Group 1 - The insurance capital has seen a resurgence in shareholding activities, with 15 instances of shareholding by 7 insurance companies by the end of May, surpassing the total for the entire year of 2023 and exceeding the first nine months of 2024 [1] - The current wave of shareholding is the third in nearly a decade, following previous waves in 2015 and 2020, driven by different factors in each period [3] - The shareholding activities this year include major banks such as Postal Savings Bank, China Merchants Bank, and Agricultural Bank, as well as companies in various sectors like public utilities, energy, and transportation [3] Group 2 - The driving factors for the current shareholding trend include the need for insurance companies to enhance investment returns in a low-interest-rate environment, optimize financial statements under new accounting standards, and the introduction of policies supporting long-term capital market entry [3] - The pilot reform for long-term investment of insurance funds is accelerating, with the total scale of pilot funds expected to reach 222 billion yuan after the approval of the third batch of 60 billion yuan [4] - This pilot reform aims to address the barriers faced by insurance capital in entering the market for investments [4]

Group 1: Bond ETF Market - The bond ETF market has seen significant growth, with over 40 billion yuan in net inflows in May alone, reaching a new high in total scale [1] - On May 30, 10 out of the top 12 ETF products by trading volume were bond ETFs, indicating strong market participation [1] - Nine bond ETFs have been approved for use as collateral in general pledge-style repurchase agreements, which may accelerate the expansion of the bond ETF market [1] Group 2: Public Fund Issuance - In May, bond funds dominated the public fund issuance market with a 55.07% issuance ratio, while equity products faced uneven demand [1] - The issuance of ETFs has declined for four consecutive months, raising only 11.068 billion units in May [1] - The market reflects a struggle between stability and change, with bond funds providing a safety net while equity products seek growth in niche segments [1] Group 3: Private Equity and ETF Investment - Private equity firms have shown strong interest in newly listed ETFs, with 104 firms holding a total of 1.783 billion shares in 97 ETFs [2] - The preferred themes for private equity investments are technology innovation and free cash flow [2] Group 4: Insurance Companies' Stock Purchases - As of the end of May, seven insurance companies have made 15 stock purchases this year, surpassing the total for 2023 and the first nine months of 2024 [2] - The majority of these purchases have been in bank stocks, with additional investments in public utilities, energy, and transportation sectors [2] Group 5: Corporate Developments - 28 companies have successfully removed their ST (Special Treatment) status this year, primarily through financial improvements, internal control repairs, and bankruptcy restructuring [3] - The airline industry is expected to see improved profitability due to falling oil prices and recovering demand, with a projected net profit margin of 3.7% for 2025 [3] - Domestic new energy vehicle manufacturers reported significant sales growth in May, with several companies achieving monthly sales exceeding 40,000 units, driven by extended-range vehicles [4] Group 6: Tesla's Sales Decline - Tesla's sales in France plummeted by 67% in May, marking the lowest sales level in nearly three years, despite the launch of a new version of its Model Y [6]

Group 1 - The 2025 Zhengzhou Cross-Border E-Commerce Conference and Foreign Trade Quality Products Event was launched on May 29, 2025, at the Zhengzhou International Convention and Exhibition Center, featuring a significant project co-hosted by Zhongyu Aviation Group and the Henan International Freight Forwarding Association [1][3] - The conference theme "Innovation-Driven Air Silk Road Upgrade and Expansion" attracted representatives from the Civil Aviation Administration, International Air Transport Association (IATA), cross-border e-commerce platform TEMU, and leading companies in the industry to discuss the development of cross-border e-commerce air logistics [3][5] - Zhongyu Aviation Group's General Manager Liu Jianmin reported that in 2024, Zhengzhou Airport's cargo volume reached 825,000 tons, with international cargo volume ranking fifth in the country, highlighting the "Zhengzhou-Luxembourg" air route as a landmark project of the Belt and Road Initiative [5][6] Group 2 - The "Zhengzhou-Kuala Lumpur" dual-hub cooperation has been included in the China-Malaysia Joint Statement, accelerating the establishment of new dual-hub layouts in Saudi Arabia and Ethiopia, connecting Central China closely with the world through air transport [6] - A cross-border e-commerce air transport center is set to be completed by the end of the year, significantly enhancing cargo assurance capabilities and providing strong support for the rapid access of global goods [6] - Several strategic cooperation agreements were signed during the event, including ground service agreements for all-cargo aircraft with China Cargo Airlines and Sichuan Airlines, and collaborations with IATA, TEMU, and Eastern Airlines Logistics for cross-border e-commerce logistics [8]

Meeting Details - The annual general meeting of shareholders was held on May 30, 2025, at Shanghai Hongqiao Airport [1] - The meeting was presided over by Chairman Guo Lijun and utilized a combination of on-site and online voting methods [1] Voting Results - All proposed resolutions were passed with significant majority support, with the highest approval rate being 99.7867% for one of the resolutions [1][2] - The voting results for various resolutions showed minimal opposition, with the highest dissenting vote being 0.1965% [1] Independent Directors' Report - The annual meeting included a report from independent directors regarding their performance for the year 2024 [2] Legal Compliance - The meeting's procedures were confirmed to be in compliance with relevant laws, regulations, and the company's articles of association, ensuring the validity of the resolutions passed [3]

证券代码：601156 证券简称：东航物流 公告编号：临2025-016 东方航空物流股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 834 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,038,296,472 | | 3、出席会议的股东所持有表决权股份数占公司有表 | 65.4022 | | 决权股份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 公司 2024 年年度股东大会由董事会召集，董事长郭丽君先生主持。会议采 用现场记名投票和网络投票相结合的方式审议全部议案，会议的召集、召开及表 决方式符合《公司法》和《公司章程》的规定。 | 股东 | | 同意 | | 反对 | | 弃权 | | | --- ...

用 商 薄 所 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 关于东方航空物流股份有限公司 2024 年年度股东大会的 法律意见书 致:东方航空物流股份有限公司 根据《中华人民共和国公司法》(以下简称"公司法")、《中华人民共和国证券法》 (以下简称"证券法")、《上市公司股东会规则》(以下简称"股东会规则")、《上海证券 交易所上市公司自律监管指引第1号 -- 规范运作》(以下简称"规范运作指引")以及 《东方航空物流股份有限公司章程》(以下简称"公司章程")的规定,北京市通商律师 事务所(以下简称"通商")接受东方航空物流股份有限公司(以下简称"东航物流"或"公 司")的委托,指派律师出席了公司 2024年年度股东大会(以下简称"本次股东大会"), 对公司本次股东大会的召集和召开程序、出席会议人员资格、表决程序等事项发表法律 意见。 为出具本法律意见书,通商律师审查了公司章程以及公司本次股东大会的有关文件 和材料,并假设:(1)公司已提供了通商律师认为作为出具本法律意见书所必需的材料: (2)公司所提供的原始材料、副本、复印件等材料均符合真实 ...

Group 1 - The "Silk Road E-commerce" international cooperation meeting discussed new opportunities for global collaboration in e-commerce, emphasizing the importance of the Zhengzhou Air Cargo Hub as a key growth area for cross-border e-commerce in Henan [2][3] - In 2024, the Zhengzhou Air Cargo Zone achieved 1.66 billion cross-border e-commerce transactions valued at 25.88 billion yuan, marking a 55.8% year-on-year growth, leading the province in growth rate [2] - The "Silk Road E-commerce" cooperation mechanism has expanded to 34 partner countries, enhancing trade relations and sharing new opportunities [3] Group 2 - The event highlighted the rapid growth of cross-border e-commerce in Henan, with imports and exports to Belt and Road countries reaching 383.9 billion yuan, accounting for 47% of the province's total trade [3] - AI technology is increasingly being utilized in cross-border e-commerce, enabling real-time multilingual communication and enhancing operational efficiency [5][9] - Eight major projects were signed at the meeting, focusing on smart supply chains and cross-border e-commerce service warehouses, showcasing the region's commitment to leveraging global opportunities [6] Group 3 - The development of a multi-modal transport network, including high-speed rail and air cargo, is facilitating cross-border e-commerce growth in Henan [7][9] - The integration of cross-border e-commerce with logistics services is being emphasized, with customized international logistics solutions being developed for various product categories [7][9] - The focus on brand globalization in cross-border e-commerce is expected to increase, with companies prioritizing brand building to gain market trust [8] Group 4 - The cooperation between Henan and ASEAN countries is seen as a significant opportunity, with expectations for more Henan brands to enter the ASEAN market [11][12] - The need for Henan to align with international trade standards and enhance its brand influence in agriculture and advanced manufacturing is highlighted [12] - The establishment of a talent development strategy tailored to the cross-border e-commerce sector is crucial for sustaining growth and competitiveness [14][15]

Summary of Eastern Airlines Logistics Conference Call Company Overview - Eastern Airlines Logistics is a pioneer in the mixed ownership reform of civil aviation, with a diversified shareholding structure: Eastern Airlines Group holds 40.5%, Legend Holdings 11.3%, and an employee shareholding platform 6.3% [2][5] - The company’s business includes air express, comprehensive logistics, and ground integrated services, with comprehensive logistics now being the primary revenue source, surpassing air express [2] Financial Performance - In 2024, the company achieved revenue of 24.1 billion yuan, a year-on-year increase of 17%, and a net profit of 2.7 billion yuan, up 8% [2][10] - For Q1 2025, revenue was 5.5 billion yuan, a 5% increase year-on-year, but net profit decreased by 7% due to aircraft disposal impacts [2][10] - The company has a dividend yield of 5.2%, with a total dividend payout of 1.07 billion yuan in 2024, representing 40% of net profit [10] Business Segments - **Air Express**: Relies on 15 B777 freighters and passenger aircraft bellyhold resources, covering over 160 countries and regions [2][6] - **Comprehensive Logistics**: Revenue reached 12.5 billion yuan in 2024, a 37% increase, accounting for 52% of total revenue. The fastest-growing segments are cross-border e-commerce (71% CAGR) and direct-to-origin services [2][16] - **Ground Integrated Services**: Contributes stable revenue, with a consistent income of over 2.2 billion yuan, accounting for about 11% of total revenue [7] Market Dynamics - The logistics industry is experiencing tight supply and demand, with limited supply of wide-body freighters and double-digit growth in demand [14][15] - Despite potential impacts from U.S. tariff policy changes, growth in European and Asia-Pacific markets is expected to compensate for any declines in U.S. routes [12][15] Future Outlook - The company anticipates steady revenue growth from 2025 to 2027, with projected revenues of 26 billion yuan, 28.1 billion yuan, and 29.6 billion yuan respectively [20] - Net profit forecasts for the same period are 2.4 billion yuan, 2.7 billion yuan, and 2.9 billion yuan, with a low PE valuation of 8.5 times for 2025 [20] - The company plans to maintain a dividend payout ratio between 30% and 50% [11] Valuation - Eastern Airlines Logistics is currently undervalued with a dynamic PE of 8.5 times for 2025, below the industry average of 12 times [3] - The target price is set at 15.2 yuan, with a buy rating based on the company's growth potential and stable dividend returns [20] Additional Insights - The company has a strong market position in Shanghai, with a market share of over 50% at both Pudong and Hongqiao airports [19] - Future plans include the construction of new cargo stations and smart logistics facilities to increase capacity by approximately 300,000 tons [19]

5月26日，商务部网站发布消息，近日，商务部、国家发展改革委、教育部、工业和信息化部、交通运 输部、农业农村部、税务总局、国家数据局等8部门联合印发了《加快数智供应链发展专项行动计划》 （以下简称《行动计划》）。 《行动计划》对数智供应链发展作出前瞻性、全面性、系统性部署。提出运用人工智能、物联网、区块 链等新技术，"一链一策"推进供应链数字化、智能化、可视化改造，到2030年，形成可复制推广的数智 供应链建设和发展模式，在重要产业和关键领域基本建立深度嵌入、智慧高效、自主可控的数智供应链 体系，培育100家左右全国数智供应链领军企业，我国产业链供应链韧性和安全水平进一步提升。 政策东风下，A股上市公司已率先在制造业、物流、医疗等核心领域展开技术攻坚与场景落地。"目 前，我国多家上市公司已完成供应链的数智化改造，生态逐步形成。头部供应链企业在智能制造、数据 打通、采购分销等方面形成优势，推动我国数智供应链产业规模快速向数百亿元级迈进。"中国数实融 合50人论坛专家洪勇对《证券日报》记者表示。 培育数智供应链领军企业 当下，随着大数据、人工智能、物联网快速向各行业渗透，数智化已成为推动供应链现代化的重要动 力。 ...

Group 1 - The 9th Silk Road International Expo and China East-West Cooperation and Investment Trade Fair was held in Xi'an, showcasing the collaboration between Eastern Airlines Logistics and Eastern Airlines Northwest Branch to enhance trade along the "Belt and Road" initiative [1] - Eastern Airlines Logistics has participated in the Silk Road Expo for two consecutive years, highlighting its business capabilities and corporate image through the exhibition of three core business segments: air express, ground integrated services, and comprehensive logistics solutions [2] - The company introduced innovative "air-rail intermodal" solutions in 2024, leveraging the synergy between air freight and the Xi'an China-Europe Railway Express, which operates 498 trains annually, to enhance logistics efficiency [2] Group 2 - Eastern Airlines Logistics is actively contributing to the construction of modern logistics infrastructure in Shaanxi, expanding its diversified business ecosystem, and developing a smart service system to support the region's open economic framework [3] - The company aims to play a significant role in the high-quality development of the "Belt and Road" initiative by collaborating with various stakeholders to create a new blueprint for Silk Road logistics [3]