证券代码：001391 证券简称：国货航 公告编号：2025-033 中国国际货运航空股份有限公司 二〇二四年度股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1.本次股东会未出现否决提案的情形； 2.本次股东会未涉及变更以往股东会已通过决议的情 形。 一、会议召开和出席情况 （一）会议召开情况 1.召开时间： (1)现场会议召开时间：2025年5月23日（星期五）9:30 (2)网络投票时间： 通过深圳证券交易所交易系统投票的时间为2025年5月 23日上午9:15—9:25，9:30—11:30和下午13:00—15:00； 通过深圳证券交易所互联网投票系统 （http://wltp.cninfo.com.cn）投票的时间为2025年5月23 日9:15－15:00期间的任意时间。 2.现场会议召开地点：中国北京市顺义区空港工业区天 柱路29号国货航总部综合楼三楼会议室 1 3.召开方式：采取现场表决与网络投票相结合的方式 4.召集人：本公司董事会 5.主持人：本公司董事长阎非先生 6.本次会议的召开符合《中华人民共和国公司法》 ...

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [2]. Core Insights - The aviation sector is expected to see improvements in both volume and pricing, with optimistic expectations continuing to develop. High passenger load factors are anticipated to drive ticket prices upward, supported by regulatory measures from the Civil Aviation Administration [4][5]. - The shipping industry is poised for a dual increase in volume and pricing due to multiple catalysts, including replenishment demand and seasonal peaks. The report highlights the potential for significant price increases in the shipping sector [5][6]. Summary by Sections Investment Highlights - Key companies recommended for investment include Spring Airlines, China Eastern Airlines, and China Southern Airlines, which are expected to show strong performance due to their operational resilience and market positioning [11]. - The report emphasizes the importance of infrastructure improvements and policy changes that could benefit the transportation sector, particularly in aviation and shipping [4][5]. Operational Tracking - Data from major airlines shows a positive trend in passenger traffic and load factors, with Southern Airlines reporting a 4.91% increase in available seat kilometers (ASK) in Q1 2025 compared to the previous year [14]. - The report tracks significant increases in cargo volumes across various transportation modes, indicating a robust recovery in logistics and freight services [5][6]. Aviation Data Tracking - The report provides detailed metrics on airline performance, including ASK and revenue passenger kilometers (RPK), showing growth across major carriers. For instance, China Eastern Airlines reported a 10.89% increase in RPK in Q1 2025 [14]. - The average ticket price for economy class during the Dragon Boat Festival is projected to rise, reflecting a strong demand environment [4]. Shipping Data Tracking - The report notes a 9.98% week-on-week increase in the SCFI index, indicating a positive trend in shipping rates, despite a year-on-year decline of 41.31% [5]. - The report highlights the impact of tariff changes on shipping demand, particularly in the US-China trade context, which is expected to stimulate replenishment and seasonal demand [5]. Logistics Data Tracking - The report tracks significant growth in express delivery volumes, with a 15.83% year-on-year increase in the number of packages collected during early May 2025 [5]. - The logistics sector is benefiting from improved cross-border trade conditions, which are expected to enhance the performance of logistics companies [5].

Summary of Conference Call Records Industry or Company Involved - **Zhejiang Zhenyuan**: Focused on biotechnological synthesis and amino acid production - **Guohang**: Engaged in international cargo transportation and logistics Core Points and Arguments - **Zhejiang Zhenyuan's Project**: The company is advancing its biological directed synthesis project, specifically for hydrochloride histidine, with all sections of the project nearly installed and testing underway. Production is expected to commence in Q3 2025. Hydrochloride histidine serves as a starting raw material for synthesizing ergotamine [5][6] - **Investment in Synthetic Biology**: Zhejiang Zhenyuan has invested significantly in synthetic biology over the years, collaborating with renowned research institutions such as the Tianjin Institute of Industrial Biotechnology and East China University of Science and Technology. This has led to the development of advanced synthetic biology technologies for large-scale production of various amino acids, which are crucial for food additives, health supplements, and pharmaceutical intermediates [5][6] - **Guohang's International Operations**: Guohang's international cargo routes cover 21 cities across 12 countries, with new routes planned for 2024, including Guangzhou to Mexico City. The company is leveraging passenger aircraft for cargo transport, enhancing its service capabilities in line with the Belt and Road Initiative. A new cargo route from Chengdu to Dubai is set to open in April 2025 [5][6] Other Important but Possibly Overlooked Content - **Market Trends**: The top trending topics in the interactive platform include artificial intelligence, photovoltaics, and industrial robotics, indicating a strong market interest in these sectors [2] - **Emerging Technologies**: The company is also exploring developments in high-end CNC machine tools, smart control systems, and robotics, which are expected to drive future growth [6][7] - **Stock Performance**: Recent stock performance shows a +1.88% increase for Zhejiang Zhenyuan and a -2.54% decrease for Guohang, reflecting market reactions to their respective developments [7]

交通运输行业资金流出榜 沪指5月14日上涨0.86%，申万所属行业中，今日上涨的有24个，涨幅居前的行业为非银金融、交通运 输，涨幅分别为3.99%、1.79%。交通运输行业位居今日涨幅榜第二。跌幅居前的行业为国防军工、美 容护理，跌幅分别为0.74%、0.39%。 资金面上看，两市主力资金全天净流入45.92亿元，今日有13个行业主力资金净流入，非银金融行业主 力资金净流入规模居首，该行业今日上涨3.99%，全天净流入资金87.55亿元，其次是交通运输行业，日 涨幅为1.79%，净流入资金为25.32亿元。 主力资金净流出的行业有18个，电力设备行业主力资金净流出规模居首，全天净流出资金28.94亿元， 其次是电子行业，净流出资金为20.89亿元，净流出资金较多的还有国防军工、机械设备、汽车等行 业。 交通运输行业今日上涨1.79%，全天主力资金净流入25.32亿元，该行业所属的个股共125只，今日上涨 的有97只，涨停的有15只；下跌的有21只，跌停的有1只。以资金流向数据进行统计，该行业资金净流 入的个股有78只，其中，净流入资金超亿元的有9只，净流入资金居首的是中远海控，今日净流入资金 4.73亿元， ...

资金流入比率方面，海程邦达、长江投资、嘉诚国际等流入比率居前，主力资金净流入率分别为 30.50%、27.35%、24.61%。（数据宝） 统一大市场概念资金流入榜 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 001391 | 国货航 | 6.39 | 29.85 | 22167.32 | 12.09 | | 603128 | 华贸物 流 | 10.03 | 16.92 | 19137.90 | 12.54 | | 300240 | 飞力达 | 20.05 | 32.17 | 13782.80 | 13.32 | | 600794 | 保税科 技 | 9.98 | 20.13 | 12980.97 | 12.21 | | 600787 | 中储股 份 | 5.55 | 6.69 | 11460.24 | 12.87 | | 603535 | 嘉诚国 际 | 10.04 | 8.37 | 9379.36 | 24.61 ...

- The report predicts adjustments to the constituent stocks of the A500, CSI 300, and CSI 500 indices based on the index compilation rules published by China Securities Index Co., Ltd [9][10][15][17] - The A500 index selects 500 securities with large market capitalization and good liquidity from various industries, considering factors such as market cap size, industry representation, and consistency with the industry weight distribution of the sample space [10][11] - The CSI 300 index selects the top 300 stocks by average total market capitalization from the top 50% ranked by average daily trading volume, excluding ST and *ST stocks, and adheres to a 10% adjustment limit and a 20% buffer zone rule [15] - The CSI 500 index excludes CSI 300 constituent stocks and the top 300 stocks by average total market capitalization, then ranks the remaining stocks by average daily trading volume, removing the bottom 20%, and selects the top 500 stocks by average total market capitalization, following a 10% adjustment limit and a 20% buffer zone rule [17] - Historical analysis of index effects shows that adjustments to constituent stocks of indices like CSI 300, CSI 500, CSI 1000, and ChiNext Index have noticeable impacts on stock prices before and after the effective date of the adjustments [20][21][30][33][34]

Core Insights - The air cargo volume in China has been rapidly increasing this year, reaching historical highs, with KuaYue Express achieving a peak daily air cargo volume exceeding 10,000 tons [1] - KuaYue Express has strategically positioned itself in the air cargo sector, aligning with national logistics initiatives and enhancing its operational capabilities [2][3] Group 1 - KuaYue Express owns 21 dedicated cargo aircraft and 60 large unmanned cargo planes, enhancing its logistics efficiency through strategic partnerships with major airlines [2][3] - The company has received significant awards from major airlines, including the "Annual Integration Excellence Award" from Eastern Airlines Logistics and the "2024 Honor Contribution Award" from Southern Airlines Logistics, reflecting its leadership in the air cargo sector [5][6] - KuaYue Express has established a seamless connection between automated distribution centers and airport cargo stations, improving operational efficiency and customer satisfaction through technology and data [5][6] Group 2 - The chairman of KuaYue Express, Hu Haijian, emphasizes the company's commitment to providing efficient and precise air logistics solutions, aiming to maintain its industry leadership [7]

Quantitative Models and Construction Methods 1. Model Name: Index Adjustment Prediction Model - **Model Construction Idea**: The model predicts the adjustment of constituent stocks in major indices (CSI 300 and CSI 500) based on the index compilation rules published by the China Securities Index Company[12][13][15] - **Model Construction Process**: - **Data Reference**: The model uses trading and financial data from May 1 of the previous year to April 30 of the current year for mid-year reviews, and from November 1 of the previous year to October 31 of the current year for year-end reviews[12] - **Adjustment Date**: Adjustments occur on the trading day following the second Friday of June and December each year[12] - **Sample Space**: - Excludes ST, *ST stocks, and delisted securities - Includes STAR Market and ChiNext stocks listed for over a year, or those with daily average market capitalization ranking in the top 30 since listing[12] - **Selection Method**: - For CSI 300: Securities are ranked by daily average trading volume, with the bottom 50% excluded, and then ranked by daily average market capitalization, selecting the top 300[12] - For CSI 500: Excludes CSI 300 constituents and the top 300 by market capitalization, then ranks by trading volume and market capitalization, selecting the top 500[12] - **Buffer Zone Rules**: - CSI 300: New samples ranked in the top 240 are prioritized for inclusion, while existing samples ranked in the top 360 are prioritized for retention[12] - CSI 500: New samples ranked in the top 400 are prioritized for inclusion, while existing samples ranked in the top 600 are prioritized for retention[12] 2. Model Name: Event Return Analysis Model - **Model Construction Idea**: This model analyzes the relationship between index sample adjustments and the cumulative excess returns of the adjusted stocks before and after the adjustment date[24] - **Model Construction Process**: - Collects data on all adjustment cycles since 2010 for CSI 300 and CSI 500 indices[24] - Calculates the cumulative excess returns of adjusted stocks relative to the index over a 60-day window before and after the adjustment date[24] - **Model Evaluation**: The model highlights that pre-adjustment event returns are more significant for investment strategies, as investors can trade in advance based on predictions or announcements[24] --- Model Backtesting Results 1. Index Adjustment Prediction Model - CSI 300 Index: Predicted 7 constituent stock adjustments, with additions primarily in the transportation and defense industries, and removals concentrated in the electrical equipment industry[13][14] - CSI 500 Index: Predicted 49 constituent stock adjustments, with additions mainly in the electronics, electrical equipment, and computer industries, and removals concentrated in the electrical equipment and pharmaceutical industries[15][16][23] 2. Event Return Analysis Model - **CSI 300 Index**: Stocks removed from the index showed negative excess returns before the adjustment date, while no significant conclusions were drawn for added stocks[5][24] - **CSI 500 Index**: Stocks added to the index exhibited positive excess returns before the adjustment date, while removed stocks showed negative excess returns[5][24]

- The report predicts adjustments to the sample stocks of seven major broad-based indices in the Chinese market, including CSI 300, CSI 500, SSE 50, STAR 50, STAR 100, ChiNext Index, and ChiNext 50, based on the index compilation rules and data as of April 30, 2025 [1][7] - The CSI 300 Index selects stocks from the Shanghai and Shenzhen markets that meet criteria such as good operational status, no significant financial issues, and no abnormal price fluctuations. The selection process involves ranking stocks by daily average trading volume and market capitalization over the past year, applying buffer rules, and excluding stocks with significant losses or long-term suspensions. Adjustments are limited to 10% of the constituent stocks per review [8] - The CSI 500 Index excludes CSI 300 constituents and follows a similar methodology, focusing on stocks with good operational status, no financial irregularities, and stable price movements. Stocks are ranked by daily average trading volume and market capitalization, with buffer rules applied, and adjustments are capped at 10% of the constituent stocks [10] - The SSE 50 Index is derived from the SSE 180 Index, selecting stocks based on daily average market capitalization and trading volume over the past year. The accuracy of SSE 50 predictions depends on the SSE 180 Index's accuracy. Adjustments are limited to 10% of the constituent stocks [13] - The STAR 50 Index represents the top 50 securities on the STAR Market by market capitalization and liquidity. Stocks are ranked by daily average market capitalization, with buffer rules applied, and adjustments are capped at 10% of the constituent stocks [15] - The STAR 100 Index includes 100 mid-sized securities from the STAR Market, reflecting the performance of mid-cap companies. The selection process is similar to STAR 50, with adjustments limited to 10% of the constituent stocks [17] - The ChiNext Index selects stocks from the ChiNext Board based on the top-ranked daily average market capitalization over the past six months. Buffer rules are applied, and stocks with significant losses or long-term suspensions are excluded. Adjustments are capped at 10% of the constituent stocks [20] - The ChiNext 50 Index selects the most liquid stocks from the ChiNext Index's 100 constituents, considering industry coverage and applying buffer rules. Adjustments are limited to 10% of the constituent stocks [24]

广发证券联席 首席金工分析师 陈原文 SAC: S0260517080003 chenyuanwen@gf.com.cn 广发证券首席金工分析师 安宁宁 SAC: S0260512020003 anningning@gf.com.cn 广发证券资深金工分析师 张钰东 SAC: S0260522070006 zhangyudong@gf.com.cn 广发金工安宁宁陈原文团队 摘要 研究背景： 近年来，指数化投资理念愈发受到投资者认可。根据指数编制规则，上证50、沪深300和中证500等宽基指数于每年的6月和12月定期调仓，成 分股名单会部分调入调出。跟踪相应指数的指数型基金，同样会参照指数编制规则，被动调整持仓成分股。当前的被动型基金规模屡创新高，若指数成分 股存在较大变动，则可能带来潜在的投资机会。 指数类产品规模统计： 规模继续增长。根据Wind，截至4月30日，1969只被动指数型基金（ETF和场外被动指数型基金）规模合计3.4万亿元，346只增强 指数型基金规模合计2211亿元，合计规模高于偏股混合型基金（2.07万亿元）。根据跟踪指数的不同，统计各类指数的产品跟踪情况，跟踪指数产品规模 靠前的指数分 ...