Investment Rating - The report assigns an "Accumulate" rating for the company with a target price of 23.44 CNY, based on a target PE of 12.5 times [7][4]. Core Views - The company is expected to achieve high growth in revenue and profit driven by investments and acquisitions, with a projected CAGR of 9% for revenue and 27% for net profit from 2018 to 2024 [1][15]. - The domestic container business is anticipated to grow steadily, with significant contributions from the Shenxi Port area, which is expected to see an 18% increase in container throughput in 2024 [2][37]. - The overseas business is projected to benefit from emerging market growth, with a CAGR of 10% for revenue and 12% for profit from 2018 to 2024 [3][46]. Summary by Sections 1. Company Overview - The company is a leading global port operator, focusing on port investment, operation, logistics, and smart technology [15]. - It has a strong historical background as a state-owned enterprise and has established a significant global presence through strategic investments and acquisitions [16][30]. 2. Domestic Business Growth - The domestic container throughput is expected to grow significantly, with the Shenxi Port area projected to account for 81% of the total throughput of mainland-controlled terminals in 2024 [2][30]. - The company’s net profit from domestic operations is primarily driven by investments in key ports in the Yangtze River Delta region [34][40]. 3. Overseas Business Expansion - The overseas revenue and profit are expected to grow due to emerging market opportunities, particularly in Sri Lanka and Brazil, with a focus on enhancing port capabilities [3][47]. - The company has been actively expanding its control over key ports in emerging markets, aligning with the "Belt and Road" initiative [57][64]. 4. Financial Projections - The company’s net profit is projected to reach 46.9 billion CNY in 2025, with a steady increase expected in subsequent years [4][5]. - The report highlights a strong financial outlook, with a consistent increase in EBITDA and net profit margins [5][21].

Group 1 - Prit's announcement to establish a subsidiary in Nansha, Guangzhou, with a total investment of 1 billion yuan and an expected annual production capacity of 400,000 tons [1] - The number of A-share companies mentioning Nansha in their 2024 annual reports has increased to 216, with over 10 billion yuan of funds flowing into the area [1][2] - The "Nansha Plan" aims to develop Nansha into a strategic platform for cooperation among the Guangdong-Hong Kong-Macao Greater Bay Area, attracting significant investments from various sectors [1] Group 2 - Guangzhou Port's fixed asset scale increased from 193.65 billion yuan in 2022 to 290.67 billion yuan in 2024, with a total increase of 9.7 billion yuan [2] - In 2022, Guangzhou Port raised 4 billion yuan through stock issuance and recorded a cash inflow of 13.022 billion yuan, both reaching a ten-year high [2] - The international general terminal project at Nansha Port is set to enhance the logistics system, with an investment of 7.472 billion yuan and a designed annual throughput capacity of 15.5 million tons of general cargo [3] Group 3 - COSCO Shipping's subsidiary in Nansha has invested 600 million yuan, with total assets of 2.377 billion yuan and a net profit of 327 million yuan in 2024 [4] - The logistics sector in Nansha is supported by the establishment of a wholly-owned subsidiary by COSCO Shipping, focusing on international shipping and logistics [3][4] Group 4 - Fuan Energy has increased its stake in Nansha Storage to 70% and invested in a comprehensive energy petrochemical storage base with a capacity of 918,300 cubic meters [6] - The petrochemical park in Xiaohu Island is recognized as a specialized chemical park, with a planned area of 9.7 square kilometers [7] - The food and agricultural products import-export center project by Agricultural Products Co. is set to establish a hub in Nansha, covering an area of 200,000 square meters [8] Group 5 - Watson Bio has established a production base in Nansha with a focus on mRNA technology and set up a 1.2 billion yuan investment fund [9] - The company has seen its operating profits decrease from 84 million yuan in 2022 to 38 million yuan in 2024, benefiting from a preferential tax rate starting in 2024 [9] - Tianrunxin has established a subsidiary in Nansha, aiming to develop a security technology industry hub in the Greater Bay Area [10][11]

Core Viewpoint - The seminar on utilizing intellectual property to create commercial value in the Guangdong-Hong Kong-Macao Greater Bay Area was held in Guangzhou, aiming to support enterprises in Hong Kong and mainland China in effectively protecting and utilizing intellectual property to generate commercial value in both the Greater Bay Area and global markets [1][3]. Group 1 - The seminar was organized by the Hong Kong SAR Government's Constitutional and Mainland Affairs Bureau and attracted over 250 representatives from various cities in Hong Kong and mainland China [1][3]. - The Greater Bay Area Development Plan emphasizes leveraging Hong Kong's advantages in intellectual property protection and related professional services to support its role as a regional intellectual property trading center [3]. - The Hong Kong government has introduced several policies, including the "Industry-Academia-Research 1+ Plan" to promote the commercialization of research outcomes and the "Patent Box" tax incentive to reduce the burden on enterprises [3]. Group 2 - The seminar featured presentations from legal experts discussing the management and protection of intellectual property for Hong Kong enterprises in the mainland market, highlighting the potential for maximizing commercial value in high-end manufacturing, cultural creativity, and healthcare sectors [4]. - The simplicity and cost-effectiveness of Hong Kong's intellectual property registration system were emphasized, which can help small and medium-sized enterprises and startups quickly establish their IP portfolios to attract investors [4]. - The seminar included roundtable discussions where six executives shared strategies and experiences on converting intellectual property into commercial value [5].

Group 1: ASEAN Foreign Ministers' Meeting - The 58th ASEAN Foreign Ministers' Meeting took place in Kuala Lumpur, Malaysia, focusing on regional and international issues, particularly the impact of US tariffs [1][3] - The meeting emphasized the importance of ASEAN unity in responding to external pressures and challenges, including trade tariffs imposed by the US [3][4] Group 2: Economic Cooperation and RCEP - ASEAN's role as a pillar of globalization is highlighted, with the Regional Comprehensive Economic Partnership (RCEP) playing a crucial role in enhancing regional economic cooperation [1][4] - RCEP aims to lower tariffs, coordinate rules of origin, and promote seamless cross-border supply chains, providing a buffer against external shocks [6][7] - The agreement has significantly improved trade facilitation, with commitments to reduce non-tariff barriers and streamline customs processes [7][8] Group 3: Digital Economy and Technology Collaboration - Malaysia is leading in digital economy cooperation within ASEAN, particularly in areas like artificial intelligence and green development [2][12] - Chinese tech companies, such as Huawei, are actively involved in Malaysia's digital transformation, providing education and training opportunities for local students [12][13] Group 4: Green Development Initiatives - ASEAN countries, including Malaysia, are committed to green development, focusing on renewable energy and carbon reduction [14] - Collaboration with China in green technology and infrastructure is seen as essential for achieving sustainability goals [14] Group 5: Future Prospects and Strategic Partnerships - The Greater Bay Area in China presents significant opportunities for Malaysia, particularly in sectors like food and beverage, tourism, and education [15][16] - There is potential for deepening multi-layered cooperation between Malaysia and the Greater Bay Area, enhancing economic, educational, and cultural exchanges [16]

Group 1 - The event "Bay Innovation Future, Gathering Talents in Guangdong-Hong Kong-Macao" successfully concluded, featuring 27 promotional activities across 12 cities, attracting over 1,500 participants [2][3] - The activities aimed to connect mainland entrepreneurs with resources in the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing collaboration and innovation [3][7] - The competition focuses on five key sectors: artificial intelligence and robotics, integrated circuits and low-altitude economy, medical health and biomanufacturing, food technology and modern agriculture, and modern services and cultural creativity [8] Group 2 - The competition includes three stages: preliminary, semi-final, and national final, with the preliminary round conducted through written reviews and the latter stages through live presentations [8] - Participants can win up to 500,000 yuan in funding, along with various support services such as brand empowerment, resource connection, talent services, and entrepreneurial subsidies [8] - The event aims to foster a supportive entrepreneurial environment and facilitate deep exchanges and cooperation between mainland and Hong Kong-Macao youth [8]

分析认为，粤港两地经济、文化多领域合作持续深化，节假日和大型活动对人员流动的拉动作用显著。 今年上半年，在春节前后、清明、五一、端午等节假日以及各类演出赛事时期，广深港高铁单日跨境旅 客均超10万人次，其中最高峰在1月31日，达13.6万人次。 记者7月7日从深圳铁路部门获悉，今年以来，广深港高铁呈现出双向客流同步增长的强劲态势。1-6 月，广深港高铁累计运送跨境旅客达1503.2万人次，与去年同期相比增长208.8万人次，增幅达16.1%。 亮眼的数据，不仅彰显了广深港高铁在粤港澳大湾区交通网络中的核心地位，更生动地反映出大湾区人 员往来的日益紧密和经济的蓬勃发展。 据统计，2025年上半年，广深港高铁累计开行旅客列车超3.7万列，跨境客流在6月30日当天突破了1500 万人次，较去年提早了27天实现。 从客流流向来看，双向客流都出现了强劲增长。其中，香港西九龙发往内地的旅客达736.2万人次，较 去年同期增长96.7万人次，同比增长15.1%。内地发往香港西九龙的旅客达767万人次，较去年同期增长 112.1万人次，增幅为17.1%。 从客流区域分布来看，广深港高铁已成为粤港澳大湾区人员流动的重要通道。上 ...

在金融门户、人民币枢纽之外，作为全球企业与商机的汇聚地，香港成为共建"一带一路"倡议的"超级 联系人"。产业上，香港的金融服务业规模庞大、体系高度国际化，集聚了大量的金融专才和会计、法 律等专业服务从业人员；文化上，中外文化交融，拥有多元、开放、包容的城市气质，这让香港既熟悉 国际规则，又了解中国企业的优势与需求。对于内地企业来说，香港庞大的资金池、高效的金融基础设 施以及跨境资金流通渠道，是出海的最佳孵化器之一。企业以香港为基地提升国际化经营水平，将有力 推动对共建"一带一路"倡议的"牵线搭桥、精准对接"。 背靠粤港澳大湾区，香港肩负着金融与科技相互赋能的重大使命。要将大湾区建设成为国际科技创新中 心和新兴产业的重要策源地，香港在基础科研和金融支持两方面都大有可为。香港发达的金融市场及完 善的金融服务，对大湾区众多的高新技术、专精特新和科技型中小企业来说可谓"近水楼台"。跨境融资 渠道进一步拓宽，将为大湾区的人工智能、机器人、低空经济、量子信息等新兴产业发展带来更多的耐 心资本。在金融科技创新方面，大湾区完善的制造业体系也为香港提供了丰富的对接平台和应用场景。 在传统的金融服务之外，香港有机会在与离岸人民币 ...

Group 1 - The article highlights the expertise of Dr. Han Zhongxue, a researcher at the Chinese Academy of Sciences and a professor at Shenzhen University, focusing on macroeconomic policies and their implications for China's economic growth [2][3] - Dr. Han has conducted over 20 research projects at national and provincial levels and has published more than 30 academic papers, indicating a strong background in economic research [2] - The article outlines Dr. Han's extensive experience in both government and corporate sectors, which enhances his insights into economic policies and their practical applications [2] Group 2 - The article lists key topics covered in Dr. Han's lectures, including macroeconomic policy analysis, supply-side reforms, and the impact of the Belt and Road Initiative on industrial layout [3] - It emphasizes the importance of financial system reforms in China, including the evolution of capital markets and local government financing platforms [3] - Public management topics discussed include game theory in public policy choices and the socio-economic impacts of the COVID-19 pandemic on China [3]

Group 1 - The core message emphasizes the importance of youth engagement in national development and modernization under the guidance of the Communist Party of China [1][4] - The past five years have seen significant contributions from youth organizations, showcasing their active role in promoting the Party's agenda and national goals [1][4] - Youth representatives express a strong commitment to contribute to various national initiatives, including technological innovation and regional development [3][5] Group 2 - The youth organizations, such as the National Youth Federation and Student Federation, are highlighted as crucial links between the Party and the youth, tasked with guiding and mobilizing young people [4] - There is a call for youth to embrace their historical mission and actively participate in areas like national defense, technology, and social services [5] - The emphasis on innovation and technology, particularly in fields like artificial intelligence, is seen as vital for national self-reliance and progress [4]

陈美宝：粤港两地商讨粤车入境香港市区 金十数据6月30日讯，香港特区政府运输及物流局局长陈美宝今日（30日）访问广州，与广东省官员召 开粤港交通工作专班会议，运输署署长李颂恩亦有同行。陈美宝指出，粤港双方一直致力推动各项跨境 通行措施，促进粤港澳大湾区的人员进一步融合。粤港两地政府在过去两年不断优化"港车北上"安排， 亦正积极为"粤车南下"的安排，包括使用两个邻近大桥香港口岸的自动化停车场到港转机，或办理入境 手续进入香港，以及为粤车入境香港市区作仔细商讨，在有序可控的情况下，为广东省旅客提供选择， 回应市民双向奔赴的殷切期盼，亦为香港带来崭新旅客群，惠及各行业。 （大湾区之声） 订阅粤港澳大湾区动态 +订阅 ...