财务报表中对有大幅变动的财务项目的原因说明如下：应收票据变动幅度为75.1%,原因:保税贸易本期 末非"6+9"银行的未托收银行承兑汇票余额增加。预付款项变动幅度为-93.02%,原因:保税贸易上年预付 采购的自营商品本期入库，预付款项结转。存货变动幅度为218.09%,原因:保税贸易结合市场行情积极 发挥内外联动效应，本期采购的自营库存商品增加。一年内到期的非流动资产变动幅度为-49.89%,原因: 张保同辉(天津)融资租赁业务回款及规模下降。其他流动资产变动幅度为63.9%,原因:保税贸易期末待抵 扣进项税增加。长期应收款变动幅度为-68.0%,原因:张保同辉(天津)融资租赁业务回款及规模下降。在 建工程变动幅度为343.77%,原因:长江国际本期新增内河码头改造、生活污水管网改造等项目。使用权 资产变动幅度为-95.23%,原因:华泰化工本期按合同约定购买租赁的土地使用权，使用权资产和租赁负债 终止确认。无形资产变动幅度为32.25%,原因:华泰化工本期按合同约定购买租赁的土地使用权。递延所 得税资产变动幅度为-43.31%,原因:华泰化工本期按合同约定购买租赁的土地使用权，租赁负债和递延所 得税资产终 ...

张家港保税科技（集团）股份有限公司2025 年半年度报告 公司代码：600794 公司简称：保税科技 张家港保税科技（集团）股份有限公司 张家港保税科技（集团）股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人季忠明、主管会计工作负责人徐惠及会计机构负责人（会计主管人员）徐惠声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 报告期内不进行利润分配或公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述因存在不确定性，不构成公司对投资者 的实质承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性 ...

Group 1 - The core viewpoint emphasizes the importance of developing specialty agricultural products and rural tourism as part of the rural revitalization strategy in the new era, as highlighted by General Secretary Xi Jinping [1][3] - The rural tourism market has been thriving this year, with various regions promoting the deep integration of agriculture, culture, and tourism to attract visitors to rural areas [3] Group 2 - The Central Committee of the Communist Party has issued a revised work regulation for Party schools and administrative colleges, mandating strict adherence by all regions and departments [4] - The first batch of five national parks in China has completed the registration of natural resource rights, marking a significant step in ecological conservation efforts [9] Group 3 - The "Mother River" initiative has shown significant ecological recovery in the Yangtze and Yellow Rivers, which are crucial for ecological civilization construction, with notable achievements since the 18th National Congress [5] - The "Solid Border and Prosperous Border" initiative in Tibet has improved living conditions and boosted local industries, enhancing the overall well-being of border residents [6]

Core Viewpoint - Hans Group Holdings (00554.HK) announced a contract with new contractors for the second phase construction project, aiming to enhance its terminal storage business and increase revenue sources for shareholders [1] Group 1: Contract and Construction Details - The company’s subsidiary, Dongzhou International, has signed a contract with new contractors (Shanghai Guanzhuo, Guangzhou Guantong, and Lianyungang Busheng) for a total price of RMB 6.382 million for the procurement and installation of specific equipment and machinery for the second phase construction project [1] - Prior to appointing the new contractors, Dongzhou International had already engaged existing contractors for the current contracts related to the second phase construction project [1] Group 2: Strategic Goals and Market Position - The company is committed to seizing market opportunities and diversifying its terminal storage business to maximize value for shareholders [1] - The plan includes optimizing the utilization of remaining capacity at the terminal and vacant land at Dongzhou Petrochemical Warehouse, which is a strategic step towards transforming the facility into a more specialized and competitive asset [1] - The anticipated transformation is expected to strengthen Dongzhou International's market position, enhance operational efficiency, and meet the growing demand for liquefied hydrocarbon storage and processing [1] - Overall, these measures aim to ensure the long-term sustainability of the company's business while delivering greater value to shareholders [1]

Core Insights - In July, despite adverse weather conditions, China's logistics demand remained strong, with a logistics industry prosperity index of 50.5%, indicating continued expansion in logistics activities [1][2] Group 1: Logistics Industry Performance - The logistics industry maintained vitality, with e-commerce express and air logistics showing significant growth. The e-commerce express business activity index reached 69.3%, indicating a high prosperity level [1] - Air transportation business activity index was 52.8%, reflecting a month-on-month increase of 0.8 percentage points. Road and rail transportation indices were 54.6% and 51.7%, respectively, both showing a slight month-on-month recovery of 0.1 percentage points [1] Group 2: Market Demand and New Orders - The new orders index for logistics companies rose to 52.5%, indicating a month-on-month increase of 0.1 percentage points. Most sectors, except warehousing and water transportation, maintained new orders in the expansion zone [1] - Rail, road, and air transportation new orders indices increased by 0.3, 0.2, and 0.1 percentage points, respectively, indicating positive trends in these sectors [1] Group 3: Investment and Market Expectations - Fixed asset investment in the logistics sector showed continuous expansion, with a completion index of 54.9% in July, reflecting a month-on-month increase of 0.4 percentage points [2] - The business activity expectation index for July was 55.6%, remaining in a high prosperity zone, with air transportation and postal express indices at 58.9% and 57.2%, respectively [2] - The "old-for-new" national subsidy policy and regional subsidies have expanded consumption scenarios, further driving logistics demand growth [2]

Core Viewpoint - The logistics industry in China shows signs of steady demand and expansion despite adverse weather conditions, with the logistics prosperity index at 50.5% for July 2025, reflecting a slight decrease of 0.3 percentage points from the previous month [1] Logistics Demand and Performance - The overall logistics demand remains strong, with the business volume index at 50.5%, indicating expansion but a slowdown in growth [3] - The business volume index varies by region, with the central and western regions outperforming the national average at 50.9% and 52.3%, respectively, while the eastern region stands at 50.3% [3] - Key sectors such as rail, road, air transport, warehousing, and express delivery maintain business volume indices above 50%, supporting stable industry operations [3] Sector-Specific Insights - E-commerce and express delivery sectors are particularly vibrant, with the e-commerce express delivery business volume index at 69.3%, indicating high prosperity [4] - Air transport shows a recovery with a business volume index of 52.8%, up 0.8 percentage points, driven by seasonal demand for fresh produce [4] - Road and rail transport indices are at 54.6% and 51.7%, respectively, both showing slight increases [4] New Orders and Financial Stability - The new orders index has risen to 52.5%, reflecting an increase in new demand [5] - Regional performance shows eastern and western regions at 51.2% and 52.8% for new orders, while the central region decreased by 0.3 percentage points [5] - The logistics service price index has increased by 0.2 percentage points, indicating stable pricing amidst expanding business volumes [5] Investment and Market Outlook - Fixed asset investment in logistics is on the rise, with an index of 54.9%, marking a 0.4 percentage point increase [6] - The business activity expectation index is at 55.6%, suggesting positive outlooks for sectors like air transport and express delivery [6] - The logistics demand remains stable, supported by government policies and consumer trends, although there are concerns about demand slowdown and industry competition [7]

Economic Performance - The GDP of Shangqiu City reached 170.17 billion yuan in the first half of 2025, with a year-on-year growth of 7.0% [1] - The primary industry added value was 23.21 billion yuan, growing by 3.1%; the secondary industry added value was 63.09 billion yuan, growing by 6.2%; and the tertiary industry added value was 83.86 billion yuan, growing by 8.9% [1] Agricultural Production - The summer grain production in Shangqiu reached 9.05 billion jin, indicating a stable agricultural production situation [1] - Vegetable and edible fungus production was 4.32 million tons, growing by 3.2%; fruit production was 1.53 million tons, growing by 1.9%; and meat production from pigs, cattle, sheep, and poultry was 330,600 tons, growing by 3.0% [1] Industrial Growth - The added value of industrial enterprises above designated size grew by 8.7%, with 23 out of 34 industrial sectors experiencing growth, resulting in a growth coverage of 67.6% [1] - The added value of coal, chemical, and aluminum smelting industries grew by 13.0%, 13.2%, and 42.1% respectively, collectively contributing 5 percentage points to the overall industrial growth [1] Service Sector Expansion - The added value of the service sector grew by 8.9%, with wholesale and retail growing by 7.7%, transportation, storage, and postal services growing by 8.2%, accommodation and catering growing by 9.1%, and information transmission, software, and IT services growing by 11.2% [1] - From January to May, the operating income of the service sector above designated size increased by 10.3% [1] Investment and Consumption - Fixed asset investment in the city grew by 6.8%, with industrial investment growing by 24.8%, surpassing the overall investment growth by 18 percentage points [2] - Private investment increased by 9.9%, accelerating by 6.6 percentage points compared to the first quarter, and exceeding the overall investment growth by 3.1 percentage points [2] - The total retail sales of consumer goods reached 78.93 billion yuan, growing by 7.6%, with 17 out of 22 categories of goods experiencing growth, resulting in a growth coverage of 77.3% [2] - Notable growth in retail sales included home appliances and audio-visual equipment at 34.4%, communication equipment at 34.6%, and automotive products at 11.4%, indicating a clear trend of consumption upgrading [2]

Core Viewpoint - The China Logistics and Purchasing Federation announced that the logistics industry prosperity index for June is 50.8%, reflecting a 0.2 percentage point increase from the previous month [1] Investment Situation - In June, logistics infrastructure investment maintained steady growth, with the fixed asset investment completion index rising to 54.5%, an increase of 0.3 percentage points month-on-month [1] - Since February, the fixed asset investment completion index has shown a continuous upward trend month by month [1] - All sectors, except for warehousing, have shown recovery, with key projects in transportation logistics hubs progressing smoothly [1] Sector Performance - Fixed asset investment completion index for water transport, air transport, and postal express industries increased by 0.5, 0.4, and 0.3 percentage points respectively [1] - The business activity expectation index has remained above 55% for four consecutive months, indicating a high prosperity level [1] - The business activity expectation indices for railway transport, air transport, and postal express are 55.3%, 58.7%, and 57.4% respectively [1]

Domestic News - The Chinese government aims to improve water efficiency, with the water consumption per ten thousand GDP decreasing by 4.4% in 2024 compared to 2023 [1] - The Ministry of Water Resources reported a slight increase in total water consumption nationwide, while unconventional water supply continues to rise, optimizing the water source structure [1] - The State Council is advancing legislative work for 2025, focusing on various financial regulations and management guidelines [2] - China has established the world's largest internet-based electricity service system, with over 400 million registered users and an online processing rate exceeding 97% [2] - In the first five months of this year, China approved 468 new national standard substances, marking a 65.9% year-on-year increase [2] - The China Logistics and Purchasing Federation reported a warehouse index of 50.5% for May, indicating stable growth in the warehousing sector [3] - Chongqing has released a list of 42 low-altitude economic application scenarios and 40 capability lists, focusing on modern urban governance and low-altitude logistics [3] - Zhengzhou is enhancing consumer subsidies in key sectors like automobiles and home appliances, launching a gold and jewelry consumption subsidy program [3] International News - Emerging markets have seen record inflows of funds into stocks and bonds over the past eight weeks, with nearly $95 billion in cash inflows in the latest week [5] - The Bank of Thailand has revised its inflation forecast for the year to a range of 0.0% to 1.0% [5] - The Reserve Bank of India unexpectedly cut interest rates by 50 basis points, marking the third consecutive rate cut, with a total reduction of 100 basis points since 2025 [5] - The Swiss National Bank stated it does not aim to prevent trade balance adjustments or gain unfair competitive advantages for the Swiss economy [5]

Group 1 - The Federal Reserve's Beige Book indicates that half of the regions reported slight to moderate economic decline, while three regions reported no change and three regions reported slight growth [1] - All regions noted high levels of economic and policy uncertainty, leading to hesitancy and cautious attitudes among businesses and households in decision-making [1] - Manufacturing activity showed a slight decline, and consumer spending reports were mixed, with most regions indicating a slight decrease or no change in spending; however, some regions reported an increase in spending on goods affected by tariffs [1] Group 2 - Residential real estate sales showed little change, with most regions reporting that new home construction activity was flat or slowing [1] - Reports on bank loan demand and capital expenditure plans varied across regions [1] - Port activity was active, but other regions reported mixed results in transportation and warehousing activities [1]