Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The shipping industry is experiencing a surge in demand due to a recent temporary reduction in tariffs between China and the US, leading to a significant increase in shipping volumes on the US route. The average booking volume surged by 277% compared to the previous week [5] - The Shanghai Export Container Freight Index (SCFI) rose by 10.0% week-on-week, indicating a strong recovery in shipping rates, particularly for routes to the US [6] - The logistics sector is showing resilience, with express delivery volumes in April increasing by 19.1% year-on-year, reflecting robust demand across various sectors [9] - The airline industry is expected to benefit from macroeconomic recovery, with a long-term supply-demand imbalance favoring growth in the sector [12] Summary by Sections Shipping Vessels - The recent tariff reductions have led to a surge in demand for shipping services, particularly on the US route, with a projected increase in freight rates over the next 2-3 months due to supply constraints [5] - The average weekly capacity for the US route is expected to be 500,000 TEU, down 6% from last year [5] - The oil tanker market is facing supply tightness due to limited new orders and an aging fleet, which is expected to sustain high demand in the coming years [12] Express Logistics - In April, the express delivery industry in China saw a business volume of 16.32 billion pieces, a year-on-year increase of 19.1%, with revenue reaching 121.28 billion yuan, up 10.8% [9] - The concentration index for express delivery brands (CR8) was 86.7, indicating a stable competitive landscape [9] Aviation and Airports - The airline industry is poised for growth due to low supply growth and recovering demand, with key companies to watch including China Southern Airlines and Air China [12] - The passenger transport volume in March was approximately 59 million, reflecting a year-on-year increase of 3.5% [50] Overall Market Performance - From May 12 to May 16, the transportation index rose by 2.12%, outperforming the Shanghai Composite Index [17] - The shipping sector saw the highest increase at 7.42%, indicating strong market performance [17]

Core Viewpoint - The shipping and port sector is experiencing a significant rise, with many stocks showing substantial gains, indicating a potential recovery in the market [1][2]. Group 1: Market Trends - On May 13, the shipping and port sector saw a strong increase, with stocks like China National Offshore Oil Corporation rising over 23% [1]. - As of May 14, the shipping sector continued its upward trend, with expectations of a "rush to ship" in the container transport market due to accumulated cargo [2][4]. - Experts predict that container shipping rates may see a notable rebound from May to July, driven by the need to expedite previously delayed shipments [4][5]. Group 2: Demand and Supply Dynamics - The demand for shipping to the U.S. remains strong, with a significant backlog of orders leading to increased shipping rates in the short term [4][7]. - The Shanghai Shipping Exchange reported that shipping rates for exports to the U.S. West and East coasts increased by 3.3% and 1.6%, respectively [7]. - Despite rising demand, the supply of shipping capacity is being carefully managed to avoid drastic price drops, with many shipping companies adjusting their capacity proactively [7][11]. Group 3: Regional Insights - Southeast Asia's shipping demand has increased, particularly for routes to Vietnam, but it cannot fully compensate for the volume previously shipped from China [8]. - The European shipping lines are facing oversupply issues as vessels are redirected from the U.S. routes, leading to a decline in rates [8][10]. - The global container shipping market is projected to face a supply-demand imbalance, with a forecasted decline in shipping volume and an increase in capacity [10][11].

为保障海量货源稳定性，广州港创新"港口+内陆"联动模式，新增柳州内陆港节点，内陆港及办事处总 数达35个，覆盖云南、湖南、贵州、江西等地区；扩容海铁联运班列，开通"湘粤非海铁联运快线""长 江经济带——东南亚"海丝电商班列等新通道，湖南货物通过株洲、衡阳等节点1天抵广州南沙、5天达 越南、7天达泰国。 广州港现开行海铁联运班列39条、广州港穿梭巴士74条，辐射湘赣川等内陆腹地，通过构建腹地立体网 络将区域全面经济伙伴关系协定(RCEP)关税优惠转化为"内陆工厂——国际港口"的直通优势。(完) 中新网广州5月12日电 (记者 蔡敏婕)广州市港务局12日发布消息称，今年1月至4月，广州港外贸货物吞 吐量同比增长17.49%，外贸集装箱吞吐量增长21.91%，实现双位数增长。 4月，广州港外贸货物和集装箱吞吐量同比增长19.23%和20.37%。其中，东盟方向集装箱量同比增长 30.88%，占外贸总量比重提升至20.27%；欧盟航线网络持续优化，新增2班直航服务；共建"一带一 路"国家业务表现尤为突出，同比增长49.48%。 广州港现有集装箱航线283条，外贸177条，其中通往共建"一带一路"国家的集装箱航线达到1 ...

中国无人驾驶商用车在港口场景的市场规模正经历快速扩张，随着技术进步和应用普及，中国港口将逐 步采用无人驾驶车辆以提高运输效率。据北京亿欧网盟科技有限公司(以下简称"亿欧智库")预测，到 2030年，该市场规模将增长至1909亿元。 近日，广州港（601228）股份有限公司(以下简称"广州港")南沙港区四期全自动化码头第四批自动化设 备的20台北斗导航无人驾驶智能引导运输车(以下简称"IGV")全部抵港。至此，南沙港四期IGV车队扩 员至158台，标志着国内单一码头最大的IGV车队系统全面成型，进一步提升智慧港口装卸服务能力。 据悉，南沙港四期全自动化码头IGV的电池、电机、控制器、编码器等关键组件均实现国产化，有效缩 短了设备制造成本和后续维修所需备件供应周期，保障生产经营设备利用率。 江山美表示："IGV智能引导车基于一套先进的软硬件集成解决方案，采用多源信息融合定位技术，此 方案已在国内多个港口商业化落地；DCV无人驾驶集卡依托车路云协同，该方案是从已有的人工驾驶 车辆前装改造而成，目前技术水平能够达到L4级别，无人驾驶IGV和DCV技术路线更适合中国港口场 景，未来具有广阔的市场空间。" 目前，北京主线 ...

证券代码：601228 证券简称：广州港 公告编号：2025-028 债券代码：185817.SH、185969.SH、137626.SH、137812.SH、115012.SH、240489.SH 债券简称：22 粤港 K1、22 粤港 02、22 粤港 03、22 粤港 04、23 粤港 01、24 粤港 01 广州港股份有限公司 本公告所载公司 2025 年 4 月份及 1-4 月的业务数据属于快速统计数据，与 最终实际数据可能存在差异，敬请投资者注意投资风险。 特此公告。 广州港股份有限公司董事会 2025 年 5 月 8 日 2025 年 4 月份及 1-4 月主要生产数据提示性公告 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。 2025 年 4 月份，广州港股份有限公司（以下简称"公司"）预计完成集装箱 吞吐量 230.9 万标准箱，同比增长 9.5%；预计完成货物吞吐量 4,988.9 万吨， 同比增长 6.1%。2025 年 1-4 月，公司预计完成集装箱吞吐量 862.3 万标准箱， 同比增长 8.9%；预 ...

Core Viewpoint - The company, Guangzhou Port, anticipates significant growth in container throughput and cargo volume for 2025, indicating a positive outlook for its operations and market position [1] Container Throughput - The company expects to achieve a container throughput of 2.309 million TEUs in April 2025, representing a year-on-year increase of 9.5% [1] - For the period from January to April 2025, the projected container throughput is 8.623 million TEUs, reflecting a year-on-year growth of 8.9% [1] Cargo Volume - The forecasted cargo throughput for 2025 is 49.889 million tons, which marks a year-on-year increase of 6.1% [1] - From January to April 2025, the expected cargo throughput is 18.6 million tons, showing a year-on-year growth of 3.6% [1]

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly with the recommendation of companies such as China Merchants Energy, COSCO Shipping Energy, and Xingtong Co. [3][20] Core Viewpoints - OPEC has agreed to increase oil production by 411,000 barrels per day, which is expected to enhance the certainty of improvement in the shipping market in Q2 [3][20] - The report highlights the resilience of major ports and anticipates improvements in Southeast Asia's shipping and oil tanker sectors [3][20] - The report suggests that the "off-season" for shipping may not be as weak as expected, with a higher probability of strong performance from May to August [3][20] Summary by Sections Shipping Industry - OPEC's production increase will lead to a cumulative increase of 960,000 barrels per day over April, May, and June, which is 44% of the total expected increase of 2.2 million barrels per day [3][20] - The report notes that April shipping rates have risen against seasonal trends, indicating a potential for stronger performance in the second half of the year [3][20] - VLCC rates have decreased by 9% to $46,903 per day, but the overall market remains relatively strong with expectations for a rebound post-holiday [3][20][21] Air Transportation - The report indicates that oil prices, influenced by tariffs and OPEC's production increase, are relieving cost pressures on airlines [40] - The domestic air travel market is expected to recover, with passenger volumes projected to reach 10.75 million during the May Day holiday, a year-on-year increase of 8% [41][40] - Recommended stocks in the aviation sector include China Eastern Airlines, Spring Airlines, and China Southern Airlines [42] Express Delivery - The express delivery sector is experiencing high growth, with March volumes reaching 16.66 billion packages, a year-on-year increase of 20.3% [44] - The report emphasizes the potential for market share concentration among leading companies due to favorable policy changes [44] - Recommended companies include SF Holding, JD Logistics, and YTO Express [46] Railway and Highway - The report highlights the resilience of railway freight and highway truck traffic, with railway cargo volume increasing by 3% and highway truck traffic by 2.25% [48] - The report suggests that traditional high-dividend investment themes and potential value management catalysts will be key investment lines for the highway sector throughout 2025 [48]

在运力管理上，锦江航运以"区域聚焦+动态调整"策略，采取精细化管理，确保了公司在全球运力紧张 时期仍能保持稳定的市场份额与服务质量；同时，公司通过持续加装数字化营运系统与绿色节能改造， 在高效服务与可持续发展中保持领先。 本报讯 （记者金婉霞）4月30日，上海锦江航运（集团）股份有限公司（下称"锦江航运"）披露2025年 一季报。2025年第一季度，锦江航运实现营收16.66亿元，同比增长33.25%；归属于母公司股东的净利 润为3.57亿元，同比增长187.07%。 锦江航运经营效益提升明显。据公司2024年年报，公司实现营业收入59.70亿元、归母净利润10.21亿 元，同比分别增长13.36%和37.45%，年度现金分红5.15亿元，高达50.46%分红率居行业前列。 成绩与公司坚持"东北亚压舱石+东南亚增长极"的双核驱动战略有关。一方面，锦江航运依托上海往返 日本线、上海两岸间航线的稳定运价与高标准服务，占有率继续保持行业第一，为整体业绩提供了坚实 支撑。另一方面，锦江航运在东南亚开设泰越快线、海防丝路快航等，打造新增长引擎；截至2024年 底，公司新增印西、印巴、中东及华南印度航线，将服务触角延伸至 ...

钱凯港地处南美洲西海岸中段，背靠拉美、面朝太平洋，是连接亚洲与南美洲贸易的关键节点，也是中 秘共建"一带一路"的标志性项目。 钱凯港开港后，秘鲁到中国的海上运输时间缩短至23天，可节约20%以上的物流成本。 海 广州港首条直航南美西岸的WSA3航线将广州南沙港与秘鲁钱凯港、墨西哥曼萨尼约港、智利圣安东尼 奥港等拉美核心港口串联。 陆 北京时间4月29日12时，中吉乌铁路吉尔吉斯斯坦境内段重点控制性工程开工建设，标志着中吉乌铁路 项目正线工程进入实质性施工阶段。 空 中国南方航空首飞广州经莫尔兹比港至瓦努阿图首都维拉港的客运航班，实现了中国内地至南太平洋岛 国瓦努阿图的首次试运行，这也标志着中国民航通航国家数量增至79个。 广州港南沙港区开通南美西直航航线 广州日报讯（全媒体记者杨朝露、林琳通讯员曹畅、朱嘉明、关悦）4月29日，"中远海运伏尔加河"轮 稳稳停靠广州港南沙二期码头，标志着广州首条直航秘鲁钱凯港航线——中远海运南美西三线 （WSA3）正式开通。该航线自广州港直航南美西岸，将广州南沙港与秘鲁钱凯港、墨西哥曼萨尼约 港、智利圣安东尼奥港等拉美核心港口串联，开通后将助力粤港澳大湾区与拉美西岸地区的物流通道 ...