Group 1 - The core point of the article is that Milkyway (SH 603713) announced the acquisition of a patent for a chemical entity identification method, which may enhance its technological capabilities in the chemical storage sector [1] - Milkyway's subsidiary, Shanghai Milkyway Chemical Storage Co., Ltd., received a patent certificate from the National Intellectual Property Administration of China [1] - As of the report, Milkyway's market capitalization stands at 9.7 billion yuan [1] Group 2 - For the first half of 2025, Milkyway's revenue composition is as follows: logistics accounted for 51.39%, trading for 48.08%, and other businesses for 0.53% [1]

一、发明专利情况 证书号：第 8216859 号 关于全资子公司取得发明专利证书的公告 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。 密尔克卫智能供应链服务集团股份有限公司（以下简称"公司"）全资子公 司上海密尔克卫化工储存有限公司于近日取得中华人民共和国国家知识产权局 颁发的 1 项发明专利证书，具体情况如下： 发明名称：一种化学品实体识别方法、装置、电子设备及存储介质 | 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-087 | | --- | --- | --- | | 转债代码：113658 | 转债简称：密卫转债 | | 专利权人：上海密尔克卫化工储存有限公司 密尔克卫智能供应链服务集团股份有限公司 专利号：ZL 2024 1 1226117.1 专利申请日：2024 年 9 月 3 日 发明人：陈缵轶 本次发明专利的取得是公司重要核心技术的体现和延伸，会对公司及子公司 生产经营产生积极影响。持续投入科技和创新并将其转化为应用成果，是公司保 持长期核心竞争力的体现。公司引领行业的技术创新， ...

Core Viewpoint - Milkyway announced that its subsidiary, Shanghai Milkyway Chemical Storage Co., Ltd., has received a patent certificate from the National Intellectual Property Administration for an invention related to chemical entity identification methods and devices [1] Group 1 - The patent is titled "A Method, Device, Electronic Equipment, and Storage Medium for Chemical Entity Identification" [1]

Core Insights - The successful land auction in Jingzhou Economic Development Zone generated nearly 70 million yuan, with three gas station plots and four industrial plots sold [1][4]. Group 1: Gas Station Land Sales - The first gas station plot, located in the Kaili unit, was sold for 980,000 yuan, slightly above the starting price of 976,230 yuan, covering an area of approximately 4.48 acres [3]. - The second gas station plot, situated in the Chemical Park C unit, was sold for 520,000 yuan after 10 rounds of bidding, starting from an initial price of 362,080 yuan, and spans about 4.39 acres [3]. - The third gas station plot, located in the Electronic Information Industry Park C area, was sold for 1,190,000 yuan, just above the starting price of 1,186,230 yuan, covering an area of approximately 5.94 acres [3]. Group 2: Industrial Land Sales - The four industrial plots sold include land for companies such as Sanjiu Metal, Nengte Technology, and Zuolin Hardware from Guangdong Foshan [3]. - Since the beginning of the year, Jingzhou Economic Development Zone has sold a total of 27 plots of land, covering an area of 2,314.92 acres, with a total transaction value of 427 million yuan, including 24 industrial plots and 3 gas station plots [4]. Group 3: Future Development Plans - The local government aims to enhance infrastructure and public service facilities in the Jingzhou Economic Development Zone to attract more quality enterprises and talent, thereby injecting new momentum into regional industrial development [4].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The current demand in the e-commerce express delivery sector is resilient, and the "anti-involution" trend is driving up express delivery prices, releasing profit elasticity for companies. Long-term positive competition opportunities are expected in the e-commerce express delivery sector. Companies like SF Express and JD Logistics are likely to benefit from cyclical recovery and ongoing cost reductions, with potential for both performance and valuation increases [13] - In the shipping sector, the outlook for crude oil transportation is favorable due to the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts. The geopolitical uncertainties in the Middle East may enhance VLCC freight rate elasticity. The shipping market is expected to improve significantly in Q4 2025, with recommendations to focus on companies like China Merchants Energy Shipping and COSCO Shipping Energy [13] - The shipbuilding sector is in the early stages of a green renewal cycle, with shipping market conditions and green renewal progress being the core demand drivers. Despite a decline in new ship orders, shipyards remain busy. Factors constraining new ship market activities are expected to ease or improve, suggesting a potential profit realization period for shipbuilding companies [14] Summary by Sections Express Delivery - The express delivery industry is experiencing a significant increase in business volume, with a year-on-year growth of 12.3% in the number of packages delivered [24] - Major companies like YTO Express and SF Express are showing strong growth in business volume, with SF Express achieving a remarkable 34.8% year-on-year increase [26] Shipping - The current week saw a slight increase in the Clarkson comprehensive freight rate to $28,977 per day, while the BDI index decreased by 4.3% to 1,941 points [44] - The crude oil transportation index (BDTI) decreased by 2.5% to 1,084 points, indicating a slight downturn in the market [44] Aviation - In August 2025, global air passenger demand grew by 4.6%, with a load factor of 86.0%, marking a historical high for the month [10] - The overall passenger transport volume for civil aviation reached approximately 75 million, reflecting a year-on-year increase of 3.3% [55] Logistics - The logistics sector is seeing a positive trend, with companies like Debon Logistics and Aneng Logistics showing significant improvements in profitability due to strategic transformations and ecosystem optimizations [15] Ports - The total cargo throughput at Chinese ports reached 272.175 million tons, with a week-on-week increase of 4.69% [71] - Container throughput also saw an increase of 8.84%, indicating a robust performance in the port sector [71]

Group 1 - The company, Milkway (SH 603713), announced that as of the disclosure date, the total external guarantees provided by the company and its subsidiaries amount to approximately RMB 4.547 billion, which represents 105.3% of the company's most recent audited net assets attributable to shareholders [1] - For the first half of 2025, the revenue composition of Milkway is as follows: logistics accounts for 51.39%, trading accounts for 48.08%, and other businesses account for 0.53% [1] - As of the report date, Milkway's market capitalization is RMB 10 billion [1]

| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-086 | | --- | --- | --- | | 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 | 上海慎则化工科技有限公司（以下简称 "上海慎则"） | 万元 | | | --- | --- | --- | --- | --- | --- | | | | 本次担保金额 | 5,000.00 | | | | 象一 | | 实际为其提供的担保余额 | 28,938.40 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 | 下简称"鼎铭秀博"） | | 上海鼎铭秀博集装罐服务有限公司（以 | ...

| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-085 | | --- | --- | --- | | 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 重要内容提示： 一、可转债上市发行概况 根据有关规定和《密尔克卫化工供应链服务股份有限公司公开发行可转换 公司债券募集说明书》（以下简称"《募集说明书》"）的约定，公司本次发 行的"密卫转债"自 2023 年 3 月 22 日起可转换为公司股份。 （一）可转债发行概况 （三）可转债转股价格说明 经中国证券监督管理委员会《关于核准密尔克卫化工供应链服务股份有限 公司公开发行可转换公司债券的批复》（证监许可〔2022〕1905 号）核准，公 司于 2022 年 9 月 16 日公开发行可转换公司债券 8,723,880 张，每张面值 100 元，发行总额为人民币 872,388,000 元。 （二）可转债上市概况 经《关于密尔克卫化工供应链服务股份有限公司可转换公司债券上市交易 的通知》（上海证券交易所自律监管决定书[2022]282 号）同意，公司 87,238.80 万元可转换公司债券 ...

Core Insights - The Ministry of Transport and six other departments issued the "Implementation Opinions on 'Artificial Intelligence + Transportation'" to accelerate the innovative application of AI in the transportation sector by 2027 [1] - By 2030, AI is expected to be deeply integrated into the transportation industry, with a comprehensive smart transportation network and key technologies achieving self-control and leading globally [1][2] Industry Growth - The AI sector is rapidly transforming the transportation industry, with applications ranging from intelligent scheduling in urban traffic to autonomous driving in road transport [2] - The smart transportation market in China is projected to reach approximately 250 billion yuan by 2025 and exceed 300 billion yuan by 2030 [2] Company Performance - As of September 26, the total market capitalization of transportation companies in the A-share market is 3.21 trillion yuan, with an average annual increase of 11.27% [3] - Companies such as SanYangMa and YueGaoA have seen significant institutional interest, with over 70 and 140 institutional surveys respectively [3][5] Technological Advancements - XingTong Co. has developed the "AI-XingZai" intelligent platform for chemical shipping, which has been operational since June 2025 [3][4] - The first domestic methanol dual-fuel chemical ship, "XingTong HaiLao," was delivered on September 26, 2025, featuring advanced AI capabilities for real-time monitoring and efficiency [4]

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 shift towards "quality over quantity" leading to price increases, which will enhance corporate profitability. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost reduction [4][13] - The shipping sector is anticipated to benefit from the OPEC+ production cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market expected in Q4 2025 [13] - The aviation industry is projected to see long-term demand growth due to macroeconomic recovery, with short-term ticket booking data indicating a rebound [13] Summary by Sections Express Delivery - The express delivery sector is witnessing a significant price increase, with over 90% of regions in China experiencing price hikes, which is expected to improve profitability for companies [4] - Key companies to watch include YTO Express, Shentong Express, Zhongtong Express, and SF Express, all of which are positioned to benefit from the industry's positive trends [13] Shipping and Shipbuilding - The shipping sector is expected to see a cyclical recovery, particularly in oil transportation due to OPEC+ production increases and geopolitical uncertainties enhancing VLCC rate elasticity [13] - The shipbuilding market is in a green transition phase, with new orders expected to improve as market conditions stabilize [13] Aviation - The aviation sector is experiencing low supply growth with increasing demand, leading to a favorable long-term outlook. Companies like China Southern Airlines and Air China are highlighted for their potential [13][14] Logistics and Ports - The logistics sector is seeing a positive trend with companies like Shenzhen International and Debon Logistics expected to benefit from improved competition and operational efficiencies [13] - Port operations are stable, with a focus on cash flow and growth potential in hub ports like China Merchants Port and Qingdao Port [13]