1月10日，长春经开区传来喜讯：所辖的长春兴隆综合保税区（以下简称兴隆综保区）与吉林省物流集团签署合作框架协议，合作共建吉林国际道路运输 集结中心。这是全国首个国际道路运输集结中心，该中心的落地标志着长春市乃至吉林省深度融入"一带一路"建设、打造向北开放战略支点迈出关键步 伐。 国际公路是畅通国内国际双循环的"关键纽带"。吉林国际道路运输集结中心依托吉林省地处东北亚腹地的区位优势、吉林省物流集团的资源整合能力及兴 隆综保区的特殊监管政策优势，聚焦货物集散、一网通办、报关通关、检测培训四大核心功能，将为企业提供"一站式"综合物流服务。该中心目前已实现 长春至莫斯科等跨境线路常态化运营。2025年1至11月，TIR进出口总运量实现353车次，位居全国第二位，同比增长280%。其中，"TIR+冷链"进口实现 207车次，稳居全国第一位。 吉林国际道路运输集结中心以吉林省物流集团为运营主体、兴隆综保区为承接主体，双方充分发挥各自优势，在基础设施建设、平台系统搭建、国际运输 业务、公共服务提供、多式联运协同探索等方面务实合作，开展以TIR运输为主的跨境公路运输业务。吉林国际道路运输集结中心设置了TIR发证中心、 车辆核 ...

当全球产业链深度重构成为新常态，"出海"已从企业的发展选项变为生存的必答题。地缘政治波动、跨国合规挑战、海外配套资源匮乏，成为中国制造走 向世界必须跨越的关隘。 作为中国高端制造先行区，位于上海市浦东金桥（600639）的产业集群正以"边缘创新"破局——从早期单一产品试探出海，转向构建生态化、网络化的协 同体系，探索一条系统性、高韧性的全球化新路径。 21世纪经济报道记者邓浩 上海报道 这种实践展现了一种具有国际示范意义的转型智慧。它不仅代表了中国制造从"产品输出"向"系统能力输出"的跃升，更在更深层次上揭示了一条新兴经济 体产业升级的可行路径——通过制度开放和生态协同，将地缘政治挑战转化为系统性竞争力，为全球产业链的韧性与创新注入了"中国方案"。 某种程度而言，这种从"边缘创新"到"网络构建"的进阶，恰恰回应了当前全球制造业共同面临的可持续与安全平衡难题，也为新兴市场如何在高标准国际 规则下实现产业突围提供了宝贵参照。 浦东的探索，正悄然塑造着中国与世界对话的新语系。 不出海，就出局 全球贸易形势的变化，一方面，供应链安全成为决策的重要考量；另一方面，海外市场相对的高毛利，共同推动有技术和产品优势的高端制造 ...

（原标题："不出海，就出局"：浦东高端制造的全球化生存逻辑丨出海观察） 21世纪经济报道记者邓浩 上海报道 当全球产业链深度重构成为新常态，"出海"已从企业的发展选项变为生存的必答题。地缘政治波动、跨 国合规挑战、海外配套资源匮乏，成为中国制造走向世界必须跨越的关隘。 不出海，就出局 全球贸易形势的变化，一方面，供应链安全成为决策的重要考量；另一方面，海外市场相对的高毛利， 共同推动有技术和产品优势的高端制造行业加速出海。 作为全球领先的空调压缩机研发与制造企业，上海海立电器有限公司（以下简称"海立电器"）成立于 1993年，总部位于上海市浦东金桥开发区，是全球领先的空调压缩机研发与制造企业，拥有国家级企业 技术中心、国家认可实验室、博士后工作站等高端创新载体。公司核心产品覆盖家用、轻商用、非家用 空调压缩机，服务全球165个国家和地区的知名客户。 该公司受益于加入WTO带来重大的机遇，空调行业上游八成的压缩机都是中国本土生产，海立电器外 向度在40%以上。 "全球贸易的区域化，包括类似印度本地化生产的要求，导致我们目前生产端有部分适应和调整。"海立 电器战略市场投资部总经理徐志海对21世纪经济报道记者表示。 ...

Core Viewpoint - The stock of Milkway experienced a decline of 2.01% on November 18, with a current price of 58.61 CNY per share and a total market capitalization of 9.268 billion CNY [1] Company Overview - Milkway Intelligent Supply Chain Service Group Co., Ltd. was established on March 28, 1997, and went public on July 13, 2018. The company specializes in providing comprehensive logistics services centered around freight forwarding, warehousing, and transportation, gradually extending into chemical product distribution [1] - The main revenue composition includes: 48.08% from MCD unique distribution, 24.02% from MGF global freight forwarding, 17.40% from MWT integrated warehousing and distribution, 9.96% from MGM global mobility, and 0.53% from other sources [1] Financial Performance - For the period from January to September 2025, Milkway achieved a revenue of 10.67 billion CNY, representing a year-on-year growth of 11.70%. The net profit attributable to shareholders was 525 million CNY, with a year-on-year increase of 7.04% [2] - Since its A-share listing, Milkway has distributed a total of 444 million CNY in dividends, with 288 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Milkway was 11,300, a decrease of 9.63% from the previous period. The average circulating shares per person increased by 10.66% to 14,034 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 11.3135 million shares, a decrease of 1.3328 million shares from the previous period. New entrant Qianhai Kaiyuan Public Utility Stock holds 6.1037 million shares [3]

Core Viewpoint - The stock of Milkway experienced a decline of 2.02% on November 4, with a trading price of 57.61 yuan per share and a total market capitalization of 9.11 billion yuan. The company has seen a year-to-date stock price increase of 14.10% but has faced recent declines over the past five and twenty trading days [1]. Company Overview - Milkway Intelligent Supply Chain Service Group Co., Ltd. is located in Shanghai and was established on March 28, 1997. It was listed on July 13, 2018. The company specializes in providing comprehensive logistics services, focusing on freight forwarding, warehousing, and transportation, and has expanded into chemical product distribution [1]. - The main revenue composition of the company includes: 48.08% from MCD unique distribution, 24.02% from MGF global freight forwarding, 17.40% from MWT integrated warehousing and distribution, 9.96% from MGM global mobility, and 0.53% from other services [1]. Financial Performance - As of September 30, 2025, Milkway reported a total revenue of 10.67 billion yuan for the first nine months of the year, reflecting a year-on-year growth of 11.70%. The net profit attributable to shareholders was 525 million yuan, which represents a 7.04% increase compared to the previous year [2]. - The company has distributed a total of 444 million yuan in dividends since its A-share listing, with 288 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Milkway was 11,300, a decrease of 9.63% from the previous period. The average number of circulating shares per shareholder increased by 10.66% to 14,034 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder with 11.31 million shares, a decrease of 1.33 million shares from the previous period. New shareholder Qianhai Kaiyuan Public Utilities Stock holds 6.10 million shares [3].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 81.49 CNY based on a target PE of 16 times [6]. Core Insights - The company's main business prices are at historical lows, which has negatively impacted profit growth. However, prices are expected to recover with economic recovery and stabilization in the chemical industry, potentially accelerating profit growth [1][49]. - The company is actively expanding its business volume through product diversification, regional expansion, and market share increase, leading to sustained growth in freight forwarding, chemical sales, shipping, and warehousing [2]. - Profitability is expected to increase, and valuation may rise as profit growth accelerates and risk preferences improve among investors [3]. Summary by Sections 1. Company Overview - The company is a leading provider of integrated supply chain services in China, focusing on freight forwarding, warehousing, and transportation, with a strong emphasis on chemical distribution [15][29]. 2. Price Recovery Potential - Current prices related to the company's main business are at historical lows, affecting profit growth. Future price recovery is anticipated due to economic recovery and stabilization in the chemical sector [1][49]. 3. Business Growth Strategies - The company is expanding its product categories, regions, and market share, with significant growth expected in freight forwarding and chemical distribution [2][41]. 4. Profitability and Valuation - The company is projected to achieve net profits of 660.95 million CNY, 805.34 million CNY, and 932.98 million CNY for the years 2025, 2026, and 2027 respectively, indicating strong profit growth [4][5]. - The company's valuation is expected to rise as profit growth accelerates and market risk preferences improve [3][44]. 5. Financial Data - The company’s revenue is projected to grow from 9,752.55 million CNY in 2023 to 16,738.82 million CNY in 2027, with a CAGR of 39% from 2015 to 2024 [5][44].

Core Viewpoint - The company has implemented a "Quality Improvement and Efficiency Enhancement" action plan, focusing on enhancing operational quality, increasing shareholder returns, advancing digital transformation, and optimizing corporate governance to align with national economic policies and improve investor confidence [1][2][3]. Group 1: Operational Quality Enhancement - The company is a leading provider of intelligent supply chain services in China, offering comprehensive logistics services including freight forwarding, warehousing, and transportation, while expanding into chemical distribution and new energy sectors [1]. - The company has seen a 17.11% increase in operating costs, amounting to 6.229 billion yuan compared to the same period last year [2]. - The company is actively developing new business areas such as express delivery, large items, cold chain logistics, and internal logistics, achieving over 100 million yuan in revenue from these new services [2]. Group 2: Shareholder Returns - The company has prioritized shareholder and stakeholder rights protection, implementing a stable profit distribution plan that includes a cash dividend of 112,295,681.01 yuan for the 2024 fiscal year, representing 52.29% of the net profit attributable to shareholders [3]. - The total amount for cash dividends and share buybacks reached 295,512,071.64 yuan, further enhancing shareholder returns [3]. Group 3: Digital Transformation - The company has obtained 116 patents and 231 software copyrights, focusing on innovative technologies to enhance operational efficiency [4]. - The company has developed a leading SaaS-based fourth-party logistics management system, enabling automated management of order flows, transportation, and warehousing [5]. - The company is committed to advancing digital transformation and enhancing technological innovation to drive green transformation in the chemical supply chain [5]. Group 4: Investor Communication and Transparency - The company emphasizes investor communication and transparency, having disclosed 136 announcements and responded to 14 investor inquiries in 2025 [6][8]. - The company has established a value management system to enhance investor understanding and recognition, while also addressing public sentiment effectively [6][9]. Group 5: Corporate Governance - The company has revised its governance structure, eliminating the supervisory board and transferring its responsibilities to the audit committee of the board [8]. - The company is committed to sustainable development, focusing on low-carbon and circular economy initiatives, including the use of new energy vehicles and solar energy [8]. Group 6: Responsibility of Key Personnel - The company has clarified the responsibilities of key stakeholders, including controlling shareholders and senior management, to enhance accountability and governance [9].

Group 1 - The core viewpoint of the news is that Milkyway (603713.SH) is enhancing its business presence in Northern China by acquiring a 30% stake in Tianjin Wuze Logistics Co., Ltd. for approximately 142 million yuan [1] - The acquisition aims to provide top-tier port hazardous goods container logistics services to clients in Tianjin and surrounding areas, optimizing the company's long-term strategic layout [1] - Tianjin Wuze, established in October 2022, is a wholly-owned subsidiary of Tianjin Port Logistics Development Co., Ltd., which is under the A-share listed company Tianjin Port (600717.SH) [1] Group 2 - Milkyway is a leading professional intelligent supply chain service provider, primarily offering integrated logistics services centered around freight forwarding, warehousing, and transportation, while extending into chemical product distribution services [2] - In 2024, Milkyway achieved operating revenue of 12.118 billion yuan, a year-on-year increase of 24.26%, and a net profit of 565 million yuan, up 31.04% [2] - The company has established six major operational regions in Greater China, including Shanghai, Southern, Northern, Shandong, Western, and Yangtze regions [2] Group 3 - In 2024, Milkyway also acquired Guangzhou Jiesheng Zhigu Pigment Co., Ltd. and established new companies, continuously improving its business layout [3] - The company's revenue in the Shanghai region reached 6.49 billion yuan in 2024, a year-on-year increase of 31.67%, while non-Shanghai regions generated 5.606 billion yuan, up 16.47% [3]

Group 1 - During the Dragon Boat Festival holiday (May 31 - June 2), China Southern Airlines Logistics Co., Ltd. (CSAL) transported over 11,000 tons of cargo and mail, showing significant growth compared to the same period last year [1] - CSAL enhanced logistics efficiency by utilizing big data to predict peak cargo volumes, optimizing capacity resources, and increasing the cargo load factor on popular domestic routes by 10% [1] - The company improved its cold chain logistics capabilities for fresh products, speeding up the delivery process from unloading to delivery by 20%, with domestic fruit and vegetable cargo volumes increasing by over 20% and seafood by over 50% [1] Group 2 - CSAL implemented measures such as staggered warehousing, charter flights, and accelerated cargo flow to leverage the high efficiency of air logistics [2] - The company introduced reusable packaging materials in collaboration with express delivery companies to reduce single-use materials, contributing to green logistics [2] - As the "618" shopping festival approaches, CSAL plans to innovate and deepen its multimodal transport system, expanding its overseas logistics layout to provide comprehensive logistics services for Chinese brands and international clients [2]

Core Viewpoint - The company, Milkwell, has announced the acquisition of a 30% stake in Tianjin Wuze Logistics Co., Ltd. for 142 million RMB through a public bidding process, aiming to enhance its logistics services in the Tianjin area and optimize its long-term strategic layout [1][3]. Group 1: Acquisition Details - The acquisition price for the 30% stake in Tianjin Wuze is 141.55 million RMB, which aligns with the assessed value of the stake as per the evaluation report [1][3]. - The company received a confirmation notice from Tianjin Property Rights Exchange Center on February 19, 2025, and completed the payment for the remaining price on March 6, 2025 [2]. - The acquisition was approved by the company's board of directors and does not require shareholder approval, as it falls within the board's authority [2]. Group 2: Financial Performance - In 2024, the company reported a revenue of 12.118 billion RMB, a year-on-year increase of 24.26%, and a net profit of 565 million RMB, up 31.04% [4]. - For the first quarter of 2025, the company achieved a revenue of 3.342 billion RMB, reflecting a 15.40% year-on-year growth, with a net profit of 172 million RMB, a 14.02% increase [4]. - The growth in revenue is attributed to significant increases in the MGF segment's sea freight exports and the MCD segment's performance [4]. Group 3: Company and Industry Context - Tianjin Wuze is a small enterprise primarily engaged in handling and warehousing, with a revenue of 7.9149 million RMB and a net loss of 2.57997 million RMB in 2024 [5]. - The performance of Tianjin Wuze is significantly below industry leaders, with its revenue being less than 10 million RMB compared to Milkwell's revenue exceeding 10 billion RMB [5]. - The acquisition is expected to strengthen Milkwell's position in the hazardous goods logistics market in North China, given the high entry barriers in this sector [5].