Core Viewpoint - The port sector is expected to experience a rally after crossing the cycle, driven by the strengthening of reform policies in the "14th Five-Year Plan" and the continuation of sector rotation and active themes in 2026 [1][11]. Industry Overview - The port industry is highly sensitive to macroeconomic cycles, exhibiting strong economic cyclicality, with high overall entry barriers. Future regional cooperation and collaborative development will be key themes for industry growth [2][12]. - In 2025, the port sector's operating revenue is projected to grow steadily, with slight fluctuations in profitability, indicating overall stable operations [2][12]. Port Production Performance - In the first 11 months of 2025, the national port cargo throughput reached 16.75 billion tons, a year-on-year increase of 4.4%. Coastal ports accounted for 10.65 billion tons (3.7% growth), while inland ports handled 6.1 billion tons (5.7% growth) [4][14]. - The national port container throughput for the same period was 32 million TEUs, up 6.6% year-on-year, with coastal ports handling 29 million TEUs (6.9% growth) and inland ports 3.884 million TEUs (4.9% growth) [4][14]. Market Capitalization Trends - The port sector index rose to 1420.75 points in 2025, a 7.09% increase year-on-year, although the overall performance was weaker than the market average [6][16]. - Shanghai Port Group had a market capitalization of 126.178 billion yuan, ranking third in the 2025 China Port and Shipping Company Market Capitalization Rankings, despite a year-on-year decline of 11.44% [6][16]. - Ningbo Port's market capitalization was 70.618 billion yuan, down 5.71%, while it is expected to achieve a cargo throughput of 1.216 billion tons, a 7.21% increase year-on-year [6][16]. Notable Company Performances - China Merchants Port had a market capitalization of 63.558 billion yuan in 2025, up 9.39%, maintaining its position in the top ten [8][18]. - COSCO Shipping Ports reported a market capitalization of 20.029 billion yuan, a 25.01% increase, with a total throughput of 11.3 million TEUs, up 5.6% [8][18]. - Qingdao Port achieved a cargo throughput of 546 million tons, a 2.41% increase, and a container throughput of 25.84 million TEUs, a 7.11% increase, despite a market capitalization decline of 6.75% [10][20].

关于"北港转债"预计满足赎回条件的提示性 公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 证券代码：000582 证券简称：北部湾港 公告编号：2026002 债券代码：127039 债券简称：北港转债 北部湾港股份有限公司 经深圳证券交易所同意，公司可转换公司债券已于2021年6 月28日起在深圳证券交易所上市交易，债券简称"北港转 债"，债券代码"127039"。 （二）"北港转债"转股期限 本次发行的可转债转股期自可转债发行结束之日（2021年7 月5日）满六个月后的第一个交易日（2022年1月5日）起至可转 债到期日（2027年6月28日）止（如遇法定节假日或休息日延至 其后的第1个工作日；顺延期间付息款项不另计息）。 （三）"北港转债"转股价格调整情况 自 2025 年 12 月 22 日至 2026 年 1 月 12 日，北部湾港股份 有限公司（以下简称公司）股票连续十四个交易日中，已有十 个交易日的收盘价格不低于"北港转债"当期转股价格（即 7.31 元/股）的 130%（含 130%）。若未来连续十六个交易日 内，公司股票有五 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express logistics industry is expected to maintain a steady growth rate of 8% in 2026, with a projected completion of 2.14 billion packages, reflecting a year-on-year increase of approximately 8% [4] - The industry is shifting focus from traditional growth based on scale and speed to quality improvement and reasonable growth, emphasizing the role of government in regulation and compliance [4] - The demand for e-commerce express delivery remains resilient, with a "de-involution" trend driving up express prices and releasing profit elasticity for companies [14] - The shipping market is expected to benefit from the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts, enhancing the elasticity of VLCC freight rates [15] - The air transport sector is showing signs of a long-term bullish trend, with stable demand growth and tightening supply conditions [15] Summary by Sections Express Logistics - The national postal conference highlighted the need for quality development and government involvement in the express logistics sector [4] - Jitu Express reported a 14.5% year-on-year increase in package volume for Q4 2025, with significant growth in Southeast Asia and new markets [5] - The Jiangxi Provincial Postal Administration held a meeting to address the "de-involution" issue in the express industry, focusing on protecting couriers' rights and standardizing payment structures [6] Shipping and Ports - The Iranian unrest poses potential risks to oil exports and shipping rates, with three possible future scenarios affecting the oil transport market [10] - South Korean shipowners are actively acquiring older VLCCs, indicating a positive outlook for the VLCC market [11] - The overall shipping rates have shown slight declines, with the SCFI index decreasing by 0.5% [12] - The BDI index for bulk shipping has decreased by 4.7%, indicating a downward trend in shipping rates [13] Aviation - The civil aviation sector achieved a total profit of 6.5 billion yuan in 2025, with significant increases in passenger and cargo transport volumes [9] - The overall passenger load factor for major airlines was 85.57%, reflecting a slight decrease from the previous month [59] Road and Rail - National logistics operations have been running smoothly, with a decrease in freight transport volumes reported [13] - The road freight volume for November 2025 was 3.876 billion tons, showing a year-on-year increase of 3.57% [67] Port Operations - The total cargo throughput at Chinese ports decreased by 0.65% week-on-week, while container throughput increased by 6.27% [78]

Core Insights - China's ports have demonstrated resilience and growth in cargo throughput despite global trade uncertainties, with major ports like Shanghai and Ningbo-Zhoushan maintaining their positions at the forefront of global shipping [1][3][4] Group 1: Performance Metrics - In the first eleven months of 2025, China's ports achieved a cargo throughput of 16.75 billion tons, marking a year-on-year increase of 4.4% [3] - Shanghai Port's container throughput reached 55.06 million TEUs, maintaining its status as the world's busiest port for the sixteenth consecutive year [8] - Ningbo-Zhoushan Port became the first global port to exceed 1.4 billion tons in annual cargo throughput [3][8] Group 2: Structural Changes and Trends - China's ports are transitioning from scale advantages to becoming supply chain hubs, enhancing their roles in logistics and distribution [2][4] - The growth in throughput is attributed to improved competitiveness in the global shipping system and the implementation of policies supporting smart and green shipping [3][4] Group 3: Market Expansion and Trade Dynamics - China's share of global container exports increased from 34% in 2019 to 38% in 2025, reflecting the resilience of Chinese manufacturing and technology [9] - New trade routes are being established, with ports like Beibu Gulf opening international routes to the Middle East and others expanding to emerging markets in Latin America and Africa [9][10] Group 4: Future Outlook and Innovations - The development of smart and green shipping policies is expected to accelerate the digitalization and automation of ports, enhancing their roles as intelligent hubs [16] - The establishment of new supply chain structures and trade routes will require ports to adapt and optimize their operations in response to geopolitical changes [12][15]

Core Insights - Despite global trade uncertainties, China's port throughput has shown resilient growth, with a total of 16.75 billion tons handled in the first eleven months of 2025, marking a 4.4% year-on-year increase [1][2] - Major ports like Shanghai and Ningbo-Zhoushan have maintained their positions as global leaders, with Ningbo-Zhoushan becoming the first port to exceed 1.4 billion tons in annual throughput and Shanghai retaining the top spot in container throughput for the sixteenth consecutive year [1][5] - The growth in port throughput is attributed to China's increasing competitiveness in the global shipping system and the implementation of policies related to free trade zones and smart and green shipping [2][3] Port Performance - In 2025, major ports in China have reported significant increases in container throughput, with Ningbo-Zhoushan at 39.99 million TEUs (10.6% increase), Shenzhen at 32.41 million TEUs (6.6% increase), and Qingdao at 30.37 million TEUs (7.0% increase) [2] - Emerging ports like Yangpu and Beibu Gulf have also shown remarkable growth, with Yangpu's container throughput increasing by 65% year-on-year [1][5] Economic Context - The stable growth in port cargo and container volumes indicates the resilience of China's economy and international trade, even amidst external instability [3][6] - China's share of global container exports has risen from 34% in 2019 to 38% in 2025, reflecting the competitiveness of Chinese manufacturing and technology [5][6] Trade Route Developments - Chinese ports are expanding into emerging markets, with new international shipping routes being established to regions like the Middle East, Latin America, and Africa [6][7] - The trade volume with ASEAN countries grew by 8.5%, and trade with the EU increased by 5.4% in the first eleven months of 2025 [6] Future Trends - The implementation of smart and green shipping policies is expected to enhance the port industry, with a focus on digitalization and automation [13] - The establishment of new shipping routes, such as the "Sea Defense Silk Road Fast Shipping" line, indicates a shift towards more efficient logistics and trade networks [7][12]

华泰联合证券有限责任公司 关于北部湾港股份有限公司 2025 年度持续督导现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》和《深圳证券交易所上 市公司自律监管指引第 13 号——保荐业务（2025 年修订）》等有关法律法规的 要求，华泰联合证券有限责任公司作为北部湾港股份有限公司（以下简称"北部 湾港"或"公司"）向特定对象发行股票的保荐人，于 2025 年 12 月 29 日至 12 月 31 日对北部湾港股份有限公司 2025 年有关情况进行了现场检查，报告如下： 1 保荐人名称：华泰联合证券有限责任公司 被保荐公司简称：北部湾港 保荐代表人姓名：詹梁钦 联系电话：86-755-81902000 保荐代表人姓名：杨柏龄 联系电话：86-755-81902000 现场检查人员姓名：詹梁钦 现场检查对应期间：2025 年度 现场检查时间：2025 年 12 月 29 日至 12 月 31 日 一、现场检查事项 现场检查意见 （一）公司治理 是 否 不适用 现场检查手段：主要包括查阅公司章程以及其他管理制度、公司"三会"资料；查看公司 的生产经营场所，查阅董高简历及相关变动的信息披露文件 1.公司章 ...

2025 年 12 月 29 日，华泰联合证券保荐代表人和培训小组通过采取线下授 课以及发放课件的方式对公司董事、高级管理人员、中层以上管理人员及上市公 司控股股东等相关人员培训。本次培训重点介绍了合规开展证券交易和上市公司 规范运作的相关内容，从内幕交易、公司治理、募集资金使用与管理等多个方面， 结合相关法规和案例进行讲解。本次培训促使上述对象增强法制观念和诚信意识， 关注法规和政策变化，加强理解作为上市公司管理人员在合规交易及公司规范运 作等方面所应承担的责任和义务。 华泰联合证券有限责任公司 关于北部湾港股份有限公司 2025 年度持续督导培训情况的报告 深圳证券交易所： 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为北部湾港股份有限公司（以下简称"北部湾港"或"公司"）2022 年度向特定 对象发行股票并在主板上市的保荐人，根据《证券发行上市保荐业务管理办法》 《深圳证券交易所股票上市规则（2025 年修订）》《深圳证券交易所上市公司自 律监管指引第 1 号——主板上市公司规范运作（2025 年修订）》《深圳证券交易 所上市公司自律监管指引第 13 号——保荐业务（2025 年 ...

Core Insights - The successful loading of the 10 millionth container onto the "New Fangcheng" vessel marks a significant milestone for the container throughput at Beibu Gulf Port, achieving the "ten million box level" [1] - The launch of the 100th container shipping route to Cambodia's Kampot and the departure of the 10,218th sea-rail intermodal train signify major progress in the construction of the Beibu Gulf International Gateway Port and the international hub seaport [1] Industry Development - The implementation of the "Western Land-Sea New Corridor Overall Plan" over the past six years has accelerated the formation of three main channels for the western region to export goods via Beibu Gulf Port [1] - The number of container shipping routes from 42 in 2017 has increased to 100, connecting to over 200 ports in more than 100 countries and regions [1] - The annual operation volume of sea-rail intermodal trains has exceeded 10,000, with the import and export trade volume of the provinces along the route increasing from 344.8 billion yuan in 2019 to 676.9 billion yuan in 2024 [1] - The cargo and container throughput remains among the top ten in the country, enhancing the radiating and driving effect of the corridor [1]

Core Viewpoint - The report highlights the trends and supply-demand dynamics of the naphtha industry in China from 2026 to 2032, indicating a slight decline in production in recent years [1] Group 1: Industry Overview - As of November 2025, China's naphtha production reached 6.99 million tons, with a cumulative production of 73.75 million tons from January to November 2025, reflecting a 1% decrease compared to the previous year [1] Group 2: Companies Involved - Listed companies in the naphtha sector include Sinopec (600028), Rongsheng Petrochemical (002493), Donghua Energy (002221), Zhongtai Chemical (002092), Teda Co. (000652), Huajin Co. (000059), Yangmei Chemical (600691), Yuxin Co. (002986), Beibu Gulf Port (000582), and Shenyang Chemical (000698) [1] Group 3: Research and Consulting - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing in-depth industry research reports, business plans, feasibility studies, and customized services, focusing on delivering comprehensive industry solutions to empower investment decisions [1]

Core Viewpoint - North Bay Port's stock price has shown fluctuations with a recent decline of 2.06%, while the company has experienced a year-to-date increase of 1.49% in stock price, indicating mixed market sentiment [1][2]. Financial Performance - For the period from January to September 2025, North Bay Port achieved a revenue of 5.535 billion yuan, representing a year-on-year growth of 12.92%. However, the net profit attributable to shareholders decreased by 13.89% to 789 million yuan [2]. - Cumulative cash distributions since the company's A-share listing amount to 3.034 billion yuan, with 1.396 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for North Bay Port reached 59,400, an increase of 42.47% compared to the previous period. The average circulating shares per person decreased by 29.81% to 31,217 shares [2]. - The top ten circulating shareholders include Southern CSI 500 ETF, holding 13.4935 million shares, which decreased by 296,400 shares from the previous period, and Hong Kong Central Clearing Limited, holding 12.1743 million shares, which increased by 3.009 million shares [3]. Market Activity - The stock price of North Bay Port is currently at 9.52 yuan per share, with a trading volume of 94.8318 million yuan and a turnover rate of 0.49%. The total market capitalization stands at 22.559 billion yuan [1]. - In terms of capital flow, there was a net outflow of 12.9528 million yuan from main funds, with large orders showing a buy of 15.7879 million yuan and a sell of 24.2948 million yuan [1]. Business Overview - North Bay Port, established on August 7, 1996, and listed on November 2, 1995, is located in Nanning, Guangxi Zhuang Autonomous Region. The company primarily engages in port loading and unloading, tugboat and port management, logistics agency, and cargo surveying services [2]. - The revenue composition of the company includes 94.59% from loading and unloading services, 3.55% from tugboat services, 1.16% from surveying services, 0.65% from other services, and 0.06% from agency services [2]. Industry Classification - North Bay Port is classified under the transportation industry, specifically in the shipping and port sector. It is associated with several concept sectors, including unified market, RCEP concept, western development, state-owned enterprise reform, and margin financing [2].