Core Viewpoint - The investigation into Liu Shaoyong, former chairman of China Eastern Airlines Group, highlights significant disciplinary issues within the company, reflecting broader concerns about governance in state-owned enterprises [2][6]. Group 1: Company Leadership and History - Liu Shaoyong, born in 1959, has a long history in the aviation industry, having held various leadership positions before becoming the chairman of China Eastern Airlines in 2009 [3]. - Under Liu's leadership, China Eastern Airlines successfully navigated financial difficulties, including a net loss of approximately 13.9 billion yuan in 2008, and completed a successful restructuring in 2009 [3][4]. - The period from 2009 to 2018 is described as a "golden decade" for China Eastern Airlines, marked by significant reforms and the longest profit streak in the company's history [6]. Group 2: Corporate Governance and Reforms - During Liu's tenure, China Eastern Airlines became the first civil aviation enterprise to pilot mixed-ownership reform, with all subsidiaries completing this transformation [4]. - The company faced a tragic incident in March 2022, when a passenger aircraft crashed, leading to Liu's retirement shortly thereafter [6][5]. - The Central Commission for Discipline Inspection has been actively overseeing state-owned enterprises, including China Eastern Airlines, to ensure compliance with political and organizational discipline [7].

Investment Rating - The report initiates coverage with a "Buy" rating for Eastern Airlines Logistics [3][7]. Core Views - Eastern Airlines Logistics is positioned as a leading player in the aviation logistics sector, benefiting from a robust resource base that creates competitive barriers. The company is expected to achieve significant long-term performance growth [6][30]. - The aviation logistics market is projected to continue growing, although short-term fluctuations may arise due to international trade policies [6][9]. Financial Data and Profit Forecast - Total revenue is forecasted to reach CNY 24,544 million in 2025, with a year-on-year growth rate of 2.0% [2]. - Net profit attributable to shareholders is expected to be CNY 2,120 million in 2025, reflecting a decline of 21.1% year-on-year [2]. - Earnings per share (EPS) is projected at CNY 1.34 for 2025, with a PE ratio of 10 [2]. - The company aims for a dividend payout ratio of 30%-50% of net profit, with expected dividend yields of 4.1% in 2025 [7][49]. Business Segments - **Aviation Express**: The company operates a dual model of all-cargo aircraft and passenger belly cargo, with a focus on enhancing operational efficiency and expanding its international route network [23][51]. - **Ground Comprehensive Services**: The company has established 17 self-operated cargo stations at key airports, achieving a market share of 51.9% in the Shanghai Hongqiao and Pudong areas [23][30]. - **Integrated Logistics Solutions**: The company is capitalizing on the growth of cross-border e-commerce, with revenue from this segment expected to increase significantly [9][30]. Market Dynamics - The aviation logistics market is anticipated to grow, driven by increasing demand for air freight services, although it may face short-term disruptions from trade policies [6][9]. - The supply side is expected to see a slight expansion in cargo aircraft capacity, while demand is projected to remain strong despite potential policy impacts [6][9]. Investment Analysis - The forecasted net profits for Eastern Airlines Logistics from 2025 to 2027 are CNY 21.20 billion, CNY 26.87 billion, and CNY 31.75 billion, respectively, with corresponding PE ratios of 9.9x, 7.8x, and 6.6x [7][8]. - The company is expected to have a 24% upside potential compared to industry averages, supported by its unique logistics assets and strategic capacity expansion [7][30].

Core Viewpoint - SF Holding's stock closed at 49.15 yuan, down 2.27%, with a rolling PE ratio of 23.39 times and a total market value of 245.39 billion yuan [1] Company Summary - SF Holding specializes in comprehensive express logistics services, including time-sensitive express, economy express, freight, cold chain, pharmaceutical delivery, same-city instant delivery, international express, international freight and agency, and supply chain services [1] - In Q1 2025, the company achieved operating revenue of 69.85 billion yuan, a year-on-year increase of 6.90%, and a net profit of 2.23 billion yuan, up 16.87%, with a gross profit margin of 13.30% [1] Industry Summary - The average PE ratio for the logistics industry is 25.14 times, with a median of 26.82 times, placing SF Holding at 31st in the industry ranking [1][2] - The company has received multiple international awards and national-level case certifications in logistics technology and is the only Chinese representative to reach the finals of the 2025 Franz Edelman Award [1]

Core Viewpoint - The establishment of Zhongtong Airlines by Zhongtong Express marks a significant move into the air cargo sector, reflecting a broader trend among domestic express companies to develop their own air freight capabilities [2][3]. Group 1: Industry Trends - Numerous express companies, including SF Express, China Post, JD, and YTO, have established their own air cargo companies and acquired freighters to control their supply and customer base [3][4]. - The recent surge in air cargo companies is driven by increased market demand, particularly following the pandemic, which reduced passenger flights and increased the need for cargo transport [8][12]. - Various local governments have introduced policies to support air cargo development, including subsidies for all-cargo routes and the establishment of new domestic and international cargo routes [9]. Group 2: Financial Performance - Air cargo logistics companies have shown better financial performance compared to passenger airlines, with companies like China Cargo Airlines and Eastern Air Logistics reporting significant profits in the first quarter of 2024 [11]. - The growth in air cargo demand is attributed to the recovery of the industry and the booming cross-border e-commerce sector, leading to increased air freight rates and cargo turnover [12]. Group 3: Competitive Landscape - The domestic air cargo market is becoming increasingly competitive, with express companies like SF Express owning a fleet of 90 freighters, significantly outpacing traditional airlines [19]. - The lack of direct control over cargo sources has been a major challenge for many airlines, leading to a reliance on express companies for freight operations [17][18].

Group 1: Aviation Sector - The aviation sector is expected to see strong demand during the summer peak season, with a recommendation to focus on pre-peak investment opportunities. The industry has gradually emerged from the low-demand season since March, with rational pricing strategies from airlines supporting demand [3][12]. - In 2024, the total revenue of six listed airlines is projected to reach 521.8 billion yuan, a year-on-year increase of 14%, with a tax pre-profit of 3 billion yuan, a significant recovery from a loss of 9 billion yuan in 2023. Different airlines show varying degrees of profit improvement [10][12]. - The report highlights that the international oil price decline will significantly enhance airline profits. A 5% drop in Brent crude oil prices could increase the pre-tax profits of major airlines by 29 billion yuan for Air China and 23 billion yuan for Eastern Airlines [14][15]. Group 2: Express Delivery Sector - The express delivery sector is anticipated to maintain strong growth resilience, with business volumes expected to increase by 21.5% in 2024 and 21.6% in Q1 2025. The total business volume for 2024 is projected to reach 1.758 billion pieces [32][35]. - The market concentration in the express delivery industry is on the rise, with the CR8 index expected to reach 85.2% in 2024 and 86.9% in Q1 2025, indicating a more consolidated market [32][35]. - Revenue for the express delivery industry is forecasted to grow by 13.8% in 2024, reaching 1.4 trillion yuan, with a slight pressure on average ticket prices, which are expected to decline by 14.2% [35][36]. Group 3: Dividend and Asset Value - The report emphasizes the value of dividend assets in the transportation sector, with cash dividend ratios for highways, railways, and ports projected at 51%, 47%, and 36% respectively for 2024, indicating strong cash flow stability [44][45]. - The TTM dividend yields for these sectors are expected to be 3.0% for highways, 3.3% for railways, and 2.3% for ports, reflecting a stable increase compared to previous years [44][45]. Group 4: Shipping Sector - The shipping sector faces short-term pressure due to US-China tariff disputes, but structural opportunities may arise. The report suggests that the tariff situation could lead to a shift in import demands, particularly for agricultural products, which may benefit dry bulk shipping [48][56]. - Historical data indicates that previous trade disputes have led to increased shipping rates for certain routes, suggesting potential for similar outcomes in the current context [48][56].

Core Insights - The global trade policy adjustments are reshaping the flow of people and goods, leading to the emergence of new air routes and a shift in international travel dynamics [1][4][16] Air Travel Developments - Multiple new cross-border air routes have been established across China, including direct flights from Shanghai to Central Asia and other regions, reflecting a significant increase in international passenger flights [2][6] - As of mid-May, the average weekly international passenger flights executed by Chinese and foreign airlines reached 6,428, a 25.4% increase compared to the previous year, with flights to Belt and Road Initiative (BRI) countries accounting for approximately 72% [2][8] - The recovery rate for international passenger flights in May reached 87.6%, with flights to emerging markets like Singapore, Russia, and the UAE exceeding 100% recovery [3][11] Cargo Transport Trends - The international air cargo network is also experiencing a restructuring, with a total of 101 new international cargo routes opened in the first five months of the year, primarily towards Asia and Europe [3][12] - In May, the top air cargo routes included flights to Japan, South Korea, and the United States, indicating a strong demand for cargo transport in these traditional markets [12][13] Economic Impact - China's total import and export value reached 3.81 trillion yuan in May, with significant growth in trade with Southeast Asia and the Middle East, reflecting a shift in export focus [14] - The logistics sector is adapting to these changes, with airlines like China Southern Airlines opening new cargo routes to meet the growing demand in emerging markets [14][15] Future Outlook - The aviation industry is expected to continue expanding its network to BRI countries and emerging markets, with airlines like Cathay Pacific planning to increase their flight destinations significantly by 2025 [10][11] - The air cargo market is transitioning towards high-value logistics, with a growing emphasis on sectors like pharmaceuticals and cross-border e-commerce [15]

1 截至本公告披露日，股东珠海普东股权投资有限公司（以下简称"珠海普东"） 持有东方航空物流股份有限公司（以下简称"公司"）股份 79,420,100 股， 占公司总股本的比例为 5.00%。珠海普东本次解除质押股份数量 47,568,450 股，本次解除质押后，持有公司股份累计质押数量 0 股。 2025 年 4 月 29 日，珠海普东与中邮人寿保险股份有限公司（以下简称"中 邮保险"）签署了股份转让协议书，珠海普东拟将其持有的公司 79,420,100 股 股份（占公司总股本的 5.00%）转让给中邮保险，具体内容请参见公司于 2025 年 5 月 1 日在上海证券交易所网站（www.sse.com.cn）上披露的《关于股东协议转 让股份暨权益变动的提示性公告》（公告编号：临 2025-013）以及《东方航空物 流股份有限公司简式权益变动报告书（中邮保险）》《东方航空物流股份有限公 司简式权益变动报告书（珠海普东）》。 根据股份转让协议书的相关约定，珠海普东办理了股份解除质押业务，具体 事项如下： | 股东名称 | 珠海普东股权投资有限公司 | | | --- | --- | --- | | 本次解除质押 ...

对此，太保资产总经理余荣权在中国太保（601601）2024年度业绩发布会上表示，保险业举牌现象越来 越多，主要是基于港股市场的高股息，这对净投资收益的带动是有明显提升的。 "H股的估值较A股呈现出一定的折价，增值空间更大，且通过港股通投资还有一定的税收优惠，因此是 保险资金增配的关注点。"普华永道中国金融行业管理咨询合伙人周瑾在接受《金融时报》记者采访时 表示，保险资金之所以选择银行股是因为上市银行普遍经营稳健，股票流动性好，股息率较高，分红稳 定且还具有升值空间。 从保险资金举牌的交易方式来看，二级市场买入仍是主流，如平安人寿举牌港股银行股均通过旗下平安 资管用竞价交易的方式在港股二级市场买入。除此之外，还有股份转让协议、非公开发行认购、认购增 发股份等交易方式。如新华保险（601336）举牌杭州银行和中邮人寿举牌东航物流均是通过股份转让协 议完成。阳光人寿则通过参与非公开发行认购的方式举牌了中国儒意港股。 在金融管理部门主动为保险资金松绑鼓励入市的大背景下，保险资金举牌潮正在如火如荼进行中。《金 融时报》记者根据中国保险行业协会网站披露的数据以及公开信息整理发现，截至6月13日，今年以来 共有7家保险公 ...

证券代码：601156 证券简称：东航物流 公告编号：临2025-017 东方航空物流股份有限公司 2024年年度权益分派实施公告 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。 A股每股现金红利0.288元 本次利润分配方案经公司2025年5月30日的2024年年度股东大会审议通过。 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： 本次利润分配以方案实施前的公司总股本1,587,555,556股为基数，每股派发现金红利0.288元（含税）， 共计派发现金红利457,216,000.13元。 1.实施办法 重要内容提示： ● 每股分配比例 对于持有本公司股份的自然人股东和证券投资基金，根据《关于上市公司股息红利差别化个人所得税政 策有关问题的通知》（财税[2015]101号）、《关于实施上市公司股息红利差别化个人所得税政策有关 问题的通知》（财税[2012]85号）的规定，在公司派发现金红利时暂不扣缴 ...

Group 1 - The article discusses the resumption of Boeing aircraft deliveries to Chinese airlines after a two-month hiatus due to tariffs imposed during U.S.-China trade tensions [2][5] - A new Boeing 737 MAX aircraft has been delivered from Seattle to China, marking the restart of aircraft deliveries [3][7] - The previous suspension of deliveries was due to a 125% tariff on imported aircraft, which has now been lifted for certain aircraft and parts, allowing airlines to import at lower rates of 5% for narrow-body and 1% for wide-body aircraft [7][8] Group 2 - Several Chinese airlines, including Xiamen Airlines and China Eastern Airlines, are preparing to resume accepting Boeing aircraft, with additional deliveries expected in June [7][8] - Boeing's market in China is significant, with 25% of its new aircraft deliveries going to China at its peak in 2018; the company has delivered 20 aircraft to China this year and plans to deliver 29 more by year-end [8] - The article also highlights the impact of U.S. export restrictions on aircraft engines, particularly affecting the C919 aircraft, which relies on the LEAP-1C engine produced by a joint venture between GE and Safran [10][11] Group 3 - The C919 aircraft program is progressing, with recent deliveries made to Chinese airlines, and the domestic engine, Changjiang-1000A, is undergoing testing [11][13] - The article notes that while the U.S. has imposed restrictions on engine exports, this may accelerate China's efforts to develop its own aviation engines [10][13]