Group 1 - The China Securities Regulatory Commission (CSRC) has published requirements for supplementary materials for overseas listing applications, specifically addressing the relationship between Hongxing Cold Chain and its controlling shareholders [1] - Hongxing Cold Chain has submitted its application to the Hong Kong Stock Exchange, with Jianyin International and Agricultural Bank of China International as joint sponsors [1] - The CSRC has requested clarification on the pricing basis and compliance of the newly added shareholders acquiring company shares for zero consideration [1] Group 2 - Hongxing Cold Chain is a leading integrated service platform for frozen food trading and cold storage services, with a projected transaction value of approximately RMB 40 billion in 2024, ranking second in Central China and first in Hunan Province [2] - The company's revenue for the years 2022, 2023, and 2024 was RMB 237 million, RMB 202 million, and RMB 234 million respectively, with a compound annual growth rate of -0.67%, while net profits were RMB 79 million, RMB 75 million, and RMB 83 million, with a compound annual growth rate of 2.35% [2] - The increase in revenue is attributed to the completion and operation of cold storage facilities from the fifth phase project and an increase in rental prices for stores [2]

Core Viewpoint - Southern Airlines Logistics has officially launched its international transportation project for lychees to the UK, marking a significant step in expanding its global market presence and promoting the cultural significance of lychees from Guangdong [1][3]. Group 1: Logistics and Transportation Strategy - Southern Airlines Logistics has established a dedicated lychee transportation task force and a 24-hour response mechanism to ensure seamless logistics from orchard picking to customs clearance and final delivery [3]. - The company has implemented a "air + multimodal transport" dual-track solution to enhance the freshness and timely delivery of lychees, achieving delivery to major European cities within 24-48 hours [3]. - Upgrades to the service system at Guangzhou Baiyun International Airport include real-time coordination between departure and destination stations, as well as the creation of dedicated channels for fresh goods, significantly reducing ground handling time for lychees [5]. Group 2: Quality Control and Preservation Techniques - Southern Airlines Logistics has partnered with upstream and downstream enterprises to establish deep collaborations with quality orchards, customizing logistics solutions based on the specific characteristics of lychee varieties to ensure quality control throughout the supply chain [3]. - The introduction of standardized pre-cooling treatments and new nano-preservation packaging, along with gas release technology, has effectively extended the preservation period of lychees to over 10 days, with a damage rate controlled below 5% [3]. Group 3: Future Outlook - The company aims to enhance its global cold chain network, contributing to the upgrade of the lychee industry and promoting the flavors of China to the world [5].

1. Market Index Performance 1.1 Global Stock Indices - The Dow Jones Industrial Index rose 331.99 points (0.784%) to 42,654.74 [2]. - The Nasdaq Index increased by 98.78 points (0.517%) to 19,211.10 [2]. - The S&P 500 climbed 41.45 points (0.701%) to 5,958.38 [2]. - The Hang Seng Index fell 108.11 points (-0.461%) to 23,345.05 [2]. 1.2 Other Macro - indicators - SHIBOR overnight rose 0.25 to 1.65, a 17.806% increase [2]. - The US Dollar Index dropped 0.244 points (-0.241%) to 100.74 [2]. - The US Dollar to RMB (CFETS) remained unchanged at 7.20 [2]. 1.3 Commodity Futures (International) - COMEX Gold decreased by $38.60 (-1.190%) to $3,205.30 [2]. - COMEX Silver fell $0.36 (-1.098%) to $32.43 [2]. - LME Copper declined $137 (-1.431%) to $9,440.00 [2]. 1.3 Commodity Futures (Domestic) - Gold futures dropped 2.80 (-0.372%) to 749.00 [2]. - Silver futures fell 8.0 (-0.099%) to 8093.00 [2]. - Copper futures decreased 470.0 (-0.601%) to 77670.00 [2]. 1.4 Energy and Chemical Futures (Domestic) - Crude oil futures rose 6.30 (1.381%) to 462.50 [4]. - Fuel oil futures increased 19.0 (0.636%) to 3008.00 [4]. - Natural rubber futures dropped 55.0 (-0.369%) to 14850.00 [4]. 1.5 Agricultural Futures (Domestic) - Yellow soybean No.1 futures rose 17.0 (0.408%) to 4185.00 [4]. - White sugar futures fell 14.0 (-0.239%) to 5841.00 [4]. - Cotton No.1 futures dropped 10.0 (-0.075%) to 13380.00 [4]. 2. Macro - economic News 2.1 Domestic News - Central bank officials support Beijing's financial development, including promoting RMB internationalization and strengthening the Beijing Stock Exchange [7]. - China's domestic refined oil prices are expected to drop by about 230 yuan/ton on May 19 [7]. - China - US freight volume has recovered after mutual tariff cuts, and US business cooperation is increasing [7]. - China aims to grow its data industry to 7.5 trillion yuan by 2030 and build a data infrastructure system by 2029 [8]. - China will impose anti - dumping duties on imported copolymerized polyoxymethylene from the US, EU, Taiwan region, and Japan starting May 19 [8]. - China's cold - chain logistics showed growth in Q1 2025, with a 4.0% increase in total value and a 3.9% increase in revenue [8]. 2.2 International News - US President Trump urges the Fed to cut interest rates and criticizes Fed Chair Powell [9]. - US Treasury Secretary responds to Moody's downgrade of US credit rating and plans to attend a G7 meeting [9]. 3. Morning Views on Main Varieties 3.1 Agricultural Products - Sugar: Suggest trading in the 5800 - 5900 yuan/ton range, with a key support at 5830 yuan/ton [12]. - Corn: Maintain a short - selling strategy, watch for a break below 2300 yuan/ton [12]. - Eggs: Consider short - selling, with a focus on the price range and potential support [12]. - Hogs: Hold short positions, and use pre - holiday rebounds for shorting [12]. 3.2 Energy and Chemicals - Caustic soda: Expect stable prices in East China with local fluctuations [14]. - Urea: The market may continue high - level oscillations, with opportunities for positive spreads [14]. 3.3 Industrial Metals - Copper and aluminum: Prices rebounded but faced resistance at previous gaps [14]. - Alumina: Prices are expected to be strong, with a focus on the 3100 - 3200 yuan/ton resistance [14]. 3.4 Others - Steel products: Steel prices may fluctuate at low levels, with specific price ranges for different products [16]. - Ferroalloys: Prices are expected to oscillate at low levels [16]. - Coking coal and coke: Continue weak oscillations in the short term [16]. - Lithium carbonate: Hold short positions, watch for potential technical rebounds [16]. 3.5 Options and Finance - Stock indices: The market is likely to be volatile, with specific trading strategies for futures and options [17][18]. 4. Research Analysts 4.1 Agricultural Products - Li Na (F3060165, Z0016368) and Liu Sikui (F3033884, Z0011291) [22]. 4.2 Industrial Products - Liu Peiyang (F0290318, Z0011155), Peng Bohan (F3076814, Z0016415), and Lin Na (F03099603, Z0020978) [22]. 4.3 Options and Finance - Ding Wen (F3066473, Z0014838) and Li Weihong (F0231193, Z0017182) [22].

Group 1 - The peak season for Southeast Asian fruit trade has led to a surge in Thai durian imports at Nansha Port in Guangzhou, with the arrival of the "Dexiong Xiamen" vessel carrying approximately 1,564 tons of durians on May 18 [1][2] - Nansha Port has established an efficient cold chain logistics product to facilitate the import of fresh seasonal fruits, ensuring quick customs clearance for key cold chain goods [2] - The Nansha Port area has been operating the "Durian Express" brand for five consecutive years, becoming the largest durian sea import port in China, with over 450,000 tons imported since 2021, accounting for one-third of the national sea import volume [2] Group 2 - The Nansha Port area has received nearly 40 durian express vessels, unloading over 25,500 tons as of mid-May 2025 [2] - Local fruit vendors report that durians are currently a popular fruit category, with prices having slightly decreased since before the May Day holiday, and a significant price drop is expected as the peak season approaches [2]

Group 1: Dragon Boat Culture and Economic Impact - The dragon boat racing has become a beloved local sport in Fuzhou, enhancing urban vitality and injecting new momentum into the local cultural tourism economy [1][10] - The newly opened Dragon Boat Theme Park features various dragon boat sculptures and elements, attracting numerous visitors [4][6] - Fuzhou's traditional dragon boat racing venue, the Pu Xia River, hosts regular training and competitions, contributing to the local cultural scene [8][10] Group 2: Cultural and Creative Consumption - The local dragon boat events have led to the establishment of diverse markets offering dragon boat-themed creative products and gourmet food, which are popular among residents and tourists [10] - Fuzhou has launched multiple inner river cruise routes that connect historical cultural districts and trendy shopping areas, with an estimated 380,000 visitors expected in 2024 [10] Group 3: Outdoor Camping Economy - The outdoor camping trend is gaining popularity, providing a new leisure option for families and friends to connect with nature [11] - In Nanchang, the Ganjiang Citizen Park is a hotspot for weekend camping, featuring extensive green spaces and recreational facilities [14][19] - The rise of camping has stimulated new consumer demand for outdoor equipment, with many opting to purchase their own camping gear [22] Group 4: Cold Chain Logistics and Food Consumption - The cold chain logistics market reached a total of 2.21 trillion yuan in the first quarter of 2025, showing a year-on-year growth of 4% [27] - The logistics system has enabled rapid delivery of fresh products, such as salmon and crayfish, to consumers within 48 hours and 18 hours respectively [29][32] - The food industry continues to grow, with a 6.1% increase in industrial added value for large-scale food enterprises in the first quarter of 2025 [37]

中国物流与采购联合会今天(18日)公布今年一季度冷链物流运行数据。在促消费等政策的带动下，冷链 物流需求稳中有升，整体运行保持增长势头。今年一季度，冷链物流总额为2.21万亿元，同比增长 4.0%。一季度，冷链物流总收入为1361.3亿元，同比增长3.9%。(央视新闻) ...

Core Insights - The article emphasizes the importance of agricultural e-commerce supply chain management as a crucial link between producers, e-commerce platforms, and consumers, enhancing product circulation speed, ensuring quality, and reducing costs [1] Supply Chain Composition - The agricultural e-commerce supply chain consists of producers, suppliers, e-commerce platforms, logistics providers, and consumers, with each component being interdependent [2] - For instance, in the fruit industry, farmers grow fruits, suppliers handle acquisition and packaging, and logistics ensure timely delivery to consumers [2] Quality Control - Quality control is fundamental in the agricultural e-commerce supply chain, starting from strict standards in planting and breeding, to careful selection of fertilizers and pesticides [3] - During storage, maintaining appropriate temperature and humidity is critical to prevent spoilage, especially for perishable items like berries [5] - Continuous quality checks during transportation and sales are essential to ensure high-quality products reach consumers, enhancing satisfaction and loyalty [5] Logistics and Distribution - Efficient logistics and distribution directly impact consumer shopping experiences, with cold chain logistics being vital for perishable goods [6] - Optimizing delivery routes and utilizing data analytics can significantly reduce delivery times and costs, while pre-positioning goods in warehouses near consumers can enhance delivery speed [6] Information Management - Effective information management is crucial for transparency and information sharing across the supply chain, allowing producers to adjust strategies based on market demand [9] - E-commerce platforms can leverage detailed sales data for market predictions and marketing strategies, while logistics providers can optimize delivery processes based on real-time information [9] - Implementing blockchain technology can enhance data security and authenticity throughout the supply chain [9] Cost Control - Reducing costs is essential for enhancing profitability in the agricultural e-commerce supply chain, which includes establishing long-term relationships with reliable suppliers [10] - Utilizing advanced agricultural techniques can improve yield and reduce per-unit costs, while efficient inventory management can minimize excess and waste [12] Risk Management - The agricultural e-commerce supply chain faces various risks, including natural disasters, market demand fluctuations, and regulatory changes [13] - Establishing a risk warning system and collaborating with insurance companies can mitigate potential losses from unforeseen events [13]

Core Insights - The company has signed new orders in 2024, with a growth of 9.2%, and cold chain logistics new orders increased by 10.3% [1][4] - The company is a key beneficiary of the rapid growth in China's cold chain logistics industry, deeply serving the modern industrial chain of grain supply security for COFCO Group [5] Financial Performance - The company expects a 7.3% increase in net profit attributable to shareholders in 2024, with operating cash flow growing by 18.7% [2] - Revenue for 2024 is projected to be 2.65 billion yuan, an increase of 9.8%, with a quarterly breakdown showing significant growth in Q4 [2][3] - The gross profit margin for 2024 is estimated at 25.5%, with a slight increase of 0.75 percentage points [3] Order and Contract Details - New contracts signed in 2024 totaled 3.87 billion yuan, reflecting a 9.2% increase compared to the previous year [4] - The breakdown of new contracts includes design consulting at 820 million yuan (up 8.7%), electromechanical engineering system delivery at 2.52 billion yuan (up 19.8%), and equipment manufacturing at 470 million yuan (down 28.0%) [4] Industry Positioning - The company is accelerating its integration into COFCO Group's industrial ecosystem, focusing on high-quality development in core businesses [5] - The company is advancing in the cold chain logistics engineering design field, leading in technology and extending its business into related segments [5] Dividend Policy - The company's annual report proposes a dividend distribution of 0.15 yuan per share, maintaining a payout ratio of 32.9% for the current year [5]

Core Insights - The Chinese logistics industry is projected to exceed 360 trillion yuan in market size by 2024, with a year-on-year growth of 5.8% and a five-year compound annual growth rate (CAGR) of 13.82% [1][3]. Market Segmentation - Agricultural logistics is expected to reach 5.5 trillion yuan in 2024, growing by 4.0% year-on-year - Industrial logistics is projected at 318.4 trillion yuan, with a growth of 5.8% - Import logistics is anticipated to total 18.4 trillion yuan, increasing by 3.9% - Recycled resources logistics is expected to reach 4.4 trillion yuan, with a significant growth of 15.7% - Logistics for units and household goods is projected at 13.9 trillion yuan, growing by 6.7% [3][6]. Industry Competition - Major players in the Chinese logistics sector include SF Express, COSCO Shipping, and Xiamen Xiangyu, which have strong competitive advantages in express logistics, warehousing, and cold chain logistics - The demand for logistics services is continuously growing due to the expansion of e-commerce, manufacturing, and agriculture sectors - Chinese companies are making significant advancements in technological innovation and service quality, particularly in smart logistics and cold chain logistics, gradually closing the gap with international competitors [6][7].

Core Viewpoint - The upcoming 2025 Guangdong (Yuexi) Lychee Promotion Event in Shanghai aims to enhance agricultural cooperation between Guangdong and Shanghai, showcasing the region's lychee production and fostering connections between suppliers and buyers [3][4][22]. Group 1: Event Details - The lychee promotion event will take place at the Guangdong Specialty Agricultural Products (Shanghai) Promotion Center, inviting East China consumers to experience the unique flavors of Guangdong lychee [3][4]. - The event is organized by various agricultural departments from Guangdong, including the Agricultural Foreign Economic and Farmers Cooperation Promotion Center, and aims to create a platform for interaction between suppliers and buyers [5][22]. Group 2: Production and Market Insights - The "2025 Guangdong Lychee Procurement Map" indicates that the total lychee production in the Yuexi area is expected to reach 990,000 tons, accounting for over one-third of the province's total output [6]. - Major production areas such as Maoming, Zhanjiang, and Yangjiang are known for their early and late-maturing lychee varieties, contributing to a diverse and complementary industry structure [7][12]. - The demand for lychee in Shanghai and the East China region remains strong, as it is a core market for high-end fruit consumption [8][9][20]. Group 3: Business Opportunities - Guangdong lychee enterprises are preparing for the promotion event, with expectations of significant sales volumes, such as one company estimating sales between 1,800 to 2,000 tons [27][28]. - The East China market represents a substantial growth opportunity, with one company reporting that sales in this region account for over one-third of its total sales [30]. - Companies are planning to enhance their logistics and storage capabilities in East China, with projects already underway to support the timely distribution of lychee during the harvest season [31][32].