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 shift towards "quality over quantity" leading to price increases, which will enhance corporate profitability. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost reduction [4][13] - The shipping sector is anticipated to benefit from the OPEC+ production cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market expected in Q4 2025 [13] - The aviation industry is projected to see long-term demand growth due to macroeconomic recovery, with short-term ticket booking data indicating a rebound [13] Summary by Sections Express Delivery - The express delivery sector is witnessing a significant price increase, with over 90% of regions in China experiencing price hikes, which is expected to improve profitability for companies [4] - Key companies to watch include YTO Express, Shentong Express, Zhongtong Express, and SF Express, all of which are positioned to benefit from the industry's positive trends [13] Shipping and Shipbuilding - The shipping sector is expected to see a cyclical recovery, particularly in oil transportation due to OPEC+ production increases and geopolitical uncertainties enhancing VLCC rate elasticity [13] - The shipbuilding market is in a green transition phase, with new orders expected to improve as market conditions stabilize [13] Aviation - The aviation sector is experiencing low supply growth with increasing demand, leading to a favorable long-term outlook. Companies like China Southern Airlines and Air China are highlighted for their potential [13][14] Logistics and Ports - The logistics sector is seeing a positive trend with companies like Shenzhen International and Debon Logistics expected to benefit from improved competition and operational efficiencies [13] - Port operations are stable, with a focus on cash flow and growth potential in hub ports like China Merchants Port and Qingdao Port [13]

Core Viewpoint - The Ministry of Transport, National Railway Administration, and China National Railway Group have issued an action plan for the deep integration of container rail-water intermodal transport from 2025 to 2027, emphasizing the promotion of intermodal operation and collaboration among transportation enterprises [1] Group 1: Intermodal Operation Enhancement - The plan aims to strengthen the coordination of port-rail operations at qualified ports like Qingdao, supporting integrated management of railway and port operations [1] - It encourages the use of digital and intelligent methods to achieve rapid customs clearance and efficient loading and unloading, thereby reducing "short-distance" transport [1] - The quality and efficiency of intermodal products will be enhanced, with a focus on quality assessment of intermodal trains [1] Group 2: Development of Intermodal Products - The action plan includes the establishment of fixed train routes and the promotion of passenger train-like operations to create a "train + ship" intermodal network [1] - By 2027, the goal is to have a nationwide network of container rail-water intermodal fast lines covering major intermodal ports [1] - Key coastal regions and the Yangtze River trunk line will cultivate premium long-distance and short-distance intermodal products [1] Group 3: Support for "Road to Rail" and "Bulk to Container" Transport - The plan promotes collaboration between various ports and railways to expand the transportation of goods such as grain, fertilizers, and cement through "road to rail" initiatives [1] - It encourages innovation in unloading operations and facilities at inland stations and qualified factories to increase the scale of "bulk to container" transport [1] - The development of automobile transport via intermodal rail-water services is also highlighted [1] Group 4: Optimization of International Intermodal Connections - Ports like Dalian, Tianjin, and Guangzhou are tasked with enhancing the integration of sea routes with international rail services such as the China-Europe Railway Express [1] - The plan aims to improve customs inspection processes and enhance the timeliness of international container rail-water intermodal transport [1]

（原标题：广州南沙进入"桦加沙"10级风圈，广州港最大阵风达14级） 此外，广州南沙明珠湾管理局会各项目建设方，于9月23日上午有序组织在建项目1700余名施工人员转 移安置至南沙国际会展中心1号厅和明珠湾体育馆。 据南沙区农业农村局信息，截至9月23日15时，全区登记在册渔船591艘已全部回港避风（其中590艘在 本港避风，1艘在三亚市崖州中心渔港避风）；全区无登记在册涉渔乡镇船舶，2362艘乡镇船舶均已在 港避风。另外，有141艘外地渔船在本区避风（万顷沙镇132艘，大岗镇、黄阁镇、榄核镇各2艘，蒲洲 渔港3艘），相关人员已全部上岸。 南方财经记者从广州港集团了解到，广州港作为防台重点区域，各码头各单位高度重视防风防汛工作， 围绕隐患排查、机械防风、货物防护、应急响应等方面细化落实，全力保障港口生产安全平稳运行，守 护好每一船货物和每一位员工的安全。 目前，广州港集团已启动全方位、多层次的防风防汛预案，各项防御工作有序开展，抢险队伍严阵以 待，全力以赴筑牢抵御台风的坚固屏障，确保港区安全度汛。台风过后，集团将立即联动气象、海事、 引航及码头单位，科学制定复航复产方案，高效协调船舶进出港，第一时间恢复港口有 ...

快查APP显示，广州港相关公司广州南沙海港集装箱码头有限公司于2025年9月19日发布一则招标信息，项目名称为广州南沙海港集装箱码头有限公司2台纯电堆高机购置项目-纯电堆高机购置项 快查股权穿透数据显示，该公司由广州港持股，出资比例为41%。 ...

位于广东广州荔湾区东沙街东洛围码头、由广州港集团有限公司投资打造的黄沙水产中心近日开业。该 中心将打造成集"交易+物流+展贸+电商+文旅+美食"于一体的智能型水产产业综合体，为广州市建设国 际消费中心城市、高质量发展海洋经济、擦亮"食在广州"名片提供新载体。 黄沙水产中心拥有集中供冷、供氧、供海水系统，实现24小时天然海水供应；搭建"数字黄沙"智能管理 平台，实现交易、物流、数据分析全流程数字化。 （文章来源：人民日报） ...

Core Insights - The port industry is experiencing significant growth in cargo and container throughput, driven by the recovery of foreign trade and shipping, with expectations for continued positive trends throughout the year [1][2]. Group 1: Throughput Growth - From January to July 2025, the total cargo throughput reached 10.44 billion tons, a year-on-year increase of 4.4%, while container throughput reached 20 million TEUs, up 6.2% year-on-year [2]. - Among 17 A-share listed port companies, 8 reported year-on-year increases in revenue and net profit for the first half of 2025, with Liaoning Port Co., Ltd. achieving a revenue of 5.693 billion yuan, up 5.93%, and a net profit of 956 million yuan, up 110.78% [2]. Group 2: Company Performance - Guangzhou Port expects to complete a container throughput of 18.037 million TEUs from January to August 2025, a 7.5% increase year-on-year, and a cargo throughput of 38.587 million tons, up 2.5% [3]. - Shanghai International Port Group reported a record monthly container throughput of 5.02 million TEUs in August 2025 [3]. Group 3: Green and Smart Transformation - As of August 2025, China has built 23 automated container terminals and 29 automated dry bulk terminals, with over 60% of container handling equipment in major international hub ports being environmentally friendly [4]. - The port industry is actively promoting smart and green port construction, with companies like Guangzhou Port and Shanghai International Port Group making significant advancements in automation [4]. - Shenzhen Port's Yantian Port area achieved a LNG refueling volume of over 310,000 cubic meters in the first half of 2025, surpassing the total for the previous year, and reported a container throughput of over 7.58 million TEUs, a 12.7% increase [5].

Group 1 - Shengtun Mining plans to repurchase shares worth between 500 million and 600 million yuan, with a maximum repurchase price of 11.82 yuan per share, aimed at employee stock ownership plans or equity incentives [1] - Kangnbei received a drug registration certificate for Linggui Shugan Granules, which is derived from traditional Chinese medicine and is used for treating phlegm and dampness due to Yang deficiency [2] - Zhangjiang Hi-Tech intends to publicly transfer 100% equity and related debts of Shanghai Jixin Rui Construction Technology Co., Ltd. with a total price not less than 151 million yuan [3] Group 2 - Shankai Intelligent won a bid for a metering device procurement project worth 13.318 million yuan from Hohhot Water Supply Company [4] - Hason Co. plans to jointly establish a supply chain company with a registered capital of 10 million yuan, in which Hason will hold a 10% stake [5] - Pudong Construction's subsidiaries won multiple major projects with a total amount of 1.271 billion yuan [6] Group 3 - Jinling Pharmaceutical received approval for the Phase III clinical trial of Olaratogrel tablets, which are used for treating moderate to severe pain associated with endometriosis [8] - Menohua's subsidiary obtained a drug registration certificate for Mosapride Citrate Tablets, aimed at improving gastrointestinal symptoms [10] - Shapuaisi's major shareholder plans to reduce holdings by up to 2% of the company's shares due to personal financial needs [11] Group 4 - Changyuan Power reported an August electricity generation of 3.771 billion kWh, a year-on-year decrease of 6.03% [15][16] - Xibu Livestock's August fresh milk production increased by 4.8% month-on-month but decreased by 7.27% year-on-year [19] - Yong'an Pharmaceutical's actual controller and chairman had their detention lifted, allowing them to resume normal duties [20] Group 5 - Jinkai Intelligent's director resigned due to work adjustments [22] - Xinhua Medical received a Class II medical device registration for an endoscope cleaning workstation [23] - Haishi Science and Technology's innovative drug HSK47388 received approval for a new indication clinical trial [25] Group 6 - Baotai Co. plans to participate in a land use rights auction in Baoji City with a starting price of 57.34 million yuan [26] - Minfeng Special Paper received a government subsidy totaling 11.2 million yuan [27] - Jiuchang Bio obtained a medical device registration for a heparin-binding protein assay kit [29] Group 7 - Jingao Technology plans to repurchase shares worth between 200 million and 400 million yuan, with a maximum price of 17.36 yuan per share [31] - Youxunda won a bid for a metering equipment project from China Southern Power Grid worth approximately 161 million yuan [32] - Qianli Technology reported an August vehicle sales increase of 168.55% year-on-year [32] Group 8 - Guangzhou Port expects an August container throughput increase of 1.2% year-on-year [32] - Kexing Pharmaceutical's GB08 injection completed the first subject enrollment for Phase II clinical trials [33] - Wu Ming Pharmaceutical plans to transfer 98.9% of its subsidiary's shares to a newly established wholly-owned subsidiary [34] Group 9 - Shanghai Electric's acquisition of K-Electric Limited shares has not yet completed the transfer [35] - Fulai New Materials plans to raise no more than 710 million yuan through a private placement [36] - Huaren Health's drug registration application for a new type of potassium ion competitive acid blocker has been accepted [37]

Company Overview - Guangzhou Port is located in Yuexiu District, Guangzhou, Guangdong Province, and was established on December 28, 2010, with its listing date on March 29, 2017 [1] - The company primarily engages in the loading and unloading of various goods including containers, coal, grain, steel, automobiles, metal ores, and oil products, with the revenue composition being: loading and related services 50.05%, trading business 27.27%, logistics and port auxiliary services 20.24%, and others 2.43% [1] Financial Performance - For the first half of 2025, Guangzhou Port achieved operating revenue of 6.909 billion yuan, representing a year-on-year increase of 2.18%, while the net profit attributable to shareholders decreased by 8.78% to 552 million yuan [2] - Since its A-share listing, the company has distributed a total of 2.4 billion yuan in dividends, with 943 million yuan distributed over the past three years [3] Stock Market Activity - As of September 3, Guangzhou Port's stock price decreased by 2.05% to 3.34 yuan per share, with a total market capitalization of 25.199 billion yuan [1] - The stock has seen a year-to-date decline of 0.33%, a 5-day decline of 1.18%, a 20-day increase of 1.80%, and a 60-day increase of 4.67% [1] - The stockholder count as of August 20 was 64,500, a decrease of 6.30% from the previous period, with an average of 116,907 circulating shares per shareholder, an increase of 6.72% [2] Institutional Holdings - As of June 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 27.4446 million shares, a decrease of 8.7199 million shares from the previous period [3] - The Southern CSI 500 ETF ranks as the seventh largest circulating shareholder, holding 22.5623 million shares, an increase of 320.56 thousand shares from the previous period [3]

Core Points - In August 2025, the company expects to achieve a container throughput of 2.319 million TEUs, representing a year-on-year increase of 1.2% [1] - The company anticipates a cargo throughput of 49.878 million tons in August 2025, reflecting a year-on-year growth of 2.0% [1] - For the period from January to August 2025, the company projects a container throughput of 18.037 million TEUs, which is a 7.5% increase compared to the same period last year [1] - The expected cargo throughput for January to August 2025 is 385.87 million tons, showing a year-on-year growth of 2.5% [1] Summary by Category Container Throughput - Expected container throughput for August 2025: 2.319 million TEUs, up 1.2% year-on-year [1] - Projected container throughput for January to August 2025: 18.037 million TEUs, up 7.5% year-on-year [1] Cargo Throughput - Expected cargo throughput for August 2025: 49.878 million tons, up 2.0% year-on-year [1] - Projected cargo throughput for January to August 2025: 385.87 million tons, up 2.5% year-on-year [1]

Core Viewpoint - The company, Guangzhou Port, anticipates a steady growth in container and cargo throughput for the year 2025, indicating a positive outlook for its operational performance [1] Container Throughput - For August 2025, the company expects to achieve a container throughput of 2.319 million TEUs, representing a year-on-year increase of 1.2% [1] - From January to August 2025, the projected container throughput is 18.037 million TEUs, reflecting a year-on-year growth of 7.5% [1] Cargo Throughput - The company forecasts a cargo throughput of 49.878 million tons for August 2025, which is a year-on-year increase of 2.0% [1] - For the period from January to August 2025, the expected cargo throughput is 385.870 million tons, showing a year-on-year growth of 2.5% [1]