Core Viewpoint - The announcement details a change in shareholding for Tangshan Port Group, with a significant increase in the stake held by Hebei Jiantou Transportation Investment Co., Ltd. from 8.11% to 9.00% [1][2] Group 1: Shareholding Changes - The shareholding change indicates an increase in the proportion of shares held by Hebei Jiantou Transportation Investment Co., Ltd. from 8.11% to 9.00% [1][2] - The change does not violate any existing commitments, intentions, or plans [1] - The increase in shareholding does not trigger mandatory tender offer obligations [2] Group 2: Future Plans - Hebei Jiantou Transportation Investment Co., Ltd. plans to continue increasing its shareholding in Tangshan Port Group as per its share acquisition plan [2] - The company will monitor the implementation of this share acquisition plan and fulfill its information disclosure obligations in a timely manner [2]

证券代码：601000 证券简称：唐山港 公告编号：2025-025 唐山港集团股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 股东河北建投交通投资有限责任公司保证向本公司提供的信息真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 一、 信息披露义务人及其一致行动人的基本信息 重要内容提示： 权益变动方向 比例增加☑ 比例减少□ 权益变动前合计比例 8.11% 权益变动后合计比例 9.00% 本次变动是否违反已作出的承 诺、意向、计划 是□ 否☑ 是否触发强制要约收购义务 是□ 否☑ 3.一致行动人信息 上述信息披露义务人无一致行动人。 二、 权益变动触及 1%刻度的基本情况 | 投资者名 | | | 变动前股数 | 变动前 | 变动后股数 | 变动后 | | 权益变动 | | 权益变动 | | 资金来源 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 称 | | （万股） | 比例（ ...

Group 1 - The core index, the CSI Oriental Red Dividend Low Volatility Index, experienced a decline of 1.56%, closing at 3509.21 points with a trading volume of 74.816 billion [1] - Over the past month, the index has increased by 3.18%, 5.96% over the last three months, and 2.62% year-to-date [1] - The index comprises 100 listed companies selected for stable earnings, high expected dividend yields, and low volatility characteristics [1] Group 2 - The top ten holdings of the index include Gree Electric Appliances (1.83%), China Ping An (1.66%), and others, with the total weight of these holdings reflecting the index's focus on stable companies [1] - The index's holdings are primarily from the Shanghai Stock Exchange (81.07%) and the Shenzhen Stock Exchange (18.93%) [1] - The industry distribution of the index shows that finance accounts for 44.50%, followed by industrials (21.87%) and utilities (13.15%) [2] Group 3 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers and acquisitions [2] - Public funds tracking the index include the Oriental Red CSI Oriental Red Dividend Low Volatility A and C funds [2]

Core Viewpoint - The successful installation of a new unloading machine at Tangshan Port represents a significant advancement in the company's capabilities, enhancing operational efficiency and positioning the company favorably in the competitive market of metal ore handling [1] Company Developments - The new unloading machine, custom-made by Shanghai Zhenhua Heavy Industries for Tangshan Port Co., has a height of 66.8 meters, a forward reach of 49 meters, and weighs 2,270 tons, with a lifting capacity of 70 tons per bucket, capable of easily grabbing 48 tons of cargo [1] - The installation utilized a floating crane transport method, minimizing production disruption, and the unloading machine has already completed empty load testing, requiring only heavy load testing before it can be put into operation [1] Industry Context - Tangshan Port Co. is actively advancing the construction of a "green, smart, efficient, and safe" port, and the acquisition of this new unloading machine is a strategic move to seize development opportunities and enhance the metal ore handling capacity at the Jing-Tang Port area [1]

Investment Rating - The report assigns a "Buy" rating for Tangshan Port, indicating a stable and high dividend yield from its bulk cargo port services [5][7]. Core Views - Tangshan Port focuses on bulk cargo handling, primarily iron ore, coal, and steel, serving the industrial hinterland of Tangshan. The company has strategically divested from secondary businesses to enhance profitability and maintain a high dividend payout [6][9]. - The port benefits from a strong industrial base in Tangshan, particularly in the steel sector, which supports cargo throughput. The integration of Hebei's ports has improved operational efficiency and reduced competition, allowing Tangshan Port to capture additional coal volumes from the transitioning Qinhuangdao Port [6][82]. Summary by Sections 1. Overview of Tangshan Port - Tangshan Port, established in 1989, has become the second-largest port in terms of cargo throughput globally, focusing on bulk cargo services [14][15]. - The port's geographical advantages and proximity to major industrial areas enhance its operational capabilities [19][20]. 2. Industrial Support for Cargo Growth - The economic growth in Tangshan, with a GDP of 1,000.39 billion yuan in 2024, supports stable demand for steel and coal, which are critical for the port's operations [52][55]. - The steel industry in Tangshan is robust, with significant production capacity, directly benefiting the port's throughput [60][67]. 3. Benefits from Port Integration - The integration of Hebei's ports has led to improved operational efficiency and a more favorable competitive environment for Tangshan Port [82][85]. - The restructuring allows Tangshan Port to take advantage of the shifting cargo volumes from Qinhuangdao Port, which is transitioning to a tourism-focused operation [91]. 4. Profit Forecast and Valuation - The report forecasts Tangshan Port's net profit for 2025-2027 to be 20.15 billion, 20.74 billion, and 21.13 billion yuan, with corresponding growth rates of 1.84%, 2.92%, and 1.89% [5][7]. - The current price-to-earnings ratios are projected to be 11.97, 11.63, and 11.41 for the same period, reflecting a stable valuation [6][7].

Group 1 - The core viewpoint of the news is that the China Securities State-Owned Enterprises Dividend Index (000824) has shown a slight increase, indicating a positive trend in state-owned enterprises' stock performance, particularly in dividend-paying stocks [1][2] - The top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index account for 15.83% of the index, highlighting the concentration of investment in a few key companies [2] - The report from Xinda Securities suggests that if significant monetary and fiscal policies are implemented, there could be improvements in M2 and M1-M2 differential, which may positively impact market conditions [1] Group 2 - The China Securities State-Owned Enterprises Dividend ETF (159515) closely tracks the performance of the China Securities State-Owned Enterprises Dividend Index, which includes 100 listed companies with high and stable cash dividend yields [2] - As of May 30, 2025, the top weighted stocks include COSCO Shipping Holdings (601919), Jizhong Energy (000937), and Chengdu Bank (601838), among others, indicating a diverse portfolio within the index [2][4] - The report indicates that the absolute and relative price-to-earnings (PE) ratios are high, but the trading volume has decreased since early April, suggesting a potential for future market adjustments [1]

Core Viewpoint - Tangshan Port's stock price has experienced a slight decline, and the company has announced a cash dividend distribution for its shareholders [1] Group 1: Stock Performance - As of May 23, 2025, Tangshan Port (601000) closed at 4.12 yuan, down 0.48% from the previous week [1] - The stock reached a weekly high of 4.28 yuan on May 20 and a low of 4.12 yuan on May 22 [1] - The current total market capitalization of Tangshan Port is 24.415 billion yuan, ranking 11th out of 35 in the shipping and port sector and 603rd out of 5148 in the A-share market [1] Group 2: Dividend Announcement - Tangshan Port Group Co., Ltd. announced a cash dividend of 0.20 yuan per share, totaling 1,185,185,722.80 yuan [1] - The record date for the dividend is May 29, 2025, with the ex-dividend date and payment date set for May 30, 2025 [1] - The dividend distribution plan was approved at the annual general meeting held on April 23, 2025 [1] Group 3: Tax Implications - For individual shareholders and securities investment funds holding shares for over one year, the dividend income is exempt from personal income tax, resulting in an actual cash dividend of 0.20 yuan per share [1] - Qualified Foreign Institutional Investors (QFII) and Hong Kong market investors holding unrestricted circulating shares will have a 10% corporate income tax withheld, leading to a net dividend of 0.18 yuan per share [1] - Other institutional investors and corporate shareholders will receive the pre-tax dividend of 0.20 yuan per share [1]

Core Points - The company announced a cash dividend distribution of CNY 0.20 per share for the fiscal year 2024, approved at the annual shareholders' meeting on April 23, 2025 [2][4] - The total cash dividend to be distributed amounts to CNY 1,185,185,722.80, based on a total share capital of 5,925,928,614 shares [4] - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the record date [3] Distribution Details - The cash dividend will be distributed through the China Securities Depository and Clearing Corporation's clearing system to shareholders who have completed designated transactions [5] - Shareholders who have not completed designated transactions will have their dividends held by the China Securities Depository and Clearing Corporation until such transactions are completed [5] - Specific arrangements are in place for direct distribution of cash dividends to major shareholders, including Tangshan Port Industry Group Co., Ltd. and Beijing Beikong Jingtai Investment Management Co., Ltd. [8] Taxation Information - For individual shareholders holding shares for over one year, the cash dividend is exempt from personal income tax, resulting in an actual distribution of CNY 0.20 per share [9] - For individual shareholders holding shares for one year or less, the tax will be calculated upon the transfer of shares, with a potential tax burden of 20% for those holding shares for one month or less [9] - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in a net cash dividend of CNY 0.18 per share after tax [10][11]

证券代码：601000 证券简称：唐山港 公告编号：2025-024 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 唐山港集团股份有限公司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0.20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 | 2025/5/29 | － | 2025/5/30 | 2025/5/30 | 本次利润分配方案经公司2025 年 4 月 23 日的2024年年度股东大会审议通过。 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5,925,928,614股为基数，每股派发现金红利 0.20元（含税），共计派发现金红 ...

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [2]. Core Insights - The aviation sector is expected to see improvements in both volume and pricing, with optimistic expectations continuing to develop. High passenger load factors are anticipated to drive ticket prices upward, supported by regulatory measures from the Civil Aviation Administration [4][5]. - The shipping industry is poised for a dual increase in volume and pricing due to multiple catalysts, including replenishment demand and seasonal peaks. The report highlights the potential for significant price increases in the shipping sector [5][6]. Summary by Sections Investment Highlights - Key companies recommended for investment include Spring Airlines, China Eastern Airlines, and China Southern Airlines, which are expected to show strong performance due to their operational resilience and market positioning [11]. - The report emphasizes the importance of infrastructure improvements and policy changes that could benefit the transportation sector, particularly in aviation and shipping [4][5]. Operational Tracking - Data from major airlines shows a positive trend in passenger traffic and load factors, with Southern Airlines reporting a 4.91% increase in available seat kilometers (ASK) in Q1 2025 compared to the previous year [14]. - The report tracks significant increases in cargo volumes across various transportation modes, indicating a robust recovery in logistics and freight services [5][6]. Aviation Data Tracking - The report provides detailed metrics on airline performance, including ASK and revenue passenger kilometers (RPK), showing growth across major carriers. For instance, China Eastern Airlines reported a 10.89% increase in RPK in Q1 2025 [14]. - The average ticket price for economy class during the Dragon Boat Festival is projected to rise, reflecting a strong demand environment [4]. Shipping Data Tracking - The report notes a 9.98% week-on-week increase in the SCFI index, indicating a positive trend in shipping rates, despite a year-on-year decline of 41.31% [5]. - The report highlights the impact of tariff changes on shipping demand, particularly in the US-China trade context, which is expected to stimulate replenishment and seasonal demand [5]. Logistics Data Tracking - The report tracks significant growth in express delivery volumes, with a 15.83% year-on-year increase in the number of packages collected during early May 2025 [5]. - The logistics sector is benefiting from improved cross-border trade conditions, which are expected to enhance the performance of logistics companies [5].