Group 1 - The core transformation at Meishan Port area in Ningbo Zhoushan Port involves remote control automation, allowing crane operators to control cranes from kilometers away using high-definition displays and joysticks [1] - The port area has established the first low-carbon terminal demonstration project in the province, focusing on clean energy at the source, electrification at the terminal, and intelligent regulation [4] - Ningbo Zhoushan Port is advancing towards a future characterized by intelligence and zero carbon emissions [7]

在江苏省连云港港东方港务分公司码头，滚装轮停在泊位上装载出口轿车。 王春 摄（人民视觉） 在山东港口青岛港前湾集装箱码头，桥吊林立，集装箱装卸作业繁忙。 韩加君 摄（人民视觉） 在上海港洋山深水港区自动化码头，多艘大型集装箱货轮正在进行装卸作业。 浙江省宁波舟山港金塘港区。 胡学军 摄（人民视觉） 郝群英 摄（人民视觉） 数据来源：交通运输部等 在全球货物吞吐量排名前十的港口中，人们总能频繁看到中国港口的身影。一座座大型港口昼夜不 息，保障着货物畅通、海运安全。 "大港"更有大智慧。"十四五"以来，中国加快港口智能化建设。目前，中国自动化码头规模世界第 一、港口作业时效领跑全球，为外贸"大动脉"畅通、国民经济平稳运行保驾护航。 大港，"大块头"也有"高效能" 全球最大的2.4万箱级集装箱船和40万吨矿船可常态化靠泊，全球在航的68艘40万吨矿船均曾在此 停靠……在世界货物吞吐量第一大港宁波舟山港，记者走访穿山港区、梅山港区、镇海港区等地，目睹 岸线上一字排开的万吨巨轮、泊位上如林的吊车、堆放如山的各色集装箱，感受到世界级大港的规模之 大、效能之高。 作为天然深水良港，宁波舟山港在数字化浪潮下焕发新的生机。20 ...

Core Insights - As of August 4, a total of 130 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stock with the longest streak of net buying is Everbright Bank, which has seen net purchases for 11 consecutive trading days [1] - Other notable stocks with significant net buying days include Red Dragonfly, Huitong Group, Hongsheng Huayuan, Haikong Air Conditioning, Zhengtai Electric, Ningbo Port, Qingsong Jianhua, and Daimai Co., each with 9 to 10 days of net buying [1]

Core Viewpoint - The article highlights the achievements of Ningbo-Zhoushan Port Meishan Port Area in green transformation and smart upgrades, showcasing the high-quality development of Chinese ports [3]. Group 1: Green Transformation - Meishan Port Area is recognized as Zhejiang's first green electric terminal, with a low-carbon terminal demonstration project that can reduce carbon emissions by over 30,000 tons annually [3]. - The Meidong Container Terminal has the highest number of clean energy-powered machinery among similar-sized terminals in China, with 641 out of 749 port machinery units using electric or liquefied natural gas energy, aiming for complete clean energy replacement by the end of 2025 [6]. Group 2: Smart Upgrades - The port area boasts the world's largest cluster of remote-controlled automation equipment, including 36 remote-controlled bridge cranes and 116 remote-controlled gantry cranes, supporting a "ten million box" operational capacity [9].

Group 1 - The core viewpoint of the article highlights the ongoing restructuring of brokerage branch layouts as firms aim to reduce costs and enhance efficiency, with over 20 brokerages having announced the closure of more than 60 branches by July 30 this year [2][3] - In July alone, three brokerages, including Founder Securities, announced the closure of their branches, with Founder Securities closing four branches, including its Henan branch [2][3] - The closures are primarily driven by high operational costs associated with physical branches, as well as a significant shift towards online trading platforms, which have become the mainstream mode of operation [3][5] Group 2 - Some brokerages are also actively expanding by opening new branches in regions with high business potential, such as the recent openings by Cheng Tong Securities and Wanlian Securities [5] - The restructuring of branch layouts is closely linked to the transformation towards wealth management, which is becoming increasingly important in the brokerage business model, contributing over 30% to brokerage income by 2024 [5][6] - Future adjustments in branch layouts are expected to focus on efficiency rather than scale, with a shift towards high-value, integrated service models, leveraging financial technology to enhance operations [6]

Core Viewpoint - Ningbo Port's stock price has experienced a decline, while the company continues to maintain its position as a leading global port in terms of cargo throughput and container volume [1][2]. Group 1: Company Performance - As of July 31, 2025, Ningbo Port's stock price was reported at 3.63 yuan, down 0.08 yuan or 2.16% from the previous trading day [1]. - The trading volume for the day was 758,005 lots, with a total transaction value of 277 million yuan [1]. - In 2024, Ningbo Zhoushan Port achieved a cargo throughput of 1.377 billion tons, marking a year-on-year increase of 4%, maintaining its status as the world's largest port for 16 consecutive years [1]. - The container throughput reached 39.3 million TEUs, reflecting an 11% year-on-year growth [1]. Group 2: Industry Developments - Zhejiang Province is leveraging Ningbo Zhoushan Port to develop a "one body, two wings, multiple connections" port layout, aiming to upgrade the port from a large port to a strong port [1]. - In 2025, Zhejiang plans to advance 120 strong port projects, with an expected total investment exceeding 60 billion yuan [1]. Group 3: Financial Aspects - On July 31, 2025, Ningbo Port experienced a net outflow of main funds amounting to 16.18 million yuan, which represents 0.03% of its circulating market value [2].

金融界消息 截至2025年7月31日收盘，宁波港（601018）报收于3.63元，下跌2.16%，换手率0.48%，成 交量75.80万手，成交金额2.77亿元。 资金流向方面，今日主力资金净流出1618.18万元，占比成交额5.84%。其中，超大单净流出2481.33万 元、占成交额8.96%，大单净流入863.15万元、占成交额3.12%，中单净流出流入134.92万元、占成交额 0.49%，小单净流入1483.26万元、占成交额5.35%。 通过天眼查大数据分析，宁波舟山港股份有限公司共对外投资了87家企业，参与招投标项目1831次，知 识产权方面有商标信息52条，专利信息1条，此外企业还拥有行政许可78个。 宁波港最新一期业绩显示，截至2025一季报，公司营业总收入70.58亿元、同比增长1.90%，归属净利润 11.75亿元，同比增长4.54%，扣非净利润10.94亿元，同比增长0.14%，流动比率0.967、速动比率 0.931、资产负债率26.37%。 天眼查商业履历信息显示，宁波舟山港股份有限公司，成立于2008年，位于宁波市，是一家以从事水上 运输业为主的企业。企业注册资本1945438.8 ...

Quantitative Models and Construction Methods - **Model Name**: Broad-based Index Rotation Strategy **Model Construction Idea**: The strategy is based on the weekly change rate of the "total heat" indicator for broad-based indices. It selects the index with the highest heat change rate for investment, while staying out of the market if the "Other" group has the highest rate[7][13][16] **Model Construction Process**: 1. Calculate the weekly heat change rate for each broad-based index (CSI 300, CSI 500, CSI 1000, CSI 2000, and "Other"). 2. Smooth the weekly change rate using a 2-period moving average (MA2). 3. On the last trading day of each week, invest in the index with the highest MA2 heat change rate. If the "Other" group has the highest rate, remain in cash. **Model Evaluation**: The strategy demonstrates a clear logic of capturing short-term market sentiment shifts based on heat changes[13][16] - **Model Name**: Concept Heat TOP and BOTTOM Portfolios **Model Construction Idea**: This model identifies the hottest concepts each week and constructs two portfolios based on the highest and lowest heat stocks within these concepts[30][32][34] **Model Construction Process**: 1. Select the top 5 concepts with the largest weekly heat change rates. 2. Exclude the bottom 20% of stocks in terms of market capitalization within the selected concepts. 3. Construct the "TOP" portfolio by equally weighting the top 10 stocks with the highest total heat within each concept. 4. Construct the "BOTTOM" portfolio by equally weighting the bottom 10 stocks with the lowest total heat within each concept. **Model Evaluation**: The model effectively captures behavioral biases in concept-driven markets, where low-heat stocks in hot concepts tend to generate excess returns over time[30][32][34] --- Model Backtesting Results - **Broad-based Index Rotation Strategy**: - Annualized Return: 8.74% - Maximum Drawdown: 23.5% - 2025 YTD Return: 14.7%[16] - **Concept Heat BOTTOM Portfolio**: - Annualized Return: 15.71% - Maximum Drawdown: 28.89% - 2025 YTD Return: 25.5%[34] --- Quantitative Factors and Construction Methods - **Factor Name**: Total Heat Indicator **Factor Construction Idea**: The factor aggregates the browsing, watchlist, and click counts of individual stocks, normalized as a percentage of the total market, and scaled by 10,000[7] **Factor Construction Process**: 1. Aggregate the browsing, watchlist, and click counts for each stock. 2. Normalize the aggregated value as a percentage of the total market. 3. Multiply the normalized value by 10,000 to obtain the total heat score. The range of the indicator is [0, 10,000][7] **Factor Evaluation**: The factor serves as a proxy for market sentiment and attention, effectively capturing behavioral patterns such as overpricing or underreaction at the stock level[7] --- Factor Backtesting Results - **Total Heat Indicator**: - No specific backtesting results provided for this factor in isolation

Core Insights - The Ningbo-Zhoushan Port has officially opened container berths 6 to 10 in the Meishan Port area, increasing the total number of operational container berths to over 40, marking a significant enhancement in its openness to international trade [1][3]. Group 1: Project Overview - Berths 6 to 10 are part of the second phase of the Meishan Port area project, which began construction in December 2015 and has been operating concurrently with construction [3]. - The project includes a total length of 2,150 meters, featuring two 200,000-ton and three 150,000-ton modern berths designed to accommodate the world's largest container ships [3][4]. Group 2: Operational Efficiency - As of June 2025, the five berths have accommodated over 4,200 international vessels and handled more than 20 million TEUs (Twenty-foot Equivalent Units), with over 1,300 calls from 200,000-ton ultra-large container ships contributing to over 11 million TEUs [3][4]. - In 2024, the container throughput at the Meishan Port area is expected to exceed 10 million TEUs, with berths 6 to 10 contributing over 55% to this volume [3]. Group 3: Automation and Innovation - The berths serve as a demonstration area for automated operations, featuring remote-controlled bridge cranes and a mixed operation model of automated and manual vehicles [4]. - The operational efficiency of the automated systems is approaching that of manual operations, providing a replicable model for global port automation known as the "Meishan solution" [4].

Summary of Conference Call Notes Company Overview - Ningbo Port operates as the main port operator in Zhejiang Province, managing several ports including Ningbo-Zhoushan, Wenzhou, Jiaxing, Taizhou, and Yiwulu [1][2] - The company focuses on terminal operations, port logistics, and capital management, with a diverse range of cargo handling including containers, iron ore, crude oil, coal, liquid chemicals, and food [1][2] 2024 Performance Highlights - In 2024, Ningbo Port achieved a revenue of 28.702 billion yuan, a year-on-year increase of 10.4% [4] - The operating profit was 4.898 billion yuan, up 4.91%, while the net profit after deductions was 3.915 billion yuan, reflecting a growth of 4.94% [4] - Total assets reached 112.9 billion yuan [4] - The revenue composition included container-related services (34.78%), comprehensive logistics and other services (34.05%), and other cargo handling services (10.62%) [4][5] Operational Achievements - Cargo throughput reached 1.135 billion tons, a 3.4% increase, while container throughput was 47.642 million TEUs, up 10.4% [5][6] - Significant growth was noted in Wenzhou Port (11.6%), Taizhou Port (12.6%), and Jiaxing Port (10.1%) [6] - The company improved operational efficiency, with an 8.1% increase in average shipping efficiency and a 6.7% reduction in average waiting time [6] ESG Initiatives - The company has been enhancing its ESG management since the release of its first ESG report in 2023, establishing a comprehensive ESG management system [9] - The second ESG report covers governance, environmental, social aspects, service, and future plans [9] - Environmental investments exceeded 520 million yuan, focusing on achieving carbon neutrality and biodiversity protection [11] Future Development Outlook - The company aims to diversify its services beyond traditional cargo handling to include full logistics, supply chain finance, and LNG refueling [13][14] - Plans to enhance operational intelligence through automation and digital technologies are underway, aiming to improve efficiency and reduce costs [14] - The strategic goal for 2025 includes achieving a cargo throughput of 1.18 billion tons and a revenue of 29.5 billion yuan [16] Additional Insights - The company emphasizes a strong governance structure with a diverse board and compliance management [10] - Continuous improvement in safety management and environmental practices is a priority, with numerous training sessions conducted [12] - The company is committed to supporting national strategies such as the Belt and Road Initiative and enhancing its role as a logistics hub [15]