招商局南京油运股份有限公司 章 程 第 1页 第 2页 目 录 第 3页 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公 司的组织和行为，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》）、《中 国共产党章程》（以下简称《党章》）和其他有关规定，制定本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有 限公司（以下简称公司）。公司经国家体改委体改生1993120 号文 批准，以定向募集方式设立；在南京市市场监督管理局注册登记，取 得营业执照，统一社会信用代码 913201921349556628。 公司按照《国务院关于原有有限责任公司和股份有限公司依照 〈中华人民共和国公司法〉进行规范的通知》（国发199517 号）、 《关于做好原有股份有限公司规范工作的通知》（体改生1995117 号）的有关规定，对照《公司法》进行了规范，并依法履行了重新登 记手续。 第三条 公司于 1997 年 5 月 15 日经中国证券监督管理委员会 （以下简称中国证监会）批准，首次向社会公众发行人民币普通股 为 3150 万股，于 1997 年 6 ...

Investment Overview - In the first five months of 2025, total fixed asset investment (excluding rural households) reached 191,947 billion yuan, showing a year-on-year growth of 3.7% [2] Group 1: Equipment Investment - Equipment and tool purchase investment experienced significant growth, increasing by 17.3% year-on-year, which is 13.6 percentage points higher than the overall investment growth rate; it contributed 63.6% to the total investment growth, adding 2.3 percentage points [3] Group 2: Infrastructure Investment - Infrastructure investment maintained steady growth, rising by 5.6% year-on-year, which is 1.9 percentage points higher than the overall investment growth rate; it contributed 34.5% to the total investment growth, an increase of 1.9 percentage points compared to the previous four months [4] Group 3: Manufacturing Investment - Manufacturing investment continued to grow rapidly, with an 8.5% year-on-year increase, 4.8 percentage points higher than the overall investment growth rate; it contributed 56.5% to the total investment growth, improving by 1.9 percentage points from the previous four months [5] Group 4: High-tech Service Investment - High-tech service investment showed a positive trend, growing by 11.6% year-on-year, with a 0.3 percentage point acceleration compared to the previous four months; information service investment surged by 41.4% [6] Group 5: Private Investment - Private project investment remained stable, with a year-on-year growth of 5.8% when excluding real estate development; notable growth was seen in the accommodation and catering industry at 25.3% and in cultural, sports, and entertainment sectors at 10.0% [7] Group 6: Green Energy Investment - Green energy investment grew rapidly, with a year-on-year increase of 25.4% in the electricity, heat, gas, and water production and supply sectors; this contributed 43.8% to the total investment growth, adding 1.6 percentage points [8] Group 7: Large Project Investment - Investment in projects with planned total investments of 1 billion yuan or more increased by 6.5% year-on-year, which is 2.8 percentage points higher than the overall investment growth rate, contributing 3.6 percentage points to total investment growth [9]

Group 1 - The report highlights a decline in the AH premium from 144.6 in January 2025 to 128 in June 2025, primarily due to the performance of old economy sectors in Hong Kong outperforming their A-share counterparts [3][38] - It suggests that the decline in AH premium is not due to unique assets in Hong Kong but rather the performance of traditional sectors like resources and finance, which have seen higher increases in Hong Kong [36][38] - The report indicates that the core assets in A-shares have shown relative weakness, while companies like Ningde Times, BYD, and China Merchants Bank have exhibited premiums in Hong Kong compared to A-shares [3][38] Group 2 - The macroeconomic environment shows a recovery in manufacturing, with the PMI rising in May, although it remains in a contraction zone [4] - Social financing increased by 2.29 trillion yuan in May, which is 227.1 billion yuan more than the same period last year, indicating a mixed structure in financing sources [4] - The report notes that the recent interest rate cuts and reserve requirement ratio reductions have led to a rebound in M1, while M2 has decreased, reflecting a tightening of excess liquidity [4] Group 3 - The report emphasizes the importance of innovation in the pharmaceutical sector, particularly with the upcoming adjustments to the basic medical insurance and commercial insurance directories, which are expected to favor innovative drugs [10][22] - It highlights that the recent meeting by the State Council regarding drug procurement policies marks a significant step towards optimizing the procurement process, which could positively impact the revenue and profits of generic drug companies [10][22] - The report recommends focusing on innovative drugs as a core investment strategy, given the expected policy support and market potential [10][22] Group 4 - The report discusses the performance of the stock market, noting that the Shanghai Composite Index closed at 3377, down 0.75%, while the Hang Seng Index closed at 23892.56, down 0.59% [8][15] - It indicates that the market is currently in a volatile phase, with a neutral position recommended for investors due to increased macroeconomic uncertainties [6][10] - The report suggests that sectors such as innovative pharmaceuticals, new consumption, and non-bank financials are recommended for mid-term investment [6][10]

Meeting Details - The shareholders' meeting was held on June 12, 2025, at the company's conference room [1] - The meeting was chaired by Director Yang Hao due to the absence of Chairman Lü Daqiang [1] - The voting method combined both on-site and online participation, complying with legal and company regulations [1] Attendance and Voting Results - All resolutions presented at the meeting were approved with significant majority votes, indicating strong shareholder support [3] - For the first resolution, 224,101,214 votes (99.8263%) were in favor, with only 254,901 votes (0.1135%) against [1] - The voting results for subsequent resolutions showed similar trends, with approval rates consistently above 99% [2][3] Legal Compliance - The meeting's procedures and voting methods were confirmed to be in accordance with relevant laws and the company's articles of association by the attending lawyers [3][4] - The legal opinions provided by the lawyers affirmed the legitimacy of the meeting and the validity of the voting results [3]

Core Points - The successful import of 1,000 tons of corn from Russia to China was completed ahead of schedule, marking a significant achievement in cross-border trade efficiency [1] - The Xunke Port officially opened for navigation on May 23, 2023, with a quota of 31,000 tons of corn that needed to be transported by June 10, necessitating an average daily transport of over 1,500 tons [2] - The Xunke Maritime Office implemented a systematic solution to ensure the timely import of grain, including a 24/7 green channel for customs clearance and real-time monitoring of navigation conditions [2][3] Industry Insights - The successful completion of the grain import not only mitigated potential losses for Chinese enterprises but also demonstrated the emergency response capabilities and international service standards of Chinese ports [3] - The operation involved the inspection of 115 vessels and the import of 31,000 tons of grain, highlighting the importance of logistics and regulatory compliance in cross-border trade [3]

Market Overview - A-shares experienced narrow consolidation with a lack of market hotspots, as the Shanghai Composite Index fell by 0.06% to 3382.11 points, while the Shenzhen Component Index dropped by 0.18% and the ChiNext Index decreased by 0.48% [1][2] - The total trading volume for A-shares reached 763.157 billion yuan by midday [1] Monetary Policy - The People's Bank of China conducted a 7-day reverse repurchase operation of 135 billion yuan at a fixed rate of 1.40%, with the full bid amount being 135 billion yuan [2] Legislative Developments - The Ministry of Finance announced the legislative work plan for 2025, which includes the revision of the Asset Evaluation Law and the implementation regulations for the Value-Added Tax Law, among other financial regulations [3] Sector Performance - Hainan local stocks showed significant movement, with small metal concept stocks rising during the session [4] - The top-performing sectors included pest control (up 2.49%), nickel metal (up 1.62%), and lithium mining (up 1.38%), while sectors like sports concepts and NFT concepts saw declines [4] Hainan Free Trade Port - The establishment and successful operation of the Hainan Free Trade Port is expected to enhance China's openness and support globalization, with 2025 being the deadline for the port's full operation [4] Company Insights - **Haixia Co., Ltd.**: Expected to benefit from the full operation of Hainan's free trade port in 2025, with growth in the passenger and cargo transport market [8] - **Hainan Airport**: Integrated into Hainan's state-owned assets, the airport is set to develop as a high-quality air gateway, benefiting from tourism and free trade policies [8] - **Hainan Rubber**: The company is experiencing a complex price stabilization phase due to increased production and decreased demand, with performance gradually improving [8] - **Hainan Airlines**: The overall recovery of the aviation industry is expected to enhance profitability, leveraging the advantages of the Hainan Free Trade Port [8]

Core Insights - The demand for water transportation in Guangdong during the Dragon Boat Festival holiday was robust, with over 740,000 passengers transported safely [1][2] Group 1: Safety Measures - Guangdong Maritime Safety Administration conducted comprehensive safety inspections before the holiday, identifying 24 risk points and prompting rectifications [1] - A total of 8,290 safety hazards were rectified across the province, and 961 key passenger vessels underwent thorough inspections [1] - 530 passenger ships with a capacity of 30 or more were equipped with intelligent monitoring systems to enhance safety [1] Group 2: Regulatory Oversight - Maritime authorities implemented a responsibility system for 122 key water areas, ensuring 24-hour dynamic supervision on 59 critical routes [2] - 413 personnel were dispatched for real-time monitoring on 53 high-traffic routes, ensuring vessel operation status was continuously tracked [2] - A joint task force was established to provide comprehensive support for vessel traffic organization and emergency communication [2] Group 3: Dragon Boat Events - A total of 438 dragon boat races were reported during the festival, with safety measures enforced by the Guangdong Maritime Administration [2] - Over 280 patrol boats and more than 1,500 law enforcement personnel were deployed to maintain order during the events [2] - The safety measures resulted in zero accidents during the dragon boat races, with over 300,000 spectators safely enjoying the events [2]

Core Viewpoint - The opening of a direct shipping route for hazardous chemicals from Hunan to Russia marks a significant development in logistics and trade efficiency for the region [1][5]. Group 1: Shipping Route Details - A total of 15 containers filled with hydrogen peroxide have set sail from the Yueyang Port to the Slavyanka Port in Vladivostok, Russia, establishing Hunan's first direct shipping route for hazardous chemicals [1]. - This route is expected to stabilize a monthly container throughput growth of 300 TEUs as it matures [2]. Group 2: Logistics and Cost Efficiency - The new shipping route eliminates the need for hazardous chemical exports from Hunan to go through a traditional logistics model involving truck transport to Shenzhen, allowing for a direct "source factory - Chenglingji New Port - Russia" connection [2]. - The comprehensive logistics cost per container has been reduced by 800 yuan while maintaining the same transportation time, providing a more competitive logistics solution for hazardous chemical exports from the northern Hunan region [2]. Group 3: Trade Integration and Efficiency - Since its opening, the Yueyang-Chenglingji to Vladivostok route has evolved from a focus on conventional goods like auto parts and timber to an integrated model of transportation and trade, significantly enhancing trade efficiency and reducing logistics costs [5].

Group 1 - The article highlights a series of convenience service measures implemented in the Suzhou railway station area to enhance the travel experience during the Dragon Boat Festival peak period [1][2] - A new 2000-meter long rainbow guiding system has been introduced in the underground passage, featuring seven vibrant colors to help passengers navigate to various transportation options [1] - The South Square of the railway station has launched a trial operation of a rapid water bus service connecting to Pingmen Wharf, which is free during the trial period [2] Group 2 - The "Comfort" ride-hailing service station on the west side of the Suzhou railway station has opened, providing 71 standard parking spaces, charging stations, and rest areas for drivers [2] - Volunteer service efforts have been strengthened, with coverage in over 20 key areas including exits and ticketing halls, supported by local organizations and student volunteers [2] - The local government has initiated beautification projects, including painting and signage improvements in the North Square area to enhance visual guidance for passengers [2]

当然，也有人嘀咕：全年2亿的减免，摊到每艘船上不过九牛一毛。但账不能这么算。眼下全球贸易打 喷嚏，省一分钱就能多一分竞争力。江苏水运占货运总量38%，高出全国22个百分点，这优势不是白来 的——正是多年来船闸收费从"有"到"优"再到"无"的步步为营，才垒出了"水运江苏"的金字招牌。现在 连云港船闸都免费了，等于给毛细血管也通了血，这种全域优化才是真功夫。 江苏这招启示我们：真正的营商环境优化，就该像拔除船闸收费这样的"小钉子"——看起来不惊天动 地，但每拔掉一颗，经济的车轮就少一分颠簸。现在各地都在搞降本行动，与其出台一摞文件，不如学 江苏实打实砍费用。当更多地方敢对"收费思维"动刀，中国经济的成本优势何愁不能重振？毕竟，物流 成本里省下的每一块钱，到最后都可能变成百姓餐桌上的活鱼，车间里的新机器，或是出口订单上的漂 亮价格。 （文章来源：证券时报） 据5月26日《人民日报》报道，江苏一口气取消了101座船闸收费，预计每年给跑船的、运货的省下2个 亿。这事儿看着是笔经济账，实则藏着发展的大智慧——当别的地方还在琢磨怎么"收钱更体面"时，江 苏已经悟到了"少收就是多给"的生意经。这哪是简单的政策调整，分明是给实 ...