Group 1 - The core point of the article is the official launch of the Chongqing Wushan-Nanjing Wushan Crisp Li air transport route by China Post, marking a significant step in promoting local agricultural products and enhancing logistics for rural revitalization [1][4]. - The Wushan Crisp Li, a nationally recognized geographical indication product, is positioned as an ecological agricultural brand, benefiting from the development opportunities in the Chengdu-Chongqing economic circle [4]. - The air transport route will operate daily from July 5 to July 30, 2023, facilitating the rapid delivery of high-quality agricultural products across the country within 24 hours [5]. Group 2 - The Wushan airport, known as a "cloud airport," is situated at an altitude of 1771.48 meters, which presents unique operational challenges that have been addressed by China Post's aviation and ground support teams [5]. - In addition to the Wushan-Nanjing route, China Post has launched six summer express air routes this year, enhancing the logistics network for various agricultural products [5].

Core Insights - The launch of the Zhuhai Jinwan Airport International Smart Logistics Park has significantly enhanced the logistics capabilities for transporting fresh lychees from southern China to northern markets, establishing a rapid delivery system [1][2] - The logistics park, with a construction area of 104,000 square meters, is the largest multi-layer and intelligent airport cargo station in China, facilitating the efficient transfer of goods [1] - The airport's cargo handling capacity for lychees has increased approximately threefold compared to 2023, allowing for next-day or same-day delivery to cities like Beijing, Xi'an, Qingdao, and Harbin [1] Logistics and Transportation - The Zhuhai Jinwan Airport serves as a logistics hub on the west bank of the Pearl River Estuary, with the new logistics park marking the full activation of the logistics carriers along the western route of the Hong Kong-Zhuhai-Macao Bridge [2] - The airport's cargo capacity will increase from 50,000 tons per year to 136,000 tons per year, enabling efficient transportation of goods to Hong Kong and Macau via truck, thus reducing logistics costs for businesses [2] - The newly opened all-cargo flight route between Zhuhai and Zhengzhou enhances the logistics network, facilitating the flow of fresh agricultural products as well as electronic information products and high-end manufacturing components [1][2]

Core Viewpoint - Zhengzhou Airport and Thailand's Eastern Economic Corridor signed a strategic cooperation memorandum to enhance cross-border logistics and trade, focusing on the establishment of a cargo route between Zhengzhou Airport and U-Tapao Airport, and promoting collaboration in various industries such as electronic information, new energy vehicles, and biomedicine [1][3][4]. Group 1: Logistics and Trade - The cooperation aims to build an "air + rail + road" cross-border logistics channel to improve trade facilitation between the two regions [3]. - A cargo route between Zhengzhou Airport and U-Tapao Airport will be developed, creating a dual hub to ensure the rapid flow of tropical fruits, seafood, and electronic information products [3][4]. - A cross-border logistics data sharing platform will be explored to support e-commerce enterprises in establishing overseas warehouses, enhancing trade clearance integration and storage sharing [3]. Group 2: Industry Collaboration - The partnership will promote deep integration of advanced manufacturing industry chains, facilitating communication and investment platforms for sectors like electronic information, battery technology, automotive parts, new energy, and digital economy [3][4]. - The cooperation will leverage industry demands and technology transfer to strengthen talent exchange and training, fostering innovation and development [3][4]. Group 3: Cultural and Knowledge Exchange - Zhengzhou Airport will utilize the Aviation Metropolis Research Institute as a platform for sharing experiences in aviation metropolis planning and development with Thailand's Eastern Economic Corridor [4]. - The collaboration is seen as a significant step in enhancing cooperation fields and levels, marking the 50th anniversary of diplomatic relations between China and Thailand [4].

Group 1 - The launch of the direct cargo flight route from Hangzhou to Tashkent marks Zhejiang Province's first direct cargo route to Central Asia, enhancing logistics efficiency with a customs clearance process reduced to 1 hour [1] - The route operates twice a week, taking only 6 hours to reach Tashkent, with a maximum payload of approximately 50 tons, facilitating the export of daily goods and clothing from Zhejiang and the import of fresh fruits from Uzbekistan [1] - The opening of this route optimizes the global supply chain and injects new momentum into regional economic cooperation under the Belt and Road Initiative [1] Group 2 - Zhejiang Airport Group is enhancing its "72-hour global reach" air cargo network, operating a total of 53 international cargo routes covering three continents [2] - Plans for the second half of the year include increasing flights to Europe and America and exploring intercontinental cargo routes, aiming for an international cargo level exceeding 30% for the year [2]

Core Viewpoint - FedEx has received the "Pharmaceutical Logistics Independent Validation Excellence Center" certification from IATA for its Asia-Pacific hub at Guangzhou Baiyun International Airport, marking it as the first global logistics company to achieve this certification in both air hub and ground operations [1] Company Summary - FedEx's certification ensures the highest standards in handling and transporting temperature-sensitive healthcare products, such as pharmaceuticals and vaccines, within its air logistics network [1] - The President of FedEx China, Xu Baoyan, emphasized the growing demand for professional logistics services in China's healthcare sector, highlighting the company's unique advantages in providing one-stop global delivery services and intelligent digital solutions [1] - FedEx's data indicates that the Chinese pharmaceutical logistics market is expected to experience significant growth, with a projected compound annual growth rate (CAGR) of 10% to 12% from 2025 to 2030 [1] Industry Summary - In the healthcare and pharmaceutical sectors, air logistics customers require closed-loop temperature control services to ensure product stability and efficacy [1] - FedEx leverages decades of expertise, a robust global transportation network, and customized time-sensitive delivery services to provide tailored solutions for clinical trials, biopharmaceuticals, and vaccine transportation [1] - FedEx operates global life sciences centers located in Incheon (South Korea), Singapore, Tokyo (Japan), Mumbai (India), Memphis (USA), and Veldhoven (Netherlands), with 19 core facilities worldwide adhering to the quality framework of the Pharmaceutical Logistics Independent Validation Excellence Center by May 2025 [1]

Group 1: Electronic Information Manufacturing Industry - The added value of China's electronic information manufacturing industry increased by 11.1% year-on-year in the first five months of 2025, outperforming the overall industrial growth by 4.8 percentage points and high-tech manufacturing growth by 1.6 percentage points [1] - The industry achieved an operating revenue of 6.49 trillion yuan, a year-on-year growth of 9.4%, and a total profit of 216.2 billion yuan, reflecting a year-on-year increase of 11.9% [3] Group 2: Air Cargo Logistics - In the first half of 2025, China opened 117 new international air cargo routes, with a weekly increase of over 233 round-trip flights [6] - The route structure primarily focuses on Asia and Europe, with 54 routes to Asia, 45 to Europe, and 12 to North America [8] Group 3: Light Industry - The added value of China's light industry increased by 7.0% year-on-year in the first five months of 2025, with operating revenue reaching 9.27 trillion yuan [9] - Retail sales of 11 categories of light industrial goods exceeded 3.5 trillion yuan, marking a year-on-year growth of 11.9% [9] - Exports of light industrial goods reached 373.21 billion USD, accounting for one-quarter of the national total exports, indicating resilient foreign trade [11] Group 4: New Quality Productivity - In 2024, the new quality productivity sectors, including digital economy, high-tech industry, and robotics, received a corporate income tax reduction of 1.97 trillion yuan, with total operating revenue growing by 7.1% and total profit by 5.2% [13] Group 5: Film Industry - The box office for Chinese films in the first half of 2025 reached 29.231 billion yuan, a 22.91% increase compared to the same period in 2024, driven by successful releases like "Nezha" [21]

Core Insights - The report highlights the long-term growth potential of Eastern Airlines Logistics, emphasizing its strategic positioning in the aviation logistics sector and the construction of a competitive moat through core resources [2][12][9] - The company has a diversified business model consisting of air express, ground comprehensive services, and integrated logistics solutions, which positions it well to benefit from the growth in cross-border e-commerce [12][3] - The report projects net profits for Eastern Airlines Logistics to reach CNY 21.20 billion, CNY 26.87 billion, and CNY 31.75 billion for the years 2025 to 2027, respectively, indicating a favorable valuation compared to peers [3][12] Company Overview - Eastern Airlines Logistics, headquartered in Shanghai, is a modern comprehensive logistics service provider and was the first civil aviation mixed reform stock listed in 2021, with China Eastern Airlines Group as its controlling shareholder [2][12] - The company operates in three main segments: air express, ground comprehensive services, and integrated logistics solutions, with a focus on providing efficient and precise logistics services [12][3] Financial Performance - Since its listing, Eastern Airlines Logistics has distributed a total of CNY 2.726 billion in dividends, with a planned annual cash distribution of 30%-50% of net profit attributable to shareholders from 2024 to 2026 [3][12] - The report anticipates a stable growth trajectory for the air logistics market, despite short-term disruptions from trade policies, with a slight expansion in cargo aircraft scale expected [3][12] Investment Analysis - The projected price-to-earnings (PE) ratios for Eastern Airlines Logistics from 2025 to 2027 are 9.9x, 7.8x, and 6.6x, respectively, with expected dividend yields of 4.1%, 5.1%, and 6.1% based on a 40% payout ratio [3][12] - The report suggests that the company's assets in cargo aircraft and cargo stations provide a resource endowment advantage, with expectations for improved intercontinental cargo network capabilities and volume optimization [3][12]

Group 1 - The National Development and Reform Commission has included Harbin's airport-type national logistics hub in the 2025 construction list, marking a significant breakthrough in logistics hub development for Harbin [1] - The hub is expected to play a crucial role in promoting the comprehensive revitalization of Northeast China, deepening China-Russia economic cooperation, and constructing a new development pattern of "dual circulation" [1][3] - The logistics hub will be developed under a model that involves government planning, state-owned enterprise leadership, and collaboration among various stakeholders, forming a "1+10" enterprise alliance [2] Group 2 - The logistics hub covers an area of 2.1774 million square meters and includes nine major areas such as international transfer and cargo handling zones, facilitating complementary functions and regional industrial integration [2] - In 2024, Harbin Taiping International Airport achieved a cargo and mail throughput of 140,700 tons, a year-on-year increase of 7.2%, and opened 16 international cargo routes [2] - The hub is a key node for China’s "China-Mongolia-Russia Economic Corridor," with 93% of Northeast China's cargo and mail throughput to Russia, and a comprehensive logistics network covering 28 countries and regions [3] Group 3 - The hub aims to enhance international air cargo, cross-border e-commerce customs clearance, and international mail exchange functions, creating a "tri-hub" system with land and air logistics [3] - The construction of the logistics hub is part of a broader strategy to improve infrastructure and transportation systems in the airport economic zone, aiming for a cargo throughput of over 240,000 tons within 3 to 5 years [4] - Harbin is set to leverage the hub's economic impact to promote industrial transformation, optimize urban functions, and deepen opening-up efforts, supporting the establishment of an international logistics center in Northeast Asia [4]

Investment Rating - The report initiates coverage with a "Buy" rating for Eastern Airlines Logistics [3][7]. Core Views - Eastern Airlines Logistics is positioned as a leading player in the aviation logistics sector, benefiting from a robust resource base that creates competitive barriers. The company is expected to achieve significant long-term performance growth [6][30]. - The aviation logistics market is projected to continue growing, although short-term fluctuations may arise due to international trade policies [6][9]. Financial Data and Profit Forecast - Total revenue is forecasted to reach CNY 24,544 million in 2025, with a year-on-year growth rate of 2.0% [2]. - Net profit attributable to shareholders is expected to be CNY 2,120 million in 2025, reflecting a decline of 21.1% year-on-year [2]. - Earnings per share (EPS) is projected at CNY 1.34 for 2025, with a PE ratio of 10 [2]. - The company aims for a dividend payout ratio of 30%-50% of net profit, with expected dividend yields of 4.1% in 2025 [7][49]. Business Segments - **Aviation Express**: The company operates a dual model of all-cargo aircraft and passenger belly cargo, with a focus on enhancing operational efficiency and expanding its international route network [23][51]. - **Ground Comprehensive Services**: The company has established 17 self-operated cargo stations at key airports, achieving a market share of 51.9% in the Shanghai Hongqiao and Pudong areas [23][30]. - **Integrated Logistics Solutions**: The company is capitalizing on the growth of cross-border e-commerce, with revenue from this segment expected to increase significantly [9][30]. Market Dynamics - The aviation logistics market is anticipated to grow, driven by increasing demand for air freight services, although it may face short-term disruptions from trade policies [6][9]. - The supply side is expected to see a slight expansion in cargo aircraft capacity, while demand is projected to remain strong despite potential policy impacts [6][9]. Investment Analysis - The forecasted net profits for Eastern Airlines Logistics from 2025 to 2027 are CNY 21.20 billion, CNY 26.87 billion, and CNY 31.75 billion, respectively, with corresponding PE ratios of 9.9x, 7.8x, and 6.6x [7][8]. - The company is expected to have a 24% upside potential compared to industry averages, supported by its unique logistics assets and strategic capacity expansion [7][30].

Core Viewpoint - The successful launch of the "Lanzhou-Moscow" international cargo route by Gansu Civil Aviation Logistics Company marks a significant step in enhancing air freight connectivity between Western China and Eastern Europe, establishing a new "air silk road" [2][3] Group 1: Route Launch Details - The "Lanzhou-Moscow" cargo route was inaugurated on June 26, with a TU-204 cargo aircraft landing at Lanzhou Zhongchuan International Airport [2] - The inaugural flight is set to carry 27 tons of goods and will depart for Moscow on June 27, with plans for 2 to 3 flights per week for regular operations [2] Group 2: Strategic Importance - The launch of this route is seen as a strategic opportunity for Gansu Civil Aviation Logistics Company to leverage the historical moment of the new terminal's operation at Lanzhou Airport [3] - The route aims to significantly improve cargo transport efficiency between Northwest China and Russia, contributing to a more stable, rapid, and efficient air logistics service system [2] Group 3: Future Plans and Market Focus - The company plans to optimize route layouts and refine service measures to enhance the air cargo hub's influence and support trade with countries involved in the "Belt and Road" initiative [3] - There is a focus on boosting cross-border e-commerce and cold chain logistics, aiming to create new trade channels with Russia and Central Asia [3]