Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [5][8][71]. Core Viewpoints - The company is positioned as a global port investment platform with ongoing overseas expansion contributing to profit growth [5][10]. - The company has a strong financial foundation, with projected net profits for 2025-2027 expected to be 48.13 billion, 51.75 billion, and 56.04 billion yuan respectively, reflecting growth rates of 6.57%, 7.53%, and 8.27% [6][71]. - The current price-to-earnings (P/E) ratios are projected to be 10.64, 9.90, and 9.14 for the years 2025, 2026, and 2027, respectively, indicating potential undervaluation [8][71]. Summary by Sections Company Overview - The company is controlled by China Merchants Group and has established itself as a leading global port developer, investor, and operator [7][20]. - The core business includes port loading and unloading, bonded logistics, and smart technology, with loading and unloading accounting for over 95% of revenue by 2024 [7][21]. Financial Performance - Revenue projections for 2023 to 2027 show a compound annual growth rate (CAGR) of 5.88%, with significant contributions from both domestic and international operations [6][45]. - The average revenue from domestic operations accounted for 71.84% of total revenue from 2019 to 2024, establishing a solid performance base [38][46]. Investment Strategy - The company has expanded its global port network, establishing investments in 51 ports across 26 countries and regions by the end of 2024 [34][55]. - The investment strategy focuses on acquiring stakes in key ports, with significant contributions from investments in Shanghai Port and other major players [7][20]. Revenue Streams - The company anticipates steady growth in its core loading and unloading business, with expected revenues of 163.38 billion, 174.52 billion, and 186.16 billion yuan for 2025-2027 [68][69]. - The bonded logistics business is projected to grow at a rate of 5% annually, contributing to overall revenue stability [68][69]. Market Position - The company benefits from a diversified asset base, which helps mitigate regional risks and ensures stable revenue from domestic operations [46][47]. - The overseas business, while smaller, has shown a CAGR of 11.12% from 2019 to 2024, indicating strong growth potential in emerging markets [45][55].

Core Viewpoint - The report highlights the investment potential of China Merchants Port (001872), emphasizing its global port investment platform and ongoing overseas expansion to enhance profitability [1] Group 1: Company Overview - China Merchants Port is controlled by China Merchants Group, a century-old state-owned enterprise, which has expanded its port asset management through acquisitions and shareholding [1] - The company's core business includes port loading and unloading, bonded logistics, and smart technology, with port loading and unloading expected to account for over 95% of revenue by 2024 [1] - Investment income has averaged 67.23% of total profit from 2019 to 2024, with significant contributions from investments in Shanghai International Port Group (600018) [1] Group 2: Global Network and Revenue Contribution - As of the end of 2024, the company has established an investment network in 51 ports across 26 countries and regions, with domestic port assets concentrated in five major coastal port clusters [2] - Domestic port business has contributed an average of 71.84% to total revenue from 2019 to 2024, providing a solid performance foundation [2] - The overseas business, while smaller, has shown significant growth potential with a CAGR of 11.12% from 2019 to 2024, surpassing the overall company growth rate of 5.88% [2] - The company is expected to complete the acquisition of the Vast Oil Terminal in Brazil by 2025, further expanding its South American operations [2] Group 3: Service Management and Fee Structure - The company focuses on improving service management and market research to stabilize and reasonably increase port fees [2] - Domestic port fee reforms are ongoing, with expectations for accelerated marketization and enhanced fee flexibility [2] - In overseas markets, fee adjustments may occur in response to local inflation pressures [2] Group 4: Profit Forecast and Rating - The company is projected to achieve net profits of 4.813 billion, 5.175 billion, and 5.604 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 6.57%, 7.53%, and 8.27% [3] - The current price-to-earnings ratios are estimated at 10.64, 9.90, and 9.14 for the respective years [3] - Given the substantial growth potential and a dividend yield of approximately 4%, the company has been rated as a "buy" [3]

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-041 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 ...

声 明 ? 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次 评级行为独立、 客观、公正的关联关系。 ? 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚 信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实 性、完整性、准 招商局港口集团股份有限公司 编号：信评委函字2025跟踪 0274 号 招商局港口集团股份有限公司 确性不作任何保证。 ? 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、 公正的原则。 ? 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判 断，未受评级委托 方、评级对象和其他第三方的干预和影响。 ? 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国 际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品 的依据。 ? 中诚信国际不对任何投资者使用本报告所述的评级结果而出现的任何损失负责，亦不对评级委托 方 ...

招商局港口集团股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0274 号 声 明 中诚信国际信用评级有限责任公司 2025 年 5 月 29 日 2 ⚫ 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 ⚫ 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 ⚫ 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 ⚫ 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 ⚫ 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依据。 ⚫ 中诚信国际不对任何投资者使用本 ...

Core Points - The company announced the maturity and repayment of its third phase of ultra-short-term financing bonds for 2024, which occurred on May 25, 2025 [2] - The company issued the bonds on November 25, 2024, with a total scale of 2 billion yuan and a maturity period of 180 days at a coupon rate of 1.96% [1] Summary by Sections - **Bond Issuance**: The company received approval for debt financing tools from the China Interbank Market Dealers Association, with a registration validity of 2 years from the date of the notice [1] - **Repayment Details**: The company successfully repaid the principal and interest of the ultra-short-term financing bonds on the due date [2] - **Official Announcement**: The announcement was made by the company's board of directors on May 27, 2025 [4]

Group 1 - The company announced the maturity and repayment of its third phase of ultra-short-term financing bonds for 2024, which occurred on May 25, 2025 [2] - The total issuance scale of the ultra-short-term financing bonds was 2 billion yuan, with a registration notice received from the China Interbank Market Dealers Association [1] - The company confirmed that it has fulfilled its obligation to repay the principal and interest of the ultra-short-term financing bonds on the due date [2]

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-040 本公司 2024 年度第三期超短期融资券已于 2025 年 5 月 25 日到期，本公司 已在到期日兑付了该超短期融资券本息，有关超短期融资券兑付公告详见上海 清 算 所 网 站 （ www.shclearing.com.cn ） 和 中 国 货 币 网 （www.chinamoney.com.cn）。 特此公告。 招商局港口集团股份有限公司 董 事 会 2025 年 5 月 27 日 招商局港口集团股份有限公司 关于 2024 年度第三期超短期融资券到期兑付的公告 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。 招商局港口集团股份有限公司（以下简称"本公司"）于 2023 年 12 月 29 日发布《关于债务融资工具获准注册的公告》（公告编号：2023-092），披露 收到中国银行间市场交易商协会签发的《接受注册通知书》（中市协注〔2023〕 DFI66 号）（下称"通知书"），中国银行间市场交易商协会同意接受本公司债 务融资工具注册，有效期为自通知书落款之日起 2 年 ...

Investment Rating - The report maintains a "Strong Buy" rating for the transportation industry, particularly highlighting opportunities in the shipping and port sectors [4]. Core Insights - The transportation industry is experiencing a mixed performance, with shipping and port sectors under pressure while the express delivery sector continues to grow [1][2]. - The shipping market is expected to recover gradually, with signs of improvement in oil transportation and a stable outlook for port operations despite recent challenges [1][25]. - The express delivery sector is projected to maintain robust growth, although average ticket prices are declining due to increased competition and a shift towards lower-value packages [1][3]. Summary by Sections Shipping and Port Sector - In Q1 2025, the oil transportation market started weakly, with VLCC market performance significantly lower than the same period last year. The overall revenue for 14 listed shipping companies in 2024 was CNY 364.97 billion, a 26.47% increase year-on-year, while net profit rose by 68.72% to CNY 66.79 billion [13][19]. - The port sector showed relative stability in performance, with 18 listed port companies reporting a total revenue of CNY 222.90 billion in 2024, a slight increase of 0.62%, but net profit decreased by 21.78% to CNY 32.22 billion [26][30]. Aviation and Airport Sector - The aviation industry is witnessing a divergence in performance, with traditional full-service airlines facing challenges while low-cost carriers are gaining market share. The overall passenger traffic is recovering, but ticket prices remain weak, impacting profitability [1][2]. - Airport non-aeronautical revenues are under pressure due to new tax agreements affecting profit margins. For instance, the new duty-free agreement at Shanghai Airport has reduced profit elasticity [1][2]. Express Delivery Sector - The express delivery industry in 2024 is expected to see a business volume of 174.5 billion packages, a 21% increase year-on-year, with total revenue reaching CNY 1.4 trillion, up 13% [1][2]. - The average ticket price for express delivery has decreased from CNY 9.1 to CNY 8.0 due to the increasing proportion of low-value packages and heightened competition among leading companies [1][2]. Road and Rail Sector - The railway passenger volume growth reached double digits in 2024, with a total of 4.31 billion passengers, a year-on-year increase of 11.9%. The total freight volume was 5.17 billion tons, up 2.8% [1][2]. - The road transport sector also showed growth, with freight volume reaching 41.88 billion tons, a 3.8% increase, and passenger transport volume at 11.78 billion, up 7% [1][2].

Core Viewpoint - The legal opinion issued by Fangda Partners confirms that the 2024 annual general meeting of China Merchants Port Group Co., Ltd. was convened and conducted in accordance with relevant Chinese laws and regulations, as well as the company's articles of association [2][15]. Group 1: Meeting Procedures - The annual general meeting was held using a combination of on-site and online voting, with the on-site meeting taking place at the company's headquarters [4][5]. - The notice for the meeting was announced 20 days prior to the meeting date, complying with legal requirements [4][5]. Group 2: Voting Participation and Qualifications - A total of 144 shareholders (including proxies) participated in the voting, representing 2,239,380,344 shares, which is 90.0517% of the total shares with voting rights [5][6]. - The qualifications of the shareholders participating in the meeting were verified and found to be compliant with relevant laws and the company's articles of association [5][6]. Group 3: Voting Results - The resolutions presented at the meeting received overwhelming support, with the majority of votes in favor: for one resolution, 2,238,490,344 shares voted in favor (99.9603%), while only 524,200 shares opposed [6][7]. - The voting results indicate a strong consensus among shareholders, with multiple resolutions passing with over 99% approval [8][10][12].