Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The easing of tensions in the Middle East has led to a decline in oil tanker rates, with the VLCC market experiencing a significant price drop of 14.31% compared to June 19, with current rates at WS59.88 [3][12] - In the shipping sector, the demand for European routes has improved, resulting in a 10.6% increase in spot market booking prices, while the US routes have seen a decline of 7.0% and 11.9% for the West and East coasts, respectively [3][14] - During the summer travel season, Hainan Airlines plans to operate nearly 2,500 flights daily, with domestic ticket bookings reaching 17.9 million, a 5% increase year-on-year [3][15] - The newly unveiled Zhuque eVTOL has a range of 600 kilometers, and from January to May, national railway freight volume increased by 3.1% year-on-year, totaling 1.641 billion tons [3][22] Summary by Sections 1. Industry Hot Events - The Middle East situation has calmed, leading to a reduction in oil tanker rates and a return to supply-demand fundamentals [12] - Hainan Airlines is set to launch 75 new domestic and international routes during the summer travel season, with a daily flight plan of nearly 2,500 [15] - The Zhuque eVTOL was showcased, achieving a range of 600 kilometers, while railway freight volume showed a year-on-year increase [22] 2. High-Frequency Data Tracking - Air logistics: The overall trend for routes to the Asia-Pacific remains stable, with air freight prices showing a decline [25] - Shipping ports: The domestic container shipping price index has decreased, while dry bulk freight rates have also fallen [43] - Express logistics: In May 2025, express delivery volume increased by 17.20% year-on-year, with revenue rising by 8.20% [54] - Air travel: The average daily international flights in the last week of June 2025 increased by 17.51% year-on-year [3] - Road and rail: The number of freight trucks on highways increased by 0.88% week-on-week [3] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Investment opportunities in the road and rail sector, recommending Sichuan Chengyu, Gansu Expressway, and others [4] - Interest in cruise and ferry investment opportunities, recommending Bohai Ferry and Haixia Co [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, and others [4]

证券代码：601156 证券简称：东航物流 公告编号：临2025-019 东方航空物流股份有限公司 关于公司董事辞任及提名非独立董事候选人的公告 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。 一、董事离任情况 东方航空物流股份有限公司（以下简称"公司"）董事会收到公司董事张渊女士递交的请辞函。因工作安 排原因，张渊女士申请辞去公司第三届董事会董事、战略委员会委员以及薪酬与考核委员会委员职务。 具体情况如下： ■ 张渊女士确认与公司董事会并无意见分歧，且无与辞任有关的事宜需通知公司股东。公司董事会对张渊 女士任职公司董事期间为公司发展做出的贡献表示衷心的感谢。根据《中华人民共和国公司法》及《公 司章程》的有关规定，张渊女士的请辞函自送达董事会时生效，张渊女士的离任不会导致公司董事会成 员低于法定人数，也不会对公司的正常运作产生影响。 二、提名非独立董事候选人情况 公司于2025年6月30日召开的第三届董事会第2次普通会议审议通过了《关于提名公司第三届董事会非独 立董事候选人的议案》，同意提名王永芹女士（简历见附件）为公司第三届 ...

Core Viewpoint - Liu Shaoyong, a prominent figure in China's civil aviation industry, has been investigated for serious violations of discipline and law, raising concerns about the future of China Eastern Airlines and the broader aviation sector [2][3]. Group 1: Background of Liu Shaoyong - Liu Shaoyong, born in 1958, has a long career in civil aviation, having held various significant positions including General Manager of China Eastern Airlines and China Southern Airlines [4][5]. - He is known for leading several airlines out of financial difficulties, earning the nickname "firefighter" of the aviation industry [3][6]. Group 2: Achievements and Challenges - Under Liu's leadership, China Eastern Airlines turned a profit within a year after he took over in 2008, following a significant loss of 13.93 billion yuan in that year [6]. - The airline's net profit soared to 5.38 billion yuan in 2010, showcasing Liu's effective management strategies [6]. - However, since 2020, the global aviation industry has faced severe challenges due to the pandemic, with China Eastern Airlines accumulating losses exceeding 70 billion yuan over the past five years [8]. Group 3: Recent Developments - In the first quarter of this year, China Eastern Airlines reported revenue of 33.41 billion yuan, a year-on-year increase of 0.65%, but also a net loss of 999.5 million yuan, which is a 23.91% increase in losses compared to the previous year [9].

关于公司董事辞任及提名非独立董事候选人的公告 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。 证券代码：601156 证券简称：东航物流 公告编号：临2025-019 东方航空物流股份有限公司 公司于 2025年6月30日召开的第三届董事会第2次普通会议审议通过了《关 于提名公司第三届董事会非独立董事候选人的议案》，同意提名王永芹女士（简 历见附件）为公司第三届董事会非独立董事候选人，任期与第三届董事会任期一 致，自股东大会审议通过之日起算，同意将本议案提交公司股东大会审议。 特此公告。 东方航空物流股份有限公司董事会 2025 年 7 月 1 日 附件： 王永芹简历 一、董事离任情况 东方航空物流股份有限公司（以下简称"公司"）董事会收到公司董事张渊 女士递交的请辞函。因工作安排原因，张渊女士申请辞去公司第三届董事会董事、 战略委员会委员以及薪酬与考核委员会委员职务。具体情况如下： | 姓名 离任职务 离任时间 | | | 原定任期 到期日 | | 离任 原因 | 是否继续在公 司及其控股子 | 是否存在未 履行完毕的 | ...

证券代码：601156 证券简称：东航物流 公告编号：临 2025-021 东方航空物流股份有限公司 关于签署货运物流框架协议暨关联交易的公告 东方航空物流股份有限公司（以下简称"公司"）与中国东方航空股份有限 公司（以下简称"东航股份"）签订的《货运物流相关日常关联交易框架协议》 将于 2025 年 12 月 31 日到期，因业务发展需要，公司拟与东航股份续签该框架 协议。本议案尚需提交公司股东大会审议。 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： 是否需要提交股东大会审议 对上市公司的影响 本次关联交易公平、合理，符合公司和全体股东的整体利益，亦符合公司经 营发展需要，不存在损害公司和非关联股东尤其是中小股东利益的情形，也不会 影响公司的独立性，公司业务不会因此形成对关联方的依赖。 一、框架协议的基本情况 公司与东航股份于 2022 年 9 月 26 日签订的《货运物流相关日常关联交易框 架协议》将于 2025 年 12 月 31 日到期，因业务发展需要，公司拟与东航股份续 签该框架协议，协议有效期为 ...

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: 股东联想控股股份有限公司（以下简称"联想控股"）共计持有东方航 空物流股份有限公司（以下简称"公司"）股份数量 179,254,133 股，占公司总 股本比例为 11.29%。联想控股本次解除质押股份数量 2,200,000 股，本次解除质 押后，持有公司股份累计质押数量 28,800,000 股，占其所持股份比例为 16.07%， 占公司总股本比例为 1.81%。 公司于 2025 年 6 月 30 日获悉联想控股将其所持有的部分公司股份办理了解 除质押业务，具体事项如下： 证券代码：601156 证券简称：东航物流 公告编号：临 2025-023 东方航空物流股份有限公司 关于 5%以上股东部分股份解除质押的公告 | 股东名称 | 联想控股股份有限公司 | | --- | --- | | 本次解除质押股份 | 2,200,000 股 | | 占其所持股份比例 | 1.23% | | 占公司总股本比例 | 0.14% | | 解除质押时间 | 2025 年 6 ...

一、审核通过《关于签署货运物流框架协议暨关联交易的议案》 详情请参见公司同日在《中国证券报》《上海证券报》《证券日报》《证券 时报》和上海证券交易所网站（www.sse.com.cn）披露的《关于签署货运物流框 架协议暨关联交易的公告》。 关联监事邵祖敏回避表决，本议案尚需提交公司股东大会审议。 表决结果：同意票 2 票，反对票 0 票，弃权票 0 票。 特此公告。 证券代码：601156 证券简称：东航物流 公告编号：临 2025-022 东方航空物流股份有限公司 第三届监事会第 4 次会议决议公告 本公司监事会及全体监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。 根据《中华人民共和国公司法》《东方航空物流股份有限公司章程》（以下 简称《公司章程》）及《公司监事会议事规则》的有关规定，东方航空物流股份 有限公司（以下简称"公司"）第三届监事会第 4 次会议于 2025 年 6 月 30 日以 通讯方式召开。 公司按照规定时间向全体监事发出了会议通知和会议文件，本次监事会应出 席监事 3 人，实际出席监事 3 人。监事会会议的召集和召开符合国家 ...

证券代码：601156 证券简称：东航物流 公告编号：临 2025-020 东方航空物流股份有限公司 第三届董事会第 2 次普通会议决议公告 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。 根据《东方航空物流股份有限公司章程》（以下简称《公司章程》）《董事会 议事规则》的有关规定，东方航空物流股份有限公司（以下简称"公司"）第三 届董事会第 2 次普通会议于 2025 年 6 月 30 日以通讯方式召开，本次会议由董事 长郭丽君召集。公司按照规定时间向全体董事发出了会议通知和会议文件，本次 董事会应出席董事 10 人，实际出席董事 10 人。 会议的召集及表决程序符合《中华人民共和国公司法》和《公司章程》等有 关规定。本次会议审议通过以下议案： 一、审议通过《关于提名公司第三届董事会非独立董事候选人的议案》 董事会同意提名王永芹为公司第三届董事会非独立董事候选人，任期与第三 届董事会任期一致，自股东大会审议通过之日起算。详情请参见公司同日在《中 国证券报》《上海证券报》《证券日报》《证券时报》和上海证券交易所网站 （www.s ...

Group 1 - The company Eastern Airlines Logistics (601156) plans to renew the "Daily Related Transaction Framework Agreement for Cargo Logistics" with Eastern Airlines Co., Ltd. The agreement will be effective from January 1, 2026, to December 31, 2028 [1] - The proposal is subject to approval at the company's shareholders' meeting [1] Group 2 - As of December 31, 2024, Eastern Airlines Co., Ltd. has total assets of 276.6 billion yuan, net assets attributable to shareholders of the parent company amounting to 40.532 billion yuan, and an operating income of 132.12 billion yuan for the fiscal year 2024 [1] - The net profit attributable to shareholders of the parent company for 2024 is reported at -4.226 billion yuan [1]

Core Viewpoint - Liu Shaoyong, the former chairman of China Eastern Airlines Group, is under investigation for serious violations of discipline and law, raising concerns in the aviation industry [2][3]. Group 1: Background of Liu Shaoyong - Liu Shaoyong, born in 1958, has a long history in the civil aviation industry, having held various significant positions including general manager of China Eastern Airlines and China Southern Airlines [4]. - He is recognized for his ability to turn around struggling airlines, earning the nickname "firefighter" in the aviation sector [3][5]. Group 2: Achievements and Challenges - Under Liu's leadership, China Eastern Airlines returned to profitability within a year after he took over in 2008, following a significant loss of 13.93 billion yuan in 2008 [5]. - The company achieved a net profit of 7.12 billion yuan in 2009 and 5.38 billion yuan in 2010, marking a significant recovery [5]. - However, since 2020, the global aviation industry has faced severe challenges due to the pandemic, with China Eastern Airlines reporting cumulative losses exceeding 70 billion yuan over the past five years [5][6]. Group 3: Recent Developments - In the first quarter of this year, China Eastern Airlines reported revenue of 33.41 billion yuan, a year-on-year increase of 0.65%, but also a net loss of 999.5 million yuan, which is a 23.91% increase in losses compared to the previous year [6].