Core Viewpoint - The "14th Five-Year Plan" period has seen significant improvements in China's transportation capabilities and service quality, marking a strong start towards building a transportation powerhouse [2][3]. Infrastructure Development - By the end of 2024, China's railway operating mileage is expected to reach 162,000 kilometers, an increase of approximately 16,000 kilometers from the end of the "13th Five-Year Plan," with high-speed rail increasing by 10,000 kilometers [3]. - The total length of highways will reach 5,490,000 kilometers, an increase of about 290,000 kilometers, including an increase of 30,000 kilometers in expressways [3]. - The navigable length of high-grade waterways will reach 17,600 kilometers, an increase of 1,600 kilometers [3]. - The number of port berths for vessels over 10,000 tons will reach 2,971, an increase of 379 [3]. - The number of certified civil aviation transport airports will reach 263, an increase of 22 [3]. Global Connectivity - Major projects such as the China-Laos Railway, the China-Russia Heihe Highway Bridge, and the Peru Chancay Port have been completed, enhancing global transportation connectivity [3]. - The China-Europe Railway Express has operated over 110,000 trains, and the annual operation of the new western land-sea corridor's sea-rail intermodal trains has approached 10,000 [3]. Transportation Efficiency - On average, about 180 million people travel across regions daily, with 160 million tons of goods transported and 478 million express parcels collected each day [4]. - Urban rail transit operating mileage is approximately 11,000 kilometers, ranking first in the world, while the total length of urban public transport lines has increased by 48.5% and 18.3% respectively compared to the end of the "13th Five-Year Plan" [4]. - The turnover of railway and waterway freight has increased by 17.5% and 33.6% respectively [4]. - Logistics costs for the entire society have been reduced by over 400 billion yuan, with transportation costs decreasing by approximately 280 billion yuan [4]. Technological Advancements - China's high-speed rail, roads, bridges, ports, and express delivery services have become prominent "Chinese business cards" [5]. - Major engineering projects such as the Shenzhen-Zhongshan Bridge have set multiple world records, and significant technological achievements have emerged from projects like the Pinglu Canal and Xiaoyangshan North Container Terminal [5]. - Over 4,000 kilometers of highways have undergone intelligent upgrades, and the automated terminal construction is leading globally in scale, operational efficiency, and technology [5]. Rural Transportation Development - The "Four Good Rural Roads" initiative has seen over 4.9 trillion yuan invested in rural road fixed assets and over 1.2 trillion yuan in maintenance funds since the 18th National Congress of the Communist Party of China [6]. - By the end of 2024, the total length of rural roads is expected to reach 4,640,000 kilometers, significantly improving rural connectivity [6]. - The initiative has enhanced rural living conditions, supported the construction of beautiful villages, and contributed to local economic development [6].

Group 1 - The core message highlights the significant advancements in China's transportation infrastructure, showcasing achievements in high-speed rail, highways, and postal services as part of the "14th Five-Year Plan" [1][3][5] - By the end of 2024, China's railway operating mileage is expected to reach 162,000 kilometers, an increase of approximately 16,000 kilometers from the end of the "13th Five-Year Plan," with high-speed rail accounting for 10,000 kilometers of this growth [1] - The "eight vertical and eight horizontal" high-speed rail network has been completed and put into operation at 81.5%, with high-speed rail operating mileage reaching 48,000 kilometers, covering over 97% of cities with populations exceeding 500,000 [3] Group 2 - Major engineering projects during the "14th Five-Year Plan" include the Shenzhen-Zhongshan Link, which has set multiple world records, and advancements in intelligent upgrades of over 4,000 kilometers of highways [5] - Daily urban transportation statistics indicate that approximately 100 million people use rail transit, another 100 million use buses, and a further 100 million utilize taxis and ride-hailing services, reflecting the resilience and capacity of urban transport systems [7] - The postal industry has established over 500,000 service outlets, enhancing the logistics and delivery network across the country [3]

Investment Rating - The report recommends investing in SF Holding due to its valuation, operational resilience, and shareholder returns [2] - The report also recommends the aviation sector, specifically Air China and China Southern Airlines, due to expected profit elasticity from supply-demand optimization [4] Core Views - The express delivery industry saw a year-on-year growth of 15.8% in business volume in June, with SF Holding leading the growth [2] - The logistics sector is under pressure, particularly in hazardous materials logistics, but there is a push towards smart logistics, with Hai Chen Co. being recommended [3] - The aviation sector is experiencing robust growth, with Spring Airlines and China Eastern Airlines leading in RPK growth [4] - The shipping sector is facing challenges, with the CCFI index showing a significant year-on-year decline of 40.2% [5] Summary by Sections Transportation Market Review - The transportation index increased by 0.2% from July 12 to July 18, underperforming the Shanghai and Shenzhen 300 index by 0.8% [1][13] Express Delivery - In June, the national express delivery business volume reached 168.7 billion pieces, with a revenue of 126.32 billion yuan, marking a 9.0% year-on-year increase [2] - The average revenue per delivery decreased by 5.9% to 7.49 yuan [2] Logistics - The chemical products price index (CCPI) is at 4021 points, down 14.3% year-on-year [3] - Hai Chen Co. is recommended due to its strategic partnerships and improved demand in consumer electronics [3] Aviation - The average daily flights in China increased by 3.29% year-on-year, with domestic flights up by 1.89% [4] - RPK growth for major airlines shows significant increases, with Spring Airlines at +12% compared to 2024 [4] Shipping - The CCFI index is at 1303.54 points, down 0.8% week-on-week and down 40.2% year-on-year [5] - The BDI index increased by 29.9% week-on-week, indicating a recovery in dry bulk shipping [5][38] Road and Rail - The national highway freight traffic increased by 0.19% week-on-week, with a year-on-year increase of 0.82% [6][81] - The railway passenger turnover increased by 3.61% year-on-year, while freight turnover showed a slight decline [79]

东杰智能是深耕物流仓储装备行业的上市公司，具有较强的研发能力和大型项目交付能力。东杰智 能深耕物流仓储装备行业 30 年，于 2015 年在创业板上市，资本和经营实力不断提升；公司积累了丰富 的项目实施经验，研发和技术实力较强，具备核心产品自主生产能力和大型项目高质量服务及交付能力。 较大规模的在手订单有利于公司持续经营。2024 年，公司在海外市场拓展方面取得重大突破，签订 海外框架协议或海外订单累计近 15 亿元。截至 2025 年 3 月末，公司 1,000 万元以上合同总计 8.29 亿 元，海外订单占比逾 60%。 关注 公司连续计提大额减值损失，需关注持续减值风险。受威马汽车破产重整影响，2023～2024 年，公 司计提信用和资产减值损失合计 3.94 亿元，未来应收账款及商誉等资产仍面临一定的减值风险。 东杰智能科技集团股份有限公司 "东杰转债"2025 年信用评级报告 普策信评【2025】0021 号 广州普策信用评价有限公司 Philomax Credit Rating Co., Ltd 东杰智能科技集团股份有限公司"东杰转债"2025 年信用评级报告 优势 公司业绩持续亏损，行业竞争加剧 ...

Investment Rating - The report maintains a "Buy" recommendation for the industry, highlighting the potential for significant growth in the adoption of unmanned forklifts as part of the smart logistics trend [6]. Core Insights - The rise of SLAM natural navigation technology is driving the transition from simple automation to autonomous intelligence in on-site logistics, with unmanned forklifts representing a leading product in this commercial evolution [1][2]. - The penetration rate of unmanned forklifts in traditional forklift markets is currently low at 1.66%, indicating substantial room for growth and replacement opportunities [2][42]. - The industry is characterized by a diverse competitive landscape, with major players including traditional forklift manufacturers and AGV/AMR companies, leading to a relatively fragmented market [2][6]. Summary by Sections 1. Current Development of Unmanned Forklifts - Unmanned forklifts are a fusion of forklift and AGV technologies, evolving from basic automated guided vehicles to more intelligent autonomous mobile robots (AMR) [1][13]. - The industry has a rich history of over 70 years, with significant advancements in navigation technology since 2010 [1][27]. 2. Factors Driving Penetration of Unmanned Forklifts - Economic benefits, technological advancements, and supportive policies are the three main drivers for the rapid increase in the penetration rate of unmanned forklifts [2][50]. - The sales volume of unmanned forklifts in China surged from 300 units in 2015 to 19,500 units in 2023, with a CAGR of 68.51% [2][38]. 3. Competitive Landscape - The competitive landscape features both traditional forklift companies and AGV/AMR firms, with a market concentration that remains relatively low [2][6]. - Key players include Anhui Heli, Hangcha Group, and Zhongli Group among traditional manufacturers, and Hikvision Robotics and Xian Gong Intelligent among AGV/AMR leaders [2][6]. 4. Investment Recommendations - The report suggests focusing on traditional forklift leaders and emerging AGV/AMR companies as potential investment opportunities, given the expected rise in unmanned forklift adoption [6][2].

Summary of Hangcha Group Conference Call Company and Industry Overview - **Company**: Hangcha Group - **Industry**: Intelligent Logistics and Mobile Robotics Key Points and Arguments 1. **Acquisition of Guozi Robotics**: Hangcha Group has upgraded its technology in mobile robotics through the acquisition of Guozi Robotics, particularly enhancing its control system, Grace, which is comparable to the Kollmorgen system. This system has been applied to unmanned forklift products, strengthening its competitiveness in smart logistics [2][3][7]. 2. **Complementary Products**: Guozi Robotics excels in intelligent inspection and logistics, with products that complement Hangcha's existing offerings, especially in flexible picking and cluster scheduling, laying a foundation for development in embodied intelligence [2][5]. 3. **L5 Autonomous Driving Technology**: Hangcha plans to gradually apply L5 level autonomous driving technology to L2 scenarios, aiming to disrupt traditional logistics automation and maximize profit margins by reusing existing and new smart terminals [2][6]. 4. **Market Valuation and Growth Potential**: The market currently has low valuation expectations for Hangcha Group, but the acquisition is expected to bring both performance growth and valuation enhancement opportunities, enabling rapid development in smart logistics and mobile robotics [2][8]. 5. **Revenue and Profit Goals for Hengtai Intelligent**: Hengtai Intelligent aims for revenue of 5 billion yuan and profit of 500 million yuan over the next five years, focusing on product diversification, overseas market expansion, and leveraging supply chain advantages [2][9]. Additional Important Insights 1. **Competitive Advantages**: Hengtai Intelligent has advantages over competitors like Jizhi Home in technology layout, profitability, overseas market expansion capabilities, and supply chain and manufacturing advantages, with over 8 percentage points of profit margin difference [4][10]. 2. **Technological Integration**: The integration of Guozi Robotics' advanced technology with Hangcha's resources is expected to enhance financial performance and market recognition, leading to long-term stable growth [7][8]. 3. **Market Dynamics**: The AGV and AMR technologies are expected to coexist in various application scenarios, with no clear distinction between them, as both technologies have matured and can cover logistics execution terminals [11]. 4. **Overseas Market Demand**: There is a significant demand for automation to replace labor in markets like the U.S., driven by strict labor union regulations and varying worker quality, which influences the global development and application of automation solutions [15]. 5. **Future Development Plans**: Hangcha Group aims to achieve 5 billion yuan in revenue by 2025, with a focus on expanding its overseas market presence and entering the robotics sector, including high-value unmanned vehicles and humanoid robots [24]. This summary encapsulates the critical insights from the conference call, highlighting Hangcha Group's strategic initiatives, market positioning, and future growth plans in the intelligent logistics and mobile robotics industry.

Investment Rating - The report recommends investment in the logistics sector, specifically in companies like SF Holding and Haichen Co., due to their resilience and growth potential [2][3]. Core Views - The express delivery industry has seen a significant increase, with national express delivery volume surpassing 1 trillion pieces, indicating strong growth potential [2]. - The logistics sector is under pressure, particularly in hazardous materials logistics, but there is a push towards smart logistics, which is expected to benefit companies like Haichen Co. [3]. - The aviation sector is experiencing robust growth, with major airports like Baiyun and Shenzhen expected to see significant profit increases in the first half of 2025 [4]. - The shipping industry is facing challenges, with a slight increase in the BDI index but a decline in container shipping rates [4][36]. Summary by Sections Transportation Market Review - The transportation index rose by 0.7% during the week of July 5-11, underperforming the Shanghai and Shenzhen 300 index by 0.1% [12]. Industry Fundamentals Tracking Express Delivery - The national express delivery volume has exceeded 1 trillion pieces, with a year-on-year growth of 16.6% [2]. - Jitu's package volume reached approximately 7.39 billion pieces in Q2 2025, with a growth rate of 3.5% [2]. Logistics - The chemical product price index (CCPI) is at 4035 points, down 14.4% year-on-year [3]. - The domestic shipping price for liquid chemicals is 163 RMB/ton, down 13.9% year-on-year [3]. Aviation Airports - Baiyun Airport expects a net profit of 679 million to 830 million RMB for H1 2025, a year-on-year increase of 55.06% to 89.51% [4]. - Shenzhen Airport anticipates a net profit of 287 million to 337 million RMB for H1 2025, a year-on-year increase of 64.78% to 93.47% [4]. Shipping - The CCFI index for export container shipping is 1313.7 points, down 2.2% week-on-week and down 39.0% year-on-year [21]. - The BDI index for dry bulk shipping is 1483.6 points, up 2.2% week-on-week but down 23.7% year-on-year [36]. Road and Rail Ports - The total cargo throughput at monitored ports was 25.988 million tons, down 5.28% week-on-week [5]. - The number of trucks passing through highways was 52.977 million, down 2.42% week-on-week but up 1.71% year-on-year [5].

Summary of Conference Call on Unmanned Forklift Industry Industry Overview - The unmanned forklift industry is experiencing a transition from automation to intelligence, with unmanned forklifts playing a crucial role in handling and lifting tasks. The industry is at a commercialization inflection point for intelligent logistics equipment, with stable operating performance expected in Q2 2025, indicating potential growth driven by new product launches in the second half of the year [1][3][19]. Key Insights and Arguments - **Technological Barriers**: Unmanned forklifts require high precision in positioning, stable lifting, and fault-tolerant recognition capabilities to handle non-standard goods and complex environments. Despite technological maturity, the penetration rate remains low, and large-scale commercialization is still pending [1][4][5]. - **Market Dynamics**: The market is shifting from fork-type AGVs (Automated Guided Vehicles) to more flexible fork-type AMRs (Autonomous Mobile Robots). Companies are focusing on R&D to replace manual operations in specific scenarios [1][2][9]. - **Core Competitiveness**: The core competitiveness of unmanned forklift technology platforms lies in their control systems, which account for over 30% of overall costs. High-margin control systems can achieve gross margins exceeding 80% [1][10]. - **Industry Growth**: The unmanned forklift industry is in a phase of rapid growth, driven by technological advancements and increasing market demand. Major players expect a doubling of orders in 2025 [2][18]. Company-Specific Developments - **Anhui Heli**: Expected revenue of approximately 600 million yuan in the smart logistics sector in 2024, with equipment accounting for about 40%. The company is pursuing strategic partnerships and acquisitions to enhance growth [2][13]. - **Hangcha Group**: Anticipated revenue of 800 to 900 million yuan in the smart logistics sector in 2024, with a similar equipment ratio. The company has established several subsidiaries focused on smart logistics [2][14]. - **Zhongli Co., Ltd.**: Actively investing in the X2 ADV AMR sector and has showcased multiple new products with positive market feedback [2][15]. - **Xingkong Intelligent**: A leading third-party controller provider, achieving significant market share and focusing on the mobile robot sector [2][16]. Challenges and Future Outlook - **Current Challenges**: Unmanned forklifts face issues such as insufficient visual recognition capabilities and a lack of intelligent decision-making during operations. Upgrades in sensors and training are necessary for improvement [2][17]. - **Future Trends**: The industry is expected to evolve from unmanned forklifts to embodied robots, leveraging advancements in AI and large models. The potential market for embodied intelligent forklifts could be vast, with an annual demand of approximately 1 million units globally [2][9]. Additional Important Points - **Investment Opportunities**: Traditional leading companies like Anhui Heli and Hangcha Group are well-positioned for growth, with low valuation and strong second-quarter performance expected in 2025 [2][19]. - **Technological Evolution**: The distinction between AGV and AMR lies in their path-planning capabilities, with AMRs offering greater flexibility and adaptability to dynamic environments [2][5][8]. This summary encapsulates the key points from the conference call regarding the unmanned forklift industry, highlighting the current state, challenges, and future opportunities within the sector.

Group 1: Aluminum Industry - In 2024, Chinese aluminum companies will maintain a leading position globally in terms of production scale and business purity, with notable cost and profit advantages, although these advantages are narrowing [1] - Chinese aluminum companies have significant room for improvement in resource security and dividend returns, while overseas competitors from India and the Middle East are gradually showcasing advantages in cost and profitability [1] - Although European and American aluminum companies hold resource advantages, they face significant cost disadvantages, leading to a positive outlook for the competitiveness of Chinese aluminum companies [1] Group 2: Airline Industry - The airline industry has benefited from high travel demand since 2023, particularly during long holidays, with a growing proportion of leisure travelers enhancing market elasticity [2] - Optimized pricing policies since May and strong demand are expected to lead to optimistic pricing for the summer travel season, with major airlines potentially achieving near breakeven profit in Q2 [2] - With oil price fluctuations easing, major airlines are projected to achieve profits of 5 to 6 billion yuan in Q3 2025, marking a historical high for that quarter, supported by ongoing supply constraints and sustained leisure travel demand [2] Group 3: Smart Logistics and Autonomous Forklifts - The development of autonomous forklifts can be traced back to Automated Guided Vehicles (AGVs), with over 60 years of technological evolution leading to advanced capabilities such as autonomous path planning and dynamic obstacle avoidance [3] - Future autonomous forklifts are expected to integrate deeply into smart logistics systems, collaborating with sorting machines and robotic arms for full-chain intelligence [3] - The penetration rate of autonomous forklifts in China was only 1.66% in 2023, but with decreasing deployment costs and AI empowerment, the market is anticipated to grow rapidly, indicating vast future growth potential [3]

Core Viewpoint - The integration of traditional Chinese medicine and smart logistics is revolutionizing efficiency in the pharmaceutical industry, exemplified by the Renhe Smart Pharmaceutical Logistics Park in Jiangxi Province, which significantly enhances operational capabilities and reduces costs [1][4][7]. Group 1: Logistics Efficiency - The Renhe Smart Pharmaceutical Logistics Park can process 100,000 items daily with only 25 employees, covering 25,000 delivery points nationwide [1][7]. - The logistics park features automated systems for order processing, including automated transmission lines and QR code-based identification, which greatly improve operational efficiency and accuracy [4][7]. Group 2: Cost Optimization - The automation in the logistics park has reduced the workforce requirement from 150 to 25 employees, leading to a 30% decrease in logistics costs [7]. - The logistics park can dispatch orders within two hours of receipt, showcasing the speed and efficiency of the smart logistics system [7]. Group 3: Industry Context - Jiangxi Province, particularly Zhangshu City, is recognized as "China's Medicine Capital," with a rich history in the pharmaceutical industry, and is actively enhancing its pharmaceutical distribution capabilities [1][8]. - Zhangshu City hosts 97 pharmaceutical distribution companies, accounting for one-third of the province's total, with several companies recognized among the top in the nation [8].