Core Insights - The logistics sector experienced a decline of 0.85% on September 22, while the Shanghai Composite Index rose by 0.22% and the Shenzhen Component Index increased by 0.67% [1] Group 1: Market Performance - The logistics sector's performance was mixed, with notable gainers including Huazhu Group (3.61% increase), Xiamen International Trade (3.10% increase), and China National Foreign Trade (2.90% increase) [1] - Conversely, significant decliners included Shiyonghai (7.83% decrease), XinNing Logistics (5.45% decrease), and Furan De (5.01% decrease) [2] Group 2: Trading Volume and Value - The trading volume for Huazhu Group reached 835,200 shares with a transaction value of 569 million yuan, while Xiamen International Trade had a trading volume of 673,100 shares and a transaction value of 424 million yuan [1] - The overall logistics sector saw a net outflow of 124 million yuan from major funds, while retail investors contributed a net inflow of 192 million yuan [2] Group 3: Fund Flow Analysis - Major funds showed significant net inflow in China National Foreign Trade (62.38 million yuan) and Debang Co. (60.26 million yuan), while experiencing outflows in companies like Xiamen International Trade and Huazhu Group [3] - Retail investors primarily contributed to the net inflow in the logistics sector, with a notable inflow into China National Foreign Trade despite overall outflows from major and speculative funds [3]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [13] Core Insights - The transportation industry is expected to see improvements in profitability across various sub-sectors in Q3 2025, driven by domestic demand recovery and resilient international demand [2][6][7][8][9][10][11][12] Summary by Sub-Sector Aviation - The aviation sector is experiencing subdued demand but is benefiting from reduced costs, leading to an overall improvement in profitability for Q3 2025. The international flight recovery remains strong, and oil prices have significantly decreased [6][19][24] Airports - Domestic airport traffic is recovering, with international flights also increasing. Revenue is expected to improve steadily, with key airports benefiting from both domestic and international demand growth [2][6][24][26] Express Delivery - The "anti-involution" policy is driving price increases in the express delivery sector, leading to improved profitability for e-commerce deliveries. However, operational costs are temporarily pressuring profit margins [2][6][28][30] Logistics - The logistics sector is stabilizing, with major players expected to see profit growth due to improved supply chain performance and resilient cross-border logistics profitability [2][6][7][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different shipping types. While container shipping faces challenges, oil tanker profits are improving due to favorable market conditions [2][6][8][33][37] Ports - Port operations are expected to see improved profitability in bulk cargo handling, while container throughput remains resilient despite external pressures [2][6][9][39] Highways - Highway traffic is relatively stable, with a slight increase in profitability anticipated for Q3 2025, supported by steady freight and passenger traffic [2][10][41] Railways - Railway passenger and freight volumes are showing mixed trends, with a focus on opportunities arising from high-speed rail transformations. Overall, passenger transport is expected to grow, while freight transport is improving [2][11][43][44]

Core Points - Lenovo Holdings, a major shareholder of Eastern Airlines Logistics, has released 80,800,000 shares from pledge, resulting in a total pledged share count of 0 [1] - Lenovo Holdings holds a total of 179,254,133 shares in Eastern Airlines Logistics, representing 11.29% of the company's total equity [1] - The company will fulfill disclosure obligations in accordance with relevant laws and regulations if there are any future pledge plans [1]

Core Viewpoint - Lenovo Holdings has released an announcement regarding its shareholding in Eastern Airlines Logistics, indicating a significant change in the pledged shares [1] Summary by Relevant Sections - **Shareholding Information** - Lenovo Holdings holds a total of 179,254,133 shares in Eastern Airlines Logistics, representing 11.29% of the company's total share capital [1] - **Pledged Shares** - Lenovo Holdings has released 80,800,000 shares from pledge, resulting in a total of 0 shares currently pledged [1]

| 股东名称 | 联想控股股份有限公司 | | --- | --- | | 本次解除质押股份 | 80,800,000 股 | | 占其所持股份比例 | 45.08% | | 占公司总股本比例 | 5.09% | | 解除质押时间 | 2025 年 9 月 17 日、9 月 18 日 | | 持股数量 | 179,254,133 股 | | 持股比例 | 11.29% | | 剩余被质押股份数量 | 0 股 | | 剩余被质押股份数量占其所持股份比例 | 0.00% | | 剩余被质押股份数量占公司总股本比例 | 0.00% | 未来如有再质押计划，公司将按照相关法律法规要求及时履行披露义务。 特此公告。 证券代码：601156 证券简称：东航物流 公告编号：临 2025-036 东方航空物流股份有限公司 关于 5%以上股东股份解除质押的公告 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: 股东联想控股股份有限公司（以下简称"联想控股"）共计持有东方航 空物流股份有限公司（以下简称"公司"）股份数量 179,2 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 872351 | 华米源海 | 30.25 | -7.77% | 7.96万 | 2.44亿 | | 605050 | 福然德 | 20.68 | -5.83% | 35.60万 | 7.80亿 | | 001202 | 炬申股份 | 17.25 | -5.27% | 27.37万 | 4.87 乙 | | 300350 | 华鹏飞 | 6.53 | -3.12% | - 46.33万 | 3.03亿 | | 300240 | 飞力达 | 8.59 | -3.05% | 43.32万 | 3.74亿 | | 300013 | 新宁物流 | 4.63 | -2.53% | 167.44万 | 8.14亿 | | 002800 | 天顺股份 | 14.80 | -2.37% | 5.85万 | 8697.75万 | | 002769 | 普路通 | 9.45 | -2.17% | 17.80万 | 1.67亿 | | 603569 | 长久物流 | 9 ...

Group 1 - The core point of the article is that Eastern Airlines Logistics held its fourth meeting of the third board of directors on September 16, 2025, to discuss the establishment of the "Board Audit Committee Work System" [1] - For the year 2024, the revenue composition of Eastern Airlines Logistics is 99.94% from the logistics industry and 0.06% from other businesses [1] - As of the report date, the market capitalization of Eastern Airlines Logistics is 24.7 billion yuan [2]

东方航空物流股份有限公司 独立董事工作制度 第一章 总 则 第一条 为进一步完善东方航空物流股份有限公司（以下 简称"公司"或者"本公司"）的法人治理结构，充分发挥独立 董事在公司治理中的作用，根据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》《上 市公司独立董事管理办法》《上海证券交易所上市公司自律 监管指引第1号——规范运作》及《东方航空物流股份有限 公司章程》（以下简称《公司章程》）的相关规定，制定本 工作制度（以下简称"本制度"）。 第二条 本制度所指独立董事是指不在公司担任除董事 外的其他职务，并与公司及其主要股东、实际控制人不存在 直接或者间接利害关系，或者其他可能影响其进行独立客观 判断关系的董事。 第三条 独立董事对本公司及全体股东负有忠实与勤勉 义务。 第四条 独立董事应当按照法律、行政法规、中国证券监 督管理委员会（以下简称"中国证监会"）规定、上海证券交 易所（以下简称"上交所"）业务规则、《公司章程》的规定 和本制度的要求，认真履行职责，在董事会中充分发挥参与 在公司连续任职独立董事已满 6 年的，自该事实发生之 日起 36 个月内不得被提名为公司独立董事候 ...

东方航空物流股份有限公司 信息披露暂缓与豁免管理制度 第一条 为规范东方航空物流股份有限公司（以下简称 "公司"）和其他信息披露义务人的信息披露暂缓与豁免行为， 保护投资者的合法权益，根据《证券法》《上市公司信息披 露管理办法》《上海证券交易所股票上市规则》（以下简称 《股票上市规则》）、《上市公司信息披露暂缓与豁免管理 规定》等法律、行政法规和规章，结合《公司章程》及公司 实际情况，制定本制度。 第五条 公司和其他信息披露义务人有保守国家秘密的 1 义务，不得通过信息披露、投资者互动问答、新闻发布、接 受采访等任何形式泄露国家秘密，不得以信息涉密为名进行 业务宣传。公司董事长、董事会秘书应当增强保守国家秘密 的法律意识，保证所披露的信息不违反国家保密规定。 第六条 公司和其他信息披露义务人拟披露的信息涉及 商业秘密或者保密商务信息（以下统称"商业秘密"），符合 下列情形之一，且尚未公开或者泄露的，可以暂缓或者豁免 披露： （一）属于核心技术信息等，披露后可能引致不正当竞 争的； 第二条 公司和其他信息披露义务人暂缓、豁免披露临 时报告，在定期报告、临时报告中豁免披露中国证监会及上 海证券交易所规定或者要求披 ...

第一章 总 则 东方航空物流股份有限公司 股东会议事规则 第一条 为保证东方航空物流股份有限公司（以下简称 "公司"）股东会会议的顺利进行，规范股东会的组织和行为， 提高股东会议事效率，维护股东合法权益，保证股东会能够 依法行使职权及其程序和决议内容有效、合法，根据《中华 人民共和国公司法》（以下简称《公司法》）、《中华人民 共和国证券法》（以下简称《证券法》）、《上市公司治理 准则》和《上海证券交易所上市公司自律监管指引第1号—— 规范运作》《上市公司股东会规则》等法律、法规、规范性 文件及《东方航空物流股份有限公司章程》（以下简称《公 司章程》）的有关规定，特制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适 用本规则。 第三条 公司应当严格按照法律、行政法规、本规则及《公 司章程》的相关规定召开股东会，保证股东能够依法行使权 利。 公司董事会应当根据《公司法》《公司章程》切实履行 1 职责，认真、按时组织股东会。公司全体董事应当勤勉尽责， 确保股东会正常召开和依法行使职权。 第四条 股东会应当在《公司法》和《公司章程》规定的 范围内行使职权。 第五条 股东会分为年度股东会和临时股东会。 年 ...