Economic News - The Ministry of Commerce has decided to extend the investigation period for safeguard measures on imported beef until November 26, 2025, due to the complexity of the case [1] - The State Council has issued an opinion to gradually implement free preschool education, starting from the fall semester of 2025, exempting public kindergartens from childcare fees for the last year [1] - The China Iron and Steel Association reported that the steel inventory of key steel enterprises was 14.78 million tons in late July 2025, a decrease of 5.6% month-on-month [1] - The China Passenger Car Association has raised its sales forecast for 2025, predicting a 6% increase in retail sales of passenger cars, a 14% increase in exports, and a 27% increase in wholesale sales of new energy vehicles [1] - The State Administration for Market Regulation is soliciting public opinions on the revised "Market Supervision Complaint Handling Measures," which includes 43 articles with several modifications [1] - The National Development and Reform Commission has issued a management method for enterprise training bases, focusing on supporting emerging fields with significant skill gaps and traditional industries with strong employment absorption [1] - Shanghai is supporting key technology breakthroughs in embodied intelligence, with a maximum support of 30% of total investment, not exceeding 50 million yuan [1] - The global manufacturing PMI for July was reported at 49.3%, indicating continued weakness in the manufacturing sector [1] Company News - The stock price of Shunwei New Materials has surged by 1,320.05% from July 9 to August 5, 2025, leading to multiple instances of trading anomalies [4] - Haiguang Information reported a 45.21% year-on-year increase in revenue for the first half of 2025, reaching 5.464 billion yuan, with a net profit increase of 40.78% [4] - Zhongke Shuguang's total revenue for the first half of 2025 was 5.854 billion yuan, a 2.49% increase year-on-year, with a net profit growth of 29.89% [4] - Changsheng Bearing plans to reduce its shareholding by transferring 7.8855 million shares, accounting for 2.65% of the total share capital [4] - Vanke A's largest shareholder, Shenzhen Metro Group, has provided a loan of up to 1.681 billion yuan to the company for debt repayment purposes [4] Port Industry Analysis - The port sector is characterized by stable cash flow and has the potential to become a high-dividend sector, with an overall dividend payout ratio above 30% [6][7] - The current high capital expenditure in the port industry is a constraint on dividend increases, but a peak in capital expenditure is expected in 2024, which may enhance dividend capabilities [8][9] - The analysis indicates that if capital expenditures decrease, many port companies could support higher dividend payouts, similar to trends observed in the highway sector post-2018 [9][10]

Group 1 - The stock price of China Merchants Port (001872) closed at 20.07 yuan on August 4, 2025, down 0.5% with a turnover rate of 0.13% and a trading volume of 23,400 shares, amounting to a transaction value of 46.878 million yuan [1] - On August 4, 2025, the fund flow for China Merchants Port showed a net inflow of 3.4225 million yuan from institutional investors, while retail investors experienced a net outflow of 2.738 million yuan [2][4] - The company announced plans to repurchase shares through a concentrated bidding method, with a total repurchase amount between 195 million yuan and 389 million yuan, at a maximum price of 31.50 yuan per share, within a 12-month period following the approval of the plan [2] Group 2 - As of July 31, 2025, China Merchants Port had repurchased a total of 17,276,275 shares, representing 0.691% of the total share capital, with a total expenditure of approximately 336.554 million yuan [3][4] - The highest and lowest prices for the repurchased shares were 20.99 yuan and 17.95 yuan per share, respectively [3]

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-046 招商局港口集团股份有限公司 公司回购股份的时间、数量、价格及集中竞价交易的委托时段符合《深圳 证券交易所上市公司自律监管指引第 9 号—回购股份》的相关规定。具体说明如 下： （一）公司未在下列期间回购公司股份： 生之日或者在决策过程中，至依法披露之日内； （二）公司以集中竞价交易方式回购股份符合下列要求： 幅限制的交易日内进行股份回购的委托； 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。 招商局港口集团股份有限公司（以下简称"公司"）分别于 2024 年 10 月 18 日、2024 年 10 月 29 日召开第十一届董事会 2024 年度第七次临时会议及 2024 年 度第三次临时股东大会，审议通过了《关于以集中竞价交易方式回购公司股份 方案的议案》，同意公司以自有资金或自筹资金通过深圳证券交易所以集中竞 价交易方式回购公司股份，回购的股份全部用于注销并减少注册资本，回购价 格不超过 31.50 元/股。回购的资金总额不低于人民币 19,500 万元（含）且不超 过 ...

证券日报网讯 8月4日晚间，招商港口发布公告称，截至2025年7月31日，公司累计通过回购专用证券账 户以集中竞价交易方式回购股份数量为17，276，275股，占公司总股本的比例为0.691%。 （编辑 任世碧） ...

格隆汇8月4日丨招商港口(001872.SZ)公布，截至2025年7月31日，公司累计通过回购专用证券账户以集 中竞价交易方式回购股份数量为17,276,275股，占公司总股本的比例为0.691%，最高成交价为20.99元/ 股，最低成交价为17.95元/股，支付的资金总额为人民币3.37亿元(含印花税、交易佣金等交易费用)。 ...

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 - As of July 31, 2025, China Merchants Port has repurchased approximately 17.28 million shares, representing 0.691% of the total share capital, with a total expenditure of approximately RMB 337 million [3] - The highest transaction price during the repurchase was RMB 20.99 per share, while the lowest was RMB 17.95 per share [3]

招商局港口集团股份有限公司 关于回购公司股份的进展公告 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。 招商局港口集团股份有限公司（以下简称"公司"）分别于 2024 年 10 月 18 日、2024 年 10 月 29 日召开第十一届董事会 2024 年度第七次临时会议及 2024 年 度第三次临时股东大会，审议通过了《关于以集中竞价交易方式回购公司股份 方案的议案》，同意公司以自有资金或自筹资金通过深圳证券交易所以集中竞 价交易方式回购公司股份，回购的股份全部用于注销并减少注册资本，回购价 格不超过 31.50 元/股。回购的资金总额不低于人民币 19,500 万元（含）且不超 过人民币 38,900 万元（含），回购实施期限为自公司股东大会审议通过本次回 购股份方案之日起 12 个月内。具体内容详见公司于 2024 年 10 月 20 日在巨潮资 讯网（www.cninfo.com.cn）披露的《第十一届董事会 2024 年度第七次临时会议 决议公告》（公告编号：2024-078）、《关于以集中竞价交易方式回购公司股 份方案的公告》（公告编号：2024-079 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector shows significant divergence in June data, with a focus on the industry's anti-involution process [3] - The express logistics market is expanding, supported by the national strategy to boost domestic demand, with a year-on-year growth of 15.8% in express delivery volume in June 2025 [5] - The performance of major express companies varies, with SF Express maintaining a business volume growth rate of over 30%, while other companies like YTO Express and Yunda Express show slower growth [4][5] Summary by Sections Express Logistics - In June 2025, the total express delivery volume reached 16.87 billion pieces, a year-on-year increase of 15.8%, with total revenue of 126.32 billion yuan, up 9.0% [5][24] - Major express companies' performance in June: YTO Express (2.627 billion pieces, +19.34%), Yunda Express (2.173 billion pieces, +7.41%), SF Express (1.460 billion pieces, +31.77%) [4][28] - The market share for these companies is 15.6% for YTO, 12.9% for both Yunda and Shentong, and 8.7% for SF Express [4] Air Transportation - The air travel sector is expected to benefit from macroeconomic recovery, with a year-on-year increase of 4.4% in passenger transport volume in June 2025 [52] - Major airlines are projected to improve their performance in Q2 2025 due to better supply-demand dynamics and lower oil prices [8] Shipping and Ports - The shipping sector is anticipated to benefit from OPEC+ production increases and a favorable economic environment, with a focus on crude oil transportation [16] - The Baltic Dry Index (BDI) increased by 27.8% week-on-week, indicating a recovery in the bulk shipping market [11][68] - Container throughput at Chinese ports showed a slight increase in cargo volume but a decrease in container throughput [81] Road and Rail - In June 2025, road freight volume increased by 2.86% year-on-year, while rail freight volume rose by 7.36% [45] - National logistics operations are running smoothly, with a slight increase in freight truck traffic [14] Supply Chain Logistics - Companies like Shenzhen International and Debon Logistics are expected to benefit from strategic transformations and improved profitability [15]

Investment Rating - The report assigns an "Accumulate" rating for the company with a target price of 23.44 CNY, based on a target PE of 12.5 times [7][4]. Core Views - The company is expected to achieve high growth in revenue and profit driven by investments and acquisitions, with a projected CAGR of 9% for revenue and 27% for net profit from 2018 to 2024 [1][15]. - The domestic container business is anticipated to grow steadily, with significant contributions from the Shenxi Port area, which is expected to see an 18% increase in container throughput in 2024 [2][37]. - The overseas business is projected to benefit from emerging market growth, with a CAGR of 10% for revenue and 12% for profit from 2018 to 2024 [3][46]. Summary by Sections 1. Company Overview - The company is a leading global port operator, focusing on port investment, operation, logistics, and smart technology [15]. - It has a strong historical background as a state-owned enterprise and has established a significant global presence through strategic investments and acquisitions [16][30]. 2. Domestic Business Growth - The domestic container throughput is expected to grow significantly, with the Shenxi Port area projected to account for 81% of the total throughput of mainland-controlled terminals in 2024 [2][30]. - The company’s net profit from domestic operations is primarily driven by investments in key ports in the Yangtze River Delta region [34][40]. 3. Overseas Business Expansion - The overseas revenue and profit are expected to grow due to emerging market opportunities, particularly in Sri Lanka and Brazil, with a focus on enhancing port capabilities [3][47]. - The company has been actively expanding its control over key ports in emerging markets, aligning with the "Belt and Road" initiative [57][64]. 4. Financial Projections - The company’s net profit is projected to reach 46.9 billion CNY in 2025, with a steady increase expected in subsequent years [4][5]. - The report highlights a strong financial outlook, with a consistent increase in EBITDA and net profit margins [5][21].

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-045 招商局港口集团股份有限公司 关于 2025 年 6 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 6 月 | 同比变化 | 本年累计 | 同比变化 | | --- | --- | --- | --- | --- | | 集装箱总计（万 TEU） | 1,751.9 | 2.4% | 10,129.0 | 5.7% | | 内地码头 | 1,380.4 | 2.6% | 7,915.6 | 6.1% | | 其中：珠三角 | 148.4 | -1.8% | 896.7 | 9.2% | | 长三角 | 919.0 | 5.0% | 5,246.3 | 7.8% | | 环渤海 | 283.2 | -1.2% | 1,609.8 | -0.1% | | 东南地区 | 19.3 | -1.7% | 105.2 | 7.7% | | 西南地区 | 10.5 | -14.0% | 57.6 | -7.8% | | ...