2026.02. 02 本文字数：1366，阅读时长大约2分钟 2月2日，厦门象屿集团有限公司（以下简称"厦门象屿集团"）在其官网"社会招聘"栏目发布了一则启事，公开选聘集团总裁。 厦门象屿集团此次选聘总裁1名，该岗位主要职责包括： 全面主持集团经营管理，贯彻党委会、董事会决议，制定并实施中长期发展战略与年度经营计 划；统筹主营业务布局与资源配置，推动业务拓展、市场开拓及品牌建设，保障经营业绩目标达成；强化财务管控与风险防控，完善内部治理机制，搭 建高效管理团队，推进人才队伍与企业文化建设；履行安全生产、社会责任，协调外部关系，维护集团良好发展环境。 根据招聘启事，选聘总裁任职资格包括：年龄在55周岁以下（1971年1月1日及以后出生）；大学本科及以上学历，海外学历学位须经教育部学历学位 认证中心认证；具备10年以上多元化集团综合管理经历，并满足以下任一条件：担任综合性控股企业或者供应链、产业链、综合金融、城市运营等相关 行业公司（年度营收规模超1000亿、组织层级二级及以上）正职领导职务不少于1年；担任综合性控股企业或者供应链、产业链、综合金融、城市运营 等相关行业公司（年度营收规模超2000亿元、组织层级 ...

Group 1: Industry Overview - In 2025, the express delivery volume growth slowed due to factors like e-commerce tax and "anti-involution" policies, with industry revenue per ticket initially declining before recovering[2] - The express delivery industry is expected to see a business volume growth rate of 8% in 2026, down from 14% in 2025[48] Group 2: Investment Strategies - Three main investment lines for 2026 are identified: overseas expansion, anti-involution, and cyclical recovery[2] - The overseas expansion line is driven by explosive growth in overseas e-commerce GMV, with Jitu Express expected to benefit significantly, achieving a 68% year-on-year growth in Southeast Asia in 2025[19] - The anti-involution line highlights the increasing market share and profitability of leading express companies, with recommendations to focus on Zhongtong Express, YTO Express, and Shentong Express[2] Group 3: Key Companies - Jitu Express is projected to maintain a strong growth trajectory, with Southeast Asia revenue increasing by approximately 30% to $1.97 billion in the first half of 2025, and adjusted EBIT growing by 74%[19] - SF Express is expected to benefit from a mild domestic economic recovery, with its business structure adjustments showing positive results, and its valuation at historical lows[3] Group 4: Market Dynamics - The express delivery market is experiencing significant differentiation, with leading companies gaining market share and profitability amid a backdrop of regulatory changes aimed at curbing price wars[41] - The competitive landscape is shifting, with major players like Zhongtong and YTO expected to outperform in terms of growth and profitability due to their superior management capabilities and network resilience[48]

厦门大宗商品供应链"三巨头"重磅发布 近日，厦门大宗商品供应链领域的"三巨头"——厦门象屿、厦门国贸、建发股份——相继亮出五年战略 蓝图，清晰描绘出2026年至2030年供应链头部企业的跃升路径。 强化资源掌控力 在厦门象屿的五年发展规划中，国际化业务与资源布局被提升至全新战略高度。公司将立足国内核心市 场，加速国际化布局，拓展海外资源端与消费端市场，建立海外资源、贸易、产业、物流、资金中心， 形成国内外联动的市场网络。同时，加强顶层设计，优化海外区域与资源布局，通过做实海外平台、推 进属地化经营，构建全球资源供应链网络。 厦门国贸自诞生起就自带国际贸易基因，因此，将"国际化"列为其首要战略举措。通过从"打通业 务"到"建强组织"的根本性转变，打造"一核两翼三支柱"：一核是聚焦组织能力出海；两翼是构建"敏捷 前台"与"赋能中台"协同作战体系；三支柱是夯实组织与人才机制、国际化激励与考核机制、风险合规 与全球化文化。深度融入国际市场，大力开发属地化业务，为未来业务发展注入增量。 近日发布的业绩预告显示，尽管建发股份由于地产板块经营不力，导致2025年度归母净利润预计为负， 但公司的供应链运营业务仍保持稳健盈利， ...

厦门供应链"三巨头"亮剑！五年战略蓝图重磅发布 近日，厦门大宗商品供应链领域的"三巨头"——厦门象屿（600057）、厦门国贸（600755）、建发股份 （600153）——相继亮出五年战略蓝图，清晰描绘出2026年至2030年供应链头部企业的跃升路径。 建发集团则聚焦提升"专业化、国际化、数智化、预见力、资源力"五大核心竞争力，筑牢主业高质量发 展根基。在资源力层面，公司将统筹、优化全盘资源配置，并通过股权投资、战略合作和自主建设等方 式，获取并整合产业链上下游关键节点的重要物流与产业资源，提高对核心要素的掌控能力，提升供应 链的安全性与稳定性，比如在物流层面，对内构建统一的物流支持体系，对外加大物流投资，增强物流 体系综合实力。此外，公司将主动链接外部资源，构建独特的资源组合与产业生态，增强行业话语权和 影响力，提升企业核心竞争力。 通过从单纯交易转向资源整合，企业能够深度嵌入产业链上下游，显著增强对全链条的影响力与话语 权。尤其是在传统贸易领域，资源掌控不仅是抵御外部风险的关键屏障，更是构建差异化竞争优势、形 成行业领导地位的核心要素，最终推动企业从被动参与者转变为产业链的主导者。 出海战略再升级 随着 ...

Core Viewpoint - The report from Zhongyin Securities highlights a recovery in domestic CPI and PPI, alongside a continued interest rate cut cycle by the Federal Reserve, suggesting potential investment opportunities in the transportation sector, particularly in aviation and express delivery, as well as in oil and bulk commodity supply chains [1][2][3]. Group 1: Macro and Industry Analysis - Domestic CPI and PPI indices are showing signs of recovery, while the Federal Reserve remains in a rate-cutting cycle [2][3]. - The express delivery industry is experiencing a narrowing of price declines due to ongoing "anti-involution" efforts, with average express delivery prices stabilizing [3][4]. - In aviation, ticket prices have shown significant recovery, with the average domestic ticket price in October 2025 reaching 809 yuan, a year-on-year increase of 7.6% [3][4]. Group 2: Investment Opportunities - Two main investment themes are identified: 1. Opportunities in aviation and express delivery driven by "anti-involution" and price recovery in the domestic market [2][6]. 2. Investment prospects in oil and bulk commodity supply chains during the Federal Reserve's rate-cutting cycle [2][5]. - Recommended companies in the express delivery sector include Jitu Express, Yunda Holdings, and SF Holdings, while in aviation, China National Airlines and China Eastern Airlines are highlighted [6]. Group 3: Bulk Commodity and Shipping Insights - Oil shipping rates have been rising, with OPEC's average crude oil production increasing by 3.4% year-on-year, and significant growth in imports from Brazil [5]. - The bulk shipping sector is benefiting from increased iron ore shipments from Brazil and Australia, with the BDI index showing upward trends [5]. - Major commodity supply chains are entering a replenishment phase, with improvements in the performance of companies like Xiamen Xiangyu [5].

Core Viewpoint - The report from Zhongyin Securities highlights a recovery in domestic CPI and PPI indices, alongside the ongoing interest rate cuts by the Federal Reserve, suggesting potential investment opportunities in the transportation sector, particularly in aviation and express delivery, as well as in oil and bulk commodity supply chains [1][2][3]. Group 1: Macro and Industry Analysis - Domestic CPI and PPI indices are showing signs of recovery, while the Federal Reserve remains in a rate-cutting cycle [2][3]. - The express delivery industry is experiencing a narrowing of price declines due to the ongoing "anti-involution" trend, with a notable improvement in air ticket prices and rising shipping rates in oil and bulk transport [1][2][3]. - The average price of express delivery per ticket in October 2025 was 7.48 yuan, reflecting a year-on-year decline of 3.00%, which is an improvement from the previous month's decline of 4.91% [3][4]. Group 2: Investment Opportunities - Two main investment themes are identified: 1. Opportunities in aviation and express delivery driven by the "anti-involution" trend and price recovery in the domestic market [2][6]. 2. Investment prospects in oil and bulk commodity supply chains during the Federal Reserve's rate-cutting cycle [2][6]. - Recommended companies in the express delivery sector include Jitu Express, Yunda Holdings, and SF Express, while in aviation, China Eastern Airlines and China Southern Airlines are highlighted [6]. Group 3: Sector-Specific Insights - The express delivery sector's growth rate has slowed, with a cumulative year-on-year growth of 16.10% from January to October 2025, and a single-digit growth in October [4]. - The average price of domestic air tickets in October 2025 was 809 yuan, showing a year-on-year increase of 7.6%, marking the best monthly performance of the year [3][4]. - In the oil transport sector, OPEC's average crude oil production from January to November was 27,484 thousand barrels per day, a year-on-year increase of 3.4% [5]. Group 4: Bulk Commodity Supply Chain - The bulk commodity supply chain is entering a replenishment cycle, with significant increases in iron ore shipments from Brazil and Australia, leading to a rise in the BDI freight index [5]. - Major commodity prices are showing signs of recovery, with companies like Xiamen Xiangyu reporting improved performance in the first three quarters [5].

Summary of Key Points from the Conference Call Industry Overview - The logistics industry is experiencing a transformation driven by the reshaping of global supply chains, with Chinese logistics companies expanding into emerging markets such as Southeast Asia and Latin America, creating new demand through capital output [1][2][3] Core Insights and Arguments - **Investment Strategy for 2026**: The strategy focuses on two main lines: leveraging domestic advantages in global markets and reshaping the competitive ecosystem in the domestic logistics industry [2][3] - **Drivers for Chinese Logistics Companies Going Global**: The primary driver is the fundamental change in the global supply chain, moving away from a US-China trade-centric model to new growth points in Southeast Asia and Latin America, which are rich in population and resources [3][4] - **Modes of Expansion**: Chinese logistics companies are expanding through three main models: following mining companies, manufacturing, and e-commerce platforms, with the first and third models showing strong explosive potential [5][6] Market Developments - **E-commerce Market in Southeast Asia and Latin America**: Major platforms like Shopee, TikTok Shop, and Lazada dominate the Southeast Asian market, holding over 50% market share, while Chinese-backed platforms are rapidly entering Latin America [6] - **J&T Express's Overseas Expansion**: J&T Express has rapidly expanded its overseas business through a unique profit-sharing system, achieving over 32% market share in Southeast Asia and planning further expansion into the Middle East and Latin America [7] Impact of Mining Companies on Logistics - Following mining companies requires logistics firms to provide infrastructure in exchange for overseas resources, with significant Chinese investment in African ports and infrastructure [8] Changes in Domestic Express Delivery Industry - The domestic express delivery industry is shifting from price competition to a focus on quality, service, and stability due to the fading of internet traffic dividends and intensified competition among e-commerce platforms [9] E-commerce Tax Policy Changes - Starting in 2025, a new e-commerce tax compliance policy will require platforms to report operator information quarterly, increasing tax pressure on businesses with annual revenues over 5 million yuan [11] Effects of Anti-Competition Policies - The anti-competition policies implemented in 2025 have led to improvements in express delivery prices and profitability, shifting the focus back to service quality and operational efficiency [13] Future Investment Recommendations - Future investments in the logistics sector should focus on companies with advantageous industries going global, restructuring domestic order, and positioning for commodity price cycle reversals [14] Outlook for Bulk Commodity Supply Chain Companies - Bulk commodity supply chain companies are expected to see improved performance as they expand into overseas markets, with top companies achieving 30% of their revenue from international operations [15][16]

Investment Rating - The report initiates coverage with a "Buy" rating for Xiamen Xiangyu [3][9] Core Insights - Xiamen Xiangyu is positioned as a comprehensive investment holding group focused on bulk commodity supply chain services, aiming to become a global supply chain service provider. The company has shown a significant recovery in revenue growth and net profit in the first three quarters of 2025, driven primarily by its metal mining and energy chemical businesses [8][28]. - The report identifies three major trends reshaping the bulk supply chain industry: the strategic focus on supply chain autonomy amid geopolitical tensions, the transition from traditional trade to integrated service platforms, and the globalization of logistics networks following domestic manufacturing expansion [8][41][50]. Financial Data and Profit Forecast - The projected total revenue for Xiamen Xiangyu is expected to reach 387.75 billion yuan in 2025, with a year-on-year growth rate of 5.7%. The net profit attributable to shareholders is forecasted at 21.84 billion yuan, reflecting a significant increase of 53.9% compared to the previous year [7][9]. - The company’s earnings per share (EPS) is anticipated to be 0.77 yuan in 2025, with a price-to-earnings (PE) ratio of 11x [7][9]. Business Model and Growth Drivers - Xiamen Xiangyu's business model is evolving from traditional trading to a comprehensive service platform, focusing on value-added services that enhance customer operations. This shift is expected to stabilize revenue streams and improve profitability [8][50][54]. - The company has made substantial investments in fixed assets and is pursuing digital transformation and globalization as dual drivers for future growth. The shipbuilding segment is also projected to contribute significantly to profit, with a substantial order backlog [8][9][60]. Market Position and Competitive Landscape - Xiamen Xiangyu's market position is strengthened by its diversified business operations, which include metal supply chains, logistics, and shipbuilding. The company is expected to benefit from the recovery in trade demand and improved industrial performance [8][30][60]. - The report compares Xiamen Xiangyu with peers such as Jianfa Co., Xiamen Guomao, and Sumida, noting that the average PE ratio for comparable companies is 14x, indicating a potential upside of 26% for Xiamen Xiangyu's current market valuation [9][30].

Core Viewpoint - The company aims to focus on its core business in the commodity supply chain by divesting its shipping business through the sale of a 51% stake in Reunion Shipping Assets Management Co., Limited for $3.809 million [1] Group 1 - The company’s wholly-owned subsidiary CCSHK is transferring its 51% stake in Reunion Shipping Assets Management Co., Limited [1] - The transfer price for the stake is set at $3.809 million [1] - The strategic move is intended to optimize and adjust the existing shipping business to better support the main business operations [1]

Core Viewpoint - The company aims to focus on its core business in the commodity supply chain by divesting its shipping business through the sale of a 51% stake in Reunion Shipping Assets Management Co., Limited for $3.809 million [1] Group 1 - The company’s wholly-owned subsidiary, CCSHK, is transferring its 51% stake in Reunion Shipping Assets Management Co., Limited [1] - The transfer price for the stake is set at $3.809 million [1] - The strategic move is intended to optimize and adjust the existing shipping business to better support the main business operations [1]