Group 1 - The core point of the article is the establishment of Xiamen Chuantou New Emerging Technology Innovation Partnership (Limited Partnership) with a capital contribution of 6.86 billion yuan [1] - The business scope of the new partnership includes technology promotion and application services, investment activities with self-owned funds, asset management services with self-owned funds, and information consulting services (excluding licensed information consulting services) [1] - The partnership is jointly funded by Xiamen Jianfa Group Co., Ltd. through Xiamen Jianfa New Emerging Industry Equity Investment Co., Ltd. and Xiamen Xiangyu Group Co., Ltd. through Xiamen Xiangyu Venture Capital Management Co., Ltd. [1]

Core Viewpoint - The analysis highlights a mixed outlook for the transportation and logistics sectors, with short-term adjustments in stock prices but long-term optimism driven by demand catalysts and industry recovery [2][3][4]. Shipping Industry - Dry bulk shipping stocks have experienced a rapid price correction after a previous surge, primarily influenced by the implementation of the 301 Act and a cooling sentiment in the Fujian region [2]. - The shipping industry is expected to benefit from three demand catalysts: the commissioning of the West Mangdu project altering iron ore shipping dynamics, potential Fed rate cuts boosting commodity demand, and post-war reconstruction in Ukraine increasing bulk shipping needs [2]. - The BDI index increased by 7.1% to 2,275 points, driven by the release of iron ore cargoes in December [3][7]. Passenger Transport - Domestic passenger traffic showed a 5% year-on-year increase, while international passenger traffic rose by 17% [2]. - The average domestic passenger load factor improved by 2.0 percentage points, and international load factor increased by 3.5 percentage points [2]. - The outlook for the passenger transport sector remains positive, with expectations of revenue improvement as demand gradually recovers [2][7]. Logistics Sector - The volume of postal express deliveries rose by 8.9% year-on-year, reaching 4.42 billion pieces [4]. - Air freight prices have shown a positive year-on-year change, with indices reflecting increases of 3.6% to 4.2% [4][8]. - The logistics sector is expected to benefit from improved export expectations and a focus on absolute return opportunities, particularly for companies like SF Express and China Foreign Trade [4][8]. Highway Tolling - The pricing of highway tolls is influenced by local government decisions, with recent increases driven by construction costs and regional debt pressures [5][6]. - Despite the push for toll increases in some regions, the overall trend may lean towards maintaining or reducing tolls to attract freight traffic, complicating large-scale toll hikes nationwide [6].

Core Insights - Xiamen Xiangyu Group has achieved significant growth over 30 years, with total assets increasing by over 1,100 times and net assets by 6,800 times, reflecting strong momentum in high-quality development [1] - The company has established a clear strategic path rooted in national development, market principles, and a philosophy of long-term mutual benefit [1] Group 1: Company Development and Strategy - Founded in 1995, Xiangyu Group emerged from the Xiamen Free Trade Zone, initially facing a high debt ratio of 95.7% but transformed into a pioneer in various sectors, including logistics and warehousing [1] - The company has implemented a risk management culture, prioritizing risk over profit and scale, which has been integral to its sustainable growth [1] - Xiangyu Group's mission is encapsulated in the phrase "计利天下 相与有成," emphasizing a commitment to mutual success and societal contribution [2] Group 2: Agricultural and Supply Chain Services - Xiangyu Group has developed a comprehensive agricultural service system, including planting, storage, logistics, trade, and deep processing, contributing to national food security [2] - The company operates seven modern logistics centers with a total storage capacity of 13 million tons, capable of meeting the food needs of 1.4 billion people for 18 days [2] - Xiangyu has established a global supply chain service system, with operations in over 110 countries, integrating various resources to provide comprehensive solutions [2] Group 3: International Cooperation and High-End Manufacturing - The company actively participates in international capacity cooperation, exemplified by its investment in a stainless steel project in Indonesia, which is recognized as a key project under the Belt and Road Initiative [2] - Xiangyu's aluminum division has built a complete production chain, producing over 2 million tons annually, and has successfully integrated into high-end manufacturing sectors [3] Group 4: Regional Development and Community Engagement - Xiangyu Group has played a vital role in the development of Xiamen, creating a central business district that has attracted nearly 700 enterprises with a registered capital exceeding 60 billion [3] - The company has initiated various community support programs, including education and infrastructure development, enhancing local living standards [3] - Xiangyu's commitment to environmental sustainability is evident in its ecological restoration projects and green transformation initiatives across multiple sectors [3]

Core Points - The company is undergoing a board re-election process as the term of the ninth board has expired, with the tenth board to consist of fifteen members, including five independent directors and one employee representative [1][2][12] - The board meeting held on November 26, 2025, approved the nomination of candidates for the tenth board, which includes both non-independent and independent directors [2][13][16] - The company plans to change its registered capital, abolish the supervisory board, and amend its articles of association, with these proposals requiring shareholder approval [40][41][42] Group 1 - The tenth board will consist of fifteen directors, including five independent directors and one employee representative, with a term of three years starting from the election date [2][12] - The candidates for the non-independent directors include individuals nominated by the controlling shareholder and strategic investors, while independent director candidates were nominated by the current board [2][13][16] - The board meeting's resolutions will be submitted for approval at the upcoming shareholder meeting [16][39] Group 2 - The company will change its registered capital to 2,840,589,339 shares, following the repurchase and cancellation of shares due to various reasons [40][41] - The supervisory board will be abolished, with its functions transferred to the audit committee of the board, and relevant amendments to the articles of association will be made [41][42] - The company will hold a fourth extraordinary general meeting on December 15, 2025, to discuss the proposed changes and other matters [46][50]

Group 1 - The company Xiamen Xiangyu announced the nomination of candidates for the 10th Board of Directors, including non-independent directors proposed by the controlling shareholder and strategic investors [1] - The controlling shareholder nominated six candidates: Wu Jie, Qi Weidong, Deng Qidong, Lin Junjie, Zeng Yangfeng, and Wang Jianli [1] - Strategic investors Shandong Port Group and China Merchants Group nominated two candidates: Wang Wei and Liu Jin [1] Group 2 - The 9th Board of Directors nominated five candidates for independent directors: Xue Zuyun, Liu Bin, Song Hua, Wu Chong, and Liu Zhiyun [1]

（三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定（如适用）； 独立董事候选人声明与承诺 本人宋华，已充分了解并同意由提名人厦门象屿股份有限公 司第九届董事会提名为厦门象屿股份有限公司第十届董事会独 立董事候选人。本人公开声明，本人具备独立董事任职资格，保 证不存在任何影响本人担任厦门象屿股份有限公司独立董事独 立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训 证明材料（如有）。 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （五）中共 ...

| 证券代码：600057 | 证券简称：厦门象屿 | | | 公告编号：2025-094 | | --- | --- | --- | --- | --- | | 债券代码：240429 | 债券简称：23 | 象屿 | Y2 | | | 债券代码：240722 | 债券简称：24 | 象屿 | Y1 | | | 债券代码：242565 | 债券简称：25 | 象屿 | Y1 | | | 债券代码：242747 | 债券简称：25 | 象屿 | Y2 | | | 债券代码：242748 | 债券简称：25 | 象屿 | Y3 | | | 债券代码：244130 | 债券简称：25 | 象屿 | Y4 | | | 债券代码：244131 | 债券简称：25 | 象屿 | Y5 | | 厦门象屿股份有限公司 关于变更注册资本、取消监事会及修订《公司章程》 的公告 二、取消监事会 根据《中华人民共和国公司法》《中国证监会关于新<公司法>配套制度规 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 厦门象屿股份有限公司（以下简称" ...

厦门象屿股份有限公司 独立董事提名人声明与承诺 提名人厦门象屿股份有限公司(以下简称"公司")董事会, 现提名薛祖云先生、刘斌先生、宋华先生、吴驴先生、刘志云先 生为公司第十届董事会独立董事候选人,并已充分了解被提名人 职业、学历、职称、详细的工作经历、全部兼职、有无重大失信 等不良记录等情况。被提名人已同意出任公司第十届董事会独立 董事候选人(参见该独立董事候选人声明)。提名人认为,被提 名人具备独立董事任职资格,与公司之间不存在任何影响其独立 性的关系,具体声明并承诺如下: 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、 行政法规、规章及其他规范性文件,具有 5年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训 证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章 的要求: (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的 规定(如适用); (四)中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退(离)休后担任上市公司、基金管理公司独立 ...

| 证券代码：600057 | 证券简称：厦门象屿 | | | 公告编号：2025-095 | | --- | --- | --- | --- | --- | | 债券代码：240429 | 债券简称：23 | 象屿 | Y2 | | | 债券代码：240722 | 债券简称：24 | 象屿 | Y1 | | | 债券代码：242565 | 债券简称：25 | 象屿 | Y1 | | | 债券代码：242747 | 债券简称：25 | 象屿 | Y2 | | | 债券代码：242748 | 债券简称：25 | 象屿 | Y3 | | | 债券代码：244130 | 债券简称：25 | 象屿 | Y4 | | | 债券代码：244131 | 债券简称：25 | 象屿 | Y5 | | 厦门象屿股份有限公司 由于象屿金控系公司控股股东厦门象屿集团有限公司的全资子公司，本事项 构成关联交易。 本次关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。 关于与厦门象屿金象控股集团有限公司续签《供应链 金融服务协议》暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者 ...

中国国际金融股份有限公司 关于厦门象屿股份有限公司 与厦门象屿金象控股集团有限公司 续签《供应链金融服务协议》暨关联交易的核查意见 中国国际金融股份有限公司（以下简称"保荐机构"）作为厦门象屿股份有 限公司（以下简称"公司"或"厦门象屿"）2022 年度向特定对象发行 A 股股 票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票 上市规则》和《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上 海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关规定，对厦 门象屿与厦门象屿金象控股集团有限公司（以下简称"象屿金控"）续签《供应 链金融服务协议》暨关联交易事项进行了审慎核查，具体情况如下： 一、关联交易概述 公司第九届董事会第二次会议和 2022 年第六次临时股东大会审议通过《关 于与厦门象屿金象控股集团有限公司签订<供应链金融服务协议>暨关联交易的 议案》，由象屿金控为公司提供最高余额不超过 50 亿元人民币的供应链金融和 类金融服务，包括担保、保理以及其他类金融服务，协议有效期自股东大会批准 之日起三年。 鉴于合同期限即将到期，根据公司业务发展需要，公司拟与象屿金 ...