Core Viewpoint - Eastern Airlines Logistics (601156.SH) announced the acquisition of Shanghai Airlines' property for the establishment of a new operational center, indicating strategic expansion plans in the logistics sector [1] Group 1: Company Actions - The subsidiary China Cargo Airlines signed a real estate purchase contract with Shanghai Airlines on January 5, 2026 [1] - The property acquired is located at the Shanghai Hongqiao Base on Sui Ning Road, Changning District, Shanghai [1] - The transaction price is based on the assessed value, amounting to 137.6018 million yuan [1]

本次交易已经公司第三届董事会第 5 次普通会议审议通过，根据《上市 规则》《东方航空物流股份有限公司章程》等有关规定，本次关联交易无需提交 公司股东会审议。 证券代码：601156 证券简称：东航物流 公告编号：临2026-001 东方航空物流股份有限公司 关于子公司购买土地房产暨关联交易的公告 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： 东方航空物流股份有限公司（以下简称"公司"）子公司中国货运航空有 限公司（以下简称"中货航"）与上海航空有限公司（以下简称"上海航空"）于 2026 年 1 月 5 日签署了《上海市房地产买卖合同》，中货航购置上海航空位于上 海市长宁区绥宁路的上海航空虹桥基地土地使用权及其地上房屋建筑、附属设施 设备（以下简称"上航虹桥基地"），交易对价为 13,760.18 万元。本次交易价格 以相关主管部门备案的评估价值为基础确定。 中国东方航空集团有限公司（以下简称"中国东航集团"）为公司控股股 东、实际控制人，上海航空为中国东航集团间接控股的企业，根据《上海证券交 易所股票上市规 ...

Core Viewpoint - Eastern Airlines Logistics announced the acquisition of land use rights and buildings from Shanghai Airlines for approximately 1.376 billion yuan, aimed at establishing a new operational center to optimize its operational layout [1] Group 1: Transaction Details - The transaction involves the purchase of land use rights and associated buildings located in Changning District, Shanghai, covering an area of 32,828 square meters [1] - The purchase price is based on the assessed value and will be paid in a lump sum within 10 working days after the contract becomes effective and the invoice is received [1] - The funding for this acquisition will come from the company's own funds [1] Group 2: Strategic Implications - This acquisition is intended to enhance the company's operational layout and is part of a strategy to build a new operational center [1] - The transaction is classified as a related party transaction but does not constitute a major asset restructuring and is not expected to have a significant adverse impact on the company's financial condition or operating results [1]

Group 1: Core Insights - The report maintains a "recommended" investment rating for the express logistics industry, highlighting the expected orderly competition and gradual optimization of the competitive landscape [1] - The express logistics sector is projected to benefit from the growth of e-commerce and reverse logistics, with a significant increase in business volume and revenue in 2025 [7][12] - The average price in the express industry has shown signs of recovery due to anti-involution policies, with a narrowing year-on-year decline in prices [18][24] Group 2: Industry Overview - In 2025, the total express business volume reached 180.74 billion pieces, a year-on-year increase of 14.9%, while total revenue was 1,355.06 billion yuan, up 7.1% [7][12] - The growth in express logistics is attributed to the expansion of e-commerce into lower-tier markets and the increasing demand for reverse logistics [12][14] - The average price per package has decreased by 12.5% year-on-year, reflecting the impact of low-cost e-commerce and live-streaming sales [12][14] Group 3: Competitive Landscape - Major companies like SF Express and YTO Express have seen an increase in market share, with SF Express's market share rising by 1.3 percentage points year-on-year [24][31] - The competitive dynamics have shifted, with leading companies maintaining growth while smaller firms face pressure to adapt to pricing strategies [24][25] - The report emphasizes the importance of head companies having stable cash flows and low debt levels, positioning them as quasi-dividend stocks [8][12] Group 4: Investment Strategy - The report suggests that the express logistics industry is currently undervalued, with expectations for improved profitability as competition stabilizes and pricing levels stabilize [7][12] - Key investment targets include Zhongtong Express, YTO Express, Shentong Express, and Yunda Express, which are expected to benefit from the evolving market dynamics [7][12] - The cross-border logistics segment is also highlighted for its growth potential, particularly in Southeast Asia and emerging markets, driven by the expansion of e-commerce [7][12]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [12] Core Insights - The geopolitical risks surrounding Venezuela are expected to support oil transportation during the off-peak season, with a recommendation for companies like China Merchants Energy and COSCO Shipping Energy [6][21] - The appreciation of the Renminbi is anticipated to benefit the transportation sector, particularly in three key areas: companies with significant dollar-denominated debt will gain from exchange rate benefits, increased purchasing power will boost outbound tourism and consumption, and lower dollar-denominated costs will improve profitability [7][35][42] Summary by Sections Geopolitical Risks and Oil Transportation - The U.S. has implemented significant sanctions against Venezuela, leading to a temporary halt in its oil exports, which are projected to be 700,000 barrels per day in 2024, accounting for 1.8% of global oil exports [6][21] - The sanctions may tighten heavy oil supply for China and the U.S., prompting increased imports from Middle Eastern and Latin American countries, thus raising compliant oil transportation demand [6][21] Renminbi Appreciation and Opportunities in Transportation - As of January 2, 2026, the Renminbi has appreciated by 1.4% against the U.S. dollar since December 2025, with expectations for continued appreciation due to anticipated interest rate cuts by the Federal Reserve [7][30][32] - The report categorizes beneficiaries into three tiers: companies with large dollar debts benefiting from exchange rate gains, increased outbound tourism boosting international flight revenues, and reduced costs for aviation fuel leading to improved profitability [7][35][42] Travel Demand and Market Performance - During the New Year holiday, domestic passenger traffic saw a 10% year-on-year increase, while international passenger traffic rose by 9% [8][57] - The average domestic passenger load factor improved by 6.0 percentage points year-on-year, and international load factors increased by 4.8 percentage points [8][63] Logistics and Freight Trends - The volume of express deliveries has shown a slight decline, with a 0.5% year-on-year decrease in the number of packages collected [9] - Despite the decline in express delivery growth, the logistics sector is expected to see a shift towards leading companies like ZTO Express and YTO Express due to a restructuring of the e-commerce ecosystem [9]

《中国民航报》、中国民航网 记者冯智君 通讯员刘小进、王星予 报道：凌晨3点，一架满载挪威三文 鱼的全货机平稳降落在鄂州花湖国际机场，只需要48小时，这批三文鱼就从地球的另一端抵达中国消费 者餐桌。 与此同时，在鄂州花湖机场今年投入运营的南区国际2号货站内，工人们正忙碌地将货物分拣转运。 短短3年间，这座亚洲首座专业货运机场的枢纽货量，从2023年的24.5万吨，到2024年的102.5万吨，再 跃升至2025年的148万吨，走出了一条昂扬向上的发展曲线，呈现了波澜壮阔、气象万千的精彩图景。 聚焦"一流规模"与"一流通达" 枢纽能级实现历史性跃升 航线网络的迅猛扩张，已成为驱动鄂州花湖机场货量强劲增长的重要引擎。面向全球，深耕国内，鄂州 花湖机场持续拓展货运航线网络，已构建起一张"一夜达全国，隔日联世界"的货运航线网络。 面向全球，国际化步伐显著加快。2025年，花湖机场开通了到法国巴黎、挪威奥斯陆、英国东米德兰等 20条国际货运航线，同时，加密了到比利时列日、匈牙利布达佩斯、美国芝加哥等6条国际货运航线。 开航以来，先后吸引了阿特拉斯、阿提哈德、马士基等19家外籍航司入驻，花湖机场已累计开通50条国 际及地 ...

Group 1 - Eastern Airlines Logistics Co., Ltd. is based in Changning District, Shanghai, and was established on August 23, 2004, with its listing date on June 9, 2021 [1] - The company's main business includes air express, ground comprehensive services, and integrated logistics solutions, with revenue composition as follows: integrated logistics solutions 46.66%, air express 41.77%, ground comprehensive services 11.44%, and others 0.14% [1] Group 2 - The fund "Xinda Aoya Fund" holds a significant position in Eastern Airlines Logistics, with 322,500 shares, accounting for 5.98% of the fund's net value, ranking as the eighth largest holding [2] - The fund "Xinda Aoya Fund" has a total scale of 78.3842 million, with a year-to-date return of 15.31%, ranking 5062 out of 8085 in its category [2] - The fund manager, Dong Xuan, has been in position for 1 year and 119 days, with the best fund return during this period being 33.19% and the worst being 31.77% [2]

Core Viewpoint - Eastern Airlines Logistics successfully concluded its "Hefei-Liege" all-cargo international route in 2025, marking a significant step in enhancing its international air freight network [1] Group 1: Route Performance - The "Hefei-Liege" route executed a total of 176 flights in 2025, transporting nearly 14,000 tons of cargo [1] - The route operates with a B777 wide-body freighter, offering three round trips per week, primarily transporting cross-border e-commerce goods, electronics, clothing, and daily necessities [1] Group 2: Operational Efficiency - To ensure the safe, smooth, and efficient operation of the route, Eastern Airlines Logistics established a specialized support team that actively collaborates with Hefei Airport, customs, and border defense [1] - The company optimized internal scheduling and tailored special support plans and emergency response strategies based on local operational realities [1] Group 3: Strategic Impact - The "Hefei-Liege" route provides a faster logistics channel to Europe for enterprises in Anhui and surrounding areas, promoting deep integration of regional industrial chains with global supply chains [1] - Eastern Airlines Logistics plans to further develop a three-dimensional route network that radiates globally [1]

Core Viewpoint - Eastern Airlines' MU6232 flight marked the first outbound passenger flight from Jiaxing Nanhu Airport, carrying 600 kilograms of high-value local goods, showcasing the airport's operational capabilities and Eastern Airlines Logistics' preparedness [1] Group 1: Operational Readiness - Eastern Airlines Logistics' East China branch implemented thorough preparations for the first cargo transport, ensuring safety and efficiency [1] - The logistics team established a comprehensive control system by conducting in-depth research on operational characteristics and key information regarding the airport's layout [1] - A 24-hour collaborative mechanism was set up with clients and airport support departments to ensure precise remote control and efficient on-site operations [1] Group 2: Strategic Development - Eastern Airlines Logistics plans to leverage Jiaxing's multi-modal transport hub advantages to align with the national strategy of integrated development in the Yangtze River Delta [1] - The company aims to build a modern air cargo network in East China, enhancing routes to core domestic regions in the northwest and southwest [1] - This initiative is expected to facilitate the convenient transportation of high-quality manufacturing products from Jiaxing and surrounding areas, contributing to regional economic development [1]

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 | 1、出席会议的股东和代理人人数 | 293 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,100,822,625 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 69.3407 | | 份总数的比例（%） | | 证券代码：601156 证券简称：东航物流 公告编号：临2025-048 东方航空物流股份有限公司 2025年第二次临时股东会决议公告 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。 (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 公司 2025 年第二次临时股东会由董事会召集，董事长郭丽君主持。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。 (一) 股东会召开的时间：2025 年 12 月 30 日 (二) 股东会召开的地点：上海虹桥国际机场希尔顿酒店 3 楼虹桥厅 (三) 出席 ...