Group 1 - The announcement is a voluntary disclosure of business volume data for November 2025 by China Merchants Port Group Co., Ltd [1] - The company assures that the content of the announcement is true, accurate, and complete, with no false records or misleading statements [1] - The data presented is preliminary, with some figures for joint venture terminals being estimates [1] Group 2 - Specific projects included in the regional data will be based on the company's annual and semi-annual reports [1] - The company completed the acquisition of 51% equity in PT Nusantara Pelabuhan Handal TBK (NPH) on June 28, 2024, and will include NPH's business volume in its statistics starting from July 2024 [1] - The announcement was made by the board of directors of China Merchants Port Group Co., Ltd on December 13, 2025 [1]

Group 1 - Moer Thread plans to use up to 7.5 billion yuan of idle raised funds for cash management, with a usage period of 12 months [1] - O-film plans to purchase 8.46% equity of its subsidiary Anhui Che Lian for a total of 3.64 billion yuan, increasing its ownership from 78.54% to 87% [2] - ST Lian Shi applies to revoke the delisting risk warning as its restructuring plan has been completed [3] Group 2 - Weirli signs a strategic cooperation framework agreement with Primech Holdings to build an industrial robot cooperation platform [4] - Race Intelligent plans to raise no more than 1.144 billion yuan through a private placement for core components of intelligent equipment [5] - Renfu Pharmaceutical's stock will be subject to other risk warnings and will be suspended for one day starting December 15 [6] Group 3 - Yongding Co. clarifies that its subsidiary Dongbu Superconductor does not directly manufacture controllable nuclear fusion devices [7] - Rongbai Technology plans to acquire part of Guizhou Xinren's equity and increase its capital to achieve control [9] - ST Hu Ke is under investigation by the Securities Regulatory Commission for suspected information disclosure violations [10] Group 4 - Yunnan Ge Industry plans to establish a subsidiary focused on organic germanium-related products [11] - Greenme intends to acquire 16.38% equity of Henan Recycling Group for 400 million yuan [12] - Jiangzhong Pharmaceutical plans to change its name to China Resources Jiangzhong Pharmaceutical [13] Group 5 - Jiangsu Guoxin's subsidiary Ma Zhou Power has completed the trial operation of a 1,000 MW coal-fired power generation unit [16] - Longsheng Technology plans to invest in a center for embodied intelligent robots [18] - Guangzhou Development has received approval for the registration of 8 billion yuan medium-term notes and 6 billion yuan short-term financing notes [19] Group 6 - China Merchants Port reported a container throughput of 17.248 million TEUs in November, a year-on-year increase of 6.4% [20] - Tianma Technology reported a total eel output of approximately 11,415.87 tons from January to November [21] Group 7 - Xilong Science plans to reduce its stake by up to 1% [22] - Xicet Testing's actual controller plans to transfer 5% of the company's shares [23] - Oppein Home's actual controller plans to increase its stake by 50 million to 100 million yuan [24] Group 8 - Maide Medical plans to repurchase shares worth 20 million to 40 million yuan [25] - Baicheng Pharmaceutical's major shareholder increased its stake by 0.85% [26] - Mengbaihe's major shareholder plans to reduce its stake by up to 1% [27] Group 9 - Xian Dao Ji Dian's shareholder has reduced its stake by 1.70% [28] - Yaxiang Integration's shareholder reduced its stake by 41,400 shares [29] - Zhiwei Intelligent's actual controller has reduced its stake, bringing the total holding to 69% [30] Group 10 - Jincheng Co.'s actual controller plans to reduce its stake by up to 0.97% [31] - Jianghua Micro's chairman has reduced his stake by 1.09% [32] - COSCO Shipping Energy signed a shipbuilding contract worth 7.882 billion yuan [33] Group 11 - Dayu Water Saving's subsidiary is expected to win two high-standard farmland construction projects [34] - Guorui Technology's subsidiary is a candidate for the GXLF project [36] - ST Zhisheng has won a smart city governance project worth 104 million yuan [37]

Core Viewpoint - The announcement from China Merchants Port indicates a positive growth trend in container throughput for the year 2025 and cumulative throughput for the current year, reflecting the company's operational strength and market demand [1] Group 1: Company Performance - In November 2025, the container throughput reached 17.248 million TEUs, representing a year-on-year increase of 6.4% [1] - The cumulative throughput for the current year stands at 189 million TEUs, showing a year-on-year growth of 5.2% [1]

Core Insights - The company reported a total container throughput of 17.248 million TEUs in November 2025, representing a year-on-year increase of 6.4% [1] - The total throughput of bulk cargo reached 100.344 million tons in November 2025, showing a year-on-year decline of 1.4% [1] Company Performance - Container throughput increased to 17.248 million TEUs, indicating strong growth in this segment [1] - Bulk cargo throughput decreased to 100.344 million tons, reflecting challenges in this area [1]

Group 1 - The core point of the article is that China Merchants Port (001872.SZ) reported its business volume data for November 2025, showing a total container throughput of 17.248 million TEUs, which represents a year-on-year increase of 6.4% [1] - The total volume of bulk cargo handled was 100.344 million tons, reflecting a year-on-year decrease of 1.4% [1]

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 11 月 | 同比变化 | 本年累计 | 同比变化 | | --- | --- | --- | --- | --- | | 集装箱总计（万 TEU） | 1,724.8 | 6.4% | 18,888.6 | 5.2% | | 内地码头 | 1,372.0 | 9.0% | 14,866.3 | 6.3% | | 其中：珠三角 | 156.3 | 18.7% | 1,638.7 | 3.4% | | 长三角 | 901.0 | 10.6% | 9,880.9 | 8.7% | | 环渤海 | 286.8 | 1.8% | 3,041.6 | 1.4% | | 东南地区 | 17.2 | -3.7% | 197.8 | 4.3% | | 西南地区 | 10.7 | -11.0% | 107.3 | -9.6% | | 港澳台码头 | 40.7 | -27.5% | 482.8 | -12.3% | | 海外码头 | 312.1 | 1.7% | 3,539.5 | 3.2% | | 散 ...

Core Viewpoint - The shipping and port sector experienced a rise of 0.84% on December 10, with Xiamen Port leading the gains, while the Shanghai Composite Index fell by 0.23% [1]. Group 1: Market Performance - Xiamen Port reported a closing price of 15.97, with a significant increase of 9.99% and a trading volume of 1.4499 million shares, amounting to 2.289 billion yuan [1]. - Other notable performers included Haixia Co., which closed at 13.40 with a 7.80% increase, and Yantian Port, which rose by 2.05% to close at 4.49 [1]. - The overall trading volume for the shipping and port sector was substantial, with Xiamen Port leading in both trading volume and value [1]. Group 2: Capital Flow - The shipping and port sector saw a net inflow of 18.2262 million yuan from main funds, while retail investors contributed a net inflow of 14.9 million yuan [2]. - Conversely, speculative funds experienced a net outflow of 166.7 million yuan, indicating a divergence in investor behavior within the sector [2]. - Specific stocks like Haixia Co. and Xiamen Port had varying capital flows, with Haixia Co. seeing a net inflow of 82.602 million yuan from main funds, while Xiamen Port had a net outflow from speculative funds [3].

（文章来源：证券日报） 证券日报网讯 12月9日，招商港口在互动平台回答投资者提问时表示，公司整体财务结构稳健，资产负 债率呈稳中有降趋势。2023年末、2024年末及2025年6月末公司资产负债率分别为36.76%，36.4%、 35.72%。公司的流动比率与速动比率因公司主动优化长短期债务结构而有所下降，但财务费用得到较 好管控，2025年上半年财务费用同比下降16%。 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights that the throughput of crude oil and dry bulk cargo is under pressure, while container throughput is experiencing significant growth [2][8] - From January to October 2025, the total import and export value reached 37.31 trillion yuan, a year-on-year increase of 3.6%, with exports growing by 6.2% [17] - Coastal major ports achieved a cargo throughput of 96.44 billion tons, up 3.5% year-on-year, with foreign trade cargo throughput at 41.91 billion tons, increasing by 3.6% [3][34] Summary by Sections 1. Overview: National Import and Export Total and Cargo Throughput - The total import and export value from January to October 2025 was 37.31 trillion yuan, with imports at 15.19 trillion yuan (flat year-on-year) and exports at 22.11 trillion yuan (up 6.2%) [17] - Coastal major ports' cargo throughput reached 96.44 billion tons, a 3.5% increase year-on-year, while foreign trade cargo throughput was 41.91 billion tons, up 3.6% [3][34] 2. Container: Container Shipping Rates and Throughput - As of November 28, 2025, the China Container Freight Index (CCFI) was at 1121.8 points, down 23.58% year-on-year, while the Shanghai Container Freight Index (SCFI) was at 1403.13 points, down 35.04% year-on-year [4][37] - From January to October 2025, container throughput at coastal major ports reached 25.908 million TEUs, a year-on-year increase of 6.6% [4][43] 3. Liquid Bulk: Oil Shipping Rates and Crude Oil Throughput - The Baltic Dirty Tanker Index (BDTI) was at 1452 points on November 28, 2025, reflecting a year-on-year increase of 62.78% [5][45] - Crude oil imports from January to October 2025 totaled 471 million tons, a 3.1% increase year-on-year, while the throughput at major crude oil receiving ports was 329 million tons, down 3.25% year-on-year [6][53] 4. Dry Bulk: Bulk Shipping Rates and Iron Ore, Coal Throughput - The Baltic Dry Index (BDI) was at 2560 points on November 28, 2025, up 89.07% year-on-year [7][55] - From January to October 2025, iron ore throughput at major ports reached 1.164 billion tons, a year-on-year increase of 3.45%, while coal throughput was 571 million tons, down 0.28% year-on-year [61][70] 5. Key Port Listed Companies Monthly Throughput - In October 2025, major port companies reported various throughput figures, with Shanghai Port Group achieving a cargo throughput of 0.49 billion tons and container throughput of 453.5 million TEUs [73]

Core Points - The Shanghai Composite Index closed at 3875.26 points, above the annual line, with a change of 0.29% [1] - The total trading volume of A-shares reached 1,723.17 billion yuan [1] - A total of 87 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Qingniao Firefighting (002960) saw a price increase of 10.03% with a deviation rate of 9.78% [1] - Tianyi New Materials (688033) increased by 20.04%, with a deviation rate of 7.79% [1] - Liande Equipment (300545) rose by 20.01%, showing a deviation rate of 6.16% [1] Trading Activity - The trading turnover rate for Qingniao Firefighting was 2.39% [1] - Tianyi New Materials had a turnover rate of 12.35% [1] - Liande Equipment recorded a turnover rate of 19.65% [1] Annual Line Breakthroughs - The stocks with the largest deviation rates from the annual line include: - Qingniao Firefighting: 9.78% [1] - Tianyi New Materials: 7.79% [1] - Liande Equipment: 6.16% [1] - Other stocks that just crossed the annual line include: - China Merchants Port, Aotai Biological, and Rongtai Health, with smaller deviation rates [1]