与以往不同的是，消费者下单的跨境保税商品与国内赠品，不再是分两次送达的两个包裹，而是装 在同一个包装盒里同步抵达——这背后，是金陵海关创新推出的"网购保税进口商品与国内货物同仓仓 储、同包同车集拼出区"新模式。 "以前最头疼的就是'一笔订单、两次发货'。"南京视客跨境电商有限公司关务负责人倪欢庆道出了 企业发展的痛点，"进口保税商品在综保区，国内商品在区外仓库，需要分别打包，不仅企业费时费 力，消费者也要跑两趟收件，体验感大打折扣。" 据了解，综保区"同仓同包同车"的新模式，允许电商企业将国内货物运入综保区，与网购保税进口 商品同仓分区域存储，依托海关数智化监管系统实现全流程精准管控，最终达成同一包裹封装、同一车 辆运输的"合二为一"。"海关'同仓同包同车'新模式让来源不同、监管部门不同的两类包裹在综合保税区 合二为一同步送达消费者，打通了电商双循环堵点。"金陵海关驻江北办事处负责人康政介绍，"企业能 在同一物理空间、一套管理流程下整合两种资源，实现国内、国际市场顺畅切换，有助于内外贸一体化 发展。" 包裹数压缩的背后是营商环境的整体提升。自试点以来，南京海关已累计监管"同包同车"货物35万 单，为企业节省成 ...

Market Overview - On December 1, the logistics sector rose by 0.23% compared to the previous trading day, with Zhongchuang Logistics leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Individual Stock Performance - Zhongchuang Logistics (603967) closed at 12.31, with a gain of 6.76% and a trading volume of 134,400 shares, amounting to a turnover of 165 million yuan [1] - Jushen Co. (001202) closed at 16.22, up 3.77%, with a trading volume of 50,600 shares [1] - Longzhou Co. (002682) closed at 5.76, gaining 3.41% with a trading volume of 1,042,800 shares [1] - Other notable performers include China Foreign Transport (601598) with a 2.40% increase and a closing price of 6.40, and Dongfang Jiasheng (002889) with a 2.04% increase and a closing price of 16.01 [1] Capital Flow Analysis - The logistics sector experienced a net outflow of 190 million yuan from institutional investors, while retail investors saw a net inflow of 31.87 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are entering the market [2] Detailed Capital Flow for Selected Stocks - Dongfang Jiasheng (002889) had a net inflow of 16.11 million yuan from institutional investors, but a net outflow of 11.45 million yuan from retail investors [3] - East Air Logistics (601156) saw a net inflow of 8.96 million yuan from institutional investors, while retail investors had a net outflow of 1.49 million yuan [3] - Other stocks like Jianfa Co. (600153) and Yuanda Holdings (000626) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Core Viewpoint - The analysis highlights a mixed outlook for the transportation and logistics sectors, with short-term adjustments in stock prices but long-term optimism driven by demand catalysts and industry recovery [2][3][4]. Shipping Industry - Dry bulk shipping stocks have experienced a rapid price correction after a previous surge, primarily influenced by the implementation of the 301 Act and a cooling sentiment in the Fujian region [2]. - The shipping industry is expected to benefit from three demand catalysts: the commissioning of the West Mangdu project altering iron ore shipping dynamics, potential Fed rate cuts boosting commodity demand, and post-war reconstruction in Ukraine increasing bulk shipping needs [2]. - The BDI index increased by 7.1% to 2,275 points, driven by the release of iron ore cargoes in December [3][7]. Passenger Transport - Domestic passenger traffic showed a 5% year-on-year increase, while international passenger traffic rose by 17% [2]. - The average domestic passenger load factor improved by 2.0 percentage points, and international load factor increased by 3.5 percentage points [2]. - The outlook for the passenger transport sector remains positive, with expectations of revenue improvement as demand gradually recovers [2][7]. Logistics Sector - The volume of postal express deliveries rose by 8.9% year-on-year, reaching 4.42 billion pieces [4]. - Air freight prices have shown a positive year-on-year change, with indices reflecting increases of 3.6% to 4.2% [4][8]. - The logistics sector is expected to benefit from improved export expectations and a focus on absolute return opportunities, particularly for companies like SF Express and China Foreign Trade [4][8]. Highway Tolling - The pricing of highway tolls is influenced by local government decisions, with recent increases driven by construction costs and regional debt pressures [5][6]. - Despite the push for toll increases in some regions, the overall trend may lean towards maintaining or reducing tolls to attract freight traffic, complicating large-scale toll hikes nationwide [6].

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The report highlights an upward trend in crude oil freight rates, with the China Import Crude Oil Index (CTFI) reaching 2520.07 points, an increase of 8.4% from November 20 [3][13] - The postal industry revenue surpassed the telecommunications industry for the first time in history, reaching 1.47 trillion yuan, compared to 1.467 trillion yuan for telecommunications [3][24] - The civil aviation sector showed growth in both passenger and cargo transport volumes in October, with international routes performing particularly well [3][17] Summary by Sections Industry Hot Events - Crude oil freight rates are rising, with the Middle East route seeing a 10.76% increase in rates [13] - Qifly Aviation signed a procurement agreement for 105 eVTOL aircraft with three companies in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on low-altitude logistics [15][16] - The postal industry revenue for January to October 2025 reached 1.47 trillion yuan, marking a significant milestone [24][25] High-Frequency Data Tracking - The Baltic Air Freight Price Index decreased month-on-month but increased year-on-year [26] - Domestic freight flights in October 2025 increased by 0.32% year-on-year, while international flights rose by 11.12% [32] - The express delivery business volume in October 2025 increased by 7.90% year-on-year, with total revenue reaching 131.67 billion yuan [50] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy [5] - Attention to low-altitude economy investment opportunities, particularly in companies like CITIC Offshore Helicopter [5] - Consider investment opportunities in the express delivery sector, recommending SF Express and Jitu Express [5]

Core Viewpoint - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) experienced significant net redemptions, indicating a trend of outflows from this fund in recent trading periods [1][2] Fund Performance - As of November 28, the latest scale of the Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) is 719 million yuan, down from 726 million yuan the previous day, reflecting a net outflow of 3.073 million yuan, which is 0.42% of the previous day's scale [1][2] - Over the past five days, the fund faced net redemptions totaling 5.1349 million yuan, ranking 40th out of 198 in the cross-border ETF net outflow list [1] - In the last ten days, net redemptions reached 8.2532 million yuan, ranking 34th out of 198 [1] - Over the past twenty days, the total net redemptions amounted to 34.5768 million yuan, ranking 22nd out of 198 [1] Fund Management and Holdings - The fund is managed by Liu Tingyu and Cai Leping, with Liu managing since July 23, 2025, achieving a return of 2.70%, while Cai has managed since November 5, 2025, with a return of -0.13% [2] - The fund's top holdings include China COSCO Shipping, China Nonferrous Metal Mining, China National Offshore Oil, and others, with the largest holding being China COSCO Shipping at 6.08% of the portfolio [2] Liquidity and Trading Activity - The cumulative trading amount over the last 20 trading days is 506 million yuan, with an average daily trading amount of 25.2772 million yuan [2] - The fund's current share count is 700 million [2] Comparison with Other ETFs - Other ETFs tracking the same index include Huaxia Central State-Owned Enterprises Dividend ETF (513910), Wanji Central State-Owned Enterprises Dividend ETF (159333), and Tianhong Central State-Owned Enterprises Dividend ETF (159281), with varying scales and recent net subscription figures [2]

Core Viewpoint - Nanjing Customs has implemented innovative measures to enhance cross-border trade facilitation, significantly improving the business environment for foreign trade in Nanjing [1][2][3][4][5] Group 1: Innovations in Customs Procedures - Nanjing Customs introduced a new model called "same warehouse, same package, same vehicle" for cross-border e-commerce, allowing imported goods and domestic products to be delivered in a single package, thus streamlining the delivery process [2] - This innovation has resulted in the supervision of 350,000 orders under the "same package, same vehicle" model, saving companies over 1.7 million yuan in costs [2] Group 2: Enhanced Services for Cross-Border E-Commerce - Nanjing Customs has provided 24/7 rapid customs clearance services, which have been crucial during peak seasons, ensuring that cross-border e-commerce goods are processed efficiently [4] - From January to October, Nanjing Airport Customs supervised 18,600 tons of exported cross-border e-commerce goods, reflecting a year-on-year increase of 6.74% [4] Group 3: Improved Logistics Efficiency - The "Nanjing-Shanghai" fast shipping route has been established, allowing for quicker export times by saving 1-2 days in transit for goods shipped from Nanjing to Shanghai [5] - Since the launch of the fast shipping route, Nanjing Port has exported 206,200 TEUs of goods, covering a variety of products including home appliances and daily necessities [5]

股票代码：601598 股票简称：中国外运 编号：临 2025-084 号 中国外运股份有限公司 关于公司股票期权激励计划（第一期）第二个行权期 第二次行权结果暨股份过户登记的公告 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： 一、本次股票期权行权的决策程序及相关信息披露 1、2021 年 11 月 29 日，中国外运股份有限公司（以下简称：公司或本公司）召开了 第三届董事会第六次会议和监事会 2021 年度第七次会议，审议通过了《关于公司股票期 权激励计划（草案）及其摘要的议案》《关于<公司股票期权激励计划实施考核办法>的 议案》《关于提请股东大会授权董事会办理公司股票期权激励计划相关事宜的议案》等议 案。公司独立董事对本期激励计划相关事项发表了独立意见，监事会对本期激励计划相关 事项发表了核查意见。 2、2022 年 1 月 7 日，公司通过内部网站对本次激励计划激励对象的姓名和职务予以 公示，公示期为 2022 年 1 月 7 日至 2022 年 1 月 16 日止。公示期满，公司未收到针对本 期激励计 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，且表明不會就本公告全部或任何部分內容所導致或 因倚賴該等內容而產生的任何損失承擔任何責任。 中國外運股份有限公司 Sinotrans Limited ( 於中華人民共和國註冊成立的股份有限公司 ) (股份代號: 00598) 海外監管公告 關於公司股票期權激勵計劃（第一期）第二個行權期 第二次行權結果暨股份過戶登記的公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條作出。 茲載列中國外運股份有限公司（『本公司』）於上海證券交易所網站（www.sse.com.cn） 以中文刊登的《中國外運股份有限公司關於公司股票期權激勵計劃（第一期）第二個行 權期第二次行權結果暨股份過戶登記的公告》，及其英文譯本的海外監管公告，僅供參 閱。如中文版本與英文譯本有任何不一致，概以中文版本為準。 承董事會命 中國外運股份有限公司 公司秘書 李世礎 北京，二零二五年十一月二十六日 於本公告日期，本公司董事會成員包括張翼（董事長）、高翔、楊國峰、羅立、余志良、 黃傳京、許克威，以及四位獨立非執行董事王小麗、甯 ...

Core Viewpoint - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) experienced significant net redemptions, indicating a trend of outflow in the cross-border ETF market [1][2] Group 1: Fund Performance - On November 25, the ETF faced net redemptions of 1.0306 million yuan, ranking 21st out of 198 in terms of net outflows for the day [1] - Over the past five days, the ETF saw net redemptions totaling 2.0716 million yuan, ranking 24th out of 198 [1] - In the last ten days, net redemptions reached 5.2151 million yuan, placing it 44th out of 198 [1] - For the past twenty days, the total net redemptions amounted to 30.4726 million yuan, ranking 21st out of 198 [1] Group 2: Fund Details - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF was established on July 23, 2025, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of November 25, the fund's latest size was 725 million yuan, with a total of 704 million shares outstanding [1][2] Group 3: Liquidity and Trading Activity - The ETF recorded a cumulative trading volume of 536 million yuan over the last 20 trading days, with an average daily trading amount of 26.7912 million yuan [2] - The current fund managers are Liu Tingyu and Cai Leping, with respective returns of 2.99% and 0.16% since their management began [2] Group 4: Top Holdings - The ETF's top holdings include China COSCO Shipping, China Nonferrous Metal Mining, China National Offshore Oil, and others, with respective holding percentages and market values detailed [2] - The largest holding is China COSCO Shipping at 6.08%, valued at approximately 46.8395 million yuan [2]

证券日报网讯中国外运（601598）11月25日在互动平台回答投资者提问时表示，截至2025年9月30日， 公司股东户数43，483户，包括43，360名A股股东和123名登记在册的H股股东。 ...