Core Insights - The shipping and port sector experienced a slight decline of 0.09% on November 11, with Hainan Airlines leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance Summary - Hainan Technology (600751) saw an increase of 3.06% with a closing price of 5.05 and a trading volume of 2.71 million shares, totaling 1.393 billion yuan [1] - An Tong Holdings (600179) rose by 1.33% to 4.58, with a trading volume of 1.4718 million shares and a total transaction value of 687 million yuan [1] - China Ocean Shipping (601975) increased by 0.93% to 3.27, with a trading volume of 973,000 shares and a transaction value of 318 million yuan [1] - The biggest decline was seen in Haixia Co. (002320), which fell by 5.89% to 13.74, with a trading volume of 1.0327 million shares and a transaction value of 1.435 billion yuan [2] - Nanjing Port (002040) decreased by 2.32% to 10.97, with a trading volume of 218,700 shares and a transaction value of 241 million yuan [2] Capital Flow Analysis - The shipping and port sector experienced a net outflow of 622 million yuan from main funds, while retail investors contributed a net inflow of 617 million yuan [2]

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。 证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-075 招商局港口集团股份有限公司 关于发行 2025 年度第二期超短期融资券的提示性公告 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。 本公司 2025 年度第二期超短期融资券将于 2025 年 11 月 12 日在全国银行间 债券市场公开发行，发行金额为 20 亿元，期限为 267 天，每张面值为 100 元， 招商银行股份有限公司为主承销商，中国建设银行股份有限公司、中国工商银行 股份有限公司为联席主承销商。本次发行所募集的款项将用于补充本公司及下属 子公司流动资金及偿还到期债务。本次超短期融资券发行的相关文件 ...

Core Viewpoint - The company, China Merchants Port, announced plans to issue 2 billion yuan in ultra-short-term financing bonds to enhance liquidity and repay maturing debts [1] Group 1: Financing Details - The company will publicly issue 2 billion yuan in ultra-short-term financing bonds on November 12, 2025 [1] - The bonds will have a maturity period of 267 days and a face value of 100 yuan per bond [1] - China Merchants Bank will act as the lead underwriter, with China Construction Bank and Industrial and Commercial Bank of China serving as joint underwriters [1] Group 2: Purpose of Fundraising - The funds raised from this bond issuance will be used to supplement the company's and its subsidiaries' working capital and to repay maturing debts [1]

Core Points - The company has successfully issued the first phase of medium-term notes for 2025, amounting to 2 billion yuan, with funds fully received by November 10, 2025 [1] - The company received a registration approval notice from the China Interbank Market Dealers Association, allowing for the issuance of debt financing tools with a validity period of 2 years from the date of the notice [1] Summary by Sections - **Debt Financing Tools**: The company announced the approval for the registration of debt financing tools, which is valid for 2 years [1] - **Issuance Details**: The first phase of medium-term notes for 2025 was issued on November 7, 2025, totaling 2 billion yuan, with full receipt of funds confirmed on November 10, 2025 [1] - **Documentation**: Relevant documents regarding the issuance can be found on the Shanghai Clearing House website and China Money website [1]

2025 年 11 月 7 日，本公司发行了 20 亿元的 2025 年度第一期中期票据， 2025 年 11 月 10 日资金已全额到账。现将发行结果公告如下： 1 中期票据名称 招商局港口集团股份 有限公司 2025 年度 第一期中期票据 中期票据简称 25 招商局港 MTN001 债券代码 102584687 债券期限 3 年 计息方式 到期还本，按年付息 发行日 2025 年 11 月 7 日 起息日期 2025 年 11 月 10 日 兑付日期 2028 年 11 月 10 日 实际发行总额 20 亿元 计划发行总额 20 亿元 招商局港口集团股份有限公司 2025 年度第一期中期票据发行结果 | 发行价格 | 100 | 元/百元面值 | 发行利率（%） | 1.76 | | --- | --- | --- | --- | --- | | 主承销商 | | | 中国建设银行股份有限公司 | | | 联席主承销商 | | | 中国工商银行股份有限公司、招商 | | | | | | 银行股份有限公司 | | 证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-074 ...

Investment Rating - The report maintains a "Recommendation" rating for the transportation industry [3] Core Insights - The transportation industry is experiencing a recovery, with various segments showing potential for growth, particularly in shipping, infrastructure, aviation, and express delivery [7][19][22][20] Shipping - The shipping sector is seeing mixed price movements, with the SCFI for the US East route down 17.2% and the Southeast Asia route up 6.4% [11] - The report highlights the importance of monitoring the price increases in container shipping and the potential recovery in oil tanker rates due to improved US-China trade relations [16][12] Infrastructure - Key metrics indicate a decline in truck traffic and railway cargo, while port throughput has increased significantly, suggesting a shift in market dynamics [17][18] - The report emphasizes the potential for dividend stocks in the infrastructure sector, particularly in ports, which are currently undervalued [19] Aviation - The aviation sector shows a positive trend with a 7.2% year-on-year increase in passenger volume, driven by improved demand and a low base effect [22] - The report suggests that the industry is poised for profitability in 2026, with a focus on valuation recovery and potential investment opportunities in major airlines [22] Express Delivery - The express delivery sector is benefiting from a reduction in price competition, with a notable increase in business volume and revenue [20] - The report indicates that the "anti-involution" policies are helping to stabilize prices and improve profitability in the sector [20] Logistics - The logistics segment is experiencing stable performance, with cross-border air freight prices showing a week-on-week increase [23] - The report notes the importance of monitoring the daily traffic at key ports and the implications for logistics operations [23]

Group 1 - The company, China Merchants Port Group Co., Ltd., has announced the issuance of its first medium-term note for 2025, with a total issuance amount of 2 billion yuan [1][2] - The medium-term note will be publicly issued on November 7, 2025, with a maturity period of 3 years and a face value of 100 yuan per note [2] - The funds raised from this issuance will be used to supplement the company's and its subsidiaries' working capital and to repay maturing debts [2] Group 2 - The company received a registration acceptance notice from the China Interbank Market Dealers Association, which allows the company to register its debt financing tools for a validity period of 2 years [1] - China Construction Bank is the lead underwriter for this issuance, with Industrial and Commercial Bank of China and China Merchants Bank serving as co-underwriters [2] - The company will disclose relevant information regarding the subsequent processes of this issuance in accordance with regulations [2]

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-073 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。 2025 年 11 月 7 日 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。 本公司 2025 年度第一期中期票据将于 2025 年 11 月 7 日在全国银行间债券 市场公开发行，发行金额为 20 亿元，期限为 3 年，每张面值为 100 元，中国建 设银行股份有限公司为主承销商，中国工商银行股份有限公司、招商银行股份有 限公司为联席主承销商。本次发行所募集的款项将用于补充本公司及下属子公司 流动资金及偿还到期债务。本次中期票据发行的相关文件详见本公司于 2025 年 11 月 6 日 在 上 海 清 算 ...

Core Points - The company has completed the cancellation of 13,500 stock options from its first stock option incentive plan due to one participant losing eligibility [1][2] - The decision was made during the board meetings held on October 28 and 29, 2025, and complies with relevant laws and regulations [1][2] - The cancellation of these stock options will not have a significant impact on the company's financial status or operational results [2] Summary by Sections - **Stock Option Cancellation**: The company announced the cancellation of 13,500 stock options from its first stock option incentive plan due to the disqualification of one participant [1] - **Board Meetings**: The cancellation was approved in the fourth meeting of the Nomination, Compensation, and Assessment Committee and the fourth temporary board meeting of the year [1] - **Regulatory Compliance**: The cancellation process adheres to the relevant laws, regulations, and the company's articles of association [2] - **Impact Assessment**: The company stated that this cancellation will not significantly affect its financial condition or operational performance [2]

Core Points - On November 4, 2025, China Merchants Port (001872) announced the completion of the cancellation of a total of 13,500 stock options, as confirmed by the Shenzhen branch of China Securities Depository and Clearing Corporation Limited [1] Summary by Category - **Company Announcement** - China Merchants Port has completed the cancellation of 13,500 stock options [1] - The cancellation was confirmed by the relevant regulatory authority [1]