Group 1 - The core point of the announcement is the resolution of the first extraordinary general meeting of shareholders for 2026, confirming that there were no rejected proposals [1] - The meeting was held on February 11, 2026, at a specified location in Shanghai, and was attended by shareholders with voting rights [2] - The meeting was convened by the company's board and conducted through a combination of on-site and online voting, led by the chairman, Chen Yinhai, in compliance with legal regulations [2][3] Group 2 - The meeting included the attendance of 5 current directors, with 4 present and the vice chairman absent due to work commitments [3][4] - Several proposals were reviewed and passed, including the addition of an independent director, changes to registered capital and business scope, and amendments to the company's articles of association [5] - The legal firm Guohao Law Firm (Shanghai) provided witness services for the meeting, confirming that the procedures and voting were in accordance with legal requirements [6]

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于密尔克卫智能供应链服务集团股份有限公司 2026 年第一次临时股东会的法律意见书 致：密尔克卫智能供应链服务集团股份有限公司 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"）2026 年第 一次临时股东会定于 2026 年 2 月 11 日召开，国浩律师（上海）事务所（以下简 称"本所"）接受公司的委托，指派葛嘉琪律师、张美华律师（以下简称"本所 律师"）对本次股东会进行见证，并依据《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》"）、中国证券监督管 理委员会发布的《上市公司股东会规则》等其他现行有效的法律、法规及规范性 文件规定及《密尔克卫智能供应链服务集团股份有限公司章程》（以下简称"《公 司章程》"）出具本法律意见书。 公司召开 2026 年第一次临时股东会事宜系经公司第四届董事会第十次会议 1 国浩律师（上海）事务所 法律意见书 于 2026 年 1 月 26 日审议通过。公司于 2026 年 1 月 27 日在上海证券交易所网站 （www.sse.com.cn）刊登了《密尔克 ...

| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2026-009 | | --- | --- | --- | | 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 2026年第一次临时股东会决议公告 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： 本次会议是否有否决议案：无 本次会议由公司董事会召集，采取现场和网络投票相结合的方式召开。会议 由公司董事长陈银河先生主持，本次会议的召集、召开及表决方式均符合《公司 (一) 股东会召开的时间：2026 年 2 月 11 日 (二) 股东会召开的地点：上海市浦东新区金葵路 158 号云璟生态社区 F1 栋 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 法》《公司章程》等法律法规的有关规定。 (五) 公司董事和董事会秘书的列席情况 二、 议案审议情况 审议结果：通过 表决情况： | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | -- ...

Summary of Chemical Logistics Industry Conference Call Industry Overview - The chemical logistics industry is currently under pressure, with demand primarily driven by raw material transportation, intermediate production, and downstream applications in coastal regions. The mismatch in capacity layout has resulted in significant transportation demand [2][6]. - The overall profitability of the chemical logistics sector has been impacted since 2023 due to macroeconomic demand pressures [2]. Key Insights and Arguments - **Chemical Product Price Index (CCPI)**: The CCPI has shown a significant rebound trend since December 2025, indicating an improvement in the operating rates of key chemical products such as methanol and ethylene glycol, which reached their highest levels in recent years by early 2026 [1][5]. - **Supply and Demand Dynamics**: The demand for liquid chemical transportation is growing at approximately 8% annually, while supply is increasing at about 7%. Delays in capacity approval can lead to mismatches, creating opportunities for price increases during periods of rapid demand growth [3][9]. - **Regulatory Environment**: The domestic coastal liquid chemical transportation sector is subject to strict capacity control, with annual adjustments based on demand and company qualifications. This has led to a more concentrated market, with 80% of leading companies generating less than 1 billion yuan in revenue [3][6][8]. Structural Opportunities - Despite a slowdown in growth, there are structural opportunities in the industry, such as the "going out" strategy and the development of emerging industries. Some logistics companies have already benefited from these changes, with expectations of continued improvement in road transportation and warehouse rental rates [7][15]. Key Segments to Watch - **Warehousing**: Companies involved in warehousing, liquid chemical transportation, and tank storage are highlighted as having stable profitability due to high asset intensity and licensing barriers [4][15]. - **Major Companies**: - **Milky Way**: Expected to see gradual recovery starting in 2025, with projected profits of 760 million to 860 million yuan by 2026-2027, indicating significant upside potential compared to historical valuation ranges [12][15]. - **Xintong Co.**: Focused on coastal liquid chemical and LPG transportation, with expected profits of 370 million and 450 million yuan in 2026 and 2027, respectively [13][15]. - **Hongchuan Wisdom**: As a tank service provider, the company is anticipated to improve performance in 2026 due to recovering demand [14][15]. Additional Important Points - The chemical logistics supply side is currently in a phase of stock optimization, with limited growth in hazardous chemical warehouses and tank storage due to regulatory constraints [1][6]. - The road transportation sector for hazardous chemicals is facing intense competition, with a decline in per capita annual transport volume, but prices are nearing a bottom, suggesting a potential turning point [11][15].

Group 1: Industry Dynamics Tracking - The SCFI composite freight index decreased by 3.8% week-on-week to 1267 points, with specific routes showing varied changes: Shanghai-Europe/Med prices changed by -1.1%/-5.5%, Shanghai-West Coast/East Coast US prices changed by -3.5%/-2.9%, and Shanghai-Southeast Asia prices fell by 4.6% [1][6] - ZTO Express forecasts a revenue range of 48.5 to 50 billion yuan for 2025, with a year-on-year growth of 9.5% to 12.9%, driven by a 13.3% increase in package volume to 38.52 billion pieces [2] - The global air passenger volume is expected to reach 10.2 billion by 2026, with a compound annual growth rate of 3.4% driven by growth in emerging markets [4] Group 2: Financial Instruments and Corporate Actions - ZTO Express plans to issue $1.5 billion in convertible preferred notes, with net proceeds of approximately $1.404 billion, to refinance and repurchase shares, indicating a strategy to enhance shareholder returns [3] - Hongchuan Smart announced a downward revision of the conversion price for its bonds from 14.00 yuan/share to 12.65 yuan/share, effective from February 9, 2026 [3] Group 3: Shipping and Port Operations - The BCTI index increased by 1.6% week-on-week to 903 points, with specific route changes: LR1 Middle East-Japan down by 6.0%, MR-Pacific/Singapore-Australia/Atlantic down by 5.0%/-7.5% and up by 48.8% respectively [8] - China's port cargo throughput increased by 9.63% week-on-week to 281.6 million tons, with container throughput rising by 12.41% to 7.41 million TEU [9] Group 4: Logistics and Transportation - National logistics operations were orderly from January 26 to February 1, with rail freight increasing by 2.27% to 76.11 million tons and highway freight traffic up by 4.75% to 56.83 million vehicles [10] - The demand for express delivery in the e-commerce sector remains resilient, with a positive outlook for companies like SF Express and JD Logistics due to cost control and cyclical recovery [11]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector shows resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. Long-term competition in the e-commerce express delivery market is expected to improve [12] - The aviation sector is anticipated to benefit from the upcoming Spring Festival travel peak and performance forecast periods, with a sustainable recovery in demand and a tightening supply situation [12] - The shipping market is expected to see a positive outlook due to the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts, enhancing the elasticity of VLCC freight rates [12] Summary by Sections Express Logistics - ZTO Express forecasts a revenue range of 48.5 to 50 billion yuan for 2025, with a year-on-year growth of 9.5% to 12.9%. The company expects a package volume of 38.52 billion pieces, a 13.3% increase year-on-year [5] - The company plans to issue $1.5 billion in convertible preferred notes, with a net amount of approximately $1.404 billion, to refinance and repurchase shares [6] - The express delivery market is characterized by significant growth opportunities for companies like YTO Express and SF Express, driven by market share increases and operational stability [12] Aviation - Global air passenger traffic is projected to reach 10.2 billion in 2026, a 3.9% year-on-year increase, with strong demand expected to continue [7] - The Spring Festival travel volume is expected to reach 95 million passengers, a year-on-year increase of approximately 5.3% [8] - The International Air Transport Association (IATA) indicates a strong demand for air travel in 2025, with a 5.3% increase in global passenger demand [8] Shipping and Ports - The shipping market is expected to benefit from geopolitical developments and trade agreements, particularly with India ceasing oil purchases from Russia [9] - The BDI index increased by 1.1% to 2011 points, indicating a positive trend in the dry bulk shipping market [11] - China's port cargo throughput increased by 9.63% week-on-week, with container throughput rising by 12.41% [12] Road and Rail - National logistics operations are running smoothly, with rail freight increasing by 2.27% and highway freight vehicle traffic up by 4.75% [12] - The road passenger volume decreased by 2.60% year-on-year, while rail passenger volume increased by 8.52% [12] Supply Chain Logistics - The logistics sector in South China is undergoing transformation, providing performance elasticity and potential for value reassessment [12] - The chemical logistics market is expanding, with significant growth opportunities for leading companies [12] Ports - The port sector is stabilizing, with strong cash flow and a focus on hub growth potential [12]

Group 1: North Exchange IPO Insights - In January 2026, five companies were listed on the North Exchange, raising a total of 1.8 billion yuan, approximately one-fourth of the fundraising amount in 2025 [2][7] - The average first-day increase for new IPOs in January 2026 was 196%, a decrease from the 368% average in 2025, primarily due to larger and traditional industry IPOs [2][7] - The average online subscription funds reached a historical high of 910.3 billion yuan in January 2026, compared to 662.4 billion yuan in 2025, indicating increased interest in new listings [2][8] Group 2: AI and Energy Sector Analysis - The return of the Trump administration has shifted the U.S. macro policy environment towards growth, industrial security, and resource safety, impacting energy and financial systems [10][11] - AI's large-scale application is rapidly reshaping energy demand structures, with significant implications for power supply and infrastructure [12] - The report suggests a long-term positive outlook for nuclear power, uranium, and energy storage as key growth areas in the context of AI and digital economy [14] Group 3: Food and Beverage Sector - Babi Foods - Babi Foods reported a revenue of 1.86 billion yuan in 2025, a year-on-year increase of 11.2%, while net profit decreased by 1.3% to 273 million yuan [15][16] - The company is focusing on expanding its new store model, with plans to open 1,000 new stores in 2026, leveraging strong sales performance from the new model [16][17] - The net profit margin is expected to improve due to effective cost management and new product development [17] Group 4: Chemical Logistics - Milkway - Milkway is a leading player in the hazardous chemical supply chain, with a dual-driven model of comprehensive logistics and chemical distribution [18][19] - The hazardous chemical logistics market is projected to grow from 2.05 trillion yuan in 2020 to 2.44 trillion yuan in 2024, with a CAGR of 4.45% [19] - The company has established a global service network and is expected to benefit from industry consolidation as smaller players exit the market [20] Group 5: Electronics - BOE Technology - BOE Technology has become a global leader in the semiconductor display industry, with a revenue of 101.28 billion yuan in the first half of 2025, reflecting an 8.45% year-on-year growth [22][23] - The company is entering a new growth phase, with its LCD business benefiting from increased demand for large-size displays [23] - The OLED segment is also expected to grow significantly, driven by the increasing penetration of OLED in mobile devices and upcoming product launches from major brands [24][25]

华源证券研报指出，密尔克卫是国内危化品供应链领军企业，历经二十余年发展，已形成"综合物流 +化工品分销"双轮驱动格局，构建了覆盖国内六大战区、延伸至亚太等地区的全球化服务网络。截至 2025H1有效客户超10,000家，物贸一体化协同效应持续释放，支撑公司业绩稳步增长。行业随化工增产 持续扩容，龙头或具备成长空间。复制海外龙头成长路径，并购+协同有望打开长期空间。公司为化工 物流龙头，商业模式清晰，多业务并举，综合物流服务能力持续增强，服务链条延伸推动盈利能力持续 上涨，维持"买入"评级。 ...

Industry Dynamics Tracking - The overall container shipping rates have decreased, with the SCFI composite index dropping by 9.7% to 1317 points. Specific routes such as Shanghai-Europe and Shanghai-Mediterranean saw declines of 11.1% and 12.0% respectively [3][4] - The refined oil tanker rates have increased, with the BCTI index rising by 4.6% to 890 points. The MR rates in the Pacific and Atlantic regions showed mixed results, with a notable increase of 12.7% in the Atlantic [8] - The logistics sector is witnessing a resilient demand, with the e-commerce express delivery industry expected to benefit from a recovery in the economy and a reduction in costs, leading to improved profitability for companies like SF Express and JD Logistics [12] Air Transport - The civil aviation sector is showing signs of recovery, with major airlines like China Southern and Hainan Airlines expected to turn profitable in 2025, while Eastern and Air China are projected to reduce their losses significantly [3] - The State Council has issued a plan to accelerate the cultivation of new growth points in service consumption, focusing on transportation services among others, which is expected to support the aviation sector [3] Shipping and Port Operations - The dry bulk shipping market is experiencing a "strong off-season" due to a combination of high demand in the Atlantic region and tight capacity, with the BDI index rising by 12.0% to 1949 points [8] - The geopolitical situation in the Middle East is tense, with the U.S. increasing military presence and Iran conducting live-fire exercises, which could impact oil shipping routes [6] - China's port cargo throughput has decreased, with a reported decline of 1.70% in total cargo and a 4.35% drop in container throughput [9] Road and Rail Transport - National logistics operations are running smoothly, with rail freight volumes reported at 7441.9 million tons, a decrease of 3.35% [10] - Shenzhen International reported a 3.3% increase in toll revenue for December 2025, indicating stable revenue growth in the road transport sector [11] Investment Opportunities - In the express delivery sector, companies like YTO Express and ZTO Express are expected to benefit from market share growth and operational improvements, while SF Express is noted for its cost control and shareholder returns [12] - The oil transportation market is anticipated to improve due to OPEC+ production increases and potential interest rate cuts, suggesting a favorable outlook for companies like China Merchants Energy and COSCO Shipping Energy [13] - The dry bulk shipping market is expected to continue its recovery, driven by environmental regulations and increased demand for commodities, with companies like China Merchants Energy and Haitong Development highlighted as potential beneficiaries [13]

Group 1: Industry Dynamics - The overall container shipping rates have decreased, with the SCFI composite index dropping by 9.7% to 1317 points, and specific routes such as Shanghai-Europe and Shanghai-Mediterranean seeing declines of 11.1% and 12.0% respectively [1][8] - The refined oil tanker rates have increased, with the BCTI index rising by 4.6% to 890 points, while the MR rates for the Pacific and Atlantic regions showed mixed results [1][9] - The dry bulk market has shown strength during the traditional off-season, with the BDI index increasing by 12.0% to 1949 points, driven by a mismatch in supply and demand [1][8] Group 2: Express Logistics - YTO Express held a conference emphasizing the importance of building a resilient supply chain and adhering to national postal policies [2] - The State Post Bureau has prioritized the governance of illegal charges in rural express delivery as part of its 2026 initiatives [3] - Macro trends indicate a resilient demand in the e-commerce express delivery sector, with companies like SF Express and JD Logistics expected to benefit from cyclical recovery and cost control [13] Group 3: Aviation Sector - The civil aviation sector is showing signs of recovery, with major airlines like China Southern and Hainan Airlines expected to turn profitable in 2025, while others like China Eastern and Air China are projected to reduce losses significantly [4] - The State Council has issued a plan to enhance service consumption, which includes transportation services, aiming to stimulate economic growth [4] - Spring Festival travel demand is strong, with domestic flight bookings exceeding 7.16 million, reflecting a 16% increase compared to the previous year [5][6] Group 4: Shipping and Port Operations - The geopolitical situation in the Middle East remains tense, with the U.S. increasing military presence, which could impact oil shipping routes [7] - The Atlantic freight market is experiencing a surge, with dry bulk rates showing unexpected strength due to concentrated cargo volumes and tight capacity [8] - China's port cargo throughput has decreased, with a reported decline of 1.70% in total cargo and a 4.35% drop in container throughput [10] Group 5: Road and Rail Transport - National logistics operations are running smoothly, with rail freight volumes showing a slight decline of 3.35% [11] - Shenzhen International reported a 3.3% increase in toll revenue for December 2025, indicating stable growth in road transport [12] - Zhongyuan Express plans to recognize credit impairment and asset impairment provisions totaling 950 million, forecasting a 30% decline in annual net profit [12]