（金鹏航空供图） 为了这条航线的顺利开航，金鹏航空各部门上下一心克服市场开拓、航权审批、时刻申请、语言障碍等 重重困难，彰显了中国物流企业的责任担当。 《中国民航报》、中国民航网 记者胡夕姮 通讯员刘国琦 报道：北京时间10月4日17时14分，金鹏航空 Y87445满载近百吨普货，历经约6小时的飞行，落地印度德里英迪拉·甘地机场，这标志着金鹏航空上海 浦东至德里国际全货机航线正式投入运营，为贸易往来再添动力。 据悉，这是金鹏航空近期开通的第三条国际货运新航线，亦是继10月3日开通上海浦东—孟买航线后， 开通的第二条直飞印度的国际货运航线，进一步拓宽了航空物流通道。 此次航班由金鹏航空首架波音777F全货机执飞，运输的货物商品种类包括机械设备、电子产品、服 装、家居用品等。此次投运的波音777F全货机最大业载可达103吨，在满载状态下能够飞行9200公里， 能够大幅缩短货物的运输时间，仅需约6小时即可从上海浦东抵达印度德里，对时效性要求极高的货物 提供了更为可靠的运输选择。这不仅有助于提升贸易的效率，还能增强企业在国际市场上的竞争力。 全球跨境电商的持续发展，对物流的时效性和稳定性提出了较高的要求。金鹏航空敏锐 ...

这是(这是V:(Wi176-8247-3002)整理的信息)整理的信息，希望能帮助到大家 桐乡联邦国际快递作为一家专注于国际物流服务的企业，在全球贸易日益频繁的背景下，扮演着重要的角色。随着跨境电商和国际贸易的快速发展，快递行 业面临着现代的机遇与挑战。本文将围绕桐乡联邦国际快递当前所面临的主要挑战进行分析，探讨相应的解决方案，并展望其未来的发展方向。 当前挑战 1.物流成本压力 国际快递业务涉及多个环节，包括仓储、运输、报关及末端配送等。由于国际运输时间较长，涉及多国政策和复杂的操作流程，导致整体物流成本较高。燃 油价格波动、航运费用上涨以及人工成本增加，都加剧了这方面的压力。 2.跨境通关复杂 不同国家和地区的海关政策、进口标准和税费规定存在较大差异。桐乡联邦国际快递需要应对各种繁琐的报关手续，确保货物顺利通关。此外，部分国家对 于特定商品有严格限制，增加了通关的难度和不确定性。 3.服务时效与客户体验 现代消费者对快递时效的要求越来越高，尤其是在跨境购物中，客户期望能够尽快收到货物。然而，国际物流涉及多段运输，环节多且复杂，时效控制难度 较大。同时，运输途中信息透明度不足，也影响客户体验。 4.信息技术 ...

Core Viewpoint - The reopening of the "Yiwu-Madrid" China-Europe Railway Express at the Polish-Belarusian border marks a significant recovery for international logistics after a 13-day closure due to geopolitical tensions, impacting numerous freight operations and highlighting the importance of this route for cross-border trade [2][12][29]. Group 1: Impact of Border Closure - Approximately 350 China-Europe trains were stranded at the border during the 13-day closure, with an estimated recovery time of three to four weeks for normal operations to resume [3][12]. - The closure of the Polish-Belarusian border was a significant disruption, as around 90% of China-Europe trains transit through Poland, making it a critical hub for logistics [12][27]. - The closure led to increased pressure on supply chains, with many businesses facing inventory shortages and potential disruptions in their operations [12][15]. Group 2: Alternative Solutions - Companies have begun to explore alternative transportation methods, including air and sea freight, to mitigate the impact of the border closure [16][21]. - Air freight is significantly more expensive, costing about three times more than rail, while sea freight is cheaper but takes longer, with delivery times extending by 20 to 30 days compared to rail [23]. - Logistics firms are advising clients to adapt their shipping strategies, utilizing air or sea options for urgent shipments while awaiting the resumption of rail services [17][21]. Group 3: Future Outlook - Despite the recent disruptions, there is confidence in the continued viability of the Poland route for logistics, as it remains economically advantageous and efficient compared to alternative routes [26][29]. - The development of new shipping routes, such as the Arctic shipping line, which significantly reduces transit times to Europe, is being closely monitored by logistics companies [30][31]. - The overall impact of the border closure on the broader logistics industry appears limited, with many businesses in the cross-border trade sector demonstrating resilience and adaptability [28][29].

编号：2025-008 投资者关系活动类别 ☑ 特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 □业绩说明会 □路演活动 □其他（请文字说明其他活动内容） 活动参与人员 广发证券、杭银理财、华能贵诚信托共计 3 人 上市公司人员 董事会秘书：赵婧；证券事务代表：李林，以及相 关工作人员 时间 2025 年 9 月 23 日(周二) 10:00-11:00 地点 国货航综合办公楼 816 会议室 形式 现场调研 投资者关系活动主 要内容介绍 公司就投资者在本次现场调研中提出的问题进行了 回复： 问题一：请先介绍下公司上半年经营情况，以及上 半年业绩增长的原因？ 答：公司 2025 年上半年实现营业收入 109.35 亿 元，同比增长 21.92%；归属于上市公司股东的净利 润 12.40 亿元，同比增长 86.15%，归属于上市公司 股东的扣除非经常性损益的净利润 11.98 亿元，同 比增长 82.64%。业绩增长的主要原因系公司积极应 对外部环境的扰动，机队规模和航线结构实现扩充 和优化，新增运能有效投入；航空油料综合价格同 比下降，提升了公司的盈利水平；货站板块和地面 | 综合物流板块均 ...

Group 1 - The core point of the article is that Jiacheng International (603535) has signed a tripartite supervision agreement for the storage of raised funds, reallocating remaining funds from a completed project to a new project [1][2] - As of September 16, 2025, Jiacheng International's stock closed at 12.8 yuan, up 3.9% from the previous trading day, with a total market value of 6.54 billion yuan [1] - The company will reserve 51.8535 million yuan for the original project's contract tail payment and warranty, to be executed by its wholly-owned subsidiary, Guangzhou Dajin Supply Chain Management Co., Ltd. [1] Group 2 - The tripartite supervision agreement involves Jiacheng International, Guotai Junan Securities Co., Ltd., and Ping An Bank Co., Ltd. Guangzhou Branch, with the account opened at Ping An Bank [2] - The agreement stipulates that the supervising institution will conduct on-site inspections of the company's fund storage and usage every six months [2] - The agreement will be effective upon signing and will remain in effect until all funds are spent and the account is closed or terminated by mutual agreement [2]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates have significantly increased, with the China Import Crude Oil Composite Index (CTFI) rising by 14.3% to 1469.65 points as of September 11 [3][15] - The shipping market is experiencing a divergence in freight rates, with European routes seeing a decline while American routes continue to rise [16] - Cambodia's national airline plans to purchase 20 C909 aircraft from COMAC, and XPeng's eVTOL has received a flight certificate in the UAE [17][18] - Cainiao and Qatar Airways have formed a strategic partnership, with national social logistics totaling over 200 trillion yuan from January to July, reflecting a 5.2% year-on-year growth [23][25] Summary by Sections Industry Hot Events - Crude oil freight rates have surged, with the Middle East route freight rate increasing by 14.16% [14] - Cambodia's national airline intends to order 20 C909 aircraft, with 10 confirmed and 10 as intentions [17] - Cainiao and Qatar Airways have established a strategic cooperation to enhance cross-border e-commerce logistics [23] Industry High-Frequency Data Tracking - Air logistics prices remain stable, with the Shanghai outbound air freight price index at 4489.00 points, down 7.0% year-on-year [26] - The domestic freight volume for July increased by 15.04% year-on-year, with total express business volume reaching 164 billion pieces [51] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy [5] - Pay attention to the low-altitude economy investment opportunities, suggesting companies like CITIC Offshore Helicopter [5] - Consider investment opportunities in the road and rail sectors, recommending companies such as Gansu Expressway and Beijing-Shanghai High-Speed Railway [5] - Explore investment opportunities in the express delivery sector, recommending SF Express and Yunda [5]

依托卡塔尔航空货运的运营能力，菜鸟将每周中国至欧洲核心航线的货运航班增加一倍以上，提升 运力密度、增强航班稳定性和舱位保障。这将为速卖通等跨境电商平台和商家提供更灵活的发货时间选 择和更强的履约确定性，帮助其从容应对大促高峰，提升海外消费者购物体验。 9月10日，在菜鸟举办的2025年全球智慧物流峰会上，菜鸟集团与卡塔尔航空货运正式宣布开启长 期战略合作，全面升级双方伙伴关系，共同提升跨境电商物流体验。 国家邮政局网声明：此消息系转载，国家邮政局网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考。 菜鸟集团首席执行官表示："卡塔尔航空货运是全球公认的货运行业领先者。此次深化合作，进一 步夯实了菜鸟全球物流网络的竞争力，体现了菜鸟集团持续提升国际物流服务品质的决心。" ...

Core Insights - The article highlights the strategic partnership between Cainiao Group and Qatar Airways Cargo, aimed at enhancing cross-border e-commerce logistics and addressing the evolving demands of the global e-commerce market [2][3]. Group 1: Strategic Partnership - Cainiao Group and Qatar Airways Cargo have announced a long-term strategic cooperation to upgrade their partnership and improve cross-border e-commerce logistics experiences [3]. - The collaboration will double the weekly cargo flights from China to key European routes, enhancing capacity density, flight stability, and space assurance [3]. - This partnership reflects a deep mutual trust and a shared vision for the future of global e-commerce logistics [3]. Group 2: Supply Chain and Logistics - Cainiao is focusing on strengthening the Chinese supply chain while replicating advanced supply chain experiences overseas to support Chinese brands' international expansion [4]. - The logistics demand is shifting towards a combination of "cross-border direct mail + overseas warehouses + local delivery" models, indicating a need for logistics companies with global networks and stable performance capabilities [2]. Group 3: Logistics Technology - Cainiao's logistics technology business has seen significant growth, with overseas sales increasing by over 150% year-on-year, outpacing industry averages [5]. - The logistics industry is expected to experience rapid growth in digitalization over the next five years, driven by the penetration of AI technology [5]. Group 4: Cross-Border Logistics Efficiency - Enhancing cross-border logistics efficiency is crucial for improving consumer experience and repurchase rates, with a reduction of one hour in delivery time potentially increasing repurchase rates by 1%-3% [6]. - Cainiao announced an upgrade to its "Global Five-Day Delivery" service, which will expand to six new core countries in Eurasia, ensuring packages can reach Europe in as little as five natural days [6]. - The upgraded service is now available to all cross-border e-commerce platforms and merchants, establishing a new industry benchmark for delivery speed [6].

Core Insights - The article highlights the growing importance of air freight in the international supply chain, particularly in the context of cross-border e-commerce, with China being a key market for international air cargo companies [3][4]. Group 1: Market Dynamics - Qatar Airways Cargo operates 67 freighter flights weekly from China, expected to increase to 71 by November, providing a capacity of 7,100 tons, which will rise to 8,000 tons when including passenger aircraft bellyhold capacity [3][14]. - The partnership with Cainiao aims to enhance cross-border e-commerce logistics, doubling the frequency of cargo flights on key routes from China to Europe [3][4]. Group 2: Strategic Importance - China is identified as a crucial trade partner and core source of air freight demand, with Qatar Airways Cargo's collaboration with Cainiao responding to the rapid growth in global e-commerce [4][14]. - The strategic location of Qatar in the modern Silk Road enhances its role as a logistics hub for transporting goods from Asia to Africa, the Middle East, and Europe [9]. Group 3: Future Growth Areas - Qatar Airways Cargo is optimistic about emerging markets such as the Middle East, India, Africa, and Latin America, which are expected to experience faster growth compared to mature markets like China, the US, Japan, and Europe [6][8]. - The company anticipates growth in specific sectors over the next three years, including semiconductors, aerospace, and pharmaceuticals, due to their high value and demand [12][13]. Group 4: Operational Enhancements - The air cargo industry is increasingly focused on improving delivery reliability and reducing costs, with digitalization being a key area for investment to enhance efficiency [7][16]. - Qatar Airways Cargo has implemented measures to reduce fuel consumption by 25% and is investing in digital technologies to catch up with other industries [16].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - In the first half of 2025, the company experienced fluctuations in its comprehensive logistics solutions segment due to tariff policies, but overall revenue and gross profit saw a slight year-on-year decline. However, the net profit attributable to shareholders increased by 0.9% year-on-year, demonstrating operational resilience [1][3] - The company effectively managed its operating expenses and benefited from special subsidies and increased revenue from cooperative routes, which contributed to the growth in net profit [7] - The company is expected to maintain steady growth in performance due to proactive adjustments in route structure and the introduction of additional capacity [1][3] Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 11.26 billion yuan, a year-on-year decrease of 0.3%, and a net profit of 1.29 billion yuan, a year-on-year increase of 0.9%. In Q2 2025, revenue was 5.77 billion yuan, down 4.8% year-on-year, while net profit grew by 8.0% year-on-year [3][7] - The revenue breakdown shows that air express, ground comprehensive services, and comprehensive logistics solutions had year-on-year changes of +8.5%, +5.4%, and -8.3%, respectively [7] Cost Management - The company reported a reduction in financial expenses by 100 million yuan year-on-year, leading to a decrease in total expenses by 50 million yuan year-on-year, with the expense ratio declining by 0.4 percentage points to 3.4% [7] - The gross profit margin for the air express, ground comprehensive services, and comprehensive logistics solutions segments saw year-on-year changes of +7.4%, -10.1%, and -2.5%, respectively, indicating a stable overall gross profit [7] Future Outlook - The company is expected to see net profits of 2.65 billion yuan, 2.95 billion yuan, and 3.35 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 9.3, 8.3, and 7.4 times [7] - The report highlights the potential for continued improvement in cross-border air transport demand, supported by the recovery of TEMU's full management in the U.S. by the end of July [7]