Group 1 - The core viewpoint emphasizes that enterprise transformation is essential for survival and development in the digital economy, with Peninsula Harbor Group positioning itself as a comprehensive industrial investment platform driven by technological innovation [1] - Peninsula Harbor Group has established a "government-enterprise linked digital cooperation" system to address core challenges such as funding and profitability for local platform companies, thereby driving high-quality regional economic development [1][5] - The group's empowerment model is centered around "data-driven decision-making," utilizing a self-developed trade information platform and big data center to integrate data assets across departments and industries, enabling real-time monitoring and intelligent analysis [3] Group 2 - The platform employs machine learning algorithms to create credit assessment models that generate financing feasibility reports, assisting financial institutions in quickly identifying risks and providing innovative funding solutions for local platform companies [3] - To address the issues of single profit models and weak risk resistance, the group integrates IoT, blockchain, and AI technologies to create an e-commerce supply chain ecosystem that optimizes cost structures and opens new revenue channels through "data monetization" [3] - The deep integration of technology, industry, and capital is fundamental to Peninsula Harbor Group's precise empowerment, facilitating breakthroughs in development bottlenecks for local platform companies and promoting overall upgrades in regional industrial chains [5] Group 3 - Looking ahead, Peninsula Harbor Group aims to deepen its "technology + industry + capital" driving model, focusing on industrial upgrades, capital empowerment, and technological innovation to build an open, collaborative, and inclusive innovation ecosystem [5] - The group plans to explore diversified government-enterprise cooperation paths in the context of the deep integration of the digital economy and the real economy, contributing wisdom and strength to the construction of a modern industrial system [5]

证券代码：603713 证券简称：密尔克卫 公告编号：2025-063 转债代码：113658 转债简称：密卫转债 密尔克卫智能供应链服务集团股份有限公司 关于公开发行可转换公司债券 2025 年跟踪评级结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 前次债券评级："AA-" ，主体信用评级："AA-"，评级展望：稳定。 ? 本次债券评级："AA-" ，主体信用评级："AA-"，评级展望：稳定。 ? 本次评级结果较前次未发生变化。 根据中国证券监督管理委员会《上市公司证券发行管理办法》《公司债券发 行与交易管理办法》《上海证券交易所股票上市规则》等相关规定，密尔克卫智 能供应链服务集团股份有限公司（以下简称"公司"）委托信用评级机构联合资 信评估股份有限公司（以下简称"联合资信"）对公司 2022 年 9 月发行的"密卫 转债"进行跟踪信用评级。 公司前次主体信用评级结果为"AA-"，"密卫转债"前次债券评级结果为 ，评级展望为"稳定"。评级机构为联合资信，评级时间为 2024 年 6 月 7 ...

Group 1 - The core point of the announcement is the approval of adjustments to the stock option incentive plan, including changes to the exercise price and conditions for granting options [1][2][3] - The supervisory board held its second temporary meeting in 2025, where all members confirmed the authenticity and completeness of the disclosed information [1] - The board approved the adjustment of the exercise price for the stock option incentive plan, ensuring compliance with relevant regulations and no harm to shareholder interests [1][2] Group 2 - The supervisory board confirmed that the conditions for granting the third exercise period of the stock option incentive plan have been met, allowing 32 incentive participants to exercise their options [2] - The board also approved the cancellation of certain stock options, stating that this action complies with regulations and does not harm shareholder interests [3]

Group 1 - The "Opinions" issued by the Central Committee and the State Council aim to deepen reform and expand openness in Shenzhen, enhancing its role in the Guangdong-Hong Kong-Macao Greater Bay Area and contributing to the modernization of the country [1] - The Opinions emphasize the need to improve financial services for the real economy, supporting Shenzhen in conducting integrated financial pilot projects for technology industries [1] - The Opinions propose reforms for the market-oriented allocation of data elements, including the establishment of trading rules and standards, and support for data trading and distribution mechanisms [1] Group 2 - Shenzhen-based company Dongfang Jiasheng Supply Chain Co., Ltd. aligns its business with the Opinions, focusing on data element marketization and service trade innovation [2] - Dongfang Jiasheng leverages its position in the Qianhai Free Trade Zone and Yantian Bonded Zone to implement a global center warehouse model for integrated storage management [2] - The company is experiencing rapid growth in its cross-border e-commerce logistics business, with a focus on building a multimodal transport network [2] Group 3 - Shenzhen-based company Shenkeda specializes in manufacturing new display process equipment for consumer electronics and semiconductor packaging, showcasing strong competitive advantages in the AI and advanced manufacturing sectors [3] - Shenkeda has established extensive collaborations with well-known domestic and international consumer electronics manufacturers, creating a robust industrial ecosystem [3] - The company is positioned to play a significant role in the implementation of policies, contributing to the advancement of new industries in Shenzhen and invigorating regional economic development [3]

Core Viewpoint - International funds are increasingly viewing Hong Kong as a safe haven due to waning confidence in US dollar bonds, leading to a decrease in overnight interbank lending rates and a stable peg of the Hong Kong dollar to the US dollar [1] Group 1: Economic Trends - The global south now accounts for 40% of global GDP and contributes 80% to world economic growth, with mechanisms like the Belt and Road Initiative and BRICS promoting mutual cooperation [1] - Geopolitical shifts are leading to a fragmentation of capital, technology, and talent flows, as well as a regionalization of supply chains and trade systems [1][2] Group 2: Technological and Green Transformation - The competition between the US's high-investment, high-energy model and China's efficient innovation model, represented by DeepSeek, is expected to intensify [2] - The global demand for green transformation funding is projected to be substantial, fostering the development of green technology products and solutions [2] Group 3: Hong Kong's Positioning - Hong Kong's advantages under "One Country, Two Systems" include its status as a free port, common law system, and a currency with a fixed exchange rate, which are increasingly relevant in the current global context [2] - The city aims to enhance its traditional industries while exploring new sectors, particularly in finance, trade, and innovation technology [3] Group 4: Financial Sector Developments - Recent financial data indicates growing confidence from international investors in Hong Kong's capital markets, with efforts to attract more mainland enterprises for fundraising [3] - Hong Kong is actively developing its offshore RMB center to increase liquidity and create more RMB-denominated investment products [3][4] Group 5: Innovation and Talent - Hong Kong is investing heavily in innovation, particularly in AI and biotechnology, and is fostering collaboration across the Greater Bay Area [5] - The city has attracted over 210,000 talents since the end of 2022, enhancing its appeal as a hub for high-end talent [5]

Core Insights - The "Two New" policy in China has significantly boosted the sales of consumer goods, particularly home appliances, with a total sales volume of 1.1 trillion yuan driven by the old-for-new replacement program [1] - The reverse logistics service capabilities of logistics companies are being tested and enhanced due to the increased demand for the recycling and processing of old appliances [1][3] Group 1: Market Dynamics - The old-for-new policy has led to the sale of 7.76 million units of 12 categories of home appliances, with 49.86 million consumers participating in the program [1] - The logistics supply chain is facing higher and more complex demands due to the promotion of consumption upgrades and green circular economy initiatives [3] Group 2: Company Operations - AnDe ZhiLian has established a nationwide recycling network, providing comprehensive reverse logistics services for brands like Midea, including collection, transportation, and compliant dismantling of old appliances [4] - The company has facilitated the recovery and compliant dismantling of 4.6 million units of old appliances through various channels, including over 8,500 old-for-new events planned for 2024 [4] Group 3: Technological Integration - AnDe ZhiLian utilizes digital and intelligent systems to enhance service quality and reduce delivery costs, ensuring a seamless integration of logistics processes [8] - The company has developed a proprietary system for real-time visibility and anomaly alerts during the logistics process, improving operational efficiency [9] Group 4: Environmental Commitment - The reverse logistics market in China accounts for approximately 20% of the total logistics market, presenting growth opportunities for logistics companies [9] - AnDe ZhiLian is committed to low-carbon development and has integrated green logistics practices into its operations, ensuring compliance and resource recycling [18][20] Group 5: Future Outlook - The company aims to further embed smart and green initiatives into its supply chain services, focusing on manufacturing, distribution, and retail logistics [18][20] - AnDe ZhiLian is positioned as a pioneer in smart green logistics, collaborating with industry partners to promote sustainable development and contribute to national carbon neutrality goals [20]

星标 ★ IPO日报 精彩文章第一时间推送 6月10日晚间，武汉光庭信息技术股份有限公司（下称"光庭信息"，301221.SZ）发布公告称，公 司拟以支付现金的方式向苏州优昇科技有限公司等13名交易对手购买成都楷码科技股份有限公司 （下称"楷码科技"）100%股权，交易作价为3.6亿元。其中，公司拟使用超募资金1.8亿元支付本 次交易的部分收购价款，剩余部分使用自有或自筹资金支付。 本次交易完成后，楷码科技将成为上市公司全资子公司，纳入上市公司合并报表范围。 AI制图 增值率242.46% 据悉，楷码科技是一家综合性的软件与信息技术服务商，聚焦于汽车供应链、金融科技、医疗养老 等行业。在信息技术服务领域，楷码科技主要面向日本企业客户，主要提供软件开发测试、IT解决 方案等产品服务。 IPO日报发现，楷码科技曾有过上市计划。 楷码科技官网发布的文章显示，2023年11月30日，楷码科技创立大会暨第一次股东大会在成都召 开，股东大会的顺利召开标志着楷码科技顺利完成股份制改造流程，开始进入上市筹备阶段，为未 来登陆资本市场、申请IPO上市奠定了坚实基础。但截至目前，市场并未传出楷码科技进行上市辅 导的相关消息。 需 ...

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - High dividend yields are favorable for highway and port companies due to declining domestic interest rates, making them attractive for allocation and investment [2] - Mergers and acquisitions are seen as a potential growth source in the transportation sector, particularly in the highway and bulk supply chain segments, supported by low interest rates and low valuations [3] - The rise of new energy and unmanned transportation is expected to benefit platform companies, with a focus on digital freight and ride-hailing services [4] Summary by Sections 1. Aviation - The aviation industry is expected to see a turning point in supply and demand by 2025, with cumulative revenue growth for airlines projected to match the increase in aircraft numbers [7] - Airlines are likely to experience a recovery in aircraft utilization hours and passenger load factors, leading to increased revenue per passenger kilometer [11] 2. Highways - The defensive value of high dividend highway companies is decreasing as the A-share index rebounds, while their investment value is increasing due to declining interest rates [27] - There is significant potential for mergers and acquisitions in the highway sector, with many listed highway companies having substantial room for asset securitization [30] - Companies like Guangdong Expressway A and Shandong Expressway are highlighted for their high return on equity and dividends [27] 3. Railways - Short-term growth in railway freight and passenger volumes is low, but there is potential for long-term growth driven by new energy vehicles and unmanned driving technologies [36] - The container transport volume in railways is expected to grow significantly, supported by various initiatives like the Belt and Road Initiative [42] 4. Express Delivery - The express delivery industry is experiencing rapid growth in both volume and revenue, with major players like Zhongtong Express and YTO Express showing increasing profits [45] - Price competition is easing, which may present investment opportunities in the sector [46] 5. Bulk Supply Chain - Major bulk supply chain companies in China are seeing a decline in market share, but their revenues remain among the highest globally [51] - Companies like Wuzhou International and Jianfa Group are actively engaging in mergers and acquisitions to enhance their market position [54] 6. Shipping - The shipping industry is facing challenges due to potential declines in global trade volumes as a result of U.S. tariffs, which may pressure shipping rates [57] - The oil shipping sector may benefit from lower oil prices leading to increased demand for oil replenishment [63] 7. Ports - Port container throughput is expected to show resilience despite fluctuations in export growth, with stable pricing anticipated [70] - The report emphasizes the importance of reducing logistics costs, which may limit the potential for rate increases in port fees [70] 8. New Energy and Unmanned Transportation - The adoption of new energy vehicles is significantly reducing travel costs, while smart driving technologies are expected to lower labor costs in transportation [74] - Companies in the ride-hailing and digital freight sectors are projected to experience substantial growth due to these technological advancements [77]

Core Points - The successful import of 13 tons of live clams and grouper from Bangkok to Ordos marks a significant breakthrough for the Ordos aviation port in the import of fresh aquatic products and edible aquatic animals [1][3] - The customs clearance process for these perishable goods was expedited, taking only 2.5 hours from landing to release, highlighting the efficiency of the customs service [3] Group 1 - The Ordos Customs has strengthened supervision and optimized services to promote the import of high-quality fresh aquatic products from Southeast Asia, contributing to the foreign trade development of Inner Mongolia [3] - A special guarantee plan was developed to meet the high timeliness requirements for the import of live aquatic products, including early declaration, priority review, appointment inspection, and rapid release [3] - The comprehensive designated supervision area for imported fruits, edible aquatic animals, and fresh aquatic products at the Ordos aviation port was approved by the General Administration of Customs in 2023, making it the first of its kind in Northwest China [3] Group 2 - Imported fruits and aquatic products can be directly transported to Ordos City, with fresh fruits and seafood being delivered to major markets in the city within one hour and to neighboring cities like Hohhot, Baotou, and Yulin within 2 to 3 hours [3]

Group 1 - The Guangdong-ASEAN International Supply Chain Cooperation Alliance was officially established to enhance international cooperation in advanced manufacturing, green agriculture, and international trade [1][2] - A series of cooperation outcomes were announced, including a memorandum of cooperation signed between the Guangdong Provincial Council for the Promotion of International Trade and ASEAN business organizations [2] - The "Yue Chain ASEAN" online service platform was launched to support cross-border cooperation in supply chains and promote bilateral trade and investment growth [2] Group 2 - Five overseas trade and investment service centers were established in Cambodia, Malaysia, Singapore, Indonesia, and Vietnam to facilitate market expansion for Guangdong enterprises [2] - The China-ASEAN Business Council Guangdong Liaison Office was inaugurated to strengthen dialogue and cooperation between Chinese and ASEAN business communities [2] - The event facilitated seven cooperation projects, including investments exceeding $3.1 billion, involving partnerships between Guangdong enterprises and international companies [3]