Core Viewpoint - Qingdao Port's stock experienced a slight decline of 0.23% on October 20, with a trading volume of 133 million yuan, indicating a low level of financing and short-selling activity [1][2]. Financing Summary - On October 20, Qingdao Port had a financing buy amount of 5.73 million yuan and a financing repayment of 9.91 million yuan, resulting in a net financing outflow of 4.18 million yuan [1]. - As of October 20, the total financing and securities lending balance for Qingdao Port was 97.16 million yuan, with the financing balance at 97.09 million yuan, accounting for 0.21% of the circulating market value, which is below the 40th percentile level over the past year, indicating a low financing level [1]. Short Selling Summary - On October 20, Qingdao Port had a short-selling repayment of 13,300 shares, with no shares sold short, resulting in a short-selling amount of 0.00 yuan [1]. - The remaining short-selling volume was 8,100 shares, with a short-selling balance of 70,000 yuan, which is below the 20th percentile level over the past year, indicating a low level of short-selling activity [1]. Company Overview - Qingdao Port International Co., Ltd. was established on November 15, 2013, and listed on January 21, 2019. The company 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]. - As of June 30, the company reported a revenue of 9.43 billion yuan for the first half of 2025, representing a year-on-year growth of 4.04%, and a net profit attributable to shareholders of 2.84 billion yuan, reflecting a year-on-year increase of 7.58% [2]. Shareholder Information - As of June 30, 2025, the number of shareholders for Qingdao Port was 35,700, an increase of 14.46% compared to the previous period [2]. - The top ten circulating shareholders include the Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF, which is the eighth largest shareholder with 22.62 million shares, and Hong Kong Central Clearing Limited, the tenth largest shareholder with 19.28 million shares, which increased its holdings by 20,100 shares compared to the previous period [3].

10月20日，在山东港口青岛港，一艘货轮在拖船辅助下停靠集装箱码头（无人机照片）。 新华社图 文、新华社图表 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [3] Core Views - The express logistics sector is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. The long-term outlook for e-commerce express logistics is positive due to healthy competition [3][13] - The shipping sector is expected to benefit from the OPEC+ production increase and the Federal Reserve's interest rate cuts, with a notable improvement in VLCC freight rates anticipated in Q4 2025 [13] - The aviation industry is seeing stable demand growth, with supply chain issues leading to increased costs for airlines. The overall passenger demand is projected to grow by 10.4% in 2024, outpacing capacity growth [9][14] Summary by Sections Express Logistics - In September 2025, major express companies reported improved performance, with YTO, Shentong, and Yunda achieving business volumes of 2.627 billion, 2.187 billion, and 2.110 billion pieces, respectively, representing year-on-year growth of 13.64%, 9.46%, and 3.63% [3][27] - The average revenue per piece for these companies also saw increases, indicating a trend of rising prices in the express delivery sector [3][27] Shipping and Ports - The implementation of new port fees between China and the US is expected to create a dual market structure, granting strategic pricing power to compliant shipping capacities [5] - China has secured pricing power for iron ore, marking a significant shift in global commodity trade dynamics [6] - The Shanghai Container Freight Index (SCFI) rose by 12.9% week-on-week, indicating a positive trend in shipping rates [7] Aviation - The International Air Transport Association (IATA) reported that supply chain bottlenecks are delaying aircraft production, leading to increased costs for airlines, estimated to exceed $11 billion in 2025 [9] - Chinese airlines collectively oppose the US Department of Transportation's proposed flight restrictions, highlighting concerns over operational impacts [10] Road and Rail - National logistics operations were reported to be running smoothly, with significant increases in highway freight traffic [12] - The National Development and Reform Commission plans to enhance electric vehicle charging infrastructure along highways by 2027 [12] Overall Market Performance - From October 13 to October 17, 2025, the transportation sector index increased by 0.73%, outperforming the Shanghai Composite Index, which fell by 1.47% [18]

Core Insights - Qingdao Port's stock price increased by 0.58% on October 17, with a trading volume of 141 million yuan [1] - The company reported a net financing purchase of 1.6682 million yuan on the same day, indicating a low financing balance relative to its market value [1][2] Financial Performance - For the first half of 2025, Qingdao Port achieved a revenue of 9.434 billion yuan, representing a year-on-year growth of 4.04% [2] - The net profit attributable to shareholders for the same period was 2.842 billion yuan, reflecting a year-on-year increase of 7.58% [2] Shareholder Information - Since its A-share listing, Qingdao Port has distributed a total of 12.818 billion yuan in dividends, with 5.687 billion yuan paid out in the last three years [3] - As of June 30, 2025, the number of shareholders increased by 14.46% to 35,700 [2][3]

Core Viewpoint - Qingdao Port is positioned favorably due to its strategic location and recent developments, including a partnership with Huawei to enhance smart port operations, which may lead to growth opportunities in the shipping and logistics sector [2][3]. Group 1: Market Performance - On October 17, Qingdao Port's stock increased by 0.58%, with a trading volume of 141 million yuan and a turnover rate of 0.30%, resulting in a total market capitalization of 56.213 billion yuan [1]. - The stock has shown a dividend yield over the past three years of 4.80%, 4.74%, and 3.45% respectively, indicating a consistent return to shareholders [2]. Group 2: Business Operations - Qingdao Port primarily engages in the handling of containers, metal ores, coal, crude oil, and provides logistics and port value-added services, with the revenue composition being 56.72% from handling and related services, 36.96% from logistics and port value-added services, and smaller percentages from other port-related services [6]. - The company has demonstrated steady growth in revenue and profit, with a reported operating income of 9.434 billion yuan for the first half of 2025, reflecting a year-on-year increase of 4.04%, and a net profit attributable to shareholders of 2.842 billion yuan, up 7.58% [6]. Group 3: Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders for Qingdao Port reached 35,700, an increase of 14.46% from the previous period [6]. - The top ten circulating shareholders include notable entities such as the Southern S&P China A-share Large Cap Dividend Low Volatility ETF, which holds 22.6229 million shares, marking a new entry among major shareholders [8].

Core Points - The opening of the "Qingdao-Jeju" container shipping route marks the first regular international container service in Jeju's history, enhancing direct connectivity between Qingdao and Jeju and facilitating trade in Northeast Asia [1][3] Group 1: Trade and Economic Impact - Jeju and Shandong have strong industrial complementarity, making them significant trade partners, with Jeju exporting high-value products like semiconductors and seafood, while Shandong exports a variety of goods including construction materials and food [3] - The new shipping route will significantly improve logistics efficiency, creating a "next-day delivery" trade circle and injecting new vitality into Sino-Korean economic cooperation [3] - Previously, goods from Jeju relied on transfers through Busan or Incheon, taking 5 to 14 days to reach Qingdao, which increased logistics costs and risks; the new route reduces this time to 36 hours, particularly benefiting perishable and fast-moving consumer goods [3][4] Group 2: Shipping and Logistics - The "Shanport Rizhao" vessel, a smart container ship built by Shandong Port, has a length of 118 meters and a maximum capacity of 712 TEU, designed for versatile cargo including refrigerated and oversized items [4] - To ensure smooth operation of the new route, a "China-Korea Fast Line Green Channel" has been established, implementing measures like "advance declaration and on-site inspection" to facilitate the transport of high-value goods [4] - Qingdao Customs has designated personnel to provide full-process customs clearance guidance, ensuring efficient handling of export procedures based on vessel type and sailing plans [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何 損失承擔任何責任。 Qingdao Port International Co., Ltd. 青島港國際股份有限公司 （於中華人民共和國成立的股份有限公司） （股份代號：06198） 董事會會議通告 青島港國際股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於2025 年10月28日（星期二）召開董事會會議，藉以審議並批准（其中包括）本公司及其附屬公 司截至2025年9月30日止九個月之季度業績及其發佈。 承董事會命 青島港國際股份有限公司 董事長 蘇建光 中國·青島，2025年10月16日 於本通告日期，本公司執行董事為蘇建光先生及張保華先生；本公司非執行董事為李武成先生、朱濤 先生、崔亮先生及王芙玲女士；及本公司獨立非執行董事為李燕女士、蔣敏先生及黎國浩先生。 ...

Core Viewpoint - Qingdao Port (06198.HK) announced that it will hold a board meeting on October 28, 2025, to review and approve the quarterly performance for the nine months ending September 30, 2025 [1] Summary by Category - **Company Announcement** - The board meeting is scheduled for October 28, 2025 [1] - The meeting will focus on reviewing and approving the quarterly performance of the company and its subsidiaries [1]

董事會會議通告 青島港國際股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於2025 年10月28日（星期二）召開董事會會議，藉以審議並批准（其中包括）本公司及其附屬公 司截至2025年9月30日止九個月之季度業績及其發佈。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何 損失承擔任何責任。 Qingdao Port International Co., Ltd. 青島港國際股份有限公司 （於中華人民共和國成立的股份有限公司） （股份代號：06198） 中國·青島，2025年10月16日 承董事會命 青島港國際股份有限公司 董事長 蘇建光 於本通告日期，本公司執行董事為蘇建光先生及張保華先生；本公司非執行董事為李武成先生、朱濤 先生、崔亮先生及王芙玲女士；及本公司獨立非執行董事為李燕女士、蔣敏先生及黎國浩先生。 ...

Group 1 - Qingdao Port's stock price decreased by 0.92% on October 15, with a trading volume of 159 million yuan [1] - The financing buy-in amount for Qingdao Port on the same day was 9.53 million yuan, while the financing repayment was 7.93 million yuan, resulting in a net financing buy of 1.60 million yuan [1] - As of October 15, the total financing and securities lending balance for Qingdao Port was 103 million yuan, with the current financing balance at 102 million yuan, accounting for 0.22% of the circulating market value, which is below the 50th percentile level over the past year [1] Group 2 - Qingdao Port International Co., Ltd. was established on November 15, 2013, and listed on January 21, 2019, with its main business involving the loading and unloading of various goods, logistics, and port value-added services [2] - The revenue composition of Qingdao Port includes 56.72% from loading and related services, 36.96% from logistics and port value-added services, and smaller percentages from other port-related services [2] - For the first half of 2025, Qingdao Port achieved an operating income of 9.43 billion yuan, a year-on-year increase of 4.04%, and a net profit attributable to shareholders of 2.84 billion yuan, up 7.58% year-on-year [2] Group 3 - Since its A-share listing, Qingdao Port has distributed a total of 12.82 billion yuan in dividends, with 5.69 billion yuan distributed in the last three years [3] - As of June 30, 2025, the number of shareholders of Qingdao Port was 35,700, an increase of 14.46% from the previous period [3] - Among the top ten circulating shareholders, the Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF (008163) is the eighth largest shareholder, holding 22.62 million shares as a new shareholder [3]