Core Insights - The China Logistics and Purchasing Federation reported that the logistics industry prosperity index for May is 50.6%, indicating continued expansion in the sector [1] - There is a notable increase in consumer logistics demand driven by various factors such as trade-in programs, holiday consumption, and inter-regional travel [1][2] - The logistics sector is experiencing a recovery in business activity, with significant growth in specific regions and industries [1][2] Regional Performance - The central and western regions have business volume indices above the national average, with strong demand in equipment manufacturing, automotive parts, coal logistics, and chemical products logistics [1] - E-commerce platforms reported a year-on-year increase of 10%-15% in logistics order volume for home appliances and communication products in May [1] Industry Activity - The postal and express delivery industry business volume index reached 69.4%, showing a month-on-month increase of 0.8 percentage points [1] - The road transport industry maintained an expansion trend with a business volume index of 51.3%, while the railway transport industry index was at 54.2%, indicating stable demand for bulk transportation [1] Business Operations - The operating vitality of logistics companies is improving, with the enterprise fund turnover rate index remaining above 50% for nine consecutive months [2] - In May, the fund turnover rate index increased by 0.3 percentage points, and the inventory turnover index rose by 0.2 percentage points [2] - Small and micro enterprises showed better improvement in main business profit indices compared to larger enterprises [2] Investment Trends - Fixed asset investment in the logistics sector continues to recover, with indices for road transport, postal and express delivery, air transport, and water transport all showing month-on-month increases [2] - The logistics industry is expected to maintain a positive outlook due to accelerated infrastructure development and investment progress, with business activity expectation indices remaining above 55% for three consecutive months [2]

Core Viewpoint - The logistics industry in China shows signs of continued expansion, with the logistics prosperity index for May 2025 at 50.6%, indicating stable demand in both consumer and industrial logistics sectors [1] Group 1: Logistics Prosperity Index - The logistics prosperity index for May 2025 is 50.6%, a decrease of 0.5 percentage points from April [1] - The total business volume index remains in the expansion range at 50.6%, with all three major regions showing expansion [1] - The central region's business volume index is 51.1%, and the western region's is 52.8%, both above the national level [1] Group 2: Sector Performance - The postal and express delivery industry has a business volume index of 69.4%, up 0.8 percentage points month-on-month [2] - Road transportation maintains an expansion trend with a business volume index of 51.3%, while inventory turnover for road transport is at 43.6%, up 0.2 percentage points [2] - The railway transportation index is at 54.2%, indicating stable demand for bulk energy transport [2] Group 3: Microeconomic Indicators - The enterprise fund turnover rate index has remained above 50% for nine consecutive months, averaging 50.7% in the first five months of the year, which is 0.5 percentage points higher than the same period last year [3] - In May, the fund turnover rate index increased by 0.3 percentage points, with small and micro enterprises seeing a 0.4 percentage point rise [3] Group 4: Investment and Market Outlook - Fixed asset investment completion index rose by over 0.5 percentage points in May, with specific increases in road transport, postal delivery, aviation, and water transport sectors [4] - The business activity expectation index has remained above 55% for three consecutive months, indicating a generally optimistic market outlook [4] - Companies are optimistic about future logistics infrastructure investments and key sectors such as intermodal transport and high-end manufacturing logistics services [4]

企业名称安华智行（江苏）交通有限公司法定代表人谢瑞骏注册资本1000万人民币国标行业交通运输、 仓储和邮政业>道路运输业>公路旅客运输地址江苏省南京市浦口区步月路117号1栋1楼企业类型有限责 任公司(自然人独资)营业期限2025-5-27至无固定期限登记机关南京市浦口区政务服务管理办公室 来源：金融界 经营范围含交通安全、管制专用设备制造；技术服务、技术开发、技术咨询、技术交流、技术转让、技 术推广；安全系统监控服务；安全技术防范系统设计施工服务；安全咨询服务；认证咨询；国内贸易代 理；资产评估；企业总部管理；品牌管理；人工智能基础资源与技术平台；互联网安全服务；物联网技 术研发；互联网数据服务；大数据服务；物联网技术服务；软件开发；人工智能基础软件开发；智能水 务系统开发；软件外包服务；网络与信息安全软件开发；资源再生利用技术研发；碳减排、碳转化、碳 捕捉、碳封存技术研发；新兴能源技术研发；小微型客车租赁经营服务；二手车经纪；机动车修理和维 护；汽车拖车、求援、清障服务；互联网销售（除销售需要许可的商品）；润滑油销售；专用化学产品 销售（不含危险化学品）；道路货物运输站经营；国内货物运输代理；接受金融机构 ...

Core Insights - The "2024 China SME Financing Development Report" indicates that the financing stock scale for SMEs reached 77,615.02 billion yuan, marking an 11.4% year-on-year growth, although the growth rate has slowed by 2.79 percentage points compared to the previous year [1] - The report highlights a significant differentiation in financing performance across industries and regions, providing a multi-dimensional perspective on the SME development ecosystem [1] Industry Analysis - In 2024, the incremental financing for SMEs showed notable divergence, with the top 20 industries accounting for 85.48% of the total, where traditional sectors like wholesale, metal products, and chemical manufacturing dominated [2] - New information technology sectors such as technology promotion and software services exhibited accelerated financing growth, with year-on-year increases in stock lending financing of 42.81% and 32.83% respectively [2] - The retail sector stood out among traditional industries, with incremental lending financing increasing by 30.354 billion yuan, a growth rate of 162.47%, while sectors like road transportation and automotive manufacturing experienced significant declines [2] Regional Analysis - There is a clear disparity in financing stock across different regions, with the four most economically active regions accounting for 89.79% of the total, and East China leading with 35,864.48 billion yuan (46.21% share) [3] - The Southwest region showed remarkable performance with an incremental financing growth of 41.83%, the highest among all regions, while some economically developed areas experienced varying degrees of negative growth in incremental financing [3] - The structural changes in the financing market are attributed to targeted policy support for technological innovation and emerging industries, alongside adjustments in financing strategies by enterprises in response to market conditions [3]

Group 1: Company Overview and Core Business - The core business of Alloy Investment is the production and sales of nickel-based alloys, including wire and bar products, with complete processing technology and processes [2][3] - The company is gradually expanding into the new energy transportation service sector [2][3] Group 2: Financial Performance - In Q1 2025, the accounts receivable amounted to ¥72,167,373.79, with a debt-to-asset ratio of 59.89% [2][3] - In 2024, the company achieved an operating income of ¥277 million, a year-on-year increase of 18.51%, and a net profit of ¥11.68 million, a year-on-year increase of 100.78% [4][5] - The gross profit margin for 2024 was 11.43%, a decrease of 0.35 percentage points, while the net profit margin was 5.48%, an increase of 2.99 percentage points [4][5] Group 3: Strategic Initiatives - The company is focusing on the development of its existing alloy business while establishing long-term partnerships with regional coal chemical enterprises for coal transportation [3][9] - The new energy heavy truck transportation business includes 50 self-purchased and 100 leased electric heavy trucks, with plans to promote the use of charging and swapping stations [3][9] Group 4: Market Position and Future Plans - The company aims to enhance its market share and overall competitiveness by developing quality customers and expanding sales [6][7] - There are no current plans to adopt hydrogen-powered vehicles for transportation, and the company is considering adjustments to its vehicle leasing contracts based on market conditions [8][9] Group 5: Risk Management and Compliance - The company does not meet the criteria for being flagged for delisting under the new regulations, as it has maintained positive profit totals over the past three years [12][13] - The company is committed to adhering to information disclosure obligations regarding any significant arrangements by its controlling shareholder [3][12]

经营范围含许可项目：建设工程施工，公路管理与养护，餐饮服务，住宿服务（依法须经批准的项目， 经相关部门批准后在许可有效期内方可开展经营活动，具体经营项目和许可期限以相关部门批准文件或 许可证件为准）广告制作，机动车修理和维护，集中式快速充电站，汽车零配件零售，交通设施维修， 机动车充电销售，充电桩销售，电动汽车充电基础设施运营，以自有资金从事投资活动，汽车拖车、求 援、清障服务，停车场服务，工程管理服务，工程技术服务（规划管理、勘察、设计、监理除外），园 区管理服务（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 来源：金融界 天眼查App显示，近日，江西昌贤高速公路有限公司成立，法定代表人为刘杨青，注册资本2000万人民 币，江西省交通投资集团有限责任公司、江西省公路桥梁工程有限公司、江西省交通工程集团有限公司 等持股。 企业名称江西昌贤高速公路有限公司法定代表人刘杨青注册资本2000万人民币国标行业交通运输、仓储 和邮政业>道路运输业>公路旅客运输地址江西省南昌市进贤县经济开发区高新产业区青岚大道999号办 公楼2楼企业类型其他有限责任公司营业期限2025-5-19至无固定期限登记机关进贤县市场 ...

Group 1 - Shanghai Xingbo Yunyin Parking Management Co., Ltd. has been established with a registered capital of 3.5 million RMB [1] - The legal representative of the company is Wang Xiaoli, and it is wholly owned by Xingying Buli Intelligent Technology (Shanghai) Co., Ltd. [1] - The company's business scope includes parking lot services, information system integration services, sales of special equipment, and various technology services [2] Group 2 - The company is classified under the national standard industry of transportation, warehousing, and postal services, specifically in the road passenger transport sector [2] - The registered address of the company is located at No. 5500, Yuanjiang Road, Building 1, Minhang District, Shanghai [2] - The company is a limited liability company with a business duration until May 19, 2025, with no fixed term thereafter [2]

中国银河证券宏观经济研究 文/中国银河证券首席宏观分析师 张迪 、 中国银河证券宏观经济分析师助理 铁 伟奥 国 家 统 计 局 最 新 数 据 显 示 ， 2 0 2 5 年 4 月 份 ， 我 国 制 造 业 采 购 经 理 指 数 （PMI）为4 9 . 0%（前值50 . 5%），美国滥施关税影响初现。不过4月政 治局会议已经给出三大重要信号：一是保持国内储备政策的弹性；二是强 化底线思维，着力稳就业、稳企业、稳市场、稳预期；三是加紧加快既定 政策的落实落地，加大加力重点领域的政策实施力度。 以下文章来源于中国银河宏观 ，作者中国银河宏观 中国银河宏观 . 国家统计局4月30日发布数据显示，2025年4月份，制造业采购经理指数（PMI）为49.0%（前值50.5%）。建筑业商务活动指数为51.9%，比上月下降1.5个百 分点；服务业商务活动指数为50.1%，比上月下降0.2个百分点。关税的影响已全面传导至制造业企业。 供需同时收缩，出口影响较为严峻。 4月生产指数49.8%（前值52.6%）。新订单指数49.2%，新出口订单44.7%，分别下降2.6和4.3pct。4月需求下降较大， 尤其是新出口订单 ...

经营范围含公共事业管理服务；市政设施管理；停车场服务；交通设施维修；技术服务、技术开发、技 术咨询、技术交流、技术转让、技术推广；物业管理；机械设备租赁；安防设备销售；安全技术防范系 统设计施工服务；物联网应用服务；电子、机械设备维护（不含特种设备）；软件开发；软件销售；信 息系统集成服务；广告制作；广告发布；广告设计、代理；信息咨询服务（不含许可类信息咨询服 务）；工程管理服务；电动汽车充电基础设施运营；集中式快速充电站；机动车充电销售；充电控制设 备租赁；充电桩销售；信息技术咨询服务；智能输配电及控制设备销售；配电开关控制设备销售；储能 技术服务。(除依法须经批准的项目外，凭营业执照依法自主开展经营活动) 企业名称捷顺智城（西安）停车管理有限公司法定代表人戴京泉注册资本500万人民币国标行业交通运 输、仓储和邮政业>道路运输业>公路旅客运输地址陕西省西安市经济技术开发区文景路西北国金中心 23幢2单元13层01号企业类型有限责任公司（非自然人投资或控股的法人独资）营业期限2025-4-28至无 固定期限登记机关西安市市场监督管理局经开区分局 来源：金融界 天眼查App显示，近日，捷顺智城（西安）停车管理有 ...

一是结构上产需同步向好。 一季度，外需增速高于生产和内需。"抢出口"效应下以人民币计价的出口同比增 速达6.9%。内需提振政策效果延续，社零和投资分别增长4.6%、4.2%。其中，基建（11.5%）和制造业投资 （9.1%）保持高增，房地产投资（-9.9%）拖累减弱。生产端工业增加值增长6.5%，增速为2022年以来的次高 值。值得注意的是，供给强于需求的格局仍在继续，一季度产能利用率（74.1%）和产销率（94.6%）均略超 季节性回落。 图1：3月内外需求增速均有提升 资料来源：Wind，招商银行研究院 图2：消费提振，投资分化 资料来源：Wind，招商银行研究院 二是节奏上前稳后高。 3月多数经济数据增速较1-2月改善。生产加快修复，3月规模以上工业增加值同比增速 上行1.8pct至7.7%。需求端以基建投资好转最为显著，3月增速大幅提升2.6pct至12.6%。社零增速表现亮眼，3 月增速提升1.9cpt至5.9%，达到2020年以来的最高值【注释1】。制造业投资增速微升，房地产投资增速微 降。 图3：房地产销售降幅略有收窄，投资降幅再度扩张 一、总览：供需两旺 一季度我国经济开局良好，实际GDP同比 ...