Market Overview - The logistics sector increased by 1.05% on January 15, with Debon Holdings leading the gains [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Individual Stock Performance - Debon Holdings (603056) closed at 16.98, up 9.97% with a trading volume of 15,200 [1] - Jiayou International (603871) closed at 14.42, up 3.30% with a trading volume of 185,000 [1] - Tiens Holdings (002800) closed at 17.31, up 3.22% with a trading volume of 113,900 [1] - YTO Express (600233) closed at 17.05, up 2.59% with a trading volume of 335,000 [1] - SF Holding (002352) closed at 39.19, up 1.66% with a trading volume of 474,100 [1] Capital Flow Analysis - The logistics sector saw a net inflow of 174 million yuan from institutional investors, while retail investors experienced a net outflow of 80.49 million yuan [2] - Major stocks like SF Holding had a net inflow of 164 million yuan from institutional investors, indicating strong institutional interest [3] - Debon Holdings had a significant institutional net inflow of 15.11 million yuan, representing 58.69% of its trading volume [3]

Group 1 - The core viewpoint of the news is that 嘉友国际 (Jiayou International) has seen a stock price increase of 5.52%, reaching 14.73 CNY per share, with a trading volume of 176 million CNY and a turnover rate of 0.89%, resulting in a total market capitalization of 20.151 billion CNY [1] - 嘉友国际 is engaged in cross-border multimodal transport, bulk mineral product logistics, intelligent warehousing, and supply chain trade services, with the revenue composition being 62.06% from supply chain trade services, 29.83% from cross-border multimodal transport, 7.57% from land port project services, 0.53% from PPP project contracts, and 0.02% from other services [1] Group 2 - 嘉实基金 (Jia Shi Fund) has a significant holding in 嘉友国际, with 嘉实物流产业股票A (Jia Shi Logistics Industry Stock A, 003298) holding 1.9933 million shares, accounting for 4.09% of the fund's net value, making it the eighth largest holding [2] - 嘉实物流产业股票A has a current scale of 288 million CNY, with a year-to-date loss of 0.65% and a one-year return of 16.99%, ranking 3554 out of 4208 in its category [2] Group 3 - The fund manager of 嘉实物流产业股票A is 肖觅 (Xiao Mi), who has been in the position for 9 years and 20 days, managing assets totaling 5.345 billion CNY, with the best fund return during his tenure being 165.7% and the worst being -41.69% [3]

Investment Rating - The report maintains an "Overweight" rating for the transportation industry, indicating a positive outlook for the sector's performance relative to the overall market [12]. Core Insights - The shipping market is expected to see significant growth in Q4 2025, driven by strong VLCC freight rates and structural changes in trade dynamics, including new refinery capacities and geopolitical shifts [4]. - The aviation sector is projected to enter a golden era, with passenger transport expected to reach 770 million in 2025, marking a 5.5% increase from 2024 and a 16.7% increase from 2019 [4]. - The report highlights a shift in the shipping industry from supply-driven to demand-driven dynamics, particularly in shipbuilding, as older vessels are replaced [4]. - The logistics and freight forwarding sectors are facing challenges due to trade tensions, impacting profit margins and demand [4]. Summary by Sections Shipping - Q4 2025 VLCC freight rates are expected to average around $95,500 per day, with a projected demand increase of 1.7% from new refinery capacities and a 2.1% increase from compliance changes in Venezuelan oil [4]. - The dry bulk market is also showing strong performance, with Cape-sized vessel rates expected to rise by 20% to $27,600 per day [4]. - The report estimates that COSCO Shipping Energy's Q4 earnings will be approximately 1.9 billion RMB, while China Merchants Energy's will be around 2.9 billion RMB [4]. Shipbuilding - The shipbuilding sector is experiencing a tight supply-demand balance, with second-hand ship prices rising for 11 consecutive months, indicating a positive outlook for the industry [4]. Freight Forwarding - The freight forwarding sector is facing profit margin compression due to trade frictions, with the CCFI index expected to decline by 26% in Q4 2025 [4]. Aviation - The Chinese aviation market is expected to achieve a profit of 6.5 billion RMB in 2025, with major airlines like China Eastern Airlines anticipated to see significant performance improvements [4]. - The report emphasizes the importance of international routes as passenger volumes are expected to grow, driven by a recovery in outbound travel [4]. Express Delivery - The express delivery sector is projected to see a 5% year-on-year growth in Q4, driven by price increases and seasonal demand, despite challenges from trade policies [4]. Road and Rail - The report notes a slowdown in highway traffic growth, while rail passenger and freight volumes continue to increase, with recommendations for specific companies in the sector [4].

嘉友国际物流股份有限公司 关于变更签字注册会计师的公告 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。 证券代码：603871 证券简称：嘉友国际 公告编号：2025-057 2、独立性和诚信记录 陈逢银不存在违反《中国注册会计师职业道德守则》有关独立性要求的情形， 最近三年均未受到刑事处罚、行政处罚、行政监管措施和自律处分，无不良诚信 记录。 三、对公司的影响 嘉友国际物流股份有限公司（简称"公司"）于 2025 年 4 月 24 日召开第三 届监事会第二十四次会议、第三届董事会第三十三次会议，2025 年 5 月 22 日召 开 2024 年年度股东会，审议通过了《关于续聘 2025 年度审计机构的议案》，同 意公司续聘立信会计师事务所（特殊普通合伙）（简称"立信"）担任公司 2025 年度财务报告和内部控制的审计机构，具体内容详见公司在指定的信息披露媒体 及上海证券交易所网站（http://www.sse.com.cn）披露的《嘉友国际物流股份 有限公司续聘会计师事务所公告》（公告编号：2025-014）及《嘉友国际物流 ...

Market Overview - The logistics sector increased by 0.16% on December 26, with Pulutong leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Top Gainers in Logistics Sector - Pulutong (002769) closed at 12.32, up 10.00% with a trading volume of 624,300 shares and a transaction value of 750 million [1] - Xiamen Guomao (600755) closed at 8.72, up 9.96% with a trading volume of 4,011,100 shares [1] - Other notable gainers include Jiayou International (603871) at 13.93, up 2.73%, and Xiamen Xiangyu (600057) at 8.86, up 2.31% [1] Top Losers in Logistics Sector - Tiensheng Co. (002800) closed at 15.58, down 4.65% with a trading volume of 203,800 shares [2] - New Ning Logistics (300013) closed at 4.11, down 2.61% with a trading volume of 497,200 shares [2] - Other significant decliners include Dongfang Jiasheng (002889) at 16.16, down 2.18%, and Longzhou Co. (002682) at 8.90, down 2.09% [2] Capital Flow in Logistics Sector - The logistics sector saw a net inflow of 43.62 million in main funds, while retail funds experienced a net outflow of 190 million [2] - Retail investors contributed a net inflow of 146 million [2] Individual Stock Capital Flow - Xiamen Guomao (600755) had a main fund net inflow of 184 million, while Pulutong (002769) saw a net inflow of 132 million [3] - Huamao Logistics (603128) recorded a net inflow of 27.51 million from main funds [3] - Other stocks like Jiayou International (603871) and Hongchuan Wisdom (002930) also experienced varying levels of net inflow and outflow from different investor categories [3]

Investment Rating - The report maintains a "Positive" investment rating for the logistics industry [15] Core Insights - The logistics industry is expected to see two core trends in 2026: "Advantage Going Abroad" and "Ecosystem Restructuring," which will present significant investment opportunities. The restructuring of supply chains is anticipated to deepen, with the acceleration of Chinese industries going abroad, driving sustained demand in emerging markets. Concurrently, the domestic market's competitive order is being restructured, pushing the industry towards high-quality development [5][10][27]. Summary by Sections Cross-Border Logistics: Order Restructuring and New Opportunities - The transition from "goods going abroad" to "capital going abroad" is underway, with foreign investment becoming a core driver of logistics demand. The standardization and replicability of processes in bulk logistics and e-commerce express delivery present explosive demand potential [11][35]. E-commerce Express Delivery Going Abroad - Chinese e-commerce platforms are expanding overseas, particularly in Southeast Asia and Latin America, where the e-commerce penetration rates are significantly lower than in China. The report highlights that the average package volume in Southeast Asia is about 26 items per year, and in Latin America, it is approximately 11 items per year, indicating substantial growth potential [59][64]. Bulk Logistics Going Abroad - The report discusses the "infrastructure for resources" model, where bulk logistics follows Chinese mining companies into Africa. This approach is expected to drive high growth in local freight demand and rapid expansion of road assets [11][35]. Domestic E-commerce Express: Demand-Side Reform - The report notes that the previous low-price competition in the e-commerce ecosystem is being replaced by rational competition, which is expected to improve the industry landscape. Leading companies like Zhongtong Express and YTO Express are anticipated to see valuation recovery as the competitive order stabilizes [12][30]. Bulk Supply Chain: Bottoming Out and Price Recovery - The bulk supply chain industry is at a dual bottom in terms of "commodity prices" and "corporate profits," with signs of a cyclical turnaround. The report suggests that the easing of liquidity and the implementation of "anti-involution" policies will lead to improved profitability in the sector [13][30]. Investment Recommendations - The report prioritizes investment in: 1. Non-US cross-border logistics, benefiting from the expansion of Chinese industries into emerging markets, with key targets being Jitu Express and Jiayou International [10][30]. 2. Domestic e-commerce express delivery, with a focus on leading companies like Zhongtong Express and YTO Express, which are expected to see valuation adjustments [10][30]. 3. Bulk supply chains, with a recommendation to invest in companies like Xiamen Xiangyu and Xiamen Guomao, as the industry is poised for a cyclical recovery [10][30].

Investment Rating - The investment rating for the transportation industry is "Positive" and is maintained [15] Core Insights - The report provides a forward-looking analysis of the transportation industry for Q4 2025, highlighting improvements in passenger demand and operational efficiencies across various sub-sectors [2][6] Aviation - The aviation sector is expected to see marginal demand improvements, with significant reductions in losses anticipated for Q4 2025. Domestic business demand is stabilizing, and international flights continue to perform well despite short-term disruptions from flight cancellations [6][23] Airports - Domestic airport traffic is projected to increase, with international flights also climbing. Revenue is expected to improve as a result of rising passenger volumes and operational efficiencies [7][26] Express Delivery - The express delivery sector is experiencing a slowdown in growth but is improving profitability through price adjustments and a focus on high-value services. The net profit is expected to turn positive in Q4 2025 [8][29] Logistics - The logistics sector is stabilizing at the bottom of its performance cycle, with cross-border logistics showing signs of recovery. However, overall demand remains weak, leading to a slight decline in performance for major supply chain players [9][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different vessel types. While container shipping faces pressure on earnings, oil and bulk shipping are expected to see improvements due to increased demand and operational efficiencies [10][32] Ports - Port operations are expected to benefit from improved handling of bulk goods and stable container throughput, supported by easing trade tensions and increased exports to ASEAN and EU regions [11][38] Highways - The highway sector is projected to see limited growth, with stable profitability expected as truck traffic shows slight improvements compared to the previous year [12][40] Railways - The railway sector is experiencing a split in performance, with passenger transport growth accelerating while freight transport growth is slowing down. The focus on expanding non-coal business is expected to impact profitability negatively [13][42]

Core Viewpoint - The announcement details the completion of the first lock-up period for the 2024 employee stock ownership plan of Jiayou International Logistics Co., Ltd., indicating that the performance assessment criteria for unlocking shares have not been met [1][3]. Group 1: Employee Stock Ownership Plan Approval and Implementation - The 2024 employee stock ownership plan was approved during meetings held on July 29, 2024, and August 15, 2024, with a total of 35,047,591.72 shares allocated, corresponding to 3,068,966 shares, sourced from the company's repurchased shares [1][2]. - The shares were transferred to the employee stock ownership plan's account at a price of 11.42 yuan per share on December 17, 2024, with the plan's duration set for 60 months and shares to be unlocked in three phases [2]. Group 2: Performance Assessment and Results - The performance assessment for the first lock-up period includes both company-level and individual performance metrics, with the company-level performance assessment not meeting the required targets [3][4]. - The net profit for the year 2024 was reported at 1,276,417,070.88 yuan, with adjustments leading to a net profit of 1,294,677,636.77 yuan after excluding employee stock ownership plan costs, reflecting a growth rate of 24.63% compared to 2023 [4]. Group 3: Future Arrangements Post Lock-Up Period - Following the completion of the first lock-up period, the management committee will handle the shares in accordance with regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange [3].

证券代码：603871 证券简称：嘉友国际 公告编号：2025-056 嘉友国际物流股份有限公司 关于 2024 年员工持股计划第一个锁定期届满 暨解锁条件未成就的公告 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。 公司分别于 2024 年 7 月 29 日召开第三届董事会第二十五次会议、第三届监 事会第十九次会议、2024 年 8 月 15 日召开 2024 年第二次临时股东大会审议通 过《2024 年员工持股计划（草案）及其摘要》等相关议案，同意公司实施 2024 年员工持股计划（简称"本计划"），本计划份额总数为 35,047,591.72 份，对 应的股份数量为 3,068,966 股，股份来源为公司回购专用证券账户回购的股份。 本计划设立管理委员会，负责对本计划进行日常管理。具体内容详见公司分别于 2024 年 7 月 30 日、2024 年 8 月 16 日在上海证券交易所网站披露的相关公告。 （二）2024 年员工持股计划实施情况 2024 年 12 月 17 日，公司回购专用证券账户所持有的 3,068,96 ...

Group 1 - The third extraordinary general meeting of shareholders for Jiayou International Logistics Co., Ltd. was held on December 15, 2025, in Beijing [2] - The meeting was convened by the board of directors and chaired by Chairman Han Jinghua, utilizing a combination of on-site and online voting methods, in compliance with the Company Law and the Articles of Association [2][3] - All seven current directors attended the meeting, along with the board secretary and all senior management personnel [3] Group 2 - A resolution was passed to provide guarantees for a wholly-owned subsidiary, which was approved by more than half of the valid voting shares held by attending shareholders [3] - The meeting was witnessed by Beijing Kangda Law Firm, with lawyers confirming that the convening and procedures of the meeting complied with legal and regulatory requirements [5]