Core Viewpoint - The establishment of Eastern Airlines Logistics East China Branch in Nanjing marks a significant step in enhancing the company's logistics network and service capabilities in the East China region, aligning with national development strategies and the "14th Five-Year Plan" [1][2] Group 1: Company Strategy - Eastern Airlines Logistics has optimized its cross-regional logistics network with Shanghai as the core and Shenzhen as a secondary hub, forming strategic support in four major regions: South China, North China, Southwest, and Northwest [1] - The new East China Branch strengthens the comprehensive coverage of the company's regional reform, transitioning from a "point" to a "surface" strategy and from "single" to "comprehensive" service [1] Group 2: Regional Significance - East China is a key area for China's opening up, characterized by high economic activity, openness, and strong innovation capabilities, leading to significant and diverse logistics demands [1] - The establishment of the East China Branch will integrate resources across six provinces: Jiangsu, Zhejiang, Anhui, Jiangxi, Shandong, and Fujian, enhancing operational efficiency and competitiveness in the core market [1] Group 3: Development Philosophy - The East China Branch will adhere to the principles of "safety as the foundation, innovation as the driver, and integrated development," focusing on strengthening and extending the logistics chain [2] - The branch aims to deeply integrate into the Yangtze River Delta region, leveraging the global network resources of China Eastern Airlines and the geographical economic advantages of the area to promote high-quality development [2]

Core Viewpoint - The new winter-spring flight season commenced on October 26, with Eastern Airlines Logistics implementing comprehensive measures to ensure safe and efficient operations, thereby stabilizing the aviation logistics supply chain [1][2]. Group 1: Operational Planning - Eastern Airlines Logistics is optimizing its route network and expanding its stations, analyzing new route characteristics, and forming optimal release plans based on various data [1]. - The company aims for standardized operations, ensuring compliance from takeoff and preventing crew overstay [1]. Group 2: Safety Risk Management - A special safety inspection for the winter-spring season has been initiated, focusing on risk control and hazard identification to mitigate major safety risks [1]. - The company enhances safety awareness and inter-departmental collaboration through regular meetings and discussions on industry safety incidents [1]. Group 3: Operational Support Management - Eastern Airlines Logistics is preparing for complex winter weather conditions by assessing risks and strengthening real-time monitoring and information sharing [2]. - The company is improving flight operations by analyzing winter-related failure patterns and ensuring thorough checks and maintenance of facilities and equipment [2]. - Strict adherence to cargo handling processes and security measures is being enforced to ensure safe and efficient operations during the seasonal transition [2].

东方航空物流股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 证券代码：601156 证券简称：东航物流 公告编号：临 2025-038 东方航空物流股份有限公司（以下简称"公司"）将于 2025 年 10 月 31 日披露 公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三 季度业绩、经营情况，公司计划于 2025 年 11 月 4 日(星期二)14:00-15:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2025 年第三季度业绩、经 营情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注 的问题进行回答。 二、说明会召开的时间、地点 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： 会议召开时间：2025 年 11 月 4 日(星期二)14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo ...

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Views - Crude oil freight rates have decreased month-on-month, while container shipping rates on long-distance routes have increased. The China Import Crude Oil Comprehensive Index (CTFI) reported 1632.26 points on October 23, down 8.9% from October 16. The VLCC market remains cautious due to the implementation of special port fees between China and the US, leading to a weak sentiment among shipowners [2][13] - Guangdong Province has released a high-quality development plan for the low-altitude economy, aiming to establish itself as a national leader in this sector. The civil aviation industry has shown steady growth in the first three quarters of 2025, with a total transport turnover of 1220.3 billion ton-kilometers, a year-on-year increase of 10.3% [2][15][16] - In Shenzhen, the monthly delivery volume of autonomous vehicles has surpassed one million, with a year-on-year growth of 12.7% in express delivery volume in September. The postal industry reported a total business income of 152.57 billion yuan in September, up 6.8% year-on-year [2][22][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, while container shipping rates on long-distance routes have increased. The CTFI reported a decrease of 8.9% [2][13] - Guangdong's low-altitude economy development plan aims to optimize airspace management and promote low-altitude logistics [15][16] - Shenzhen's autonomous vehicle delivery volume has exceeded one million, with express delivery volume growing by 12.7% [22][24] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index has shown a month-on-month increase of 6.9% [26] - Domestic cargo flights have increased by 3.05% year-on-year, while international flights have risen by 15.86% [32] - The express delivery business volume in September increased by 12.7% year-on-year, with total business income reaching 127.37 billion yuan [50][54] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized Carriers, China Merchants Energy Shipping, and Huamao Logistics [4] - Pay attention to the low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Consider investment opportunities in the highway and railway sectors, recommending companies like Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Explore investment opportunities in the express delivery sector, recommending SF Express, Jitu Express, and Yunda Express [4]

Core Insights - The logistics sector experienced a 1.0% increase on October 27, with Xiamen Xiangyu leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Xiamen Xiangyu (600057) closed at 7.77, up 3.74% with a trading volume of 327,600 shares and a turnover of 252 million yuan [1] - Other notable performers include: - Ruimaotong (600180) at 4.87, up 2.96% [1] - Shentong Express (002468) at 15.97, up 2.57% [1] - ST Haichin (600753) at 7.40, up 2.49% [1] - Debon Logistics (603056) at 15.56, up 1.97% [1] - SF Holding (002352) at 40.58, up 1.76% with a turnover of 1.489 billion yuan [1] Fund Flow Analysis - The logistics sector saw a net inflow of 158 million yuan from institutional investors, while retail investors experienced a net outflow of 64.2 million yuan [2] - Key stocks with significant fund flows include: - Wuchan Zhongda (600704) with a net inflow of 86.62 million yuan from institutional investors [3] - SF Holding (002352) with a net inflow of 66.92 million yuan from institutional investors [3] - Shentong Express (002468) with a net inflow of 61.20 million yuan from institutional investors [3]

Group 1 - Zhongyou Life Insurance Co., Ltd. announced its third stake increase in China Communication Technology Co., Ltd. H-shares this year, following previous increases in May and July for Eastern Airlines Logistics A-shares and Green Power Environmental H-shares [1] - The trend of insurance capital frequently increasing stakes in listed companies is evident, with over 30 instances recorded this year, surpassing last year's total of 20 [1] - Insurance capital is primarily focusing on sectors such as banking, public utilities, and environmental protection, with a particular preference for H-shares, as evidenced by 30 out of the 30 stake increases targeting H-shares [1] Group 2 - Multiple insurance companies, including China Ping An Life Insurance Co., Ltd., Great Wall Life Insurance Co., Ltd., and Zhongyou Life Insurance, have conducted several stake increases in various listed companies this year, with some exceeding the 5% threshold for stake increases [2] - The regulatory environment has been supportive of insurance capital entering the market, with initiatives from the Central Financial Office and the Financial Regulatory Bureau aimed at increasing long-term investments [1]

Market Overview - On October 23, the logistics sector rose by 0.28% compared to the previous trading day, with Changjiang Investment leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Changjiang Investment (600119) closed at 9.63, with a gain of 7.12% and a trading volume of 402,400 shares, amounting to a transaction value of 391 million [1] - Other notable performers included Eastern Airlines Logistics (601156) with a 2.55% increase, and Wuchan Zhongda (600704) with a 2.35% increase [1] Fund Flow Analysis - The logistics sector experienced a net outflow of 20.51 million from institutional investors, while retail investors saw a net inflow of 116 million [2] - Major stocks like Changjiang Investment and Wuchan Zhongda had significant net inflows from retail investors, despite overall outflows from institutional and speculative funds [3] Individual Stock Insights - Changjiang Investment had a net inflow of 83.66 million from institutional investors, but a net outflow of 39.65 million from speculative funds [3] - Wuchan Zhongda also saw a net inflow of 70.94 million from institutional investors, with a net outflow of 25.73 million from speculative funds [3]

Core Viewpoint - The insurance sector is experiencing a wave of stock acquisitions, with 24 listed companies being targeted by insurance funds in 2023 alone, matching the total number of acquisitions from the previous four years combined [1][6]. Group 1: Recent Acquisitions - On October 21, Zhongyou Insurance announced an increase in its stake in China Tonghao to 5.17% through the Hong Kong Stock Connect, triggering the disclosure requirement [1][2]. - Zhongyou Insurance's recent acquisition involved purchasing 3.995 million shares at a price of HKD 3.6173 per share, totaling approximately HKD 14.45 million [3][4]. - Prior to this transaction, Zhongyou Insurance held 97.777 million shares, representing 4.9663% of the H-shares, which increased to 101.772 million shares post-transaction [3][4]. Group 2: Financial Performance - For the first half of 2023, China Tonghao reported revenue of CNY 14.665 billion, a year-on-year increase of 2.91%, and a net profit of CNY 1.621 billion, up 1.34% [4]. - Zhongyou Insurance achieved insurance business revenue of CNY 118.072 billion in the first half of 2023, reflecting a 12.07% year-on-year growth, although net profit declined by 9.01% [4]. Group 3: Industry Trends - The current wave of acquisitions is part of a broader trend, with insurance companies increasingly favoring high-dividend stocks to enhance cash income [6][7]. - Major banks and utility companies are the primary targets for insurance funds, with significant investments in Postal Savings Bank, China Merchants Bank, and others [6][7]. - The insurance sector's enthusiasm for acquisitions has reached a new high, with 32 disclosures reported by various insurance companies as of October 22, 2023 [6][7].

Group 1 - Zhongyou Life Insurance Co., Ltd. announced on October 21 that it increased its stake in China Communication Technology Co., Ltd. (China Tonghao) by purchasing 3.995 million H-shares, raising its ownership from 4.97% to 5.17%, triggering a stockholding disclosure [1][4] - This marks Zhongyou Life's third stockholding disclosure in 2025, having previously disclosed increases in East China Logistics and Green Power Environmental, focusing on infrastructure, environmental protection, and transportation sectors [1][6] - The insurance industry has seen a total of 32 stockholding disclosures this year, indicating a trend of insurance institutions making rational investment choices in response to market and policy changes [1][6] Group 2 - Zhongyou Life recently completed a capital increase, raising its registered capital from 28.663 billion yuan to 32.643 billion yuan, an increase of 3.98 billion yuan, making it the fourth largest in the life insurance industry [2][8] - The capital increase was approved in June and involved contributions from its two major shareholders, China Post Group and AIA Group, with China Post increasing its stake from 38.22% to 42.68% [8] - The capital increase aims to enhance the company's operational capacity and risk management capabilities, contributing to a significant rise in solvency ratios [9] Group 3 - As of the end of Q2 2025, Zhongyou Life's total assets amounted to 100.775 billion yuan, with equity assets valued at 100.775 billion yuan and available funds of 510.915 billion yuan [4] - In the first half of 2025, China Tonghao reported revenue of 14.665 billion yuan, a year-on-year increase of 2.91%, and a net profit of 1.621 billion yuan, up 1.34% year-on-year [5] - The stockholding in China Tonghao represents a small portion of Zhongyou Life's total assets, aligning with regulatory requirements [4]

Core Insights - China Eastern Airlines' logistics arm, Eastern Logistics, and SF Airlines have signed a strategic cooperation agreement to enhance joint operations and improve international logistics competitiveness [1][2] - The partnership aims to create a more efficient logistics system by integrating air and ground networks, focusing on high-quality development in the aviation logistics sector [2] Group 1: Strategic Cooperation - The agreement is a significant outcome of discussions held in August 2023, marking a step forward in their collaboration [1] - Both companies have been actively working together since signing their first strategic cooperation framework agreement in December 2023, focusing on optimizing network layouts and expanding cargo sales channels [1] Group 2: Operational Synergies - The collaboration leverages Eastern Logistics' extensive air transport network and cold chain capabilities alongside SF Airlines' stable cargo sources and efficient ground distribution [1] - The partnership aims to create a synergistic effect, enhancing the overall logistics capabilities and supporting the development of the Wuhan Ezhou air cargo hub [1][2] Group 3: Future Development Goals - Both companies plan to establish a long-term cooperation mechanism to enhance supply chain autonomy and support high-end manufacturing and stable industrial chains [2] - The partnership is aligned with national strategies, aiming to contribute to the dual circulation development pattern and strengthen the modern aviation logistics system [2]