1月6日，焦平高速焦荥段南水北调斜拉桥项目正在加紧施工，该斜拉桥长482米，主跨跨径252米，主塔最大 高度100米。徐宏星 摄 强市场 建设"四枢纽"打造"三支点" 市场，是当今世界最稀缺的资源。谁拥有高效规范、公平竞争、充分开放的市场，谁就掌握了发展的主动 权。 1月6日，在省政府新闻办举行的新闻发布会上，省发展改革委党组书记、主任马健表示，2026年，将坚持破 立并举、先立后破，坚决破除阻碍全国统一大市场建设卡点堵点。如全面开展市场准入效能评估，常态化清 理市场准入不合理限制和隐性壁垒；实施政府采购整顿市场秩序行动，加快政府投资工程项目招标投标"评定 分离"全覆盖；健全规范涉企执法长效机制，建设全省统一的行政执法事项库，持续推行"扫码入企""综合查 一次"执法检查机制等。 值得注意的是，围绕纵深推进融入和服务全国统一大市场，我省提出建设"四枢纽"、打造"三支点"。 进一步发挥枢纽优势、提升枢纽能级，促进各类资源要素高效流动、经济活动各环节顺畅衔接，努力为国内 大循环加力赋能。持续完善"空铁公水"立体交通网络，降低社会物流成本，着力建设连通境内外、辐射东中 西的物流通道枢纽。加力抓好"两新"工作，积极培育 ...

Group 1 - The company received a government subsidy of 27 million RMB related to assets through its subsidiary, Hengli Shipbuilding (Dalian) Co., Ltd. on November 25, 2025 [2] - The subsidy is classified as a deferred income according to the relevant accounting standards, and its impact on the company's financials will be confirmed after the annual audit [3] Group 2 - The company signed significant daily operational contracts for shipbuilding on November 27, 2025, which do not require board or shareholder approval as they are not related party transactions [6] - The contracts include the construction of 6 VLCCs (Very Large Crude Carriers), 2 LNG dual-fuel oil tankers, and 4 6000 TEU container ships, with a total contract value estimated between 1.1 billion to 1.6 billion USD [7] - The delivery of the ships is scheduled between the second half of 2027 and 2028, and payments will be made in USD [7] - The signed VLCCs are designed to meet international shipping demands for large-scale and low-carbon transportation, enhancing the company's competitiveness and profitability in the long term [8]

Core Viewpoint - *ST Songfa has signed contracts for the construction of various types of vessels, which are expected to enhance the company's market competitiveness and profitability in the long term [1][3]. Group 1: Contract Details - The contracts include the construction of 6 VLCCs (30.6 million tons), 2 LNG dual-fuel oil tankers (15.7 million tons), and 4 container ships (6000 TEU) [1][2]. - The total contract value is estimated between $1.1 billion and $1.6 billion, with deliveries scheduled from the second half of 2027 to 2028 [1]. Group 2: Vessel Specifications - The VLCCs are designed for large cargo capacity, strong endurance, and high operational efficiency, meeting the latest international shipping market demands for large-scale and low-carbon transportation [2]. - The LNG dual-fuel oil tankers feature large load capacity, low fuel consumption, and excellent environmental performance, aligning with current green transportation needs [2]. - The 6000 TEU container ships are designed for large capacity and stable speed, suitable for diverse transportation needs in international shipping [2]. Group 3: Financial Impact - The normal execution of these contracts is expected to positively impact the company's future performance and strengthen its market position [3]. - Revenue and profit recognition will be based on accounting standards and the actual performance of the contracts, with the final impact subject to audit results [3]. - The contracts are classified as routine operational contracts, with no related party transactions involved, ensuring the independence of the company's business operations [3].

Core Insights - The express delivery business in China has seen a year-on-year growth of over 16% from January to October, with a total volume of 1,626.8 billion packages [1] - The growth is particularly notable in the central and western regions, with the central region's market share increasing by 1.1 percentage points and the western region's by 0.6 percentage points compared to the previous year [1] - Several provinces, including Shaanxi, Ningxia, and Xinjiang, reported express delivery volume growth exceeding 30% [1] Industry Developments - Express companies are investing in infrastructure and enhancing service capabilities while strengthening transportation collaboration with airlines and railways [1] - The introduction of new logistics models, such as "front warehouse + railway trunk line + two-end distribution," is streamlining the delivery process, reducing transportation time by approximately 10% and lowering logistics costs by nearly 30% compared to road transport [1] - The opening of nine direct air mail routes by Kashgar Post has improved connectivity to major cities across the country [1] Strategic Initiatives - The express delivery sector is focusing on infrastructure development and automation investments, expanding air network coverage, and promoting green and low-carbon transportation methods [2] - Intelligent scheduling and route optimization are enhancing the level of cooperation between road and rail transport [2] - The growth in the express market is providing strong support for stimulating consumer potential and aiding economic recovery [2]

Core Insights - The express delivery business in China has seen a significant growth of over 16% year-on-year from January to October, with notable increases in the central and western regions [1][3]. Group 1: Industry Performance - In the first ten months, the total express delivery volume reached 1,626.8 billion pieces, marking a year-on-year increase of 16.1% [3]. - The regional distribution of express delivery volume shows that the eastern region accounts for 70.9%, the central region for 19.7%, and the western region for 9.4%. The central and western regions have seen an increase in their share by 1.1 percentage points and 0.6 percentage points, respectively, compared to the same period last year [3]. Group 2: Regional Growth - Several regions, including Shaanxi, Ningxia, and Xinjiang, reported express delivery volume growth rates exceeding 30% [5]. - The opening of nine direct air mail routes by Kashgar Post has enhanced connectivity to major cities such as Shanghai, Zhengzhou, Guangzhou, Beijing, and Hangzhou, covering most provinces and cities in the country [7]. Group 3: Logistics Efficiency - A new logistics model combining "front warehouse + railway trunk line + two-end distribution" has been introduced, allowing for a more efficient transportation process by reducing the traditional three-step process to a one-stop direct delivery [7]. - The implementation of this model has improved overall transportation efficiency by approximately 10%, while reducing logistics costs by nearly 30% compared to road transport [9]. Group 4: Infrastructure and Automation - Express delivery companies are continuously enhancing infrastructure and automation investments, expanding their air network coverage, and promoting green and low-carbon transportation methods such as "railway transport" [11]. - The collaboration between road and rail transport is improving, with intelligent scheduling and route optimization contributing to the accelerated growth of the express delivery market, which supports consumer potential and economic recovery [11].

Core Insights - The Daqin Railway has achieved a cumulative freight volume of over 9 billion tons, setting a world record for a single railway line, which significantly contributes to China's energy security and economic development [1][2] Group 1: Operational Achievements - The Daqin Railway, operational since 1992, has seen its annual freight volume grow from over 20 million tons to a peak of 451 million tons in 2018, demonstrating exponential growth in freight capacity [2] - The railway serves as a crucial channel for coal transportation, accounting for 20% of the national railway coal transport volume, and connects to over 6,000 industrial enterprises [1][2] Group 2: Technological Advancements - Over 30 years, the Daqin Railway has developed advanced heavy-load technology, achieving significant milestones in the operation of 10,000, 20,000, and 30,000-ton trains, positioning China among the few countries with such capabilities [3] - The railway has undergone three major capacity expansions, incorporating advanced technologies such as the fifth-generation rail and intelligent systems for enhanced safety and efficiency [3] Group 3: Environmental Impact - The Daqin Railway's operations have led to substantial environmental benefits, with the transportation of 90 billion tons of freight resulting in the savings of 99 million tons of standard coal and a reduction of 240 million tons of carbon dioxide emissions [4] - The railway's digital and intelligent systems have improved fault detection efficiency by over 50% and overall vehicle maintenance efficiency by 20%, contributing to a safer and greener transportation network [4]

Group 1 - *ST Songfa appointed Chen Hanlun as the new general manager, making him one of the youngest general managers in A-shares at the age of 24 [2][3] - Chen Hanlun holds a master's degree in applied finance and has experience as a tax consultant at PwC Singapore [2] - The company underwent a significant asset restructuring, acquiring 100% of Hengli Heavy Industry, which specializes in shipbuilding and high-end equipment [3][5] Group 2 - The restructuring is expected to accelerate the company's strategic transformation and seek new profit growth points, with Hengli Heavy Industry establishing direct financing channels [3] - The company anticipates a turnaround in profitability, projecting a net profit of 580 million to 700 million yuan for the first half of 2025, compared to losses in the previous year [5] - The international shipbuilding market is experiencing strong demand, with China's ship exports increasing by 22.7% in quantity and 15.5% in value in the first seven months of the year [5]

Core Viewpoint - Guangdong Songfa Ceramics Co., Ltd. has signed a significant contract for the construction of two LNG dual-fuel oil tankers, which is expected to positively impact the company's future performance and enhance its competitiveness in the global shipbuilding market [1][2]. Group 1: Contract Details - The contract was signed by the subsidiary Hengli Shipbuilding (Dalian) Co., Ltd. and does not require board or shareholder approval as it is a routine operational contract without related party transactions [1][2]. - The vessels ordered are 157,000 deadweight tonnage LNG dual-fuel oil tankers, designed to meet international standards for large oil transportation, featuring high load capacity, low fuel consumption, and excellent environmental performance [1]. Group 2: Impact on Company - The execution of this contract is anticipated to have a positive effect on the company's long-term competitiveness and profitability, reinforcing its position in the global shipbuilding market [2]. - The company will recognize revenue from this contract according to accounting standards and the progress of contract execution, with the final impact on annual revenue and profit subject to audit results [2].

Company Overview - ZTO Express handled 85 billion parcels in 1Q25, holding an 189% market share[8] - The company has established a vast network, including 95 sorting hubs and over 31000 pickup/delivery outlets, covering over 99% of county-level cities[8] - ZTO's network partner model (NPM) has increased its market share from 66% in 2011 to 73% in 2024[14] Financial Performance - In Q1 2025, the average selling price (ASP) was RMB 125 per unit[108] - The unit cost of revenue was RMB 094 in Q1 2025[108] - Total revenue reached RMB 10891 million in Q1 2025, a 9% year-over-year increase[111] - Net income for Q1 2025 was RMB 2039 million[117] Strategies and ESG - The company aims to reduce GHG emissions intensity per parcel by 20% by 2028, using 2023 as the base year[91] - ZTO has approximately 110000 last-mile posts covering all provinces and around 300 cities in China[41, 86] - ZTO is expanding into adjacent sectors, including cold chain, air freight, and less-than-truckload (LTL) services[86]

■ 我国物流成本高企的根源在于运输结构失衡与多式联运效率不足的长期矛盾。 公路运输虽承担着七成以上 的货运量， 但其单位成本和碳排放强度远高于水运。在此背景下，加快运河网络与高等级航道建设成为破局 关键——通过提升水运比重优化运输结构，配合智能化港口与自动化装卸设备强化铁水、公水联运的无缝衔 接，可系统性降低物流总成本。 ■ 内陆运河建设正悄然重塑中国经济地理格局。 当西江航道网将西南区域与大湾区的货运时效压缩至36小 时，西部地区低成本能源优势与东部地区沿海港口物流优势自此实现了跨区域联动，为未来优化产业布局提供 了基建基础。这种"空间折叠"效应不仅推动化工、冶金等产业向新能源富集区梯度转移，更促进生产要素在全 国范围内的优化重组，为构建多中心、网络化的产业布局奠定基础，最终推动东中西部从发展断层走向协同共 生的新格局。 ■ 我国水运体系正通过"高标基建—联运协同—智能节点"三层次布局， 支撑国家物流降本与经济一体化战 略：核心主线层面聚焦于高标准航道建设， 未来十年投资缺口 约1万亿元。由线向面的扩展指向多式联运体系 优化。地理条件受限下，需整合水运、铁路、公路等多方式协同。未来仍需进一步投入港口专用线网 ...