Core Viewpoint - The company has appointed Mr. Li Xiaofeng as the Chief Legal Counsel and Chief Compliance Officer, indicating a strategic move to strengthen its legal and compliance framework [2] Group 1 - The board of directors of China Merchants Port has approved the appointment of Mr. Li Xiaofeng [2] - This appointment is aimed at enhancing the company's legal and compliance capabilities [2]

Group 1 - The core point of the article is the announcement by China Merchants Port regarding the resignation of Liu Libing as the General Counsel due to work changes, while he will continue to serve as the Secretary of the Board [1] - Following Liu Libing's resignation, Li Xiaofeng has been appointed as the new General Counsel after being nominated by the Vice Chairman and CEO Xu Song, and approved by the Board's Nomination, Compensation, and Assessment Committee [1] Group 2 - The article also highlights a significant development in the Chinese chip industry, mentioning the emergence of a new type of chip that can support AI training and embodied intelligence, which can be mass-produced using mature processes of 28 nanometers and above [1]

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-084 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 公司总法律顾问（首席合规官）、董事会秘书刘利兵先生提交的书面辞呈。刘利 兵先生因工作变动原因申请辞去本公司总法律顾问（首席合规官）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，刘利兵先生的辞职自书面辞呈送达本公司董事会时生效。 辞去上述职务后，刘利兵先生将继续担任本公司董事会秘书职务。 截至本公告披露日，刘利兵先生可行权期权 25,000 份尚未行权，未持有本 公司股票。 刘利兵先生在担任本公司总法律顾问（首席合规官）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利兵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 1 枫先生简历详见附件。 特此公告。 招商局港口集团股份有 ...

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-083 招商局港口集团股份有限公司 第十一届董事会 2025 年度第五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 12 月 24 日以电子邮件和专人送达的方式发出第十一届董事会 2025 年度第五次临时会议 的书面通知。 （二）董事会会议的时间、地点和方式 会议于 2025 年 12 月 30 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 1 会议应参加董事 12 名，共有 12 名董事参与表决。 （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《关于经理层成员岗位聘任协议及薪酬兑现方案的议案》 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 员岗位聘任协议及薪酬兑现方案的议案》。该议案已经本公司第十一届董事会 ...

Core Viewpoint - The shipping and port sector experienced a slight increase of 0.27% on December 26, with Antong Holdings leading the gains, while the overall market indices showed modest growth [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3963.68, up by 0.1% [1]. - The Shenzhen Component Index closed at 13603.89, up by 0.54% [1]. - Antong Holdings saw a significant increase of 10.08%, closing at 6.55 [1]. Group 2: Individual Stock Performance - The top gainers included: - Antong Holdings: 10.08% increase, closing at 6.55 with a trading volume of 5.95 million shares and a turnover of 3.744 billion [1]. - Haixia Co.: 4.96% increase, closing at 13.13 with a turnover of 1.781 billion [1]. - Beibu Gulf Port: 2.46% increase, closing at 10.42 with a turnover of 1.428 billion [1]. - The top losers included: - Nanjing Port: 1.57% decrease, closing at 10.05 with a turnover of 134 million [2]. - Xingtong Co.: 1.35% decrease, closing at 16.03 with a turnover of 146 million [2]. - Phoenix Shipping: 0.98% decrease, closing at 5.07 with a turnover of 128 million [2]. Group 3: Capital Flow - The shipping and port sector saw a net outflow of 783 million from institutional investors, while retail investors contributed a net inflow of 504 million [2]. - The sector experienced a net inflow of 279 million from speculative funds [2]. Group 4: Detailed Capital Flow by Stock - Haixia Co. had a net inflow of 94.13 million from institutional investors, but a net outflow of 58.56 million from speculative funds [3]. - China Merchants Port had a net inflow of 7.44 million from institutional investors, with a net outflow of 9.02 million from retail investors [3]. - Qin Port Co. had a net inflow of 1.52 million from institutional investors, while retail investors saw a net inflow of 140.13 million [3].

Group 1 - The shipping and port sector increased by 0.39% on December 25, with Chongqing Port leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] - Key stocks in the shipping and port sector showed significant price increases, with Chongqing Port rising by 10.02% to a closing price of 5.82 [1] Group 2 - The shipping and port sector experienced a net outflow of 380 million yuan from main funds, while retail investors saw a net inflow of 279 million yuan [2] - The trading volume and turnover for key stocks varied, with An Tong Holdings seeing a closing price of 5.95 and a trading volume of 1.662 million shares [2] - The net inflow of funds for Chongqing Port was negative at -39.11 million yuan, indicating a shift in investor sentiment despite its price increase [3]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing high dividends and capital operations as dual engines for growth [1]. Core Insights - The transportation sector has shown mixed performance, with the overall industry ranking 8th among 31 sectors in terms of growth, having increased by 1.68% from December 1 to December 19, 2025, outperforming the CSI 300 index by 0.76 percentage points [12][13]. - The report highlights that the dividend yield for major segments within the transportation sector, including highways, railways, and ports, remains in the 3%-4% range, with coal and banking sectors leading in yield [27][21]. - The report identifies several high-dividend stocks in the A and H-share markets, recommending companies such as Sichuan Chengyu Expressway (6.0% yield) and China Merchants Port (5.8% yield) as attractive investment opportunities [21][22]. Monthly Market Performance - The report notes that the performance of dividend assets in December 2025 was generally underwhelming, with highway, railway, and port segments showing cumulative changes of -1.45%, +1.12%, and +1.21%, respectively [13][11]. - The average daily transaction volume for ports increased by 26.7% year-on-year, while highway and railway transaction volumes decreased by 5.5% and 34.8%, respectively [26][23]. - The report indicates that the low interest rate environment continues to support the market, with the 10-year government bond yield remaining stable around 1.83% [25][23]. Capital Operations - Sichuan Chengyu plans to acquire 85% of Hubei Jingyi Expressway for 2.409 billion yuan in cash, shifting from a stock issuance to a cash purchase to avoid equity dilution [32]. - Ninghu Expressway is increasing its investment in the Jiangsu Longtan Bridge project by 3.26964 billion yuan, enhancing its stake in the project [34]. - Qingdao Port has terminated its cash acquisition of the Rizhao Port oil terminal due to potential business impacts from legal issues, prioritizing shareholder interests [35]. Highway Sector Tracking - In October 2025, highway passenger traffic was reported at 975 million, a decrease of 3.7% year-on-year, while freight traffic showed a slight increase of 0.1% [36]. - The report highlights the revenue performance of key companies, such as Gansu Expressway, which reported a slight decline in toll revenue for November 2025 [44]. Railway Sector Tracking - Railway passenger volume reached 410 million in October 2025, marking a 10.1% increase year-on-year, while freight volume showed a modest increase of 0.6% [52]. - The report notes that the Daqin Railway achieved a freight volume of 37.22 million tons in November 2025, reflecting a year-on-year growth of 1.75% [59]. Port Sector Tracking - The report indicates that monitored port cargo throughput reached 1.078 billion tons over four weeks, with a year-on-year growth of 2.6% [63]. - Container throughput for the year-to-date reached 31.0469 million TEUs, reflecting a 7.7% increase compared to the previous year [63].

人民财讯12月19日电，招商港口12月19日在互动平台表示，公司积极把握海南自贸港发展机遇，合资成 立了三亚招商港口发展有限公司，积极参与海南省开发建设，充分发挥公司在港口综合运营方面的经验 和优势，完善战略布局。 转自：证券时报 ...

Core Viewpoint - The announcement by Antong Holdings indicates a significant increase in shareholding by China Ocean Shipping Company, which raises the total ownership to 20% of the company's shares, reflecting a strategic investment move [1] Group 1: Shareholding Changes - From July 30, 2025, to December 18, 2025, China Ocean Shipping Company increased its stake in Antong Holdings by acquiring 42,968,269 shares, representing a 1.02% increase in ownership [1] - Following this transaction, the total shares held by China Ocean Shipping and its affiliates reached 846,305,397, which constitutes 20.00% of the total share capital, up from a previous holding of 15.00% [1] Group 2: Future Plans and Commitments - China Ocean Shipping and its affiliates have committed to not transferring their shares for 18 months post-transaction, with exceptions for transfers among entities under the same actual controller [1] - Both China Ocean Shipping and China Foreign Trade have disclosed plans to further increase their holdings within the next 12 months, with intended investment amounts of no less than 360 million yuan and no more than 720 million yuan, and no less than 300 million yuan and no more than 600 million yuan, respectively [1] Group 3: Control Structure Implications - The recent changes in shareholding have not resulted in a change of the actual controller of Antong Holdings; however, potential adjustments to the board or executive management could impact the control structure in the future [1]

Core Insights - The core viewpoint of the articles highlights the strong performance of China Merchants Port, particularly in the Pearl River Delta region, with a significant year-on-year increase in container throughput and a robust growth outlook for 2024 despite high base effects [1][6]. Group 1: Business Performance - In November 2023, the container throughput of China Merchants Port in the Pearl River Delta increased by 18.7% year-on-year, with a cumulative growth of 3.4% in the first eleven months [1]. - Guangdong's foreign trade reached 8.61 trillion yuan in the first eleven months of 2023, marking a 4.2% year-on-year increase, which has positively impacted port business demand [2]. - The Shenzhen Western Port Area, as a key hub in South China, has benefited from the growth in foreign trade, with significant contributions from emerging markets [2][4]. Group 2: Market Dynamics - Guangdong's diversified foreign trade strategy has provided strong support for the business growth of the Shenzhen Western Port Area, with ASEAN, Hong Kong, and the EU being the top three trading partners [2]. - The port's extensive near-ocean shipping routes, with approximately 80% of its total routes serving Asia, position it as a crucial link between the Greater Bay Area and emerging markets in Southeast Asia, the Middle East, and Africa [2][4]. Group 3: Strategic Advantages - The Shenzhen Western Port Area's geographical advantage is emphasized, being located at the geometric center of the Pearl River Delta and close to international natural shipping lanes [4]. - The implementation of the Regional Comprehensive Economic Partnership (RCEP) is reshaping trade dynamics in Asia, providing long-term benefits for the Shenzhen Western Port Area [4][7]. - The company has made significant progress in smart port construction, with the launch of the new CTOS system and the establishment of the first 5G smart port in the Guangdong-Hong Kong-Macao Greater Bay Area [4]. Group 4: Future Growth Prospects - The company is expected to continue benefiting from the optimization of China's foreign trade structure and the reconstruction of global trade patterns [8]. - The strategic focus on global layout, lean operations, and innovation is aimed at enhancing core competitiveness and ensuring sustainable growth [8]. - Institutional interest in the company's long-term investment value is growing, with positive assessments of its growth potential and attractive valuation [8].