证券代码：600018 证券简称：上港集团 公告编号：2025-052 上海国际港务（集团）股份有限公司 关于 A 股限制性股票激励计划首次授予部分 第二个限售期及预留授予部分第一个限售期 解除限售暨上市公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 1、2021年4月22日，公司第三届董事会第十五次会议审议通过了《关于<上港 集团A股限制性股票激励计划（草案）>及其摘要的议案》《关于制定上港集团A股 限制性股票激励计划<实施考核办法>与<实施管理办法>的议案》及《关于提请股 东大会授权董事会办理A股限制性股票激励计划相关事宜的议案》，公司独立董事 就本激励计划相关议案发表了同意的独立意见。 2、2021年4月22日，公司第三届监事会第十次会议审议通过了《关于<上港集 团A股限制性股票激励计划（草案）>及其摘要的议案》《关于制定上港集团A股限 制性股票激励计划<实施考核办法>与<实施管理办法>的议案》，公司监事会对《激 励计划》及相关事项发表了核查意见。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为 ...

地址：上海市长宁区仙霞路 99 号尚嘉中心 22 层、12 层 （200051） Add: 22F&12F, L'Avenue No.99 XianXia Rd, Changning District, Shanghai, PRC 电话 Tel: +86 21 23563298 传真Fax: +86 21 23563299 网址 Website：http://www.guantao.com 邮箱 Email: guantaosh@guantao.com 关于 上海国际港务（集团）股份有限公司 A 股限制性股票激励计划首次授予部分第二个限售期和 预留授予部分第一个限售期解除限售条件成就 及 回购注销部分限制性股票相关事项 之 法律意见书 北京观韬（上海）律师事务所 二〇二五年十月 地址：上海市长宁区仙霞路 99 号尚嘉中心 22 层、12 层 （200051） Add: 22F&12F, L'Avenue No.99 XianXia Rd, Changning District, Shanghai, PRC 电话 Tel: +86 21 23563298 传真Fax: +86 21 23563299 网址 We ...

1. Report Industry Investment Rating - The investment rating for the shipping and port industry is "Favorable", the same as the previous rating [2] 2. Core View of the Report - The overall throughput performance is stable, so the "Favorable" rating for the shipping and port sector is maintained [8] 3. Summary by Relevant Catalogs 3.1 Overview: National Import - Export Volume and Cargo Throughput - **Import - Export Volume**: From January to September 2025, the national import - export volume reached 33.61 trillion yuan, a year - on - year increase of 4%. The national import volume was 13.66 trillion yuan, a year - on - year decrease of 0.2%, and the national export volume was 19.94 trillion yuan, a year - on - year increase of 7.1% [2][16] - **Cargo Throughput**: From January to September 2025, the cargo throughput of major coastal ports in China reached 86.57 billion tons, a year - on - year increase of 3.5%, and the foreign - trade cargo throughput of major coastal ports reached 37.54 billion tons, a year - on - year increase of 3.1% [3] 3.2 Container: Container Shipping Freight Rates and Container Throughput - **Container Shipping Freight Rates**: On October 31, 2025, CCFI closed at 1021.39 points, a year - on - year decrease of 25.25% and a month - on - month increase of 2.89%. SCFI closed at 1550.7 points, a year - on - year decrease of 29.04% and a month - on - month increase of 10.49% [4] - **Container Throughput**: From January to September 2025, the container throughput of major coastal ports in China reached 232.68 million TEUs, a year - on - year increase of 6.5%. The year - on - year growth rates of Qingdao, Shanghai, Ningbo - Zhoushan, and Shenzhen were 7.3%, 6.2%, 10%, and 5.4% respectively [4] 3.3 Liquid Bulk: Oil Shipping Freight Rates and Crude Oil Throughput - **Oil Shipping Freight Rates**: On October 31, 2025, BDTI closed at 1436 points, a year - on - year increase of 50.05% and a month - on - month increase of 14.33%. On October 30, 2025, the TCE of TD3C, TD25, and TD22 routes were 123,800, 62,600, and 89,700 US dollars per day respectively, with year - on - year growth rates of 295.89%, 82.4%, and 139.58% [5][6] - **Crude Oil Throughput**: From January to September 2025, the crude oil throughput of major crude oil receiving port enterprises reached 297 million tons, a year - on - year decrease of 2.88% [6] 3.4 Dry Bulk: Bulk Shipping Freight Rates and Iron Ore, Coal Throughput - **Bulk Shipping Freight Rates**: On October 31, 2025, BDI closed at 1966 points, a year - on - year increase of 42.67% and a month - on - month decrease of 1.26% [7] - **Iron Ore Throughput**: From January to September 2025, the iron ore throughput of major iron ore receiving port enterprises reached 1.044 billion tons, a year - on - year increase of 3.25% [7] - **Coal Throughput**: From January to September 2025, the coal throughput of major northern coal shipping port enterprises reached 515 million tons, a year - on - year increase of 0.29% [7] 3.5 Key Port Listed Companies' Monthly Throughput - **Shanghai International Port Group**: In September 2025, the cargo throughput was 52 million tons, a year - on - year increase of 11.72%, and the container throughput was 4.833 million TEUs, a year - on - year increase of 13.61% [76] - **Ningbo Port Co., Ltd.**: In September 2025, the cargo throughput was 105 million tons, a year - on - year increase of 16.42%, and the container throughput was 4.64 million TEUs, a year - on - year increase of 13.45% [76] - **China Merchants Port Holdings Co., Ltd.**: In September 2025, the container throughput of Pearl River Delta ports was 1.292 million TEUs, a year - on - year decrease of 15.5%, and the container throughput of overseas ports was 3.308 million TEUs, a year - on - year increase of 12.17% [76] - **Beibu Gulf Port Co., Ltd.**: In September 2025, the cargo throughput was 30 million tons, a year - on - year increase of 9.00%, and the container throughput was 842,500 TEUs, a year - on - year increase of 12.06% [76] - **Guangzhou Port Co., Ltd.**: In September 2025, the cargo throughput was 50 million tons, a year - on - year increase of 2.01%, and the container throughput was 2.255 million TEUs, a year - on - year increase of 7.38% [76]

Core Viewpoint - The project led by Jilin Electric Power Co., Ltd. aims to establish China's first comprehensive green methanol demonstration project, integrating the production of green methanol from renewable resources for maritime decarbonization [1][2]. Group 1: Project Overview - The project is a collaboration between Jilin Electric Power Co., Ltd., COSCO Shipping, and Shanghai Port Group, focusing on the full chain of "green methanol production—fuel refueling—ocean shipping" [1]. - It utilizes Jilin's abundant wind and biomass resources to produce green methanol, which is intended to serve the decarbonization needs of the shipping industry [1][2]. Group 2: Technological Innovations - The project employs an innovative coupling technology of "wind power to green hydrogen + biomass gasification to synthesis gas," creating a flexible and stable production system [2][3]. - It features a "power-hydrogen-chemical" integrated flexible adjustment system that ensures seamless integration of renewable energy and chemical production, addressing the challenges posed by the volatility of renewable energy sources [3]. Group 3: Environmental Impact - Upon completion, the project is expected to produce 197,200 tons of green methanol annually and reduce carbon dioxide emissions by approximately 300,000 tons per year [1]. - The project promotes the efficient recycling of energy and resources by utilizing agricultural waste, thus contributing to the energy transition and enhancing the sustainability of the Northeast energy industry [2][3].

Core Points - The Shanghai Composite Index is at 3977.20 points, slightly above the annual line with a change of 0.02% [1] - A total trading volume of A-shares reached 929.27 billion yuan today [1] - 30 A-shares have surpassed the annual line, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Dahua Intelligent (002512) has the highest deviation rate at 9.08%, with a daily increase of 10.04% and a turnover rate of 16.96% [1] - Zhongmin Energy (600163) follows with a deviation rate of 6.19%, increasing by 9.96% today [1] - Fujian Expressway (600033) shows a 4.40% deviation rate with a daily increase of 5.03% [1] Trading Activity - The total trading volume of A-shares today is 929.27 billion yuan, indicating active market participation [1] - Stocks like Chengdu Bank (601838) and Zhejiang Dingli (603338) have lower deviation rates, just above the annual line [1][2] Notable Stocks - Other stocks with significant performance include Maike Audi (300341) with a 3.58% deviation rate and a daily increase of 5.68% [1] - Stocks with minor deviations include Chongqing Water (601158) and Zhejiang Dingli (603338), both showing minimal changes [2]

Market Overview - US stock markets showed mixed performance with the S&P 500 up by 0.17%, Dow Jones down by 0.48%, and Nasdaq up by 0.46% [1] - European STOXX 600 index increased by 0.07% [1] - WTI crude oil for December rose by 0.11% and Brent crude for January increased by 0.19% [1] - COMEX gold for December gained 0.44% while LME copper fell by approximately 0.3% and LME aluminum rose by about 0.6% [1] - Cryptocurrencies experienced a significant drop, with Bitcoin down nearly 5% and Ethereum down nearly 9% [1] Corporate Developments - Amazon signed a $38 billion agreement with OpenAI [2] - Microsoft received approval to export Nvidia chips to the UAE and partnered with Dell to support new cloud service provider IREN, securing a $9.7 billion AI cloud deal [3] Economic Indicators - The US ISM Manufacturing PMI for October decreased to 48.7, marking the eighth consecutive month of contraction [4] Industry Insights Semiconductor Industry - TSMC announced a price increase of approximately 3%-5% for advanced processes below 5nm starting January 2026, indicating strong demand for AI and high-performance computing [8] - The demand for semiconductor equipment is expected to grow due to the expansion of wafer fab capacity and advancements in process technology [9] Storage Industry - Wisdom Technology reported a 200% supply-demand gap in storage control chips, with expectations of continued shortages through 2026 [7] - Samsung has paused DDR5 DRAM contract pricing, leading to potential supply chain disruptions [7] Green Energy Initiatives - A green methanol demonstration project led by Jidian Group, China COSCO Shipping, and Shanghai Port Group was launched, aiming for an annual production of 197,200 tons of green methanol and a reduction of 300,000 tons of CO2 emissions [10] Display Technology - New high-end equipment for 8.6-generation OLED production lines was launched in Chengdu, marking a breakthrough in China's display equipment sector [11] Company Announcements - Qiangrui Technology plans to invest 70 million yuan to acquire a 35% stake in aluminum cooling technology company Alubao [12] - Dagang Co. intends to increase its stake in chip testing company Aike Integrated to 78.79% with a 90 million yuan investment [12]

Group 1 - The first domestic green methanol demonstration project, led by State Power Investment Corporation Jidian Co., Ltd., aims to create a complete industrial chain for green liquid fuel, integrating "green methanol production - fuel refueling - ocean shipping" [1] - The project, with an investment of 4.29 billion, is expected to produce 197,200 tons of green methanol annually and reduce carbon dioxide emissions by approximately 300,000 tons per year, contributing to the decarbonization of the shipping industry [1] - Green methanol is considered an ideal alternative to traditional marine fuels due to its liquid state at normal temperature and pressure, ease of storage and transportation, and significantly lower carbon footprint throughout its lifecycle [1] Group 2 - Companies like Fuzhi Environmental Protection are focusing on developing integrated technologies for green methanol production through anaerobic fermentation and gasification processes [2] - Jiaze New Energy is entering the green methanol business in collaboration with Ningxia Jiaze Group, which is expected to significantly enhance the company's growth potential [2]

Group 1: Green Methanol Project - The first domestic green methanol demonstration project, led by State Power Investment Corporation and others, has been launched in Jilin, with an investment of 4.29 billion yuan, aiming to create a complete green methanol production and shipping chain [1] - The project is expected to produce 197,200 tons of green methanol annually and reduce carbon dioxide emissions by approximately 300,000 tons, contributing to the decarbonization of the shipping industry [1] Group 2: OLED Equipment Breakthrough - Three high-end equipment for 8.6-generation large-size OLED production lines were officially launched in Chengdu, marking a significant breakthrough in China's display equipment sector [2] - The investment in 8.6-generation OLED production lines by major manufacturers like Samsung Display and BOE has reached nearly 170 billion yuan, indicating a strong market demand for high-end display products [2] Group 3: Superconducting Germanium - A research team has successfully developed superconducting germanium materials that can conduct electricity without resistance, paving the way for scalable quantum devices based on existing semiconductor processes [3] Group 4: Aromatic Amines Breakthrough - A research team from the University of Chinese Academy of Sciences has achieved a breakthrough in the application of aromatic amines, allowing for direct amine functionalization without hazardous intermediates, providing a safer and more economical synthesis route [4] Group 5: DRAM Price Surge - Recent data shows that the price of DDR4 memory has surged by 350% since the beginning of the year, with a single-day increase of 13.84% to 4,486.58 yuan, indicating a shift to a "seller's market" in memory storage [5] - The price increase is attributed to major manufacturers like Samsung and SK Hynix halting quotes, while demand remains stable due to ongoing needs in industrial control and automotive electronics [5] Group 6: Water-Saving Equipment Development - The Ministry of Industry and Information Technology and the Ministry of Water Resources have jointly released a development plan for high-quality water-saving equipment, aiming to enhance the industry's competitiveness and support the green transformation of the economy [6] Group 7: Market Movements - The Shenzhen gold market experienced a sudden price increase, with gold prices rising over 50 yuan per gram, prompting some jewelry companies to raise prices in response to new tax policies [6]

Core Insights - The construction of smart ports in China has been steadily advancing, with approximately 60 automated terminals built, leading the world in both completed and under-construction automated terminals [1] Group 1: Smart Port Development - The transformation towards smart ports helps reduce costs and improve efficiency in transportation logistics [1] - For instance, at Shanghai Port, the time required to load a ship has decreased from 4 hours to about 5 minutes due to advancements in information technology [1] Group 2: Future Potential and Infrastructure - There remains significant potential for further smart transformation in ports, as operational efficiency is constrained not only by loading speed but also by information coordination before and after vessel berthing, as well as the integration of sea-rail transport [1] - Moving towards the "14th Five-Year Plan," ports should accelerate the transition from smart port areas to smart sea-rail hubs, enhancing efficiency through integrated railway terminals and specialized loading and grouping equipment [1] - On the software side, there is a push to advance multi-modal transport systems with unified documentation and data interoperability to achieve system-wide coordination, aiming for a more cost-effective, reliable, and resilient hub network [1]

Core Insights - The Shanghai Stock Exchange companies demonstrated resilience and growth in the first three quarters of 2023, with total operating revenue reaching 37.58 trillion yuan, a slight year-on-year increase, and net profit of 3.79 trillion yuan, up 4.5% year-on-year [1] - The third quarter saw significant improvements, with net profit and non-recurring net profit growing by 11.4% and 14.6% year-on-year, respectively, marking a substantial acceleration compared to the second quarter [1] - The STAR Market companies reported a total operating revenue of 1.01 trillion yuan, a 6.6% increase year-on-year, with a median R&D intensity of 12.4% [1] Group 1: Private Enterprises - Private enterprises in the Shanghai market experienced a net profit growth of 10.0% year-on-year in the first three quarters, with quarterly growth rates increasing from 0.4% to 17.2% [2] - High-tech manufacturing services saw R&D investments of 229.6 billion yuan, a 9% increase year-on-year, driving revenue and net profit growth of 10% and 19%, respectively [2] - Companies in the semiconductor sector, such as Cambrian and Haiguang Information, reported remarkable net profit increases of 82% and 25% year-on-year [2] Group 2: Consumer Demand and New Technologies - New technologies and experiences have stimulated consumer demand, with companies like Ecovacs and Haier reporting net profit increases of 131% and 15% year-on-year, respectively [2] - The growth in smart home appliances and consumer electronics has been significant, with companies achieving over 50% growth in both revenue and net profit [2] Group 3: Foreign Trade and Export Growth - The foreign trade companies in Shanghai maintained growth in import and export volumes, with major port companies handling 1.91 billion tons of cargo, a 5% year-on-year increase [3] - The export of new energy vehicles saw a remarkable increase of 71% year-on-year among leading manufacturers [3] - A total of 501 companies in the Shanghai market announced cash dividend plans, with total cash dividends exceeding 600 billion yuan, a 3.3% year-on-year increase [3]