盛夏的胶州湾，海风裹挟着咸湿的气息扑面而来。7月16日清晨，晨曦微露，山东港口青岛港前湾港区 已呈现一派繁忙景象。 四艘拖轮迎着风，稳稳驶向远处即将进港的大船。其中，一艘拖轮身姿矫捷。它个头不大，动力却异常 强劲，船身上"氢电拖1"四个大字格外醒目。 它正是全国首艘氢电拖轮，也是全国马力最大、锂电池容量最大的港作拖轮。其创新搭载"氢燃料电池 +液冷锂电池"混动系统，可实现真正意义上的零碳排放。 "小块头"蕴含大能量 "氢电拖1"轮长39米，由青岛港"连钢创新团队"设计、镇江船厂承建，今年6月在青岛港正式投用。此 次，它执行的任务是辅助15万吨巨轮"达飞利拉"号靠泊。与万吨级的巨轮相比，"氢电拖1"轮显得"身材 娇小"。 待完成系缆作业，与"达飞利拉"号紧紧绑定在一起后，"氢电拖1"轮开始发力，拽着船头向码头驶 去。"这船开起来动力很猛，别看它个头不大，肚子里可装着强劲的动力系统。""氢电拖1"轮船长周子 祥介绍说，"氢电拖1"轮搭载的"氢燃料电池+液冷锂电池"混动系统，能输出7000匹马力。 7000匹马力的背后，是氢燃料电池与锂电池串联混动的完美融合。"拖轮搭载的集装箱式质子交换膜氢 燃料电池系统，通过电化 ...

Core Viewpoint - The Shandong Provincial Government has approved the "Shandong Port and Waterway Layout Plan (2025-2035)", aiming to enhance the province's port and waterway infrastructure to support ecological protection, high-quality development, and regional economic growth [4]. Group 1: Port and Waterway Development Goals - The plan aims to create a modern water transport system that connects coastal ports and inland waterways, focusing on a dual opening strategy towards Northeast Asia and the "Belt and Road" initiative [4]. - By 2035, Shandong aims to establish a "fully capable, strongly supported, safe, efficient, smart, and green" port and waterway system, with a world-class marine port cluster and a comprehensive inland waterway network [4]. Group 2: Port Layout and Structure - The coastal port layout includes Qingdao Port as the leading international hub, supported by Yantai Port and Rizhao Port, with regional ports like Weihai, Binzhou, Dongying, and Weifang as supplements, forming a "three main and four auxiliary" structure [5]. - The inland port layout centers around Jining Port, with supporting ports in Zaozhuang, Heze, Tai'an, and Jinan, creating a "one main, four auxiliary, and multiple points" structure [5]. Group 3: Waterway Network - The inland waterway network will consist of high-grade national waterways such as the Grand Canal and Xiaoqing River, with a total length of approximately 3,100 kilometers, structured as "one vertical, two horizontals, and three main and multiple branches" [5]. Group 4: Transportation Systems - The plan includes the development of a container transport system and a transportation system for energy and important materials, focusing on coal, crude oil, bulk grain, imported iron ore, bauxite, and liquefied natural gas [5]. - A specialized and efficient port transportation system categorized into "three categories and ten types" will be established to optimize port transport structure and support the logistics needs of key industries [5]. Group 5: Implementation and Innovation - Cities are required to develop and implement their port plans in accordance with national laws and the provincial regulations, enhancing intermodal transport and promoting integrated development [6]. - The plan emphasizes technological innovation, the construction of smart ports and waterways, and the promotion of green and safe water transport [6].

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2025 年 07 月 21 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 联系人 板块表现： 快递 6 月数据明显分化，关注行业反内卷进程 投资评级： 看好（维持） —交通运输行业周报（2025 年 7 月 14 日-2025 年 7 月 20 日） 投资要点： 一、行业动态跟踪 快递物流： 1）各家快递公司发布 6 月经营业绩，顺丰业务量增速维持 30%+，"通达系"中圆 通增速保持领先。2025 年 6 月圆通/韵达/申通/顺丰完成业务量 26.27 / 21.73 /21 ...

在新旧动能加速转换、产业链深度重构、产融协同需求凸显的当下，创新是企业的发展根基、转型支点 和突围利器。 作为全球全自动化集装箱码头的技术标杆，如今智能化作业体系与运营效能持续引领行业发展前沿的青 岛港自动化码头，就诞生于新旧动能转换和港口转型升级之际。 桥吊自动对位、箱区智能调度、作业数据实时回传……十八般"武艺"让山东港口青岛港（601298）自动 化集装箱码头装卸量屡破世界纪录，在巨轮昼夜穿梭、集装箱高效流转的繁忙景象背后，有着"中国港 口看青岛"的深刻印记。 在顶级足球体育赛事频频亮相的海信家电（000921），彰显中国制造向中国创造转变、中国产品向中国 品牌转变的新气质和新风貌。 空调一键换新空气、冰箱化身家庭食材管家、洗衣机智能分区健康洗护……连续16年稳居国际调研机构 欧睿国际全球大型家电品牌零售量第一名的海尔，正在用一系列"黑科技"家电让千万家庭的个性化需求 被高效满足，更印证着"中国智造"从满足需求到引领生活方式的硬核跨越。 在全球产业升级的浪潮中，一批扎根青岛的制造企业因前沿的技术、独有的工艺、过硬的产品频频在全 球范围"出圈"，但又持续面临新的发展挑战：智能技术迭代速度加快带来的研发压力 ...

该基金属于灵活配置型基金。截至7月17日，单位净值为1.197元。基金经理是贲兴振和范国华。 AI基金银华混改红利灵活配置混合发起式A（005519）披露2025年二季报，第二季度基金利润156.49万元，加权平均基金份额本期利润0.0559元。报告期 内，基金净值增长率为5.01%，截至二季度末，基金规模为3264.97万元。 基金管理人在二季报中表示，本产品坚持低波红利策略选股，上半年跑赢了基准，我们会在自己的低波红利选股策略框架内，不断完善方法论，争取获得相 对于基准的持续稳定超额。 截至7月17日，银华混改红利灵活配置混合发起式A近三个月复权单位净值增长率为6.99%，位于同类可比基金582/880；近半年复权单位净值增长率为 8.91%，位于同类可比基金380/880；近一年复权单位净值增长率为2.26%，位于同类可比基金790/880；近三年复权单位净值增长率为-26.93%，位于同类可 比基金726/870。 通过所选区间该基金净值增长率分位图，可以观察该基金与同类基金业绩比较情况。图为坐标原点到区间内某时点的净值增长率在同类基金中的分位数。 截至6月30日，基金近三年夏普比率为-0.5078， ...

Core Viewpoint - The latest data from the General Administration of Customs indicates that China's total import and export trade reached 21.79 trillion yuan in the first half of the year, reflecting a year-on-year growth of 2.9% despite a complex environment. Qingdao has made significant progress in the global shipping center rankings, moving from 15th to 13th place, surpassing major ports in Northeast Asia such as Tokyo and Busan for the first time [1][3]. Group 1: Qingdao's Shipping Center Development - Qingdao is accelerating its international shipping center construction with unprecedented determination and effort, although it faces challenges such as the "strong port, weak shipping" characteristic and competition with nearby ports [2][10]. - The port's throughput continues to grow, with Qingdao Port achieving cargo and container throughput of 710 million tons and 30.87 million TEUs respectively in 2024, ranking 4th and 5th globally [6]. - Qingdao Port has made notable advancements in green transformation and intelligent upgrades, including the integration of hydrogen energy and 5G technology, and achieving a 15% increase in operational efficiency through digital transformation [7][8]. Group 2: Challenges and Strategic Plans - Despite its strengths, Qingdao Port's shipping service ranking is lower than its overall ranking, indicating a need to enhance its soft power in shipping services, finance, and legal arbitration [9][10]. - Qingdao has outlined a three-year action plan (2024-2026) to build an international shipping center, aiming to establish itself as a hub in Northeast Asia and enhance its competitiveness [11]. - The port's future plans include transitioning from a logistics port to a hub port, trade port, financial port, and smart port, with a focus on improving its international shipping center competitiveness [13]. Group 3: Competition and Integration - Qingdao Port faces competition from nearby ports such as Rizhao and Yantai, which complicates resource allocation and market positioning [18]. - The Shandong Port Group was established to address issues of fragmented management and homogeneous competition among ports in the region, with ongoing efforts to integrate resources from Rizhao and Yantai [19]. - The integration process should adhere to market principles to ensure fair and reasonable transactions, which is crucial for Qingdao's advancement in the shipping industry [19].

Core Viewpoint - Qingdao Port's stock closed at 8.99 yuan, up 1.93%, with a rolling PE ratio of 10.97, marking a new low in 16 days, and a total market value of 58.355 billion yuan [1] Group 1: Company Overview - Qingdao Port International Co., Ltd. specializes in the loading and unloading of various goods including containers, metal ores, coal, and crude oil, as well as logistics and port value-added services [2] - The company has received numerous honors, including the National Quality Management Award and recognition as one of the top five exemplary world-class ports in China [2] - The latest performance report for Q1 2025 shows an operating income of 4.807 billion yuan, a year-on-year increase of 8.51%, and a net profit of 1.402 billion yuan, up 6.51%, with a gross profit margin of 38.57% [2] Group 2: Industry Comparison - The average PE ratio for the shipping and port industry is 14.30, with a median of 14.99, placing Qingdao Port in 8th position among its peers [1][3] - The total market value of the industry averages 28.975 billion yuan, with the median at 13.829 billion yuan [3] - Other companies in the industry have varying PE ratios, with China Merchants Port at 11.19 and COSCO Shipping Energy at 14.07, indicating a competitive landscape [3]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the need for the express delivery industry to shift towards high-quality development, as the State Post Bureau opposes "involution" competition and aims to improve service quality [4] - The express delivery sector is currently experiencing a decline in per-package revenue, with major companies like Zhongtong, Yuantong, Yunda, and Shentong showing year-on-year decreases in revenue per package [4] - Jitu's Southeast Asian market has seen significant growth, with a total package volume of 7.392 billion pieces in Q2 2025, a year-on-year increase of 23.5% [5] - The airline industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends indicating potential for growth [12] - The shipping sector is anticipated to improve due to OPEC+ production increases and the Federal Reserve's interest rate cuts, with specific recommendations for companies like China Merchants Energy and COSCO Shipping [12] Summary by Sections Express Delivery - The express delivery market is facing intense competition, with major players experiencing a decline in revenue per package [4] - The report suggests that regulatory changes could help improve the situation by reducing low-cost competition and enhancing the performance of leading companies [4][12] Airline Industry - The airline sector is characterized by long-term low supply growth, but demand is expected to benefit from macroeconomic recovery [12] - Key companies to watch include China National Aviation Holding, Southern Airlines, and HNA Group [12] Shipping and Ports - The report indicates a positive outlook for oil transportation due to OPEC+ production increases and potential interest rate cuts [12] - Recommendations include focusing on companies like China Merchants Energy and COSCO Shipping for their growth potential in the shipping market [12] Road and Rail - The report notes that the Daqin Railway experienced a year-on-year decrease in freight volume in June 2025, while overall logistics operations remain stable [11][12] - Companies like Zhongyuan Expressway and Sichuan Chengyu are highlighted for their growth potential due to infrastructure developments [12]

Core Insights - The "2025 Global Shipping Center Development Index Report" indicates that Qingdao has improved its ranking from 15th in 2024 to 13th in 2025 among the top 20 global shipping center cities, reflecting progress in its international shipping center construction [1][3][5] Group 1: Global Shipping Industry Overview - The shipping industry accounts for 80% of global goods transportation, serving as a vital artery for global trade and regional economic prosperity [3] - The report evaluates 43 global shipping center cities based on port conditions, shipping services, and overall environment, providing a comprehensive assessment for policymakers and industry stakeholders [3] Group 2: Qingdao's Shipping Center Development - Qingdao's port has a vast economic hinterland, robust infrastructure, and advanced container terminal automation technology, positioning it as a key hub in China's transportation system [3][5] - The port's cargo throughput reached 710 million tons, and container throughput reached 30.87 million TEUs, ranking 4th and 5th globally, respectively [3] Group 3: China's Shipping Centers Performance - During the 14th Five-Year Plan period, major Chinese shipping centers have shown steady improvement in rankings, with Shanghai and Hong Kong maintaining 3rd and 4th positions globally [5] - Qingdao's shipping service score ranks 16th, indicating a significant gap between its soft and hard power in shipping services [5] Group 4: Future Development Plans for Qingdao - Qingdao's "International Shipping Center Construction Three-Year Action Plan (2024-2026)" outlines 13 key tasks aimed at enhancing its shipping center capabilities [7][8] - By 2026, Qingdao aims to achieve a cargo throughput of over 770 million tons and container throughput exceeding 36 million TEUs, with a target of establishing a world-class international shipping center by 2035 [8]

Core Insights - The report released on July 11 highlights the comprehensive strength of global shipping center cities, with Singapore, London, and Shanghai leading the rankings for 2025 [2] - Qingdao has made significant progress, rising from 15th in 2024 to 13th in 2025, surpassing major Northeast Asian ports like Tokyo and Busan [2][3] - The report indicates that Qingdao's port has impressive "hard power" metrics, ranking fourth in cargo throughput at 710 million tons and fifth in container throughput at 30.87 million TEUs in 2024 [2] Group 1: Qingdao's Achievements - Qingdao's port conditions are ranked second globally due to high container operation efficiency and significant throughput capacity [2] - A major infrastructure project worth approximately 77 billion yuan is underway to enhance port capabilities, focusing on specialized terminals and transportation systems [2] Group 2: National Context - Qingdao's rise is part of a broader trend, with other Chinese ports like Shanghai, Hong Kong, Ningbo-Zhoushan, Guangzhou, and Tianjin also improving their global rankings [3] - Chinese ports now occupy seven positions in the top 20, indicating a shift in the global shipping landscape [3] Group 3: Challenges and Future Plans - Despite its achievements, Qingdao ranks only 16th in shipping service capabilities, highlighting a gap between hard and soft power metrics [5] - The "International Shipping Center Construction Three-Year Action Plan (2024-2026)" outlines 13 key tasks, emphasizing the need to strengthen shipping financial services and enhance maritime legal capabilities [7] - Qingdao aims to achieve a cargo throughput of over 770 million tons and container throughput exceeding 36 million TEUs by 2026, while also focusing on expanding logistics value [7]