（来源：唐山劳动日报） 本报讯 （记者单宇 通讯员任晓霞）满弓劲发拼开局，实干奋进展作为。1月份，唐山港京唐港区锚定目 标、精准发力，交出开局精彩答卷。截至1月31日18时，河北港口集团唐山港京唐港区完成吞吐量 2759.7万吨，同比增长5.9%，实现首月"开门红"。其中煤炭运量增势强劲，完成743万吨，同比增长 8.6%。钢材运量完成132.9万吨，形成成倍增长态势。水渣、白云石等小货种异军突起，成为主力货种 之外的有力补充。 开年以来，唐山港集团股份有限公司（以下简称唐港股份）着眼市场开发、提质增效、安全管控等方 面，在持续增强发展动力活力上下功夫，千方百计跑订单、拓增量、破瓶颈、解难题。 科学生产组织，精细化的管理模式成为生产运营高歌猛进的有力推手。从紧密关注航道动态，到锚定船 舶预到时间，再到持续优化靠离泊组织方案，生产作业领域不断推进精细化管理，科学匹配泊位、岸 机、设备、人力资源，保障船、场、车、货无缝衔接。同时以智慧赋能生产，加固安全生产防线，推动 智能理货、智慧配载、舱口监控等创新项目投入使用，提高本质化安全管理水平，加速货物周转，确保 作业高效顺畅。1月份，唐港股份专业化泊位作业效率同比提升 ...

Core Viewpoint - Hebei Jiantou Transportation Investment Co., Ltd., a major shareholder of Tangshan Port, has completed its shareholding increase plan, acquiring 124 million shares, which represents 2.08% of the total share capital, for approximately 499 million yuan, raising its stake from 8.11% to 10.20% to boost market confidence based on the recognition of the company's long-term value [1] Company Summary - Tangshan Port's stock price has shown volatility, closing at 4.23 yuan on February 11, 2026, with a cumulative decline of 3.42% over the past week and a price fluctuation of 4.11% [2] - Recent capital flow indicates pressure on short-term liquidity, with net outflows of 126.02 thousand yuan on February 10 and 686.47 thousand yuan on February 11, while the margin trading balance decreased by 3.05% to 97.73 million yuan [2] Industry Summary - Huachuang Securities' report on February 8 highlights that the port sector has potential for increased dividends, suggesting that companies like Tangshan Port may enter a strategic value era, warranting attention to their dividend attributes [3] - Citic Securities' analysis indicates that the shipping and port industry is facing structural capacity reductions due to intensified sanctions on Iran, although this impact is more relevant to the oil shipping segment and has indirect implications for Tangshan Port [3]

Core Viewpoint - The article highlights the bustling operations at the Tangshan Port, particularly in the Jing-Tang Port area, as it prepares for the upcoming Spring Festival, emphasizing the commitment to safety and efficiency in cargo handling [1][6]. Group 1: Operational Highlights - The port is experiencing high cargo volumes as the Spring Festival approaches, leading to intensified operations [2]. - The "Xinglong" vessel, carrying 225,000 tons of iron ore, is scheduled to dock at the Jing-Tang Port, showcasing the port's readiness and operational efficiency [3]. - The port's dispatch center is described as the "command hub" for production operations, ensuring smooth coordination among various tasks and personnel [3]. Group 2: Efficiency and Safety Measures - The unloading process utilizes a high-efficiency method that increases average unloading speed by over 5% and reduces cleaning time by more than 20% [4]. - The unloading efficiency for the "Xinglong" vessel is projected to reach 5,818 tons per hour, a 39% improvement compared to similar vessels [5]. - Safety protocols are emphasized, with reminders for workers to secure safety gear and conduct thorough checks to prevent hazards [5].

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, highlighting potential opportunities in the industry [2][3]. Core Insights - The Spring Festival travel rush has begun, with air passenger volume averaging 2.313 million per day, up 5.5% year-on-year, while railway passenger volume averaged 11.792 million, down 0.7% year-on-year [1][10]. - The report emphasizes the competitive landscape in instant retail, particularly with the launch of the "30 Billion Free Order" campaign by Qianwen, which saw over 10 million orders in just 9 hours [2][35]. - The report identifies key players in the aviation sector, including China National Airlines, Southern Airlines, and Eastern Airlines, as well as low-cost carriers like Spring Airlines, which are expected to benefit from high price elasticity and operational efficiency [2][34]. Industry Data Tracking - Air freight rates at Pudong Airport increased by 5.3% week-on-week and 8.9% year-on-year as of February 2 [7][44]. - The VLCC freight rate rose by 2% week-on-week, while the BDI decreased by 10% [7][48]. - The report highlights the growth potential in the express logistics sector, particularly for leading companies like Zhongtong and Yuantong, as well as the promising outlook for instant retail leader SF Express [7][31]. Investment Recommendations - The report suggests focusing on "performance elasticity" and "dividend value" as key investment themes for the transportation sector in 2026 [7][31]. - It recommends continued investment in the aviation sector due to expected low growth in aircraft supply and a projected 5% increase in passenger numbers [2][31]. - The report also emphasizes the importance of dividend assets, recommending companies like Sichuan Chengyu and China Merchants Port for their stable performance and potential for increased dividends [7][31].

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Insights - The aviation sector is expected to benefit from the Spring Festival travel peak, leading to a positive outlook for airline stocks. The report highlights a significant increase in flight operations and passenger volumes during this period, indicating a recovery in demand [4][6] - The report emphasizes the potential for oil transportation to rise, driven by geopolitical factors and structural demand growth, suggesting a favorable investment environment in the shipping sector [6][7] Summary by Sections Investment Highlights - The report identifies key investment opportunities in the aviation sector, particularly focusing on major airlines and low-cost carriers that are expected to benefit from rising ticket prices and improved operational performance [4][6] - It also highlights the logistics and express delivery sectors, noting the positive earnings forecast for companies like SF Express, which is capitalizing on the growth of instant delivery services [6] Aviation Data Tracking - Daily flight operations from February 2 to February 6 showed significant increases for major airlines, with Eastern Airlines and Southern Airlines leading the growth [4] - The average aircraft utilization rates also improved, indicating a recovery in operational efficiency across the sector [4] Shipping Data Tracking - The report tracks various shipping indices, noting a mixed performance in container shipping but a positive trend in oil transportation indices, suggesting a potential upturn in the oil shipping market [6][7] - The report recommends focusing on companies in the oil shipping sector due to limited supply and structural demand growth [6][7] Logistics Data Tracking - The report provides data on logistics performance, indicating a substantial increase in express delivery volumes, which is expected to continue benefiting from the growth in e-commerce and instant delivery services [6] - It highlights the importance of addressing industry challenges such as competition and regulatory changes to maintain profitability [6] Company Performance Tracking - The report includes performance metrics for key companies in the aviation and logistics sectors, showcasing their earnings forecasts and operational improvements [4][6] - It emphasizes the strategic positioning of companies like Spring Airlines and China Eastern Airlines, which are expected to leverage their market positions for growth [4][6]

Core Insights - In 2025, Tangshan Port is projected to achieve a foreign trade cargo throughput of 38.156 million tons, representing a year-on-year growth of 2.59% [1] Group 1 - Tangshan Port is located in the Jing-Tang Port area and is actively engaged in loading cargo at its container terminal [1] - The growth forecast for Tangshan Port's foreign trade cargo throughput indicates a positive trend in the port's operational capacity and trade activities [1]

Investment Rating - The report indicates a stable outlook for the port industry, with a focus on infrastructure and domestic demand supporting the industry fundamentals [7][8]. Core Insights - The growth rate of cargo and container throughput in Chinese ports is slowing down, influenced by GDP and import-export growth deceleration. Coastal ports dominate in terms of throughput, with significant differentiation in growth rates among major ports [8][9]. - Since 2018, investment in inland waterway transportation has consistently exceeded that of coastal ports, leading to structural overcapacity in coastal ports. However, there remains a demand for terminal upgrades, optimization of port layouts, and channel construction, with a clear trend towards larger and more specialized port berths [8][9]. - The overall revenue of sampled port enterprises is steadily increasing, with strong operational cash flow capabilities. Future capital expenditures are expected to remain substantial due to increased financing driven by port-related project investments [8][9]. - The report anticipates that global economic growth will remain low, with uncertainties surrounding trade policies potentially impacting China's foreign trade. However, domestic demand is expected to expand, providing some support for port throughput [8][9]. Industry Overview Macroeconomic Environment - In 2025, China's economy is projected to stabilize, with domestic demand expected to support cargo throughput at ports. The economic policies are characterized by a multi-dimensional collaborative approach, focusing on stabilizing growth and enhancing domestic consumption [9][10]. - The port industry is highly sensitive to macroeconomic cycles, with the performance of cargo and container throughput closely linked to economic conditions and foreign trade developments [10][11]. Industry Policies and Regulatory Environment - The government has introduced various policies to guide the development of smart, green, safe, and efficient ports, aiming to enhance the competitive capabilities of ports through a market-oriented pricing system [11][12]. - Recent policies emphasize the integration of rail-water transport and the construction of a modern comprehensive transportation system, with significant investments expected in port infrastructure [11][12]. Industry Operating Conditions - The throughput growth of Chinese ports has shown signs of slowing down, with a notable differentiation in growth rates among major coastal ports. In 2024, the total cargo throughput reached 1,759.5 million tons, growing by 3.7% [16][20]. - Container throughput growth has also slowed, with a total of 33.2 million TEUs in 2024, reflecting a 7.0% increase [17][20]. Financial Performance - Sampled port enterprises have shown steady revenue growth, with total revenue reaching 643.36 billion yuan in the first nine months of 2025, maintaining a stable operational performance [34][36]. - The cash flow from operating activities has been strong, with a cash income ratio exceeding 100%, indicating that cash flow can meet capital expenditure needs [36][39]. Debt Levels - The total debt of sampled port enterprises has increased, with a total debt of 1,162.86 billion yuan by September 2025, primarily for new terminal construction and upgrades [41][43]. - The short-term debt ratio is moderate, with a significant portion of financing coming from bank loans and bond issuances [41][43]. Debt Repayment Capacity - Most sampled port enterprises face manageable short-term repayment pressures, with strong long-term repayment capabilities. However, some enterprises have heavier debt burdens and historical personnel liabilities that require attention [44][45]. Bond Market Performance - The report notes a decrease in bond issuance rates for port enterprises, with a total of 180 bonds issued in 2025, reflecting a 7.57% increase in issuance scale [48][49].

Core Insights - The article reports that by 2025, Tangshan Port is expected to achieve a foreign trade cargo throughput of 38.156 million tons, representing a year-on-year growth of 2.59% [1] Group 1 - Tangshan Port's foreign trade cargo throughput target for 2025 is set at 38.156 million tons [1] - The projected growth rate for the foreign trade cargo throughput is 2.59% compared to the previous year [1]

Core Viewpoint - Tangshan Port announced the completion of a shareholding increase plan by Jintou Transportation, which acquired approximately 124 million shares, representing 2.08% of the total share capital, for a total investment of about 499 million yuan [1] Group 1 - Jintou Transportation completed its shareholding increase plan from March 11, 2025, to February 3, 2026 [1] - The share acquisition was conducted through centralized bidding transactions [1] - The increase in shareholding does not trigger a mandatory tender offer and will not change the controlling shareholder or actual controller of the company [1]

Core Viewpoint - Tangshan Port (601000.SH) has completed a share buyback plan initiated by Jintou Transportation, which involved the acquisition of 124 million shares, representing 2.08% of the company's total share capital, with a total investment of 499 million yuan excluding transaction fees [1] Group 1 - Jintou Transportation executed the share buyback plan from March 11, 2025, to February 3, 2026 [1] - The share buyback does not trigger a mandatory tender offer and will not change the company's controlling shareholder or actual controller [1] - The buyback plan was completed within the designated timeframe and met the minimum acquisition requirement [1]