近日，由经济观察报主办的以 " 开启新格局 引领新增长 " 为主题的第八届粤港澳大湾区发展论坛 顺利召开。论坛同期，"2025年粤港澳大湾区臻质奖"正式发布。基于在"优质运营、公众信赖、行 业引领、创新突破、社会贡献、年度影响"六大维度的综合表现，华帝荣获 "粤港澳大湾区臻质奖" ，成为 行业内唯一获得该荣誉的企业 。 "链主"强则产业链兴，大湾区世界级产业集群的崛起，离不开龙头企业的牵引与带动。 作为厨卫电 器产业链的领军者，华帝不仅是 大湾区 家电产业集群的核心龙头，更是国内厨电行业的标杆品牌。 2025年前三季度，华帝股份实现营业收入41.58亿元，归母净利润3.56亿元。 在厨电产品的国家与行业标准中，总有着华帝"身影"。自成立以来，华帝已主导或参与起草、修订 超40项国家及行业标准，覆盖烟机、灶具、洗碗机等多个核心品类，其中包括GB 16410《家用燃 气灶具》、GB/T 17713吸油烟机国标等关键标准。同时，华帝还被认定为 《洗碗机干态储存测试 方法和技术要求》的制定单位 。 华帝秉承"好看、好用、好清洁"和"净洁厨房"的品牌理念，以543项"好清洁"专利为华帝实力护 航：烟机的"冲浪蒸水洗"技 ...

Investment Rating - The report maintains a "Positive" investment rating for the logistics industry [15] Core Insights - The logistics industry is expected to see two core trends in 2026: "Advantage Going Abroad" and "Ecosystem Restructuring," which will present significant investment opportunities. The restructuring of supply chains is anticipated to deepen, with the acceleration of Chinese industries going abroad, driving sustained demand in emerging markets. Concurrently, the domestic market's competitive order is being restructured, pushing the industry towards high-quality development [5][10][27]. Summary by Sections Cross-Border Logistics: Order Restructuring and New Opportunities - The transition from "goods going abroad" to "capital going abroad" is underway, with foreign investment becoming a core driver of logistics demand. The standardization and replicability of processes in bulk logistics and e-commerce express delivery present explosive demand potential [11][35]. E-commerce Express Delivery Going Abroad - Chinese e-commerce platforms are expanding overseas, particularly in Southeast Asia and Latin America, where the e-commerce penetration rates are significantly lower than in China. The report highlights that the average package volume in Southeast Asia is about 26 items per year, and in Latin America, it is approximately 11 items per year, indicating substantial growth potential [59][64]. Bulk Logistics Going Abroad - The report discusses the "infrastructure for resources" model, where bulk logistics follows Chinese mining companies into Africa. This approach is expected to drive high growth in local freight demand and rapid expansion of road assets [11][35]. Domestic E-commerce Express: Demand-Side Reform - The report notes that the previous low-price competition in the e-commerce ecosystem is being replaced by rational competition, which is expected to improve the industry landscape. Leading companies like Zhongtong Express and YTO Express are anticipated to see valuation recovery as the competitive order stabilizes [12][30]. Bulk Supply Chain: Bottoming Out and Price Recovery - The bulk supply chain industry is at a dual bottom in terms of "commodity prices" and "corporate profits," with signs of a cyclical turnaround. The report suggests that the easing of liquidity and the implementation of "anti-involution" policies will lead to improved profitability in the sector [13][30]. Investment Recommendations - The report prioritizes investment in: 1. Non-US cross-border logistics, benefiting from the expansion of Chinese industries into emerging markets, with key targets being Jitu Express and Jiayou International [10][30]. 2. Domestic e-commerce express delivery, with a focus on leading companies like Zhongtong Express and YTO Express, which are expected to see valuation adjustments [10][30]. 3. Bulk supply chains, with a recommendation to invest in companies like Xiamen Xiangyu and Xiamen Guomao, as the industry is poised for a cyclical recovery [10][30].