Investment Rating - The report maintains a "Buy" recommendation for the container shipping sector due to high freight rates and increased demand driven by the recent US-China tariff adjustments [1][3]. Core Insights - The recent US-China trade talks resulted in the cancellation of 91% of retaliatory tariffs, leading to a surge in bilateral trade and a nearly 300% increase in container shipping bookings from China to the US [1][11]. - Freight rates on North American routes have significantly increased, with Shanghai to US West Coast and East Coast rates rising by 31.7% and 22.0% respectively [2][12]. - The report anticipates a short-term surge in container demand due to a stocking wave, which may challenge port logistics and further influence freight rates [3][15]. Summary by Sections Section 1: US-China Tariff Developments - The US and China agreed to suspend 24% of reciprocal tariffs for 90 days, leading to a rapid increase in trade and shipping demand [1][11]. - Container shipping bookings surged from an average of 5,709 TEUs to 21,530 TEUs within a week following the tariff adjustments [1][11]. Section 2: Market Demand and Freight Rates - The demand for shipping services has rebounded sharply, with significant increases in spot booking prices for shipping containers [2][12]. - As of May 16, 2025, the spot rates for shipping from Shanghai to the US West Coast and East Coast reached $3,091 and $4,069 per FEU, reflecting increases of 31.7% and 22.0% respectively [2][12]. Section 3: Investment Recommendations - The report recommends investing in leading container shipping companies such as COSCO Shipping Holdings, which is expected to benefit from rising freight rates on US routes [3][15]. - It also highlights the potential of regional shipping companies in Asia, suggesting that the ongoing trade tensions may sustain high demand in this segment [3][15]. Section 4: Industry Data Tracking - Recent data shows a 4.8% year-on-year increase in domestic air passenger volume, indicating a recovery in the aviation sector [16][20]. - The report notes a 10% increase in the Shanghai Container Freight Index (SCFI) and a 4% increase in Very Large Crude Carrier (VLCC) rates, reflecting overall positive trends in the shipping industry [36][37].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The shipping industry is experiencing a surge in demand due to a recent temporary reduction in tariffs between China and the US, leading to a significant increase in shipping volumes on the US route. The average booking volume surged by 277% compared to the previous week [5] - The Shanghai Export Container Freight Index (SCFI) rose by 10.0% week-on-week, indicating a strong recovery in shipping rates, particularly for routes to the US [6] - The logistics sector is showing resilience, with express delivery volumes in April increasing by 19.1% year-on-year, reflecting robust demand across various sectors [9] - The airline industry is expected to benefit from macroeconomic recovery, with a long-term supply-demand imbalance favoring growth in the sector [12] Summary by Sections Shipping Vessels - The recent tariff reductions have led to a surge in demand for shipping services, particularly on the US route, with a projected increase in freight rates over the next 2-3 months due to supply constraints [5] - The average weekly capacity for the US route is expected to be 500,000 TEU, down 6% from last year [5] - The oil tanker market is facing supply tightness due to limited new orders and an aging fleet, which is expected to sustain high demand in the coming years [12] Express Logistics - In April, the express delivery industry in China saw a business volume of 16.32 billion pieces, a year-on-year increase of 19.1%, with revenue reaching 121.28 billion yuan, up 10.8% [9] - The concentration index for express delivery brands (CR8) was 86.7, indicating a stable competitive landscape [9] Aviation and Airports - The airline industry is poised for growth due to low supply growth and recovering demand, with key companies to watch including China Southern Airlines and Air China [12] - The passenger transport volume in March was approximately 59 million, reflecting a year-on-year increase of 3.5% [50] Overall Market Performance - From May 12 to May 16, the transportation index rose by 2.12%, outperforming the Shanghai Composite Index [17] - The shipping sector saw the highest increase at 7.42%, indicating strong market performance [17]

Group 1 - Huate Gas plans to reduce its shareholding by up to 2% through block trading from June 9, 2025, to September 8, 2025, totaling no more than 2.4 million shares [1] - Huazhong Co. reported April sales of 208,200 pigs, with a revenue of 375 million yuan, showing a month-on-month decrease of 4.28% [2] - Haizheng Biomaterials intends to reduce its shareholding by up to 1% starting from June 9, 2025, due to funding needs [3] Group 2 - Lisheng Sports plans to repurchase shares worth between 20 million and 40 million yuan for employee stock ownership plans [5] - Hongjing Technology signed a service contract worth 563 million yuan for a smart computing project, lasting five years [6] - Ugreen Technology aims to participate in the pre-restructuring of Zhongzhi Real Estate, targeting 100% equity acquisition [8] Group 3 - Jingquan Hua plans to reduce its shareholding by up to 1.67% starting from June 6, 2025 [9] - New Times plans to reduce its shareholding by up to 0.3% starting from June 6, 2025 [10] - Baofeng Energy intends to repurchase shares worth between 1 billion and 2 billion yuan, with a maximum price of 22.80 yuan per share [10] Group 4 - Yuanli Co. plans to reduce its shareholding by up to 3% starting from June 6, 2025 [14] - Huakai Yibai intends to reduce its shareholding by up to 3% starting from June 6, 2025 [15] - Guangshengtang's innovative hepatitis B drug GST-HG131 has completed Phase II clinical trials, showing significant efficacy [17] Group 5 - Electric Media plans to invest 115 million yuan in a cultural technology venture capital fund, which has a total expected scale of 2 billion yuan [21] - China Merchants Port reported a total of 17.059 million TEUs in April, a year-on-year increase of 6% [23] - Changguang Huaxin plans to reduce its shareholding by up to 2% starting from June 9, 2025 [25] Group 6 - Huace Film plans to reduce its shareholding by up to 1.11% starting from June 6, 2025, to reduce debt [26] - BeiGene's HHLR Fund reduced its shareholding from 6.03% to 4.89% after selling 16 million shares [27] - Heertai plans to reduce its shareholding by up to 2.05% starting from June 6, 2025 [28] Group 7 - Biyin Lefen's director plans to reduce his shareholding by up to 491,300 shares starting from June 6, 2025, due to personal funding needs [29]

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-036 招商局港口集团股份有限公司 关于 2025 年 4 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。 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；3.2024 年 6 月 28 日，本公司控股子公司招商 局港口控股有限公司（0144.HK）完成了对 PT Nusantara Pelabuhan Handal TBK（NPH） 51% 股权收购项目的交割，自 2024 年 7 月起，本公司将 NPH 业务量纳入统计。 特此公告。 | 业务指标 | 2025 年 4 月 | 同比变化 | 本年累计 | 同比变化 | | --- | --- | --- | --- | --- | | 集装箱总计（万 TEU） | 1,705.9 | 6.0% | 6,611.8 | 6.9% | | 内地码头 | 1,334.5 | 5.5% | 5,147.2 | 7.3% | | ...

Core Insights - The company reported a revenue of 4.214 billion yuan for Q1 2025, representing a year-on-year growth of 8.99% and a net profit attributable to shareholders of 1.091 billion yuan, up 5.21% year-on-year [1][2] Revenue and Profitability - The company's revenue for Q1 2025 was 4.214 billion yuan, with a gross margin of 46.71%, an increase of 2.74 percentage points year-on-year [2] - Management and financial expense ratios were 8.72% and 10.41%, showing a decrease of 1.73 and 3.96 percentage points year-on-year respectively [2] - Investment income for Q1 was 1.421 billion yuan, reflecting a year-on-year increase of 7.33% [2] Container and Cargo Throughput - The total container throughput for the company's port projects reached 48.957 million TEU in Q1 2025, a year-on-year increase of 7.1% [1] - Domestic terminal container throughput was 38.100 million TEU, up 7.8% year-on-year, with the Pearl River Delta region experiencing a growth rate of 15.7% [1] - The throughput for bulk cargo at domestic terminals was 300 million tons, down 3.1% year-on-year [1] Future Outlook - Revenue projections for 2025-2027 are estimated at 16.573 billion, 17.109 billion, and 17.663 billion yuan, with year-on-year growth rates of 2.74%, 3.23%, and 3.24% respectively [3] - Net profit forecasts for the same period are 4.607 billion, 4.813 billion, and 5.001 billion yuan, with growth rates of 2.00%, 4.48%, and 3.89% respectively [3] - Earnings per share (EPS) are projected to be 1.84, 1.92, and 2.00 yuan for 2025, 2026, and 2027 respectively [3]

Core Viewpoint - The company has initiated a share repurchase program to enhance shareholder value and reduce registered capital by repurchasing shares through the Shenzhen Stock Exchange at a maximum price of 31.50 CNY per share [2]. Group 1: Share Repurchase Plan - The company approved a share repurchase plan with a total funding amount between 195 million CNY and 389 million CNY, with a duration of 12 months from the approval date [2]. - The repurchased shares will be used for cancellation and reduction of registered capital [2]. Group 2: Repurchase Progress - As of April 30, 2025, the company has repurchased a total of 14,347,174 shares, accounting for 0.574% of the total share capital, with a total expenditure of approximately 278 million CNY [3]. - The highest transaction price during the repurchase was 20.99 CNY per share, while the lowest was 17.95 CNY per share [3]. Group 3: Compliance and Regulations - The company has established a dedicated securities account for the share repurchase, in compliance with relevant regulations [3]. - The repurchase activities are conducted in accordance with the Shenzhen Stock Exchange's self-regulatory guidelines and do not occur during periods that could significantly impact the stock price [4][5].

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-035 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：2 ...

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]

Core Insights - The company reported a total revenue of 4.214 billion yuan in Q1 2025, representing a year-on-year increase of 9% [1] - The net profit attributable to shareholders reached 1.091 billion yuan, up 5.2% year-on-year, while the net profit excluding non-recurring items was 1.06 billion yuan, showing a significant growth of 30.4% [1] Container Business Performance - The company achieved a container throughput of 48.957 million TEU in Q1 2025, marking a 7.1% increase year-on-year [1] - Domestic port projects contributed 38.1 million TEU, up 7.8% year-on-year, while throughput from Hong Kong and Taiwan reached 1.523 million TEU, increasing by 8.1% [1] - Overseas port projects recorded a throughput of 9.334 million TEU, reflecting a growth of 3.9% [1] Bulk Cargo Business Performance - The bulk cargo throughput from domestic ports was 300 million tons, down 3.1% year-on-year, while overseas ports handled 2.469 million tons, which is a 3.9% increase [1] Overseas Expansion - The company completed the 51% equity transfer of the NPH project in Indonesia, marking its entry into the Indonesian market and expanding its Southeast Asian port network [2] - Other overseas projects, including Sri Lanka's CICT, Brazil's TCP, and Togo's LCT, achieved record-high business volumes, showcasing the company's global layout advantages [2] Cost Control and Shareholder Returns - The company's operating expenses for Q1 2025 were 0.853 billion yuan, a decrease of 0.146 billion yuan year-on-year, with an expense ratio of 20.2%, down 5.6 percentage points [2] - Management expenses decreased by 9.1%, and financial expenses dropped by 21.1%, while R&D expenses increased by 20.5%, indicating a balance between cost control and strategic investment [2] - The company announced a shareholder return plan for 2024-2026, committing to distribute at least 40% of the annual distributable profit in cash [2] Profit Forecast and Investment Outlook - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 4.81 billion, 5.07 billion, and 5.29 billion yuan, respectively, with EPS projected at 1.92 yuan, 2.03 yuan, and 2.11 yuan [3]

Core Viewpoint - The company reported strong growth in Q1 2025, with significant increases in revenue and net profit, driven by robust performance in its core port operations and container business [1][2]. Financial Performance - The company achieved operating revenue of 4.214 billion yuan, a year-on-year increase of 8.99% [1] - Net profit attributable to shareholders reached 1.091 billion yuan, up 5.21% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 1.060 billion yuan, reflecting a substantial growth of 30.39% [1] Container Business Performance - The total container throughput reached 48.957 million TEU, representing a year-on-year growth of 7.1% [1] - The domestic mother port in the Shenzhen Western Port area achieved a throughput of 4.317 million TEU, up 15.7% year-on-year, continuing the double-digit growth trend from the previous year [1] - Overseas port projects contributed a throughput of 9.334 million TEU, marking a 3.9% increase [1] Strategic Initiatives - The company is actively implementing a valuation enhancement plan, including share buybacks and increasing cash dividend ratios to boost investor returns [2] - A profit distribution plan for 2024 has been disclosed, proposing a cash dividend of 7.4 yuan per 10 shares, a year-on-year increase of 27.6% [2] Market Position and Growth Strategy - As a pioneer in the "Belt and Road" initiative, the company benefits from a unique overseas port layout, enhancing the stability of its performance and opening up greater long-term growth opportunities [2] - The company aims to mitigate uncertainties from the ongoing US-China trade tensions by leveraging its Southeast Asia-focused shipping routes and global port network [2]