| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-095 | | --- | --- | --- | | 转债代码：113658 | 转债简称：密卫转债 | | 密尔克卫智能供应链服务集团股份有限公司 关于为控股子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 担 保 | 对 | 被担保人名称 | 京久帝"） | 万元 | 南京久帝化工有限公司（以下简称"南 | | --- | --- | --- | --- | --- | --- | | | | 本次担保金额 | 6,000.00 | | | | 象一 | | 实际为其提供的担保余额 | 7,000.00 | 万元 | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | | | | 被担保人名称 | "浙江密尔克卫航运"） | | 浙江密尔克卫航运有限公司（以下简称 | | ...

每经AI快讯，12月5日，密尔克卫公告，公司近日与中信银行股份有限公司上海分行签订合同，为全资 子公司南京久帝化工有限公司提供不超过人民币6000.00万元的担保，承担连带责任保证。本次担保事 项在公司股东会批准的担保额度范围内，旨在满足子公司经营发展需要，被担保人资信状况良好，公司 能有效控制其日常经营及重大事项。截至本公告日，公司及其控股子公司对外担保总额为426364.71万 元，占公司最近一期经审计净资产的98.75%，无逾期担保。 （文章来源：每日经济新闻） ...

证券之星消息，12月2日物流板块较上一交易日下跌0.77%，嘉友国际领跌。当日上证指数报收于 3897.71，下跌0.42%。深证成指报收于13056.7，下跌0.68%。物流板块个股涨跌见下表： 从资金流向上来看，当日物流板块主力资金净流出4.05亿元，游资资金净流入6580.43万元，散户资金净 流入3.39亿元。物流板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002769 | 普路通 | 4154.00万 | 9.33% | -790.95万 | -1.78% | -3363.04万 | -7.56% | | 002682 龙洲股份 | | 2071.56万 | 3.14% | 81.92万 | 0.12% | -2153.48万 | -3.27% | | 300350 | 华鹏飞 | 1790.55万 | 4.58% | -1216.46万 | -3.11% | -574.1 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and ongoing cost reductions, presenting dual upside potential in performance and valuation [14] - In the shipping sector, the outlook for crude oil transportation is favorable due to the OPEC+ production increase and the Federal Reserve's interest rate cuts. The market for VLCC (Very Large Crude Carrier) is expected to see significant improvement in Q4 2025 [14] - The shipbuilding sector is in the early stages of a green renewal cycle, with shipping market conditions and green upgrade progress being key demand drivers. Despite a decline in new ship orders, shipyards remain busy, and the market is expected to improve in the second half of 2025 [14] - The aviation sector shows signs of a long-term bullish trend, with stable demand growth and tightening supply. Companies like China Eastern Airlines and Hainan Airlines are recommended for early positioning [14] Summary by Sections Express Delivery - The express delivery industry is seeing a significant increase in demand, with a year-on-year growth of 7.9% in business volume and 4.7% in revenue as of October 2025 [24] - Major players like YTO Express and SF Express are expanding their market shares and improving service capabilities, with SF Express showing a 26.26% increase in business volume [31][24] Shipping - The VLCC daily earnings reached $120,248 in November 2025, a year-on-year increase of 270.9%, marking the best performance for November since 2004 [6] - The BDI (Baltic Dry Index) surpassed 2500 points, indicating a strong demand for bulk shipping, driven by increased shipments from Australian miners and adverse weather affecting port operations in North China [7] Aviation - In October 2025, civil aviation in China recorded a passenger transport volume of 67.83 million, a year-on-year increase of 5.8%, and cargo transport volume of 91.7 thousand tons, up 13.4% [10] - Approximately 6000 Airbus A320 aircraft require urgent software updates due to safety concerns, which may impact operational efficiency [10] Port Operations - From November 17 to November 23, 2025, China's port cargo throughput was 26,401 million tons, a decrease of 0.62% week-on-week, while container throughput increased by 5.39% [72]

Core Viewpoint - The Canon printer factory in Zhongshan has ceased operations due to intensified competition in the Chinese printer market, the rise of domestic brands, the trend towards paperless offices, and strategic adjustments by Canon [3][8][10]. Group 1: Factory Closure Details - The Zhongshan Canon printer factory officially stopped production on November 21, 2023, with employees temporarily on leave until November 28 [3][12]. - The factory is in the process of settling accounts with employees and suppliers, and a compensation plan for employees is expected to be announced soon [3][12]. - The factory has seen a significant reduction in employee numbers, from 3,372 in 2022 to approximately 1,400 by September 2025 [11]. Group 2: Market Conditions - The A4 laser printer shipment volume in China decreased by 5% year-on-year in the first half of 2025, while A3 laser printer shipments fell by 10% [10]. - Domestic brands have significantly increased their market share in the A4 laser printer segment, rising from 16% in 2010 to 42% in 2024 [10]. - Canon's market share in the global laser printer market is 22.9%, but it only holds 6.4% in the Chinese market [10]. Group 3: Competitive Landscape - The competitive pressure in the laser printer market has intensified, particularly in the low-end market where brands like Pantum and Lenovo are gaining ground [14]. - Canon's strategic focus has shifted towards higher-margin businesses such as medical imaging and semiconductor equipment, leading to a reduction in printer production [14][16]. - The trend towards paperless offices, driven by the adoption of digital communication tools, is contributing to the decline in printer demand [16].

| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-094 | | --- | --- | --- | | 转债代码：113658 | 转债简称：密卫转债 | | 密尔克卫智能供应链服务集团股份有限公司 关于为控股子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | | 被担保人名称 | 上海慎则化工科技有限公司（以下简称 | | | | --- | --- | --- | --- | --- | | | | "上海慎则"） | | | | | 本次担保金额 | 1,000.00 | 万元 | | | 担保对象一 | 实际为其提供的担保余额 | 万元 23,938.40 | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | | | 被担保人名称 | | | 上海鼎铭秀博集装罐服务有限公司（以 | | | | 下简称"鼎铭秀博"） | | ...

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]

Core Points - Company Milkyway announced the signing of contracts with Bank of Communications and Bank of China for providing guarantees totaling RMB 11 million and RMB 50 million respectively [1][1][1] - The total external guarantee balance for the company and its subsidiaries, after deducting fulfilled guarantees, stands at RMB 484.91 million, which is within the approved limit by the shareholders' meeting [1][1][1] Summary by Categories - **Guarantee Contracts** - Company signed a contract with Bank of Communications to provide a guarantee of RMB 11 million for Shanghai Port Chemical Logistics Co., Ltd. [1] - Company also signed a contract with Bank of China to provide a guarantee of RMB 50 million for Shanghai Shenze Chemical Technology Co., Ltd. [1] - **Financial Position** - After the new guarantees, the total external guarantee balance is RMB 484.91 million [1] - This balance is within the limit approved by the company's shareholders' meeting [1]

密尔克卫智能供应链服务集团股份有限公司 关于为控股子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 担保对象 | 被担保人名称 | 上海港口化工物流有限公司（以下简称 "上港物流"） | | | | --- | --- | --- | --- | --- | | | 本次担保金额 | | 1,100.00 万元 | | | 一 | 实际为其提供的担保余额 | | 1,100.00 万元 | | | | 是否在前期预计额度内 | | □否 是 | □不适用：_________ | | | 本次担保是否有反担保 | | □是 否 | □不适用：_________ | | | 被担保人名称 | | | 南京密尔克卫化工供应链服务有限公 司（以下简称"南京密尔克卫"） | | 担保对象 | 本次担保金额 | | 1,000.00 万元 | | | 二 | 实际为其提供的担保余额 | | 1,000.00 万元 | | | | 是否在前期预计额度内 | | □否 是 | □不适用：_____ ...

Group 1 - The core point of the article is the establishment of a new company, Milkwell Chemical Supply Chain Management (Ningbo) Co., Ltd., which is fully owned by Milkwell (603713) [1] - The registered capital of the new company is 5 million RMB [1] - The business scope of the new company includes supply chain management services, retail of computer software and hardware, sales of photovoltaic equipment and components, and data processing and storage support services [1]