Core Viewpoint - Hubei province is enhancing its multi-modal transport network to establish a global logistics framework, focusing on the development of the China-Europe Railway Express (Wuhan) and its integration with various transport modes [1][2] Group 1: Development of Multi-Modal Transport - As of July this year, the China-Europe Railway Express (Wuhan) has dispatched 630 trains with a cargo value of 10.166 billion RMB [1] - The railway has developed over 10 international multi-modal transport routes, connecting various regions including Europe, Southeast Asia, and Japan [1] - Hubei is committed to building a comprehensive multi-modal transport network that links globally, with Wuhan Yangluo Port designated as a second starting point for the China-Europe Railway Express [1] Group 2: Performance Metrics - In the first half of this year, Hubei province achieved a significant increase in port container rail-water intermodal transport, reaching 190,900 TEUs, a year-on-year growth of 49% [2] - This volume is close to 80% of the total expected for the entire year of 2024 [2] Group 3: Infrastructure Projects - Key infrastructure projects include the expansion of the Huhang Expressway and the second phase of the Ezhou Airport Expressway, aimed at improving the logistics system centered around Huahu Airport [1] - The establishment of a core international free trade air port is also a priority for Hubei's logistics development [1]

Core Viewpoint - Hong Kong International Airport is enhancing its multi-modal transport services to promote convenience for travelers in the Greater Bay Area, with various promotional activities and new facilities being introduced [1][3][5] Group 1: Promotional Activities - A summer promotion event titled "Start from Your Doorstep, Fly Easier via Hong Kong" was held at K11 ECOAST in Shenzhen, showcasing the airport's cross-border transport services and summer travel discounts [1] - The event featured a total of HKD 35,000 in flight vouchers and over HKD 18,000 in cross-border ferry and bus tickets, receiving a positive response from attendees [1] Group 2: Infrastructure and Services - Hong Kong International Airport operates with over 140 airlines connecting approximately 220 destinations, with more than 1,100 international flights daily [3] - The airport authority has established over 30 city check-in lounges and 7 passenger ports in the Greater Bay Area to facilitate seamless travel for residents [3] - Shenzhen has 7 city check-in lounges and 2 port terminals, with an 8th lounge set to open next month at the Qianhai Jen Hotel, featuring self-check-in and a VIP waiting area [3] Group 3: Tax and Discounts - Starting October 1, the departure tax refund policy will be optimized, allowing travelers who cross the border and take international flights from Hong Kong Airport to apply for a HKD 200 refund [5] - To celebrate the second anniversary of the "Fly via Hong Kong" program, various joint discounts will be offered, including exclusive discounts for international tickets purchased through the Ctrip app [5] - A taxi voucher worth HKD 30 will be provided for travelers purchasing connecting tickets that include ferry or bus services through the Tongcheng app until August 27 [5]

Core Viewpoint - The third China International Supply Chain Promotion Expo showcases the commitment of YTO Express to enhance its international supply chain capabilities and expand its global presence through strategic partnerships and innovative logistics solutions [1][4]. Group 1: Company Strategy - YTO Express is implementing a "1+7" global strategy, focusing on building a core hub at the Jiaxing Oriental Tian Di Port and establishing seven regional hubs overseas within the next three years [1][2]. - The company aims to enhance its core capabilities in air transport and overseas networks while collaborating with partners in trunk transportation and customs clearance [1][2]. Group 2: International Business Development - YTO Express is adopting a differentiated development strategy for its international business, targeting markets in Central Asia, Australia, Japan, South Korea, South Asia, and Southeast Asia, particularly in countries involved in the Belt and Road Initiative [2][4]. - The Jiaxing Oriental Tian Di Port project, expected to be completed by 2025, will integrate multiple functions such as air cargo, bonded warehousing, customs services, and aircraft maintenance, significantly improving international logistics efficiency for Chinese enterprises [2]. Group 3: Innovation and Market Position - The company showcased innovative international logistics solutions tailored for high-end manufacturing and cross-border e-commerce, effectively meeting diverse customer needs [4]. - The launch of the "1+7" global strategy signifies a transformation of Chinese express logistics companies from mere transport service providers to global supply chain solution providers [4].

Core Viewpoint - The Sichuan Provincial Government has issued a plan to effectively reduce logistics costs across the society, aiming for significant improvements in transportation structure and logistics efficiency by 2027 [1][2]. Group 1: Logistics Cost Reduction Goals - By 2027, the railway freight volume and turnover ratio in Sichuan are targeted to reach 3.5% and approximately 32% respectively, with port container intermodal transport expected to grow by no less than 15% annually [1]. - The ratio of total social logistics costs to regional GDP is aimed to be reduced to around 13.7% [1]. Group 2: Key Measures and Support - The plan outlines 20 measures focusing on enhancing comprehensive transportation organization efficiency, strengthening the modern logistics industry, and improving logistics hubs and network [1][2]. - It emphasizes the need for financial, land, policy, and talent support to ensure the effective implementation of these measures [1]. Group 3: Supply Chain and Industry Collaboration - The plan highlights the importance of a complete supply chain system for cost reduction, proposing the "New Three Samples" logistics enhancement project tailored to Sichuan's characteristic industries [2]. - Initiatives include establishing efficient logistics channels for lithium batteries and supporting rapid customs clearance for new energy vehicles [2]. Group 4: Infrastructure and Network Development - The plan proposes optimizing logistics hub facilities and exploring integrated development of highway service areas and logistics [2]. - It aims to address gaps in the logistics network and enhance the capacity of key transport routes, including the Western Land-Sea New Corridor [2].

Core Viewpoint - The Sichuan Provincial Government has issued a plan to effectively reduce logistics costs across the province by 2027, aiming to optimize the structure of freight transport and enhance the efficiency of logistics operations [1][2][3] Group 1: Logistics Cost Reduction Measures - The plan includes a target to increase the proportion of railway freight volume and turnover to 3.5% and approximately 32% respectively by 2027 [1] - It aims for an annual growth rate of no less than 15% in the port container rail-water intermodal transport volume [1] - The goal is to reduce the ratio of total social logistics costs to regional GDP to around 13.7% [1] Group 2: Multi-Modal Transport Innovations - The plan emphasizes the development of multi-modal transport through the implementation of an "one bill" innovation pilot, promoting the mutual use of major ports and railway yards within the province [2] - It aims to create high-quality multi-modal transport routes by facilitating the direct transfer of water and railway containers [2] Group 3: Modern Logistics Industry Development - The plan outlines initiatives to build a strong logistics industry chain, including a logistics enhancement project focused on the "new three samples" related to Sichuan's characteristic industries [2] - It includes the establishment of a unified scheduling model for the Western Land-Sea New Corridor [2] Group 4: Infrastructure and Network Improvements - The plan calls for optimizing the layout of logistics hub facilities and exploring the comprehensive development of highway service areas and logistics [3] - It aims to enhance the capacity of the Northeast Sichuan railway corridor and promote the construction of railway channels for western openness [3] Group 5: Smart Logistics Development - The plan promotes the digital transformation of logistics, including the development of a three-network integration plan for transport, logistics, and data networks [3] - It includes the establishment of a provincial smart logistics public service platform [3] Group 6: Policy and Support Mechanisms - The plan emphasizes the need for strong support in terms of funding, land, policies, and talent to ensure the effective implementation of the outlined tasks [3]

Core Insights - The report indicates that China's multimodal transport achieved significant growth in both volume and quality in 2024, effectively supporting the reduction of logistics costs across the society [1] - Container multimodal transport volume increased by 15.6% year-on-year, with major ports' container rail-water transport volume rising by 16.5% [1] - The "one document system" reform for multimodal transport has been fully implemented, with approximately 8% of container multimodal transport volume completed through this system [1] Group 1: Infrastructure and Network Development - The optimization of hub functions has provided a crucial foundation for the development of multimodal transport and industrial integration, with 37 hub cities supported and services extended to over 150 national industrial parks [2] - Specialized hub functions, such as rail-water and rail-road transport hubs, are continuously improving, with 49% of logistics parks having a railway logistics base or port within 5 kilometers [2] - The establishment of multimodal transport centers and alliances, along with the release of new standards and policies, has created a favorable environment for multimodal transport development [2] Group 2: Operational Efficiency and Technological Advancements - The multimodal transport network has become more robust, supporting the new development pattern, with 19,000 China-Europe trains and 12,000 Central Asia trains operating in 2024 [3] - The integration of international shipping and rail networks has been enhanced, with 12 container rail-water transport brand routes being developed [3] - The number of automated terminals has reached 52, significantly improving port smart transfer levels and service quality [3] Group 3: Environmental Impact and Structural Optimization - The development of multimodal transport has accelerated the optimization of the transportation structure, contributing to carbon peak and neutrality goals [3] - In 2024, the railway freight volume accounted for 9.1% and waterway freight volume for 17.3%, showing increases of 1.3 and 3.1 percentage points compared to 2017 [3] - Major ports along the coast and Yangtze River have a railway access rate exceeding 90%, indicating effective structural adjustments in transportation [3] Group 4: Market Position and Future Outlook - China's port cargo throughput and container throughput continue to maintain a leading global position, with Ningbo-Zhoushan Port ranking first in cargo throughput for 16 consecutive years [4] - The development of multimodal transport is seen as a core path for deepening transportation structure adjustments and enhancing logistics efficiency [4] - Future efforts will focus on policy implementation and maximizing the role of multimodal transport in supporting the modern circulation system and new development patterns [4]

Summary of J.B. Hunt Transport Services (JBHT) FY Conference Call Company Overview - **Company**: J.B. Hunt Transport Services (JBHT) - **Date of Conference**: May 20, 2025 Key Industry Insights - **Intermodal Volumes**: Approximately 20% to 30% of intermodal volumes originated on the West Coast, with about half of those imports coming from China [3][4] - **Domestic vs. International Intermodal**: There is a distinction between domestic intermodal and international intermodal, with domestic volumes remaining stable despite fluctuations in imports [3][4][13] - **Customer Inventory Levels**: Many customers have significant inventory levels (4 to 12 weeks) in warehouses, which has contributed to steady business for J.B. Hunt [4][5][9] Core Points and Arguments - **Impact of Import Cliff**: The anticipated "import cliff" has not yet significantly affected domestic intermodal volumes, with some customers pausing shipments while others maintain normal operations [3][7][13] - **Customer Strategies**: Customers are employing various strategies, including sourcing from different manufacturing locations, which has led to stable business for J.B. Hunt [5][6][9] - **Volume Growth**: Eastern volume growth was reported at 13% in Q1, with strength in various areas of the network unrelated to imports [15][16] - **Conversion from Truck to Intermodal**: There is a strong trend of customers converting highway freight to intermodal, driven by cost pressures and the desire to lock in savings [20][21] Pricing and Margin Dynamics - **Pricing Environment**: The company has experienced mixed results in pricing, with some rate increases in headhauls but also lost volume due to competitive pricing pressures [25][26] - **Revenue per Load**: Revenue per load, excluding fuel, was down 1% in Q1, influenced by a shift in the mix of traffic between headhauls and backhauls [29][30] - **Long-term Margin Goals**: J.B. Hunt aims for a long-term margin of 10% to 12%, but current margins are impacted by high insurance premiums and excess capacity [47][48] Operational Insights - **Rail Service Quality**: The quality of rail service has been reported as the best in ten years, with strong partnerships with rail providers [50] - **Cost Management**: The company is focused on improving operational efficiency and managing costs to enhance profitability [57][58] Additional Considerations - **Market Conditions**: The trucking market remains lackluster, but there is cautious optimism about potential demand increases later in the year [19][44] - **Excess Capacity**: The company acknowledges excess capacity in intermodal, which poses challenges but also opportunities for future growth [48][49] Conclusion J.B. Hunt Transport Services is navigating a complex landscape of intermodal transportation, balancing customer demand, pricing pressures, and operational efficiency. The company remains focused on long-term growth and margin recovery while adapting to changing market conditions.

Group 1 - The Jiangsu Hai'an Commercial Logistics Industrial Park is exploring the construction path of a logistics hub economic zone, achieving an annual cargo throughput of 10 million tons and a trade volume exceeding 50 billion yuan, helping实体企业 reduce logistics costs by over 300 million yuan [1] - The park focuses on "big logistics" with multi-modal transport to reduce costs, integrating various freight platforms and smart logistics management systems, and establishing a multi-modal transport distribution center that offers customized services [1] - By utilizing multi-modal transport, a company was able to reduce transit time by over 60% for cross-border raw material procurement, saving 20 million yuan annually [1] Group 2 - The park promotes "big markets" and supply chain services to lower costs, implementing refined logistics for bulk commodities and transitioning from futures to spot trading, significantly reducing logistics costs for an aluminum raw material processing company by over 30 million yuan [2] - The introduction of futures delivery, spot trading, bonded logistics, and financial service platforms has led to a reduction in funding costs across the entire raw material supply chain by over 100 million yuan [1] - The focus on cold chain logistics has resulted in the establishment of a strong network of cold chain logistics companies, with an annual turnover of over 1.5 million tons, 60% of which consists of agricultural products [2] - The park is enhancing collaboration with regional industry alliances and associations to create a robust service network and a logistics network that connects nationally and globally, significantly reducing logistics time and costs [2]

Group 1 - The company is accelerating logistics infrastructure construction and exploring the establishment of multi-modal transport regulatory centers to enhance logistics efficiency through various transport modes such as sea-rail and land-air intermodal transport [1] - Since 2018, the company has built an international freight dedicated line with a capacity of 100,000 TEUs per year, a container terminal project with a throughput capacity of 68,000 TEUs per year, and high-standard warehouses, laying a solid foundation for multi-modal transport operations [1] - The company has launched a "Railway Fast Pass" special train service, reducing average customs clearance time by 24 hours and overall transit time by 1 to 2 days, saving over 200 yuan per container [1] Group 2 - In 2023, the company initiated water transport CCA business, providing a "one-stop service window" at the Baiyangwan Container Terminal for all import and export customs clearance procedures, significantly improving logistics efficiency [2] - The company is actively developing a multi-modal transport "5+2" information platform project to optimize information management processes and enhance logistics operation efficiency and quality [2] - The logistics center's customs supervision area is advancing the construction of a multi-modal transport customs supervision information system, equipped with the necessary hardware and software for public, rail, water, and air multi-modal transport supervision [2]

2024 年度向特定对象发行 A 股股票的 补充法律意见书（一） 二〇二五年二月 北京市中伦律师事务所 关于上海雅仕投资发展股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受上海雅仕投资发展股份有限 公司（以下简称"发行人"、"上海雅仕"或"公司"）的委托，担任发行人申请 2024 年度向特定对象发行 A 股股票的（以下简称"本次发行上市"）事宜的专项法律 顾问。 本所于 2024 年 11 月 20 日出具了《北京市中伦律师事务所关于上海雅仕投 资发展股份有限公司 2024 年度向特定对象发行 A 股股票的法律意见书》（以下 简称"《法律意见书》"）、《北京市中伦律师事务所关于上海雅仕投资发展股份 有限公司 2024 年度向特定对象发行 A 股股票的律师工作报告》（以下简称"《律 师工作报告》"）。 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu ...