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]

9月23日，嘉友国际涨5.01%，截至发稿，报14.04元/股，成交2.61亿元，换手率1.41%，总市值192.07亿 元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从嘉友国际十大流通股东角度 数据显示，中欧基金旗下1只基金位居嘉友国际十大流通股东。中欧时代先锋股票A（001938）二季度 增持560万股，持有股数1060.01万股，占流通股的比例为0.77%。根据测算，今日浮盈赚取约710.2万 元。 中欧时代先锋股票A（001938）成立日期2015年11月3日，最新规模89.86亿。今年以来收益41.4%，同 类排名1006/4220；近一年收益54.3%，同类排名1830/3814；成立以来收益320.1%。 中欧时代先锋股票A（001938）基金经理为周蔚文、罗佳明。 截至发稿，周蔚文累计任职时间18年318天，现任基金资产总规模293.8亿元，任职期间最佳基金回报 534.03%， 任职期间最差基金回报-45.31%。 罗佳明累计 ...

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]

9月18日，嘉友国际涨5.11%，截至发稿，报13.17元/股，成交1.78亿元，换手率1.01%，总市值180.17亿 元。 资料显示，嘉友国际物流股份有限公司位于北京市石景山区城通街26号院2号楼23-24层，成立日期2005 年6月22日，上市日期2018年2月6日，公司主营业务涉及跨境多式联运、大宗矿产品物流、智能仓储等 跨境多式联运综合物流服务及供应链贸易服务。主营业务收入构成为：供应链贸易服务62.06%，跨境 多式联运综合物流服务29.83%，陆港项目服务7.57%，PPP项目合同0.53%，其他0.02%。 景顺长城价值驱动一年持有期灵活配置混合（008715）成立日期2021年7月19日，最新规模3.25亿。今 年以来收益18.45%，同类排名4663/8172；近一年收益26.47%，同类排名5620/7980；成立以来收益 67.3%。 从嘉友国际十大流通股东角度 数据显示，景顺长城基金旗下1只基金位居嘉友国际十大流通股东。景顺长城景盛双息收益债券A类 （002065）二季度增持347.26万股，持有股数862.11万股，占流通股的比例为0.63%。根据测算，今日 浮盈赚取约551.75 ...

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 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 ...

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 对外担保管理制度 （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"）的对外担保行为， 控制对外担保风险，保护投资者合法权益，根据《中华人民共和国公司法》《上 市公司监管指引第 8 号——上市公司资金往来、对外担保的监管要求》《上海证 券交易所股票上市规则》和公司章程等有关规定，制定本制度。 第二条 本制度所称对外担保，是指公司为他人（包括公司对控股子公司的 担保）提供的担保。担保方式包括保证、抵押、质押等。 本制度所称公司及其控股子公司的对外担保总额，是指包括公司对控股子公 司担保在内的公司对外担保总额与公司控股子公司对外担保总额之和。 本制度所称担保总额，是指包含已批准的担保额度内尚未使用额度与担保实 际发生余额之和。 第三条 本制度适用于公司及控股子公司，但公司及控股子公司为自身的债 务提供担保不适用本制度。 第四条 公司为他人提供担保，包括公司对控股子公司、参股公司提供担保， 公司控股子公司为他人提供担保、控股子公司之间相互提供担保，适用本制度。 第二章 对外担保的审批权限 第五条 公司对外担保必须经董事会或者股东会审议。未经董事会或者股 ...

嘉友国际物流股份有限公司 第一条 为加强对嘉友国际物流股份有限公司（简称"公司"）董事和高级管 理人员所持公司股份及其变动的管理，根据《中华人民共和国公司法》《中华人 民共和国证券法》（简称"《证券法》"）、《上市公司股东减持股份管理暂行办法》 《上市公司董事和高级管理人员所持本公司股份及其变动管理规则》《上海证券 董事和高级管理人员所持公司股份及其变动管理制度 第二条 本制度适用于公司董事和高级管理人员所持公司股份及其变动的管 理。 第一章 总则 第三条 公司董事、高级管理人员所持公司股份，是指登记在其名下和利用 他人账户持有的所有本公司股份。上述主体从事融资融券交易的，还包括记载在 其信用账户内的本公司股份。 公司董事、高级管理人员不得进行以公司股票为标的证券的融资融券交易。 第四条 公司董事、高级管理人员所持股份变动行为应当遵守法律法规和中 国证券监督管理委员会（简称"中国证监会"）、上海证券交易所以及公司章程等 相关规定。 公司董事、高级管理人员对持有股份比例、持有期限、变动方式、变动数量、 变动价格等作出承诺的，应当严格履行所作出的承诺。 第五条 公司及其董事、高级管理人员应当保证其向上海证券交易所 ...