来源：新浪证券-红岸工作室 进一步统计，近3个月内该股累计发生1笔大宗交易，合计成交金额为646.8万元。该股近5个交易日累计 上涨3.08%，主力资金合计净流出4262.88万元。 10月27日，北部湾港收涨0.44%，收盘价为9.06元，发生1笔大宗交易，合计成交量77万股，成交金额 646.8万元。 第1笔成交价格为8.40元，成交77.00万股，成交金额646.80万元，溢价率为-7.28%，买方营业部为民生 证券股份有限公司北京第一分公司，卖方营业部为中泰证券股份有限公司杭州湖墅南路证券营业部。 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | | | | | 2025-10-27 | 000582 | 北部湾港 | 8.40 | 77.00 | | 646.80 民生证券股份有限 | 中泰证券股份有限 | | | | | | | | 公司北京第一分公 | 公司杭州湖暨南路 | | | | | | | | 司 | 证券营业部 | 10月27日，北部湾港大宗交易成交77万股，成交额646.8万元，占当日总成交额的2.53%，成交价8.4 元，较市场收盘价9.06元折价7.28%。 ...

Core Viewpoint - The company, Beibu Gulf Port, is a key player in the logistics and shipping industry, focusing on container and bulk cargo handling, and is strategically positioned to benefit from the Belt and Road Initiative and the development of the Western Land-Sea New Corridor [2][3]. Business Overview - The main business activities of the company include port loading and unloading, storage, tugboat services, and agency services, with a significant focus on container and bulk cargo [2]. - The company holds a 49% stake in a subsidiary, Guangxi Fangchenggang Natural Gas Co., Ltd., which specializes in liquefied natural gas storage and sales, with a registered capital of 270 million yuan [2]. - Beibu Gulf Port is the only public terminal operator in the Guangxi Beibu Gulf region and plays a crucial role in the national strategy to connect with ASEAN and develop new strategic points for open development in Southwest and Central South China [3]. Performance Metrics - In 2023, the company achieved a cargo throughput of 31,039.78 million tons, representing a year-on-year increase of 10.81%, accounting for 70% of the total cargo throughput at Beibu Gulf Port [3]. - The container throughput reached 802.20 million TEUs, with a year-on-year growth of 14.26%, making up 100% of the total container throughput at the port [3]. - The company has established various import and export qualifications, including for fruits, alcohol, meat, and fireworks, and has opened multiple fruit shipping routes from Thailand, Vietnam, and Cambodia [3]. Financial Overview - As of June 30, 2025, the company reported an operating income of 3.556 billion yuan, reflecting a year-on-year increase of 11.50%, while the net profit attributable to shareholders was 531 million yuan, down 15.70% year-on-year [8]. - The company has distributed a total of 3.034 billion yuan in dividends since its A-share listing, with 1.396 billion yuan distributed over the past three years [8]. Market Position - The company is positioned within the transportation sector, specifically in shipping ports, and is part of various concept sectors including port transportation, state-owned enterprises in Guangxi, and natural gas [8].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry shows resilient demand, with a year-on-year growth of 12.7% in September, indicating a steady expansion of the market [4][25] - The logistics sector is witnessing technological advancements, with JD Logistics planning to procure 3 million robots and 100,000 unmanned vehicles over the next five years, which may enhance supply chain efficiency [5] - The shipping market is expected to benefit from geopolitical factors and trade negotiations, potentially increasing demand for oil transportation and bulk shipping [6][10] - The aviation sector is experiencing growth, with a 10.8% increase in international flight volumes for the upcoming winter-spring season, reflecting a recovery in air travel [10][12] Summary by Sections Express Delivery - In September 2025, the express delivery business volume reached 16.88 billion pieces, a 12.7% year-on-year increase, with revenue of 127.37 billion yuan, up 7.2% [4][25] - Major players like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost control, with significant growth potential [14] Shipping and Ports - The VLCC market may benefit from U.S. sanctions on Russian oil, potentially increasing long-distance shipping demand [6] - The shipping market is expected to see a recovery driven by environmental regulations and geopolitical stability, with recommendations to focus on companies like China Shipping and COSCO [14][15] Aviation - The aviation industry is projected to maintain steady growth, with a 10.3% increase in total transport turnover and a 5.2% rise in passenger transport volume in the first three quarters of 2025 [10] - Airbus has opened a new A320 assembly line in Tianjin, marking a significant milestone in Sino-European cooperation [9] Road and Rail - National logistics operations are running smoothly, with rail freight increasing by 2.33% and highway freight truck traffic rising by 24.72% [13] - Strategic partnerships in the highway sector are being formed to enhance service offerings and operational efficiency [13] Overall Market Performance - From October 20 to October 24, 2025, the transportation sector index increased by 1.12%, underperforming the Shanghai Composite Index, which rose by 2.88% [20][23]

Market Overview - The shipping and port sector declined by 0.62% on October 22, with Haixia Co. leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers in the shipping and port sector included: - Zhonggu Logistics (603565) with a closing price of 11.18, up 1.82% [1] - Tangshan Port (601000) at 4.00, up 1.01% [1] - COSCO Shipping Specialized (600428) at 7.21, up 0.84% [1] - Major decliners included: - Haixia Co. (002320) at 13.59, down 7.55% [2] - Antong Holdings (600179) at 4.29, down 6.94% [2] - Haitong Development (603162) at 10.63, down 6.01% [2] Trading Volume and Capital Flow - The shipping and port sector experienced a net outflow of 752 million yuan from institutional investors, while retail investors saw a net inflow of 708 million yuan [2][3] - The trading volume for Zhonggu Logistics was 177,100 shares, with a transaction value of 197 million yuan [1] Individual Stock Capital Flow - Zhonggu Logistics (603565) had a net inflow of 10.93 million yuan from retail investors, while institutional investors saw a net outflow of 54.53 million yuan [3] - COSCO Shipping Holdings (601866) had a net inflow of 73,040 yuan from retail investors, with a minor outflow from institutional investors [3]

Core Viewpoint - The company, Beibu Gulf Port, is a key player in the logistics and shipping industry, focusing on container and bulk cargo handling, and is positioned as a significant logistics hub in the western region of China, benefiting from national policies supporting the Belt and Road Initiative and the construction of the Western Land-Sea New Corridor [2][3]. Business Overview - The main business activities of the company include port loading and unloading, storage, tugboat services, and agency services, with a strong emphasis on container and bulk cargo operations [2]. - The company holds a 49% stake in a subsidiary, Guangxi Fangchenggang Natural Gas Co., which specializes in liquefied natural gas storage and sales, with a registered capital of 27 million yuan [2]. - Beibu Gulf Port is the only public terminal operator in the Guangxi Beibu Gulf region and plays a crucial role in the national strategy to connect with ASEAN and develop new strategic points for open development in the southwest and central-south regions [3]. Performance Metrics - In 2023, the company achieved a cargo throughput of 31,039.78 million tons, representing a year-on-year increase of 10.81%, accounting for 70% of the total cargo throughput at Beibu Gulf Port [3]. - The container throughput reached 802.20 million TEUs, with a year-on-year growth of 14.26%, making up 100% of the total container throughput at the port [3]. - The company has established various import and export qualifications, including for fruits, alcohol, and meat, and has developed multiple fruit shipping routes from Thailand, Vietnam, and Cambodia, offering comprehensive cold chain logistics services [3]. Financial Overview - As of June 30, 2025, the company reported an operating income of 3.556 billion yuan, reflecting a year-on-year growth of 11.50%, while the net profit attributable to shareholders was 531 million yuan, down 15.70% compared to the previous year [8]. - The company has distributed a total of 3.034 billion yuan in dividends since its A-share listing, with 1.396 billion yuan distributed in the last three years [8]. Market Activity - On October 21, the stock price of Beibu Gulf Port increased by 0.45%, with a trading volume of 214 million yuan and a turnover rate of 1.30%, bringing the total market capitalization to 21.114 billion yuan [1].

Core Viewpoint - Beibu Gulf Port announced that the "Beigang Convertible Bonds" will resume conversion starting from October 22, 2025, following the equity distribution record date [2] Group 1 - The announcement was made on the evening of October 20 [2] - The resumption of conversion is in accordance with relevant regulations [2]

关于"北港转债"恢复转股的提示性公告 北部湾港股份有限公司 证券代码：000582 证券简称：北部湾港 公告编号：2025075 债券代码：127039 债券简称：北港转债 敬请公司可转换公司债券持有人注意。 特此公告 北部湾港股份有限公司董事会 2025 年 10 月 21 日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1．债券代码：127039 债券简称：北港转债 2．恢复转股时间：自 2025 年 10 月 22 日起恢复转股 北部湾港股份有限公司（以下简称公司）因实施 2025 年中期 权益分派，根据《北部湾港股份有限公司公开发行可转换公司债 券募集说明书》及相关规定，公司可转换公司债券（债券简称： 北港转债，债券代码：127039）于 2025 年 10 月 13 日起暂停转股。 具体内容详见 2025 年 10 月 10 日刊登于《中国证券报》《证券时 报》及巨潮资讯网（www.cninfo.com.cn）上的《关于实施权益分 派期间"北港转债"暂停转股的提示性公告》。 根据相关规定，"北港转债"将在本次权益分派股权登记日后 的第 ...

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 Viewpoint - North Bay Port's stock price has shown a positive trend with a year-to-date increase of 13.88%, reflecting strong market interest and trading activity [1][2]. Group 1: Stock Performance - As of October 20, North Bay Port's stock price rose by 2.06% to 8.92 CNY per share, with a trading volume of 1.43 billion CNY and a turnover rate of 0.87%, resulting in a total market capitalization of 21.137 billion CNY [1]. - The stock has experienced a net inflow of 1.2909 million CNY from main funds, with significant buying and selling activities recorded [1]. - Over the past year, the stock has seen fluctuations with a 1.59% increase in the last five trading days, a 1.25% increase over the last 20 days, and a 9.18% increase over the last 60 days [1]. Group 2: Company Overview - North Bay Port Co., Ltd. is located in Nanning, Guangxi Zhuang Autonomous Region, and was established on August 7, 1996, with its shares listed on November 2, 1995 [2]. - The company's main business includes port loading and unloading, tugboat and port management, logistics agency, and cargo surveying, with loading and unloading services accounting for 94.59% of its revenue [2]. - As of June 30, the number of shareholders increased by 10.06% to 41,700, while the average circulating shares per person decreased by 4.39% [2]. Group 3: Financial Performance - For the first half of 2025, North Bay Port reported a revenue of 3.556 billion CNY, representing a year-on-year growth of 11.50%, while the net profit attributable to shareholders decreased by 15.70% to 531 million CNY [2]. - The company has distributed a total of 3.034 billion CNY in dividends since its A-share listing, with 1.396 billion CNY distributed over the past three years [3]. - As of June 30, 2025, the top ten circulating shareholders included new entrants such as the Southern CSI 500 ETF, holding 13.7899 million shares [3].