Group 1 - The total container throughput for July 2025 is projected to be 17.287 million TEU, representing a year-on-year decrease of 0.9% [1] - The cumulative container throughput for the year to date is 118.496 million TEU, showing a year-on-year increase of 4.7% [1] - The container throughput at domestic terminals in July is 13.647 million TEU, reflecting a year-on-year increase of 0.4% [1] Group 2 - The container throughput at overseas terminals in July is 3.231 million TEU, indicating a year-on-year decline of 3.9% [1] - The total bulk cargo throughput for July is 103 million tons, which is a year-on-year increase of 10.6% [1] - The cumulative bulk cargo throughput for the year to date is 734 million tons, showing a year-on-year increase of 0.7% [1]

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-049 招商局港口集团股份有限公司 关于 2025 年 7 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 | 2025 年 7 月 | 同比变化 | 本年累计 | 同比变化 | | --- | --- | --- | --- | --- | | 集装箱总计（万 TEU） | 1,728.7 | -0.9% | 11,849.6 | 4.7% | | 内地码头 | 1,364.7 | 0.4% | 9,283.7 | 5.3% | | 其中：珠三角 | 148.9 | -7.9% | 1,045.7 | 6.4% | | 长三角 | 897.8 | 1.0% | 6,144.1 | 6.8% | | 环渤海 | 289.9 | 4.2% | 1,902.9 | 0.7% | | 东南地区 | 18.9 | -0.9% | 124.1 | 6.3% | | 西南地区 | 9.2 | -17.1% | 66.9 | -9.2% | | ...

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-047 招商局港口集团股份有限公司 （一）董事会会议通知的时间和方式 招商局港口集团股份有限公司（以下简称"本公司"）于 2025 年 8 月 8 日 以电子邮件和专人送达的方式发出第十一届董事会 2025 年度第三次临时会议的 书面通知。 （二）董事会会议的时间、地点和方式 会议于 2025 年 8 月 11 日召开，采取通讯方式进行并作出决议。 （三）董事会会议出席情况 会议应参加董事 12 名，共有 12 名董事参与表决。 第十一届董事会 2025 年度第三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）审议通过《关于聘任齐岳先生为副总经理的议案》 会议以 12 票同意、0 票反对、0 票弃权审议通过《关于聘任齐岳先生为副总 经理的议案》，同意聘任齐岳先生担任本公司副总经理，任期自董事会审议通过 之日起至第十一届董事会任期届满之日止。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 2025 年度第二次会议审议通过。具 ...

（文章来源：证券日报） 证券日报网讯 8月11日晚间，招商港口发布公告称，公司第十一届董事会2025年度第三次临时会议审议 通过了《关于聘任齐岳先生为副总经理的议案》等。 ...

证券日报网讯 8月11日晚间，招商港口发布公告称，公司董事会于近日收到本公司副总经理刘彬先生提 交的书面辞呈。刘彬先生因工作变动原因申请辞去本公司副总经理职务。 （文章来源：证券日报） ...

Group 1 - The core revenue composition of China Merchants Port for the year 2024 is as follows: port business accounts for 95.24%, bonded logistics business accounts for 3.6%, and property development and investment accounts for 1.16% [1] Group 2 - On August 11, China Merchants Port announced the resignation of Liu Bin from the position of Vice General Manager due to work changes, effective upon the delivery of his resignation letter to the board [3] - Following Liu Bin's resignation, the board approved the appointment of Qi Yue and Hu Shaode as new Vice General Managers, based on the nomination by the company's Vice Chairman and CEO Xu Song, and the review by the board's nomination, compensation, and assessment committee [3]

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-048 招商局港口集团股份有限公司 关于高级管理人员变更的公告 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、高级管理人员辞职的情况 招商局港口集团股份有限公司（以下简称"本公司"）董事会于近日收到本 公司副总经理刘彬先生提交的书面辞呈。刘彬先生因工作变动原因申请辞去本公 司副总经理职务，根据相关法律法规及《招商局港口集团股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，刘彬先生的辞职自书面辞呈送达本 公司董事会时生效，刘彬先生辞职后不在本公司及子公司担任其他职务。 截至本公告披露日，刘彬先生可行权期权 30,000 份尚未行权，未持有本公 司股票。 刘彬先生在担任本公司副总经理期间勤勉尽责、忠实地履行了各项职责。在 此，本公司董事会衷心感谢刘彬先生在任职期间为本公司发展所作出的重要贡献！ 二、聘任高级管理人员相关情况 本公司于 2025 年 8 月 11 日召开第十一届董事会提名、薪酬与考核委员会 2025 年度第二次会议、第十一届董事会 2025 年度第三次临 ...

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-047 招商局港口集团股份有限公司 第十一届董事会 2025 年度第三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 招商局港口集团股份有限公司（以下简称"本公司"）于 2025 年 8 月 8 日 以电子邮件和专人送达的方式发出第十一届董事会 2025 年度第三次临时会议的 书面通知。 （二）董事会会议的时间、地点和方式 会议于 2025 年 8 月 11 日召开，采取通讯方式进行并作出决议。 （四）会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公 司章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于聘任齐岳先生为副总经理的议案》 会议以 12 票同意、0 票反对、0 票弃权审议通过《关于聘任齐岳先生为副总 经理的议案》，同意聘任齐岳先生担任本公司副总经理，任期自董事会审议通过 之日起至第十一届董事会任期届满之日止。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 2025 ...

Investment Rating - The report maintains a positive investment rating for the transportation industry, highlighting potential opportunities in various segments such as shipping, infrastructure, aviation, and express delivery [2][4]. Core Insights - The report emphasizes the improvement in oil shipping market conditions and the potential for price increases in the express delivery sector, driven by a reduction in price competition due to "anti-involution" policies [1][8][24]. Shipping - The oil shipping industry is experiencing improved market conditions, with OPEC+ planning to increase production by 548,000 barrels per day in September, which may lead to better freight rates in the second half of the year [8][16]. - Container shipping rates have declined, necessitating close monitoring of US-China trade negotiations [8][12]. - The report suggests focusing on companies with strong Q2 performance, such as德翔海运, 海丰国际, 中谷物流, and 中远海特 [8][16]. Infrastructure - The report notes that highway passenger traffic decreased by 4.0% year-on-year in June 2025, while cargo traffic showed a slight decline [18][55]. - Port cargo throughput increased by 4.8% year-on-year, indicating stable growth in the infrastructure sector [18][55]. - The report recommends investing in leading highway and port companies, such as 招商公路, 皖通高速, 唐山港, and 青岛港, due to their attractive dividend yields [20][55]. Express Delivery - The express delivery sector is projected to maintain a growth rate of over 20% in 2024, with a 19.3% increase in business volume in the first half of 2025 [24][68]. - The report highlights the initiation of price increases in the express delivery sector in South China, which is expected to alleviate price competition and support valuation recovery [24][68]. - Recommended companies in this sector include 中通快递-W, 圆通速递, 申通快递, and 韵达股份 [24][68]. Aviation - The report indicates a 1.9% week-on-week increase in passenger traffic, with domestic ticket prices experiencing a year-on-year decline of 5.4% [25][26]. - The aviation sector is expected to benefit from "anti-involution" measures aimed at reducing excessive competition, which may enhance valuation recovery [25][26]. - Recommended airlines include 中国国航, 南方航空, 吉祥航空, 春秋航空, and 华夏航空 [26].

Core Insights - The global shipping industry is increasingly focusing on the selection and refueling of ship fuels, with LNG becoming a key factor in the green transition [2][3] - The LNG bunkering market is projected to exceed $8.29 billion in 2024, with a compound annual growth rate of 42.6%, reaching $20.21 billion by 2033 [3] - Shenzhen has successfully expanded its LNG bunkering operations from the eastern port area to the western port area, enhancing its service capabilities [4][5] Industry Developments - On August 9, 2023, the Shenzhen Western Port Area successfully conducted its first LNG bunkering operation, refueling the "Dafei Chengshi" vessel with approximately 6,700 cubic meters of LNG [2][5] - The port has established a comprehensive LNG bunkering service covering both eastern and western regions, improving operational efficiency for LNG vessels [5] - Shenzhen's Yantian Port has seen a significant increase in bonded fuel bunkering, with 434,000 tons of bonded fuel added from January to July 2023, a year-on-year increase of 40.7% [3] Regulatory and Strategic Initiatives - Shenzhen is actively promoting the development of green shipping as part of its goal to become a global marine center, with policies supporting bonded fuel bunkering for international vessels [6][10] - The city has implemented measures to enhance the safety and efficiency of LNG bunkering operations, including collaboration with professional institutions for risk assessment and emergency response [5][10] - The Chinese government is encouraging the development of alternative fuels, with LNG being the preferred short-term option, while methanol and ammonia are seen as having long-term potential [9][10] Competitive Landscape - Other cities in China, such as Shanghai, Ningbo, and Dalian, are also advancing their LNG bunkering capabilities, indicating a nationwide push towards alternative marine fuels [11][12] - Dalian has become the first port globally to offer multiple alternative fuels, including biofuels, green methanol, LNG, and green ammonia, showcasing the competitive landscape in the marine fuel sector [12]