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% | | ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the need for the express delivery industry to shift towards high-quality development, as the State Post Bureau opposes "involution" competition and aims to improve service quality [4] - The express delivery sector is currently experiencing a decline in per-package revenue, with major companies like Zhongtong, Yuantong, Yunda, and Shentong showing year-on-year decreases in revenue per package [4] - Jitu's Southeast Asian market has seen significant growth, with a total package volume of 7.392 billion pieces in Q2 2025, a year-on-year increase of 23.5% [5] - The airline industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends indicating potential for growth [12] - The shipping sector is anticipated to improve due to OPEC+ production increases and the Federal Reserve's interest rate cuts, with specific recommendations for companies like China Merchants Energy and COSCO Shipping [12] Summary by Sections Express Delivery - The express delivery market is facing intense competition, with major players experiencing a decline in revenue per package [4] - The report suggests that regulatory changes could help improve the situation by reducing low-cost competition and enhancing the performance of leading companies [4][12] Airline Industry - The airline sector is characterized by long-term low supply growth, but demand is expected to benefit from macroeconomic recovery [12] - Key companies to watch include China National Aviation Holding, Southern Airlines, and HNA Group [12] Shipping and Ports - The report indicates a positive outlook for oil transportation due to OPEC+ production increases and potential interest rate cuts [12] - Recommendations include focusing on companies like China Merchants Energy and COSCO Shipping for their growth potential in the shipping market [12] Road and Rail - The report notes that the Daqin Railway experienced a year-on-year decrease in freight volume in June 2025, while overall logistics operations remain stable [11][12] - Companies like Zhongyuan Expressway and Sichuan Chengyu are highlighted for their growth potential due to infrastructure developments [12]

Core Viewpoint - The announcement details a significant equity change involving the increase of shareholding by China Ocean Shipping Company (COSCO) in Antong Holdings Co., Ltd. through various agreements and transactions, positioning COSCO as the largest shareholder of the company after the completion of these transactions [1][3][14]. Summary by Sections 1. Basic Information of the Equity Change - On July 11, 2025, COSCO acquired 33,333,334 shares (0.79% of total shares) of Antong Holdings through block trading [1][3]. - COSCO signed a share transfer agreement with China National Chemical Corporation Asset Management Co., Ltd. (ChemChina Asset Management) to acquire 82,908,988 shares (1.96% of total shares) [1][3]. - COSCO also entered into agreements with China Merchants Port Group Co., Ltd. and Guoxin Securities Co., Ltd. to acquire additional shares, totaling 39,000,000 shares (0.92%) and 178,500,000 shares (4.22%) respectively [1][3][13]. 2. Shareholding Structure Before and After the Change - Before the equity change, COSCO held no shares, while China Merchants Port held 288,817,293 shares (6.83%) [2][5]. - After the equity change, COSCO will hold 333,742,322 shares (7.89%), and China Merchants Port will hold 249,817,293 shares (5.90%) [2][5]. - The total shares held by COSCO and its concerted actors will amount to 583,852,868 shares (13.80%), making them the largest shareholder [2][4]. 3. Regulatory and Compliance Considerations - The equity change does not trigger a mandatory tender offer, and the actual control of Antong Holdings will not change immediately [3][14]. - The share transfer agreements require approval from relevant state-owned asset supervision authorities, and there is uncertainty regarding the approval [3][14]. - The completion of the share transfer is also subject to compliance confirmation from the Shanghai Stock Exchange and the necessary registration procedures [3][14]. 4. Future Plans and Implications - COSCO has indicated potential future plans for further increases in shareholding, which may lead to changes in the board and management of Antong Holdings [3][14]. - The current largest shareholder remains Fujian Zhaohang Logistics Management Partnership (Limited Partnership), and the company currently has no actual controller [14].

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-044 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 ...

（2024年度） 发行人 招商局港口集团股份有限公司 （深圳市南山区招商街道工业三路一号招商局港口大厦 23-25 楼） 债券简称：22 招港 01 债券代码：148052.SZ 债券简称：24 招港 K1 债券代码：148877.SZ 股票简称：招商港口/招港 B 股票代码：001872.SZ/201872.SZ 001872.SZ/201872.SZ 001872.SZ/201872.SZ 招商局港口集团股份有限公司 公司债券受托管理事务报告 债券受托管理人 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 2025 年 6 月 001872.SZ/201872.SZ 001872.SZ/201872.SZ 重要声明 中信证券股份有限公司（以下简称"中信证券"）编制本报告的内容及信息均 来源于招商局港口集团股份有限公司（以下简称"招商港口"、"发行人"或"公司"） 对外披露的《招商局港口集团股份有限公司 2024 年年度报告》等相关公开信息披 露文件、发行人提供的证明文件以及第三方中介机构出具的专业意见。本报告中的 "报告期"是指 2024 年 1 月 1 日至 2024 年 12 月 31 ...