行业研究 证 券 研 究 报 告 华创交运|红利资产月报（2026 年 1 月） 港口集装箱景气度相对较好，强调交运红利 推荐（维持） 板块配置价值 交通运输 2026 年 01 月 28 日 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 证券分析师：李清影 邮箱：liqingying@hcyjs.com 执业编号：S0360525080004 联系人：刘邢雨 邮箱：liuxingyu@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 121 | 0 ...

（原标题：驻圣保罗总领事余鹏访问巴拉那州） 2026年1月26日，驻圣保罗总领事余鹏访问巴拉那州，会见州议长库里，并率领中资企业与州政府工贸厅厅长里贝洛 座谈，白春晖参赞陪同。 图片1.png 库里欢迎余总领事到访，回顾巴拉纳瓜港等双方重要合作成果，表示钦佩中国发展成就，愿持续优化营商环境， 不断深化对华友好合作。余总领事积极评价中国和巴拉那州友好交往成果，期待进一步拓展双方在地方交往、经贸合 作、文化交流等领域合作，推动双方互利合作结出更多硕果。 座谈会上，余总带领招商港口、中建材、吉利、中控等企业代表与巴方就加强项目信息宣介、财税优惠政策落地 等议题进行交流。 图片2.png 巴拉那州位于巴西南部，人口约1189万，是巴西经济第四大州、禽肉出口第一大州和粮食产量第二大州。 ...

董秘： 尊敬的投资者，您好！码头与船公司的装卸费率谈判一般是一年一议。装卸费率受航运市场走 势、区域港口竞争、航司联盟变化等多方面因素影响，且不同区域港口收费水平存在差异。公司旗下海 外主控码头收费以美元计价或美元结算为主，其装卸费率调整会考虑所在国的通胀水平。公司作为全球 港口运营商，将加强市场研判，根据国内及海外各码头的运营情况，灵活制定商务策略，争取合理的收 费水平，推动公司旗下码头持续健康发展，谢谢！ 本公司选定的信息披露媒体为《证券时报》《中国 证券报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn），公司所有信息均以在上述指定媒体刊 登的为准，敬请广大投资者注意投资风险。 当日关注点 来自交易信息汇总：1月26日主力资金净流出86.73万元，游资资金同步净流出，散户资金则呈现 净流入态势。 截至2026年1月26日收盘，招商港口(001872)报收于19.54元，上涨0.83%，换手率0.12%，成交量2.84万 手，成交额5521.99万元。 董秘最新回复 投资者： 您好领导，请问国内2026年装卸费率上调了吗？公司国外港口收入是美元，还是当地货币， 也是每年调高装卸等费用来应对 ...

Core Viewpoint - The 2025 China Enterprise ESG "Golden Responsibility Award" aims to recognize companies and institutions that have made significant contributions to ESG initiatives in China, reflecting a shift from voluntary practices to compliance requirements in ESG performance [1][12]. Group 1: ESG Development and Awards Overview - By 2025, China's ESG development has transitioned from "setting standards" to "strengthening regulations," with a comprehensive disclosure standard system being established [1][12]. - The award selection attracted over 5,000 companies, with results based on ESG performance, online voting, and professional evaluations [2][12]. Group 2: Award Categories and Winners - The award categories include Excellent Environmental Responsibility Award, Excellent Social Responsibility Award, Excellent Corporate Governance Responsibility Award, Excellent Responsibility Initiative Award, Excellent Sustainable Development Award, and various responsibility investment awards [1][12]. - Notable winners of the Excellent Environmental Responsibility Award include Great Wall Motors, Hikvision, and China Petroleum [7][24]. - The Excellent Social Responsibility Award was awarded to companies such as YF Communication, ZTE, and Ningde Times [7][24]. - Winners of the Excellent Corporate Governance Responsibility Award include China Petroleum, Hikvision, and WuXi AppTec [7][24]. - The Excellent Responsibility Initiative Award was given to companies like ZTE, Sunlight Power, and Industrial and Commercial Bank of China [7][24]. - The Excellent Sustainable Development Award included companies such as WanHua Chemical, China Bank, and China Petroleum [7][24]. Group 3: Responsibility Investment Awards - The Responsibility Investment Excellent Bank Award was given to institutions like CITIC Bank and Minsheng Bank [5][21]. - The Responsibility Investment Excellent Securities Company Award included firms such as Shenwan Hongyuan and CITIC Securities [5][22]. - The Responsibility Investment Excellent Insurance Company Award recognized companies like New China Life and AIA [5][26]. - The Responsibility Investment Excellent Fund Company Award included firms such as Xinhua Fund and Harvest Fund [5][27]. - The Responsibility Investment Excellent Asset Management Institution Award recognized institutions like Ping An Asset Management and Sunshine Asset Management [5][28]. Group 4: Call to Action and Future Directions - The award committee encourages more Chinese enterprises to integrate ESG principles into their operations and strategic planning, emphasizing the importance of balancing commercial and social values [10][29].

Core Insights - The total container throughput for December 2025 is projected to be 17.284 million TEUs, representing a year-on-year increase of 11.1% [1] - The cumulative throughput for the current year is 206 million TEUs, showing a year-on-year growth of 5.7% [1] Container Throughput - Inland terminal throughput is expected to reach 13.869 million TEUs, with a year-on-year increase of 10.9% [1] - Overseas terminal throughput is projected at 3.003 million TEUs, reflecting a year-on-year growth of 19.2% [1] Bulk Cargo Throughput - The total bulk cargo throughput is anticipated to be 111 million tons, indicating a year-on-year decline of 1.0% [1] - The cumulative bulk cargo throughput for the current year remains stable at 1.262 billion tons, with no year-on-year change [1] - Inland terminal bulk cargo throughput is expected to be 110 million tons, showing a year-on-year decrease of 1.2% [1] - Overseas terminal bulk cargo throughput is projected at 867,000 tons, with a year-on-year increase of 26.6% [1]

| 业务指标 | 2025 年 12 月 | 同比变化 | 本年累计 | 同比变化 | | --- | --- | --- | --- | --- | | 集装箱总计（万 TEU） | 1,728.4 | 11.1% | 20,632.3 | 5.7% | | 内地码头 | 1,386.9 | 10.9% | 16,251.9 | 6.7% | | 其中：珠三角 | 143.3 | 1.2% | 1,782.1 | 3.2% | | 长三角 | 927.3 | 12.1% | 10,802.2 | 9.0% | | 环渤海 | 282.9 | 13.9% | 3,329.2 | 2.5% | | 东南地区 | 18.3 | -9.3% | 216.1 | 3.0% | | 西南地区 | 15.1 | 12.3% | 122.3 | -7.3% | | 港澳台码头 | 41.2 | -21.1% | 524.5 | -12.9% | | 海外码头 | 300.3 | 19.2% | 3,855.9 | 4.7% | | 散杂货总计（万吨） | 11,124.3 | -1.0% | 126,243.8 | 0.0 ...

新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市公司传播ESG理念，提升ESG可持续发展表现。点 击查看【 ESG评级中心服务手册】 在全球可持续发展浪潮席卷而来的当下，ESG（环境、社会、公司治理）已成为衡量企业高质量发展的核心标尺，更是连接企业价值与社会价值的关键纽 带。随着国内 ESG 生态体系的加速完善，政策监管持续收紧、资本市场对 ESG 表现的关注度不断飙升，企业的可持续发展能力愈发成为其核心竞争力的 重要组成部分。 在此行业背景下，新浪财经重磅发布"2025中国企业ESG百强"榜单。该榜单依托新浪财经专业的ESG评级体系，以5000余家A股上市公司及在港上市内地 企业为评价对象，创新性搭建 18套行业ESG评价模型，纳入150余项 ESG 指标，通过量化模型综合演算，对企业ESG表现进行全面、客观的综合评价，最 终筛选出中国 ESG 实践的标杆企业。榜单不仅为行业树立了发展典范，更为投资者提供了极具参考价值的决策依据。 招商港口在环境、社会、公司治理领域开展了大量工作，积累了丰富的创新实践与扎实的落地成果。凭借在ESG各领域的卓越表现，招商港口成功入选本 次 ...

Group 1 - The core point of the article is that the Dalan Phase II project is fully owned by the company's subsidiary, China Merchants Port [2] Group 2 - The company responded to investor inquiries on an interactive platform regarding the ownership of the Dalan Phase II project [2]

Group 1 - The board of directors of China Merchants Port Group Co., Ltd. held its fifth temporary meeting of the 11th session on December 30, 2025, via telecommunication [2][3][4] - All 12 directors participated in the voting process, ensuring a full quorum [3] - The meeting's resolutions complied with relevant laws, regulations, and the company's articles of association [4] Group 2 - The board approved the proposal regarding the appointment agreements and compensation plans for the management team, with 10 votes in favor and 2 abstentions [5] - The performance assessment indicators and evaluation standards for the management team for the year 2025 were also approved with the same voting results [6] - The performance assessment indicators and evaluation standards for the management team for the term 2025-2027 were approved, maintaining the same voting outcome [7] Group 3 - The board approved the adjustment of certain internal departments, splitting the Risk Control Audit Department/Legal Compliance Department into a Risk Management Department/Legal Compliance Department and an Audit Department, with unanimous support [8] - The appointment of Mr. Li Xiaofeng as the Chief Legal Counsel (Chief Compliance Officer) was approved, effective from the date of the board's resolution until the end of the current board's term [9] Group 4 - Mr. Liu Libing, the former Chief Legal Counsel, submitted his resignation due to work changes but will continue to serve as the board secretary [13] - Mr. Li Xiaofeng's qualifications and background were detailed, highlighting his extensive experience in legal and risk management roles within the company and related entities [16][17]

Core Viewpoint - The announcement from China Merchants Port highlights the approval of several key resolutions by the board, including management appointments and performance evaluation standards for 2025 [2] Group 1: Management Appointments - The board approved the employment agreements and compensation plans for members of the management team [2] Group 2: Performance Evaluation - The board also approved the performance assessment indicators and evaluation criteria for the management team for the year 2025 [2]