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]

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]

Core Points - The company has approved a share repurchase plan to buy back its shares through centralized bidding on the Shenzhen Stock Exchange, with a maximum repurchase price of 31.50 CNY per share [2] - The total amount allocated for the repurchase will be no less than 195 million CNY and no more than 389 million CNY, with a repurchase period of 12 months from the approval date [2] - As of July 31, 2025, the company has repurchased a total of 17,276,275 shares, accounting for 0.691% of the total share capital, with a total expenditure of 348 million CNY [3] Summary by Sections Share Repurchase Plan - The company convened its 11th Board Meeting and the 3rd Extraordinary General Meeting of 2024 to approve the share repurchase plan [2] - The repurchased shares will be used for cancellation and reduction of registered capital [2] Repurchase Progress - The company has established a dedicated securities account for the share repurchase, in compliance with relevant regulations [3] - The highest transaction price during the repurchase was 20.99 CNY per share, while the lowest was 17.95 CNY per share [3] - The company will continue to implement the repurchase plan based on market conditions and will fulfill its information disclosure obligations [3]

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） ...