东航物流10月10日公告，公司持股5%以上股东天津睿远企业管理合伙企业（有限合伙）因自身资金规 划安排，计划自2025年11月3日起至2026年2月2日止，通过集中竞价交易方式减持公司股份不超过 1587.56万股，即不超过公司总股本的1%。减持价格将按市场价格确定。本次减持计划实施存在不确定 性。 ...

关于 5%以上股东减持股份计划公告 证券代码：601156 证券简称：东航物流 公告编号：临2025-037 东方航空物流股份有限公司 本公司董事会、全体董事及相关股东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： 5%以上股东持股的基本情况 截至本公告披露日，股东天津睿远企业管理合伙企业（有限合伙）（以下简 称"天津睿远"或"本合伙企业"）持有东方航空物流股份有限公司（以下简称 "东航物流"或"公司"）股份 99,967,601 股，占公司总股本的 6.30%。上述股 份来源于公司首次公开发行前取得的股份，已全部于 2024 年 9 月 5 日解除限售。 减持计划的主要内容 因自身资金规划安排，股东天津睿远拟自本公告之日起 15 个交易日后的 3 个月内，通过集中竞价交易减持不超过 15,875,556 股，减持比例不超过 1%。具 体减持价格将按市场价格确定。 上述减持期间内若有送股、资本公积金转增股本等股份变动事项，拟减持股 份的比例不变，减持数量将做相应调整。 | 股东名称 | 天津睿远企业管理合伙企业（有限合伙） | | ...

格隆汇10月10日丨东航物流(601156.SH)上公布，因自身资金规划安排，股东天津睿远拟自本公告之日 起15个交易日后的3个月内，通过集中竞价交易减持不超过1587.56万股，减持比例不超过1%。具体减 持价格将按市场价格确定。 ...

Core Viewpoint - Eastern Airlines Logistics (601156.SH) announced that its shareholder, Tianjin Ruiyuan Enterprise Management Partnership (Limited Partnership), plans to reduce its holdings by up to 15,875,556 shares, representing a maximum reduction of 1% within three months after 15 trading days from the announcement date [1] Summary by Category - **Shareholder Action** - Tianjin Ruiyuan Enterprise Management Partnership intends to reduce its stake in Eastern Airlines Logistics through centralized bidding transactions [1] - The planned reduction is capped at 15,875,556 shares, which is equivalent to a maximum of 1% of the total shares [1]

东航物流公告，截至本公告披露日，股东天津睿远企业管理合伙企业（有限合伙）持有公司9996.76万 股，占6.30%；因自身资金规划安排，天津睿远计划自本公告披露之日起15个交易日后的3个月内，即 2025年11月3日～2026年2月2日期间，通过集中竞价减持不超过1587.56万股，减持比例不超过1%，拟 减持股份来源为IPO前取得。 ...

Core Viewpoint - Eastern Airlines Logistics has shown a mixed performance in terms of stock trading and financial metrics, with notable activity in margin trading and a slight decline in revenue while maintaining profit growth [1][2]. Group 1: Stock Performance - On October 9, Eastern Airlines Logistics' stock rose by 0.51%, with a trading volume of 215 million yuan [1]. - The margin trading data indicates a net purchase of 25.44 million yuan on the same day, with a total margin balance of 1.159 billion yuan, representing 7.74% of the circulating market value [1]. - The margin balance is at a high level, exceeding the 90th percentile of the past year [1]. Group 2: Financial Metrics - For the first half of 2025, Eastern Airlines Logistics reported a revenue of 11.256 billion yuan, a slight decrease of 0.26% year-on-year, while the net profit attributable to shareholders increased by 0.90% to 1.289 billion yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 2.726 billion yuan, with 1.630 billion yuan distributed over the past three years [2]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased to 53,900, while the average circulating shares per person decreased by 2.27% to 17,532 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 17.0624 million shares, an increase of 1.3299 million shares from the previous period [2].

Investment Rating - The industry maintains a "Recommended" investment rating, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [3]. Core Insights - The overall supply and demand growth in the aviation industry continues to slow down, with record high passenger load factors during peak seasons. Domestic growth remains low, while international routes are experiencing a gradual normalization effect from last year's base [1][7]. - Key performance indicators for August 2025 show significant year-on-year increases in passenger turnover and flight operations, with domestic routes showing stronger growth compared to international routes [7][23]. - The report emphasizes the importance of addressing "involution" within the industry, highlighting recent calls for a unified market and reduced competition pressures [7]. Summary by Sections Industry Monthly Review - In August 2025, the Shanghai Composite Index rose by 10.3%, while the aviation index increased by 5.9%, underperforming the broader market by 4.4% [11]. - Most aviation stocks saw gains, with the largest increase being 11.5% for a specific stock, while the largest decline was 3.1% for another [11]. Key Data Tracking - Passenger turnover for August 2025 reached 136.5 billion passenger-kilometers, up 25.4% from 2019 and 5.8% from 2024. Domestic routes accounted for 104.7 billion passenger-kilometers, reflecting a 35.6% increase from 2019 [7][24]. - The available seat kilometers (ASK) for August 2025 were 156.1 billion, a 24.1% increase from 2019, with a passenger load factor of 87.5%, up 0.9 percentage points from 2019 [7][24]. - The report notes a decline in domestic ticket prices, with full ticket prices down 6.4% year-on-year [7][24]. Recent Reports - The report references several recent industry analyses, including insights on the recovery of international flights and the performance of major airlines [6][93].

Core Insights - Eastern Airlines Logistics has implemented a specialized air freight solution to ensure the freshness of Yangcheng Lake hairy crabs delivered to the Guangdong-Hong Kong-Macao Greater Bay Area, utilizing a dedicated cargo flight CK5067 to transport 41 tons of crabs [1][6] Group 1: Transportation and Logistics - The newly established Kunshan air freight station, the first of its kind in the country, significantly enhances the efficiency of crab transportation by reducing transfer time from the pond to the airport [2] - A dedicated team from Eastern Airlines Transportation Company has been assigned to ensure the safe and efficient ground transport of crabs, employing special binding methods to prevent damage during transit [2][5] - The use of a dedicated Boeing 777-200F freighter for crab transport this year, as opposed to previous years' passenger aircraft, creates an optimal environment for preserving the crabs' freshness [5] Group 2: Supply Chain and Market Impact - The transportation initiative not only broadens the sales channels for Yangcheng Lake hairy crabs but also meets the consumer demand in the Greater Bay Area during the dual festival season [6] - The logistics strategy includes a "three-priority" approach—priority collection, inspection, and loading—to expedite the handling of crabs at the cargo station [5] - The efficient supply chain established allows for rapid delivery from the airport to major supermarkets and e-commerce warehouses in Shenzhen, as well as extending to cities like Guangzhou and Dongguan [5][6]

Core Viewpoints - The shipping industry is experiencing high volatility in crude oil freight rates while container shipping rates on long-distance routes are declining [3] - The first hybrid tilt-rotor unmanned aerial vehicle (eVTOL) model has been accepted for application by the Southwest Civil Aviation Administration, and a collaboration between Saudi Arabia and Ehang is set to launch autonomous flying vehicles and air taxi services [3] - China's first national standard for logistics enterprise digitization has been officially released, and the "parallel port" logistics model has achieved a throughput of over 76,000 tons in its first year of operation [3] Shipping Industry - As of September 25, the China Import Crude Oil Comprehensive Index (CTFI) was reported at 1908.03 points, a decrease of 3.4% from September 18 [3] - The VLCC market in the Middle East is seeing a slowdown in cargo availability, while the Atlantic and Gulf routes remain relatively calm [3] - The shipping rates from Shanghai to Europe and the U.S. have decreased, with rates to Europe at $971/TEU (down 7.7%) and to the U.S. West and East coasts at $1460/FEU (down 10.8%) and $2385/FEU (down 6.7%) respectively [3] Aviation Industry - The first hybrid tilt-rotor eVTOL model application has been accepted, marking a significant milestone in China's aviation sector [3] - Saudi Arabia's Front End and Cluster2Airports are collaborating with Ehang to introduce autonomous flying vehicles and air taxi services [3] Logistics and New Transportation Models - The national standard for logistics enterprise digitization was released on September 26, focusing on general requirements [3] - The "parallel port" logistics model has been operational for one year, achieving a throughput of 76.61 million tons and 37,000 standard containers [3] Investment Recommendations - Companies in the equipment and manufacturing export chain are recommended for attention, including COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [6] - Opportunities related to the construction of hydropower stations in the Yarlung Tsangpo River downstream are highlighted, with a focus on Sichuan Chengyu, Chongqing Port, and Fulmin Transportation [6] - The low-altitude economy and highway-railway sectors are also suggested for investment, with specific companies recommended for consideration [7]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates are fluctuating at high levels while container shipping rates on long-distance routes are declining [3][14] - The first hybrid tilt-rotor unmanned aerial vehicle (eVTOL) model has been accepted for certification by the Southwest Regional Administration of Civil Aviation of China, and a collaboration between Saudi Arabia and Ehang is planned to launch autonomous aerial vehicles and air taxi services [3][16] - China's first national standard for logistics enterprise digitization has been officially released, and the "Parallel Port" logistics model has achieved a cargo throughput of over 760,000 tons in its first year of operation [3][24] Summary by Sections 1. Industry Hot Events - Crude oil freight rates are experiencing high volatility, with the China Import Crude Oil Composite Index (CTFI) reported at 1908.03 points, down 3.4% from September 18 [3][14] - Container shipping rates are declining, with the Shanghai port export rate to Europe at $971/TEU, down 7.7%, and to the US West and East coasts at $1460/FEU and $2385/FEU, down 10.8% and 6.7% respectively [3][15] - The DF600 unmanned aerial vehicle has received certification acceptance, marking a significant step in the eVTOL sector [3][16] - The "Parallel Port" logistics model has successfully handled 760,000 tons of cargo, significantly improving logistics efficiency [3][25] 2. Industry High-Frequency Data Tracking - Air cargo prices remain stable, with the Shanghai outbound air freight price index at 4516.00 points, down 6.6% year-on-year [4][26] - Domestic freight volumes for August 2025 increased by 12.29% year-on-year, with total express delivery volume reaching 16.15 billion pieces [4][50] - The shipping market shows a mixed trend, with the Baltic Dry Index (BDI) at 2259 points, up 2.54% week-on-week [4][44] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the transportation demand increase driven by hydropower station construction in the Yarlung Tsangpo River downstream area, recommending Sichuan Chengyu, Chongqing Port, and Fulimin Transportation [5] - Opportunities in the low-altitude economy sector, recommending CITIC Offshore Helicopter [5] - Investment opportunities in the highway and railway sectors, recommending Gansu Guangdong Expressway, Beijing-Shanghai High-Speed Railway, and others [5] - The cruise and water ferry sector is highlighted, recommending Bohai Ferry and Straits Shares [5] - E-commerce and express delivery investment opportunities are recommended, including SF Express, Jitu Express, and Yunda Shares [5] - Opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, Spring Airlines, and others [5]