Core Viewpoint - Typhoon "Wipha" has weakened to a tropical storm level after its second landfall in Yangjiang, Guangdong, and its impact on the Pearl River Estuary is gradually diminishing [1] Group 1: Impact on Maritime Operations - The Guangzhou Maritime Bureau lifted the emergency response to the tropical cyclone at 6 AM on July 21 [1] - Pearl River ferry and urban water bus services resumed operations on July 21 [1] - Guangzhou Port's various terminals are gradually resuming work and production [1] Group 2: Specific Port Operations - High-speed passenger ferry services from Pazhou Port and Nansha Passenger Port to Hong Kong and Macau were suspended for the entire day on July 21, with some services expected to resume on July 22 [1] - The Guangzhou Maritime Bureau is implementing an orderly arrangement for vessels entering and leaving the port using a "first out, then in" approach, alternating on both sides of the channel [1] - Normal passage for vessels in the Guangzhou Port's outbound channel is expected to resume at 2 PM on July 21 [1]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector shows significant divergence in June data, with a focus on the industry's anti-involution process [3] - The express logistics market is expanding, supported by the national strategy to boost domestic demand, with a year-on-year growth of 15.8% in express delivery volume in June 2025 [5] - The performance of major express companies varies, with SF Express maintaining a business volume growth rate of over 30%, while other companies like YTO Express and Yunda Express show slower growth [4][5] Summary by Sections Express Logistics - In June 2025, the total express delivery volume reached 16.87 billion pieces, a year-on-year increase of 15.8%, with total revenue of 126.32 billion yuan, up 9.0% [5][24] - Major express companies' performance in June: YTO Express (2.627 billion pieces, +19.34%), Yunda Express (2.173 billion pieces, +7.41%), SF Express (1.460 billion pieces, +31.77%) [4][28] - The market share for these companies is 15.6% for YTO, 12.9% for both Yunda and Shentong, and 8.7% for SF Express [4] Air Transportation - The air travel sector is expected to benefit from macroeconomic recovery, with a year-on-year increase of 4.4% in passenger transport volume in June 2025 [52] - Major airlines are projected to improve their performance in Q2 2025 due to better supply-demand dynamics and lower oil prices [8] Shipping and Ports - The shipping sector is anticipated to benefit from OPEC+ production increases and a favorable economic environment, with a focus on crude oil transportation [16] - The Baltic Dry Index (BDI) increased by 27.8% week-on-week, indicating a recovery in the bulk shipping market [11][68] - Container throughput at Chinese ports showed a slight increase in cargo volume but a decrease in container throughput [81] Road and Rail - In June 2025, road freight volume increased by 2.86% year-on-year, while rail freight volume rose by 7.36% [45] - National logistics operations are running smoothly, with a slight increase in freight truck traffic [14] Supply Chain Logistics - Companies like Shenzhen International and Debon Logistics are expected to benefit from strategic transformations and improved profitability [15]

Core Viewpoint - The launch of the first direct shipping line from Nansha Port in Guangzhou to the U.S. West Coast marks a significant development in logistics, enabling a 14-day transit time to Los Angeles [1] Group 1: Shipping Line Details - The inaugural voyage of the "Renjian 8" vessel departed from Nansha Port, carrying over 600 containers of "Made in China" daily necessities to the Port of Los Angeles [1] - The new shipping line is independently operated by Hede Shipping, utilizing a fleet of 5 vessels that will run on a weekly schedule [1] - The route connects Nansha Port Phase I (CNNSA) to the WBCT terminal at the Port of Los Angeles [1]

证券代码：601228 证券简称：广州港 公告编号：2025-036 债券代码：137626.SH、137812.SH、115012.SH、240489.SH、243016.SH、243145.SH 债券简称：22 粤港 03、22 粤港 04、23 粤港 01、24 粤港 01、25 粤港 01、25 粤港 02 广州港股份有限公司 2025年第一次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 （一）股东会召开的时间：2025 年 07 月 14 日 （二）股东会召开的地点：广州市越秀区沿江东路 406 号港口中心 2706 会 议室 2. 董事会秘书梁敬先生出席会议；公司高管列席会议。 二、 议案审议情况 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情 况： | 1.出席会议的股东和代理人人数 | 586 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 6,223,225,8 ...

法律意见书 致：广州港股份有限公司 北京市金杜（深圳）律师事务所（以下简称本所）接受广州港股份有限公司 （以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会 《上市公司股东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以 下简称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳 门特别行政区和中国台湾省）现行有效的法律、行政法规、规章、规范性文件和 现行有效的公司章程有关规定，指派律师现场出席了公司于 2025 年 7 月 14 日 召开的 2025 年第一次临时股东会（以下简称本次股东会），并就本次股东会相 关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括： 1. 经公司 2024 年年度股东会审议通过的《广州港股份有限公司章程》 （以下简称《公司章程》）； 北京市金杜（深圳）律师事务所 关于广州港股份有限公司 2025 年第一次临时股东会之 2. 公司 2025 年 6 月 24 日刊登于《证券时报》《中国证券报》《上海证 券报》及上海证券交易所网站的《 ...

债券简称：22 粤港 03、22 粤港 04、23 粤港 01、24 粤港 01、25 粤港 01、25 粤港 02 广州港股份有限公司 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： （一）股东会召开的时间：2025 年 07 月 14 日 （二）股东会召开的地点：广州市越秀区沿江东路 406 号港口中心 2706 会 议室 证券代码：601228 证券简称：广州港 公告编号：2025-036 债券代码：137626.SH、137812.SH、115012.SH、240489.SH、243016.SH、243145.SH ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情 况： 份总数的比例（%） 82.4866 （四）表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情 况等。 本次股东会由公司董事会召集，现场会议由公司董事长黄波先生主持。会议 采用现场投票和网络投票相结合的方式召开，表决方式符合《公司法》及《公司 章程》的规定 ...

北京市金杜（深圳）律师事务所 关于广州港股份有限公司 法律意见书 致：广州港股份有限公司 北京市金杜（深圳）律师事务所（以下简称本所）接受广州港股份有限公司 （以下简称公司）委托，根据《中华人民共和国证券法》 （以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会 《上市公司股东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以 下简称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳 门特别行政区和中国台湾省）现行有效的法律、行政法规、规章、规范性文件和 现行有效的公司章程有关规定，指派律师现场出席了公司于 2025 年 7 月 14 日 召开的 2025 年第一次临时股东会（以下简称本次股东会），并就本次股东会相 关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括： （以下简称《公司章程》）； （一） 本次股东会的召集 开公司 2025 年第一次临时股东会的议案》，决定于 2025 年 7 月 14 日召开公 司 2025 年第一次临时股东会。 券报》及上海证券交易所网站的《广州港股份有限公司关于第四届董事会 ...

Group 1 - Prit's announcement to establish a subsidiary in Nansha, Guangzhou, with a total investment of 1 billion yuan and an expected annual production capacity of 400,000 tons [1] - The number of A-share companies mentioning Nansha in their 2024 annual reports has increased to 216, with over 10 billion yuan of funds flowing into the area [1][2] - The "Nansha Plan" aims to develop Nansha into a strategic platform for cooperation among the Guangdong-Hong Kong-Macao Greater Bay Area, attracting significant investments from various sectors [1] Group 2 - Guangzhou Port's fixed asset scale increased from 193.65 billion yuan in 2022 to 290.67 billion yuan in 2024, with a total increase of 9.7 billion yuan [2] - In 2022, Guangzhou Port raised 4 billion yuan through stock issuance and recorded a cash inflow of 13.022 billion yuan, both reaching a ten-year high [2] - The international general terminal project at Nansha Port is set to enhance the logistics system, with an investment of 7.472 billion yuan and a designed annual throughput capacity of 15.5 million tons of general cargo [3] Group 3 - COSCO Shipping's subsidiary in Nansha has invested 600 million yuan, with total assets of 2.377 billion yuan and a net profit of 327 million yuan in 2024 [4] - The logistics sector in Nansha is supported by the establishment of a wholly-owned subsidiary by COSCO Shipping, focusing on international shipping and logistics [3][4] Group 4 - Fuan Energy has increased its stake in Nansha Storage to 70% and invested in a comprehensive energy petrochemical storage base with a capacity of 918,300 cubic meters [6] - The petrochemical park in Xiaohu Island is recognized as a specialized chemical park, with a planned area of 9.7 square kilometers [7] - The food and agricultural products import-export center project by Agricultural Products Co. is set to establish a hub in Nansha, covering an area of 200,000 square meters [8] Group 5 - Watson Bio has established a production base in Nansha with a focus on mRNA technology and set up a 1.2 billion yuan investment fund [9] - The company has seen its operating profits decrease from 84 million yuan in 2022 to 38 million yuan in 2024, benefiting from a preferential tax rate starting in 2024 [9] - Tianrunxin has established a subsidiary in Nansha, aiming to develop a security technology industry hub in the Greater Bay Area [10][11]

Core Insights - The shipping prices between China and the US have significantly dropped, with rates for West Coast and East Coast at $2089/FEU and $4124/FEU respectively, marking declines of 63% and 41% from their peaks in June [1] - The Shanghai International Shipping Research Center reported a rise in the container shipping enterprise's prosperity index to 125.25 points in Q2, but forecasts a decline to 108.99 points in Q3, indicating a shift to a micro-prosperity zone [1] - The demand for shipping has decreased as backlog orders from Q2 have been fulfilled, leading to cautious new order negotiations [2] Shipping Industry Trends - The shipping market has transitioned from a "one container hard to find" scenario to a downturn in freight rates within a month, indicating a seasonal peak that is not performing as expected [2] - Companies are diversifying their markets beyond the US, with a focus on emerging markets, reflecting a strategic shift in response to changing trade dynamics [3] - Guangzhou Port has expanded its foreign trade container routes, increasing its total to 179, which has contributed to a 23.8% year-on-year growth in foreign trade cargo throughput [4]

Group 1 - The core viewpoint of the news is that Guangzhou Port Group is experiencing stable growth in port production, with significant increases in foreign trade cargo and container throughput in the first half of 2025 [1] - In the first quarter of this year, Guangzhou Port achieved a milestone where foreign trade container volume exceeded half of the total, marking foreign trade as the main driver of growth [1] - The growth in foreign trade is attributed to the expansion of emerging market routes, with seven new foreign trade container shipping routes added in the first half of the year, enhancing connections to Belt and Road Initiative and RCEP markets [1] Group 2 - In terms of foreign trade, the export volume of foreign trade vehicles, coal, and steel all achieved double-digit growth, with foreign trade vehicle exports increasing by 22.3% year-on-year [2] - Guangzhou Port Group plans to invest 20 billion yuan during the 14th Five-Year Plan period to expand bonded logistics and cross-border e-commerce hub development, aiming to create a 100 billion yuan cross-border e-commerce industry cluster in Nansha [2] - Infrastructure projects such as the Nansha International General Terminal and Nansha Phase V are being accelerated to improve port infrastructure and shipping network [2]