Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [13] Core Insights - The transportation industry is expected to see improvements in profitability across various sub-sectors in Q3 2025, driven by domestic demand recovery and resilient international demand [2][6][7][8][9][10][11][12] Summary by Sub-Sector Aviation - The aviation sector is experiencing subdued demand but is benefiting from reduced costs, leading to an overall improvement in profitability for Q3 2025. The international flight recovery remains strong, and oil prices have significantly decreased [6][19][24] Airports - Domestic airport traffic is recovering, with international flights also increasing. Revenue is expected to improve steadily, with key airports benefiting from both domestic and international demand growth [2][6][24][26] Express Delivery - The "anti-involution" policy is driving price increases in the express delivery sector, leading to improved profitability for e-commerce deliveries. However, operational costs are temporarily pressuring profit margins [2][6][28][30] Logistics - The logistics sector is stabilizing, with major players expected to see profit growth due to improved supply chain performance and resilient cross-border logistics profitability [2][6][7][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different shipping types. While container shipping faces challenges, oil tanker profits are improving due to favorable market conditions [2][6][8][33][37] Ports - Port operations are expected to see improved profitability in bulk cargo handling, while container throughput remains resilient despite external pressures [2][6][9][39] Highways - Highway traffic is relatively stable, with a slight increase in profitability anticipated for Q3 2025, supported by steady freight and passenger traffic [2][10][41] Railways - Railway passenger and freight volumes are showing mixed trends, with a focus on opportunities arising from high-speed rail transformations. Overall, passenger transport is expected to grow, while freight transport is improving [2][11][43][44]

Group 1 - On September 18, five listed companies repurchased their own shares, indicating a trend of companies investing in their own stock [1] - Xiamen Xiangyu had the highest repurchase amount, reaching 146 million yuan, with a total of 37.41 million shares repurchased [1] - Taiji Industry repurchased shares worth 39.32 million yuan, totaling 5.59 million shares [1] - Yagor repurchased shares amounting to 24.81 million yuan, with a total of 3.36 million shares [1]

| 股票代码：600057 | 股票简称：厦门象屿 | | | 公告编号：2025-083 | | --- | --- | --- | --- | --- | | 债券代码：115589 | 债券简称：23 | 象屿 | Y1 | | | 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 | | 厦门象屿股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 厦门象屿股份有限公司（以下简称"公司"）已于 2025 年 8 月 27 日披露公 司 2025 年半年度报告。为便于广大投资者更全面深入了解公司 2025 年半年度经 营成果和财务状况，公司计划于 2025 年 09 月 26 日（星期五）15:00-16:00 召 开 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会 ...

Core Viewpoint - The company is repurchasing and canceling a total of 37,406,322 restricted shares due to the departure of 10 incentive plan participants and unmet performance targets for the year 2024 [2][4][5]. Group 1: Reasons for Repurchase - The repurchase is due to the departure of 10 participants from the 2022 restricted stock incentive plan and the failure to meet performance targets for the third vesting period [2][4]. - The repurchase involves 738 participants, including those who have left and those whose performance did not meet the vesting conditions [5]. Group 2: Repurchase Details - The decision for the repurchase was approved in the board and supervisory meetings held on June 27, 2025, and the company has followed legal procedures for creditor notifications [3][4]. - The repurchase is set to be completed by September 22, 2025, with the necessary procedures already initiated with the China Securities Depository and Clearing Corporation [6]. Group 3: Impact on Share Capital Structure - Following the repurchase, the total share capital will decrease from 2,806,369,661 shares to 2,768,963,339 shares, but this will not affect the control of the company or its governance structure [7]. Group 4: Legal and Financial Opinions - Legal opinions confirm that the repurchase has obtained necessary approvals and complies with relevant laws and regulations [8]. - Independent financial advisors also affirm that the repurchase does not harm the interests of the company or its shareholders [9].

| 证券代码：600057 | 证券简称：厦门象屿 | | | 公告编号：2025-082 | | --- | --- | --- | --- | --- | | 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 | | 厦门象屿股份有限公司 股权激励限制性股票回购注销实施公告 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 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购股份数量 | 注销股份数量 | 注销日期 | | --- | --- | --- | | 37,406,322 | 37,406,322 | 2025年9月22日 | 一、本次限制性股票回购注销的决策与信息披露 2025年6月27日，公司召开了第九届董事会第三十三次会议 ...

| 股票代码：600057 | 证券简称：厦门象屿 | | | 公告编号：2025-081 | | --- | --- | --- | --- | --- | | 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 | | 厦门象屿股份有限公司 2025年第三次临时股东大会决议公告 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 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1.出席会议的股东和代理人人数 | 239 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 1,426,187,260 | | 3.出席会议的股东所持有表决权股份数占公司有表决权 ...

关于厦门象屿股份有限公司 2025 年第三次临时股东大会的 法律意见书 | | | | 引 | .. 言 | | --- | --- | | | 一、释义…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 2 | | | 二、律师声明事项 | | | 正文 . | | | 一、本次股东大会的召集、召开程序 . | | | 二、本次股东大会召集人和出席会议人员的资格 | | | 三、本次股东大会的表决程序和表决结果 . | | | 四、结论意见 6 | 关于厦门象屿股份有限公司 2025 年第三次临时股东大会的 法律意见书 〔2025〕天衡意字第 219 号 致：厦门象屿股份有限公司 福建天衡联合律师事务所接受厦门象屿股份有限公司的委托，指 派潘舒原、陈俊昌律师作为厦门象屿股份有限公司 2025 年第三次临 时股东大会的专项律师，就题述事宜出具本法律意见书。 本所律师根据《中华人民共和国公司法》《中华人民共和国证券 ...

Investment Rating - The report maintains a "Buy" rating for Xiamen Xiangyu [5] Core Views - In the first half of 2025, Xiamen Xiangyu achieved a revenue of 203.95 billion, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 1.03 billion, a year-on-year increase of 32.5% [3][9] - The company has seen a clear performance inflection point, focusing on the "Three New and One High" strategy, which aims to enhance operational capabilities and asset value through industrial investment [9] - The company successfully introduced strategic investors and implemented stock repurchase and incentive plans, reflecting confidence in future development [9] Summary by Sections Revenue and Profit Growth - In Q2 2025, the company reported a revenue of 106.81 billion, a year-on-year increase of 8.0%, and a net profit of 520 million, a year-on-year increase of 40.8% [3][9] - The bulk commodity trading segment maintained rapid growth in operating volume, achieving over 120 million tons, a year-on-year increase of 19.0% [9] Bulk Commodity Logistics - The bulk commodity logistics segment saw a revenue increase of 17.4% and a gross profit increase of 20.5% in the first half of 2025 [9] - The company strengthened external customer acquisition and cost reduction, leading to impressive revenue and profit growth [9] Shipbuilding Orders and Capacity Expansion - The shipbuilding segment experienced a revenue decline of 6.7% in the first half of 2025 due to some orders being transferred to the new shipyard in Qidong [9] - The company signed 15 new shipbuilding orders in the first half of 2025, with a backlog of 91 orders, indicating potential for improved profitability as the new facility becomes operational [9] Financial Optimization - Financial expenses decreased significantly by 41.8% year-on-year, contributing to a 15.4% reduction in period expenses [9] - The net profit margin improved by 0.1 percentage points to 0.5% in the first half of 2025 [9] Future Outlook - The company projects net profits attributable to shareholders of 1.9 billion, 2.26 billion, and 2.61 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 10.8, 9.0, and 7.8 [9]

厦门象屿股份有限公司 股东回报规划（2025—2027 年） 为进一步完善和健全厦门象屿股份有限公司（以下简称"公司"）科学、持 续、稳定的股东回报机制，积极回报投资者，切实保护投资者的合法权益，根 据《中华人民共和国公司法》以及中国证券监督管理委员会发布的《上市公司 监管指引第 3 号——上市公司现金分红》等有关法律、法规、规范性文件以及 《公司章程》的相关规定，结合公司实际情况，公司董事会特制定《厦门象屿 股份有限公司股东回报规划（2025—2027 年）》（以下简称"本规划"），具体内 容如下： 第一条 考虑因素 公司着眼于长远和可持续发展，在综合分析行业发展趋势、公司实际经营 状况、发展目标、股东要求和意愿、资金成本状况、外部融资环境等因素的基 础上，对利润分配作出制度性安排，从而建立持续、稳定、科学的分红回报机 制，以保证公司利润分配政策的连续性和稳定性。 第二条 制定原则 （一）公司的利润分配政策要充分考虑对股东的合理回报。制定利润分配 方案时，应当以母公司报表中可供分配利润为依据。 公司采用现金、股票股利或现金与股票股利相结合的方式分配股利。公司 具备现金分红条件的，应当采用现金分红进行利润分配 ...

2025 年 9 月 | | | | 2025 年第三次临时股东大会议程 | | --- | | 2025 年第三次临时股东大会议案 | | 关于公司未来三年（2025-2027 年）股东回报规划的议案 . | l 厦门象屿股份有限公司 2025 年第三次临时股东大会文件 厦门象屿股份有限公司 2025 年第三次临时股东大会议程 现场会议时间：2025 年 9 月 11 日 15:00 网络投票时间：采用上海证券交易所网络投票系统，通过交易系统投票平台 的投票时间为股东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30， 13:00-15:00；通过互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 现场会议地点：厦门市湖里区自由贸易试验区厦门片区象屿路 85 号象屿集团 大厦 A 栋 11 楼 1109 号会议室 会议表决方式：本次股东大会采用现场投票与网络投票相结合的表决方式。 公司将通过上海证券交易所交易系统向公司股东提供网络投票平台，股东可以在 网络投票时间内通过上述系统行使表决权。 会议议程： 五、会议秘书组统计投票表决（现场+网络）结果。 六、会议主持人宣布表 ...