公司报告 | 公司点评 秦港股份（601326） 证券研究报告 吞吐量超预期，盈利有望上行 Q2 吞吐量增速回升到 9% 2025Q1 秦港股份吞吐量同比下滑 3%，其中核心品类煤炭同比下滑 4%、金属矿石同比下滑 5%，市场担心煤炭和铁矿石需求见顶，秦港股 份吞吐量会持续下滑。2025Q2 秦港股份吞吐量同比增长 9%，其中煤炭 同比增长 12%、金属矿石同比增长 6%，扭转了下滑势头。2025Q2 秦 港股份的煤炭吞吐量回升，得益于大秦铁路煤炭运量增速从 Q1 的- 5.6%回升到 Q2 的 1.4%；秦港股份的金属矿石吞吐量回升，得益于全 国铁矿石进口量增速从 Q1 的-8%回升到 1.9%。2025H1 秦港股份吞吐 量同比增长 3%，其中煤炭同比增长 4%，金属矿石同比持平。 吞吐量有望继续小幅增长 秦港股份的煤炭吞吐量与大秦铁路煤炭运量相关，2014-24 年两者比值 维持 54%左右。秦港股份将抓好市场营销不松懈，优化货源结构，为优 质货源增量创造空间，煤炭吞吐量有望维持稳定。秦港股份的金属矿石吞 吐量与全国铁矿石进口量相关，2014-24 年两者比值在 11%左右， 2019-24 年有上升趋 ...

FF301 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 秦皇島港股份有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03369 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 829,853,000 | RMB | | 1 RMB | | 829,853,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 829,853,000 | RMB | | 1 RMB | | 829,853,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 秦皇島港股份有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03369 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 829,853,000 | RMB | | 1 RMB | | 829,853,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 829,853,000 | RMB | | 1 RMB | | 829,853,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...

Key Points - The top three companies with net inflows from southbound funds are Xiaomi Group-W (01810) with 1.665 billion, Tencent Holdings (00700) with 830 million, and Alibaba-W (09988) with 747 million [1] - The companies with the highest net outflows are Pop Mart (09992) with -354 million, China Life (02628) with -351 million, and Kingsoft Cloud (03896) with -300 million [1] - In terms of net inflow ratio, Qin Port Co. (03369) leads with 78.68%, followed by Reshaping Energy (02570) with 76.94%, and Cang Port Railway (02169) with 65.01% [1] - The companies with the highest net outflow ratios include Chongqing Rural Commercial Bank (03618) at -61.37%, Bank of China Aviation Leasing (02588) at -53.31%, and Swire Properties (01972) at -45.99% [1] Net Inflow Rankings - Xiaomi Group-W (01810) had a net inflow of 1.665 billion, representing a 12.37% increase [2] - Tencent Holdings (00700) saw a net inflow of 830 million, with an 8.94% increase [2] - Alibaba-W (09988) recorded a net inflow of 747 million, reflecting a 10.60% increase [2] - The highest net inflow was observed in CSPC Pharmaceutical Group (01093) with 654 million and a 21.81% increase [2] Net Outflow Rankings - Pop Mart (09992) experienced a net outflow of -354 million, with a -10.47% decrease [2] - China Life (02628) had a net outflow of -351 million, reflecting a -11.90% decrease [2] - Kingsoft Cloud (03896) recorded a net outflow of -300 million, with a -24.18% decrease [2] - Meituan-W (03690) also saw a significant outflow of -291 million, representing a -5.32% decrease [2] Net Inflow Ratio Rankings - Qin Port Co. (03369) leads with a net inflow ratio of 78.68% and a net inflow of 340,000 [3] - Reshaping Energy (02570) follows with a net inflow ratio of 76.94% and a net inflow of 10.53 million [3] - Cang Port Railway (02169) has a net inflow ratio of 65.01% with a net inflow of 4.3967 million [3] - Other notable companies include Meizhong Jiahe (02453) with a 61.71% net inflow ratio [3] Net Outflow Ratio Rankings - Chongqing Rural Commercial Bank (03618) has the highest net outflow ratio at -61.37% with a net outflow of -1.04 billion [3] - Bank of China Aviation Leasing (02588) follows with a net outflow ratio of -53.31% and a net outflow of -15.3728 million [3] - Swire Properties (01972) has a net outflow ratio of -45.99% with a net outflow of -29.4662 million [3]

Core Viewpoint - The company has announced a cash dividend of RMB 0.085 per share for its A shares, approved during the 2024 annual shareholders' meeting held on June 27, 2025 [2][3]. Dividend Distribution Details - The cash dividend distribution is based on a total share capital of 5,587,412,000 shares [2]. - Key dates for the dividend distribution include: - Record date: July 17, 2025 - Last trading date: July 18, 2025 - Ex-dividend date: July 18, 2025 [2]. Taxation Policies - For individual shareholders holding A shares: - If the holding period exceeds 1 year, the cash dividend is RMB 0.085 per share, exempt from personal income tax [3]. - For holdings of 1 year or less, tax will be calculated upon the transfer of shares, with specific rates based on the holding period [3]. - For Qualified Foreign Institutional Investors (QFII): - A withholding tax of 10% applies, resulting in a net cash dividend of RMB 0.0765 per share [4]. - For Hong Kong investors through the Shanghai-Hong Kong Stock Connect: - A similar 10% withholding tax applies, also resulting in a net cash dividend of RMB 0.0765 per share [4]. Additional Information - Other institutional investors and corporate shareholders will receive the full cash dividend of RMB 0.085 per share without withholding tax [5]. - For inquiries regarding the dividend distribution, shareholders can contact the company's board office [5].

证券代码：601326 证券简称：秦港股份 公告编号：2025-021 秦皇岛港股份有限公司2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.085元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/17 | － | 2025/7/18 | 2025/7/18 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 6 月 27 日的2024年度股东周年大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本5,587,412,000股为基数，每股派发现金红利 0.085元（含税），共计派发 ...

Core Viewpoint - Qinhuangdao Port Co., Ltd. (Qin Port) is experiencing a slight increase in stock price, with a current market capitalization of 18.55 billion RMB, while a major shareholder plans to reduce their stake through a block trade [1][2]. Company Announcements - The State-owned Assets Supervision and Administration Commission of Qinhuangdao plans to reduce its holdings in Qin Port by up to 2.00%, equating to a maximum of 111,740,000 shares [1]. - The State-owned Assets Supervision and Administration Commission currently holds 397,975,485 shares, representing 7.12% of the total share capital [1]. - The reduction period is set for three months starting 15 trading days after the announcement, with the reason cited as the need for self-development [1]. Share Capital Structure - As of June 30, 2025, Qin Port's total registered capital amounts to 5,587,412,000 RMB, with A-shares and H-shares issued at a par value of 1 RMB each [2]. - The total number of issued A-shares is 4,757,559,000, while H-shares total 829,853,000, with no treasury shares reported [2].

证券代码：601326 证券简称：秦港股份 公告编号：2025-020 敬请广大投资者理性投资，注意投资风险。 特此公告。 秦皇岛港股份有限公司董事会 2025 年 7 月 5 日 秦皇岛港股份有限公司 关于 2025 年半年度吞吐量的公告 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。 本公司经营的货种吞吐量如下： | 截至 | 年 | 月 | 日 | 截至 | 年 | 月 | 日 | 2025 | 6 | 30 | 2024 | 6 | 30 | 增加/（减少） | 止半年度吞吐量 | 止半年度吞吐量 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 百分比（%） | （百万吨） | （百万吨） | | | | | | | | | | | | | | | | 煤炭 | 106.46 | 102.44 | 3.92 | 金属矿石 | 76.43 | 76.05 ...

Group 1 - Insurance capital has been actively increasing stakes in companies, with 15 companies being targeted and 19 instances of stake increases in 2023, nearly matching the total of 20 from the previous year [1] - On July 3, Xintai Life Insurance acquired 3.45 million shares of Hualing Steel, representing 5% of the company's total equity, with a trading average price of 4.84 yuan per share [1] - Xintai Life expressed confidence in Hualing Steel's future and aims to enhance its influence and share in the company's long-term growth [1] Group 2 - Lianan Life Insurance increased its stake in Jiangnan Water by acquiring 1.1 million shares, raising its total holdings to 46.9954 million shares, or 5.03% of the total equity [2] - The stake increase by Lianan Life is based on its own asset allocation needs and the perceived value of Jiangnan Water, with funding sourced from its own capital [2] - Jiangnan Water's control remains unchanged, with the actual controlling shareholders being Jiangyin Public Asset Management Co. and Jiangyin Public Utilities Group Co. [2] Group 3 - Changcheng Life Insurance previously acquired a stake in Jiangnan Water, reaching 5.0001% in May of the previous year, indicating a trend of insurance companies increasing their stakes based on long-term investment strategies [3] - In June, Changcheng Life also announced the acquisition of 4.4 million shares of Qindao Port, increasing its total holdings to 279.4 million shares, or 5.0005% of the total equity [4] - Ping An Life has also been active, increasing its stake in China Merchants Bank to 15% through multiple transactions, reflecting a sustained interest in the bank's long-term investment value [4]

Core Viewpoint - Insurance capital is increasingly active in the capital market, with a significant acceleration in shareholding actions, indicating a strong interest in dividend stocks, particularly in the banking sector and public utilities [1][4]. Group 1: Shareholding Actions - As of July 2, 2025, insurance companies have made 18 shareholding actions, surpassing the total of 20 for the entire year of 2024 and significantly exceeding the 2023 total [1][4]. - Li'an Life announced a shareholding action in Jiangnan Water, increasing its stake from 4.91% to 5.03% after purchasing 1.1 million shares [3]. - Major shareholders like Great Wall Life are also actively buying shares, indicating a trend of increased participation in the market [4]. Group 2: Investment Focus - The focus of insurance capital has shifted towards H-shares and banking stocks, which are favored due to their significant discounts compared to A-shares and high dividend yields above 5% [4][8]. - The stable profitability and low volatility of banking stocks, especially state-owned banks, align with the risk preferences of insurance capital [4][9]. - The regulatory environment has become more favorable, encouraging insurance funds to increase their equity investments, with a reported 34.9 trillion yuan in investment balance as of Q1 2025, a 16.7% year-on-year increase [8]. Group 3: Strategic Implications - Insurance companies are not only focusing on financial returns but also on industrial synergy, as seen in the case of Huaxia Life's investment in Hangzhou Bank to enhance insurance and banking collaboration [5]. - The trend of shareholding actions is expected to continue, with a potential diversification into sectors like public utilities, environmental protection, and transportation, which offer stable cash flows and are less affected by economic cycles [9][10]. - Future investments are likely to prioritize high-dividend, high-capital appreciation potential companies, aligning with the long-term, stable needs of the insurance industry [10].