本文源自：金融界 作者：港股君 截至7月30日收盘，象兴国际（01732.HK）报0.161港元，较上个交易日上涨9.52%，当日盘中最高价触 及0.169港元，创近一年新高。 资金流向方面，当日主力流入NaN万港元，流出NaN万港元，净流入284.71万港元。 象兴国际控股有限公司(以下简称"象兴国际")于开曼群岛注册成立。目前,象兴国际全资或控股经营厦门 象兴国际物流服务有限公司(专业从事厦门港经济腹地的外贸物流服务)、厦门象兴码头服务有限公司(专 业从事厦门港口码头服务)、厦门象兴汽车服务有限公司(专业从事重型汽车服务)、泉州象兴国际物流服 务有限公司(专业从事泉州港经济腹地的综合物流和港口码头服务)、成都象兴供应链管理有限公司(专业 从事西南地区供应链运营服务)。象兴国际于2017年7月在香港联交所创业板上市,并于2019年9月成功转 入主板。目前,公司业务范围覆盖了货运代理、陆地运输、港口服务和大宗商品贸易。凭借"诚信立足、 品质致远"的经营理念,公司得到了市场的广泛认可,业务连续多年保持增长,也多次被评为"守合同、重信 誉"企业。荣誉代表着过去,未来需要一步一个脚印。象兴人将继续秉持务实、诚信、担 ...

Core Viewpoint - The company announced that the conditions for the second exercise period of the 2023 stock option incentive plan were not met, leading to the cancellation of a portion of stock options granted to employees [1][2][3] Summary by Sections Stock Option Incentive Plan Overview - The company approved the 2023 stock option incentive plan on September 28, 2023, granting a total of 5.78 million stock options to 191 incentive targets [1] Adjustments to Stock Option Exercise Price - On July 30, 2024, the exercise price of the stock options was adjusted from 22.28 CNY to 22.03 CNY due to the 2023 annual equity distribution plan [2] - Further adjustments were made on December 30, 2024, lowering the exercise price to 21.93 CNY, and again on July 24, 2025, to 21.73 CNY [3] Cancellation of Stock Options - A total of 705,928 stock options were canceled due to various reasons, including: - 123,622 options from 143 incentive targets who did not exercise their options during the first exercise period [6] - 210,500 options from 10 incentive targets who left the company [6] - 3,231,272 options due to unmet performance targets for the second exercise period [6] - After these cancellations, the total number of stock options granted was reduced from 5.074072 million to 1.842800 million [7] Performance Assessment - The performance assessment for the second exercise period was based on a revenue growth rate of 14.88% compared to the 2022 revenue, which did not meet the required targets [6] Impact of Stock Option Cancellation - The cancellation of stock options is not expected to have a substantial impact on the company's financial status or operational results [7][8]

Core Viewpoint - Jiangsu Wanlin Modern Logistics Co., Ltd. is involved in an arbitration case with Shanghai Mindai Industrial Co., Ltd. regarding a sales contract dispute, with a total amount in question of 48 million yuan [1][2][3] Summary by Sections Arbitration Case Overview - The arbitration case is at the final ruling stage, with the company being one of the respondents [1] - The involved amount is 48 million yuan [1] - The company has previously recognized liabilities and estimated liabilities totaling 52.6975 million yuan based on prudence principles [1][3] Arbitration Ruling Details - On July 22, 2025, the company received the arbitration ruling which includes: - The first respondent, the wood industry park, must return 48 million yuan to Mindai Industrial within 15 days [3] - The wood industry park must also pay a usage fee calculated at an annual interest rate of 3.65% from May 31, 2023, until the actual payment date [3] - The second respondent, Huang Baozhong, bears joint guarantee responsibility for the payments [3] - The arbitration fee of 364,395 yuan is to be jointly borne by the wood industry park and Huang Baozhong [3] Impact on Company Financials - The company will adjust its financials according to the arbitration ruling, which will result in a reversal of estimated liabilities by 675,500 yuan, thus increasing the company's profit for the first half of 2025 by the same amount [3][4]

新兴市场动态 与会的东盟各国外长、东盟观察员及东盟秘书长均表示，欢迎中方提出的务实合作倡议，愿同中方加快 发展战略对接，期待东盟—中国自贸区3.0版议定书年内签署，持续推进区域经济一体化。 2、越南支持汽车企业的多项进口税收优惠政策陆续推出 越南政府于2025年7月8日颁布第199号议定，修改和补充第26号议定中关于出口税则、优惠进口税则、 商品目录以及绝对税、复合税、超配额进口税等税率的规定。该议定自2025年7月8日起生效。 该议定修改了享受税收优惠计划中汽车零部件进口优惠税率的最低产量条件，旨在支持汽车生产、组装 企业，特别是新能源汽车生产企业。 具体而言，若生产汽油、柴油汽车的企业同时生产电动车、燃料电池汽车、混合动力汽车、生物燃料汽 车或天然气汽车，这些环保车型的产量可计入汽油、柴油车型对应的最低总产量与最低单一车型产量， 以满足享受税收优惠的条件。 1、东盟—中国自贸区3.0版议定书将于年内签署 马来西亚国家新闻社7月10日报道，当天中共中央政治局委员、外交部长王毅在吉隆坡出席中国—东盟 外长会时介绍了双方合作丰硕成果。 他说，中国—东盟自贸区3.0版谈判全面完成，将于年内签署议定书。东盟—中国— ...

Core Viewpoint - Cainiao, as a logistics entity, is increasingly constrained by its role in supporting Alibaba's e-commerce strategy, leading to persistent losses and diminishing growth potential [2][24]. Group 1: Company Development and Strategy - Cainiao was established to address logistics challenges faced by Alibaba's e-commerce, particularly during peak shopping events like "Double Eleven" [5][7]. - Following Alibaba's acquisition of remaining shares in Cainiao, the company is expected to align closely with Alibaba's strategic needs, focusing on enhancing global logistics capabilities [4][9]. - The company has shifted from a light-asset model to a more integrated logistics technology platform, reflecting Alibaba's dominance in the e-commerce sector [7][11]. Group 2: Financial Performance - Cainiao's revenue has shown significant growth, with figures of 52.73 billion RMB in 2021, 66.87 billion RMB in 2022, and 77.80 billion RMB in 2023, representing a compound annual growth rate of 21.4% [8][22]. - Despite revenue growth, Cainiao has faced substantial losses, totaling 7.10 billion RMB from 2021 to 2023, with net losses of 2.02 billion RMB in 2021, 2.29 billion RMB in 2022, and 2.80 billion RMB in 2023 [22][24]. - The company's gross margin has remained relatively stable at around 10.5% to 10.7%, but it has struggled with high operational costs, leading to negative profit margins [21][22]. Group 3: Market Position and Challenges - The cross-border e-commerce market in China has seen significant growth, with a 10.8% increase in trade volume in 2024, yet Cainiao faces intense competition from platforms like Pinduoduo's Temu [18][20]. - As Alibaba refocuses on its core e-commerce business, Cainiao's role has shifted to that of a supporting player, limiting its ability to independently drive growth [10][24]. - The recent decision to withdraw its IPO application reflects the need for Cainiao to prioritize alignment with Alibaba's strategic goals over independent expansion [10][11].

Group 1 - The company issued 8 million convertible bonds with a total value of 800 million yuan, approved by the China Securities Regulatory Commission on September 1, 2022 [1] - The controlling shareholder, Duan Rongwen, received 2,552,260 bonds, accounting for 31.90% of the total issuance [1] - As of July 14, 2025, Duan Rongwen reduced her holdings by 952,550 bonds, representing 11.91% of the total issuance [1] Group 2 - After the reduction, Duan Rongwen holds 1,599,710 bonds, which is 19.99% of the total issuance [1] - Other shareholders, such as Huang Yanting and Huang Ping, maintained or slightly adjusted their holdings, with Huang Yanting holding 769,130 bonds (9.61%) and Huang Ping holding 688,300 bonds (8.60%) [1]

Group 1 - The company held its 24th meeting of the fifth supervisory board, with all supervisors present and all resolutions passed without opposition [1] - The supervisory board agreed to abolish the supervisory board and transfer its powers to the audit committee of the board of directors, along with the corresponding amendments to the company's governance documents [2][3] - The company will change its financial audit and internal control audit institutions for 2025, appointing Huaxing Accounting Firm as the new auditor [4] Group 2 - The company approved a warehouse and distribution contract with its associate company, Guangdong Shangnong Zhiyun Technology Co., Ltd., for logistics services, with pricing to be determined later [4]

Core Viewpoint - The article highlights the launch of 36 collaborative projects in Chongqing aimed at building the Western Land-Sea New Corridor, with a total investment exceeding 70 billion yuan and an intended investment attraction of 40 billion yuan [1]. Group 1: Project Overview - The projects span various sectors including new materials research and manufacturing, commercial asset revitalization, and financial capital innovation [3]. - There are three equity cooperation projects with a total investment of 12.4 billion yuan and an intended investment of 3.3 billion yuan, focusing on high-end real estate development and health care [3]. - Seven investment attraction projects amount to 52.5 billion yuan with an intended investment of 36.2 billion yuan, covering cultural tourism, logistics, and integrated services [3]. Group 2: Specific Projects - The Chongqing Liangjiang Investment Group's Liangjiang International Tourism Resort project aims to attract 18 billion yuan for an international high-end cultural tourism theme park [4]. - The Chongqing Airport Group's core area of the Chongqing Airport Economic Demonstration Zone project plans to attract 14 billion yuan to create a comprehensive air service demonstration zone [4]. - The logistics industry investment project in the Chongqing Airport Economic Demonstration Zone aims to attract 4.2 billion yuan to develop a leading high-end aviation logistics ecosystem [4]. Group 3: Business Cooperation and Asset Revitalization - Five business cooperation projects have a total investment of 300 million yuan and an intended investment of 100 million yuan, focusing on commercial management and logistics [4]. - There are 21 asset revitalization projects with a total investment of 6.6 billion yuan, covering commercial real estate and digital healthcare [5]. - The Chongqing Xinhua Publishing Group is leasing a premium commercial building in Chongqing's Three Gorges Square [5]. Group 4: International Collaboration - The collaboration with Malaysia aims to enhance logistics efficiency by sharing warehouse resources and reducing cross-border transfer costs [7]. - The initiative includes building specialized cold chain channels and overseas warehouses for high-demand products [7]. - The Chongqing State-owned Assets Supervision and Administration Commission plans to enhance the multi-modal transport system and promote international market expansion for state-owned enterprises [7].

Core Viewpoint - Sinotrans has signed a Share Purchase Agreement to sell a 25% equity stake in Loscam International Holdings Limited for US$470 million, retaining a 20% stake post-transaction, which is expected to optimize its asset structure and enhance investment returns [1][2]. Group 1: Transaction Details - The sale of the 25% stake in Loscam International is valued at approximately Rmb3.38 billion, with Loscam being a leading company in the pallet leasing business [1]. - The transaction implies a P/E ratio of 28.4x based on Loscam's 2024 earnings, which is significantly higher than Sinotrans' A-shares and H-shares valuations [2]. Group 2: Financial Impact - The transaction is expected to generate an investment gain of approximately Rmb1.79 billion and cash inflows of around Rmb4.44 billion, including additional dividends of approximately Rmb1.06 billion from Loscam [2]. - It is estimated that the transaction could boost Sinotrans' net profit by Rmb1.35 billion, representing a 38% increase in 2025 earnings [3]. Group 3: Business Resilience and Dividend Yield - Sinotrans has shown strong business resilience, with a 9% year-on-year increase in sea freight forwarding volume in Q1 2023, despite facing cost pressures [4]. - The transaction may alleviate market concerns over 2025 earnings, with estimated dividend yields of 6.8% for A-shares and 9.2% for H-shares based on a 50% dividend payout ratio [4]. Group 4: Financial Forecast and Valuation - The earnings forecast for 2025 and 2026 remains unchanged at Rmb3.56 billion and Rmb3.70 billion, reflecting growth rates of -9.2% and 4.0% respectively [5]. - Sinotrans' A-shares and H-shares are currently trading at P/E ratios of 10.2x and 7.5x for 2025 [5]. Group 5: Ratings and Target Prices - The company maintains an OUTPERFORM rating on A-shares with a target price of Rmb5.80, implying an 11.9x 2025 P/E and a 17% upside [6]. - For H-shares, the OUTPERFORM rating is maintained with a raised target price of HK$4.75, implying a 9.0x 2025 P/E and a 19.9% upside [6].

（1）"最早"：北京物资学院物流学院是1994年全国高校第一批成立物流管理本科专业；2010年全国最 早开设采购管理专业，并且采购管理专业是全国第一家获得国际采购与供应联盟（IFPSM）国际认证的 本科专业；2019年北京市第一批开设供应链管理专业的学院。 （2）"最全"：物流学院逐渐形成了以物流管理、物流工程、采购管理、供应链管理专业为核心，以质 量管理工程专业为支撑的全系统、全覆盖、全链条的现代物流教育完整体系，形成了国内领先、具有国 际影响力的有特色高水平应用型"物流与供应链人才培养集群"。 （3）"最有亮点"：物流学院始终扎实推进 "中美物流班""中德物流班""中日物流班" 等国际物流班建 设。同时学院与国内外著名高校及京东、顺丰、万纬、中都、中国物流集团等国内物流行业头部企业紧 密合作，精心打造了"双培计划""万纬班"、"顺丰兴趣班"等双元制校企合作模式。 2019年，物流管理专业获批首批国家级一流本科专业建设点，采购管理专业获批首批北京市级一流本科 专业建设点。2020年，物流工程专业获批国家级一流本科专业建设点，质量管理工程专业获批北京市级 一流本科专业建设点。2021年，采购管理专业获批国家级 ...