Core Insights - Jiangsu Province is actively promoting its foreign trade development through various initiatives, achieving a 59.9% export share to emerging markets from January to July 2023, an increase of 12.6 percentage points compared to 2020 [1][3] Group 1: Trade Development Initiatives - Jiangsu is enhancing support for trade exhibitions and credit insurance policies targeting emerging markets, with 65% of provincial trade promotion plans focused on these markets [3] - The establishment of the China-Central Asia Trade Cooperation Platform aims to facilitate foreign trade development [3] - The province is pushing for the development of cross-border e-commerce, achieving full coverage of cross-border e-commerce pilot zones, and creating 30 cross-border e-commerce industrial belts [3][4] Group 2: Industrial Transformation - Jiangsu is guiding enterprises to adapt to new foreign trade demands characterized by "small batches, personalized orders, and quick delivery" by promoting flexible manufacturing and digital transformation [3][5] - The province is transitioning its industrial foreign trade approach from traditional methods to a balanced online and offline strategy, encouraging the use of cross-border e-commerce [4][5] - Jiangsu is focusing on balanced development across various markets, including ASEAN, Africa, and Latin America, leveraging RCEP and free trade agreements to explore new market potentials [5]

Investment Rating - The report provides a "Buy" recommendation for several companies in the transportation sector, including China National Aviation (601111.SH), Southern Airlines (600029.SH), and others, indicating a positive outlook for their performance in the coming years [11][13][15]. Core Insights - The transportation industry is experiencing a recovery, with significant growth in air travel demand and logistics services, driven by policy support and a rebound in consumer spending [9][10][13]. - The airport sector is expected to benefit from the recovery of international passenger traffic and the introduction of luxury brands in duty-free shops, which may enhance revenue potential [9]. - Cross-border logistics are gaining momentum due to the rise of cross-border e-commerce, with domestic brands expanding their global presence, thus creating opportunities for logistics companies [9][10]. - The express delivery sector is witnessing growth in volume and revenue, supported by the rapid development of e-commerce and differentiated competition among leading companies [10][13]. Summary by Sections 1. Industry Performance Overview - The transportation sector recorded a cumulative increase of 1.67% in the week from September 8 to September 13, 2025, outperforming the CSI 300 index, which rose by 1.38% [17][19]. 2. Basic Industry Tracking (a) Aviation and Airports - In July 2025, major airlines in China achieved domestic ASK recovery rates of 161.60% for China National Aviation and 128.55% for Southern Airlines compared to 2019 levels [27]. - Major airports also showed recovery in passenger throughput, with Baiyun Airport reaching 120.94% of its 2019 domestic passenger volume [31]. (b) Shipping and Ports - The SCFI (Shanghai Containerized Freight Index) reported a decline of 44.32% year-on-year, indicating challenges in the shipping sector [34]. - The CCFI (China Containerized Freight Index) also showed significant year-on-year declines across various routes, reflecting a tough market environment [34]. (c) Road and Rail - In July 2025, railway passenger volume increased by 6.60% year-on-year, while freight volume rose by 4.47% [58]. - Road freight volume reached 36.99 million tons, up 3.28% year-on-year, indicating stable growth in logistics [66]. (d) Express Delivery - The express delivery industry generated revenue of 120.64 billion yuan in July 2025, a year-on-year increase of 8.90%, with a business volume of 16.40 billion pieces, up 15.10% [73]. 3. Key News and Announcements - The report highlights significant developments in the aviation sector, including the delivery of China's first C909 medical aircraft and the establishment of a medical aviation alliance [80][82]. - The shipping sector is seeing advancements in green and smart shipping practices, particularly in the Yangtze River region, which is enhancing operational efficiency and sustainability [87].

Company Overview - Sanyangma (Chongqing) Logistics Co., Ltd. is located in Shapingba District, Chongqing, and was established on September 6, 2005. It was listed on November 30, 2021. The company primarily engages in comprehensive transportation services for complete vehicles, non-automotive goods, and warehousing services [2] - The revenue composition of Sanyangma includes: 60.54% from automotive logistics services, 36.66% from non-automotive goods logistics services, 1.60% from warehousing services, and 1.19% from other services [2] - Sanyangma belongs to the transportation industry, specifically the railway and highway sector, and is associated with concepts such as unified market, cross-border e-commerce, express delivery, smart logistics, and the Belt and Road Initiative [2] Financial Performance - As of August 29, Sanyangma had 12,800 shareholders, a decrease of 12.77% from the previous period, with an average of 2,288 circulating shares per shareholder, an increase of 14.63% [2] - For the first half of 2025, Sanyangma achieved operating revenue of 776 million yuan, representing a year-on-year growth of 48.13%. However, the net profit attributable to the parent company was -12.99 million yuan, a decrease of 226.66% year-on-year [2] Stock Performance - On September 15, Sanyangma's stock price increased by 2.04%, reaching 49.13 yuan per share, with a trading volume of 139 million yuan and a turnover rate of 9.77%. The total market capitalization is 3.933 billion yuan [1] - Year-to-date, Sanyangma's stock price has risen by 77.56%, with a 4.09% increase over the last five trading days, a 3.93% increase over the last 20 days, and a 17.40% increase over the last 60 days [1] - Sanyangma has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on September 4, where it recorded a net buy of -70.03 million yuan, with total purchases of 94.8468 million yuan (17.34% of total trading volume) and total sales of 165 million yuan (30.15% of total trading volume) [1] Dividend Information - Since its A-share listing, Sanyangma has distributed a total of 57.6294 million yuan in dividends, with 25.6134 million yuan distributed over the past three years [3]

Company Overview - Yabao Chemical Co., Ltd. is located in Taicang Port Development Zone, Jiangsu Province, and was established on January 13, 2006, with its listing date on September 6, 2011 [2] - The company specializes in the research, development, production, and sales of pesticide intermediates and pharmaceutical intermediates [2] - The revenue composition includes pesticide intermediates (69.58%), pharmaceutical intermediates (21.73%), other (4.15%), environmental products (2.85%), and specialty chemicals (1.70%) [2] Stock Performance - As of September 15, Yabao Chemical's stock price increased by 2.04% to 7.50 CNY per share, with a trading volume of 77.59 million CNY and a turnover rate of 1.12%, resulting in a total market capitalization of 7.23 billion CNY [1] - Year-to-date, the stock price has risen by 9.49%, with a recent 5-day increase of 0.27%, a 20-day decline of 6.37%, and a 60-day increase of 3.45% [2] Financial Performance - For the period from January to June 2025, Yabao Chemical achieved a revenue of 662 million CNY, representing a year-on-year growth of 12.31% [2] - The net profit attributable to shareholders was -8.67 million CNY, showing a year-on-year increase of 83.33% [2] Shareholder Information - As of August 31, the number of shareholders was 54,900, a decrease of 2.31% from the previous period, with an average of 17,045 circulating shares per shareholder, an increase of 2.36% [2] - The company has distributed a total of 478 million CNY in dividends since its A-share listing, with 95.90 million CNY distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 9.14 million shares as a new shareholder, while Southern CSI 1000 ETF has exited the top ten circulating shareholders [3]

Core Insights - Jiangsu province is positioned as a leading area for China's opening-up, with foreign trade reaching a historical high of 5.62 trillion yuan in 2024, marking a 22-year consecutive second place nationally [3] - The province has maintained the top position in actual foreign investment, with 19.05 billion USD in 2024, contributing to 16.2% of the national total [3] Group 1: Economic Growth and Trade - Jiangsu's foreign trade has seen a significant increase, with exports to emerging markets accounting for 59.9% in the first seven months of the year, up 12.6 percentage points from 2020 [4] - The province's exports of electromechanical products are projected to reach 68.7% in 2024, a 1.9 percentage point increase from 2020 [4] - The "江苏优品行全球" initiative aims to enhance trade structures while expanding into new markets [4] Group 2: Foreign Investment and Business Environment - Jiangsu has attracted 37.58 billion USD in manufacturing foreign investment from 2021 to 2024, representing 36.2% of the province's total foreign investment [6] - The province has implemented policies to encourage foreign enterprises to reinvest profits, maintaining the highest reinvestment scale in the country for six consecutive years [6][7] - The establishment of foreign headquarters and R&D centers has been prioritized, with 431 foreign R&D centers approved, the highest in the nation [7] Group 3: Open Economy and Innovation - Jiangsu is advancing a high-quality open economy through innovative reforms and the establishment of free trade zones, contributing to 10% of the province's foreign trade and actual foreign investment [8] - The province has launched over 450 institutional innovation outcomes, with 30 being replicated nationwide [8] - Policies supporting cross-border data flow and digital trade development have been introduced, enhancing the province's competitive edge [9]

Core Viewpoint - The company, Shenguang Group, has experienced fluctuations in its stock price and trading volume, with a recent decline of 2.11% on September 15, 2023, and a total market capitalization of 14.539 billion yuan [1] Financial Performance - For the first half of 2025, Shenguang Group reported a revenue of 9.275 billion yuan, representing a year-on-year growth of 22.78%, while the net profit attributable to shareholders was 60.8446 million yuan, an increase of 3.06% compared to the previous year [2] - Since its A-share listing, the company has distributed a total of 559 million yuan in dividends, with 148 million yuan distributed over the last three years [3] Stock Market Activity - As of September 15, 2023, the stock price was 8.34 yuan per share, with a trading volume of 939 million yuan and a turnover rate of 6.43% [1] - The stock has seen a year-to-date increase of 4.62%, with a 2.33% rise over the last five trading days, a 3.35% increase over the last 20 days, and a 13.93% increase over the last 60 days [1] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 6.69% to 216,000, while the average circulating shares per person increased by 7.17% to 7,990 shares [2] - The top ten circulating shareholders include various ETFs, with notable increases in holdings from Southern CSI 1000 ETF and Huaxia CSI 1000 ETF [3]

Industry Overview - In the first half of the year, China's cross-border e-commerce import and export reached approximately 1.3 trillion yuan, setting a historical record [1] - The Ministry of Commerce reported that the export and import of digitally deliverable services amounted to 1.5 trillion yuan, also a historical high [1] Trade Performance - In August, China's total goods trade import and export value was 3.87 trillion yuan, showing a year-on-year growth of 3.5% [2] - Exports in August were 2.3 trillion yuan, up 4.8% year-on-year, while imports were 1.57 trillion yuan, increasing by 1.7% [2] - Cumulatively, from January to August, China's import and export totaled 29.57 trillion yuan, with a growth rate of 3.5%, accelerating by 0.6 percentage points compared to the first half of the year [3] E-commerce Platforms - TikTok announced that it has surpassed 200 million monthly active users in Europe, a significant increase from 175 million last year, with users aged 13 to 24 making up over 50% of the user base [5] - TEMU reported a 12.5% growth in average monthly active users in Europe, reaching 116 million, with the fastest growth in Romania at 20.5% [6] - SHEIN stated it would initiate legal proceedings against misinformation and defamation affecting its brand, emphasizing compliance with local laws and regular audits [7] Logistics and Transportation - Cainiao announced the addition of six new countries to its "Global 5-Day Delivery" service, enhancing its logistics network in key markets [8] - Xiaopeng Motors launched its first R&D center in Europe, located in Munich, aimed at understanding local user needs and accelerating technological innovation [10] - Mainline Technology secured several hundred million yuan in strategic financing to advance its global smart transportation ecosystem, focusing on L4 autonomous driving technology [11]

Core Viewpoint - YTO Express has shown a significant increase in stock price and trading activity, indicating positive market sentiment and potential growth in the logistics sector [1][2]. Company Performance - YTO Express's stock price has increased by 35.79% year-to-date, with a 2.74% rise in the last five trading days, 5.33% in the last 20 days, and 47.53% over the last 60 days [2]. - The company reported a revenue of 35.883 billion yuan for the first half of 2025, reflecting a year-on-year growth of 10.19%. However, the net profit attributable to shareholders decreased by 7.90% to 1.831 billion yuan [2]. Shareholder Information - As of June 30, 2025, YTO Express had 52,500 shareholders, a decrease of 11.66% from the previous period, with an average of 65,589 circulating shares per shareholder, an increase of 13.20% [2]. - The company has distributed a total of 6.2 billion yuan in dividends since its A-share listing, with 3.288 billion yuan distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the seventh-largest circulating shareholder, holding 55.426 million shares, a decrease of 8.7471 million shares from the previous period. Huatai-PB CSI 300 ETF entered as the tenth-largest shareholder with 30.7431 million shares [3].

Core Insights - The cross-border e-commerce between China and Kazakhstan is rapidly growing, with increasing participation from Kazakh consumers in online shopping from Chinese platforms [5][8] - The efficiency of logistics and delivery services, such as next-day delivery in Almaty, is enhancing the appeal of Chinese products to Kazakh consumers [4][5] Group 1: Consumer Behavior - Young consumers in Kazakhstan are increasingly engaging in cross-border online shopping, with many purchasing a wide range of products from Chinese platforms [3][4] - Services like free shipping for orders over 99 yuan and local return options are making it easier for Kazakh consumers to shop from China [3][4] Group 2: E-commerce Infrastructure - The Horgos cross-border e-commerce industrial park has attracted over 40 e-commerce companies, facilitating trade and logistics between China and Kazakhstan [5][8] - The industrial park covers over 80,000 square meters and includes various facilities such as customs inspection centers and international mail exchange offices [8][9] Group 3: Trade Statistics - From January to July 2023, cross-border e-commerce trade volume reached 29.148 billion yuan, marking a year-on-year increase of 814.2% [5] - The range of products traded has expanded from daily necessities and clothing to include new energy products and industrial machinery [5]

Core Insights - Nanjing's cross-border trade has shown significant vitality, with a 21.6% year-on-year increase in cross-border e-commerce import and export value from January to July this year [1] - The growth is attributed to the establishment of digital platforms, logistics networks, and strong industrial chains that enhance competitive strength [1] Group 1: Digital Platforms and Services - China Manufacturing Network, a core platform under Focus Technology, has over 52 million enterprise users and 99 million product listings, with an annual website visit count exceeding 3.04 billion [3] - The platform has launched the "New Maritime Plan" to support Chinese suppliers in stabilizing core markets and expanding into emerging markets, with traffic growth of 35% year-on-year [5] - Emerging markets have seen significant growth: Middle East up 45%, South America up 43%, Europe up 41%, South Asia and Africa up 39% and 35% respectively [5] Group 2: Logistics and Infrastructure - Nanjing's Dragon Port has completed 2.0655 million TEUs from January to July, a 7.1% increase year-on-year, with foreign trade container volume up 6.48% [9] - The port has launched a direct shipping route to Europe, significantly reducing transport time and costs by shortening the journey by approximately 3,200 nautical miles compared to traditional routes [9] - The port's multi-modal transport system facilitates smooth logistics for enterprises [9] Group 3: Cross-Border E-commerce Development - Nanjing has established a cross-border e-commerce industrial park in the comprehensive bonded zone, attracting numerous cross-border e-commerce enterprises [11] - The "same package, same vehicle" model for bonded goods and domestic products has been successfully implemented, enhancing efficiency and reducing costs for businesses [12] - The city aims to enhance its industrial cluster capabilities and support the development of cross-border e-commerce parks and innovation bases [16] Group 4: Industry Strengthening - Sumeida has reported significant growth in exports to countries involved in the Belt and Road Initiative, with a focus on building a digital-driven international supply chain [13] - Nanjing is exploring the "cross-border e-commerce + industrial belt" model to strengthen local industries and support traditional foreign trade enterprises in transitioning to cross-border e-commerce [15] - The city has over 5,000 foreign trade enterprises utilizing platforms like Alibaba International Station and Amazon for cross-border e-commerce [15]