Group 1 - The "United Nations and International Public Procurement Project Bidding Practical Skills Training (Phase II)" was recently held in Huzhou, focusing on sustainable development goals (SDGs) and their application in bidding processes [1] - The training lasted for two days, featuring expert discussions on UN procurement project compliance and practical bidding skills, including a detailed explanation of the entire bidding process and registration on the UNGM platform [1] - Successful suppliers shared their experiences in international public procurement, highlighting practical insights and key logistics aspects relevant to UN procurement [1] Group 2 - The Huzhou Municipal Council for the Promotion of International Trade plans to enhance its service mechanism by integrating resources and focusing on a "training + incubation + empowerment" model to support local industries [1] - The initiative aims to provide systematic support for enterprises, including precise market information delivery, compliance capability building, and practical bidding guidance [1]

Group 1 - The concept of Free Trade Port has seen an increase of 2.96%, ranking 6th among concept sectors, with 41 stocks rising, including Hainan Ruize and Haikou Group hitting the daily limit [1] - Leading stocks in the Free Trade Port sector include China Duty Free Group, which rose by 8.25%, Hainan Ruize by 10.08%, and Haikou Group by 10.00% [2][3] - The sector experienced a net inflow of 1.105 billion yuan, with 23 stocks receiving net inflows, and China Duty Free Group leading with a net inflow of 958 million yuan [2][3] Group 2 - The top three stocks by net inflow ratio are China Duty Free Group at 15.13%, Huamao Logistics at 14.71%, and Haikou Group at 13.56% [3] - The trading volume for China Duty Free Group was 95.78 million yuan, with a turnover rate of 3.99% [3] - Stocks with significant declines include China Foreign Trade, which fell by 1.29%, Ningbo Port by 0.54%, and Shanghai Port by 0.18% [1][5]

Group 1 - The core viewpoint of the article highlights the positive performance of the transportation sector, particularly during the "Double Twelve" e-commerce promotion, which has driven strong demand in the logistics and airline sectors [1] - The Transportation ETF (159666) saw a 0.7% increase, with significant gains in stocks such as Shanghai Airport (over 6%) and Shentong Express (over 2%) [1] - The inflow of over 10 million yuan into the Transportation ETF over the past 20 days indicates strong investor interest in the sector [1] Group 2 - The domestic outbound cargo volume of China Southern Airlines Logistics in the East China region exceeded 1,000 tons from December 8 to 15, reflecting robust consumer demand [1] - Huayuan Securities believes that the e-commerce express delivery industry remains resilient, with rising express delivery prices due to "anti-involution," which enhances corporate profit elasticity [1] - The Transportation ETF (159666) and its linked funds are the only ETFs tracking the CSI All-Share Transportation Index, covering logistics, railways, highways, shipping ports, and airports, thus providing a comprehensive view of the A-share transportation sector [1]

丨证券研究报告丨 行业研究丨行业周报丨运输 [Table_Title] 2026 年投资展望：星途跨海，价值新章 ——交运周专题 2025W50 报告要点 [Table_Summary] 展望 2026 年，我们梳理了航空、海运、物流细分板块的投资机会：1）航空：供需错配箭在弦 上：需求趋势确定向上，实际供给走向下滑，价格弹性逐年释放，盈利拾级而上。2）海运：中 国出海由产品、产业向资本转变，产能释放将重塑全球贸易格局，干散货海运供需拐点将至， 油轮板块景气持续兑现，区域内集运供需结构较优。3）物流：中国优势产业正加速出海，驱动 新兴市场跨境物流景气向好。国内市场竞争秩序重构，从内卷式竞争走向高质量发展，快递物 流格局有望改善，龙头公司估值有望重估；大宗物流价格具备向上弹性，底部布局周期反转。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SFC：BQK468 SFC：BWN875 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S04905 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - The report highlights that during the "Black Friday" shopping season, Jitu Express achieved a record high in daily collection volume in Brazil, and the first domestically produced heavy-duty eVTOL successfully completed its maiden flight [2][3] - In shipping, crude oil freight rates have declined from high levels, while freight rates on long-distance routes have shown mixed trends [3][15] - The report notes that the domestic logistics market is experiencing significant growth, particularly in emerging markets [3][25] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, with the China Import Crude Oil Composite Index (CTFI) reported at 2324.92 points, a slight increase of 0.1% from December 4 [3][15] - The first domestically produced heavy-duty eVTOL, AR-E800, successfully completed its maiden flight, marking a significant milestone in China's aviation industry [3][17] - Jitu Express reported a record high in daily collection volume in Brazil during the "Black Friday" shopping season, reflecting strong growth in logistics operations [3][25] High-Frequency Dynamic Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year [29] - In October 2025, the express delivery business volume increased by 7.90% year-on-year, with revenue rising by 4.70% [56] - The shipping market has shown mixed trends, with the Shanghai Export Container Freight Index (SCFI) reported at 1506.46 points, a week-on-week increase of 7.79% but a year-on-year decrease of 36.82% [43] Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - It also highlights investment opportunities in low-altitude economy sectors, recommending CITIC Offshore Helicopter [5] - The report emphasizes the potential in the express delivery sector, recommending companies like SF Express, Jitu Express, and Yunda [5]

Core Viewpoint - Huamao Logistics (603128) announced its intention to continue appointing Xinyong Zhonghe Accounting Firm (Special General Partnership) as the auditor for the company's 2025 financial report, pending approval from the shareholders' meeting [1] Group 1 - The company plans to maintain its relationship with Xinyong Zhonghe Accounting Firm for auditing purposes [1] - The decision is subject to approval at the upcoming shareholders' meeting [1]

| 第一章 | 总则 3 | | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 4 | | 第三章 | 股份 5 | | | | 第一节 股份发行 5 | | | | 第二节 股份增减和回购 6 | | | | 第三节 股份转让 7 | | | 第四章 | 股东和股东会 | 8 | | | 第一节 股东的一般规定 8 | | | | 第二节 控股股东和实际控制人 | 11 | | | 第三节 股东会的一般规定 13 | | | | 第四节 股东会的召集 15 | | | | 第五节 股东会的提案与通知 16 | | | | 第六节 股东会的召开 18 | | | | 第七节 股东会的表决和决议 21 | | | 第五章 | 董事和董事会 | 25 | | | 第一节 董事的一般规定 25 | | | | 第二节 独立董事 28 | | | | 第三节 董事会 33 | | | | 第四节 董事会专门委员会 37 | | | | 第五节 董事会秘书 39 | | | 第六章 | 党委 39 | | | 第七章 | 总经理及其他高级管理人员 | 40 | | 第八章 | 财务会计制度 ...

证券代码：603128 证券简称：华贸物流 公告编号：临 2025-030 港中旅华贸国际物流股份有限公司 关于续聘会计师事务所的公告 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个别及连带责任。 拟续聘的会计师事务所名称： 信永中和会计师事务所（特殊普通合伙） 港中旅华贸国际物流股份有限公司（以下简称"公司"或"华贸物流"）于 2025 年 12 月 11 日召开的第五届董事会第三十二次会议审议通过了《关于续聘 公司 2025 年度审计师的议案》，拟继续聘请信永中和会计师事务所（特殊普通 合伙）（以下简称"信永中和"）为公司 2025 年度财务报告审计师，该事项尚 须提交公司股东大会审议，现将有关事宜公告如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1.基本信息 名称：信永中和会计师事务所（特殊普通合伙） 成立日期：2012 年 3 月 2 日 组织形式：特殊普通合伙企业 注册地址：北京市东城区朝阳门北大街 8 号富华大厦 A 座 8 层 首席合伙人：谭小青先生 截止 2024 年 12 月 31 日，信永中和合伙人（股 ...

证券代码：603128 证券简称：华贸物流 公告编号：2025-031 港中旅华贸国际物流股份有限公司 关于取消监事会并修订《公司章程》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。 2025年12月11日，港中旅华贸国际物流股份有限公司（以下简称"公司"） 第五届董事会第三十二次会议、第五届监事会第十三次会议审议通过了《关于取 消监事会并修订<公司章程>及其附件的议案》。该议案尚需提交公司股东大会 审议。现将具体事项公告如下： 为进一步完善公司治理，根据《中华人民共和国公司法》《中华人民共和国 证券法》《上市公司治理准则》《上市公司章程指引》《上海证券交易所股票上 市规则》《上海证券交易所上市公司自律监管指引第1号——规范运作》等相关 法律、法规、规范性文件的规定，结合公司的自身实际情况，公司对《公司章程》 进行了修订，其中包括取消监事会并由董事会审计委员会行使《公司法》规定的 监事会职权等相关事项，具体修订内容如下： | 修订前 | 修订后 | | --- | --- | | 第一条 为维护港中旅华贸国际物流股份有 ...

证券代码：603128 证券简称：华贸物流 公告编号：2025-032 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 港中旅华贸国际物流股份有限公司 关于召开2025年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2025年第一次临时股东大会 (二)股东大会召集人：董事会 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 29 日 14 点 00 分 召开地点：上海市黄浦区南京西路 338 号天安中心 20 楼 (五)网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年12月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 12 月 29 日 至2025 年 12 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东 ...