【#抖音副总裁回应清退中通冷链#，公平的交易秩序被悄悄破坏】#抖音电商清退中通冷链# 据东方财经报道，10月28日，抖音集团副总裁@抖音集团李亮 转发抖音电商安全与信任中心发布的文 章，并表示：最近我们发现有不良物流服务商通过"运单造假"欺骗用户，严重侵犯消费者权益，这些物 流商配合商家用第三方电子面单"转单""拼轨迹"，系统里看起来包裹正常，现实中却并没有送达。对普 通消费者来说，这样的假象拖延了收货，甚至收不到货，也让维权变得更难，公平的交易秩序被悄悄破 坏。 此前，10月27日，抖音电商安全与信任中心发文：近期，平台在日常巡查时发现，部分物流商滥用平台 系统服务，为部分商家提供"虚假物流轨迹""转单拼接轨迹"等违规服务，致使订单轨迹与真实履约不 符，侵害消费者权益，破坏平台经营秩序。 为阻断违规链条、保障履约真实性，平台将依据相关规则于10月29日对以下物流商做清退处理：中通冷 链（中通子公司）、吉时达、水趣到家、铁中快运。 经核实，上述违规的核心手法是利用第三方电子面单进行转单或拼接轨迹，违规物流商在其中扮演关键 角色： 1、规避平台要求：少数商家绕开抖音电子面单，通过第三方使用非抖音电商电子面单发货 ...

Core Viewpoint - A potential legal battle may force the U.S. government to refund hundreds of billions in tariffs, creating a unique speculative market around this issue [3][4]. Group 1: Legal Context and Implications - U.S. Treasury Secretary Yellen acknowledged that if the Supreme Court rules certain tariffs imposed by the Trump administration as illegal, the Treasury may have to refund "about half of the tariffs," which he described as a "terrible" blow to the department [3][4]. - Two lower courts have already ruled that the Trump administration lacked legal authority to impose certain tariffs under the International Emergency Economic Powers Act, with the case now set for oral arguments at the Supreme Court on November 5 [4][12]. - As of August this year, over $70 billion in disputed tariffs have been collected, and a reversal of this policy could have profound effects on U.S. finances and importing businesses [4][12]. Group 2: Market Reactions and Investment Strategies - Wall Street investment banks, including Jefferies and Oppenheimer, are facilitating unique transactions connecting importers who have paid high tariffs with investors seeking high returns, primarily hedge funds [5]. - The core logic of these transactions involves cash-strapped importers selling their future potential claims for tariff refunds at a significant discount, allowing them to receive guaranteed payments without waiting for court decisions [5]. - Investors typically purchase these claims for 20 to 40 cents on the dollar, meaning favorable Supreme Court rulings could yield several times the original investment [5]. Group 3: Retail Investor Participation - Unlike institutional investors, retail investors are participating in this speculative market through emerging prediction markets like Kalshi and Polymarket, where they can place small bets on outcomes such as whether the Supreme Court will uphold the tariffs [7][8]. - The trading prices of contracts on these platforms reflect the market's implied probability of the tariffs being upheld, estimated at around 40% [8][10]. - However, the liquidity in these markets is low, with total trading volumes on Kalshi and Polymarket being less than $250,000 and $400,000 respectively, making them ineffective for large-scale risk hedging [10]. Group 4: Challenges Ahead - The outcome of all bets hinges on the Supreme Court's decision, which may be influenced not only by legal interpretations but also by the justices' views on executive power [12]. - Even if the Supreme Court rules the tariffs illegal, the refund process could be complicated, described as a "logistical nightmare," particularly for small importers who may struggle to provide detailed documentation for refunds [13][14].

格隆汇10月28日丨中国外运(00598.HK)发布公告，2025年10月28日耗资1500万元人民币回购247.5万股A 股，回购价格每股6.03-6.09元。 ...

圆通速递公告，第三季度营收为182.72亿元，同比增长8.73%；净利润为10.46亿元，同比增长10.97%。 前三季度营收为541.56亿元，同比增长9.69%；净利润为28.77亿元，同比下降1.83%。 ...

Core Viewpoint - Longjiu Logistics reported a decline in net profit for the first three quarters of 2025 despite an increase in revenue, indicating potential challenges in profitability management [1] Financial Performance - For the first three quarters of 2025, Longjiu Logistics achieved a revenue of approximately 3.591 billion yuan, representing a year-on-year growth of 23.38% [1] - The net profit attributable to shareholders for the same period was approximately 48.49 million yuan, which reflects a year-on-year decrease of 20.73% [1]

华贸物流公告，第三季度营收为49.48亿元，同比下降14.95%；净利润为7902.99万元，同比下降 53.33%。前三季度营收为137.2亿元，同比下降4.84%；净利润为3.07亿元，同比下降35.07%。 ...

Market Overview - The logistics sector experienced a decline of 0.53% on October 28, with the leading stock, Wuchan Zhongda, falling significantly [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Notable gainers in the logistics sector included: - Xiamen Weimao (600755) with a closing price of 6.81, up 5.26% and a trading volume of 1.6492 million shares [1] - ST Haijin (600753) at 7.77, up 5.00% with a trading volume of 69,800 shares [1] - Xiamen Xiangyu (600057) at 8.09, up 4.12% with a trading volume of 609,100 shares [1] - Major decliners included: - Wuchan Zhongda (600704) at 5.88, down 4.70% with a trading volume of 2.2577 million shares [2] - Shentong Express (002468) at 15.25, down 4.51% with a trading volume of 412,000 shares [2] - China Foreign Trade (601598) at 6.02, down 2.75% with a trading volume of 309,200 shares [2] Capital Flow - The logistics sector saw a net outflow of 167 million yuan from institutional investors, while retail investors experienced a net outflow of 156 million yuan [2] - Conversely, speculative funds recorded a net inflow of 323 million yuan [2] Individual Stock Capital Flow - Notable net inflows from institutional investors included: - SF Holding (002352) with a net inflow of 40.55 million yuan, accounting for 4.67% [3] - Transfar Zhilian (002010) with a net inflow of 23.64 million yuan, accounting for 4.59% [3] - Significant net outflows from retail investors were observed in: - Transfar Zhilian (002010) with a net outflow of 47.34 million yuan, accounting for 9.20% [3] - Xiamen Xiangyu (600057) with a net outflow of 42.90 million yuan, accounting for 8.70% [3]

中国外运(0598.HK)盘中跌3.9%至5.17港元。中国外运公告，2025年前三季度营业收入750.38亿元，同比下滑12.62%；归属于上市公司股东的净利26.79亿 元，同比下降5.17%；基本每股收益0.3684元。其中，Q3公司营业收入245.2亿元，同比下降16.9%，环比下降8.36%；归母净利润7.3亿元，同比下降16.8%， 环比下降43.75%。(格隆汇) ...

Core Insights - Shandong Province has made significant progress in building a comprehensive and modern transportation network, which supports high-quality economic and social development during the "14th Five-Year Plan" period [1][2] Transportation Network Development - The province has successfully established the first national provincial demonstration zone for building a strong transportation country, enhancing the main framework of the "four horizontal and five vertical" comprehensive transportation corridors [2] - High-speed railway operating mileage increased from 2,110 kilometers to 3,055 kilometers, 1.4 times that of the end of 2020, with six new inter-provincial high-speed rail access points [2] - Urban rail transit mileage increased by 119 kilometers since 2020, reaching 457.6 kilometers, improving public transportation convenience [2] - The total length of expressways reached 8,784 kilometers, an increase of 1,310 kilometers since the end of 2020, with over 40% of expressways now having six lanes or more [2] - The number of civil airports in the province has reached 10, with 25 general airports, and significant progress has been made in modern airport cluster construction [2] Modern Logistics System - The province is actively developing international logistics corridors, with the Jinan-Qingdao China-Europe Railway Express center included in the national layout, connecting to 28 countries and 60 cities along the "Belt and Road" [3] - The implementation of a "single document" system for multimodal transport has been advanced, reducing transportation time by 5 hours and logistics costs by 30% for the Weihai-Incheon project [3] - Shandong has been approved for 9 national logistics hubs and 7 national cold chain logistics bases, ranking among the top in the country [3] Smart and Green Transportation Facilities - The province is implementing digital transformation in transportation infrastructure, including the first zero-carbon smart highway in the country [3] - The first fully automated container terminal in China has been established at Qingdao Port, achieving record-breaking loading and unloading efficiency [3] - The province has built the first hydrogen refueling station and zero-carbon toll station on highways, with a total of 4 pairs of zero-carbon service areas [3]

Core Viewpoint - As of October 28, 2025, Jiacheng International (603535) closed at 10.99 yuan, down 1.88%, with significant net outflows from major funds and a mixed performance from retail investors [1][2]. Group 1: Stock Performance - On October 28, 2025, Jiacheng International's stock price decreased by 1.88% with a trading volume of 65,700 hands and a total transaction amount of 72.86 million yuan [1]. - Over the past five days, the stock has shown a downward trend, with the largest net outflow from major funds recorded at 1,535.37 million yuan on October 28, 2025 [2]. Group 2: Financial Metrics - Jiacheng International's total market capitalization is 5.615 billion yuan, with a net asset value of 2.722 billion yuan and a net profit of 118 million yuan [3]. - The company's revenue for the first half of 2025 was 683 million yuan, reflecting a year-on-year increase of 3.93%, while the net profit increased by 0.29% to 118 million yuan [3]. - The gross profit margin stands at 33.62%, significantly higher than the industry average of 14.43%, indicating strong operational efficiency [3]. Group 3: Industry Comparison - In terms of industry ranking, Jiacheng International ranks 27th in total market value and 33rd in net assets among its peers in the logistics sector [3]. - The company's price-to-earnings ratio is 23.74, which is considerably higher than the industry average of 4.83, suggesting a premium valuation compared to its peers [3].