（原标题：供应链焦虑下的豪赌？宁德时代近30亿控股江西升华） 本次增资完成后，宁德时代将持有江西升华51% 的股权，成为其控股股东；富临精工的持股比例将降至47.4096%。交易完成后，江西升华将不再 纳入富临精工的合并报表范围。 此次股权合作是双方战略关系的又一次升级。2025年3月，江西升华曾以增资扩股方式引入宁德时代作为战略投资者。在业务层面，宁德时代已于 2025年6月向江西升华支付15亿元预付款，用于锁定其2025年至2029年期间不低于80%的磷酸铁锂产能。此次宁德时代直接控股，标志着双方从业 务和资本的深度绑定，迈向了供应链一体化的新阶段。 对宁德时代而言，在产能利用率高企的背景下，控股一家成熟的磷酸铁锂供应商，能极致地保障核心材料的稳定供应，筑牢供应链安全。对富临 精工而言，其子公司江西升华主打的高压实密度磷酸铁锂产品技术领先。通过此次合作，不仅能获得充沛的资金支持产能建设，更借由与行业龙 头的深度绑定，为锂电正极材料业务注入了长期、稳定的发展动力。 此次增资一方面深化了双方绑定，但也暴露了潜在风险。对富临精工而言，核心风险在于失去对江西升华的控股权，导致其不再并表，公司自身 业务结构面临重塑 ...

在广汽本田成功取得标的企业50%股权后，广汽集团将对广汽本田实施上述现金增资，同时推动Honda使 用其持有标的企业的50%股权对广汽本田进行增资。 9月30日，广汽集团第七届董事会第11次会议以通讯方式召开。本次会议审议通过《关于广汽本田股权投 资相关事项的议案》。 会议同意合营企业广汽本田汽车有限公司（以下简称"广汽本田"）通过广东联合产权交易中心以公开受让 的方式收购东风汽车集团股份有限公司持有的东风本田发动机有限公司（以下简称"标的企业"）50%股 权，挂牌底价为117,248.54万元，资金来源为广汽集团现金增资。 完成本次现金出资及股权增资后，广汽集团与Honda在广汽本田的持股比例保持50%:50%不变，标的企业 将成为广汽本田全资子公司。 标的企业主要为广汽本田供应发动机及零部件，此次股权受让及增资将有利于快速实现广汽本田发动机领 域的一体化运营，提高供应链的稳定性和自主性，提升管理效率、降低成本，提升经营效益，为进一步加 快智能化、电动化转型奠定坚实基础。 ...

【大河财立方 记者 孙凯杰】7万平方米的仓储物流园，实现100%满租。这是洛阳市伊川县：一座现代 化枢纽正不断释放的新动能。宁德时代的电池、海尔电器的商品、同仁堂的药材，都在这里通过精细化 运营的物流网络走向全国。 由洛阳国晟集团（以下简称国晟集团）所属商贸物流公司运营的华晟物流园，作为国晟集团产业转型的 缩影，不仅展现了地方国企市场化改革的实践成果，也映照出国晟集团在产业升级上的探索与成果。 用"市场思维"提升服务，名企扎堆入驻 据介绍，洛阳华晟物流园总占地606亩，已建成6栋仓库7万平方米，年租金及仓租外收益突破1000万 元。2024年，物流园实现营业收入3.41亿元，同比提升195.51%，先后获评国家4A级物流企业、河南省 示范物流园区等荣誉。 作为洛阳生产服务型国家物流枢纽核心载体，华晟物流园确立了"产业调研在前、市场分析在前、运营 服务在前"的工作思路，在运营服务上秉持"市场思维"。 当宁德时代洛阳基地尚在规划时，华晟物流调研团队便奔赴福建、江苏等地，提前掌握新能源仓储需 求，并与配套商建立联系；2025年5月，宁德时代启动选仓，竞争激烈，凭借前期准备，华晟物流迅速 完成仓库改造，成功将宁德时代 ...

Core Insights - The logistics industry, often seen as less attractive, is experiencing a transformation with the rise of intelligent logistics, emphasizing the need for seamless integration between cognitive decision-making and execution capabilities [3][4][6] - JD Logistics has introduced "Super Brain 2.0" and the "Wolf Pack" series, marking a shift from modular to integrated intelligence, creating a self-evolving intelligent ecosystem that can reshape the future of supply chain logistics [4][9] Group 1: Intelligent Core - Traditional logistics systems relied on passive decision support, but "Super Brain 2.0" has evolved into an active decision-making expert capable of real-time responses to complex physical world challenges [6][7] - The architecture of "Super Brain 2.0" is based on an Agentic framework, shifting from problem-driven to demand-driven decision-making, allowing for proactive optimization solutions [7][8] Group 2: Technological Innovations - JD Logistics has developed a digital twin logistics network for real-time monitoring and feedback, enabling continuous system iteration and self-evolution [8][9] - The system's multimodal fusion capability allows it to process complex, non-standard information and generate actionable instructions for execution terminals, enhancing operational efficiency [8][10] Group 3: Embodied Intelligence - The "Wolf" series, particularly "Embodied Wolves," addresses the long-standing challenge of automating the handling of non-standard packages, transforming logistics execution from mere tools to intelligent agents [10][12] - "Embodied Wolves" utilize advanced multimodal perception and decision-making systems to adaptively manage diverse package types, significantly improving operational accuracy and efficiency [11][12] Group 4: Competitive Landscape - JD Logistics stands out in the logistics sector by integrating AI with the entire supply chain, contrasting with competitors like SF Express, which focus on optimizing specific decision-making processes [14][19] - The "Super Brain + Wolf Pack" system exemplifies a comprehensive approach to logistics automation, enhancing efficiency across warehousing, sorting, transportation, and delivery [14][15] Group 5: Future Vision - JD Logistics aims to create a technology-driven, open, and sustainable logistics ecosystem, breaking down barriers between cognition and action to facilitate intelligent transformation across the supply chain [19][20] - The successful implementation of the "Super Brain + Wolf Pack" system is expected to yield significant cost reductions and efficiency gains, reinforcing JD Logistics' competitive edge in the market [19][20]

Core Viewpoint - The Hong Kong Stock Connect index has undergone a regular adjustment, with 20 stocks added and 20 removed, including the family food innovation brand October Rice Field, which was removed due to liquidity concerns and not meeting market capitalization requirements for the Hang Seng Index [1][2]. Company Overview - October Rice Field, established in 2011, primarily produces and sells pre-packaged high-quality rice, corn, grains, beans, and dried goods, with brands including October Rice Field, Chaihuo Dayuan, and Fuxiang Renjia [2][4]. - The company has recently upgraded its brand positioning to "family food innovation brand," indicating a strategic shift and a restructured brand value [6][10]. Financial Performance - For the first half of 2025, October Rice Field reported revenue of RMB 3,063.5 million, a year-on-year increase of 16.9%, and an adjusted net profit of RMB 294.3 million, a significant increase of 97.7% [3][4]. - The revenue from rice products was RMB 2,066 million, up 21.0%, while corn products generated RMB 433 million, becoming the second core category [4]. Product and Market Strategy - The company has diversified its product offerings beyond rice to include corn, grains, and various family food items, creating a multi-category matrix [4][6]. - October Rice Field has been actively innovating products to meet consumer demands, such as introducing healthy snack options and expanding into instant retail [6][8]. Distribution and Supply Chain - The company has established a comprehensive distribution network, collaborating with over 40 major e-commerce platforms and nearly 100 supermarkets, while also focusing on instant retail to capture market opportunities [8][10]. - October Rice Field has developed a robust supply chain that integrates procurement, storage, production, sales, and logistics, ensuring the stable output of quality products [8][10]. Industry Position - October Rice Field has served 140 million Chinese households and has led the sales of Northeast rice and corn products in China for six consecutive years [10]. - The company aims to leverage new health-focused policies and its established market presence to enhance its brand value and drive high-quality growth [10].

9月10日记者获悉，近日，广西现代物流集团有限公司(简称"现代物流集团")2025年面向专业投资者非 公开发行公司债券(高成长产业债)(第二期)在上海证券交易所成功发行。本期债券发行规模5亿元，发行 期限为5年期，票面利率2.80%，认购倍数2.90倍。本期债券由首创证券（601136）担任牵头主承销商及 簿记管理人，德邦证券担任联席主承销商。本期债券创广西区域同评级主体纯5年期私募债票面利率历 史新低、创广西区域同评级产业主体5年期私募公司债认购倍数历史新高。 作为广西壮族自治区内最大的国有商贸流通企业、中国5A级物流企业、中国物流与采购联合会副会长 单位，现代物流集团在贸易、仓储物流领域具有较强的区域优势和扎实的产业基础，在行业内具有较高 知名度和影响力，特别是物流园区运营、资源循环利用、综合节能、绿色矿山开发与修复等领域处于区 域领先地位，废钢供应链规模稳居全国同行领先地位。现代物流集团拥有2个国家级基地、3个省级示范 园区，物流运输在全国重点城市设分公司，建立了210个服务网点，国际路线覆盖五大洲。在中国—东 盟自贸区3.0版本升级的背景下，未来，现代物流集团将深度聚焦进出口贸易业务，加快供应链一体化 ...

Group 1: Financial Performance - The gross margin of the color printing business has decreased year-on-year due to product price reductions and changes in product structure [2] - The gross margin for the film business remained stable at 15% in the first half of the year, with expectations for improvement in the future [3] Group 2: Business Expansion and Investment - The company aims to develop its film business as a core operation, with significant investments planned, including a new functional film material project with a total investment of 2.2 billion [3] - Other investment projects include a 1.8 billion project for a multi-functional film and a 450 million project for pet food packaging [3] Group 3: Market Strategy and Competition - The company is expanding its overseas business through global supply chain integration and targeting markets in ASEAN, Japan, and Mexico, where gross margins are higher due to lower competition [3] - The industry is experiencing a slow consolidation trend driven by policy guidance, environmental regulations, and increasing quality demands from downstream customers [3] Group 4: Dividend Policy - The company's dividend policy remains stable, with plans to maintain a consistent level of dividends as long as it does not affect normal operations and development needs [3]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 515.11 HKD, compared to the last closing price of 460.40 HKD [1]. Core Insights - The company reported better-than-expected performance, with a total revenue of 14.875 billion HKD for H1 2025, reflecting a year-on-year growth of 39.3%, and a net profit of 2.718 billion HKD, up 44.1% year-on-year [4][6]. - The number of stores exceeded 53,000, with a net increase of 6,535 stores since the beginning of the year, indicating a faster-than-expected expansion in domestic store openings [5][6]. - The company's gross margin remains stable at 31.6%, with a net profit margin of 18.3%, showing strong profitability despite rising raw material costs [6][7]. Financial Performance - For H1 2025, the revenue breakdown by business segment includes product sales at 13.843 billion HKD, equipment sales at 652 million HKD, and franchise and related services at 380 million HKD, with respective year-on-year growth rates of 39.5%, 42.3%, and 29.8% [5]. - The company expects revenue growth rates of 34%, 17%, and 16% for 2025, 2026, and 2027, respectively, with net profit growth rates of 37%, 17%, and 17% for the same years [7][8]. - The earnings per share (EPS) are projected to be 15.98, 22.34, and 29.17 HKD for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 26x, 22x, and 19x [7][8]. Store Expansion and Market Position - The company has a total of 53,014 stores, with 52,996 being franchise stores and 18 direct stores, indicating a strong franchise model [5]. - The geographical distribution shows 48,281 stores in mainland China and 4,733 overseas, with a net increase of 6,687 stores in China and a decrease of 162 overseas [5]. - The company has established significant barriers in product, supply chain, and channel, positioning itself strongly in the market despite potential challenges from external factors [6][7].

Core Insights - The logistics sector in China has shown steady growth in the first seven months of the year, with a total social logistics volume exceeding 200 trillion yuan, driven by strong demand in high-end manufacturing and green low-carbon sectors [1][2][4]. Logistics Volume and Growth - From January to July, the total social logistics volume reached 201.9 trillion yuan, marking a year-on-year increase of 5.2% [4]. - The logistics volume of industrial products grew by 5.7% year-on-year, with over 85% of 35 industries experiencing growth [4]. Demand Segments - The logistics demand for units and residential goods increased by 6.2%, slightly up from the first half of the year [6]. - The "old-for-new" policy has significantly boosted logistics demand for home appliances and communication equipment [6]. Import Logistics - Import logistics have shown improvement, with high-tech products and electromechanical products being the main drivers [8]. - The logistics volume for machine tools and other products maintained a high growth rate of over 18%, while the logistics volume for integrated circuits grew by over 10% year-on-year in July [8]. Regional Growth Dynamics - The logistics market is experiencing stable growth with noticeable structural changes, particularly in the central and western regions, which are outpacing national growth rates [11][13]. - In July, the business volume index for the western region reached 52.3%, and for the central region, it was 50.9%, both exceeding the national average [13]. E-commerce and International Logistics - The e-commerce and express delivery sectors continue to thrive, with online retail sales of physical goods increasing by 6.3%, outpacing the growth of total retail sales [15]. - International logistics have emerged as a new growth point, with air cargo transport volume increasing by 21.5% year-on-year [15]. Profitability and Market Conditions - The logistics industry reported a total revenue of 8.2 trillion yuan, reflecting a year-on-year increase of 4.9% [13]. - In July, logistics service prices showed a mixed trend, but overall profitability for logistics companies has improved [18][20]. - The revenue profit margin for key logistics enterprises was 3.4%, up by 0.3 percentage points from the first half of the year [22].

Group 1 - Laos and China have achieved significant progress in various fields of cooperation under the frameworks of the Belt and Road Initiative and ASEAN-China cooperation, benefiting both nations [1] - The China-Laos Railway, which opened in December 2021, has become a vital transportation channel, with over 10.07 million passengers and 12.6 million tons of goods transported in the first half of this year, marking a 1.7% and 25.9% year-on-year increase respectively [1] - The railway has boosted regional economic cooperation and attracted more foreign investment into Laos, leading to new infrastructure projects such as highways connecting Laos with Vietnam and Thailand [1] Group 2 - Ongoing projects include the development of a 500kV/230kV power grid in Vientiane, the comprehensive development of the Vientiane Saysettha Economic Zone, and the second, third, and fourth phases of the China-Laos Highway [2] - The ASEAN-China Free Trade Area 3.0 negotiations have been completed, which will enhance economic integration and cooperation in supply chains, digital economy, and green economy between ASEAN and China [2] - China is recognized as a major market driving regional economic growth, and the partnership between ASEAN and China is expected to contribute to regional stability and prosperity [2]