注：1.以上数据为初步统计数据，个别参股码头业务量数据为预估；2.以上各区域所包 含的具体项目以公司披露的年报/半年报为准。 特此公告。 招商局港口集团股份有限公司 董 事 会 证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2026-003 招商局港口集团股份有限公司 关于 2026 年 1 月业务量数据的自愿性信息披露公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 | 业务指标 | 2026 年 1 月 | 同比变化 | 本年累计 | 同比变化 | | --- | --- | --- | --- | --- | | 集装箱总计（万 TEU） | 1,808.3 | 2.2% | 1,808.3 | 2.2% | | 内地码头 | 1,445.8 | 3.0% | 1,445.8 | 3.0% | | 其中：珠三角 | 172.1 | 10.1% | 172.1 | 10.1% | | 长三角 | 971.3 | 1.3% | 971.3 | 1.3% | | 环渤海 | 272.7 | 4.7% | 272.7 | 4.7% ...

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, highlighting potential opportunities in the industry [2][3]. Core Insights - The Spring Festival travel rush has begun, with air passenger volume averaging 2.313 million per day, up 5.5% year-on-year, while railway passenger volume averaged 11.792 million, down 0.7% year-on-year [1][10]. - The report emphasizes the competitive landscape in instant retail, particularly with the launch of the "30 Billion Free Order" campaign by Qianwen, which saw over 10 million orders in just 9 hours [2][35]. - The report identifies key players in the aviation sector, including China National Airlines, Southern Airlines, and Eastern Airlines, as well as low-cost carriers like Spring Airlines, which are expected to benefit from high price elasticity and operational efficiency [2][34]. Industry Data Tracking - Air freight rates at Pudong Airport increased by 5.3% week-on-week and 8.9% year-on-year as of February 2 [7][44]. - The VLCC freight rate rose by 2% week-on-week, while the BDI decreased by 10% [7][48]. - The report highlights the growth potential in the express logistics sector, particularly for leading companies like Zhongtong and Yuantong, as well as the promising outlook for instant retail leader SF Express [7][31]. Investment Recommendations - The report suggests focusing on "performance elasticity" and "dividend value" as key investment themes for the transportation sector in 2026 [7][31]. - It recommends continued investment in the aviation sector due to expected low growth in aircraft supply and a projected 5% increase in passenger numbers [2][31]. - The report also emphasizes the importance of dividend assets, recommending companies like Sichuan Chengyu and China Merchants Port for their stable performance and potential for increased dividends [7][31].

Group 1 - The company, China Merchants Port, announced that its 11th Board of Directors' temporary meeting for the year 2026 was held on February 6, 2026, via communication methods [1] - The meeting reviewed the proposal regarding the investment plan for the year 2026 among other documents [1]

招商局港口集团股份有限公司（以下简称"本公司"）于 2026 年 1 月 30 日 以电子邮件和专人送达的方式发出第十一届董事会 2026 年度第一次临时会议的 书面通知。 （二）董事会会议的时间、地点和方式 会议于 2026 年 2 月 6 日召开，采取通讯方式进行并做出决议。 （三）董事会会议出席情况 证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2026-002 招商局港口集团股份有限公司 第十一届董事会 2026 年度第一次临时会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述 或重大遗漏。 一、董事会会议召开情况 （一）董事会会议通知的时间和方式 会议以 10 票同意、0 票反对、0 票弃权、2 票回避审议通过《关于经理层成 员 2024 年度薪酬兑现方案的议案》。该议案已经本公司第十一届董事会提名、 薪酬与考核委员会 2026 年度第一次会议审议通过。董事徐颂兼任本公司首席执 1 行官（CEO）职务，董事陆永新兼任本公司首席运营官（COO）、总经理职务，审 议该议案时已回避表决。 三、备查文件 会议应参加董事 12 名，共有 ...

Group 1 - The core viewpoint of the article is that China Merchants Port confirmed that all formal and complete financial data for its divisions should be based on the company's published periodic reports [2] Group 2 - The company engaged with investors on an interactive platform to clarify its stance on financial data [2] - The statement emphasizes the importance of relying on official reports for accurate financial information [2]

Investment Rating - The report maintains a "Buy" recommendation for the shipping industry, highlighting the upward potential in both oil and dry bulk markets [7]. Core Insights - Geopolitical tensions, particularly between the US and Iran, have led to an increase in VLCC freight rates, with the Clarksons VLCC-TCE index rising to $116,000, a week-on-week increase of 17% [10][11]. - The BDI index has shown resilience during the off-season, closing at 2148 points, up 21.9% week-on-week, with significant increases in various vessel types [23][24]. Summary by Sections Oil Shipping - The ongoing tensions in the Middle East have resulted in a significant rise in VLCC freight rates, particularly on the Middle East to China route, which saw a 27% increase to $127,000 per day [10][11]. - The market fundamentals are weakening, with a slowdown in cargo availability and a lack of new cargo in the US Gulf market, leading to a decline in overall market activity [10][11]. Dry Bulk Shipping - The BDI index has shown a remarkable performance during the off-season, with a year-on-year increase of 89% in January, averaging 1759 points [24]. - The strong performance of the BCI index, which increased by 121% year-on-year, is attributed to supply constraints and steady demand from Brazil and West Africa [24]. Investment Recommendations - The report emphasizes the potential for upward trends in both oil and dry bulk markets, recommending companies such as China Merchants Energy Shipping and COSCO Shipping Energy [27]. - For dry bulk, the report suggests companies like Haitong Development and Pacific Shipping, citing favorable supply and demand dynamics [28]. Industry Data Tracking - Recent data shows a year-on-year increase of 8.3% in domestic air passenger volume, with average ticket prices rising by 4.3% [29]. - The SCFI index has decreased by 10% week-on-week, indicating a decline in container shipping rates [50].

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - Geopolitical factors are driving up VLCC freight rates, with the Clarksons VLCC-TCE index rising to $116,000 per day, a week-on-week increase of 17%. The Middle East to China route is reported at $127,000 per day, up 27% week-on-week [1][10]. - The BDI index is showing resilience during the off-season, closing at 2148 points, a week-on-week increase of 21.9%. The average BDI for January is reported at 1759 points, a year-on-year increase of 89% [2][23][24]. Summary by Sections Oil Transportation - The ongoing tensions between the US and Iran have led to an increase in VLCC freight rates, with the market showing signs of weakness as the supply of cargo from the Middle East is tapering off [1][10]. - The Brent crude oil futures price has risen to $69.83 per barrel, a 9.6% increase since January 22, driven by concerns over potential disruptions in Middle Eastern oil supply [2][11]. Dry Bulk Transportation - The BDI index has shown strong performance despite seasonal trends, with significant increases in various sub-indices: BCI up 35.8%, BPI up 8.1%, BSI up 4.0%, and BHSI up 3.0% week-on-week [2][23]. - The report highlights that the supply side is constrained due to recent storms affecting shipping schedules, while demand remains robust due to favorable weather conditions for iron ore exports from Brazil [3][24]. Investment Recommendations - The report suggests a positive outlook for both oil and dry bulk markets, recommending companies such as China Merchants Energy and COSCO Shipping for oil transportation, and Haitong Development and Pacific Shipping for dry bulk [7][28]. - The report emphasizes the importance of performance elasticity and dividend value in the transportation sector, particularly in aviation and shipping [7][62].

Investment Rating - The report maintains a "Recommend" rating for the transportation sector, emphasizing the value of transportation assets [1]. Core Insights - The port container sector shows relatively good market conditions, with only the port segment outperforming the CSI 300 and transportation indices [4][10]. - The overall performance of transportation assets is average, with highway and railway sectors underperforming [10][11]. - The report highlights a low interest rate environment, which is conducive to capital operations and market activity [20][21]. Monthly Market Performance - In January 2026, the performance of transportation assets was generally average, with only the port sector showing positive growth [4][8]. - The cumulative performance from January 1 to January 27, 2026, showed highways down by 1.50%, railways down by 3.14%, and ports up by 2.96% [10][11]. - The average daily transaction volume for ports increased significantly, while highway transaction volumes decreased [22]. Industry Data - Highway passenger traffic in November 2025 was 961 million, down 2.4% year-on-year, while freight traffic increased by 3.6% [33]. - Railway passenger volume in December 2025 was 323 million, up 8.5% year-on-year, while freight volume decreased by 2.6% [51]. - Port cargo throughput for the four weeks from December 29, 2025, to January 25, 2026, was 1.036 billion tons, up 4.3% year-on-year [60]. Investment Recommendations - The report identifies high-dividend quality stocks in the transportation sector, recommending companies like Sichuan Chengyu and Daqin Railway for their stable growth and high dividend yields [4][19]. - It emphasizes the importance of capital operations and strategic investments in the highway and port sectors to enhance overall performance [29][30].

Core Viewpoint - The visit of Consul Yu Peng to Parana State highlights the ongoing collaboration between China and Brazil, focusing on enhancing economic and cultural exchanges [2][4]. Group 1: Diplomatic Engagement - Consul Yu Peng met with State Assembly President Cury and discussed the achievements of Sino-Brazilian cooperation, particularly in the context of the Port of Paranaguá [2][4]. - Cury expressed admiration for China's development and a commitment to improving the business environment to deepen cooperation with China [4]. Group 2: Economic Cooperation - The meeting included representatives from Chinese companies such as China Merchants Port, China National Building Material, Geely, and Zhongkong, discussing project information dissemination and tax incentive policies [4]. - Parana State is significant in Brazil's economy, being the fourth largest state, the top exporter of poultry, and the second largest in grain production, indicating potential for further economic collaboration [6].

Core Viewpoint - The company, China Merchants Port (招商港口), is actively managing its pricing strategies for loading and unloading fees in response to market conditions and inflation, both domestically and internationally [2]. Group 1: Stock Performance - As of January 26, 2026, China Merchants Port's stock closed at 19.54 yuan, reflecting an increase of 0.83% with a turnover rate of 0.12% and a trading volume of 28,400 shares, amounting to a transaction value of 55.22 million yuan [1]. Group 2: Fee Adjustment Strategy - The company indicated that loading and unloading fee negotiations typically occur annually and are influenced by various factors such as shipping market trends, regional port competition, and airline alliances [2]. - The overseas terminals primarily charge in US dollars, and fee adjustments will consider the inflation levels of the respective countries [2]. - The company aims to enhance market analysis and develop flexible business strategies to ensure reasonable pricing and promote sustainable development of its terminals [2]. Group 3: Market Capital Flow - On January 26, 2026, there was a net outflow of 867,300 yuan from institutional investors, while retail investors showed a net inflow of 1,651,600 yuan [3]. - The overall market sentiment indicated that while institutional and speculative funds were withdrawing, retail investors were actively buying into the stock [3].