大宗供应链行业深度：量增利稳，顺周期下龙头攻守兼备

Investment Rating - The investment rating for the bulk supply chain industry is "Positive" [4] Core Insights - The bulk supply chain industry is transitioning from traditional trading models to supply chain management, enhancing risk control capabilities and focusing on service revenue as the primary profit source [9][11] - The industry is experiencing increasing concentration, with leading companies expanding their business scale and market share [18][31] - Hedging through futures contracts is stabilizing profits per ton, reducing the impact of price fluctuations on business performance [3][10] - The current low valuation and high dividend yields of supply chain companies present significant investment value [3][4] Summary by Sections 1. Bulk Supply Chain Model - The demand for bulk commodities is substantial, and trading models are gradually shifting to supply chain management [9][11] - Bulk supply chain companies integrate upstream and downstream supply and demand, with profits primarily derived from service revenues [11][14] 2. Industry Concentration - The variety of bulk supply chain products is extensive, including metals, energy chemicals, and agricultural products [18][19] - The industry concentration remains low, with leading companies steadily increasing their market share [31][33] - Leading companies like Xiamen Xiangyu and Jianfa Holdings are experiencing stable growth in their supply chain business volumes [3][35] 3. Futures Hedging and Profit Stability - The impact of price fluctuations on business performance is decreasing due to the use of futures hedging [3][10] - The extension of service chains is expected to lead to a long-term upward trend in profit per ton [3][10] 4. Profit Valuation and Investment Value - The performance of supply chain companies is expected to stabilize, with a potential bottoming out of profits [3][4] - High dividend yields from leading companies indicate substantial investment value, with projected dividend rates of 5.0%, 6.8%, and 6.0% for Jianfa Holdings, Xiamen Xiangyu, and Xiamen Guomao respectively [3][4]