香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 港口控股有限公司 CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED （根據公司條例於香港註冊成立之有限公司） （股份代號：00144） 有關收購在巴西的 VAST 之須予披露交易的最新資料 本公告由招商局港口控股有限公司（「本公司」，連同其附屬公司「本集團」）根據上市 規則第14.36條作出。茲提述本公司於2025年2月28日及2025年3月18日作出的公 告（「該等公告」），內容有關本集團有條件收購Vast 70%權益。除另有界定外，該等 公告所界定的詞彙與本公告內所用詞彙具有相同涵義。 董事會宣佈，於2025年11月27日，本公司及買方與賣方訂立經修訂及重列之購股 協議（「經修訂及重列之購股協議」），據此，訂約方同意作出若干有關（其中包括）截 止日期及代價之修訂。 根據購股協議，交割須待自購股協議日期或訂約方共同同意之任何其他日期起 9個 月或之前（「截止日 ...

Investment Rating - The report maintains a "Recommended" rating, emphasizing the importance of defensive stability and timely investment opportunities in the transportation sector [1]. Core Insights - The transportation sector's performance in November 2025 was generally average, outperforming the CSI 300 index, with highways leading the performance among sub-sectors [4][10]. - The report highlights a low interest rate environment, with the 10-year government bond yield at 1.82% as of November 21, 2025, indicating a stable financial backdrop for investments [20]. - The report identifies high dividend yield opportunities in both A-shares and H-shares within the transportation sector, with specific recommendations for companies like Sichuan Chengyu and Anhui Wantong Highway [68][70]. Monthly Market Performance - The transportation sector saw a cumulative decline of 2.24% from November 1 to November 21, 2025, outperforming the CSI 300 index by 1.79 percentage points [9]. - The sub-sectors of highways, railways, and ports had cumulative declines of -2.11%, -2.47%, and -2.97% respectively during the same period, but all outperformed the CSI 300 index [10]. - Year-to-date performance showed highways down 11.11%, railways down 15.77%, and ports down 4.83%, indicating a challenging year overall [10]. Highway Sector Tracking - In September 2025, highway passenger traffic was 934 million, down 4.3% year-on-year, while freight traffic increased by 5.2% to 3.891 billion tons [28]. - The report notes that the highway sector is expected to see stable performance improvements in 2026, driven by policy optimizations and local state-owned enterprise actions [68]. Railway Sector Tracking - In October 2025, railway passenger volume reached 410 million, up 10.1% year-on-year, while freight volume was 4.58 million tons, a slight increase of 0.6% [40][43]. - The report emphasizes the potential for investment opportunities in the railway sector, particularly in high-quality assets like the Beijing-Shanghai High-Speed Railway [70]. Port Sector Tracking - The report indicates that port cargo throughput for the four weeks ending November 16, 2025, was 1.057 billion tons, reflecting a year-on-year growth of 4.6% [48]. - The report highlights the importance of long-term value in port assets, suggesting that leading ports are undervalued in terms of their earnings stability and potential for dividend growth [71][72].

Core Viewpoint - The article discusses the recent investigation of Li Baian, a senior executive at China Merchants Group, highlighting potential compliance and risk management issues related to major projects within the company [9][11]. Group 1: Executive Changes - Jiang Tiefeng, the former chairman of China Merchants Shekou, resigned from all positions in the company due to a work adjustment and was appointed as the deputy general manager of China Merchants Group [3][4]. - Li Baian, previously a vice president at China Merchants Group, has been under investigation for alleged violations of duty and is linked to significant compliance issues within the organization [5][11]. Group 2: Background of Li Baian - Li Baian has a background in the China Construction System, having held various senior positions in China State Construction Engineering Corporation before joining China Merchants Group [10][14]. - During his tenure at China Merchants Group, he was involved in several high-profile projects, including the Taiping Bay Innovation Cooperation Zone and a large LNG transport vessel project [13][14]. Group 3: Broader Implications - The article notes a pattern of investigations involving senior executives within the China Merchants Group, suggesting systemic issues related to governance and compliance [18][29]. - The recent scrutiny of executives like Li Baian and others indicates a broader crackdown on corruption and misuse of power within state-owned enterprises, particularly in the context of real estate and finance [29][30].

Core Viewpoint - The 2025 World Shipping Conference, held in Hong Kong, focuses on sustainable development and collaboration within the global shipping industry amidst complex international trade dynamics [1] Group 1: Conference Theme and Objectives - The conference theme is "Breaking Walls and Embracing Change: Promoting Sustainable Development - Collaborative Approaches in the Global Shipping Industry Chain under Major Changes" [1] - The event aims to gather industry professionals to discuss the transition towards a more efficient, green, and sustainable shipping sector [1] Group 2: Key Remarks and Strategic Directions - Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference, Leung Chun-ying, emphasized Hong Kong's role in leveraging new opportunities for external opening, aiding mainland shipping companies in international market expansion, and integrating into global regulatory frameworks [1] - There is a call for increased investment in technological innovation and collaborative efforts to establish new global shipping rules and industries, promoting green and intelligent transformation in the shipping sector [1] Group 3: Organizational Structure and Background - The conference is led by China Merchants Group in collaboration with the Hong Kong SAR Government's Transport and Logistics Bureau, the Baltic International Maritime Council, the International Chamber of Shipping, and the Hong Kong Shipowners Association [1] - The World Shipping Conference was first held in Hong Kong in 2021, aiming to create a global platform for communication within the shipping industry [1]

Core Viewpoint - The 2025 World Shipping Conference in Hong Kong focuses on sustainable development in the shipping industry amidst a complex international trade landscape [1] Group 1: Conference Overview - The conference lasts for two days and is a flagship event of "Hong Kong Maritime Week 2025" [2] - The theme emphasizes collaboration for sustainable development in the global shipping industry [1] Group 2: Key Remarks - National Committee Vice Chairman Liang Zhenying highlighted Hong Kong's role in facilitating mainland shipping companies' international expansion and attracting global shipping resources [2] - Hong Kong Chief Executive John Lee emphasized the city's unique advantages, including a common law system and low tax regime, which contribute to its status as a leading international shipping center [2] - The Deputy Minister of Transport, Fu Xuyin, noted Hong Kong's critical role in the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area [3] Group 3: Industry Initiatives - The Chairman of China Merchants Group, Miao Jianmin, proposed three initiatives for high-quality and sustainable development in the shipping industry [3] - The International Maritime Organization Secretary-General emphasized the importance of digitalization and skill upgrades in the shipping sector [4] - The CEO of DNV GL highlighted China's leadership in energy efficiency and clean fuel applications, calling for collaborative efforts across the industry [4] Group 4: New Developments - The conference included the inauguration of Hong Kong's first local shipowners' mutual insurance association [4] - The event is co-hosted by various organizations, including the Hong Kong SAR Government and international shipping associations [5]

Group 1 - The company announced the maturity and repayment of its first ultra-short-term financing bond for 2025, which was issued on May 19, 2025, with a scale of 2 billion yuan and a term of 180 days at an interest rate of 1.51% [1][2] - The company received a registration notice from the China Interbank Market Dealers Association for its debt financing tools, valid for two years from the date of issuance [1] - The bond was successfully repaid on November 16, 2025, with details available on the Shanghai Clearing House and China Money websites [2] Group 2 - The company held its second extraordinary general meeting of shareholders on November 17, 2025, with a total of 72 participants representing 2,237,587,774 shares, accounting for 90.1601% of the voting shares [5][9] - The meeting was conducted through a combination of on-site voting and online voting, ensuring compliance with relevant laws and regulations [7][8] - The proposal regarding financial assistance to a subsidiary was approved, with no conflicts of interest reported among the voting shareholders [12]

Core Viewpoint - The 2025 World Shipping Conference in Hong Kong focuses on promoting sustainable development in the shipping industry amidst global changes, with over 1,300 participants from various sectors discussing high-quality development strategies [1]. Group 1: Key Initiatives and Proposals - The Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference emphasized the importance of eliminating cooperation barriers and responding to global changes to advance sustainable development in the shipping industry [1]. - The Hong Kong Chief Executive highlighted the unique advantages of Hong Kong as a stable international maritime center and called for enhanced international cooperation in the face of rising protectionism and climate challenges [1]. - The Deputy Minister of Transport proposed four initiatives: seizing opportunities, deepening cooperation, accelerating green transformation, and enhancing service capabilities [2]. Group 2: Technological and Environmental Developments - The Hong Kong government has completed the refueling of nearly 200,000 tons of green fuel and is initiating a methanol fuel refueling pilot project [2]. - The conference introduced the "Global Shipping Company Net Zero Path Practice Guide" and two other standards aimed at providing a unified quantitative benchmark for low-carbon transformation in the shipping sector [3]. Group 3: Collaborative Efforts and Governance - The Chairman of China Merchants Group called for the establishment of a fair global shipping governance system and the creation of a green technology alliance to promote international green shipping corridors [3]. - The conference was co-hosted by various organizations, including the Hong Kong government and international shipping associations, indicating a collaborative approach to addressing industry challenges [3].

Summary of Conference Call on Oil Shipping Industry Industry Overview - The oil shipping market is experiencing a significant upward trend, particularly in VLCC (Very Large Crude Carrier) charter rates, which have surged from $80,000-$90,000 to $120,000 recently, driven by high freight rates and pressure on shipowners [1][2] - The upcoming U.S. sanctions on Russia, effective November 21, are expected to alter trade flows, increasing VLCC transportation demand as Indian refineries may shift to sourcing oil from the Middle East or the U.S. Gulf [1][2] - The ongoing conflict affecting Black Sea ports is further complicating global trade dynamics, leading to a structural change in demand [1][2] Key Insights and Arguments - Short-term VLCC rates are projected to remain strong until early December, with potential to exceed this year's highs due to robust fundamentals [1][3] - Current stock prices of companies like China Merchants Energy Shipping and Hainan Shipping reflect low expectations, with a calculated implied rate of only $50,000 based on a 10x PE ratio, which is significantly below current charter rates [1][4] - For Q4 2025, China Merchants Energy Shipping anticipates earnings of approximately 3 billion yuan at an $85,000 rate, while Hainan Shipping expects over 2.1 billion yuan [2][7] Future Outlook - By 2026, global inventory replenishment and confirmed production increases from OPEC and non-OPEC countries are expected to drive demand growth, with an anticipated increase of at least 1 million barrels per day, primarily from Latin America and North America [1][4] - Despite new ship deliveries, the total supply is manageable and will not exert excessive pressure on the market, supporting a strong outlook for the oil shipping sector [5][6] - The current investment climate is favorable, with clear demand-side catalysts and manageable supply-side conditions, indicating significant investment opportunities [5][6] Additional Considerations - Recent contracts secured by China Merchants Energy Shipping and Hainan Shipping for routes from the Middle East to Europe are expected to guarantee revenue of at least $80,000, contributing positively to their 2026 earnings [8] - The current stock valuations of these companies remain attractive, suggesting potential for long-term investment gains [9]

（原标题：李百安被查！） 招商局集团有限公司原党委委员、副总经理李百安涉嫌严重违纪违法，目前正接受中央纪委国家监委纪 律审查和监察调查。 来源：中央纪委国家监委网站 ...

Group 1 - The article reports that Li Baian, former member of the Party Committee and Vice President of China Merchants Group, is under investigation for serious violations of discipline and law [1][2]