Investment Rating - The report maintains a "Recommendation" rating for the transportation industry [3] Core Insights - The transportation industry is experiencing a recovery, with various segments showing potential for growth, particularly in shipping, infrastructure, aviation, and express delivery [7][19][22][20] Shipping - The shipping sector is seeing mixed price movements, with the SCFI for the US East route down 17.2% and the Southeast Asia route up 6.4% [11] - The report highlights the importance of monitoring the price increases in container shipping and the potential recovery in oil tanker rates due to improved US-China trade relations [16][12] Infrastructure - Key metrics indicate a decline in truck traffic and railway cargo, while port throughput has increased significantly, suggesting a shift in market dynamics [17][18] - The report emphasizes the potential for dividend stocks in the infrastructure sector, particularly in ports, which are currently undervalued [19] Aviation - The aviation sector shows a positive trend with a 7.2% year-on-year increase in passenger volume, driven by improved demand and a low base effect [22] - The report suggests that the industry is poised for profitability in 2026, with a focus on valuation recovery and potential investment opportunities in major airlines [22] Express Delivery - The express delivery sector is benefiting from a reduction in price competition, with a notable increase in business volume and revenue [20] - The report indicates that the "anti-involution" policies are helping to stabilize prices and improve profitability in the sector [20] Logistics - The logistics segment is experiencing stable performance, with cross-border air freight prices showing a week-on-week increase [23] - The report notes the importance of monitoring the daily traffic at key ports and the implications for logistics operations [23]

Core Viewpoint - Qingdao Port has officially launched a direct shipping route to Southeast Asia, enhancing trade efficiency between Northern China and Southeast Asia through the new Mediterranean Southeast Asia route (SAMBAR) [1][3]. Group 1: New Shipping Route - The Mediterranean Southeast Asia route will operate with six vessels, connecting ports including Dalian, Tianjin New Port, Qingdao, and Da Chan Bay, reaching key Southeast Asian hubs such as Dong Nai in Vietnam, Laem Chabang in Thailand, and Singapore [3]. - This new route is expected to significantly improve trade efficiency for Northern Chinese enterprises, offering "fast and intensive" transportation options [3]. Group 2: Benefits for Enterprises - The new shipping line provides tangible benefits for businesses in the hinterland, facilitating efficient access for "Made in China" products to the Southeast Asian market and creating a fast track for high-quality agricultural products and raw material imports [3]. - Qingdao Port aims to support a smooth "import-export cycle" through comprehensive service offerings for the new route [3]. Group 3: Qingdao Port's Position - Qingdao Port is a crucial international trade hub in China, currently operating nearly 240 foreign trade routes, the highest among Northern Chinese ports [3]. - The port connects over 700 ports in more than 180 countries and regions, establishing a comprehensive international shipping network that links East Asia, Central Asia, ASEAN, and Russia [3]. - In 2023, Qingdao Port has continued to enhance its role as an international shipping center by launching 17 new container shipping routes, including those to the Middle East and Southeast Asia [3].

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - In Q3 2025, the company achieved operating revenue of 4.8 billion yuan, a year-on-year decrease of 2.2%, and a net profit attributable to shareholders of 1.34 billion yuan, an increase of 3.8% year-on-year. The net profit after deducting non-recurring items was 1.3 billion yuan, up 0.3% year-on-year. The container segment faced pressure due to slowing export growth, but the company demonstrated operational resilience and is expected to maintain stability in the future. The dry bulk segment showed improvement in imports, with potential for upward movement as the industry rebounds from its bottom. The liquid bulk segment has seen a significant recovery in demand [2][5][11]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported operating revenue of 14.24 billion yuan, a year-on-year increase of 1.7%, and a net profit of 4.18 billion yuan, up 6.9% year-on-year. In Q3 alone, the operating revenue was 4.8 billion yuan, down 2.2% year-on-year, while the net profit was 1.34 billion yuan, up 3.8% year-on-year [5][11]. Container Segment - The container throughput in Q3 2025 reached 8.81 million TEU, a year-on-year increase of 6.0%. Despite a 4.0% year-on-year decline in container cargo volume on the Asia-North America route, the company outperformed the industry with a 6.0% growth in container throughput [11]. Dry Bulk and Liquid Bulk Segments - The dry bulk segment showed a mixed performance in import growth, with total imports increasing by 4.2% year-on-year and 8.6% quarter-on-quarter. The liquid bulk segment benefited from a recovery in demand, with the average operating rate of independent refineries in Shandong rising to 48.8% [11]. Future Outlook - The report anticipates steady growth in the container segment, supported by China's expanding export to "Belt and Road" countries and emerging markets. The dry bulk demand is expected to stabilize, while the liquid bulk segment is projected to continue its recovery, with a narrowing decline in import volumes expected in Q4 [11]. Profit Forecast - The company’s net profit is projected to be 5.53 billion yuan, 5.90 billion yuan, and 6.34 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 10.2, 9.5, and 8.9. The expected dividend yield for the same years is 3.8%, 4.1%, and 4.4% [11].

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 FF301 截至月份: 2025年10月31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11月6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 ...

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10月31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11月6日 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601298 | 說明 | 於上海證券交易所上市 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,392,075,000 RMB | | 1 | RMB | | 5,392,075,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 5,392,075,000 RMB | | 1 | RMB | | 5,392,075,000 | 本月底法定/註冊股本總額： RMB 6,49 ...

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） 海外監管公告 本公告乃青島港國際股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上 市規則第13.10B條作出。 以下為本公司於上海證券交易所網站（www.sse.com.cn）刊發之《青島港國際股份有限 公司關於召開2025年第三季度業績說明會的公告》，僅供參閱。 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11月6日 於本公告日期，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、吳 宇女士、崔亮先生及王芙玲女士；及本公司獨立非執行董事為鄒國強先生、李曉慧女士及姜省路先 生。 证券代码：601298 证券简称：青岛港 公告编号：临 2025-039 青岛港国际股份有限公司 关于召开 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601298 证券简称：青岛港 公告编号：临2025-039 青岛港国际股份有限公司 关于召开2025年第三季度业绩说明会的公告 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。 重要内容提示： ● 会议召开时间：2025年11月13日（星期四）15:00-16:00 ● 投资者可于2025年11月6日（星期四）至11月12日（星期三）16:00前登录上证路演中心网站首页点 击"提问预征集"栏目，或通过公司邮箱（qggj@qdport.com）进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 青岛港国际股份有限公司（以下简称"公司"）已于2025年10月28日发布《青岛港国际股份有限公司2025 年第三季度报告》。为便于广大投资者更全面深入地了解公司2025年第三季度经营成果、财务状况，公 司计划于2025年11月13日（星期四）15:00-16:00举行2025年第三季度业绩说明会，就投资者关心的问题 进行交流。 一、说明会类型 本次业绩说明会以网络互动形 ...

Core Viewpoint - Qingdao Port is strategically positioned in the Bohai Sea region and benefits from the China-South Korea Free Trade Agreement, enhancing its operational advantages in the Northeast Asia port network [2] Company Overview - Qingdao Port International Co., Ltd. was established on November 15, 2013, and listed on January 21, 2019. Its main business includes loading and unloading various goods such as containers, metal ores, coal, and crude oil, along with logistics and port value-added services [6] - The revenue composition of the company is as follows: 56.72% from loading and related services, 36.96% from logistics and port value-added services, 3.25% from oil, electricity, and other sales, 1.95% from rental income, and 1.13% from engineering and labor services [6] - As of September 30, 2025, Qingdao Port achieved an operating income of 14.238 billion yuan, a year-on-year increase of 1.86%, and a net profit attributable to shareholders of 4.180 billion yuan, a year-on-year increase of 6.33% [6] Dividend Information - Since its A-share listing, Qingdao Port has distributed a total of 12.818 billion yuan in dividends, with 5.687 billion yuan distributed over the past three years [7] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders of Qingdao Port include Southern S&P China A-Share Large Cap Dividend Low Volatility ETF, holding 25.5069 million shares, and Hong Kong Central Clearing Limited, holding 22.3567 million shares, both showing increases in holdings compared to the previous period [8] Market Activity - On November 5, Qingdao Port's stock price decreased by 0.69%, with a trading volume of 110 million yuan and a turnover rate of 0.24%, resulting in a total market capitalization of 56.148 billion yuan [1] - The stock has seen a net outflow of 3.9516 million yuan from main funds today, with a ranking of 21 out of 35 in its industry [3]

证券代码：601298 证券简称：青岛港 公告编号：临 2025-039 青岛港国际股份有限公司 关于召开2025年第三季度业绩说明会的公告 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。 重要内容提示： 投资者可于 2025 年 11 月 6 日（星期四）至 11 月 12 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目，或通过公司邮箱 （qggj@qdport.com）进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 青岛港国际股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日发布 《青岛港国际股份有限公司 2025 年第三季度报告》。为便于广大投资者更全面 深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 13 日（星期四）15:00-16:00 举行 2025 年第三季度业绩说明会，就投资者关 心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2025 年第三季度的经营 成果及财务指标的具 ...

Core Insights - Qingdao Port demonstrated strong resilience in Q3, with significant increases in various cargo throughput, including a 15% rise in soybean, over 20% in steel, and more than 50% in vehicle exports, amidst a complex international trade environment [1][2] Group 1: Cargo Performance - Soybean throughput increased by 15%, ensuring stability in the food supply chain [1] - Pulp throughput grew by 7%, playing a crucial role in the paper industry [1] - Steel throughput surged by over 20%, while machinery equipment throughput rose by nearly 10% [1] - Vehicle exports skyrocketed by over 50%, supporting the acceleration of China's manufacturing sector [1] Group 2: Strategic Initiatives - Qingdao Port expanded its international shipping network by adding new routes to regions such as India, Africa, and Southeast Asia, enhancing the logistics channels for the Belt and Road Initiative [2] - The port focused on key cargo types, establishing four specialized distribution and transshipment bases for grain, pulp, steel, and machinery [2] - By innovating operational models and optimizing resource allocation, Qingdao Port achieved both efficiency and volume growth [2] Group 3: Economic Role - As a vital economic barometer, Qingdao Port supports national strategies during a period of structural optimization and energy transition in China's foreign trade [2] - The port aims to enhance the dual circulation logistics network, contributing to the stability of global industrial and supply chains [2]