Investment Rating - The report recommends a positive outlook for the logistics and transportation sector, particularly highlighting opportunities in express delivery and aviation [2][4][6]. Core Views - The express delivery sector is expected to see a 7% year-on-year growth in business volume for October, with revenue projected to increase by 5% [2]. - The logistics sector is focusing on smart logistics, with companies like Haichen Co. being recommended due to improved demand [3]. - The aviation sector is experiencing a slight increase in flight volumes, with domestic airlines expected to benefit from supply-demand optimization leading to higher ticket prices [4]. - The shipping sector shows growth in oil and dry bulk transportation indices, with a notable increase in crude oil transportation rates [5]. Summary by Sections Transportation Index Review - The transportation index rose by 1.6% during the week of November 8-14, outperforming the Shanghai Composite Index by 2.7% [1][13]. Express Delivery - The express delivery business volume is projected to grow by 7% in October, with a revenue increase of 5% expected [2]. - The report recommends SF Holding due to its valuation and operational resilience [2]. Logistics - The chemical product price index shows a year-on-year decrease of 11.2%, while domestic shipping prices for liquid chemicals have increased by 3.29% year-on-year [3]. - Haichen Co. is recommended for its focus on smart logistics and improved demand [3]. Aviation - The average daily flight volume increased by 2.78% year-on-year, with international flights seeing a 12.55% increase [4]. - The report recommends China National Aviation and Southern Airlines due to expected profit growth from ticket price increases [4]. Shipping - The China Export Container Freight Index (CCFI) rose by 3.6% week-on-week, while the Shanghai Export Container Freight Index (SCFI) decreased by 3.6% [5]. - The Baltic Dry Index (BDI) increased by 3.1% year-on-year, indicating a positive trend in dry bulk shipping [5][40]. Road and Rail - The report notes a decline in truck traffic on highways, with a 2.07% decrease week-on-week [6]. - The overall performance of major highway operators is considered cost-effective, with dividend yields exceeding the ten-year government bond yield [6][84].

Core Insights - The logistics sector experienced a rise of 1.44% on November 10, with *ST Yuanshang leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - *ST Yuanshang (603813) closed at 34.35, up 5.01% with a trading volume of 15,300 [1] - Guanghui Logistics (600603) closed at 7.80, up 3.59% with a trading volume of 288,600 [1] - Xiamen Xiangyu (600057) closed at 8.70, up 3.33% with a trading volume of 361,800 [1] - Jianshe Co. (600153) closed at 10.56, up 3.12% with a trading volume of 357,800 [1] - Milkewei (603713) closed at 61.84, up 3.00% with a trading volume of 29,200 [1] - Shentong Express (002468) closed at 15.54, up 2.57% with a trading volume of 247,800 [1] - Chuanhua Zhili (002010) closed at 6.29, up 2.44% with a trading volume of 415,600 [1] - YTO Express (600233) closed at 16.85, up 2.12% with a trading volume of 149,200 [1] - *ST Haiqin (600753) closed at 7.78, up 2.10% with a trading volume of 29,500 [1] - SF Holding (002352) closed at 40.80, up 2.05% with a trading volume of 362,500 [1] Capital Flow - The logistics sector saw a net inflow of 84.64 million yuan from main funds, while retail funds experienced a net outflow of 100 million yuan [2] - Retail investors contributed a net inflow of 15.74 million yuan [2] Individual Stock Capital Flow - SF Holding (002352) had a main fund net inflow of 1.15 million yuan, with retail net inflow of 15.41 million yuan [3] - Chuanhua Zhili (002010) saw a main fund net inflow of 28.29 million yuan, but retail funds had a net outflow of 13.33 million yuan [3] - Shanghai Yashi (603329) experienced a main fund net inflow of 20.30 million yuan, with a retail net outflow of 14.06 million yuan [3] - Guanghui Logistics (600603) had a main fund net inflow of 9.01 million yuan, with retail net outflow of 7.86 million yuan [3]

Core Viewpoint - Haichen Co., Ltd. announced the election of Ms. Liang Chen as the chairperson of the fourth board of directors [1] Company Summary - Haichen Co., Ltd. has made a significant leadership change by electing Ms. Liang Chen as the new chairperson [1]

证券代码：300873 证券简称：海晨股份 公告编号：2025-039 江苏海晨物流股份有限公司 关于董事会完成换届选举 及聘任高级管理人员等其他相关人员的公告 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。 江苏海晨物流股份有限公司（以下简称"公司"）于2025年11月7日召开了 2025年第二次临时股东会，审议通过了《关于董事会换届选举暨提名第四届董事 会非独立董事候选人的议案》、《关于董事会换届选举暨提名第四届董事会独立 董事候选人的议案》，公司董事会换届选举工作已完成。 2025 年 11 月 7 日，公司召开了第四届董事会第一次会议，审议通过了《关 于选举公司第四届董事会董事长的议案》、《关于选举第四届董事会专门委员会 委员的议案》、《关于聘任公司高级管理人员的议案》、《关于聘任公司证券事 务代表的议案》，选举产生了公司第四届董事会董事长、第四届董事会专门委员 会委员、高级管理人员及证券事务代表。现将相关情况公告如下： 一、第四届董事会组成情况 公司第四届董事会由非独立董事梁晨女士、梁智睿先生、姚培琴女士以及独 立董事 Yan Jonathan Ju ...

江苏海晨物流股份有限公司 1 特此说明。 江苏海晨物流股份有限公司董事会 证券代码：300873 证券简称：海晨股份 公告编号：2025-040 2025 年 11 月 7 日 离任董事持股及承诺事项的说明 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。 江苏海晨物流股份有限公司（以下简称"公司"）于2025年11月7日召开2025 年第二次临时股东会，完成董事会换届选举工作，现将相关离任情况公告如下： 因本次董事会换届选举，李家庆先生不再担任公司董事，离任后亦不在公司 担任其他任何职务。截至本公告日，李家庆先生本人、配偶及其他直系亲属未直 接或间接持有公司股份，不存在应当履行而未履行的承诺事项。 ...

证券代码：300873 证券简称：海晨股份 公告编号：2025-038 江苏海晨物流股份有限公司 （1）审计委员会由杨远贵先生、左新宇先生、Yan Jonathan Jun 先生 3 名 董事组成； 第四届董事会第一次会议决议的公告 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。 一、董事会会议召开情况 江苏海晨物流股份有限公司（以下简称"公司"）于 2025 年 11 月 4 日向公 司全体第四届拟任董事发出会议通知及会议材料，以现场加通讯方式于 2025 年 11 月 7 日召开第四届董事会第一次会议并作出本董事会决议。本次董事会会议 应出席董事 7 人，实际出席董事 7 人，全体董事推选梁晨女士主持，符合《中华 人民共和国公司法》和《公司章程》关于召开董事会会议的规定。 二、董事会会议审议情况 （一）审议通过《关于选举公司第四届董事会董事长的议案》 同意选举梁晨女士为公司第四届董事会董事长，任期自本次董事会审议通过 之日起至第四届董事会届满之日止。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 （二）审议通过《关于选举第四届董事会专门委员会委员的 ...

2025 年第二次临时股东会决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 证券代码：300873 证券简称：海晨股份 公告编号：2025-037 江苏海晨物流股份有限公司 一、会议召开情况 1、 召开时间：2025 年 11 月 7 日（星期五）14:30-15:15 2、 召开地点：深圳市南山区前海信利康大厦 13 楼会议室 3、 召开方式：现场结合网络 4、 召集人：董事会 5、 主持人：董事长梁晨女士 6、 本次会议的召集、召开符合《中华人民共和国公司法》、《上市公司 股东会规则》、《深圳证券交易所创业板股票上市规则》等有关法律、行政法规、 部门规章、规范性文件和《江苏海晨物流股份有限公司章程》的有关规定。 二、会议出席情况 （一） 股东总体出席情况 通过现场和网络投票的股东 36 人，代表股份 128,103,125 股，占公司有表 决权股份总数的 55.9083％。 其中通过现场投票的股东 3 人，代表股份 123,108,225 股，占公司有表决 权股份总数的 53.7283％。通过网络投票的股东 33 人，代表股份 4,9 ...

国浩律师（上海）事务所 股东会法律意见书 国浩律师（上海）事务所 关于江苏海晨物流股份有限公司 2025 年第二次临时股东会的法律意见书 致：江苏海晨物流股份有限公司 江苏海晨物流股份有限公司（以下简称"公司"）2025 年第二次临时股东 会于 2025 年 11 月 7 日召开，国浩律师（上海）事务所（以下简称"本所"）接 受公司的委托，指派本所律师出席会议，并依据《中华人民共和国公司法》（以 下简称"《公司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）、 中国证券监督管理委员会发布的《上市公司股东会规则》及其他现行有效的法律、 法规及规范性文件规定及《江苏海晨物流股份有限公司章程》（以下简称"《公 司章程》"）出具本法律意见书。 本所律师按照中华人民共和国（以下简称"中国"，仅为本法律意见书之目 的，不包括香港特别行政区、澳门特别行政区和中国台湾地区）现行法律、法规 的规定对本次股东会的召集、召开程序是否合法及是否符合《公司章程》的规定、 出席会议人员资格和召集人资格、股东会表决程序和表决结果的合法有效性发表 法律意见。 本法律意见书不存在虚假、严重误导性陈述及重大遗漏，否则本所律师愿意 承担 ...

Core Points - The stock price of Haichen Co., Ltd. has increased by 38.68% this year, but it has recently experienced a decline of 4.62% over the past five trading days and 12.86% over the past twenty days [2] - The company reported a revenue of 1.375 billion yuan for the period from January to September 2025, reflecting a year-on-year growth of 10.33%, while the net profit attributable to shareholders decreased by 6.27% to 204 million yuan [2] - Haichen Co., Ltd. has a market capitalization of 5.281 billion yuan and a stock price of 22.90 yuan per share as of October 30 [1] Financial Performance - The company has distributed a total of 343 million yuan in dividends since its A-share listing, with 263 million yuan distributed over the past three years [3] - As of September 30, the number of shareholders decreased by 8.76% to 14,500, while the average circulating shares per person increased by 9.60% to 11,520 shares [2] Business Overview - Haichen Co., Ltd. specializes in providing comprehensive logistics services to enterprises in the electronic information industry, with 84.76% of its revenue coming from manufacturing logistics [2] - The company is involved in various sectors, including consumer electronics (78.67%), automation and equipment manufacturing (10.65%), and new energy vehicles (6.09%) [2] - The company is categorized under the transportation and logistics industry, focusing on intermediate products and consumer goods supply chain services [2]

Core Viewpoint - The stock of Haichen Co., Ltd. has experienced fluctuations, with a year-to-date increase of 42.92% but a recent decline in the last five and twenty trading days [1][2]. Group 1: Stock Performance - As of October 28, Haichen's stock price was 23.60 CNY per share, with a market capitalization of 5.442 billion CNY [1]. - The stock has seen a recent net outflow of 10.5367 million CNY in principal funds, with significant selling pressure [1]. - Over the past 60 days, the stock has increased by 11.62%, while it has decreased by 2.07% in the last five trading days and 6.27% in the last twenty trading days [1]. Group 2: Company Overview - Haichen Logistics Co., Ltd. was established on August 18, 2011, and listed on August 24, 2020, located in Shenzhen, Guangdong Province [1]. - The company provides comprehensive logistics services deeply embedded in the electronic information industry, with 84.76% of its revenue coming from manufacturing logistics [1]. - The revenue breakdown includes 78.67% from consumer electronics, 10.65% from automation and equipment manufacturing, and 6.09% from new energy vehicles [1]. Group 3: Financial Performance - For the period from January to September 2025, Haichen achieved operating revenue of 1.375 billion CNY, representing a year-on-year growth of 10.33% [2]. - The net profit attributable to the parent company was 204 million CNY, showing a year-on-year decrease of 6.27% [2]. - Since its A-share listing, Haichen has distributed a total of 343 million CNY in dividends, with 263 million CNY distributed over the past three years [3].