Logistics Industry - The logistics sector has seen a year-to-date increase of 6.2% as of June 13, 2025, outperforming the CSI 300 by 8.0% [1] - The shift from external to internal demand is contributing to excess returns in the logistics industry, with direct-operated express companies like SF Express and JD Logistics performing better than franchise-based counterparts [1] - The competitive intensity in the logistics sector is expected to be controllable due to effective regulatory constraints, despite a stronger demand for market share among leading companies [1] Shipping Industry - The shipping sector has experienced a year-to-date increase of 0.8%, with an excess return of 2.6% compared to the CSI 300 as of June 13, 2025 [2] - The easing of tariffs between China and the U.S. is expected to maintain strong export levels until mid-July, coupled with temporary capacity tightness, which may lead to further price increases in the shipping sector [2] - In the medium term, the supply of oil tankers, particularly VLCCs, remains tight, and a recovery in demand may lead to rising freight rates [2] Infrastructure Sector - As of June 13, 2025, the highway, railway, and port sectors have underperformed the market by 0.74, 4.23, and 0.73 percentage points, respectively [3] - The growth in passenger traffic on highways is driven by an increase in vehicle ownership and sustained short-distance travel demand, with the summer peak season expected to boost high-speed rail travel [3] - The recovery in domestic demand is anticipated to positively impact the freight transport sector, with the easing of U.S. tariff policies likely to sustain high levels of export trade in the short term [3]

Core Points - The company announced a cash dividend distribution plan for the fiscal year 2024, with a total cash dividend amounting to 1,839,836,697.18 yuan, based on a distribution ratio of 0.74 yuan per share [1][3][4] - The total share capital of the company is adjusted to 2,501,508,381 shares after accounting for share buybacks and stock option exercises [1][3] - The cash dividend per share for A shares is calculated to be 0.7351415 yuan after the distribution [2][4] Dividend Distribution Plan - The profit distribution plan was approved at the shareholders' meeting on May 23, 2025, and includes a capital reserve transfer to increase share capital [2][3] - The cash dividend distribution will be executed on June 24, 2025, with the ex-dividend date set for June 25, 2025 [5][6] - The distribution will be made to all A and B shareholders registered by the respective cut-off dates [6][7] Shareholder Taxation and Payment Method - A shares will have a differentiated tax rate for dividends, with 7.40 yuan per 10 shares for certain shareholders, while B shares will be converted to Hong Kong dollars based on the exchange rate on May 26, 2025 [5][8] - The cash dividends for A shares will be distributed through the China Securities Depository and Clearing Corporation, while B shares will be paid directly to shareholders' accounts [6][7] Adjustments and Future Considerations - The company will adjust the exercise price of stock options in accordance with the dividend distribution, with new prices calculated based on the dividend amount [7][8] - The company will also adjust the maximum repurchase price for shares following the dividend distribution [8]

Group 1: Aviation Sector - The aviation sector is expected to see strong demand during the summer peak season, with a recommendation to focus on pre-peak investment opportunities. The industry has gradually emerged from the low-demand season since March, with rational pricing strategies from airlines supporting demand [3][12]. - In 2024, the total revenue of six listed airlines is projected to reach 521.8 billion yuan, a year-on-year increase of 14%, with a tax pre-profit of 3 billion yuan, a significant recovery from a loss of 9 billion yuan in 2023. Different airlines show varying degrees of profit improvement [10][12]. - The report highlights that the international oil price decline will significantly enhance airline profits. A 5% drop in Brent crude oil prices could increase the pre-tax profits of major airlines by 29 billion yuan for Air China and 23 billion yuan for Eastern Airlines [14][15]. Group 2: Express Delivery Sector - The express delivery sector is anticipated to maintain strong growth resilience, with business volumes expected to increase by 21.5% in 2024 and 21.6% in Q1 2025. The total business volume for 2024 is projected to reach 1.758 billion pieces [32][35]. - The market concentration in the express delivery industry is on the rise, with the CR8 index expected to reach 85.2% in 2024 and 86.9% in Q1 2025, indicating a more consolidated market [32][35]. - Revenue for the express delivery industry is forecasted to grow by 13.8% in 2024, reaching 1.4 trillion yuan, with a slight pressure on average ticket prices, which are expected to decline by 14.2% [35][36]. Group 3: Dividend and Asset Value - The report emphasizes the value of dividend assets in the transportation sector, with cash dividend ratios for highways, railways, and ports projected at 51%, 47%, and 36% respectively for 2024, indicating strong cash flow stability [44][45]. - The TTM dividend yields for these sectors are expected to be 3.0% for highways, 3.3% for railways, and 2.3% for ports, reflecting a stable increase compared to previous years [44][45]. Group 4: Shipping Sector - The shipping sector faces short-term pressure due to US-China tariff disputes, but structural opportunities may arise. The report suggests that the tariff situation could lead to a shift in import demands, particularly for agricultural products, which may benefit dry bulk shipping [48][56]. - Historical data indicates that previous trade disputes have led to increased shipping rates for certain routes, suggesting potential for similar outcomes in the current context [48][56].

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-043 招商局港口集团股份有限公司 2024 年度分红派息实施公告 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。 特别提示： 1.2024 年度利润分配预案披露后至本次分红派息实施申请的前一交易日 （2025 年 6 月 16 日）期间，招商局港口集团股份有限公司（以下简称"本公司"） 因股票期权激励计划自主行权共新增股本 123,600 股，本公司总股本由 2,501,384,781 股增加至 2,501,508,381 股（其中 A 股为 2,321,612,951 股，B 股 为 179,895,430 股）。 2.本公司通过回购专户持有本公司 A 股股份 15,242,574 股，该部分股份不享 有利润分配的权利。本公司本次实际现金分红总额=实际参与分配的总股本×分 配比例，即 1,839,836,697.18 元=2,486,265,807 股（现有总股本 2,501,508,381 股-回购 A 股股份 15,242,574 股）×0.74 元/股；其中，A 股现金 ...

Group 1 - The company has announced its 2024 dividend distribution plan, which has been approved by the shareholders' meeting [1] - The dividend distribution is based on a total share capital of 2.502 billion shares, excluding 15.2426 million repurchased A-shares, resulting in a base of 2.486 billion shares [1] - The cash dividend is set at 7.4 yuan per 10 shares (including tax), with a total cash dividend amounting to 1.84 billion yuan, of which 1.707 billion yuan is allocated for A-shares [1] Group 2 - The A-share equity registration date is June 24, 2025, and the ex-dividend date is June 25, 2025 [1] - The last trading day for B-shares is also June 24, 2025, with the ex-dividend date on June 25, 2025, and the equity registration date on June 27, 2025 [1]

Core Viewpoint - The announcement provides a voluntary disclosure of business volume data for May 2025 by China Merchants Port Group Co., Ltd, highlighting both year-on-year growth and specific regional performance metrics [1]. Group 1: Container Volume - Total container volume for May 2025 reached 1,759.2 million TEU, representing a 4.4% increase year-on-year [2]. - Cumulative container volume for the year stands at 8,367.3 million TEU, reflecting a 6.4% year-on-year growth [2]. - Inland terminals contributed 1,387.7 million TEU in May, with a year-on-year increase of 5.6% [2]. - The Pearl River Delta region saw a slight decline of 1.1% year-on-year, totaling 156.8 million TEU [2]. - The Yangtze River Delta region experienced a robust growth of 9.1%, reaching 918.0 million TEU [2]. - The Bohai Rim region reported a minor decrease of 0.4%, totaling 286.0 million TEU [2]. - Southeast region's container volume increased by 8.2%, totaling 17.4 million TEU [2]. - Southwest region faced a significant decline of 17.0%, with 9.5 million TEU [2]. - Hong Kong, Macau, and Taiwan terminals reported a 21.0% decrease, totaling 42.9 million TEU [2]. - Overseas terminals contributed 328.6 million TEU, marking a 3.9% increase [2]. Group 2: Bulk Cargo Volume - Total bulk cargo volume for May 2025 reached 11,375.8 million tons, showing a year-on-year increase of 7.4% [2]. - Cumulative bulk cargo volume for the year is 52,626.0 million tons, with a slight decline of 0.4% year-on-year [2]. - Inland terminals accounted for 11,301.1 million tons in May, reflecting a 7.6% increase year-on-year [2]. - The Pearl River Delta region's bulk cargo volume decreased by 10.0%, totaling 337.7 million tons [2]. - The Yangtze River Delta region saw a 10.0% increase, reaching 6,953.0 million tons [2]. - The Bohai Rim region reported a 5.4% increase, totaling 3,059.2 million tons [2]. - Southeast region's bulk cargo volume surged by 21.2%, totaling 196.9 million tons [2]. - Southwest region experienced a minor increase of 1.6%, with 754.3 million tons [2]. - Overseas terminals reported a decline of 13.5%, totaling 74.7 million tons [2].

Group 1 - The core point of the article is that China Merchants Port reported a total container throughput of 17.592 million TEUs in May 2025, representing a year-on-year growth of 4.4% [1] - The total bulk cargo throughput reached 113.758 million tons in May 2025, showing a year-on-year increase of 7.4% [1]

Core Insights - The company announced a total of 17.59 million TEUs in container throughput for May 2025, representing a year-on-year increase of 4.4% [1] - Cumulative container throughput for the year reached 83.67 million TEUs, showing a year-on-year growth of 6.4% [1] Container Throughput Breakdown - Inland terminals handled 13.88 million TEUs, up 5.6% year-on-year [1] - Pearl River Delta terminals recorded 1.57 million TEUs, down 1.1% year-on-year [1] - Yangtze River Delta terminals processed 9.18 million TEUs, reflecting a 9.1% year-on-year increase [1] - Bohai Rim terminals managed 2.86 million TEUs, a slight decline of 0.4% year-on-year [1] - Southeast region terminals accounted for 174,000 TEUs, up 8.2% year-on-year [1] - Southwest region terminals saw a significant drop to 95,000 TEUs, down 17.0% year-on-year [1] - Hong Kong, Macau, and Taiwan terminals reported 429,000 TEUs, down 21.0% year-on-year [1] - Overseas terminals achieved 3.29 million TEUs, marking a 3.9% year-on-year increase [1] Bulk Cargo Performance - Total bulk cargo reached 114 million tons, reflecting a year-on-year increase of 7.4% [1] - Cumulative bulk cargo for the year was 526 million tons, showing a slight decline of 0.4% year-on-year [1]

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 5 月 | 同比变化 | 本年累计 | 同比变化 | | --- | --- | --- | --- | --- | | 集装箱总计（万 TEU） | 1,759.2 | 4.4% | 8,367.3 | 6.4% | | 内地码头 | 1,387.7 | 5.6% | 6,535.0 | 6.9% | | 其中：珠三角 | 156.8 | -1.1% | 748.5 | 11.7% | | 长三角 | 918.0 | 9.1% | 4,327.3 | 8.5% | | 环渤海 | 286.0 | -0.4% | 1,326.2 | 0.2% | | 东南地区 | 17.4 | 8.2% | 85.9 | 10.0% | | 西南地区 | 9.5 | -17.0% | 47.1 | -6.2% | | 港澳台码头 | 42.9 | -21.0% | 243.3 | 0.5% | | 海外码头 | 328.6 | 3.9% | 1,589.0 | 5.0% | | 散杂货总计（万吨） | ...

Core Viewpoint - The collaboration between FAW Jiefang and China Merchants Port marks a significant step towards green port construction, highlighted by the delivery of 185 new energy port tractors, contributing to low-carbon transformation in the logistics sector [1][15]. Group 1: Event Overview - The delivery ceremony took place on June 12, 2025, at the Shekou Container Terminal, emphasizing the commitment to green development under the "dual carbon" goals [1]. - FAW Jiefang's Vice General Manager Wang Jianyu highlighted the company's "15333" new energy strategy aimed at accelerating the transformation of the new energy industry while enhancing service upgrades [3]. Group 2: Technical Insights - China Merchants Port's CFO Huang Zhenzhou discussed the green transformation of port operations, focusing on the advanced "smart battery swap scheduling system" and the technical support provided by FAW Jiefang [5]. - FAW Jiefang's Southeast Regional Manager Shao Yuhang elaborated on the advantages of new energy port tractors, emphasizing continuous R&D, forward-looking technology planning, and a comprehensive "worry-free operation" system [7]. Group 3: Initiatives and Future Directions - The "Green Port Initiative" was launched during the event, symbolizing a commitment to low-carbon port development and a clear direction for future ecological collaboration [9]. - The handover of vehicle keys during the ceremony represented not just a product delivery but also the mission of green logistics, marking the start of a new journey in low-carbon port operations [11]. Group 4: Broader Implications - The delivery of these vehicles serves as a model for collaborative carbon reduction efforts between manufacturing and application sectors, setting a new benchmark for new energy applications in port transportation [15].