中国民航网讯：近日，西部航空宣布将于2026年3月29日正式开通重庆—万象往返直飞航线。这是继清 迈航线之后，西部航空在2026年开辟的第二条全新国际航线，万象也成为公司在老挝的首个航点。新航 线的开通，标志着西部航空东南亚网络拓展迈出又一重要步伐，同时也为重庆国际航空枢纽建设注入新 动能，进一步强化重庆面向东盟的空中通道能力。 该航线航班号为PN6591/PN6592，计划每周执行三班（班期：周三、五、七）。具体时刻为：去程 PN6591计划17:40从重庆起飞，当地时间19:15抵达万象；返程PN6592计划当地时间20:15从万象起飞， 23:40返回重庆（以上均为当地时间）。直飞航线的开通将大幅缩短两地间的交通时间，显著提升出行 体验，也为重庆国际航空枢纽的中转集散能力增添新支撑。 航班信息或发生变化请以实际查询为准。以上时刻均为当地时间。 万象航线的加入，使西部航空在东南亚的航点扩展至新加坡、清迈、仰光、河内、万象五地，航线网络 日趋完善。作为2026年开通的第二条东南亚国际航线，万象航线与同日启航的清迈航线形成联动，进一 步加密重庆至东盟国家的直飞通道，提升重庆在国际航线网络中的节点地位。未来，公 ...

【国关文化讯】近年以来，美国针对中国"一带一路"沿线的"海陆围堵"战略已经进入深度执行阶段，这 一战略通过军事部署、经济制裁、技术封锁等多维度手段，旨在切断中国连接欧亚的能源与贸易动脉。 该战略的实施已经导致中国在经贸往来和能源进口上受到显著的实质性损失。 一、美国的"海陆围堵"战略：全方位的封锁与破坏 美国的围堵战略不仅局限于单一的军事威慑，而是通过以下两条主线全方位打击—— 海上制衡：控制关键航道，制造运输风险 美国通过在马六甲海峡、红海、巴拿马运河等战略要塞的军 事存在与行动，制造混乱，试图切断中国能源与贸易的海上生命线。美国不仅派遣航母战斗群巡逻，还 通过支持当地武装或挑起地区争端来间接威胁中国的船只安全。如果这些关键航道被美国或其盟友封 锁，中国的能源进口和海上贸易通道将面临瘫痪的风险。 陆上上渗透：遏制基础设施建设与能源管道 在陆地方面，美国通过"蓝点网络计划"等舆论战术，利 用"债务陷阱"论抹黑"一带一路"，并且在中亚、巴尔干地区"挖墙脚"。美国通过拉拢当地国家、制造地 区冲突，阻碍中吉乌铁路、里海油气管道等项目的推进，切断中国连接欧亚的能源与贸易动脉。 经济与技术封锁：制造"卡脖子"危机 除了 ...

核心观点 风险提示： 1、经贸摩擦和地缘冲突超预期；2、第三方数据失真的风险；3、研报信息更新不及时的风险；4、测算偏差的风险。 正文 下面对中国出口金额占全球的份额进行拆分： 中国出口金额份额=中国出口金额/全球出口金额 =中国出口数量*美元口径中国出口价格指数/（全球出口数量*美元口径全球出口价格指数） =中国出口数量*人民币兑美元汇率*人民币出口价格指数/(全球出口数量*全球出口价格指数) 众所周知，过去几年出口是助力实现中国经济增长目标的重要引擎。但跟直观感受不一样的是，WTO的 数据显示过去四年，只有2024年中国以美元计价的出口同比高于全球平均增速，2022年、2023年和 2025年前三季度（最新数据）中国出口增速反而比全球的低。 观察中国出口金额占全球的份额，也能看到这种反直觉的现象。2015年到2019年，中国出口金额占全球 份额稳定在13%左右。2020年到2025年前三季度，中国的这一份额中枢小幅抬升，但都在14%-15%之 过去几年人民币贬值和出口价格低迷，拖累中国出口金额占全球的份额提升。 众所周知最近几年出 口是拉动中国经济增长的重要动能，但中国出口金额占全球比例，在2021年触及 ...

聚焦埃塞矿业痛点，直击管理核心难题 据了解，此前，鲸山供应链已完成对埃塞俄比亚为期一个多月的深度考察与商务洽谈，先后与该国投资 委员会主任、外交部亚洲司长、矿业部副部长等核心官员达成合作共识，获得政策准入。同时，公司与 埃塞俄比亚玛库塔律师事务所正式签约，将联合推出法律服务 AI 智能体，该合作获埃塞国家电视台专 题报道。因此，此次鲸山供应链与该国矿业部部长的高层会谈，将成为鲸山供应链在埃塞落地第二个核 心项目的关键标志。 2月5日，鲸山供应链科技有限公司创始人许光辉，在埃塞俄比亚首都亚的斯亚贝巴，与该国矿业部部长 哈布塔姆·泰格恩举行高层会谈。会谈中，鲸山供应链团队详细汇报了《埃塞俄比亚矿业数字网格化管 理平台建设方案》，该方案凭借对埃塞矿业痛点的精准破解、成熟的技术体系及显著的治理价值，获得 埃塞俄比亚矿业部部长高度认可。双方达成共识，该平台将成为中埃一带一路合作从基础设施建设迈向 数字治理与产业升级的标志性示范项目。 全栈实力保驾护航，国内成功案例奠定合作基础 会谈中，鲸山供应链团队还向埃塞俄比亚矿业部部长展示了公司在矿业与供应链数字化领域的全栈技术 实力与丰富实践经验，为项目落地提供有力支撑。作为专注 ...

Group 1 - The China-Eurasia Investment and Trade Promotion Center launched an online platform on February 10, aimed at serving the "going west" strategy and enhancing the overseas comprehensive service system for Chinese enterprises [1] - The platform features sections such as "going out," "bringing in," "digital trade," and "smart ports," addressing the full process needs of enterprises engaged in cross-border operations [1] - The platform offers "one-stop" and "full-chain" services, integrating qualification processing, resource matching, customs logistics, and risk warning, significantly lowering the barriers for enterprises to enter the Eurasian market [1] Group 2 - The center plans to continuously optimize the platform's services, focusing on expanding international cooperation networks and deepening country-specific market research [2] - A risk prevention system will be established to provide precise market guidance and compliance support, enhancing the integration of online and offline services [2] - The platform's operation is expected to improve the service efficiency of Xinjiang as a core area of the Silk Road Economic Belt, supporting high-quality development of the Belt and Road Initiative [2]

Core Viewpoint - North Bay Port's stock price has shown a significant increase this year, with a notable rise in trading activity, despite a recent decline in share price and net outflow of funds [1][2]. Group 1: Stock Performance - North Bay Port's stock price has increased by 8.00% year-to-date, with a 4.87% rise over the last five trading days, 4.97% over the last twenty days, and 14.59% over the last sixty days [2]. - As of February 13, the stock price was reported at 10.13 yuan per share, with a trading volume of 1.13 billion yuan and a turnover rate of 0.54% [1]. Group 2: Financial Performance - For the period from January to September 2025, North Bay Port achieved a revenue of 5.535 billion yuan, reflecting a year-on-year growth of 12.92%. However, the net profit attributable to shareholders decreased by 13.89% to 789 million yuan [2]. - The company's main revenue sources include loading and unloading services (94.59%), tugboat services (3.55%), and other logistics-related services [2]. Group 3: Shareholder Information - As of September 30, 2025, North Bay Port had 59,400 shareholders, an increase of 42.47% from the previous period, while the average circulating shares per person decreased by 29.81% to 31,217 shares [2]. - The company has distributed a total of 3.034 billion yuan in dividends since its A-share listing, with 1.396 billion yuan distributed over the last three years [3]. Group 4: Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included the Southern CSI 500 ETF, which held 13.4935 million shares, a decrease of 296,400 shares from the previous period [3]. - Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, increasing its holdings by 3.009 million shares to 12.1743 million shares [3].

Investment Rating - The report provides a positive investment rating for the coal mining industry in Mongolia, highlighting its rich resources and potential for growth in exports, particularly to China [19][25]. Core Insights - Mongolia has abundant coal resources, with proven reserves of 252 million tons as of the end of 2020, including 135 million tons of lignite and brown coal, and 117 million tons of anthracite and bituminous coal [7][11]. - The coal mining sector is crucial for Mongolia's economy, with coal accounting for over 90% of the country's primary energy consumption, primarily used for power generation and exports [24][25]. - The report emphasizes the strategic importance of coal exports to China, which accounted for 94.9% of Mongolia's coal exports in 2024, showcasing the reliance on this market for growth [22][25]. Summary by Sections Coal Resource Overview - Mongolia's coal resources are distributed across various regions, with the northern and southern areas being the most productive, contributing to 99% of the total output [7][11]. - The country has approximately 300 coal mines, with a significant portion of high-quality coking coal suitable for metallurgical processes [11][19]. Production and Export Trends - Coal production in Mongolia has seen fluctuations, with a peak of 32 million tons in 2011, primarily driven by export demand [21]. - The report forecasts a cumulative coal production of 97.72 million tons by 2024, reflecting a compound annual growth rate (CAGR) of 10.3% from 2013 to 2024 [21]. - In 2025, coal production is expected to slow down due to a decline in demand from the Chinese coking coal market [21]. Infrastructure and Trade Ports - Key coal export ports include Gashuunsukhait, Tsagaan Khad, and Mandula, with ongoing improvements in cross-border railway and logistics infrastructure to enhance export capacity [28][32]. - The report outlines various railway projects aimed at increasing coal export volumes by approximately 4 million tons annually [32]. Company Analysis: Mongolian Coal - Mongolian Coal is identified as the largest producer and exporter of high-quality coking coal in Mongolia, with diversified mineral resource development including gold and copper [40][43]. - The company has a strategic focus on expanding its resource base and reducing dependency on coal by entering the gold and copper sectors [46][90]. - As of mid-2025, the company reported total coal reserves of 612 million tons, with significant production capabilities from its UHG and BN mines [56][58]. Financial Performance - The company's revenue has shown cyclical fluctuations, with significant growth from 2015 to 2019, followed by a contraction during the pandemic, and a resurgence in 2021-2024 [55]. - The report highlights that coal sales remain the primary revenue source, with hard coking coal contributing the majority of sales [55][67]. Cost Structure and Pricing - The report details the cost structure of coal production, with average costs remaining stable around $77 per ton from 2018 to mid-2025, despite fluctuations in transportation and compliance costs [71][74]. - Pricing strategies are influenced by market dynamics, with hard coking coal prices expected to stabilize around $160-$180 per ton in 2024 [70][71].

作为大规模常态化开行中欧班列的城市，石家庄曾长期未建立中欧班列集结中心。"没有集结中心，优 质货源分散，物流效率难以提升，实在可惜。"带着这一问题，刘瑞领委员踏上了调研之路。他先后赴 西安、成都、郑州等城市考察集结中心建设情况，走访京津冀30多家物流、进出口企业，和政府部门、 企业代表、专家学者反复探讨，最终在2024年全国两会期间提交了关于支持石家庄申报中欧班列集结中 心的提案。 2025年初，好消息传来——石家庄国际陆港获批成为华北区域中欧班列集结中心。"当时特别激动，提 案被相关部门重视，能推动实际问题解决，这正是全国政协委员价值的体现。"刘瑞领委员回忆道。 冬日的石家庄国际陆港，龙门吊往来穿梭，集装箱层层叠叠，满载家电等"老三样"和光伏产品等"新三 样"的中欧班列驶出场站，奔赴共建"一带一路"国家。 全国政协委员、河北陆港建设集团董事长刘瑞领的一天，常从这般繁忙场景中开启。他说，"守着陆 港，眼里看着行业的事，心里想着履职的责，都是分内的事"。扎根物流行业多年，刘瑞领委员的提案 往往源于日常的观察与调研。 在刘瑞领委员看来，低空经济的发展不能仅靠"单打独斗"，而是应与高铁、中欧班列衔接起来，构建空 铁 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 21.94 RMB, corresponding to a target valuation of 20X for 2026 [5]. Core Insights - The company is expected to accelerate the commercialization of AI + trade services, with trade service contributions anticipated to grow at a steeper curve due to the Belt and Road Initiative and the 1039 market procurement model [2]. - The company has established itself as the sole pilot for the import positive list business, which is expected to create a second growth engine [4]. - The CG platform's AI tools are projected to enhance revenue generation, with significant growth in user engagement and profitability [45][48]. Summary by Sections 1. Company Overview - The company has a strong foundation in the Yiwu market, benefiting from deep reform genes and a robust operational mechanism, leading to significant growth in gross profit [15]. - The export business has seen rapid growth, with the 1039 model driving exports from 189.3 billion RMB in 2017 to an expected 471.7 billion RMB in 2024, reflecting a 21.5% year-on-year increase [20]. - The company has established a comprehensive trade ecosystem, enhancing revenue and profit quality through market operations, trade services, and supporting services [26]. 2. New Business Development - The company is expanding its overseas presence, particularly in emerging markets, with a focus on the Belt and Road Initiative, which has led to a 26.9% increase in trade volume with these countries [40]. - The CG platform has entered a revenue-generating phase, with diverse charging models for its services, including basic and value-added service fees [45]. - The AI tools on the CG platform are expected to significantly increase revenue, with a notable rise in user engagement and profitability [48]. 3. Financial Projections - Revenue projections for 2025-2027 are 21.2 billion, 27.8 billion, and 34.4 billion RMB, respectively, with year-on-year growth rates of 34.7%, 31.0%, and 24.0% [5]. - Net profit forecasts for the same period are 4.5 billion, 6.0 billion, and 7.2 billion RMB, with growth rates of 47.4%, 32.8%, and 19.3% [5]. - The company’s gross profit margin is expected to improve, driven by the growth of trade services and market operations [29].

本报记者 黄培昭摄 中国农历春节临近，在非洲赞比亚卢阿普拉河斜拉桥项目施工现场，钢塔矗立，吊机轰鸣，焊花飞溅。 入夜，施工现场的照明灯点亮了河畔夜空。来自中国和赞比亚的建设者们在这条赞比亚与刚果（金）的 界河上，正全力以赴施工，确保这座跨国双钢塔斜拉桥如期完工。 "每一道工序都不能马虎" "注意焊接角度，把控好焊缝质量。"卢阿普拉河斜拉桥主塔施工现场，工程师刘国龙正俯身检查施工人 员对钢构件的焊接情况。尽管脸上已满是灰尘，他却毫不在意，目光紧紧锁定在焊缝上，不放过任何一 个细节。"每一道工序都不能马虎！"刘国龙说。 刘国龙毕业后就加入了中国土木工程集团，主动请缨来到赞比亚，投身项目建设。自2023年10月项目启 动以来，他始终坚守在施工现场。从基础开挖到钢塔搭建，从钢筋绑扎到混凝土浇筑，每一个关键环节 都有他的身影。去年休假后返岗不久，刘国龙收到了妻子怀孕的消息，这让远在异国他乡的他更多了一 份牵挂。 休息间隙，刘国龙拿出手机，翻看着妻子发来的照片，脸上露出温柔的笑容。"本来答应妻子，今年春 节回去陪她，可现在项目正处于钢塔搭建的关键期，工期紧、任务重，我实在走不开。"刘国龙言语间 流露出了些许遗憾，"我能做 ...