中金研究 2025年上半年，交运板块呈现小票跑赢大票、H股跑赢A股的特点，一方面反映H股估值更低、股息更高的吸引力，另一方面主题性行情频发。 下半年 我们继续提示看好港股，并关注两类机会，一是跟随分红尤其是自由现金流进行配置， 包括： 1）传统的高股息板块， 看好基本面有预期差、估值低 的标的， 2）集运， 看好亚洲和内贸集运市场，短期（下半年旺季）和长期（小船供给少、区域需求增速更高）逻辑均有利，3）自由现金流改善、未 来股东回报有望提升，。 二是关注下半年可能存在边际变化、目前估值和预期偏低的板块， 如 1）物流，关注新技术（+AI）、新市场（全球拓 展），新模式（即时零售高景气），2）油运， 产量增在前、出口增在后，旺季四季度开启， 3）加盟制快递， 监管、平台和市场三重因素达成新的 平衡，竞争边际缓和有望带来估值修复， 4）航空， 票价改善叠加燃油成本下降，盈利同比大幅提升。 点击小程序查看报告原文 展望下半年，我们认为交运行业主要关注三类机会：1）交运港股标的机会，2）红利板块，3）现金流改善的标的。 Abstract 摘要 航空机场： 航空行业供需格局持续优化。我们预计未来四年全行业机队数量复合增 ...

Fixed Income - The overall credit spread across various industries has compressed, with the AA agricultural, forestry, animal husbandry, and fishery sector experiencing a significant reduction of 9 basis points [2][9] - The issuance rates for AA-rated industrial bonds and AAA-rated financial bonds have decreased significantly, while the issuance rate for AA-rated urban investment bonds has increased [7] - The market is optimistic about credit bonds yielding over 2%, suggesting investors should consider extending duration and exploring opportunities in the newly approved science and technology innovation bond ETFs [10] Maternal and Infant Industry - Recent government policies aimed at encouraging childbirth, such as childcare subsidies and housing benefits, are expected to stimulate the maternal and infant industry [12] - The maternal and infant consumption market in China is projected to reach 762.99 billion yuan in 2024, with a steady growth trend from 2018 to 2024 [12] - The market for maternal and infant chain stores is growing, with a compound annual growth rate of 9.1% expected from 2019 to 2024, indicating significant room for growth in lower-tier cities [12][13] Transportation Industry - The Southeast Asian e-commerce sector, particularly TikTok Shop, has shown substantial growth, benefiting logistics companies in the region [16][17] - The civil aviation sector is entering a peak travel season, with domestic flight bookings exceeding 21.01 million in the first month of the summer travel period [19] - The introduction of autonomous delivery vehicles by companies like Shentong and JD Logistics is expected to enhance delivery efficiency and reduce costs significantly [18][29] Deep Sea Economy - The deep-sea economy is gaining attention, with the national marine production value projected to reach 10.54 trillion yuan in 2024, growing at a rate of 5.9% [34] - The marine engineering equipment manufacturing sector is experiencing rapid growth, with an expected increase in value added from 1,032 billion yuan in 2024 to 1,126 billion yuan in 2025 [34] - There are 11 companies listed on the North Exchange involved in the deep-sea economy, indicating a growing interest in this sector [34][35] AI Applications - The AI companionship product "EVE" has begun testing, highlighting the advancement of AI applications in various sectors such as e-commerce, gaming, and education [12] - Major tech companies like Tencent, Alibaba, and ByteDance are continuously iterating on foundational technologies and products, indicating a competitive landscape in AI development [12] Shipping and Logistics - The shipping industry is expected to benefit from OPEC+'s production increase, which may enhance the demand for oil transportation [23][31] - The logistics sector is seeing a shift towards more efficient operations, with companies like Shenzhen International and DeBang Logistics poised for growth due to strategic transformations [30] - The overall shipping market is recovering, with environmental regulations driving the retirement of older vessels, thus improving market conditions [31][32]

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2025 年 07 月 07 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 板块表现： 关注东南亚电商快递，民航迎暑运旺季 投资评级： 看好（维持） —交通运输行业周报（2025 年 6 月 30 日-2025 年 7 月 6 日） 投资要点： 一、行业动态跟踪 1）TikTok Shop 二季度东南亚电商 GMV 环比高增长，关注东南亚电商快递企业受 益。 7 月 3 日，Echo Tik 发布 TikTok Shop 2025Q2 报告，平台在泰国/印尼/越南/ 菲律宾/马来 ...

华泰联合证券有限责任公司 关于 四川宏达股份有限公司 收购报告书 之 财务顾问报告 财务顾问 二〇二五年七月 财务顾问声明 根据《中华人民共和国公司法》 《中华人民共和国证券法》 《上市公司收购管 行动人已作出承诺，保证其所提供的资料均为真实、准确、完整的原始书面资料 或副本资料，副本资料或复印件与其原始资料或原件一致，所有文件的签名、印 章均是真实的；所有文件和材料不存在虚假记载、误导性陈述或重大遗漏，并对 所提供信息的真实性、准确性和完整性承担法律责任。 证，未发现虚假记载、误导性陈述或者重大遗漏，并对此承担相应的责任。 《收购报告书》的内容不存在实质性差异。 并同意出具此专业意见。 取严格的保密措施，严格执行风险控制和内部隔离制度，不存在内幕交易、操纵 市场和证券欺诈问题。 购相关各方及其关联公司的任何投资建议；投资者根据本财务顾问核查意见所作 出的任何投资决策而产生的相应风险，本财务顾问不承担任何责任。 判断、确认或批准。 一致行动人出具的《收购报告书》以及相关的上市公司公告全文和备查文件。 中列载的信息和对本财务顾问报告做任何解释或者说明。 财务顾问承诺 理办法》及《公开发行证券的公司信息披露内容与 ...

Group 1 - The acquisition is led by Shudao Group, which aims to optimize the capital structure of Hongda Co., improve liquidity, and enhance control over the company [13][14] - Shudao Group will acquire 609,600,000 shares of Hongda Co. at a price of 4.68 yuan per share, totaling approximately 2.85 billion yuan [16][17] - After the acquisition, Shudao Group will hold 1,245,914,805 shares, representing 47.17% of Hongda Co.'s total share capital [14][15] Group 2 - Shudao Group is a state-owned enterprise controlled by the Sichuan Provincial State-owned Assets Supervision and Administration Commission, with a registered capital of 54.226 billion yuan [6][7] - Hongda Co. has faced financial difficulties, including bankruptcy restructuring, but the restructuring plan has been approved and completed [9][13] - The financial data of Shudao Group shows total assets of approximately 150 billion yuan and net profit of about 590 million yuan for the latest fiscal year [8][9] Group 3 - The acquisition has been approved by the necessary corporate governance bodies, including the board of directors and the shareholders' meeting of Hongda Co. [14][15] - The acquisition is structured to ensure that the controlling shareholder and actual controller of Hongda Co. remain unchanged post-acquisition [14][15] - Shudao Group and its concerted actors have not faced any significant legal or administrative penalties in the last five years [9][11]

Core Viewpoint - Sichuan Hongda Co., Ltd. is undergoing a significant acquisition process led by Shudao Investment Group, which aims to increase its stake in the company and has received necessary approvals from relevant authorities [1][2][3]. Group 1: Acquisition Details - Shudao Group currently holds 31.31% of the voting rights in Hongda Co., consisting of 486,314,805 shares directly and additional shares through its subsidiaries [3]. - The acquisition involves issuing 609,600,000 new shares, and Shudao Group has committed not to transfer these shares for 36 months post-listing [3][4]. - The acquisition has been approved by the non-related shareholders at the company's second extraordinary general meeting in 2024, allowing Shudao Group to bypass the mandatory offer requirement [2][3]. Group 2: Financial Overview - Shudao Group's total assets reached approximately 150.03 billion yuan in 2024, with a net profit of about 590.63 million yuan [26]. - The financial performance of Shudao Group over the last three years shows a steady increase in total assets and net assets, indicating a robust financial position [26]. - Hongda Industrial, a subsidiary of Shudao Group, has faced financial difficulties, entering bankruptcy restructuring in 2023, but has since completed its restructuring plan [29][30]. Group 3: Corporate Structure - Shudao Group is a state-owned enterprise under the supervision of the Sichuan Provincial State-owned Assets Supervision and Administration Commission, holding 100% of its shares [27]. - Hongda Industrial and Tianfu Chunxiao, both acting in concert with Shudao Group, are also under the control of the Sichuan Provincial State-owned Assets Supervision and Administration Commission [27][30]. - Tianfu Chunxiao was established as a special purpose vehicle to mitigate risks associated with Sichuan Trust Co., Ltd. [30].

截至2025年6月27日收盘，皖通高速（600012）报收于17.1元，较上周的18.45元下跌7.32%。本周，皖 通高速6月24日盘中最高价报18.54元。6月27日盘中最低价报16.89元。皖通高速当前最新总市值292.17 亿元，在铁路公路板块市值排名6/33，在两市A股市值排名519/5151。 公司公告汇总：皖通高速2024年度股东大会审议通过多项议案，包括每股派发现金红利人民币 0.604元。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总 皖通高速2024年年度股东大会于2025年6月24日在安徽省合肥市召开，会议由董事长汪小文主持，出席 股东及代理人共118名，持有表决权股份总数1,207,504,879股，占公司有表决权股份总数的70.67%。会 议审议通过了以下议案：- 2024年度董事会报告- 监事会报告- 经审计财务报告- 年度利润分配方案：每 股派发现金红利人民币0.604元（含税），共计派发现金红利人民币1,031,989,500.96元（含税）- 2025年 度全面预算- 预计2025年 ...

上海锦江在线网络服务股份有限公司 信息披露事务管理制度 第一章 总 则 第一条 为规范上海锦江在线网络服务股份有限公司（以下简称"公司"）及相关信息 披露义务人的信息披露行为，促进公司依法规范运作，保障信息披露真实、及时、准确、完 整，维护公司和投资者的合法权益，根据《中华人民共和国公司法》 （以下简称"《公司法》" ）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司信息披露管理办法》《上海 证券交易所上市公司自律监管指引第 2 号——信息披露事务管理》《上海证券交易所股票上 市规则》（以下简称"《股票上市规则》"）和其他有关法律、行政法规、部门规章、规范性文 件(以下合称"法律法规")及《上海锦江在线网络服务股份有限公司章程》 （以下简称"《公 司章程》"）的有关规定，制定本制度。 第二条 公司及相关信息披露义务人应当及时依法履行信息披露义务，披露的信息应当 真实、准确、完整，简明清晰、通俗易懂，不得有虚假记载、误导性陈述或者重大遗漏。 公司及相关信息披露义务人披露的信息应当同时向所有投资者披露，不得提前向任何单 位和个人泄露。但是，法律法规另有规定的除外。 在内幕信息依法披露前，内幕信息 ...

Core Points - The article outlines the management system for related party transactions of Shanghai Jinjiang Online Network Service Co., Ltd, aiming to standardize related party transactions, enhance operational compliance, and protect the rights of shareholders [2][3]. Group 1: General Principles - The company must ensure that related party transactions are fair, necessary, reasonable, and legal, maintaining independence and avoiding financial manipulation [2][3]. - Related party transactions should be disclosed in accordance with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [2][3]. Group 2: Definition of Related Parties - Related parties include both legal entities and natural persons that have control or significant shareholding in the company [3][4]. - Specific criteria are established to identify related legal entities and natural persons, including those holding more than 5% of shares [3][4]. Group 3: Reporting and Disclosure - Company directors and significant shareholders must report related party relationships to the board for proper management [5][6]. - Transactions exceeding certain thresholds require approval from independent directors and must be disclosed to shareholders [6][7]. Group 4: Pricing and Valuation - Related party transactions must be conducted at fair market prices, with specific pricing methods outlined, such as cost-plus and comparable uncontrolled price methods [12][13]. - If pricing cannot be determined by standard methods, the company must disclose the rationale and ensure fairness [14][15]. Group 5: Special Provisions for Daily Transactions - Daily related party transactions must follow specific procedures for approval and disclosure, including annual reporting of their execution [29][30]. - Certain transactions may be exempt from the related party transaction rules if they do not involve payment or obligations [30][31]. Group 6: Asset Transactions - When purchasing or selling assets to related parties, the company must disclose financial metrics and ensure that transactions do not lead to non-operational fund occupation by controlling shareholders [16][17].

上海锦江在线网络服务股份有限公司 投资者关系管理制度 第一章 总 则 第四条 本制度是公司投资者关系工作的基本行为指南，公司应按照本制度的精神和要 求，积极、主动地开展投资者关系工作。公司控股股东、实际控制人以及董事和高级管理人 员应当高度重视、积极参与和支持投资者关系管理工作。 第一条 为进一步规范和加强上海锦江在线网络服务股份有限公司（以下简称"公司"） 与投资者之间的信息沟通，加深投资者对公司的了解和认同，强化公司与投资者之间的良性 互动关系，促进公司诚信自律、规范运作，以利于完善公司法人治理结构，提高公司的核心 竞争力和投资价值，实现公司价值最大化和股东利益最大化，切实保护投资者特别是中小投 资者的合法权益，根据《中华人民共和国公司法》 《中华人民共和国证券法》 《上海证券交易 所股票上市规则》 《上市公司投资者关系管理工作指引》《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》、其他有关法律、行政法规、部门规章、规范性文件、上海证券 交易所相关规定(以下合称"法律法规")和《上海锦江在线网络服务股份有限公司章程》（以 下简称"《公司章程》 "）的有关规定，并结合本公司的实际情况，特制定本 ...