本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东宏川智慧物流股份有限公司（以下简称"公司"）于近日收 到股东东莞市宏川化工供应链有限公司（以下简称"宏川供应链"） 函告，获悉其所持有的公司部分股份办理了股权解除质押业务，具体 事项如下： 一、 股东股权解除质押的基本情况 | 股东 | 是否为控股股东或第一 | 本次解除质押 | 占其所持 | 占公司 | 2025 年 | 11 月 | | 起始日 | | 解除日期 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其一致行动人 | 股份数量 | 股份比例 | 20 | 日总股本比例 | | | | | | | | | 宏川供 | 是 | 万股 1853.9999 | 23.39% | | 4.05% | | | 2023 年 | | 2025 | 年 | 国泰海通证 券股份有限 | | 应链 | | | | | | | 月 11 | 日 22 | 11 | ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profit elasticity, and creating favorable competition opportunities in the medium to long term [15] - The shipping market is expected to benefit from the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market's outlook for Q4 2025 [15] - The shipping market is anticipated to recover, supported by environmental regulations limiting the operation of older fleets and the upcoming production of the West Manganese iron ore by the end of 2025 [15] Summary by Sections Express Logistics - In October 2025, the express delivery industry achieved a business volume of 17.6 billion pieces, a year-on-year increase of 7.9%, with revenue reaching 131.67 billion yuan, up 4.7% year-on-year [4][24] - Major players like YTO, Shentong, and Yunda showed varied growth rates, with YTO's volume increasing by 12.78% and Shentong by 3.97%, while Yunda's volume decreased by 5.11% [4][30] - The industry is transitioning towards high-quality development, with significant improvements in single-ticket revenue due to price increases driven by the de-involution trend [4] Shipping and Ports - VLCC freight rates reached a new high of $136,843 per day, the highest since Q2 2020, driven by tight available capacity and stable inquiry rhythms [8] - The Capesize bulk carrier spot freight rates surpassed $30,000 per day, reflecting a 20% increase over the past week, supported by seasonal demand recovery and strong import demand from China [8] - The BDI index increased by 7.1% to 2225 points, indicating a robust recovery in the bulk shipping market [9] Aviation - In October 2025, civil aviation transported approximately 68 million passengers, a year-on-year increase of 5.8%, and cargo/mail transport reached 917,000 tons, up 13.3% [58] - The overall passenger load factor for major airlines was 86.88%, showing a slight increase from the previous month [62] Road and Rail - From November 10 to November 16, 2025, national freight logistics operated smoothly, with rail freight reaching 81.8 million tons, a 0.17% increase week-on-week [14] - In October 2025, road freight volume was 3.706 billion tons, a year-on-year increase of 0.08% [64] Supply Chain Logistics - The logistics landscape is evolving, with companies like Shenzhen International expected to benefit from the transformation of logistics parks, providing performance elasticity [15] - The industry is witnessing a slowdown in competition, with companies like Debang and Aneng Logistics showing significant profit improvements due to strategic transformations [15]

| 证券代码：002930 | 证券简称：宏川智慧 | 公告编号：2025-152 | | --- | --- | --- | | 债券代码：128121 | 债券简称：宏川转债 | | 广东宏川智慧物流股份有限公司 关于公司申请银行授信并接受子公司及关联方 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、交易及担保情况概述 广东宏川智慧物流股份有限公司（以下简称"公司"）拟向上海 浦东发展银行股份有限公司东莞分行（以下简称"浦发银行"）申请 10,000.00 万元银行授信额度，相关方提供连带责任保证担保。 本次申请银行授信并接受子公司及关联方担保事项已经公司第 四届董事会第二十次会议以 5 票赞成、0 票反对、0 票弃权表决通过， 关联董事林海川、林南通对该事项进行回避表决。本次关联担保事项 已经公司独立董事专门会议审议通过并发表相关意见，尚需提交公司 股东大会审议，与本次关联担保有关联的股东将回避表决。 本次关联担保不构成《上市公司重大资产重组管理办法》规定的 重大资产重组、不构成重组上市，以及不需要经过有关部门批准。 二、关联方基本情况 1 / 4 ...

| 证券代码：002930 | 证券简称：宏川智慧 | 公告编号：2025-153 | | --- | --- | --- | | 债券代码：128121 | 债券简称：宏川转债 | | 广东宏川智慧物流股份有限公司 关于公司申请银行授信、开展集团池业务及接受关联 方提供担保并为下属公司提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 本次担保后，广东宏川智慧物流股份有限公司（以下简称"公司"） 及控股子公司经审议批准且正在履行的担保额度（即前期审议通过的 且有明确担保金额的担保额度）以及预计担保额度（即本次董事会审 议的且有明确担保金额的担保额度）总额占最近一期经审计净资产 219.63%。本次被担保方南通阳鸿石化储运有限公司（以下简称"南 通阳鸿"）的资产负债率超过 70%。敬请投资者充分关注担保风险。 一、本次授信及担保情况概述 公司向浙商银行股份有限公司东莞分行（以下简称"浙商银行"） 申请 10,000.00 万元银行授信额度，并与下属公司东莞三江港口储罐 有限公司（以下简称"东莞三江"）、太仓阳鸿石化有限公司（以下 简称" ...

| 证券代码：002930 | 证券简称：宏川智慧 | 公告编号：2025-154 | | --- | --- | --- | | 债券代码：128121 | 债券简称：宏川转债 | | 广东宏川智慧物流股份有限公司 关于召开 2025 年第十次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东宏川智慧物流股份有限公司（以下简称"公司"）第四届董 事会第二十次会议审议通过了《关于召开 2025 年第十次临时股东大 会的议案》，决定于 2025 年 12 月 8 日召开公司 2025 年第十次临时 股东大会，审议董事会提交的相关议案，现将本次会议的有关事项通 知如下： 一、召开会议的基本情况 1、股东大会届次：2025 年第十次临时股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会会议的召开符合《中 华人民共和国公司法》《深圳证券交易所股票上市规则》《深圳证券 交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等 有关法律、行政法规、部门规章、规范性文件以及《公司章程》的规 定。 现场会议召开日 ...

第四届监事会第十五次会议决议公告 | 证券代码：002930 | 证券简称：宏川智慧 | 公告编号：2025-150 | | --- | --- | --- | | 债券代码：128121 | 债券简称：宏川转债 | | 广东宏川智慧物流股份有限公司 （一）审议通过了《关于公司申请银行授信并接受子公司及关联 方提供担保的议案》 具体详见刊登在 2025 年 11 月 21 日《证券时报》《上海证券报》 及巨潮资讯网（http://www.cninfo.com.cn）上的《关于公司申请银行 1 / 2 授信并接受子公司及关联方提供担保的公告》（公告编号：2025-152）。 表决结果：赞成 3 票；反对 0 票；弃权 0 票。 本议案尚须提交股东大会审议。 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 广东宏川智慧物流股份有限公司（以下简称"公司"）第四届监 事会第十五次会议通知已于 2025 年 11 月 17 日以电子邮件方式送达 各位监事，会议于 2025 年 11 月 20 日在公司会议室以现场结合通讯 表决方式召开。本次会议应 ...

| 证券代码：002930 | 证券简称：宏川智慧 | 公告编号：2025-149 | | --- | --- | --- | | 债券代码：128121 | 债券简称：宏川转债 | | 广东宏川智慧物流股份有限公司 第四届董事会第二十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1 / 3 表决结果：赞成 7 票；反对 0 票；弃权 0 票。 （二）审议通过了《关于公司申请银行授信并接受子公司及关联 方提供担保的议案》 关联董事林海川、林南通回避表决。 公司董事会审计委员会及独立董事专门会议审议通过本议案。 广东宏川智慧物流股份有限公司（以下简称"公司"）第四届董 事会第二十次会议通知已于 2025 年 11 月 17 日以电子邮件方式送达 各位董事，会议于 2025 年 11 月 20 日以通讯表决方式召开。本次会 议应参加表决的董事 7 名，实际参加表决的董事 7 名。本次会议的召 集、召开和表决程序符合《中华人民共和国公司法》等法律法规以及 《公司章程》等有关规定。 二、董事会会议审议情况 （一）审议通过了《关 ...

Core Viewpoint - Hongchuan Wisdom (SZ 002930) announced a total guarantee amount of approximately 5.752 billion yuan, which represents 219.63% of the latest audited net assets [1] Summary by Relevant Categories Company Guarantees - The total guarantee amount approved and being executed by the company and its subsidiaries is approximately 5.752 billion yuan, accounting for 219.63% of the latest audited net assets [1] - The company has provided guarantees amounting to approximately 5.415 billion yuan for its subsidiaries, which is 206.74% of the latest audited net assets [1] - The guarantee amount for joint ventures is approximately 338 million yuan, representing 12.89% of the latest audited net assets [1] Revenue Composition - For the first half of 2025, the revenue composition of Hongchuan Wisdom is as follows: - Warehousing and comprehensive transfer services account for 94.73% - Smart customer service accounts for 2.84% - Other businesses account for 0.95% - Washing and wastewater treatment services account for 0.76% - Hazardous chemical vehicle highway port services account for 0.69% [1] Market Capitalization - As of the report date, the market capitalization of Hongchuan Wisdom is 5.2 billion yuan [1]

| 证券代码：002930 | 证券简称：宏川智慧 | 公告编号：2025-151 | | --- | --- | --- | | 债券代码：128121 | 债券简称：宏川转债 | | 广东宏川智慧物流股份有限公司 关于不向下修正"宏川转债"转股价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： | | | 债券代码：128121 债券简称：宏川转债 转股价格：人民币 18.56 元/股 转股期限：2021 年 1 月 25 日至 2026 年 7 月 16 日 截至 2025 年 11 月 20 日，广东宏川智慧物流股份有限公司（以 下简称"公司"）股票在连续 30 个交易日中已有 15 个交易日的收盘 价低于当期转股价格的 90%，已触发"宏川转债"转股价格向下修正 条件。经公司第四届董事会第二十次会议审议通过，公司董事会决定 不向下修正"宏川转债"转股价格。下一触发转股价格修正条件的期 间从 2025 年 11 月 21 日重新起算，若再次触发"宏川转债"转股价 格向下修正条件，公司将根据《深圳证券交易所上市公司自律监管指 引第 1 ...

Core Insights - The logistics sector experienced a slight increase of 0.17% on November 20, with *ST Yuanshang leading the gains [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - *ST Yuanshang (603813) closed at 40.28, up 5.01% with a trading volume of 18,100 [1] - Hongchuan Wisdom (002930) closed at 11.36, up 3.09% with a trading volume of 150,400 [1] - Jiayou International (603871) closed at 13.60, up 2.49% with a trading volume of 81,700 [1] - YTO Express (600233) closed at 16.67, up 2.40% with a trading volume of 121,940 [1] - Xiamen Weimao (600755) closed at 6.70, up 1.98% with a trading volume of 958,600 [1] - Dongfang Jiasheng (002889) closed at 16.15, up 1.89% with a trading volume of 181,000 [1] - Yongtaiyun (001228) closed at 28.11, up 1.63% with a trading volume of 27,700 [1] - Wanlin Logistics (603117) closed at 5.55, up 1.46% with a trading volume of 247,500 [1] - Shentong Express (002468) closed at 14.48, up 1.33% with a trading volume of 202,500 [1] - Jianfa Co., Ltd. (600153) closed at 10.47, up 1.16% with a trading volume of 172,100 [1] Capital Flow - The logistics sector saw a net outflow of 310 million yuan from institutional investors, while retail investors contributed a net inflow of 227 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2][3] Individual Stock Capital Flow - Xiamen Guomao (600755) experienced a net outflow of 50.21 million yuan from institutional investors [3] - Wanlin Logistics (603117) saw a net inflow of 14.26 million yuan from institutional investors [3] - Dongfang Jiasheng (002889) had a net inflow of 12.42 million yuan from institutional investors [3] - Other stocks like Huaguang Yu Hai (920351) and Zhejiang Merchants Zhongtuo (000906) also showed varied capital flows [3]