Investment Rating - The report maintains an "Outperform" rating for the transportation industry [1][4][7]. Core Views - The report highlights the impact of US-China tariffs on shipping patterns, suggesting a focus on domestic demand and high-dividend sectors [1][3]. - The oil shipping market remains strong, but VLCC rates have declined due to tariff uncertainties, with potential recovery if US-China negotiations succeed [1][21]. - The air travel market is expected to stabilize in 2025, with domestic airlines showing signs of recovery in profitability [2][45]. - The express delivery sector shows resilience, with major players like SF Express and ZTO Express expected to maintain growth despite competitive pressures [3][55][59]. Summary by Sections Shipping Sector - Oil shipping rates have shown fluctuations, with VLCC rates impacted by tariff policies and global economic uncertainties [1][21]. - The report recommends companies like COSCO Shipping Energy and China Merchants Energy for their potential value amidst market volatility [1][25]. Aviation Sector - Domestic passenger flight volumes are stabilizing, with a year-on-year increase expected in 2025 [2][45]. - Major airlines like Air China and China Southern Airlines are projected to recover profitability as supply-demand gaps narrow [2][45]. Express Delivery Sector - The express delivery market is experiencing strong growth, particularly in Southeast Asia and China, with companies like SF Express and ZTO Express leading the way [3][55][59]. - The report emphasizes the importance of monitoring pricing trends in the express delivery sector due to competitive dynamics [3][59]. Investment Recommendations - The report suggests focusing on companies with stable operations and potential for steady returns, including SF Express, ZTO Express, and major airlines [3][2][45].

Company Overview - Jiayou International Logistics Co., Ltd. was established in June 2005 and is a leading logistics company in China that pioneered cross-border multimodal transport [1] - The company successfully listed on the Shanghai Stock Exchange A-share main board in 2018 under the stock code 603871 [1] - Jiayou International is recognized as an international, sustainable, and profit-stable logistics enterprise [1] Recent Performance - Jiayou International has experienced a continuous decline in stock price, with a cumulative drop of -9.66% over nine consecutive trading days as of March 31 [1] - The fund "Fuguo Tianhui Growth Mixed (LOF) A" under Fuguo Fund is among the top ten shareholders of Jiayou International and reduced its holdings in the last quarter of the previous year [1] - The fund has achieved a year-to-date return of 3.94%, ranking 2446 out of 4593 in its category [1] Fund Management - The fund manager of Fuguo Tianhui Growth Mixed (LOF) A is Zhu Shaoxing, who has a Ph.D. and holds a fund practitioner qualification [2][3] - Zhu Shaoxing has been with Fuguo Fund since June 2000 and has held various positions, including analyst and fund manager [2][3] - Fuguo Fund Management Co., Ltd. was established in April 1999 and has four shareholders, with Shenyin Wanguo Securities Co., Ltd. and Haitong Securities Co., Ltd. each holding 27.77% [3]

Group 1 - Jiahua International has experienced a continuous decline for 8 trading days, with a cumulative drop of -6.34% [1] - Jiahua International Logistics Co., Ltd. was established in June 2005 and is a leading logistics company in China that pioneered cross-border multimodal transport [1] - The company successfully listed on the Shanghai Stock Exchange A-share main board in 2018, with stock code 603871 [1] Group 2 - The fund manager of the Fuguo Tianhui Growth Mixed Fund (LOF) A is Zhu Shaoxing, who has a PhD and has been with Fuguo Fund Management Co., Ltd. since June 2000 [2][3] - Zhu Shaoxing has held various positions within Fuguo Fund, including analyst, product development supervisor, and general manager of the research department [2][3] - The Fuguo Tianhui Growth Mixed Fund (LOF) A reduced its holdings in Jiahua International in the fourth quarter of last year [1] Group 3 - Fuguo Fund Management Co., Ltd. was established in April 1999 and has four shareholders, with Shenyin Wanguo Securities Co., Ltd. holding 27.77% [3] - The total assets under management by Zhu Shaoxing amount to 256.59 billion yuan, with a return of 1475.19% during his tenure [3] - The Fuguo Tianhui Growth Mixed Fund (LOF) A has achieved a return of 3.94% this year, ranking 2025 out of 3764 in its category [1]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [1] Core Insights - The report highlights that U.S. sanctions against Iran are intensifying, and OPEC has reached a consensus to increase production, indicating upward potential for the oil tanker sector [2][7] - The express delivery business volume has shown significant year-on-year growth, with a reported increase of 21.5% in 2024 [3] Summary by Sections Weekly Focus - The U.S. government has announced additional sanctions against Iran, targeting several individuals, entities, and vessels involved in Iranian oil exports, including 10 VLCC supertankers, which constitutes about 20% of the global tanker fleet [7] - OPEC has agreed to gradually increase production starting April, aiming to release 2.2 million barrels per day [7] Industry Data Tracking (2025.03.09 – 03.15) Aviation Data - Domestic flight volume for the week was 84,029 flights, averaging 12,004 flights per day, a slight decrease of 0.10% week-on-week and 0.50% year-on-year [10] - Domestic passenger volume reached 11.43 million, a 0.05% increase week-on-week and a 2.12% increase year-on-year [11] - The average domestic ticket price decreased by 3.49% week-on-week and 6.31% year-on-year [11] Express Delivery Data - For the week of March 3-9, the average daily collection volume was approximately 555 million pieces, a 3.99% increase from the previous week [17] - Year-to-date, the average daily collection volume is about 495 million pieces, reflecting a 36.00% increase year-on-year [17] - In 2024, the express delivery business volume increased by 21.5% year-on-year, with revenue up by 13.8% [3] Shipping Data - The BDI index for dry bulk shipping was reported at 1,517 points, a 20% increase week-on-week [48] - The VLCC-TCE rate was $38,329 per day, a 3% decrease week-on-week [49] Recent Key Reports - The report recommends focusing on companies such as COSCO Shipping Energy, Shandong Highway, and China Eastern Airlines, among others, as part of the investment strategy [4]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights that the recent decline in oil prices is expected to elevate the profit margins for the aviation sector, with Brent oil prices dropping below $70 per barrel and WTI prices below $67 per barrel [8] - The report suggests that if oil prices remain low, it could lead to cost savings of approximately 4-5 billion yuan for major airlines, equivalent to a ticket price reduction of about 3%-4% [8] - The report emphasizes the importance of monitoring supply-demand dynamics and macroeconomic conditions to ensure that the benefits of lower oil prices translate into profits for the airlines [13] Summary by Sections Weekly Focus - The focus of the week is on the accelerated decline in oil prices, which is expected to enhance the profit margins for the aviation industry [6] Industry Data Tracking (2025.03.02 - 03.08) Aviation High-Frequency Data Tracking - Domestic flight volume for the period was 81,367 flights, with a daily average of 11,624 flights, down 10.07% week-on-week and 7.47% year-on-year [10] - Domestic passenger volume reached 11.0615 million, down 12.05% week-on-week and 4.17% year-on-year [11] - The average full ticket price decreased by 4.76% week-on-week and 3.39% year-on-year [11] - The domestic passenger load factor was 83.18%, an increase of 3.73 percentage points year-on-year [12] - International passenger volume reached 1.315 million, down 5.27% week-on-week but up 26.01% year-on-year [14] Express Delivery High-Frequency Data Tracking - For the week of February 24 to March 2, the average daily express delivery volume was approximately 534 million pieces, with a delivery volume of about 541 million pieces, showing a slight decrease of 0.56% and an increase of 0.05% respectively compared to the previous week [19] - Year-to-date (January 1 to March 2), the average daily express delivery volume was approximately 488 million pieces, up 37.41% year-on-year [20] Shipping High-Frequency Data Tracking - The BDI index for the international dry bulk market was 1,263 points, up 17% week-on-week [51] - The CCFI index for the international container shipping market decreased by 3% week-on-week, while the SCFI index fell by 5% [51] - The VLCC-TCE rate for oil shipping was $39,359 per day, down 1% week-on-week [52] Recent Key Reports - The report includes a recommended investment portfolio consisting of companies such as COSCO Shipping Energy, Shandong Hi-Speed, and China Eastern Airlines, among others [5]

Summary of the Conference Call for 嘉友国际 Company Overview - 嘉友国际 is involved in the coal business in Mongolia, focusing on trade, storage, and logistics, with a projected coal trading volume of approximately 5.5 million tons in 2024 [3][4]. Key Points and Arguments Coal Business Performance - The decline in coal prices has raised concerns about profitability, but the storage business remains unaffected by price fluctuations, and logistics mid-range freight rates are stable at around 80 RMB/ton, while short-range rates fluctuate around 60 RMB/ton [3]. - In 2023, the trading segment contributed one-third of the company's total coal business profits, accounting for about 20% of total profits [3][4]. - The company has long-term agreements with ETT Mine (6 million tons until the end of 2026) and MMC Mine (two contracts of 1.5 million tons each), ensuring a stable profit margin unless coal prices decline significantly [3][4]. - A rebound in coal prices in Q2 2024 led to strong performance, but concerns about Q4 profits arose due to unsold coal stockpiles as prices fell [3][4]. - The market outlook for coal prices in 2025 is neutral to pessimistic, but logistics and storage businesses are expected to be less affected [3][4]. Future Projections - The trading volume is expected to reach approximately 7 million tons in 2025, a 25% increase, driven by stable demand for high-quality Mongolian coal from China [3][4]. - Despite potential profit margin declines due to price fluctuations, a 25% volume increase could lead to a 20% overall profit growth [3][4]. Impact of African Operations - The ongoing conflict in Eastern Congo is approximately 1,800 kilometers away from 嘉友国际's operations, thus not directly impacting the company [5]. - The southern region of Congo, where 嘉友国际 operates, is relatively safe and benefits from the presence of numerous Chinese mining companies [6]. - The cobalt reserves in Congo are small (4-5% of total exports), meaning that even if cobalt exports are halted, the impact on 嘉友国际's logistics and transportation volume will be minimal [7]. Financial Contributions and Growth - In 2024, the African projects contributed approximately 300 million RMB in after-tax profits, with expectations for a 20% increase in traffic on the Kasai Road project in 2025 [8]. - The expansion of the BHL fleet to 800 vehicles is expected to contribute several million RMB in additional profits, with overall profit growth projected at 30% to 40% [8]. Upcoming Projects - A 17-kilometer road in Zambia and a port project in Tanzania are expected to be operational in the second half of 2025, further driving revenue and profit growth [9]. Market Outlook and Recommendations - Despite short-term concerns about profitability, the annual net profit is expected to exceed 1.65 billion RMB, with a market capitalization of 15.5 billion RMB and a PE ratio of over nine times [10]. - The dividend yield is close to 4%, and the long-term business outlook is positive, suggesting a buy-and-hold strategy in the current market environment [10].

上述综合授信额度不等于公司实际融资金额，具体金额以公司与银行实际发 生的融资金额为准。授信期限内，授信额度可以循环使用。同时，董事会授权董 事长或其指定的授权代理人在上述额度内，办理相关手续，签署相关法律文件等。 为保障授信事项的顺利实施，公司实际控制人韩景华先生将视具体情况为公 司相关授信事项提供担保，不收取任何费用，无需公司提供反担保。 特此公告。 嘉友国际物流股份有限公司董事会 证券代码：603871 证券简称：嘉友国际 公告编号：2025-010 嘉友国际物流股份有限公司 关于向银行申请综合授信额度的公告 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。 嘉友国际物流股份有限公司（简称"公司"）于 2025 年 2 月 20 日召开第三 届董事会第三十二次会议审议通过《关于向银行申请综合授信额度的议案》，本 议案无需提交股东大会审议。现将有关事项公告如下： 为满足公司经营发展需要，公司拟向中国银行股份有限公司、厦门国际银行 股份有限公司北京分行、北京银行股份有限公司燕京支行、宁波银行股份有限公 司北京分行、兴业银行股份有 ...

证券代码：603871 证券简称：嘉友国际 公告编号：2025-009 嘉友国际物流股份有限公司 关于使用闲置自有资金进行现金管理的公告 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： 投资额度：不超过人民币 15 亿元或等值外币，在上述额度内资金可以滚 动使用。 投资种类：安全性高、流动性好、中风险以下（含中风险）的理财产品。 授权期限：自董事会审议通过之日起 12 个月内。 已履行的审议程序：经第三届董事会第三十二次会议审议通过，无需提 交股东大会审议。 特别风险提示：公司购买的理财产品属于安全性高、流动性好、中风险 以下（含中风险）的理财产品，风险总体可控，但金融市场受宏观经济影响较大， 不排除因市场波动影响投资收益的情况，敬请投资者注意投资风险。 一、投资情况概述 （一）投资目的：为提高嘉友国际物流股份有限公司（简称"公司"）自有 资金使用效率，在不影响公司日常经营和确保资金安全的前提下，使用闲置自有 资金进行现金管理，增加公司投资收益。 二、审议程序 2025 年 2 月 20 日，公司第三届董事会第 ...

证券代码：603871 证券简称：嘉友国际 公告编号：2025-008 嘉友国际物流股份有限公司 表决情况：同意 7 票，反对 0 票，弃权 0 票。 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《关于使用闲置自有资 金进行现金管理的公告》。 2、关于向银行申请综合授信额度的议案 第三届董事会第三十二次会议决议公告 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。 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"）第三届董事会第三十二次会议 于 2025 年 2 月 17 日以电子邮件、专人送出方式发出通知和资料，于 2025 年 2 月 20 日在公司会议室以现场结合通讯方式召开，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《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 1、关于使用闲置自有资金进行现金管理的议案 特此公告。 1 表决情况：同意 7 票，反对 0 票，弃权 0 票。 表决结果： ...

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 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 年第一次临时股东会的 法律意见书 康达股会字[2025]第 0034 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 年第一次临时股东会（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 一次临时股东会的法律意见书》（以下简称"本《法律意见书》" ...