格隆汇11月26日｜广东自贸区板块短线拉升，红棉股份涨停，广百股份此前封板，广弘控股、欢乐家、 广州港、遥望科技、粤传媒等跟涨。 《广东省金融支持企业开展产业链整合兼并行动方案》印发。其 中提到，探索将并购重组、资产盘活等纳入国企考核体系。推动上市国企灵活运用定向增发、专项可转 债、并购贷款等融资工具，用好配套募集资金储架发行制度，围绕优势领域积极开展产业链整合兼并， 做强做优做大。 ...

行业研究 证 券 研 究 报 告 航运行业 2026 年度投资策略 把握供需缺口核心变量，看好油、散、集运支线市 推荐（维持） 场机会 我们认为干散货运输市场供需结构（特别是好望角船型）有继续改善的可能 性，运价中枢有望在 25 年下半年的基础上进一步抬升。1）供给增速有限， Capesize 在手订单占比仅 9.32%，对应 25-27 年运力增速分别为 1.4%、2.2%、 2.6%。今年以来特检船舶数量持续增多，Star Bulk 预计 25-27 年特检坞修对每 年有效供给的影响将超过 0.5%；环保政策趋严背景下，散货船航速持续下行 进而影响有效运力。2）西芒杜构成核心催化，西芒杜铁矿是中国企业深度参 与的超级铁矿项目，有望打破澳巴主导铁矿石供给的现有格局；25 年 11 月 11 日西芒杜铁矿项目正式投产，29-30 年完全达产后对全球铁矿石吨海里需求预 计拉动约 6.8%（基于替代澳矿，运距拉长假设）。 航运 2025 年 11 月 26 日 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：吴晨玥 邮箱：wuche ...

证券之星消息，11月25日航运港口板块较上一交易日下跌0.18%，招商轮船领跌。当日上证指数报收于 3870.02，上涨0.87%。深证成指报收于12777.31，上涨1.53%。航运港口板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日航运港口板块主力资金净流入1.45亿元，游资资金净流入2.13亿元，散户资金净 流出3.58亿元。航运港口板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600017 | 日照港 | 3962.05万 | 29.18% | -121.23万 | -0.89% | -3840.82万 | -28.29% | | 601975 招商南油 | | 3445.78万 | 10.14% | -846.85万 | -2.49% | -2598.93万 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profit elasticity, and creating favorable competition opportunities in the medium to long term [15] - The shipping market is expected to benefit from the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market's outlook for Q4 2025 [15] - The shipping market is anticipated to recover, supported by environmental regulations limiting the operation of older fleets and the upcoming production of the West Manganese iron ore by the end of 2025 [15] Summary by Sections Express Logistics - In October 2025, the express delivery industry achieved a business volume of 17.6 billion pieces, a year-on-year increase of 7.9%, with revenue reaching 131.67 billion yuan, up 4.7% year-on-year [4][24] - Major players like YTO, Shentong, and Yunda showed varied growth rates, with YTO's volume increasing by 12.78% and Shentong by 3.97%, while Yunda's volume decreased by 5.11% [4][30] - The industry is transitioning towards high-quality development, with significant improvements in single-ticket revenue due to price increases driven by the de-involution trend [4] Shipping and Ports - VLCC freight rates reached a new high of $136,843 per day, the highest since Q2 2020, driven by tight available capacity and stable inquiry rhythms [8] - The Capesize bulk carrier spot freight rates surpassed $30,000 per day, reflecting a 20% increase over the past week, supported by seasonal demand recovery and strong import demand from China [8] - The BDI index increased by 7.1% to 2225 points, indicating a robust recovery in the bulk shipping market [9] Aviation - In October 2025, civil aviation transported approximately 68 million passengers, a year-on-year increase of 5.8%, and cargo/mail transport reached 917,000 tons, up 13.3% [58] - The overall passenger load factor for major airlines was 86.88%, showing a slight increase from the previous month [62] Road and Rail - From November 10 to November 16, 2025, national freight logistics operated smoothly, with rail freight reaching 81.8 million tons, a 0.17% increase week-on-week [14] - In October 2025, road freight volume was 3.706 billion tons, a year-on-year increase of 0.08% [64] Supply Chain Logistics - The logistics landscape is evolving, with companies like Shenzhen International expected to benefit from the transformation of logistics parks, providing performance elasticity [15] - The industry is witnessing a slowdown in competition, with companies like Debang and Aneng Logistics showing significant profit improvements due to strategic transformations [15]

Group 1 - The core viewpoint of the news is that Guangzhou Port's stock has shown a positive trend with a 5.34% increase year-to-date and a 2.02% rise on November 14, reaching a price of 3.53 CNY per share [1] - As of October 31, 2025, Guangzhou Port reported a revenue of 11.163 billion CNY for the first nine months, reflecting a year-on-year growth of 12.07%, while the net profit attributable to shareholders decreased by 8.63% to 748 million CNY [2] - The company has distributed a total of 2.4 billion CNY in dividends since its A-share listing, with 943 million CNY distributed over the past three years [3] Group 2 - The main business segments of Guangzhou Port include loading and related services (50.29%), logistics and port auxiliary services (23.90%), trading (22.26%), and other services (3.55%) [1] - The company operates in the transportation and shipping port industry, with concepts including port transportation, free trade ports, low prices, RCEP, and the Belt and Road Initiative [2] - As of September 30, 2025, the number of shareholders for Guangzhou Port was 62,300, a slight decrease of 0.05% from the previous period, with an average of 121,068 circulating shares per shareholder, which increased by 0.05% [2]

Core Points - Multiple A-shares have announced dividend distributions, indicating a trend of returning profits to shareholders [1][2][3] Group 1: Dividend Announcements - Sanhe Tree (603737) will distribute a cash dividend of 0.50 CNY per share, totaling 369 million CNY, with the record date on November 18, 2025, and the ex-dividend date on November 19, 2025 [2] - Zhiou Technology (301376) will distribute a cash dividend of 2 CNY for every 10 shares, amounting to 80.1554 million CNY, with the same record and ex-dividend dates as above [2] - Yongqing Environmental Protection (300187) will distribute a cash dividend of 0.77 CNY for every 10 shares, with no stock bonus or capital reserve conversion, also on the same dates [2] - China Nuclear Construction (601611) will distribute a cash dividend of 0.01 CNY per share, totaling 30.1383 million CNY, with the record date on November 19, 2025, and the ex-dividend date on November 20, 2025 [2] Group 2: Additional Dividend Distributions - China CNR (601766) will distribute a cash dividend of 0.11 CNY per share, totaling approximately 3.157 billion CNY, with the record and ex-dividend dates on November 19 and 20, 2025, respectively [3] - Songzhi Co. (002454) will distribute a cash dividend of 1.50 CNY for every 10 shares, totaling 93.9345 million CNY, with the same record and ex-dividend dates [3] - Chongqing Beer (600132) plans to distribute a cash dividend of 1.30 CNY per share, totaling 629 million CNY, with the record date on November 18, 2025, and the ex-dividend date on November 19, 2025 [3]

Core Insights - Guangzhou Port reported a revenue of approximately 11.163 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 11.06% [1] - The net profit attributable to shareholders for the same period was approximately 748 million yuan, showing a year-on-year decline of 9.20% [1] - In Q3 2025, the company achieved a revenue of about 4.253 billion yuan, with a year-on-year growth of 31.44%, while the net profit attributable to shareholders was approximately 196 million yuan, down 9.41% year-on-year [1] Financial Performance - The company’s gross margin has decreased year-on-year, attributed to the launch of new terminal projects, increased asset depreciation, and financial costs [2] - The gross margin for handling and related businesses is higher than that of logistics and port auxiliary services, leading to a strategic focus on enhancing intermodal transport and comprehensive logistics services [2] - Operating cash flow for the first three quarters was 2.149 billion yuan, a year-on-year decrease of 20.73%, primarily due to the expansion of operational activities and changes in the collection cycle [2] Strategic Initiatives - The company is committed to a digital transformation strategy, focusing on innovation-driven development to enhance operational efficiency and management levels [3] - The South Sand Phase IV fully automated terminal is highlighted as a representative of the new generation of intelligent ports, with container throughput steadily increasing year by year [3] - The company emphasizes the importance of product and service quality, strengthening supply chain security management to ensure efficient material circulation [3]

（文章来源：证券日报） 证券日报网讯 11月11日晚间，锦江航运发布2025年半年度权益分派实施公告称，2025年半年度权益分 派方案为A股每股现金红利0.20元（含税），股权登记日为2025年11月17日，除权（息）日及现金红利 发放日均为2025年11月18日。 ...

【#广州港伶仃临时航道全天候通航#】2025年10月25日晚，一艘由广州开往上海的散货船，在伶仃航道 马友石灯船附近水域因碰撞沉没。事故发生后，广州海事局联合港务部门、相关港口企业立即着手船舶 交通疏导工作，优先调度符合安全通航条件的部分船舶进出港；在完成水深测量与航标调整后，10月27 日8时正式启用临时航道，采取分时段单向通航措施，船舶进出港和港口生产得到快速恢复。11月6日， 广州海事局根据伶仃临时航道扫浅、扫测和航标调整情况，进一步优化交通组织措施，于11月6日6时起 取消时段限制，将伶仃临时航道调整为全天候单向通航，其中吃水15米以下船舶正常通航，吃水15米以 上船舶乘潮通航。请过往船舶听从广州交管中心（VTS中心）及现场海巡船的交通组织安排，有序通 过。（广州海事） ...

Core Points - A cargo ship traveling from Guangzhou to Shanghai sank near the Ma You Shi lighthouse due to a collision on October 25, 2025 [1] - The Guangzhou Maritime Bureau, in collaboration with port authorities and related enterprises, initiated traffic management to ensure safe navigation and prioritized the movement of vessels meeting safety conditions [1] - A temporary waterway was established on October 27, allowing for one-way traffic during specific time slots, which facilitated the rapid recovery of port operations [1] - On November 6, the Guangzhou Maritime Bureau optimized traffic organization measures, removing time restrictions and allowing for all-weather one-way navigation for vessels with a draft of less than 15 meters, while those with a draft over 15 meters could navigate during high tide [1] - Vessels are advised to follow the traffic organization arrangements from the Guangzhou Traffic Management Center and on-site patrol boats for orderly passage [1]