Core Viewpoint - The article provides predictions for the periodic adjustments of major broad-based core indices in China, including the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, CSI 1000 Index, ChiNext Index, Shenzhen 100 Index, Sci-Tech 50 Index, and Sci-Tech 100 Index, scheduled for June 2025. These adjustments may create event-driven trading opportunities for investors [1][4][5]. Group 1: Shanghai 50 Index Adjustment Predictions - According to the adjustment rules, five stocks including China National Offshore Oil Corporation and SAIC Motor Corporation will be added to the Shanghai 50 Index, while five stocks such as Haitian Flavoring and Food will be removed in June 2025 [1][6]. Group 2: CSI 300 Index Adjustment Predictions - Six stocks including China National Aviation Holdings and Shanghai Electric will be added to the CSI 300 Index, while six stocks such as 37 Interactive Entertainment and Hualan Biological Engineering will be removed in June 2025 [1][7]. Group 3: CSI 500 Index Adjustment Predictions - Fifty stocks including Tianshan Shares and Shenhuo Co. will be added to the CSI 500 Index, while fifty stocks such as Jianghuai Automobile and China Power Investment will be removed in June 2025 [2][9]. Group 4: CSI 1000 Index Adjustment Predictions - One hundred stocks including Kema Technology and Wireless Media will be added to the CSI 1000 Index, while one hundred stocks such as Jinbo Shares and Plai Ke will be removed in June 2025 [2][13]. Group 5: ChiNext Index Adjustment Predictions - Ten stocks including Ruijie Networks and Guibao Pet will be added to the ChiNext Index, while ten stocks such as Kaili Medical and Anke Bio will be removed in June 2025 [2][18]. Group 6: Shenzhen 100 Index Adjustment Predictions - Four stocks including AVIC Chengfei and Guangqi Technology will be added to the Shenzhen 100 Index, while four stocks such as TCL Zhonghuan and Kanglong Chemical will be removed in June 2025 [2][19]. Group 7: Sci-Tech 50 Index Adjustment Predictions - Four stocks including BeiGene and Huahong Semiconductor will be added to the Sci-Tech 50 Index, while four stocks such as BGI Genomics and Tianyue Advanced will be removed in June 2025 [2][21]. Group 8: Sci-Tech 100 Index Adjustment Predictions - Ten stocks including Qihoo 360 will be added to the Sci-Tech 100 Index, while ten stocks such as Airo Energy and YN Technology will be removed in June 2025 [3][23].

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 指数定期调整预测。 中证指数有限公司及深圳证券信息有限公司在每年的6月及12月会根据指数编制方案对主要的宽 基核心指数成分股进行定期的调整。 上证50指数调整预测。 根据上证50指数编制规则，2025年6月将会有中国海油、上汽集团等5只个股被调入上证50指 数，而海天味业等5只个股被调出上证50指数。 深证100指数调整预测。 根据深证100指数编制规则，2025年6月将会有中航成飞、光启技术等4只个股被调入深证100 指数，而TCL中环、康龙化成等4只个股被调出深证100指数。 科创50指数调整预测。 根据科创50指数编制规则，2025年6月将会有百济神州、华虹公司等4只个股被调入科创50指 数，而华大智造、天岳先进等4只个股被调 ...

Core Viewpoint - The increasing acceptance of index investing among investors has led to a significant growth in the scale of index funds, reaching a total of 3.26 trillion yuan as of March 31, 2025 [1][8]. Index Predictions CSI 300 Index - Predictions indicate that seven stocks, including Guohang Airlines, Lingyi Technology, and Softcom Power, will be added to the CSI 300 Index, while seven stocks, such as Hualan Biological and 37 Interactive Entertainment, will be removed [2]. SSE 180 Index - Twelve stocks, including Yutong Bus and Shengyi Technology, are expected to be added to the SSE 180 Index, while twelve stocks, such as China Satellite and Zhangjiang Hi-Tech, are predicted to be removed [3]. SSE 50 Index - Four stocks, including AVIC Shenfei and China Aluminum, are forecasted to be added to the SSE 50 Index, while four stocks, such as Tongwei Co. and China Railway, are expected to be removed [4]. STAR 50 Index - It is predicted that Hengxuan Technology will be added to the STAR 50 Index, while Zhongfu Shenying will be removed [5]. CSI 500 Index - Fifty stocks, including GeKong Micro and HuaiBei Mining, are expected to be added to the CSI 500 Index, while fifty stocks, such as Goodway and Guangqi Technology, are predicted to be removed [6]. ChiNext Index - Eight stocks, including Changying Precision and Jiejie Micro, are forecasted to be added to the ChiNext Index, while eight stocks, such as Anke Bio and Dongfang Risheng, are expected to be removed [7].

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]

Group 1 - The core viewpoint is that while cargo logistics airlines are performing better than passenger airlines, they are beginning to face challenges from uncertainties in international trade [1][5] - All listed airlines in A-shares have disclosed their 2024 financial reports and Q1 2025 reports, with private airlines achieving profitability while state-owned airlines continue to incur losses [1][2] - Spring Airlines reported the highest net profit of 677 million yuan in Q1, marking it as the most profitable listed airline in mainland China for the quarter [2][3] Group 2 - The performance disparity among airlines is primarily related to the recovery pace of international routes, with international flights still not fully recovering to pre-pandemic levels [2][3] - The three major state-owned airlines have the highest proportion of international routes and wide-body aircraft, making them more susceptible to the slow recovery of international markets [3] - In Q1, average ticket prices declined significantly due to increased competition and the impact of high-speed rail, leading to a downward trend in net profits for most listed airlines [3][4] Group 3 - Cargo logistics airlines, such as China National Aviation and Eastern Air Logistics, reported strong profits in Q1, with net profits of 579 million yuan and 545 million yuan respectively [4] - The strong performance of cargo logistics airlines is attributed to the booming demand for international air freight driven by cross-border e-commerce [4] - Despite the positive performance, the cargo air freight market is expected to face challenges in Q2 due to geopolitical factors and changes in customs policies [5]

登录新浪财经APP 搜索【信披】查看更多考评等级 (3)异地股东可以通过信函或电子邮件的方式于上述时间登记，信函以抵达本公司的时间为准，信函上 请注明"股东会"字样，不接受电话登记。 4.会务联系方式： 联系人：傅小宇、陈正 联系电话：010- 61465083，010-61465094 电子邮箱：accdongmi@airchinacargo.com 邮寄地址：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董事会办公室 5.本次股东会的会期不超过一个工作日，公司股东参加会议的食宿及交通费用自理。 四、参加网络投票的具体操作流程 本次股东会，公司将向股东提供网络投票平台，股东可以通过深圳证券交易所交易系统或互联网投票系 统（http://wltp.cninfo.com.cn）参加网络投票，参加网络投票时涉及具体操作需要说明的内容和格式详 见附件一。 五、备查文件 1．第一届董事会第四十四次会议决议； 2．第一届监事会第十五次会议决议； 3．第一届董事会第四十五次会议决议； 4．第一届监事会第十六次会议决议。 2025年4月29日 附件一： 参加网络投票的具体操作流程 一、网络投票的程序 1.普通股的投 ...

一、主要会计数据和财务指标 | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 段焰伟 | 917.56 | 1.09 | 新进 | | 香港中央结算有限公司 | 744.36 | 0.89 | 新进 | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 216.47 | 0.26 | -297.64 | | 王健 | 206.01 | 0.25 | 新进 | | 殷洪光 | 188.00 | 0.22 | 新进 | | 张寿贤 | 186.76 | 0.22 | 新进 | | 杜小敏 | 180.30 | 0.21 | 新进 | | 何永权 | 139.33 | 0.17 | 新进 | | 陈扬 | 125.01 | 0.15 | 新进 | | 胡小斌 | 122.17 | 0.15 | 新进 | | 较上个报告期退出前十大股东有 | | | | | BARCLAYS BANK PLC | 259.59 | 0.31 | 退出 | | 中信证券股份有限公司 | ...

中国国际货运航空股份有限公司 股东会议事规则 第一章 总 则 第一条 为维护中国国际货运航空股份有限公司（以下 简称"公司"）和股东的合法权益，明确股东会的职责和权 限，保证公司股东会规范、高效、平稳运作及依法行使职权， 根据《中华人民共和国公司法（2023 修订）》（以下简称"《公 司法》"）、《上市公司章程指引》、《上市公司治理准则》、《上 市公司股东会规则》等法律法规以及《中国国际货运航空股 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 本规则适用于公司股东会，对公司、股东、出 席股东会的股东代理人、公司董事以及列席股东会会议的其 他有关人员均具有约束力。 临时股东会不定期召开，有下列情形之一的，公司应当 在事实发生之日起两（2）个月内召开临时股东会： （一）董事人数不足《公司法》规定的最低人数，或者 少于公司章程规定人数的三分之二时； （二）公司未弥补亏损达股本总额的三分之一时； （三）单独或合计持有公司 10%以上股份的股东请求时； 第三条 公司董事会应严格遵循有关法律、法规及公司 章程关于召开股东会的各项规定组织股东会。公司董事不得 阻碍股东会依法行使职权。 1 第 ...

中国国际货运航空股份有限公司 第一章 总 则 第一条 为规范中国国际货运航空股份有限公司（以下简 称"公司"）董事会的运作程序，确保董事会的工作效率和科 学决策，根据《中华人民共和国公司法（2023 修订）》（以下 简称"《公司法》"）、《上市公司章程指引》、《上市公司 治理准则》等法律法规以及《中国国际货运航空股份有限公司 章程》（以下简称"公司章程"）的有关规定，特制定本规则。 第二条 董事会受股东会委托，负责经营和管理公司的法 人财产，是公司的经营决策中心。 第三条 董事会应当维护党委在公司中发挥把方向、管大 局、保落实的领导作用。公司重大经营管理事项，必须经党委 前置研究讨论后，再由董事会等按照职权和规定作出决定。 第二章 董事会的一般规定 第四条 公司董事会构成按公司章程规定设置，包括适当 比例的独立董事及职工董事。 第五条 职工董事由公司职工通过职工代表大会或者其他 形式民主选举产生。 第六条 董事每届任期三（3）年，任期届满，可连选连任。 但独立董事连任时间不得超过六（6）年。董事任期从选举产 董事会议事规则 11 生之日起，至本届董事会任期届满时为止。 董事任期届满未及时改选，在改选出的董事就 ...