格隆汇12月2日丨东航物流(601156.SH)公布，2025年12月2日，公司收到公司持股5%以上股东天津睿远 企业管理合伙企业（有限合伙）的通知，天津睿远于2025年11月3日至12月2日期间通过集中竞价减持股 份484.31万股，占公司总股本的比例为0.31%，其所持公司股份比例由6.30%减少至5.99%，权益变动触 及1%整数倍。 ...

Core Viewpoint - Eastern Airlines Logistics announced a share reduction plan by a major shareholder, Tianjin Ruiyuan, which will not affect the control of the company [1] Group 1 - Tianjin Ruiyuan, holding over 5% of shares, plans to reduce its stake by 4.8431 million shares, representing 0.31% of the total share capital [1] - The shareholding percentage of Tianjin Ruiyuan will decrease from 6.30% to 5.99%, triggering a 1% change in equity [1] - This reduction is part of a previously disclosed plan and is consistent with prior announcements, ensuring no change in the company's controlling shareholder or actual controller [1]

证券之星消息，12月2日物流板块较上一交易日下跌0.77%，嘉友国际领跌。当日上证指数报收于 3897.71，下跌0.42%。深证成指报收于13056.7，下跌0.68%。物流板块个股涨跌见下表： 从资金流向上来看，当日物流板块主力资金净流出4.05亿元，游资资金净流入6580.43万元，散户资金净 流入3.39亿元。物流板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002769 | 普路通 | 4154.00万 | 9.33% | -790.95万 | -1.78% | -3363.04万 | -7.56% | | 002682 龙洲股份 | | 2071.56万 | 3.14% | 81.92万 | 0.12% | -2153.48万 | -3.27% | | 300350 | 华鹏飞 | 1790.55万 | 4.58% | -1216.46万 | -3.11% | -574.1 ...

证券代码：601156 股票简称：东航物流 公告编号：临 2025-043 东方航空物流股份有限公司 关于预计 2026 年至 2028 年日常关联交易额度的 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。 重要内容提示： 是否需要提交股东会审议 东方航空物流股份有限公司（以下简称"公司"）根据上海证券交易所的相 关规定，预计了 2026 年至 2028 年度与关联方在提供劳务、接受劳务、存贷款业 务、飞机融资租赁服务等方面的日常关联交易额度。 公司与东航集团财务有限责任公司（以下简称"东航财务"）签署的《金融 服务框架协议》将于 2025 年 12 月 31 日到期，公司拟与东航财务续签《金融服 务框架协议》，协议有效期为 2026 年 1 月 1 日起至 2028 年 12 月 31 日。 上述事项需提交公司股东会审议。 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 ...

证券代码：601156 证券简称：东航物流 公告编号：临 2025-042 东方航空物流股份有限公司 第三届董事会第 5 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 5 次普通会议于 2025 年 12 月 1 日以现场结合通讯方式召开。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。本次会议由董事长郭丽君召集和主持，公司高级管理 人员列席会议。 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《关于公司 2026 年至 2028 年日常关联交易的议案》 本议案为关联交易议案，分 4 个子议案逐项表决，表决结果如下： 子议案 1：关于公司与中国东航集团及其子公司 2026 年至 2028 年日常关联 交易额度预计的议案 本议 ...

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The report highlights an upward trend in crude oil freight rates, with the China Import Crude Oil Index (CTFI) reaching 2520.07 points, an increase of 8.4% from November 20 [3][13] - The postal industry revenue surpassed the telecommunications industry for the first time in history, reaching 1.47 trillion yuan, compared to 1.467 trillion yuan for telecommunications [3][24] - The civil aviation sector showed growth in both passenger and cargo transport volumes in October, with international routes performing particularly well [3][17] Summary by Sections Industry Hot Events - Crude oil freight rates are rising, with the Middle East route seeing a 10.76% increase in rates [13] - Qifly Aviation signed a procurement agreement for 105 eVTOL aircraft with three companies in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on low-altitude logistics [15][16] - The postal industry revenue for January to October 2025 reached 1.47 trillion yuan, marking a significant milestone [24][25] High-Frequency Data Tracking - The Baltic Air Freight Price Index decreased month-on-month but increased year-on-year [26] - Domestic freight flights in October 2025 increased by 0.32% year-on-year, while international flights rose by 11.12% [32] - The express delivery business volume in October 2025 increased by 7.90% year-on-year, with total revenue reaching 131.67 billion yuan [50] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy [5] - Attention to low-altitude economy investment opportunities, particularly in companies like CITIC Offshore Helicopter [5] - Consider investment opportunities in the express delivery sector, recommending SF Express and Jitu Express [5]

Core Viewpoint - The recent acquisition of shares by Taikang Life in Fuhong Hanlin marks a significant increase in insurance capital's engagement in the stock market, with a total of 37 instances of shareholding increases this year, the highest in nearly a decade [1][5]. Group 1: Taikang Life's Share Acquisition - On November 20, 2025, Taikang Life purchased 518,500 shares of Fuhong Hanlin, raising its total holdings to 8.3371 million shares, which constitutes 5.10% of the company's H-share capital [1][3]. - Prior to this acquisition, Taikang Life held 7.8186 million shares, representing 4.78% of the H-share capital [3]. - The total investment for this acquisition amounted to approximately 34.77 million HKD, with each share priced at 67.07 HKD [3]. Group 2: Insurance Capital Trends - The number of shareholding increases by insurance companies has surged this year, with 37 instances recorded, second only to the 62 instances in 2015 [5]. - The focus of these acquisitions has been primarily on high-quality assets, particularly in sectors such as banking, public utilities, and environmental protection, with a notable preference for H-shares [5]. - A diverse range of insurance companies, including China Ping An and Xinhua Insurance, have participated in these shareholding increases, indicating a broader trend beyond just one or two major players [5]. Group 3: Investment Strategy Insights - Analysts suggest that the motivations behind these share acquisitions can be categorized into two main types: equity investment focused on high ROE assets and stock investment aimed at high dividend yields [6]. - High ROE assets are expected to enhance the overall ROE of the insurance companies, while high dividend stocks provide stable cash flow without affecting net profit [6].

Group 1 - The release of "Zootopia 2" has revitalized the film market, with a cumulative box office exceeding 503 million yuan and over 12.53 million viewers as of November 28 [2] - The success of blockbuster films is crucial for the current film market, which has been struggling, as evidenced by a 13% to 18% year-on-year decline in box office during the 2025 National Day period [3] - The film's popularity indicates that there is still demand for movies, primarily hindered by a lack of quality commercial films [6] Group 2 - "Zootopia 2" has demonstrated significant commercial potential, with various brand collaborations and the establishment of a themed park in Shanghai, attracting millions of visitors [7] - The success of animated films like "Zootopia" has boosted confidence among domestic animation professionals, highlighting the high IP monetization value and the potential for international expansion [8] Group 3 - The film market faced a 34.73% year-on-year decline in box office during the second quarter, with notable drops during the Qingming and May Day holidays [4] - The National Film Administration reported a 2.7 billion yuan decrease in box office revenue during this year's National Day period compared to the previous year [3]

Core Insights - The new smart cargo station covers an area of approximately 36,000 square meters and embodies the principles of intelligence, digitization, and automation, integrating advanced logistics technologies to fill industry gaps and establish a fully intelligent operational system [1][4]. Group 1 - The application of a series of unmanned, intelligent, and digital technologies in key operational processes enhances both efficiency and safety [3]. - The project has achieved an iterative upgrade in operational capacity and technical level across the entire process from collection, security inspection, storage to loading and departure [3]. - After the project is put into operation, the human intervention in the cargo displacement process will be reduced by nearly 50%, significantly decreasing the points of intersection between people and vehicles, thereby enhancing safety and operational efficiency [6].

Core Viewpoint - The Pinduoduo concept stock has experienced a decline of 1.48%, ranking among the top decliners in the concept sector as of the market close on November 27 [1]. Group 1: Market Performance - Within the Pinduoduo concept sector, stocks such as Kaichun Co., Huanlejia, and Xuanyan International have seen significant declines, while 13 stocks in the sector recorded gains, with Inertia Media, Shuiyang Co., and Wanlong Optoelectronics leading the increases at 3.22%, 2.72%, and 2.55% respectively [1]. - The overall market performance shows that the Pinduoduo concept sector had a net outflow of 975 million yuan from major funds today, with 30 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 50 million yuan [2]. Group 2: Fund Flow Analysis - The stock with the highest net outflow was Xinhua Dou, with a net outflow of 229 million yuan, followed by Yidian Tianxia, Zhidema, and Guangyun Technology, with net outflows of 176 million yuan, 131 million yuan, and 126 million yuan respectively [2]. - Conversely, the stocks with the highest net inflows included Inertia Media, Yuanlong Yatu, and Eastern Airlines Logistics, with net inflows of 145 million yuan, 576,040 yuan, and 301,910 yuan respectively [2][3].