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]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In May 2025, the temporary easing of China-US trade negotiations led to the release of previously postponed production demand, driving the PMI to rise. However, there is still uncertainty about the tariff outlook, and the recovery of new orders is relatively slow. The domestic off - season effect is becoming more prominent, and the contribution of domestic demand to new order growth has decreased compared to April [3][9]. - For the bond market, the fundamental conditions still provide support. Considering the historical experience of trade frictions from 2018 - 2019, there may be fluctuations in subsequent tariff policy negotiations. The uncertainty of external conditions may affect expectations, production, and inventory - stocking intentions and rhythms. The "rush - to - export" elasticity in May is not significantly higher than that in April, and the year - on - year increase in May's exports may be lower than expected. In the traditional off - season, the potential for unexpected growth in domestic demand in May is limited, so the bond market is still supported. Attention should be paid to the data verification in June and potential "expectation gaps" [3][41]. 3. Summary by Directory 3.1 Manufacturing PMI: External Disturbances Ease, PMI Moderately Recovers 3.1.1 Supply and Demand: Tariff Disturbances Ease, Production Accelerates Recovery - In May, production increased by 0.9 pct month - on - month to 50.7%, returning to the expansion range. The easing of Sino - US economic and trade negotiations in mid - May slowed the decline in exports, and the demand for existing foreign trade orders was released in an orderly manner, accelerating the production and procurement rhythms compared to April. The procurement volume index increased by 1.3 pct month - on - month to 47.6%, and imports increased by 3.7 pct month - on - month to 47.1%, with the decline significantly narrowing [16]. - Demand stabilized in May, and new orders improved moderately. New orders increased by 0.6 pct month - on - month to 49.8% but remained in the contraction range. After the easing of trade negotiations, export orders recovered marginally, reducing the contraction of new orders. However, the difference between "new orders - new export orders" narrowed, and domestic demand orders decreased due to the off - season, which may limit the recovery of new orders [19]. 3.1.2 Foreign Trade: Negotiations Ease, New Export Orders are Concentratedly Released - In May, the easing of tariff negotiations led to the release of overseas order increments. New export orders and imports increased by 2.8 pct and 3.7 pct month - on - month to 47.5% and 47.1% respectively, with their elasticity restored. Combining the month - on - month changes in April and May, both were better than the same period in previous years, indicating a wider improvement in the foreign trade prosperity of manufacturing enterprises in May [26]. 3.1.3 Price: External Disturbances Narrow, Price Decline Slows - In May, the impact of the traditional off - season became more evident, and the prices of upstream bulk commodities remained weak, causing prices to decline slightly. The purchase price of raw materials and the ex - factory price both decreased by 0.1 pct month - on - month to 46.9% and 44.7% respectively. Although the price continued to weaken marginally, the narrowing of external disturbances slowed the price decline [31]. 3.1.4 Inventory: Increased Procurement Boosts Raw Material Replenishment, and Products are Rapidly De - stocked - In May, with the acceleration of procurement, raw material inventories increased, and downstream de - stocking accelerated. The easing of the negotiation situation accelerated the shipment of downstream exports, and finished product inventories decreased by 0.8 pct month - on - month to 46.5%. As the production rhythm recovered, the material procurement volume increased month - on - month, and raw material inventories increased by 0.4 pct month - on - month to 47.4% [35]. 3.2 Non - manufacturing PMI: The Drag of Real Estate Construction May Continue to Expand, and the Service Industry during the Holiday Season Shows Many Highlights - In May, the non - manufacturing PMI was 50.3%, a month - on - month decrease of 0.1 pct. Among them, the service industry PMI increased by 0.1 pct month - on - month to 50.2%, and the construction industry PMI decreased by 0.9 pct month - on - month to 51.0%, with the expansion continuing to slow due to the drag of real estate construction demand [36]. 3.2.1 Construction Industry - In May, the construction industry PMI continued to decline, while infrastructure demand further strengthened. The new export orders of civil engineering construction rose above 60%, significantly driving the industry PMI to climb for two consecutive months and reach above 62%. The easing of trade negotiations boosted the acceleration of overseas infrastructure investment to some extent. However, the overall construction industry PMI continued to decline, indicating that the activity rhythm of the housing construction industry may have further contracted in May [2][36]. 3.2.2 Service Industry - Holiday consumption boosted the improvement of the service industry PMI. In May, the expansion of the service industry PMI accelerated slightly. The production and new order indices of the information service industry maintained strong expansion. The release of consumption demand during the May Day holiday significantly increased the month - on - month PMI of railway, air, and water transportation industries. The accommodation and catering industries rose above the boom - bust line, ending three consecutive months of contraction [2][36].

Core Viewpoint - The manufacturing PMI in May shows signs of recovery, indicating the effectiveness of proactive macro policies, while the non-manufacturing sector continues to expand, laying a solid foundation for economic recovery [1][3][9]. Manufacturing Sector - The manufacturing PMI for May is reported at 49.5%, an increase of 0.5 percentage points from the previous month, while the comprehensive PMI output index is at 50.4%, up by 0.2 percentage points [1]. - Key sub-indices such as production, new orders, and procurement have shown improvement, with increases ranging from 0.2 to 3.7 percentage points [3]. - High-tech manufacturing PMI remains in the expansion zone at 50.9%, marking four consecutive months of growth [2][3]. Non-Manufacturing Sector - The non-manufacturing business activity index stands at 50.3%, maintaining above the expansion threshold for five consecutive months [9]. - Significant growth in new orders and export orders in the equipment manufacturing and high-tech sectors, with new export orders rising over 5 and 3 percentage points respectively [4][10]. Price Indices - The purchasing price index for manufacturing is at 46.9%, and the factory price index is at 44.7%, both showing a slight decrease but with a narrowing decline compared to the previous month [6]. - The overall market price decline has slowed, indicating a potential stabilization in demand and production [6]. Employment and Investment - Production investment is showing signs of recovery, contributing to an improving employment situation [7]. - The focus is on activating the domestic market and achieving the goal of expanding domestic demand to support economic circulation [7]. Economic Outlook - The overall economic operation shows a foundation for continued recovery, supported by stable non-manufacturing activities and positive performance in investment, consumption, and exports [8][10].

Group 1: Manufacturing Sector - The manufacturing production index increased by over 4 percentage points, reaching above 54%, maintaining above 50% for 10 consecutive months [1] - The manufacturing PMI for May was reported at 49.5%, up 0.5 percentage points from the previous month, indicating a recovery in manufacturing activity [1] - The new export orders index rose to 47.5%, an increase of 2.8 percentage points, suggesting a slowdown in the decline of manufacturing exports [4] - The production index for manufacturing returned to the expansion zone at 50.7%, up 0.9 percentage points from the previous month [5] - Large enterprises reported a PMI of 50.7%, with a production index increase of 1.7 percentage points, indicating a strong recovery in supply and demand [5] Group 2: Non-Manufacturing Sector - The non-manufacturing business activity index was at 50.3%, a slight decrease of 0.1 percentage points, but still indicating expansion [10] - The civil engineering construction industry saw a significant increase in new export orders, with the business activity index rising to over 60% [10] - The telecommunications services business activity index rose to over 60%, reflecting strong demand in the sector [10][11] - The information services sector continues to show growth potential, supported by policy measures and sustained market demand [11]

海航科技股份有限公司 股东会议事规则 （2025年第一次临时股东大会审议通过） 第一章 总则 第一条 为规范海航科技股份有限公司（以下简称"本公司"、"公司"） 行为，保证股东会依法行使职权，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》）、中国证券 监督管理委员会发布的有关规章和《海航科技股份有限公司章程》（以下简称 公司章程）的规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、公司章程及本规则的相关规定 召开股东会，保证股东能够依法行使权利。公司董事会应当切实履行职责，认 真、按时组织股东会。公司全体董事应当勤勉尽责，确保股东会正常召开和依 法行使职权。 第四条 股东会应当在《公司法》和公司章程规定的范围内行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的六个月内举行。临时股东会不定期召开，出现 《公司法》第一百一十三条规定的应当召开临时股东会的情形时，临时股东会 应当在两个月内召开。上述期限内不能召开股东会的，应当报告公司所在 ...

Core Viewpoint - The company reported a stable operational performance in 2024 despite facing various challenges, with a slight decrease in revenue but an increase in net profit, indicating effective cost management and strategic resilience [1][13][19]. Group 1: Company Operational Performance - The total revenue for 2024 was 1.82 billion yuan, a decrease of 1.12% compared to the previous year [13]. - The total profit reached 440 million yuan, representing a year-on-year growth of 8% [1][13]. - The net profit attributable to shareholders was 274 million yuan, an increase of 9.54% year-on-year [1][13]. Group 2: Board of Directors' Activities - The Board of Directors held 8 meetings in 2024, reviewing 40 proposals [1][3]. - The Board emphasized the importance of corporate governance and compliance with regulations to ensure sustainable development [1][3]. Group 3: Financial Indicators - The company's total assets at the end of 2024 were approximately 4.46 billion yuan, a slight decrease of 0.22% from the previous year [14][18]. - The asset-liability ratio increased to 14.85%, up from 11.60% at the end of the previous year, indicating a rise in financial leverage [14][18]. - Earnings per share rose to 0.58 yuan, a 9.43% increase from the previous year [14][18]. Group 4: Investor Relations and Governance - The company maintained active communication with investors through various channels, ensuring transparency and engagement [4][6]. - The Board plans to enhance investor relations management and protect the rights of minority shareholders [4][6]. Group 5: Future Outlook - The company anticipates challenges in the market but remains optimistic about leveraging opportunities for growth in 2025, focusing on strategic initiatives and operational efficiency [19][20].

Economic Overview - The macroeconomic environment in April 2025 shows a steady improvement, with industrial production growing robustly and manufacturing investment increasing by 8.8% in the first four months, effectively offsetting a decline in real estate investment, which fell by 10.3%[5] - Social retail sales for January to April increased by 4.7% year-on-year, supported by the effects of trade and tourism[5] - Industrial added value rose by 6.4% year-on-year in the first four months, with strong performance in equipment manufacturing[5] Investment Insights - Fixed asset investment (excluding rural households) grew by 4.0% year-on-year in April, with manufacturing investment at 8.8% and infrastructure investment at 5.8%[22] - The decline in real estate investment is significant, with a cumulative decrease of 10.3% in the first four months, indicating a need for policy support to stabilize the sector[22] Inflation and Pricing - The current economic environment is characterized by low inflation, with the Consumer Price Index (CPI) at -0.1% and the Producer Price Index (PPI) at -2.7%[10] - The focus on price recovery is crucial, with core CPI recovery linked to the stabilization of the real estate market, which is essential for internal demand recovery[5] Structural Dynamics - The "Manufacturing Nation" strategy continues to strengthen economic resilience, effectively countering the negative impacts of real estate and consumption on economic growth[5] - The ongoing structural transformation is expected to gradually reduce the drag from real estate and consumption, allowing for a more balanced economic outlook[5] Future Outlook - The economic environment is entering a "dragon in the field" phase, suggesting a potential turning point in negative narratives, with a more optimistic view on RMB assets[5] - The macroeconomic policy is expected to dynamically calibrate and gradually strengthen, indicating a shift in market expectations[6]

Core Viewpoint - Ningbo Marine's stock price has experienced significant fluctuations recently, indicating a high risk of speculation in the market [1] Industry Summary - The rolling price-to-earnings (P/E) ratio for the water transportation industry as of May 16, 2025, is reported to be 9.50 [1] - Ningbo Marine's latest rolling P/E ratio stands at 20,706.36, which is significantly higher than the industry average [1] Company Summary - The company has issued a risk warning regarding the volatility of its stock price, urging investors to be cautious and make rational decisions [1] - The company emphasizes the importance of avoiding blind following in the secondary market due to the high speculation risk [1]

证券代码：600798 证券简称：宁波海运 公告编号：2025-020 宁波海运股份有限公司 关于公司获得政府补助的公告 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： ● 获得补助金额：人民币442万元 ● 对当期损益的影响：根据《企业会计准则16号-政府补助》的相关规定，上述收到的政府补助属于与 收益相关的政府补助，将对公司 2025 年度净利润产生一定影响。上述政府补助数据未经审计，具体的 会计处理及对公司相关财务数据的影响以会计师事务所审计后的结果为准。 一、获得补助的基本情况 2025年5月16日，宁波海运股份有限公司（以下简称"公司"）收到政府补助款442.00万元，现将已收到 政府补助的具体情况公告如下： 单位：万元 币种：人民币 ■ 三、风险提示和其他说明 以上政府补助数据未经审计，具体的会计处理及对公司相关财务数据的影响以会计师事务所审计后的结 果为准。敬请广大投资者注意投资风险。 特此公告。 宁波海运股份有限公司董事会 2025年5月17日 证券代码：600798 证券简称：宁波海运 公告编 ...

智通财经5月16日电，宁波远洋(601022.SH)发布异动公告，根据中证指数网发布的数据，交通运输业、 仓储和邮政业中水上运输业2025年5月15日平均滚动市盈率为9.61倍，行业平均市净率为1.12倍，公司最 新滚动市盈率为25.89倍，最新市净率为2.44倍，明显高于同行业平均水平。敬请广大投资者注意二级市 场交易风险，理性决策，审慎投资。 宁波远洋：最新市净率明显高于同行业平均水平 ...