编者按：上市公司是经济高质量发展的重要微观基础。深交所自2024年11月以来，围绕"提高上市公司 质量"核心任务，系统推进上市公司大走访工作，通过建立常态化走访上市公司机制，以"深扎根"式的 服务，直抵企业发展痛点与创新内核，助力新质生产力蓬勃生长。证券时报推出"深走访·提质效"系列 报道，跟随监管部门走进上市公司，探寻资本市场强化功能发挥、更好支持经济高质量发展的新态势， 敬请关注。 航空物流是产业链供应链畅通的"空中桥梁"，上市公司则是行业高质量发展的核心引擎。 作为中国唯一承担载国旗飞行的货运航空公司，国货航（001391）2024年12月登陆深交所以来，借助资 本市场完成混改深化、运力升级与数字化转型，以数智驱动培育新质生产力，书写了央企上市公司借助 资本市场提质增效的精彩答卷。 上市筑基混改激活发展动能 2024年12月30日，随着深交所的上市钟声响起，国货航正式登陆主板市场，成为航空物流行业又一标杆 企业。这一关键节点，为这家航空货运企业打开了资本市场的广阔空间。与此同时，资本市场的规范化 要求，让国货航在决策机制、风险管控、信息披露等方面持续优化，为后续业务扩张与创新发展奠定了 坚实基础。 作为 ...

Core Viewpoint - The article emphasizes the importance of listed companies in driving high-quality economic development, highlighting the role of Guohang as a benchmark in the air logistics industry since its listing on the Shenzhen Stock Exchange in December 2024, leveraging capital markets for operational upgrades and digital transformation [1][2]. Group 1: Company Development and Market Position - Guohang officially listed on the Shenzhen Stock Exchange on December 30, 2024, marking a significant milestone that opens up extensive opportunities in the capital market [2]. - The company has established a diversified and stable shareholder structure, enhancing strategic collaboration with partners like Cainiao Network and others to optimize domestic market layout and expand global routes [2][3]. - Guohang's operational capacity has been bolstered by capital market support, with the introduction of four B777 freighters and the conversion of five A330 passenger planes to freighters by mid-2025, resulting in a fleet of 25 freighters [2]. Group 2: Financial Performance and Shareholder Engagement - In 2025 Q3, Guohang reported revenue of 5.701 billion yuan, an increase of 8.39% year-on-year, and a net profit of 596 million yuan, up 35.91% [6]. - The company has maintained strong investor relations through various engagement methods, including performance briefings and investor surveys, and has completed its 2024 dividend distribution [3]. Group 3: Technological Innovation and Digital Transformation - Guohang has significantly increased its R&D investment, reaching 24.5971 million yuan in 2024, a sevenfold increase from 2023, with a focus on technological innovation as a core competitive advantage [4]. - The company has implemented several innovative projects, including a fully online sales bidding system that generated 1.599 billion yuan in revenue and saved 5,000 man-hours [4][5]. - Guohang is advancing its digital transformation, launching a digital platform for cargo stations and enhancing data exchange capabilities to improve operational efficiency [5]. Group 4: Industry Trends and Future Outlook - The air cargo industry is experiencing a period of high demand and favorable policies, with the global market expanding and a shift towards professional, efficient, and green logistics [6]. - Guohang plans to further expand its fleet and deepen digital upgrades during the 14th Five-Year Plan period, aiming to enhance operational fundamentals and strategic positioning [7].

Core Viewpoint - The recent signing of 8 key projects by 17 state-owned enterprises (SOEs) at the Central Enterprises Professional Integration Promotion Conference indicates a shift towards specialized integration in critical sectors such as new materials, artificial intelligence, and aviation logistics, aiming for a "specialized and strong" approach in state-owned enterprise restructuring [1][4]. Group 1: Specialized Integration Trends - Specialized restructuring has become an important method for improving the efficiency of state-owned capital allocation and operation [2][5]. - During the 14th Five-Year Plan period, SOEs have restructured 6 groups of 10 enterprises, establishing new entities like China Star Network and China Electrical Equipment Group [2][5]. - The focus of integration is shifting from large-scale mergers to more efficient and targeted asset restructuring, including asset swaps and strategic alliances [2][4]. Group 2: Focus on Emerging Industries - The integration projects are increasingly directed towards high-tech and high-potential sectors, reflecting a strategic shift in resource allocation [4][6]. - The establishment of China Salt Lake, formed by three companies, aims to ensure resource energy security with a registered capital of 10 billion yuan [2]. - The integration efforts are now targeting emerging industries rather than merely addressing traditional sectors or overcapacity issues [7][8]. Group 3: Future Directions - The upcoming 15th Five-Year Plan will emphasize enhancing the resilience and competitiveness of industrial chains through vertical resource integration [6][8]. - The focus on new industries is seen as a necessary response to structural challenges and aims to streamline operations while addressing issues like redundant construction [8]. - The integration strategy is expected to foster innovation and improve the overall functionality of state-owned enterprises [5][8].

航空物流领先服务商，业绩稳健增长可期待 ——东航物流首次覆盖报告 物流 东航物流（601156.SH） 证券研究报告/公司深度报告 2025 年 11 月 25 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：杜冲 | | 营业收入（百万元） | 20,621 | 24,056 | 25,371 | 28,099 | 30,501 | | | | 增长率 yoy% | -12% | 17% | 5% | 11% | 9% | | 执业证书编号：S0740522040001 | | 归母净利润（百万元） | 2,488 | 2,688 | 2,629 | 2,810 | 3,115 | | Email：duchong@zts.com.cn | | 增长率 yoy% | -32% | 8% | -2% | 7% | 11% | | | | 每股收益（元） | 1.57 ...

24日上午，"寻味极鲜・蟹逅武汉"俄罗斯帝王蟹文化节现场传来消息：俄罗斯摩尔曼斯克至武汉花湖机场的货运航线即将 开通。届时，帝王蟹仅需数小时即可从原产地直达武汉，并以此为枢纽辐射全国。 今年以来，武汉正成为全球生鲜的"高速入口"——南美车厘子、北美龙虾、泰国榴梿等在此高效流转，国产汽车、"光芯屏 端网"等以此为起点走向世界。 作为"国际性综合交通枢纽城市"，武汉不仅串联起长江经济带与"一带一路"，更以立体物流网络驱动贸易升级。 武汉，正 从地理意义上的"九省通衢"，跃升为配置全球资源、服务国家战略的关键节点。 "小时级"送达：全球生鲜抢"鲜"上岸 11月24日凌晨，埃塞俄比亚航空ET3690全货机降落花湖机场，机上载有50.8吨智利车厘子。它们从圣地亚哥出发，飞行近 25小时、跨越2.1万公里抵达武汉。 "这已是今年第七批次车厘子包机，累计近400吨。"航线服务保障方上海美凯航空现场工作人员刘海龙介绍。这批车厘子经 海关查验后，将迅速发往北京、上海、广州等城市。 下午，长江日报记者在武汉白沙洲光霞果批市场看到，智利车厘子销售火爆。"你摸摸，这车厘子捏起来特别硬实新鲜，果 肉饱满。" 正在挑选车厘子的水果店老板 ...

Core Insights - The Dongguan-Hong Kong International Airport Center has achieved an import and export value exceeding 27.2 billion RMB in the first ten months of the year, marking a year-on-year increase of approximately 90% [1] Group 1: Operational Highlights - The Airport Center, operational since April 18, 2023, has opened 11 air transport routes, maintaining a rapid growth in business [1] - The average monthly cargo volume has surged from 270 tons at the start of operations to over 1,300 tons currently [1] - Cross-border e-commerce has significantly contributed to this growth, with export volumes reaching 11,000 tons in the first ten months, representing a year-on-year increase of 250% [1] Group 2: Regulatory Support - To support the development of cross-border e-commerce during the "Double 11" shopping festival, the Huangpu Customs optimized regulatory measures, implementing a tiered management system for e-commerce companies [2] - High-certified enterprises received priority for "non-intrusive" inspections, while those with pending credit ratings faced stricter vehicle weight checks and other measures [2] - The logistics time for cross-border e-commerce exports has been reduced by approximately 30%, with faster package inspections and smoother customs clearance [2] Group 3: Future Developments - Huangpu Customs plans to enhance the regulatory facilities for imported fresh aquatic products at Dongguan Port, further expanding the Airport Center's fresh product import business [2]

Core Insights - Eastern Airlines Logistics experienced a decline of 1.39% in stock price on November 21, with a trading volume of 171 million yuan. The net financing purchase amounted to 40.69 million yuan, indicating strong investor interest despite the price drop [1] Financing Overview - On November 21, the financing buy amount for Eastern Airlines Logistics was 50.99 million yuan, while the financing repayment was 10.30 million yuan, resulting in a net financing purchase of 40.69 million yuan. The total financing and margin balance reached 1.18 billion yuan, which is 7.65% of the circulating market value, indicating a high level of financing activity [1] - The financing balance is above the 90th percentile of the past year, suggesting elevated investor engagement [1] Margin Trading Details - On the same day, Eastern Airlines Logistics had a margin repayment of 400 shares and a margin sale of 800 shares, with a total sale value of 13,000 yuan. The remaining margin balance was 93.62 million yuan, which is below the 10th percentile of the past year, indicating low short-selling activity [1] Company Profile - Eastern Airlines Logistics, established on August 23, 2004, and listed on June 9, 2021, is based in Changning District, Shanghai. The company specializes in air express, ground comprehensive services, and integrated logistics solutions. The revenue breakdown is as follows: integrated logistics solutions (46.66%), air express (41.77%), ground comprehensive services (11.44%), and others (0.14%) [1] Shareholder and Financial Performance - As of September 30, the number of shareholders for Eastern Airlines Logistics was 39,500, a decrease of 26.75% from the previous period. The average number of circulating shares per person increased by 36.52% to 23,935 shares [2] - For the period from January to September 2025, the company reported a revenue of 17.249 billion yuan, a year-on-year decrease of 2.40%, and a net profit attributable to shareholders of 2.001 billion yuan, down 3.19% year-on-year [2] - Since its A-share listing, Eastern Airlines Logistics has distributed a total of 2.726 billion yuan in dividends, with 1.630 billion yuan distributed over the past three years [2] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh-largest circulating shareholder, holding 10.085 million shares, a decrease of 6.9774 million shares from the previous period. The Southern CSI 500 ETF ranked eighth, holding 9.213 million shares, down 217,400 shares [2]

Core Points - The State-owned Assets Supervision and Administration Commission (SASAC) organized a meeting to promote the professional integration of central enterprises, resulting in the signing of key projects in various sectors including new materials, artificial intelligence, cruise operations, inspection and testing, and air logistics [2][3] Group 1: Professional Integration Projects - A total of 17 units participated in the signing of key projects, focusing on accelerating breakthroughs in core technologies and promoting the scale development of emerging industries [2][3] - Notable projects include collaborations between Sinopec and Dongfang Electric Group, FAW Group and Zhuoyue Technology in intelligent driving, and China Aluminum Group with Ansteel in the industrial internet and smart supply chain [3] Group 2: Importance of Professional Integration - Professional integration is a crucial task in the reform of state-owned enterprises, aimed at optimizing the layout of state-owned economies and enhancing core competitiveness [4] - Since 2024, over a thousand professional integration projects have been initiated to support national strategies and promote high-quality development [4] Group 3: Future Directions - The meeting emphasized the need for central enterprises to consolidate resources effectively, focusing on core business areas and avoiding unrelated diversification [5] - Future integration efforts will target unreasonable business layouts and aim to enhance scale effects and extend into high-end markets [5]

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) organized a meeting to promote the professional integration of central enterprises, resulting in the signing of 8 groups of projects involving 17 units in key areas such as new materials, artificial intelligence, cruise operations, inspection and testing, and aviation logistics [1][2] - The signed projects aim to accelerate breakthroughs in core technologies, strengthen strategic emerging industries, and optimize traditional industries for high-quality development [1][2] - China Tourism Group is leading the establishment of a central enterprise cruise operation platform, which will have the largest fleet in Asia post-integration, with a significant economic impact ratio of 1:10 to 1:14 for the cruise industry [1] Group 2 - SASAC emphasized that professional integration must align with future industry and technology trends, focusing on long-term goals and avoiding short-term scale pursuits [2] - The integration strategy includes deepening core business operations, enhancing resource allocation efficiency, and focusing on emerging sectors to strengthen the scale and capabilities of strategic emerging industries [2] Group 3 - China Tourism Group is a key state-owned enterprise directly managed by the central government, with a history dating back to 1923, and operates a diverse range of businesses including travel agencies, scenic spots, hotels, and cruise operations [3] - The group has a workforce of over 42,000 and total assets exceeding 200 billion, serving over 80 million tourists annually [3]

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of specialized integration among central enterprises to enhance competitiveness and resource allocation efficiency, focusing on high-quality development and alignment with national strategies [3][4]. Group 1: Specialized Integration - Central enterprises are actively engaged in specialized integration to support national strategies, promote technological innovation, and enhance high-quality development [3]. - The integration efforts aim to optimize industrial layout, improve resource allocation efficiency, and strengthen core competitiveness [3]. - A total of 8 groups from 17 units signed key project agreements, focusing on critical sectors such as new materials, artificial intelligence, cruise operations, inspection and testing, and aviation logistics [3]. Group 2: Cruise Industry Development - China Tourism Group is leading the establishment of a central enterprise cruise operation platform, which will have the largest fleet in Asia post-integration [4]. - The cruise industry has a significant multiplier effect, with a ratio of 1:10 to 1:14, meaning every 1 yuan of revenue generated in the cruise sector can stimulate 10 to 14 yuan in related industries [4]. - SASAC officials stress that specialized integration should align with future industry and technology trends, focusing on high-end development and avoiding disorderly expansion [4]. Group 3: China Tourism Group Overview - China Tourism Group is a key state-owned enterprise directly managed by the central government, with a history dating back to 1923 [5]. - The group has a diverse business portfolio, including travel agencies, scenic spots, hotels, duty-free shops, and cruise operations, with a presence in over 30 countries and regions [5]. - As of the end of 2024, the group is expected to have over 42,000 employees and total assets exceeding 200 billion yuan, serving over 80 million tourists annually [5].