Core Viewpoint - Bohai Ferry's stock price has shown a mixed performance in recent trading sessions, with a year-to-date increase of 21.74% but a decline over the last 20 and 60 days, indicating potential volatility in the market [1][2]. Financial Performance - For the first half of 2025, Bohai Ferry reported a revenue of 728 million yuan, a year-on-year decrease of 5.02%, and a net profit attributable to shareholders of 102 million yuan, down 2.95% compared to the previous year [2]. - Cumulatively, since its A-share listing, Bohai Ferry has distributed a total of 2.122 billion yuan in dividends, with 924 million yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Bohai Ferry increased to 24,300, reflecting a 1.48% rise, while the average number of circulating shares per person decreased by 1.45% to 19,326 shares [2]. - New institutional shareholders include Invesco Great Wall CSI Dividend Low Volatility 100 ETF, holding 6.2048 million shares, and several other funds that have recently entered the top ten shareholders list [3]. Stock Market Activity - On October 14, Bohai Ferry's stock rose by 2.04%, reaching 9.52 yuan per share, with a trading volume of approximately 48.6946 million yuan and a turnover rate of 1.10% [1]. - The stock has experienced a net inflow of 485,700 yuan from major funds, with significant buying and selling activity noted in large orders [1].

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - The report highlights a slowdown in holiday shipments and a decline in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded [3][14] - Shenzhen has introduced detailed policies to support low-altitude economic development, and international flight routes have resumed during the 2025 National Day and Mid-Autumn Festival holidays [3][16] - China's express delivery volume reached 150 billion packages ahead of schedule, with strategic cooperation agreements signed between YTO Express and Huizhou [3][23] Summary by Sections Industry Hotspot Events - Holiday shipments have slowed, leading to a drop in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded. The China Import Crude Oil Comprehensive Index (CTFI) was reported at 1407.48 points, down 26.2% from September 25 [3][14] - Shenzhen's transportation bureau released measures to support low-altitude economic development, effective from October 9, 2025, to December 31, 2026. During the holiday, civil aviation transported 19.138 million passengers, with an average of 2.392 million passengers per day, a year-on-year increase of 3.2% [3][16][18] - As of October 11, 2025, China's express delivery volume surpassed 150 billion packages, achieving this goal 37 days ahead of schedule compared to 2024. A strategic cooperation agreement was signed between the Huizhou government and YTO Express [3][23][24] Industry High-Frequency Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was reported at 4621.00 points, down 5.3% year-on-year but up 1.3% month-on-month [28] - In September 2025, domestic cargo flights increased by 3.05% year-on-year, while international flights rose by 15.86% year-on-year [33] - The SCFI index for container shipping was reported at 1160.42 points, up 4.12% week-on-week but down 43.74% year-on-year [40] Investment Recommendations - The report suggests focusing on the equipment and manufacturing industrial product export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - It also highlights investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [4] - The report advises attention to the road and rail sector, recommending companies like Gansu Expressway, Beijing-Shanghai High-Speed Railway, and Anhui Expressway [4][5]

Core Viewpoint - The launch of the "Green Anping" ferry by Bohai Ferry Group marks a significant advancement in the cross-sea transportation of electric vehicles, addressing the growing demand for such services in the Bohai Rim region [1][3]. Group 1: New Service Launch - The "Green Anping" ferry will officially start operations on the Weihai-Dalian route on October 1, 2025, providing a new cross-sea transportation solution for electric vehicle owners [1]. - This new route follows the successful introduction of the "Green Antong" and "Green Anda" ferries, which initiated the Yantai-Dalian electric vehicle roll-on/roll-off transport service [1]. Group 2: Government Support and Infrastructure - The Weihai municipal government has prioritized addressing the transportation challenges faced by electric vehicle owners, emphasizing the need for effective solutions to meet public travel demands [3]. - The ferry's operation is a result of collaborative efforts among various transportation, maritime, and port authorities in both Shandong and Liaoning provinces [3]. Group 3: Safety and Technical Upgrades - The "Green Anping" ferry has undergone comprehensive technical upgrades to ensure it meets and exceeds safety standards for transporting electric vehicles, including advanced fire safety systems and battery assessment devices [3]. - The ferry has received the "NEV Carriage(B)" classification from the China Classification Society, indicating its compliance with electric vehicle transportation regulations [3]. Group 4: Economic and Cultural Impact - The "Green Anping" ferry can carry over 110 electric vehicles per trip, while also accommodating other types of cargo vehicles, thus enhancing regional economic development and cultural tourism [5]. - The service is expected to facilitate deeper integration of regional industries, resource sharing, and cultural tourism initiatives between Shandong and Liaoning provinces [5].

Core Viewpoints - The shipping industry is experiencing high volatility in crude oil freight rates while container shipping rates on long-distance routes are declining [3] - The first hybrid tilt-rotor unmanned aerial vehicle (eVTOL) model has been accepted for application by the Southwest Civil Aviation Administration, and a collaboration between Saudi Arabia and Ehang is set to launch autonomous flying vehicles and air taxi services [3] - China's first national standard for logistics enterprise digitization has been officially released, and the "parallel port" logistics model has achieved a throughput of over 76,000 tons in its first year of operation [3] Shipping Industry - As of September 25, the China Import Crude Oil Comprehensive Index (CTFI) was reported at 1908.03 points, a decrease of 3.4% from September 18 [3] - The VLCC market in the Middle East is seeing a slowdown in cargo availability, while the Atlantic and Gulf routes remain relatively calm [3] - The shipping rates from Shanghai to Europe and the U.S. have decreased, with rates to Europe at $971/TEU (down 7.7%) and to the U.S. West and East coasts at $1460/FEU (down 10.8%) and $2385/FEU (down 6.7%) respectively [3] Aviation Industry - The first hybrid tilt-rotor eVTOL model application has been accepted, marking a significant milestone in China's aviation sector [3] - Saudi Arabia's Front End and Cluster2Airports are collaborating with Ehang to introduce autonomous flying vehicles and air taxi services [3] Logistics and New Transportation Models - The national standard for logistics enterprise digitization was released on September 26, focusing on general requirements [3] - The "parallel port" logistics model has been operational for one year, achieving a throughput of 76.61 million tons and 37,000 standard containers [3] Investment Recommendations - Companies in the equipment and manufacturing export chain are recommended for attention, including COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [6] - Opportunities related to the construction of hydropower stations in the Yarlung Tsangpo River downstream are highlighted, with a focus on Sichuan Chengyu, Chongqing Port, and Fulmin Transportation [6] - The low-altitude economy and highway-railway sectors are also suggested for investment, with specific companies recommended for consideration [7]

证券日报网讯渤海轮渡（603167）9月26日在互动平台回答投资者提问时表示，截至2025年9月19日，公 司的股东户数为23922户。 ...

证券代码：603167 证券简称：渤海轮渡 公告编号：2025-026 渤海轮渡集团股份有限公司 关于召开 2025 年半年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 10 月 14 日(星期二) 16:00-17:00 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 29 日(星期一) 至 10 月 13 日(星期一)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 zqb@bhferry.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。 渤海轮渡集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 26 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果、财务状况，公司计划于 2025 年 10 月 14 日 16:00-17:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次业绩说 ...

Group 1 - The company announced a cash dividend of 0.40 yuan per share (including tax) for the first half of 2025 [1] - The record date for the dividend is set for September 24, 2025 [1] - The ex-dividend date and the date of cash dividend distribution are both scheduled for September 25, 2025 [1]

证券代码：603167 证券简称：渤海轮渡 公告编号：2025-025 渤海轮渡集团股份有限公司 2025年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.40元（含税） 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 （三）分配方案： 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | A 股 | 2025/9/24 | － | 2025/9/25 | 2025/9/25 | 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 渤海轮渡集团股份有限公司（以下简称"公司"或"本公司"）2025 年 6 月 12 日的2024年年度股东大会审议通过了《关于 2025 年中期现金分红的议案》，同 意授权公司董事会全权办理 2025 年中期现金分红相关事宜。本次利润分配方案经 公司 2025 年 8 月 25 ...

证券之星消息，9月15日，渤海轮渡（603167）融资买入666.98万元，融资偿还286.05万元，融资净买入 380.93万元，融资余额1.45亿元，近3个交易日已连续净买入累计1373.11万元，近20个交易日中有13个 交易日出现融资净买入。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-09-15 | 380.93万 | 1.45 乙 | 3.09% | | 2025-09-12 | 415.25万 | 1.41亿 | 2.98% | | 2025-09-11 | 576.94万 | 1.37亿 | 2.86% | | 2025-09-10 | 335.57万 | 1.31亿 | 2.73% | | 2025-09-09 | -9.16万 | 1.28亿 | 2.63% | 融券方面，当日融券卖出1.15万股，融券偿还0.0股，融券净卖出1.15万股，融券余量2.67万股，近3个交 易日已连续净卖出累计2.0万股，近20个交易日中有11个交易日出现融券净卖出。 | 交易日 | 两融余额(元) | 余额变动 ...

Core Viewpoint - Bohai Ferry experienced a decline of 0.89% on September 15, with a trading volume of 64.52 million yuan, indicating a potential shift in investor sentiment and market dynamics [1]. Financing and Trading Data - On September 15, Bohai Ferry had a financing buy-in amount of 6.67 million yuan, with a net financing purchase of 3.81 million yuan after 2.86 million yuan in repayments. The total financing and securities balance reached 14.5 million yuan, accounting for 3.09% of the circulating market value, which is above the 50th percentile level over the past year, indicating a relatively high financing level [1]. - In terms of securities lending, there were no shares repaid on September 15, with 11,500 shares sold, amounting to 115,000 yuan. The remaining securities lending volume was 26,700 yuan, which is below the 50th percentile level over the past year, indicating a low level of securities lending [1]. Company Overview - Bohai Ferry Group Co., Ltd. is located in Yantai, Shandong Province, and was established on October 15, 1998. It was listed on September 6, 2012. The company's main business includes passenger and cargo roll-on/roll-off shipping services between Yantai and Dalian, as well as other related services [1]. - The revenue composition of Bohai Ferry is as follows: passenger roll-on/roll-off transport accounts for 87.91%, cargo roll-on/roll-off transport for 12.02%, and other services for 0.07% [1]. Shareholder and Financial Performance - As of September 10, the number of shareholders for Bohai Ferry was 23,800, an increase of 2.72% from the previous period. The average circulating shares per person decreased by 2.65% to 19,686 shares [2]. - For the first half of 2025, Bohai Ferry reported a revenue of 728 million yuan, a year-on-year decrease of 5.02%, and a net profit attributable to shareholders of 102 million yuan, down 2.95% year-on-year [2]. Dividend and Institutional Holdings - Since its A-share listing, Bohai Ferry has distributed a total of 1.934 billion yuan in dividends, with 737 million yuan distributed over the past three years [3]. - As of June 30, 2025, several new institutional shareholders entered the top ten circulating shareholders, including Invesco Great Wall CSI Dividend Low Volatility 100 ETF, holding 6.2048 million shares, and others, indicating a shift in institutional interest [3].