Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - The report highlights a slowdown in holiday shipments and a decline in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded [3][14] - Shenzhen has introduced detailed policies to support low-altitude economic development, and international flight routes have resumed during the 2025 National Day and Mid-Autumn Festival holidays [3][16] - China's express delivery volume reached 150 billion packages ahead of schedule, with strategic cooperation agreements signed between YTO Express and Huizhou [3][23] Summary by Sections Industry Hotspot Events - Holiday shipments have slowed, leading to a drop in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded. The China Import Crude Oil Comprehensive Index (CTFI) was reported at 1407.48 points, down 26.2% from September 25 [3][14] - Shenzhen's transportation bureau released measures to support low-altitude economic development, effective from October 9, 2025, to December 31, 2026. During the holiday, civil aviation transported 19.138 million passengers, with an average of 2.392 million passengers per day, a year-on-year increase of 3.2% [3][16][18] - As of October 11, 2025, China's express delivery volume surpassed 150 billion packages, achieving this goal 37 days ahead of schedule compared to 2024. A strategic cooperation agreement was signed between the Huizhou government and YTO Express [3][23][24] Industry High-Frequency Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was reported at 4621.00 points, down 5.3% year-on-year but up 1.3% month-on-month [28] - In September 2025, domestic cargo flights increased by 3.05% year-on-year, while international flights rose by 15.86% year-on-year [33] - The SCFI index for container shipping was reported at 1160.42 points, up 4.12% week-on-week but down 43.74% year-on-year [40] Investment Recommendations - The report suggests focusing on the equipment and manufacturing industrial product export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - It also highlights investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [4] - The report advises attention to the road and rail sector, recommending companies like Gansu Expressway, Beijing-Shanghai High-Speed Railway, and Anhui Expressway [4][5]

Core Viewpoint - Yunda Holdings announced plans to apply for the registration and issuance of short-term financing bonds not exceeding 2 billion yuan, with a phased issuance approach [2] Group 1 - The company will hold the 22nd meeting of the 8th Board of Directors and the 16th meeting of the 8th Supervisory Board on October 13, 2025, to review the proposal [2] - The registration for the issuance will be submitted to the National Association of Financial Market Institutional Investors [2] - The specific registration scale will depend on the approval from the association [2]

证券日报网讯 10月13日晚间，韵达股份发布公告称，公司于2025年10月13日召开第八届董事会第二十 二次会议、第八届监事会第十六次会议审议通过《关于拟注册发行公司债券的议案》，公司拟向深圳证 券交易所申请并经中国证券监督管理委员会同意注册后公开发行不超过人民币20亿元（含）的公司债 券，本次注册发行事项尚需提交公司2025年第一次临时股东会审议，注册成功后，视市场利率情况及公 司资金需求情况择机发行。 （文章来源：证券日报） ...

Core Viewpoint - Yunda Co., Ltd. announced that its controlling shareholder, Shanghai Luojiesi Investment Management Co., Ltd., has pledged part of its shares, totaling 30,000,000 shares [1] Group 1 - The announcement was made on the evening of October 13 [1] - The pledged shares represent a significant action by the controlling shareholder [1]

Core Viewpoint - Yunda Holdings (002120.SZ) plans to issue corporate bonds not exceeding RMB 2 billion to enhance financing channels, optimize debt structure, innovate financing methods, and reduce financing costs [1] Group 1: Financing Strategy - The company aims to broaden its financing channels to support operational development [1] - The issuance of bonds is subject to approval from the China Securities Regulatory Commission (CSRC) and will be presented at the company's first extraordinary general meeting in 2025 [1] - The timing of the bond issuance will depend on market interest rates and the company's funding needs [1]

Core Viewpoint - Yunda Holdings (002120.SZ) plans to issue super short-term financing bonds not exceeding 2 billion yuan to optimize its debt structure and broaden financing channels [1] Group 1 - The company aims to meet operational development needs through this financing initiative [1] - The issuance will be conducted in a phased manner, with the specific registration scale subject to approval by the China Interbank Market Dealers Association [1] - The financing is in accordance with relevant laws and regulations, including the Company Law of the People's Republic of China and the Management Measures for Non-Financial Enterprise Debt Financing Instruments in the Interbank Bond Market [1]

Core Points - The company plans to apply for the public issuance of corporate bonds not exceeding RMB 2 billion, subject to approval by the China Securities Regulatory Commission [1] - The issuance will require submission to the company's first extraordinary general meeting of shareholders in 2025 for approval [1] - The timing of the bond issuance will depend on market interest rates and the company's funding needs [1]

智通财经APP讯，韵达股份(002120.SZ)公告，公司拟向深圳证券交易所申请并经中国证券监督管理委员 会同意注册后公开发行不超过人民币20亿元(含)的公司债券，本次注册发行事项尚需提交公司2025年第 一次临时股东会审议，注册成功后，视市场利率情况及公司资金需求情况择机发行。 ...

Core Viewpoint - Yunda Holdings (002120.SZ) plans to apply for the public issuance of corporate bonds not exceeding RMB 2 billion, pending approval from the China Securities Regulatory Commission and the Shenzhen Stock Exchange [1] Group 1: Corporate Actions - The company intends to issue corporate bonds up to RMB 2 billion [1] - The issuance is subject to approval at the company's first extraordinary general meeting in 2025 [1] - The timing of the bond issuance will depend on market interest rates and the company's funding needs [1]

每经头条（nbdtoutiao）——AI技术滥用调查：明星可被"一键换装"，"擦边"内容成流量密码，技术防 线为何形同虚设？ 截至发稿，韵达股份市值为213亿元。 每经AI快讯，韵达股份（SZ 002120，收盘价：7.35元）10月13日晚间发布公告称，公司第八届第二十 二次董事会会议于2025年10月13日以通讯表决的方式召开。会议审议了《关于修订及制定公司制度的议 案》等文件。 2025年1至6月份，韵达股份的营业收入构成为：快递服务业务占比98.6%，其他占比1.23%，物料销售 占比0.17%。 （记者 曾健辉） ...