Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry shows resilient demand, with a year-on-year growth of 12.7% in September, indicating a steady expansion of the market [4][25] - The logistics sector is witnessing technological advancements, with JD Logistics planning to procure 3 million robots and 100,000 unmanned vehicles over the next five years, which may enhance supply chain efficiency [5] - The shipping market is expected to benefit from geopolitical factors and trade negotiations, potentially increasing demand for oil transportation and bulk shipping [6][10] - The aviation sector is experiencing growth, with a 10.8% increase in international flight volumes for the upcoming winter-spring season, reflecting a recovery in air travel [10][12] Summary by Sections Express Delivery - In September 2025, the express delivery business volume reached 16.88 billion pieces, a 12.7% year-on-year increase, with revenue of 127.37 billion yuan, up 7.2% [4][25] - Major players like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost control, with significant growth potential [14] Shipping and Ports - The VLCC market may benefit from U.S. sanctions on Russian oil, potentially increasing long-distance shipping demand [6] - The shipping market is expected to see a recovery driven by environmental regulations and geopolitical stability, with recommendations to focus on companies like China Shipping and COSCO [14][15] Aviation - The aviation industry is projected to maintain steady growth, with a 10.3% increase in total transport turnover and a 5.2% rise in passenger transport volume in the first three quarters of 2025 [10] - Airbus has opened a new A320 assembly line in Tianjin, marking a significant milestone in Sino-European cooperation [9] Road and Rail - National logistics operations are running smoothly, with rail freight increasing by 2.33% and highway freight truck traffic rising by 24.72% [13] - Strategic partnerships in the highway sector are being formed to enhance service offerings and operational efficiency [13] Overall Market Performance - From October 20 to October 24, 2025, the transportation sector index increased by 1.12%, underperforming the Shanghai Composite Index, which rose by 2.88% [20][23]

Core Viewpoint - The stock of China Merchants Port has shown a modest increase in price and trading activity, reflecting a stable financial performance and shareholder engagement in the first half of 2025 [1][2]. Financial Performance - As of June 30, 2025, China Merchants Port reported a revenue of 8.468 billion yuan, representing a year-on-year growth of 6.19% [2]. - The net profit attributable to shareholders for the same period was 2.627 billion yuan, showing a year-on-year increase of 3.13% [2]. Stock Performance - The stock price of China Merchants Port increased by 5.75% year-to-date, with a 2.20% rise over the last five trading days and a 0.34% increase over the last twenty days [1]. - The stock was trading at 20.87 yuan per share with a market capitalization of 51.794 billion yuan as of October 27 [1]. Shareholder Information - The number of shareholders decreased by 14.08% to 30,900 as of June 30, 2025, while the average number of circulating shares per person increased by 22.97% to 83,400 shares [2]. - The company has distributed a total of 7.061 billion yuan in dividends since its A-share listing, with 4.415 billion yuan distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, holding 10.6085 million shares, an increase of 4.5969 million shares from the previous period [3].

Market Overview - The shipping and port sector declined by 0.62% on October 22, with Haixia Co. leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers in the shipping and port sector included: - Zhonggu Logistics (603565) with a closing price of 11.18, up 1.82% [1] - Tangshan Port (601000) at 4.00, up 1.01% [1] - COSCO Shipping Specialized (600428) at 7.21, up 0.84% [1] - Major decliners included: - Haixia Co. (002320) at 13.59, down 7.55% [2] - Antong Holdings (600179) at 4.29, down 6.94% [2] - Haitong Development (603162) at 10.63, down 6.01% [2] Trading Volume and Capital Flow - The shipping and port sector experienced a net outflow of 752 million yuan from institutional investors, while retail investors saw a net inflow of 708 million yuan [2][3] - The trading volume for Zhonggu Logistics was 177,100 shares, with a transaction value of 197 million yuan [1] Individual Stock Capital Flow - Zhonggu Logistics (603565) had a net inflow of 10.93 million yuan from retail investors, while institutional investors saw a net outflow of 54.53 million yuan [3] - COSCO Shipping Holdings (601866) had a net inflow of 73,040 yuan from retail investors, with a minor outflow from institutional investors [3]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [3] Core Views - The express logistics sector is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. The long-term outlook for e-commerce express logistics is positive due to healthy competition [3][13] - The shipping sector is expected to benefit from the OPEC+ production increase and the Federal Reserve's interest rate cuts, with a notable improvement in VLCC freight rates anticipated in Q4 2025 [13] - The aviation industry is seeing stable demand growth, with supply chain issues leading to increased costs for airlines. The overall passenger demand is projected to grow by 10.4% in 2024, outpacing capacity growth [9][14] Summary by Sections Express Logistics - In September 2025, major express companies reported improved performance, with YTO, Shentong, and Yunda achieving business volumes of 2.627 billion, 2.187 billion, and 2.110 billion pieces, respectively, representing year-on-year growth of 13.64%, 9.46%, and 3.63% [3][27] - The average revenue per piece for these companies also saw increases, indicating a trend of rising prices in the express delivery sector [3][27] Shipping and Ports - The implementation of new port fees between China and the US is expected to create a dual market structure, granting strategic pricing power to compliant shipping capacities [5] - China has secured pricing power for iron ore, marking a significant shift in global commodity trade dynamics [6] - The Shanghai Container Freight Index (SCFI) rose by 12.9% week-on-week, indicating a positive trend in shipping rates [7] Aviation - The International Air Transport Association (IATA) reported that supply chain bottlenecks are delaying aircraft production, leading to increased costs for airlines, estimated to exceed $11 billion in 2025 [9] - Chinese airlines collectively oppose the US Department of Transportation's proposed flight restrictions, highlighting concerns over operational impacts [10] Road and Rail - National logistics operations were reported to be running smoothly, with significant increases in highway freight traffic [12] - The National Development and Reform Commission plans to enhance electric vehicle charging infrastructure along highways by 2027 [12] Overall Market Performance - From October 13 to October 17, 2025, the transportation sector index increased by 0.73%, outperforming the Shanghai Composite Index, which fell by 1.47% [18]

Investment Rating - The report rates the transportation industry as "Positive" [1] Core Insights - Over 80% of transportation companies have performed well in ESG scores, with 15 companies scoring above 80 and 12 above 90, representing 83% and 67% respectively [9][11] - 94% of the 18 central enterprises in the transportation sector have completed the required disclosures regarding importance assessment, but only 33% have disclosed third-party verification reports [11][13] - Companies in the high score range actively disclose climate change issues, while those in the lower range focus more on environmental issues, indicating a need for improvement in climate-related disclosures [16][17] - The report highlights the social responsibilities of transportation enterprises, particularly in rural revitalization and safety operations, with a 94% disclosure rate for safety operations [37][41] - Governance scores are generally high, with many companies integrating party building into their governance structures, showcasing a unique governance advantage [47][51] Summary by Sections Overall Performance - More than 80% of transportation companies have good overall ESG scores, with detailed financial importance disclosures and high scores in environmental, social responsibility, and governance aspects [9][16] Importance Assessment - 94% of companies have completed the required disclosures, with 17 out of 18 companies highlighting financial importance [11][13] Environmental & Climate - 83% of companies scored between 30-34 in environmental issues, with high disclosure rates for waste management (100%) and energy management (96%) [16][20] - Climate management disclosures show a high completion rate of 89%, but climate strategy disclosures need improvement, with only 56% of companies fully disclosing [32][35] Social Responsibility - Transportation enterprises have detailed their efforts in rural revitalization and social contributions, achieving a 100% disclosure rate for social responsibility [41][42] - Safety operations are a key focus, with 94% of companies disclosing relevant information [37][45] Governance - Governance scores are high, with 14 companies disclosing governance structures and mechanisms, and many integrating party building into their governance [47][51] - 94% of companies focus on safety risk management, with detailed disclosures on safety management systems [53][56]

Core Insights - The company reported a total container throughput of 17.616 million TEUs in September 2025, representing a year-on-year growth of 7.9% [1] - The total throughput of bulk cargo reached 106.529 million tons in September 2025, showing a year-on-year increase of 5.7% [1] Company Performance - Container throughput increased to 17.616 million TEUs, indicating strong operational performance in the container segment [1] - Bulk cargo throughput of 106.529 million tons reflects a solid demand in the bulk cargo market [1]

Core Viewpoint - The company, China Merchants Port (001872.SZ), reported its business volume data for September 2025, showing positive growth in both container and bulk cargo throughput [1] Group 1: Container Volume - In September 2025, the total container throughput reached 17.616 million TEU, representing a year-on-year increase of 7.9% [1] Group 2: Bulk Cargo Volume - The total bulk cargo volume amounted to 106.529 million tons in September 2025, reflecting a year-on-year growth of 5.7% [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 9 月 | 同比变化 | 本年累计 | 同比变化 | | --- | --- | --- | --- | --- | | 集装箱总计（万 TEU） | 1,761.6 | 7.9% | 15,460.5 | 5.3% | | 内地码头 | 1,394.4 | 8.1% | 12,140.8 | 6.0% | | 其中：珠三角 | 129.2 | -15.5% | 1,330.7 | 1.8% | | 长三角 | 946.0 | 13.4% | 8,071.3 | 8.3% | | 环渤海 | 294.5 | 6.7% | 2,490.7 | 1.9% | | 东南地区 | 16.3 | -7.9% | 160.7 | 3.6% | | 西南地区 | 8.4 | -10.1% | 87.4 | -8.2% | | 港澳台码头 | 36.4 | -23.4% | 402.7 | -8.7% | | 海外码头 | 330.8 | 12.2% | 2,917.0 | 4.4% | | 散杂货总计 ...

Group 1 - On October 14, 15 companies announced 15 stock repurchase updates, with 6 companies disclosing repurchase plans for the first time, 3 plans approved by shareholders, 4 companies reporting implementation progress, and 2 completing their repurchase plans [1] - The highest proposed repurchase amounts from newly disclosed plans are from COSCO Shipping Holdings at 1.498 billion, Jiuan Medical at 600 million, and China National Chemical Engineering at 100 million [1] - Companies that received shareholder approval for their repurchase plans include Nearshore Protein with a proposed repurchase of up to 20 million, Haoshanghao at 266,400, and Runbei Aerospace Technology at 227,100 [1] Group 2 - The highest amounts repurchased from companies reporting implementation progress are from Ruikang Pharmaceutical at 69.3892 million, Qianwei Central Kitchen at 49.9827 million, and Baiwei Storage at 39.9905 million [1] - Completed repurchases include China Merchants Port at 389 million and Rongxin Culture at 21.999 million [2] - As of October 14, a total of 1,614 repurchase plans have been completed this year, involving 1,226 companies, with 312 companies having completed repurchases exceeding 100 million [2]

Core Viewpoint - The company has completed its share repurchase and cancellation process, reducing its total share capital by 19,817,696 shares, which is 0.79% of the total shares before cancellation [1] Summary by Sections Share Repurchase - The company announced the completion of its share repurchase, with a total of 19,817,696 shares being canceled [1] - The canceled shares represent 0.79% of the company's total share capital prior to the cancellation, which was 2,501,565,281 shares [1] Share Capital Changes - Following the cancellation, the company's total share capital has been reduced from 2,501,565,281 shares to 2,481,747,585 shares [1] - The cancellation procedures were completed on October 10, 2025, at the Shenzhen branch of China Securities Depository and Clearing Co., Ltd [1]