（原标题：前10月广东航空口岸人货两旺，均创历史同期新高） 在货物通关方面，广州白云机场口岸实行全天候电子放行、卡口自动核放，对需要查验的"鲜活、特 殊、急需"货物，实施24小时"随到随查"。深圳海关在全国率先落地进口冰鲜水产品监管模式改革试 点，推出"提前申报+机坪直提"等精准服务措施，支持企业对符合条件的货物运抵后直接提货，压缩通 关时间约50%。 为支持跨境电商等业务集聚发展，广州海关首创"跨境电商全球调拨中心"，推动海关监管与安检作业协 同，缩短跨境电商出口货物等待时长50%，日均最大处理货量达200吨。汕头海关建成启用揭阳潮汕国 际机场航空口岸汕头邮政跨境快件清关中心，助力粤东地区跨境电商业务发展。 广东加快推进多式联运业务发展，盘活国内国际航班舱位资源，提升航空货运效率。广州海关推动省内 首票空空国际转运换单新业务在白云国际机场落地，实现国际转运货物跨运单、跨航司、跨货站高效流 转，节省企业运输成本超10%。深圳海关创新推出"空侧直通"、国际中转"换单"等业务监管模式，大幅 提升国际转运效率。 南方财经见习记者郭莎 广州报道 11月14日，南方财经记者从海关总署广东分署获悉，1-10月，广东省内航 ...

Core Insights - The 2025 Super Hub Expo in Hong Kong marks a significant step in consolidating the city's position as an Asian transportation hub, showcasing the latest technologies and innovations in the transport and logistics sector [1] - The event aims to promote multimodal transport development and deepen regional cooperation, creating a favorable environment for Hong Kong's future role in the transport sector [1] Group 1: Event Overview - The expo features a three-day program that includes professional exchanges, business matching, and award ceremonies, effectively promoting cross-sector collaboration and sustainable development in the transport ecosystem [1] - Key figures from the industry, including representatives from the Civil Aviation Administration of China and the Hong Kong government, participated in the event, emphasizing its importance [1] Group 2: Government Support - The Chairman of the Hong Kong Airport Authority highlighted the necessity of continuous infrastructure investment for the future of the aviation industry, mentioning the three-runway system as a major project [7] - The event received strong support from various government departments, showcasing its significance in the industry and making the "Air Silk Road Forum" a focal point of the expo [7] Group 3: Industry Participation - The expo expanded its coverage to include air cargo, rail transport, and the emerging low-altitude economy, attracting over 100 leading brands such as ARUP, AECOM, and NEC [8] - More than 200 major airports, ground service companies, airlines, and civil aviation authorities participated, marking the initiation of numerous professional exchanges and business opportunities [9] Group 4: Business Networking - The expo aims to create a vibrant business ecosystem in the Asian multimodal transport sector, featuring various activities and high-quality networking opportunities [10] - Specific initiatives include GAD Asia for practical financing and sustainable airport business growth, closed-door airport dialogues for senior executives, and structured one-on-one business matching sessions [10] Group 5: Thematic Discussions - The expo includes over 100 thematic seminars covering topics such as sustainable transport, digital transformation, and green aviation technology, providing valuable learning and networking opportunities [12][13] - The "Low Altitude Economy Forum" emerged as a key highlight, supported by the Hong Kong government's regulatory sandbox policy, showcasing innovations in urban air mobility [14]

Core Viewpoint - The Guangxi Zhuang Autonomous Region is actively enhancing the Western Land-Sea New Corridor as a key project for open development, focusing on building infrastructure and improving operational efficiency to stimulate regional economic growth [1] Group 1: Infrastructure Development - The construction of the Pinglu Canal, a major project within the Western Land-Sea New Corridor, is currently in a critical phase, with completion expected by 2026 [3] - The transportation network has expanded to cover 18 provinces, 75 cities, and 163 stations in China, connecting to over 200 ports globally, transforming from a "single line" to a "network" [3] - The corridor now handles over 1,200 types of goods, including electronics, vehicles, machinery, and food products [3] Group 2: Port and Logistics Enhancement - The Beibu Gulf Port is a crucial outlet for the Western Land-Sea New Corridor, with significant improvements in port infrastructure and an increase in the number of berths to 119 for vessels over 10,000 tons [5] - The port's comprehensive throughput capacity exceeds 360 million tons, ranking among the top in the country [5] - Innovations in integrated rail-sea transport have improved logistics efficiency and reduced costs, serving as a model for multi-modal transport development in China [5] Group 3: Digital Transformation - The Western Land-Sea New Corridor is leveraging digital technologies to enhance operational efficiency, including the establishment of the first automated container terminal for sea-rail intermodal transport in the country [6] - A unified scheduling system for vessel navigation has been developed, promoting a new model of smart water transport [6] - Efforts are underway to improve customs clearance efficiency at the Friendship Pass, enhancing cross-border trade [6] Group 4: Economic Development and Industry Attraction - The development of the Western Land-Sea New Corridor is attracting businesses to Guangxi, with companies like Malaysia's Minhe International establishing operations to leverage logistics advantages [8] - A positive interaction between logistics hubs and industry is forming, with a focus on expanding internal and external trade [8] - Future plans include further enhancing the corridor's capabilities through artificial intelligence and promoting integrated development of logistics and industry [8]

Core Insights - The China-Europe Railway Express has established a new international transport pattern between Asia and Europe, serving as a vital link for global exchange and cooperation [2][12][22] Group 1: Operational Efficiency - The Xi'an International Port Station has become the largest freight marshalling station in China, with over 18,000 trains arriving and departing during the 14th Five-Year Plan period [2][12] - The newly implemented intelligent terminal system tracks vehicle movements and cargo handling 24/7, allowing for rapid processing of container trucks [4][6] - The Xi'an International Port has broken loading records multiple times this year, with a peak of 1,530 containers loaded in a single day [9][11] Group 2: Growth in Train Operations - The number of China-Europe Railway Express trains departing from Xi'an has significantly increased, with over 5,000 trains operated this year, marking a historic milestone [11][12] - The average frequency of train departures has improved to every 90 minutes, showcasing the growing operational capacity [11][12] Group 3: Logistics and Cost Efficiency - The expansion of the secondary distribution system has led to a reduction in transportation costs by over 10%, with the proportion of return trains increasing from 46% to over 50% [21][19] - The introduction of new multi-modal transport solutions has enhanced service quality and reduced overall logistics costs [21][22] Group 4: International Cooperation and Network Expansion - The development of new routes, such as the Xi'an-Tashkent express line, has improved transport efficiency by 40%, while the integration of sea and rail transport has connected major shipping hubs [15][17] - The establishment of a "hub-to-hub" logistics model between Xi'an and Almaty has streamlined operations and improved data sharing between China and Kazakhstan [24][26] Group 5: Future Prospects - The China-Europe Railway Express aims to enhance service quality and operational efficiency in the next five years, with plans to open new routes and improve existing services [33][35] - The ongoing construction of the China-Kyrgyzstan-Uzbekistan railway is expected to further facilitate direct transport and enhance trade connections [33]

Group 1 - The Ministry of Transport has released a list of 31 pilot projects aimed at reducing costs and improving efficiency in transportation logistics, with a focus on building a strong transportation nation [1] - The pilot project led by the Inner Mongolia Autonomous Region focuses on promoting innovative development of new energy logistics under a multimodal transport model [1] - The project is implemented by COSCO Shipping Baogang Logistics Co., leveraging the global network of COSCO Shipping Group and the industrial advantages of Baogang Group, creating a logistics closed loop covering all scenarios of the new energy industry chain [1] Group 2 - The logistics model integrates "hub + channel" and "industry chain + supply chain," embedding itself into various stages of the new energy industry chain in Inner Mongolia, from upstream equipment manufacturing to downstream energy consumption [1]

Core Insights - The China Railway Urumqi Bureau Group Co., Ltd. signed annual strategic cooperation agreements with 33 enterprises, achieving a total transport volume of 204 million tons, marking a continuous two-year breakthrough of 200 million tons [1] - The agreements include a logistics package cooperation involving production, transportation, and demand, with a signed transport volume exceeding 90 million tons, aimed at supporting the real economy in Xinjiang and reducing overall logistics costs [1] Group 1 - Xinjiang Railway has focused on building a modern industrial system, emphasizing collaboration, marketing, and efficiency, while launching the "Tianshan Snow Lotus" service brand to enhance logistics services [1] - The railway department has established strategic cooperation with 31 key enterprises in Xinjiang, customizing logistics service plans and ensuring stable transport capacity for bulk goods [1] - The total freight volume sent by Xinjiang Railway has surpassed 200 million tons, 19 days ahead of last year [1] Group 2 - The railway department is expanding its modern logistics product system, developing logistics packages and contract transportation, and increasing the scale of multimodal transport [2] - The goal of transporting 10 million tons of coal out of Xinjiang has been set, with a 10% year-on-year growth target, and the transport range has been expanded to over 10 provinces [2] - As of now, Xinjiang Railway has sent 48.34 million passengers, a year-on-year increase of 7.2%, and has transported 214 million tons of goods, a year-on-year increase of 6.6% [2]

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company is a leading player in domestic container shipping, with strong profitability and a robust dividend policy. It operates a fleet of 49 vessels with a total capacity of 2.5019 million deadweight tons, including 41 container ships with a capacity of 132,200 TEU. The company's return on equity (ROE) reached 16.86% in 2024, ranking third in the shipping sector [5][18][19]. Summary by Sections 1. Domestic Container Shipping - The company is a leader in domestic container logistics, providing comprehensive logistics services that extend from shipping to land transport. Its core business is supported by a diverse cargo structure, with key cargo types such as paper products, steel, and food each accounting for around 7% of the total [5][7][30][32]. 2. Foreign Trade Chartering - The foreign trade container shipping chartering market has seen increased demand following the Red Sea crisis in December 2023. The company’s fleet aligns well with the market demand for small to medium-sized vessels, and the structure of new contracts is improving, with longer terms and higher rental rates compared to 2024 [6][62][68]. 3. Cash Flow and Dividend Capability - The company plans to distribute 60% of its cumulative distributable profits in cash over the next three years. Historical dividend payout ratios are high, reaching 88% and 90% for 2023 and 2024, respectively [6][8]. 4. Profit Forecast and Valuation - The company is expected to achieve a net profit of 2.145 billion yuan in 2025, with revenue projections of 10.770 billion yuan. The estimated earnings per share (EPS) for 2025 is 1.02 yuan, with a price-to-earnings (P/E) ratio of 10.95 [8][10].

Domestic News - The State Council issued an implementation opinion on accelerating the cultivation and large-scale application of new scenarios, focusing on five areas including new fields and new track application scenarios, industrial transformation, and social governance services [1] - In the first ten months of 2025, China's total goods trade value reached 37.31 trillion yuan, with a year-on-year growth of 3.6%. Exports were 22.12 trillion yuan, up 6.2%, while imports were 15.19 trillion yuan, roughly unchanged from the previous year [1] - As of the end of October 2025, China's foreign exchange reserves stood at $33,433 billion, an increase of $47 billion from the end of September, marking a rise of 0.14% [2] - The People's Bank of China reported that gold reserves reached 7.409 million ounces (approximately 2304.457 tons) at the end of October, with an increase of 30,000 ounces (about 0.93 tons), marking the 12th consecutive month of gold accumulation [2] - The Ministry of Finance plans to implement more proactive fiscal policies, enhance budget execution responsibility, and stimulate consumption in key areas through fiscal subsidies [2] Regulatory Developments - The State Administration for Market Regulation approved several important national standards, including those for cross-border e-commerce and logistics, to guide risk prevention and improve transaction information management [3] - The National Energy Administration released guidelines to promote the integration of coal and new energy, encouraging the development of photovoltaic and wind power industries in mining areas [3] - The railway sector is implementing a flexible pricing mechanism, offering discounts on over 1,300 high-speed train services to stimulate domestic demand and enhance service consumption [4] International News - France's official reserve assets increased to €350.04 billion in October, a record high, with gold reserves rising to €273.25 billion [5] - Germany's adjusted trade balance for September was €15.3 billion, lower than the expected €16.8 billion [6]

Core Insights - Recent US-China trade negotiations have shown positive signals, leading to a strong recovery in the foreign trade market, with ports like Yantian Port reflecting this market momentum [1][3] Group 1: Port Activity and Trade Volume - Yantian Port, as one of the largest single container terminals globally, handles over one-third of Guangdong's foreign trade import and export volume, with more than a quarter of the nation's exports to the US [3] - On October 31, the loading and unloading volume of US-bound vessels at Yantian Port accounted for nearly 60% of the total port operations for that day, indicating a surge in orders from US clients [3] - In the first three quarters of 2025, China's goods trade import and export reached 33.61 trillion yuan, a year-on-year increase of 4%, with the growth rate in the third quarter rising to 6%, marking eight consecutive quarters of year-on-year growth [3] Group 2: Multi-Modal Transport Development - Yantian International has been actively expanding its multi-modal transport network, creating a comprehensive logistics system that integrates international shipping, railways, and feeder services, providing one-stop logistics solutions for inland foreign trade enterprises [4] - The "Liling-Yantian Port" container rail-water intermodal route has been recognized as one of the top ten national brand routes, highlighting its significance in the logistics network [5] Group 3: Automotive Export Growth - The Shenshan Xiaomo Port has achieved a record high in automobile exports, with nearly 17,000 vehicles exported in October, representing a year-on-year increase of over 170% and a month-on-month surge of 183% [6] - The port's strategic location and efficient collaboration with leading automotive manufacturers have contributed to a stable and substantial core cargo source [6] Group 4: Infrastructure and Future Outlook - Yantian Port operates 20 deep-water berths efficiently, while Xiaomo Port is enhancing its roll-on/roll-off terminal facilities, with plans for new berths to accommodate larger vessels [10] - As US-China economic cooperation deepens and the holiday season approaches, Yantian Port is expected to see continued growth in foreign trade, with plans to increase international shipping routes and improve service efficiency [10]

Core Insights - The 2025 Super Hub Expo opened in Hong Kong, focusing on the planning, design, and development of multimodal transport hubs, addressing challenges and future opportunities in the sector [1][2] - The expo features over 120 major airports, ground handling companies, airlines, and civil aviation organizations, showcasing the latest technologies and innovations in the transportation logistics field [1] - The event includes multiple high-level forums with over 100 industry experts discussing nine key themes, sharing market insights and development strategies [1] Industry Developments - Hong Kong International Airport is recognized as one of the busiest aviation hubs globally, consistently ranking first in cargo throughput and among the top in passenger volume [2] - The Hong Kong government is enhancing cargo handling capacity through the three-runway system and developing a seamless "sea-air intermodal" model linked to the Greater Bay Area [1][2] - The expo serves as a platform for regional cooperation and aims to improve global air connectivity, with participants looking to advance the application of electric vertical takeoff and landing aircraft in air-ground intermodal scenarios [2] Event Details - The expo lasts for three days and is expected to attract over 6,000 attendees [3]