan costs, reflecting a growth rate of 24.63% compared to 2023 [4]. Group 3: Future Arrangements Post Lock-Up Period - Following the completion of the first lock-up period, the management committee will handle the shares in accordance with regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange [3].

证券代码：603871 证券简称：嘉友国际 公告编号：2025-056 嘉友国际物流股份有限公司 关于 2024 年员工持股计划第一个锁定期届满 暨解锁条件未成就的公告 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。 公司分别于 2024 年 7 月 29 日召开第三届董事会第二十五次会议、第三届监 事会第十九次会议、2024 年 8 月 15 日召开 2024 年第二次临时股东大会审议通 过《2024 年员工持股计划（草案）及其摘要》等相关议案，同意公司实施 2024 年员工持股计划（简称"本计划"），本计划份额总数为 35,047,591.72 份，对 应的股份数量为 3,068,966 股，股份来源为公司回购专用证券账户回购的股份。 本计划设立管理委员会，负责对本计划进行日常管理。具体内容详见公司分别于 2024 年 7 月 30 日、2024 年 8 月 16 日在上海证券交易所网站披露的相关公告。 （二）2024 年员工持股计划实施情况 2024 年 12 月 17 日，公司回购专用证券账户所持有的 3,068,96 ...

Group 1 - The third extraordinary general meeting of shareholders for Jiayou International Logistics Co., Ltd. was held on December 15, 2025, in Beijing [2] - 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, in compliance with the Company Law and the Articles of Association [2][3] - All seven current directors attended the meeting, along with the board secretary and all senior management personnel [3] Group 2 - A resolution was passed to provide guarantees for a wholly-owned subsidiary, which was approved by more than half of the valid voting shares held by attending shareholders [3] - The meeting was witnessed by Beijing Kangda Law Firm, with lawyers confirming that the convening and procedures of the meeting complied with legal and regulatory requirements [5]

Market Overview - The Shanghai Composite Index closed down 0.55% at 3867.92 points on December 15, with 76 stocks listed on the Dragon and Tiger List [1] Top Stocks and Investment Trends - The top stocks with significant net buying include: - Dongfang Risen: 20.02% increase with a net buy of 213 million [2] - Leike Defense: 10.03% increase with a net buy of 196 million [2] - Jinko Technology: 10.09% increase with a net buy of 85.44 million [2] - Antai Group: 10.07% increase with a net buy of 75.47 million [2] - Xue Ren Group: 10.02% increase with a net buy of 58.71 million [2] Investment by Major Funds - Quantitative trading saw a net buy of 519 million, with notable purchases in: - Letong Co.: 4.76% increase with a net buy of 8.58 million [2] - Jinying Co.: 9.96% increase with a net buy of 7.77 million [2] - Chen Xiaoqun's net buy reached 288 million, focusing on: - Solar Cable: 10.01% increase with a net buy of 160 million [2] - Chengdu-based funds had a net buy of 194 million, particularly in: - Happy Home: 19.98% increase with a net buy of 70.66 million [2] Trading Activity - The trading activity on the Dragon and Tiger List indicates a mix of buying and selling, with some stocks experiencing significant declines: - Zhongzhou Special Materials: -4.92% with a net sell of 36.04 million [4] - Xinhe Shares: -7.82% with a net sell of 1.98 million [4] - Major selling activities were noted in: - Xue Ren Group: 10.02% increase but a net sell of 44.91 million [4] - China Uranium Industry: 8.20% increase but a net sell of 105 million [4] Brokerage Activity - The top brokerage seats by net buying include: - Kaiyuan Securities: 54.73 million in net buying across multiple stocks [6] - Dongfang Securities: 27.65 million in net buying [6] - Guotai Junan Securities: 20.70 million in net buying [6]

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 2025 年第三次临时股东会的 法律意见书 康达股会字【2025】第 0525 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 2025 年第三次临时股东会（以下 简称"本次会议"）的相关事宜出具《北京市康达律师事务所关于嘉友国际物 流股份有限公司 2025 年第三次临时股东会的法律意见书》（以下简称"本 《 ...

证券代码：603871 证券简称：嘉友国际 公告编号：2025-055 嘉友国际物流股份有限公司 2025年第三次临时股东会决议公告 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。 重要内容提示： 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 12 月 15 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 | 300 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 664,660,678 | | 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 | 48.5859 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情 况等。 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《 ...

嘉友国际(603871)今日涨停，全天换手率2.00%，成交额3.85亿元，振幅6.11%。龙虎榜数据显示，机构 净买入3064.43万元，沪股通净买入742.75万元，营业部席位合计净买入1717.15万元。 上交所公开信息显示，当日该股因日涨幅偏离值达10.59%上榜，机构专用席位净买入3064.43万元，沪 股通净买入742.75万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.63亿元，其中，买入成交额为1.09亿 元，卖出成交额为5401.35万元，合计净买入5524.33万元。 具体来看，今日上榜的营业部中，共有4家机构专用席位现身，即买一、买四、卖二、卖四，合计买入 金额5294.02万元，卖出金额2229.59万元，合计净买入3064.43万元，沪股通为第二大买入营业部及第一 大卖出营业部，买入金额为2338.20万元，卖出金额为1595.45万元，合计净买入742.75万元。 嘉友国际12月15日交易公开信息 | 买/卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 机构专用 | 365 ...

证券之星消息，12月15日物流板块较上一交易日上涨0.34%，嘉友国际领涨。当日上证指数报收于 3867.92，下跌0.55%。深证成指报收于13112.09，下跌1.1%。物流板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日物流板块主力资金净流出2.58亿元，游资资金净流出130.98万元，散户资金净 流入2.59亿元。物流板块个股资金流向见下表： ...