6月20日，第9届南博会万象物流园展位工作人员为参观者介绍园区情况。中新社记者韩帅南摄 连日来，本届南博会上的万象物流园展位吸引众多中外企业前来洽谈合作。 "万象物流园位于老挝与泰国边境黄金地段，老泰铁路和老中铁路能够在此完成换装。"万象物流园老挝 籍员工黄志强介绍，该园区能够帮助老挝各省之间以及与东盟邻国、中国之间产生更多贸易往来，推动 中新社昆明6月23日电(韩帅南罗婕)23日，在昆明举行的第9届中国—南亚博览会(下称"南博会")进入倒 计时，东南亚馆热度不减，一众老挝商品被市民抢购。"展会上这批老挝啤酒是通过中老铁路运过来 的，因口感醇厚很受欢迎。"展馆工作人员赵声娟介绍。 本届南博会上，北起中国昆明、南抵老挝万象的中老铁路，不仅以带来的众多老挝商品和创新旅游产品 引爆展会热度，更以2021年12月通车至今突破5300万人次的客运量与6000万吨的货运总量，彰显其作 为"黄金通道"的硬核实力。 在东南亚馆，榴莲制品、古树茶、咖啡等老挝特色商品广受青睐。已经5次参展南博会的老挝客商龙海 红说，首次参加南博会时他只带来茶叶，如今各种产自老挝的日用品和食品都成为他的展销品，"中国 消费者对老挝产品的热情成为我 ...

Core Points - The company has elected Ren Min as the chairman of the board, with a term starting from June 23, 2025, until the end of the fourth board's term [1][2] - The first meeting of the fourth board also approved the election of members for various specialized committees and the appointment of senior management personnel [2][3] - The company appointed Sun Yang as the general manager and He Yu and Xiao Mingke as deputy general managers, with their terms also starting from June 23, 2025 [3][4] Board and Committee Elections - The strategic development committee includes Ren Min, Song Xiaohong, and Leng Kaiwei, with Ren Min as the chair [2] - The audit committee is composed of Xu Hui, Leng Kaiwei, and Ren Min, with Xu Hui as the chair [2] - The nomination committee includes Leng Kaiwei, Song Xiaohong, and He Yu, with Leng Kaiwei as the chair [2] - The remuneration and assessment committee consists of Song Xiaohong, Xu Hui, and Shao Qiang, with Song Xiaohong as the chair [2] Senior Management Appointments - The current senior management team includes Sun Yang as the general manager, He Yu as deputy general manager, Xiao Mingke as deputy general manager, and Zhu Jingpeng as the financial officer [3][4] - All senior management personnel meet the qualifications required for listed company executives and have no disqualifying conditions [3][4] Securities Affairs Representative - Jiang Jili has been appointed as the securities affairs representative, assisting the board secretary in fulfilling responsibilities [4][5] - Jiang Jili holds the necessary qualifications and experience to perform her duties [4][5] Transition of Responsibilities - During the vacancy of the board secretary position, Chairman Ren Min will act as the board secretary [5] - The company will expedite the process of appointing a new board secretary in accordance with relevant regulations [5] Acknowledgment of Previous Board Members - The company expressed gratitude to the outgoing board members and senior management for their contributions during their tenure [6][7]

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting (AGM) and has outlined the voting procedures, key agenda items, and financial reports to be discussed and approved by shareholders [1][2][3]. Voting Procedures - Shareholders can vote through the Shanghai Stock Exchange's trading system or the internet voting platform, with specific time slots designated for voting on the day of the AGM [1][2]. - The first voting result will be considered valid in case of duplicate votes through different platforms [2]. Financial Reports - The company has prepared its 2024 Annual Report and its summary, which will be presented for approval at the AGM [3][5]. - The 2024 financial report indicates a decline in net profit by 12.99% to 4.63 billion yuan, with earnings per share dropping by 12.77% to 0.41 yuan [14][15]. Business Performance - The company reported a total international air freight volume of 34,500 TEUs, a significant increase from 18,200 TEUs in 2023 [14]. - The international sea freight volume reached 842,700 TEUs, up from 819,300 TEUs year-on-year, with a gross profit margin of 11.88% [15][16]. Governance and Management - The board of directors consists of five members, including three independent directors, and has established various committees to enhance governance [6][9]. - The board has held seven meetings in 2024, ensuring compliance with legal and regulatory requirements [6][7]. Budget and Financial Planning - The company has set a target of 130,000 TEUs for the China-Europe Railway Express in 2025 and plans to invest 310 million yuan in fixed assets [18][19]. - The proposed profit distribution for 2024 includes a cash dividend of 2.9 yuan per share, totaling approximately 379.62 million yuan [20]. Related Transactions - The company plans to enter into a financial services agreement with China Logistics Group Financial Co., Ltd., which is considered a related party transaction due to shared ownership [21][22]. - The agreement includes provisions for deposit services and credit facilities, with a maximum deposit limit of 1 billion yuan [23][24].

Market Overview - The stock indices showed narrow fluctuations in the morning and surged in the afternoon, with the North Securities 50 Index rising over 1% and more than 4,400 stocks gaining [1] - By the close, the Shanghai Composite Index increased by 0.65% to 3,381.58 points, the Shenzhen Component Index rose by 0.43% to 10,048.39 points, and the ChiNext Index climbed by 0.39% to 2,017.63 points [1] - The North Securities 50 Index saw a gain of 1.54%, with a total trading volume of 1,147.1 billion yuan across the three markets [1] Sector Performance - The oil sector showed strong performance, while logistics, chemicals, semiconductors, non-ferrous metals, coal, pharmaceuticals, and brokerage sectors also experienced gains [1] - Emerging themes such as digital currency, cross-border payments, shipping concepts, and solid-state battery concepts were active [1] Economic Outlook - External uncertainties and insufficient domestic demand remain challenges for the second half of the year, but sustained policy efforts are expected to showcase strong resilience in the domestic economy [1] - With the expansion of equity public funds, the influx of medium to long-term capital, and supportive policy tools, the A-share market is likely to maintain a stable and improving trend [1] - Current A-share valuations are at a historical medium level and are relatively low compared to mature overseas markets, indicating a higher investment cost-performance ratio [1] - Overall, the A-share market is anticipated to exhibit a trend of oscillating upward by the second half of 2025 [1] Structural Investment Opportunities - Safe assets with low valuations and high dividend characteristics align with the medium to long-term capital allocation needs, providing both safety margins and yield certainty in an uncertain external environment and low-interest rate context [2] - The theme of technological innovation is crucial for accelerating the cultivation of endogenous growth momentum and should be monitored for breakthroughs in industrial trends [2] - The large consumption sector is showing bright domestic consumption data under policy support, with new consumption trends emerging, particularly in pet economy, IP economy, and domestic beauty and personal care [2] - Mergers and acquisitions in sci-tech enterprises, central state-owned enterprises, and traditional industries are also a focus area [2]

Logistics Industry - The logistics sector has seen a year-to-date increase of 6.2% as of June 13, 2025, outperforming the CSI 300 by 8.0% [1] - The shift from external to internal demand is contributing to excess returns in the logistics industry, with direct-operated express companies like SF Express and JD Logistics performing better than franchise-based counterparts [1] - The competitive intensity in the logistics sector is expected to be controllable due to effective regulatory constraints, despite a stronger demand for market share among leading companies [1] Shipping Industry - The shipping sector has experienced a year-to-date increase of 0.8%, with an excess return of 2.6% compared to the CSI 300 as of June 13, 2025 [2] - The easing of tariffs between China and the U.S. is expected to maintain strong export levels until mid-July, coupled with temporary capacity tightness, which may lead to further price increases in the shipping sector [2] - In the medium term, the supply of oil tankers, particularly VLCCs, remains tight, and a recovery in demand may lead to rising freight rates [2] Infrastructure Sector - As of June 13, 2025, the highway, railway, and port sectors have underperformed the market by 0.74, 4.23, and 0.73 percentage points, respectively [3] - The growth in passenger traffic on highways is driven by an increase in vehicle ownership and sustained short-distance travel demand, with the summer peak season expected to boost high-speed rail travel [3] - The recovery in domestic demand is anticipated to positively impact the freight transport sector, with the easing of U.S. tariff policies likely to sustain high levels of export trade in the short term [3]

过去二十年间，企业可持续发展虽取得显著进展，如今却来到转折的十字路口。国家间竞争加剧、社会 两极分化加深，以及民粹主义对可持续发展举措的反扑——政治格局的剧变正在重新定义企业生存和发 展的条件。 一些知名企业已悄然调低原定目标，而部分公司的可持续进程开始倒退。美国政府迅速撤回此前在可持 续发展方面的承诺，而欧洲新出台的报告披露要求也遭遇了越来越多的抵制。 这不禁引发了一个问题：当前形势下，企业可持续发展是否难以为继？作为商业战略的实践者，我们就 企业可持续发展的核心问题分享一些思考与见解。 为何地球终将战胜政治 例如，物流公司马士基（Maersk）已投入大量资金开发低碳燃料并推动港口作业电气化。通过这一举 措，马士基实现了差异化竞争，成为具有吸引力的低排放供应链合作伙伴。 虽然短期内企业可持续议程可能进一步瓦解，但并非毫无回旋余地。我们有理由相信，多重抗衡力量终 将扭转当前明显的倒退趋势，并重新唤起各方对可持续发展的重视，尽管这一过程可能会经历持续数年 的动荡过渡期。 可再生能源领域已取得显著进展 中国在可再生能源领域的贡献突出：2019年至2024年间，全球可再生能源产能的扩张有40%来自中国。 可再生能源 ...

Core Viewpoint - The article highlights various companies' strategic expansions and innovations in international markets, particularly focusing on Southeast Asia and the Middle East, showcasing significant growth opportunities in these regions [3][4][5]. Group 1: Company Expansions - LoBo Fast Run plans to enter the Southeast Asian market by the end of 2025, focusing on Singapore and Malaysia for its autonomous taxi services [8]. - Transsion Holdings is reportedly exploring the two-wheeler electric vehicle market, having incubated this project for nearly three years, primarily targeting Africa and South Asia [8]. - JD Logistics has launched a new B2C express delivery brand, JoyExpress, in Saudi Arabia, enhancing local e-commerce logistics [9]. - Geely Automobile has signed a joint venture agreement with Renault to strengthen its market presence in Brazil [11]. Group 2: Market Opportunities - The Chinese cross-border e-commerce export scale has surpassed 2 trillion yuan, indicating a 16.9% year-on-year growth [15]. - The short drama market in China has seen explosive growth, with the market size reaching 50.5 billion yuan, surpassing annual box office revenue for films [18]. - China's industrial robot exports have increased by 55.4% in the first five months of the year, reflecting a growing demand for high-end and customized products [19]. Group 3: Financing and Investments - Yushun Technology has completed a C-round financing, with a valuation exceeding 10 billion yuan, indicating strong investor confidence [20]. - UniUni has raised over $70 million in D1 round financing to enhance its logistics capabilities in North America [20]. - EHang Intelligent has secured significant funding to expand its urban air mobility services in Europe and Latin America [11].

Investment Overview - The company approved an investment in the Zambia Sakanya Port and Ndola to Mufulira road upgrade project on October 16, 2023, through its wholly-owned subsidiary, China-Africa International Logistics Investment Co., Ltd. [1] - The total investment for the project is approximately $76.13 million, with a concession period of 22 years [1][2] - The company will increase its stake in JASWIN PORTS LIMITED to 90% as part of the investment [1] Project Progress - The upgrade of the Ndola to Sakanya road includes the construction of a 17.26 km road and a toll station, which is now fully completed [2] - The Sakanya Port upgrade involves the construction of a joint inspection building, business building, and parking lot, with environmental assessments and land acquisition already completed [2] - The upgrade of the Sakanya to Mufulira road includes a 41.7 km road and a toll station, with environmental assessments and land acquisition also completed, and construction is currently underway [2]

Investment Rating - The report recommends "顺丰控股" (SF Express) in the express delivery sector and "海晨股份" (Haichen Co.) in the logistics sector, as well as "中国国航" (Air China) and "南方航空" (Southern Airlines) in the aviation sector [3][4][5]. Core Views - The express delivery sector shows strong growth, with SF Express's business volume growth significantly outpacing the industry, and the overall express delivery volume in May reaching 173.2 billion pieces, a year-on-year increase of 17.2% [3]. - The logistics sector is under pressure, particularly in hazardous materials logistics, but there is a push towards smart logistics, with Haichen Co. benefiting from improved demand in consumer electronics [4]. - The aviation sector is experiencing a robust recovery, with domestic passenger volume in May reaching 56.45 million, a year-on-year increase of 7%, and international passenger volume increasing by 23% [5][58]. Summary by Sections 1. Transportation Sector Market Review - The transportation index decreased by 0.1% during the week of June 14-20, while the Shanghai and Shenzhen 300 index fell by 0.5%, outperforming the market by 0.4% [2][13]. 2. Industry Fundamentals Tracking 2.1 Shipping and Ports - The shipping sector is facing mixed conditions, with container shipping rates under pressure, while oil shipping rates are rising due to geopolitical tensions [6][22]. - The China Export Container Freight Index (CCFI) was 1342.46 points, up 8.0% week-on-week but down 30.2% year-on-year [6][22]. 2.2 Aviation and Airports - The aviation sector is showing strong upward momentum, with domestic and international passenger volumes recovering significantly compared to 2019 levels [5][58]. - The average daily flights reached 14,867, with international flights increasing by 16.17% year-on-year [5]. 2.3 Rail and Road - The rail and road sectors are stable, with rail passenger volume in April reaching 382 million, a year-on-year increase of 5.97% [84]. - The national highway freight traffic increased by 2.46% week-on-week, indicating a positive trend in road logistics [7][88]. 2.4 Express Delivery and Logistics - The express delivery sector saw a total of 39.3 billion pieces collected in the week of June 9-15, with a year-on-year increase of 17.5% [3]. - The average revenue per express delivery piece decreased by 7.6% year-on-year, indicating pricing pressures in the sector [3].

Core Viewpoint - The launch of the new international transport corridor from Jinhua to Baku marks a significant development in logistics, enhancing the efficiency of trade between China and Central/Eastern Europe, while also boosting the international competitiveness of Jinhua's manufacturing sector [1][3]. Group 1: Logistics and Infrastructure - The new corridor addresses logistics pain points by providing a faster alternative to traditional sea transport and expanding the coverage of land routes [3]. - It connects key cities in Central Asia, including Kazakhstan, Uzbekistan, and Turkmenistan, and integrates with maritime transport across the Caspian Sea, creating a direct route to Azerbaijan and Eastern Europe [3]. - This development represents a key infrastructure breakthrough for Jinhua in its participation in the Belt and Road Initiative [3]. Group 2: Economic Impact - The new transport route is expected to optimize logistics costs and enhance the international competitiveness and brand reputation of Jinhua's manufacturing [3]. - Jinhua has a strong export momentum, particularly in small commodities and hardware tools, with products like daily necessities and clothing from Yiwu and hardware accessories from Yongkang [3]. - The new route will help expand market reach, further elevating the recognition of Jinhua and Yiwu in Central Asia and surrounding countries [3]. Group 3: Cooperation and Development - The corridor will facilitate the transportation of goods from Central Asia, including natural gas, rare earths, and agricultural products, while also allowing for the export of Chinese industrial equipment and renewable energy products [4]. - The initiative emphasizes mutual development and cooperation, aligning with the spirit of the Belt and Road Initiative [4]. - Jinhua is positioned to become a prominent trade and manufacturing hub along the Belt and Road, enhancing its global trade status [4].