Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]

Group 1 - Shanghai's state-owned enterprises (SOEs) will deepen reforms, optimize layouts, and enhance functions to support the construction of the "Five Centers" [1][2] - The "14th Five-Year Plan" and the deepening of SOE reforms are critical for Shanghai's economic development [2] - SOEs will focus on national strategic support, optimizing the economic layout, and concentrating capital in key industries and emerging sectors [3] Group 2 - The "15th Five-Year Plan" will prioritize employment stability, market stability, and consumer demand [4] - Shanghai's SOEs are pivotal in enhancing industrial competitiveness through technological innovation [5][6] - The Shanghai Port Group aims to integrate technology into port operations, enhancing efficiency and sustainability [6] Group 3 - SOEs are fostering innovation ecosystems to support tech enterprises in Shanghai [7][8] - Shanghai Electric is focusing on key national projects and aims to enhance its market competitiveness through technological innovation [9] - The Shanghai International Group and other investment platforms are optimizing their fund structures to support strategic industries [10][11] Group 4 - Shanghai Mobile is integrating AI with next-generation communication technologies to enhance digital infrastructure [12] - Shanghai Petrochemical is advancing carbon fiber technology and applications to meet future demands [12][13] - The State Grid Shanghai Electric Power Company is enhancing its technological capabilities and promoting AI applications in power systems [13]

Core Viewpoint - The company, Shanghai International Port Group, has announced its participation in the 2024 annual performance briefing for state-owned listed companies, aiming to enhance communication with investors regarding its operational performance and future strategies [6][7]. Financial Data - The first quarter financial report for 2025 has been approved by the board of directors, and it is noted that the financial statements are unaudited [14][15]. - The report includes significant financial data and indicators, although specific figures are not detailed in the provided documents [2][3]. Shareholder Information - The company has confirmed the total number of ordinary shareholders and the status of major shareholders, although specific details are not disclosed [3]. Meeting Details - The performance briefing will be held on May 9, 2025, from 13:30 to 16:45, via video live streaming and online interaction [7][9]. - Key participants in the meeting will include the chairman and other senior executives, with the possibility of adjustments to the attendee list [7][8]. Investor Participation - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center online [8][10]. - Questions can be submitted via email before the meeting, and the company will address common concerns during the session [8][12].

上海国际港务（集团）股份有限公司 第三届董事会第五十五次会议决议公告 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。 证券代码：600018 证券简称：上港集团 公告编号：临 2025-018 上港集团 2025 年第一季度报告全文于 2025 年 4 月 30 日披露于《上海证券报》、 《中国证券报》、《证券时报》和上海证券交易所网站（www.sse.com.cn）。 公司召开了董事会审计委员会 2025 年第三次会议，发表意见如下：全体委员 同意上港集团 2025 年第一季度报告的财务信息，并同意提交董事会审议。 二、通报了《上港集团 2024 年度总法律顾问述职报告》。 特此公告。 上海国际港务（集团）股份有限公司董事会 2025 年 4 月 30 日 上海国际港务（集团）股份有限公司（以下简称："上港集团"或"公司"） 第三届董事会第五十五次会议于 2025 年 4 月 29 日以通讯方式召开。会议通知和 材料已于 2025 年 4 月 22 日以书面、电子邮件等方式发出，会议应参加表决董事 11 名，实际参加表决董事 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 9,518,353,410.15, representing a 6.34% increase compared to CNY 8,951,113,976.05 in the same period last year[4] - Net profit attributable to shareholders was CNY 3,907,450,687.02, up 5.71% from CNY 3,696,452,941.08 year-on-year[4] - The net profit for Q1 2025 reached CNY 4,230,258,460.07, an increase of 6.3% compared to CNY 3,979,295,050.40 in Q1 2024[16] - Operating revenue from sales of goods and services amounted to CNY 13,918,931,606.60, up from CNY 10,401,856,622.07 in the same period last year, representing a growth of 33.5%[19] - The total comprehensive income for Q1 2025 was CNY 4,403,451,021.51, compared to CNY 3,940,789,615.15 in Q1 2024, reflecting a growth of 11.7%[17] Cash Flow - The net cash flow from operating activities increased by 32.62% to CNY 2,887,380,790.96, compared to CNY 2,177,225,420.62 in the previous year[4] - In Q1 2025, the net cash flow from operating activities was CNY 3,192,318,060.93, an increase of 53.0% compared to CNY 2,088,279,646.72 in Q1 2024[27] - Total cash inflow from operating activities reached CNY 10,501,683,668.06, up 22.7% from CNY 8,565,263,314.96 in the same period last year[27] - The company's cash flow from operating activities reflects strong operational performance and effective cash management strategies[27] Assets and Liabilities - Total assets at the end of the reporting period were CNY 216,210,842,989.38, reflecting a 1.96% increase from CNY 212,055,541,073.03 at the end of the previous year[5] - Total liabilities decreased slightly to ¥64,387,819,162.58 from ¥64,646,735,983.43, a decline of 0.4%[13] - The company's total liabilities increased to CNY 47.62 billion in Q1 2025, compared to CNY 45.29 billion in Q1 2024, marking an increase of about 5.1%[23] - The company's current assets totaled ¥50,593,947,778.36 as of March 31, 2025, compared to ¥48,744,038,847.45 at the end of 2024, indicating a growth of 3.5%[12] Shareholders' Equity - Shareholders' equity attributable to shareholders increased by 3.15% to CNY 137,504,730,459.10 from CNY 133,306,892,061.01 at the end of the last year[5] - The total owner's equity rose to CNY 93.08 billion in Q1 2025, compared to CNY 91.34 billion in Q1 2024, reflecting an increase of about 1.9%[23] Earnings Per Share - The diluted earnings per share rose to CNY 0.1681, a 5.59% increase from CNY 0.1592 in the same quarter last year[4] - Basic earnings per share for Q1 2025 were CNY 0.1683, up from CNY 0.1595 in Q1 2024, marking an increase of 4.9%[18] Non-Recurring Gains and Losses - Non-recurring gains and losses totaled CNY 111,862,502.10, with significant contributions from government subsidies and other operating income[6] - The company reported a significant increase in the net profit from deducting non-recurring gains and losses, which rose by 15.32% to CNY 3,795,588,184.92 compared to CNY 3,291,420,578.91 last year[4] Investment Income - The company reported an investment income of CNY 2,254,188,989.87, which is an increase from CNY 1,656,691,307.48 in the previous year, representing a growth of 36.0%[16] - The company's investment income for Q1 2025 was CNY 838.25 million, compared to CNY 732.24 million in Q1 2024, showing an increase of about 14.5%[25] Financial Expenses - The financial expenses for Q1 2025 were CNY 219,668,206.67, compared to CNY 159,934,760.22 in Q1 2024, indicating an increase of 37.3%[16] - The company's financial expenses for Q1 2025 were CNY 170.39 million, up from CNY 139.73 million in Q1 2024, indicating an increase of approximately 22.0%[25] Research and Development - Research and development expenses for Q1 2025 were CNY 243,491.88, significantly lower than CNY 2.67 million in Q1 2024, indicating a decrease of approximately 90.9%[25] Other Information - The company has not disclosed any new product developments, market expansions, or mergers and acquisitions in this report[10] - The company did not execute new accounting standards or interpretations affecting the financial statements for the year[28]

重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 上海国际港务（集团）股份有限公司（以下简称："公司"）已于 2025 年 4 月 1 日披露公司 2024 年年度报告，为进一步加强公司与投资者的沟通交流，让广 大投资者能深入了解公司经营情况、未来发展战略等，公司将参加由上海市国资 委、上海证券交易所共同举办的上海国有控股上市公司 2024 年度集体业绩说明会， 就投资者关心的问题进行互动交流。 一、说明会类型 本次业绩说明会以"上证路演中心视频直播和网络互动"形式召开，公司将 针对 2024 年度经营情况及未来发展战略等情况与投资者进行互动交流和沟通，在 信息披露允许的范围内解答投资者普遍关注的问题。 二、说明会召开的时间、地点 证券代码：600018 证券简称：上港集团 公告编号：临 2025-019 上海国际港务（集团）股份有限公司 关于参加上海国有控股上市公司2024年度 集体业绩说明会的公告 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 ...

从沪深300交通设施指数持仓的市场板块来看，上海证券交易所占比70.62%、深圳证券交易所占比 29.38%。 从沪深300交通设施指数持仓样本的行业来看，机场占比44.74%、高速公路占比38.07%、港口占比 17.19%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对沪深300行业指数 样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的 处理，参照计算与维护细则处理。 金融界4月24日消息，A股三大指数收盘涨跌不一，沪深300交通设施指数 (300交通设施，L11620)报 1316.02点。 数据统计显示，沪深300交通设施指数近一个月下跌0.25%，近三个月下跌1.65%，年至今下跌6.81%。 据了解，为反映沪深300指数样本中不同行业公司证券的整体 ...

证券代码：600018 证券简称：上港集团 公告编号：临 2025-017 上海国际港务（集团）股份有限公司 关于中期票据发行的公告 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。 上海国际港务（集团）股份有限公司（以下简称："上港集团"或"公司"） 于 2023 年 5 月 25 日召开了第三届董事会第三十六次会议，审议通过了《上港集 团关于注册及发行相关债券的议案》，于 2023 年 6 月 20 日召开了 2022 年年度股 东大会，审议通过了《关于注册及发行相关债券的议案》，本次注册与发行相关 事宜的决议自股东大会审议通过之日起生效，有效期至中国银行间市场交易商协 会或上海证券交易所/证监会的注册批文有效期为止。根据公司收到的中国银行间 市场交易商协会（以下简称："交易商协会"）于 2023 年 8 月 10 日发出的《接 受注册通知书》（中市协注[2023]DFI41 号），交易商协会决定接受公司债务融资 工具注册，公司债务融资工具注册自《接受注册通知书》落款之日起 2 年内有效。 2025 年 1 月 16 日，公 ...

证券代码：600018 证券简称：上港集团 公告编号：临 2025-016 | 具体中期票据发行结果如下： | | --- | | 债券名称 | 上海国际港务（集 团）股份有限公司 债券简称 25 沪港务 | MTN001 | | | --- | --- | --- | --- | | | 2025 年度第一期 | | | | | 中期票据 | | | | 债券代码 | 102581619 期限 3 年 | | | | 起息日 | 2025 年 4 月 16 日 兑付日 2028 年 4 月 16 | | 日 | | 计划发行总额 | 20 亿元 实际发行总额 20 亿元 | | | | 发行利率 | 1.74% 发行价 100 元 | | | | 主承销商 | 上海银行股份有限公司 | | | | 联席主承销商 | 交通银行股份有限公司、中国民生银行股份有限公司、中国 | | | | | 光大银行股份有限公司、宁波银行股份有限公司 | | | | 募集资金用途 | 偿还 22 沪港务 MTN001 到期本金 | | | 2025 年 4 月 16 日，公司完成了"上海国际港务（集团）股份有限公司 2025 ...

证券代码：600018 证券简称：上港集团 编号：临 2025-015 上海国际港务（集团）股份有限公司 关于控股子公司对外出借资金的进展公告 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。 一、资金出借概述 上海国际港务（集团）股份有限公司（以下简称："上港集团"或"公司"） 于 2025 年 1 月 16 日召开了第三届董事会第五十三次会议，审议通过了《关于 2025 年对外出借资金的议案》，董事会同意上港集团及下属控股子公司在 2025 年向借款方民生轮船股份有限公司、马士基供应链管理有限公司、上海中远海运 港口投资有限公司、盐田国际集装箱码头有限公司、厦门远海集装箱码头有限公 司、浙江省海港投资运营集团有限公司出借资金合计金额不超过人民币 17.92 亿元（不含向关联方出借资金），资金出借期限最长自提款日后不超过 24 个月， 资金出借利率参考同期银行贷款利率，由借贷双方协商确定。资金出借额度自董 事会审议通过后生效，提款有效期为董事会审议通过后一年。其中，公司下属控 股子公司上海明东集装箱码头有限公司（以下简称："明 ...