Investment Rating - The investment rating for the company is "Add" [3] Core Views - The company reported a strong performance in Q1 2025, with revenue of 4.81 billion yuan, a year-on-year increase of 8.5%, and a net profit attributable to shareholders of 1.4 billion yuan, up 6.5% year-on-year [1][7] - The growth in container throughput exceeded expectations, with a total cargo throughput of 177.06 million tons in Q1 2025, representing a 2.9% year-on-year increase, and container throughput of 8.22 million TEUs, up 7.2% year-on-year [7] - The company benefits from a strong regional advantage and a high proportion of profitable segments, particularly in container and liquid bulk cargo [7] Financial Data and Valuation - Total revenue projections for the company are as follows: 18.173 billion yuan in 2023, 18.941 billion yuan in 2024, and 19.6 billion yuan in 2025E, with a growth rate of -6%, 4%, and 3% respectively [2][14] - The projected net profit attributable to shareholders is 4.923 billion yuan in 2023, 5.235 billion yuan in 2024, and 5.513 billion yuan in 2025E, with growth rates of 9%, 6%, and 5% respectively [2][14] - The company’s PE ratio is projected to decrease from 11.9 in 2023 to 10.6 in 2025E, indicating a potential for valuation re-rating [2][14] Performance Metrics - The company achieved a gross profit margin of 38.6% in Q1 2025, an increase of 0.4 percentage points year-on-year [7] - The return on equity (ROE) is reported at 12.1%, which is among the highest in the industry [3][7] - The company maintains a low debt ratio of 26.0%, indicating strong financial health [3] Future Outlook - The company is expected to continue its growth trajectory, with net profits projected to reach 5.513 billion yuan in 2025, 5.745 billion yuan in 2026, and 5.975 billion yuan in 2027 [7] - The dividend payout ratio is expected to be 40%, with corresponding dividend yields of 3.8% for A-shares and 6.1% for H-shares in 2025 [7]

金融界2025年5月9日消息，国家知识产权局信息显示，青岛港国际股份有限公司取得一项名为"一种气 动自动脱钩牵引座"的专利，授权公告号CN222832929U，申请日期为2024年6月。 威海青威集装箱码头有限公司，成立于2005年，位于威海市，是一家以从事水上运输业为主的企业。企 业注册资本14000万人民币。通过天眼查大数据分析，威海青威集装箱码头有限公司参与招投标项目843 次，专利信息8条，此外企业还拥有行政许可14个。 专利摘要显示，本实用新型涉及牵引座技术领域，具体公开了一种气动自动脱钩牵引座，包括壳体，壳 体底端转动设置有底座，壳体侧壁上设置有延伸至壳体内部的拨杆，拨杆端部连接有弹簧，弹簧远离拨 杆一端连接在壳体内壁上，拨杆在靠近弹簧一端铰接有连接杆，拨杆端部还连接有气缸一；气缸一的活 塞杆铰接在拨杆上，气缸一的缸体铰接设置在壳体上；拨杆中部下方配合设置有气缸二；气缸一和气缸 二均连接有控制电路，控制电路用于控制气缸一和气缸二先后动作。与现有技术相比，通过气缸二的设 置，能够顶起拨杆，避免拨杆利用凹槽卡在壳体上，保证拨杆的顺畅动作，减少了安全隐患。 天眼查资料显示，青岛港国际股份有限公司，成立于 ...

青岛港转口贸易 3. 贸易形式灵活：转口贸易可以是纯*粹转口，即货物在第三国不经过加工再出口；也可以是加工转口， 即货物在第三国经过加工增值后再出口。 转口贸易的发展趋势 未来的转口贸易将在以下几个方面得到发展: 1. 转口贸易产品多样化：近年来，我国转口贸易的产品范围越来越广泛，涉及到机械、电子、纺织、日用 品、等众多领域。 2. 转口贸易服务多元化：针对企业在转口贸易中遇到的瓶颈问题，在服务提供和配套优惠方面会有所调整 和优化。 转口贸易报关公司 转口保税区报关操作 转口贸易又称中转贸易（intermediary trade），指国际贸易中进出口货品的生意，不是在生产国与消费国 之间直接进行，而是通过第三国易手进行的买卖。这种贸易对中转国来说即是转口贸易。贸易的货品能够 由出口国运往第三国，在第三国不通过加工（转换包装、分类、选择、收拾等不作为加工论）再销往消费 国；也能够不通过第三国而直接由生产国运往消费国，但生产国与消费国之间并不发生贸易联系，而是由 中转国分别同生产国和消费国发生贸易。由于中国是世界上遭遇反倾销最多的国家，所以这种贸易形式， 也几乎变成躲避贸易制裁的专用方式之一。I56**2II8* ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 青島港國際股份有限公司 呈交日期: 2025年5月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06198 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,099,025,000 | RMB | | | 1 RMB | | 1,099,025,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 1,099,025,000 | RMB | | | 1 RMB | | 1,099,025,000 | | 2. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In the first quarter of 2025, the company achieved operating revenue of 4.81 billion yuan, a year-on-year increase of 8.5%, and a net profit attributable to shareholders of 1.4 billion yuan, up 6.5% year-on-year [5][11] - The container throughput benefited from increased exports to the U.S., maintaining high growth, while bulk cargo, especially oil throughput, was under pressure due to low operating rates of local refineries [11] - The company's gross profit growth was mainly driven by high growth in container throughput, while investment income declined, possibly due to a decrease in liquid bulk cargo business volume [11] Summary by Sections Financial Performance - In Q1 2025, the company reported total cargo throughput of 177 million tons, a year-on-year increase of 2.9%, with container throughput of 8.22 million TEU, up 7.2% year-on-year [11] - The revenue for Q1 2025 was 4.81 billion yuan, with a cost of 2.95 billion yuan, resulting in a gross margin of 38.6%, an increase of 0.4 percentage points year-on-year [11] - The net profit margin was 32.0%, down 1.4 percentage points year-on-year [11] Business Outlook - The local refinery operating rates showed signs of stabilization, and the production of iron and steel is on the rise, which may lead to a recovery in oil and dry bulk cargo throughput [11] - The company expects net profits attributable to shareholders for 2025-2027 to be 5.48 billion, 5.71 billion, and 6.14 billion yuan, corresponding to P/E ratios of 10.2, 9.8, and 9.1 times, respectively [11]

Group 1 - Qingdao Port's stock closed at 8.86 yuan, up 2.19%, with a rolling PE ratio of 10.81, marking a new low in 12 days and a total market value of 57.511 billion yuan [1] - The average PE ratio for the shipping and port industry is 13.31, with a median of 14.58, placing Qingdao Port in 8th position within the industry [1] - As of the first quarter of 2025, 31 institutions hold shares in Qingdao Port, including 22 funds, with a total holding of 492,844.41 million shares valued at 48.397 billion yuan [1] Group 2 - Qingdao Port International Co., Ltd. specializes in the loading and unloading of various goods, including containers, metal ores, coal, and crude oil, along with logistics and port value-added services [2] - The company achieved a revenue of 4.807 billion yuan in the first quarter of 2025, representing 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] - Qingdao Port has received numerous national honors, including being recognized as one of the five exemplary benchmarks of world-class ports by the Ministry of Transport [2]

Group 1 - The core viewpoint of the news is the performance and growth of the State-Owned Enterprise Dividend Index and its related ETF, indicating a positive trend in the market for state-owned enterprises [1][2] - As of May 7, 2025, the State-Owned Enterprise Dividend Index (000824) increased by 0.68%, with notable gains from constituent stocks such as Everbright Bank (up 2.39%) and Qingdao Port (up 2.31%) [1] - The State-Owned Enterprise Dividend ETF (159515) saw a growth of 0.85%, with the latest price reported at 1.07 yuan, reflecting strong investor interest [1] Group 2 - The State-Owned Enterprise Dividend ETF experienced a significant increase in scale, growing by 3.2029 million yuan over the past two weeks, ranking it in the top half among comparable funds [1] - The ETF's share count also rose by 3.3 million shares in the same period, indicating robust demand [1] - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, injecting approximately 1 trillion yuan into the market, which is expected to positively impact the banking sector [2] Group 3 - The top ten weighted stocks in the State-Owned Enterprise Dividend Index as of April 30, 2025, include COSCO Shipping Holdings and Jizhong Energy, collectively accounting for 15.18% of the index [3] - The index is designed to reflect the overall performance of high dividend yield securities from state-owned enterprises, focusing on companies with stable dividends and significant liquidity [2]

特此公告。 青岛港国际股份有限公司董事会 青岛港国际股份有限公司 关于参加 2025 年青岛辖区上市公司投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，青岛港国际股份有限公司（以下简称"公 司"）将参加由青岛证监局指导，青岛市上市公司协会与深圳市全景网络有限公 司联合举办的"2025 年青岛辖区上市公司投资者网上集体接待日活动"，现将相 关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）或关注微信公众号（名称：全景财经）或下载全景路演APP， 参与本次互动交流。活动时间为2025年5月12日（周一）15:00-17:00。届时公司 董事长、总经理、董事会秘书将以在线交流形式就公司治理、发展战略、经营状 况、融资计划和可持续发展等投资者关注的问题与投资者进行沟通与交流，欢迎 广大投资者踊跃参与！ 证券代码：601298 证券简称：青岛港 公告编号：临 2025-022 2025年5月7日 ...

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]

开栏的话：跨境贸易便利化专项行动4月24日启动。"海关发布"从今天起推出专栏"跨境贸易便利化专项行动进行时"，介绍相关单位聚焦广大 企业需求，加大政策供给，解决实际问题，以更优口岸营商环境激发活力。 4月29日，山东港口青岛港上，"阿勒山"轮缓缓靠泊。两名海关关员操作无人机，利用智慧鉴重系统，仅用几十分钟就完成了货舱装载重量的载重计算。 "以前海关关员要乘坐小艇绕船才能完成水尺读取，之后还要核对船舶数据信息，手工计算重量，最快也要一个半小时才能得出最终鉴定结果。"中国外运 华中有限公司大宗商品事业部经理王阳军说，现在依托智慧鉴重，整个过程用时缩短了30%以上。 海关关员使用无人机进行水尺观测 为破解传统大宗散货重量鉴定以人工计算为主、作业耗时冗长的难题，青岛海关创新监管模式，开发上线"进口大宗商品重量鉴定智慧管理系统"，依托信 息化互联手段，实现了自动提取报关单基础数据、自动计算全船货物重量。同时，在大宗散货水尺鉴定中引入无人机设备，有效克服了不良天气等因素对 水尺计重效率的影响。 "在智慧系统和智能装备的双重加持下，平均每年可减少港区压港时长600小时以上。"青岛海关所属黄岛海关查检二处查检三科副科长张诚介 ...