证券之星消息，7月31日物流板块较上一交易日下跌2.98%，华光源海领跌。当日上证指数报收于 3573.21，下跌1.18%。深证成指报收于11009.77，下跌1.73%。物流板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300873 | 海晨股份 | 22.00 | 3.97% | 13.48万 | 2.93亿 | | 605050 | 福然德 | 17.19 | 2.93% | 9.83万 | 1.69亿 | | 002492 | 恒基达鑫 | 6.84 | 0.44% | 9.17万 | 6238.01万 | | 002889 | 东方嘉盛 | 15.86 | -0.69% | ﮐ 9.36万 | 1.49亿 | | 603066 | 音飞储存 | 11.74 | -0.93% | 4.08万 | 4812.18万 | | 002010 | 传化智联 | 6.11 | -0.97% | 53.87万 | 3.32亿 | | 600794 | 保税科技 | 4.46 ...

Group 1 - A-shares opened lower on July 30, 2025, with the Shanghai Composite Index rebounding, while Hong Kong stocks experienced fluctuations, particularly in high-dividend sectors such as steel, petrochemicals, and coal [1] - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (520660) reached a new high of 1.142 billion yuan as of July 29, with continuous net inflows over the past three days [1] - The Low Volatility Dividend ETF (515450) achieved a record high of 13.259 billion yuan, with a total net inflow of 3.019 billion yuan over the past 16 days [1] Group 2 - China Galaxy Securities noted that adjustments to the long-term assessment of insurance funds by the Ministry of Finance will encourage insurance capital to increase equity asset allocation, benefiting bank stocks due to their stable dividends and low valuations [2] - Guosen Securities (Hong Kong) indicated that despite recent pullbacks in the banking sector, long-term funds like insurance still face asset scarcity, making high-quality retail banks attractive defensive assets [2] - The Low Volatility Dividend ETF (515450) closely tracks the S&P China A-Share Large Cap Low Volatility Dividend Index, which measures the performance of the 50 least volatile high-dividend large-cap stocks in the A-share market [2] Group 3 - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (520660) tracks the CSI National New Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index, reflecting the performance of high-dividend state-owned enterprises [3] - The Cash Flow ETF (159232) tracks the CSI All Index Free Cash Flow Index, which selects 100 companies with high free cash flow rates to represent the overall performance of companies with strong cash flow generation capabilities [3]

Group 1 - The Shanghai Composite Index is at 3625.08 points, above the five-day moving average, with an increase of 0.43% [1] - The total trading volume of A-shares is 820.266 billion yuan [1] - A total of 339 A-shares have prices that have surpassed the five-day moving average, with notable stocks showing significant deviation rates [1] Group 2 - The stocks with the highest deviation rates from the five-day moving average include: - Shiyan Institute (300732) with a deviation rate of 15.41% and a daily increase of 20.00% [1] - *ST Tianwei (688511) with a deviation rate of 7.56% and a daily increase of 10.34% [1] - Shenma Electric Power (603530) with a deviation rate of 7.42% and a daily increase of 10.01% [1] - Other stocks with notable performance include: - Hehua Co. (000953) with a deviation rate of 7.39% and a daily increase of 10.01% [1] - Luban Chemical (600727) with a deviation rate of 6.98% and a daily increase of 10.05% [1]

| 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 688766 | 普冉股 | 7.79 | 5.03 | 64.60 | 68.94 | 6.72 | | | 份 | | | | | | | 300679 | 电连技 术 | 8.00 | 4.36 | 47.49 | 50.50 | 6.34 | | 300045 | 华力创 | 6.25 | 8.30 | 20.24 | 21.25 | 4.99 | | | 通 | | | | | | | 600238 | *ST椰岛 | 4.93 | 3.25 | 7.03 | 7.23 | 2.85 | | 300761 | 立华股 | 2.54 | 0.92 | 19.35 | 19.79 | 2.29 | | | 份 | | | | | | | 000703 | 恒逸石 化 | 2.13 | 0.30 | 6.09 | 6.22 | 2.09 | | ...

Group 1 - The express logistics sector experienced significant gains on July 30, with Shentong Express rising by 7%, YTO Express by 5%, and other companies like Yunda and Huapengfei also seeing increases [1] - Shentong Express, a leading private express company in China, reported a market capitalization of 23.4 billion and a trading volume increase of 5.21% [1] - YTO Express, a comprehensive logistics operator, has a market capitalization of 53.94 billion and focuses on expanding its international express and supply chain services [1] Group 2 - The State Post Bureau emphasized the need for improved industry regulation and the establishment of market rules to combat "involution" competition in the express delivery sector [2] - The Central Financial Committee's recent meeting highlighted the importance of promoting a unified national market and addressing low-price competition among enterprises [2] - The Yiwu Postal Administration announced an increase in the minimum express delivery price by 0.1 RMB to 1.2 RMB, effective July 18 [2] Group 3 - Current price adjustments in the Yiwu region have led to a 0.05 RMB increase per ticket, with expectations for similar measures in the southern grain-producing areas [4] - The express delivery industry is anticipated to see improved pricing and profitability in the fourth quarter, driven by regulatory guidance and a shift towards high-quality development [4] - If regulatory policies continue to be implemented, the industry may transition from price wars to value wars, leading to long-term improvements in express companies' performance [4]

Group 1 - The core viewpoint highlights the significance of stable free cash flow in the A-share market, driven by a low interest rate environment and a shift in market pricing logic towards cash flow accumulation [2] - The "anti-involution" policy is accelerating, focusing on industries with low capacity utilization and price competition, such as cyclical resources and manufacturing sectors [2] - The logistics industry, particularly the express delivery sector, is expected to experience a critical turning point in August-September, with improved pricing and profitability anticipated due to seasonal demand shifts and policy support [2] Group 2 - As of July 29, 2025, the overall cash flow ETF fund has shown a monthly profit percentage of 100.00% since its inception, with a monthly profit probability of 81.25% [3] - The fund's Sharpe ratio for the past month is reported at 1.41, indicating a favorable risk-adjusted return [4] - The fund has a maximum drawdown of 2.69% since inception, with a recovery period of 13 days [4] Group 3 - The fund's management fee is set at 0.50%, while the custody fee is 0.10% [5] - The fund closely tracks the CSI All Share Free Cash Flow Index, which includes 100 companies with high free cash flow rates, reflecting strong cash flow generation capabilities [6] - The top ten weighted stocks in the index account for 57.48% of the total, including major companies like China National Offshore Oil Corporation and Wuliangye [6]

A股早盘快递概念走高，申通快递走出4天2板，圆通速递、韵达股份、东航物流、东杰智能等跟涨。消 息面上，7月29日，国家邮政局召开快递企业座谈会，就依法依规治理行业"内卷式"竞争，强化农村地 区领取快件违规收费等突出问题整治，促进行业高质量发展进行座谈交流。 ...

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Views - The construction of the Yarlung Zangbo River hydropower station is expected to boost transportation demand in the western region [2][21] - Volant Aviation secured a significant order worth $1.75 billion for 500 eVTOL aircraft [2][14] - Oil transportation rates have declined, with the U.S. shipping rates also showing a downward trend [2][12] Summary by Sections 1. Industry Hot Events - Oil transportation rates have decreased, with the China Import Crude Oil Index dropping by 10.4% to 944.92 points [2][12] - Volant Aviation signed a tripartite agreement to deliver 500 VE25-100 eVTOLs, totaling $1.75 billion [2][14] - The Yarlung Zangbo River hydropower project, with a total investment of 1.2 trillion yuan, is expected to enhance transportation demand in the western region [2][21] 2. Industry High-Frequency Data Tracking - In June 2025, the domestic cargo flight volume increased by 9.42% year-on-year, while international flights rose by 32.87% [23][33] - The express delivery business volume in June 2025 reached 16.87 billion pieces, a year-on-year increase of 15.78% [2][52] - The Baltic Dry Index (BDI) rose by 9.99% week-on-week, indicating a recovery in dry bulk shipping rates [2][43] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy Shipping [3] - Pay attention to the transportation demand increase driven by the Yarlung Zangbo River hydropower project, with a focus on companies like Sichuan Chengyu and Chongqing Port [3] - Explore investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [3]

Core Viewpoint - The recent surge in insurance capital's significant stake acquisitions in the secondary market reflects a shift towards long-term value investment strategies, driven by declining interest rates, regulatory encouragement, and asset-liability management needs [1][2]. Group 1: Insurance Capital Activity - As of July 28, 2025, insurance companies have completed 21 stake acquisitions, surpassing the total for 2024 and setting a five-year record, with major players including Ping An Life, China Post Insurance, and New China Life [1]. - Ping An Life and its affiliated asset management companies have been the primary force behind these acquisitions, triggering seven stake purchases, including three for China Merchants Bank H-shares, increasing their holding from 5% to 15% [1]. Group 2: Investment Rationale - The frequent buying of state-owned bank H-shares by insurance capital is a strategic decision based on factors such as dividend yield, tax advantages, market liquidity, regulatory requirements, and counter-cyclical attributes [2]. - Stake acquisitions allow insurance companies to optimize financial statements and mitigate the impact of market volatility by accounting for investment income using the equity method [2]. Group 3: Asset Allocation Trends - As of Q1 2025, the proportion of stocks and funds in domestic insurance capital reached a historical high of 13.3%, indicating a strong desire among insurance companies to increase equity investments due to declining yields in bonds and non-standard assets [3]. - New China Life has shown a strong commitment to increasing its equity asset ratio, which reached nearly 20% in 2024, with a further increase of 2 percentage points in the first half of 2025 [3]. Group 4: Regulatory Support - The regulatory framework is encouraging long-term equity investments by insurance capital, with a recent notice from the Ministry of Finance introducing a five-year cycle indicator for assessing the performance of insurance funds [4]. - The new assessment method adjusts the evaluation of net asset return rates and capital preservation rates to include annual, three-year, and five-year indicators, promoting stability and sustainability in long-term investments [4].

Group 1 - The core viewpoint of the articles highlights the increasing demand for air transportation of fresh summer fruits in Shanghai and other regions, driven by the peak season for local specialties like South Huili peaches and Zhuangxing honey pears [1][2]. - Eastern Airlines Logistics has developed targeted logistics solutions to ensure the efficient and safe transportation of delicate fruits, leveraging its core advantages in air logistics [1][2]. - The company has implemented innovative transportation methods, such as the whole board transfer model for Dalian cherries, which minimizes damage and temperature control risks during transit [2]. Group 2 - Eastern Airlines Logistics has reported a nearly 20% year-on-year increase in fruit transportation from May to July, with a total of 6,267 tons transported since July [3]. - The company is committed to optimizing its service network and expanding its air logistics advantages to provide consumers with faster and higher-quality access to fresh fruits [3]. - Collaborations with other logistics companies, such as SF Express, are being explored to enhance capacity matching and operational support for fruit transportation [2].