Core Viewpoint - The company, Liaoning Port Co., Ltd., is positioned as a leading logistics platform for port operations in Dalian, leveraging its strategic location and operational advantages to enhance its role in the Northeast Asia International Shipping Center and the development of the Liaoning Coastal Economic Belt [2][3]. Company Overview - Liaoning Port Co., Ltd. was established on November 16, 2005, and listed on December 6, 2010. Its main business includes oil/liquid chemical products terminals and related logistics, container terminals and related logistics, automobile terminals and related logistics, bulk cargo terminals and related logistics, grain terminals and related logistics, passenger roll-on/roll-off terminals and related logistics, as well as port value-added and support services [8][9]. Business Operations - The company operates as a unified platform for port logistics in Dalian, with a focus on various terminal operations including oil, containers, automobiles, bulk goods, and passenger services. It is the largest comprehensive terminal operator in Northeast China, with 70 near-sea routes [3][4]. - The company has strengthened its market development for container terminals, adding 10 new routes in the year, and is actively integrating into national strategies such as the Belt and Road Initiative and the construction of the Liaoning Free Trade Zone [4]. Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 8.426 billion yuan, representing a year-on-year growth of 5.99%. The net profit attributable to the parent company was 1.3 billion yuan, reflecting a year-on-year increase of 37.51% [9][10]. Shareholder Information - As of September 30, 2025, the number of shareholders was 211,800, a decrease of 5.54% from the previous period. The average trading cost of the stock is 1.61 yuan, with the stock price approaching a resistance level of 1.69 yuan [6][9].

Core Viewpoint - The article highlights the performance and strategic importance of Beibu Gulf Port, emphasizing its role in regional logistics and trade, particularly in the context of the Belt and Road Initiative and the development of the Western Land-Sea New Corridor [2][3]. Company Overview - Beibu Gulf Port is the only public terminal operator in the Guangxi Beibu Gulf region, focusing on container and bulk cargo handling, storage, and port services [3][8]. - The company operates under the strategic framework of enhancing international trade routes, particularly towards ASEAN countries, and is a key player in the national logistics network [3]. Business Performance - In 2023, the company achieved a cargo throughput of 31,039.78 million tons, a year-on-year increase of 10.81%, accounting for 70% of the total cargo throughput at Beibu Gulf Port [3]. - The container throughput reached 802.20 million TEUs, reflecting a 14.26% increase year-on-year, indicating the company's dominant position in the port's operations [3]. Strategic Initiatives - The company is actively involved in capital operations centered around its core port business, aiming to expand its logistics services and enhance cooperation with clients and partners [2][3]. - Beibu Gulf Port has developed specialized services for importing fruits, alcohol, and meat, and has established multiple shipping routes for Thai and Vietnamese fruits, along with comprehensive cold chain logistics services [3]. Financial Performance - For the period from January to September 2025, Beibu Gulf Port reported a revenue of 5.535 billion yuan, representing a year-on-year growth of 12.92%, while the net profit attributable to shareholders was 789 million yuan, a decrease of 13.89% [8]. - The company has a history of dividend distribution, with a total of 3.034 billion yuan paid out since its A-share listing, and 1.396 billion yuan in the last three years [8].

Group 1: Industry Outlook - The overall outlook for the new energy vehicle (NEV) and lithium battery industries is expected to remain positive during the 14th Five-Year Plan period, with significant growth in sales and market penetration [1][2] - NEV sales growth is projected to significantly exceed the overall growth rate of the automotive industry in China, with an expected annual compound growth rate of approximately 46.15% during the 14th Five-Year Plan [2] - The demand for lithium batteries is anticipated to continue growing, with energy storage lithium batteries becoming the primary growth driver, and the industry is expected to evolve towards green and low-carbon development [1][3] Group 2: Market Position and Competitiveness - China has maintained its position as the world's largest NEV market for ten consecutive years, with sales reaching 3.5072 million units in 2021 and an expected 16 million units by 2025, representing a global market share of 63.7% by 2024 [2] - The lithium battery industry in China is projected to reach a scale of 1.2 trillion yuan by 2024, with significant global competitive advantages, particularly in the power battery sector, which is expected to increase its global market share from 38.35% in 2020 to 68.79% by mid-2025 [3] Group 3: Technological Advancements - The importance of new energy vehicles and lithium batteries as key components of new productive forces has been emphasized in the 14th Five-Year Plan, with expectations for breakthroughs in solid-state batteries and other new technologies [1] - The integration of smart technologies in NEVs is expected to alleviate range anxiety and enhance overall competitiveness in the market [2]

Core Viewpoint - Nanshan Holdings has shown significant stock performance with a year-to-date increase of 36.55%, indicating strong market interest and potential growth opportunities in the real estate sector [1][2]. Financial Performance - For the period from January to September 2025, Nanshan Holdings reported a revenue of 10.906 billion yuan, representing a year-on-year growth of 163.73% [2]. - The net profit attributable to shareholders for the same period was 330 million yuan, reflecting a year-on-year increase of 194.67% [2]. Stock Market Activity - As of November 4, Nanshan Holdings' stock price was 3.25 yuan per share, with a trading volume of 1.01 billion yuan and a market capitalization of 8.8 billion yuan [1]. - The stock has experienced a recent upward trend, with a 12.07% increase over the last five trading days and a 14.44% increase over the last 20 days [1]. Shareholder Information - As of October 20, 2025, the number of shareholders for Nanshan Holdings was 50,100, a decrease of 1.50% from the previous period [2]. - The average number of circulating shares per shareholder increased by 1.52% to 26,694 shares [2]. Dividend Distribution - Since its A-share listing, Nanshan Holdings has distributed a total of 1.502 billion yuan in dividends, with 100 million yuan distributed over the past three years [3]. Major Shareholders - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 26.263 million shares, an increase of 2.258 million shares from the previous period [3]. - Other significant shareholders include various ETFs, with some experiencing a decrease in holdings [3].

Core Viewpoint - The stock of Zhejiang China Commodity City Group Co., Ltd. has experienced fluctuations, with a year-to-date increase of 35.55% but a recent decline in the last five, twenty, and sixty trading days [1][2]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 13.061 billion yuan, representing a year-on-year growth of 23.07%, and a net profit attributable to shareholders of 3.457 billion yuan, up 48.45% year-on-year [2]. - Cumulatively, the company has distributed 7.079 billion yuan in dividends since its A-share listing, with 3.263 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 132,500, up 11.72% from the previous period, while the average circulating shares per person decreased by 10.49% to 41,384 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 287 million shares, a decrease of 64.094 million shares from the previous period [3].

Core Viewpoint - The stock of Sanyangma has shown significant volatility, with a year-to-date increase of 73.91%, but recent trading indicates mixed performance in the short term [1][2]. Company Overview - Sanyangma (Chongqing) Logistics Co., Ltd. was established on September 6, 2005, and listed on November 30, 2021. The company is primarily engaged in comprehensive transportation services for complete vehicles, non-automotive goods, and warehousing services [1]. - The revenue composition of Sanyangma includes: 60.54% from complete vehicle logistics services, 36.66% from non-automotive goods logistics services, 1.60% from warehousing services, and 1.19% from other services [1]. Financial Performance - For the period from January to September 2025, Sanyangma achieved an operating income of 1.172 billion yuan, representing a year-on-year growth of 44.60%. However, the net profit attributable to the parent company was -11.7939 million yuan, a decrease of 201.58% compared to the previous year [2]. - Since its A-share listing, Sanyangma has distributed a total of 57.6294 million yuan in dividends, with 25.6134 million yuan distributed over the past three years [3]. Stock Performance - As of November 4, Sanyangma's stock price was 48.12 yuan per share, with a market capitalization of 4.117 billion yuan. The stock has seen a trading volume of 49.4735 million yuan and a turnover rate of 2.99% [1]. - The stock has experienced a net outflow of 396,100 yuan in principal funds, with large orders accounting for 8.81% of total purchases and 9.61% of total sales [1]. - Sanyangma has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on September 4, where it recorded a net buy of -70.032 million yuan [1]. Shareholder Information - As of September 30, Sanyangma had 19,200 shareholders, a decrease of 4.61% from the previous period. The average number of circulating shares per person increased by 11.60% to 1,627 shares [2]. Industry Classification - Sanyangma belongs to the transportation industry, specifically within the railway and highway transportation sector. It is associated with concepts such as cross-border e-commerce, unified market, smart logistics, express delivery, and small-cap stocks [2].

锂电池 分析师：牟国洪 登记编码：S0730513030002 mough@ccnew.com 021-50586980 行业景气持续向上，维持"强于大市"评级 ——锂电池行业十五五规划专题 证券研究报告-行业专题研究 强于大市(维持) 锂矿发布日期：2025 年 11 月 03 日 锂电池相对沪深 300 指数表现 相关报告 《锂电池行业点评报告：电解液产业价格上 涨，关注细分龙头》 2025-10-28 《锂电池行业月报：销量持续增长，板块持续 关注》 2025-10-15 《锂电池行业专题研究：净利润恢复增长，板 块持续关注》 2025-09-22 联系人：李智 马嶔琦 电话： 0371-65585629 021-50586973 地址： 郑州郑东新区商务外环路10号18楼 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼上海浦东新区世纪大道1788 号T1 座22 楼 风险提示：国内外宏观经济下滑超预期；新能源汽车销售不及预期； 行业政策执行力度不及预期；行业竞争加剧；细分领域价格大幅波动； 系统风险。 本报告版权属于中原证券股份有限公司 www.ccnew ...

Core Viewpoint - Shenzhen Yantian Port Co., Ltd. is positioned to benefit from the development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Xiong'an New Area, with significant expectations for overall listing in the market [2]. Company Overview - Shenzhen Yantian Port's main business includes the development and operation of terminals, cargo handling and transportation, construction and operation of port-related transportation facilities, and warehousing and industrial facilities [2][6]. - The company is a key player in the port industry, which is closely linked to the national and regional economic trade development [2]. - The actual controller of the company is the State-owned Assets Supervision and Administration Commission of the Shenzhen Municipal People's Government [2]. Financial Performance - As of January to September 2025, Yantian Port achieved operating revenue of 616 million yuan, a year-on-year increase of 0.49%, and a net profit attributable to shareholders of 1.071 billion yuan, a year-on-year increase of 6.66% [7]. - The company has distributed a total of 7 billion yuan in dividends since its A-share listing, with 1.557 billion yuan distributed in the past three years [7]. Market Position - Yantian Port is one of the highest single-port container throughput terminals globally and is expected to benefit from the development of the Greater Bay Area [2]. - The company holds a 35% stake in Caofeidian Port Group Co., Ltd., which is anticipated to benefit from the development of the Xiong'an New Area [2]. Shareholder Information - As of September 30, 2025, the number of shareholders of Yantian Port was 71,800, an increase of 10.42% from the previous period [7]. - The average circulating shares per person decreased by 9.44% to 44,079 shares [7].

Core Insights - The stock price of Gongxiao Daji increased by 2.24% on November 3, reaching 2.74 CNY per share, with a trading volume of 1.043 billion CNY and a market capitalization of 49.479 billion CNY [1] - Year-to-date, Gongxiao Daji's stock has decreased by 20.58%, but it has shown a recovery with a 5.38% increase over the last five trading days and a 19.65% increase over the last 60 days [1] - The company has been active on the stock market, appearing on the "Dragon and Tiger List" four times this year, with the latest appearance on September 16, where it recorded a net purchase of 262 million CNY [1] Financial Performance - For the period from January to September 2025, Gongxiao Daji reported a revenue of 1.209 billion CNY, reflecting a year-on-year growth of 6.91%, and a net profit attributable to shareholders of 72.355 million CNY, which is a significant increase of 165.19% year-on-year [2] - The company has distributed a total of 449 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Gongxiao Daji was 380,600, a decrease of 8.99% from the previous period, while the average number of circulating shares per person increased by 9.88% to 38,663 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 211 million shares as a new shareholder [3]

Core Viewpoint - Zhonggu Logistics experienced a stock price decline of 2.08% on November 3, trading at 10.83 CNY per share, with a total market capitalization of 22.744 billion CNY [1] Financial Performance - For the period from January to September 2025, Zhonggu Logistics reported operating revenue of 7.898 billion CNY, a year-on-year decrease of 6.46%, while net profit attributable to shareholders increased by 27.21% to 1.410 billion CNY [1] - The company has distributed a total of 8.127 billion CNY in dividends since its A-share listing, with 4.386 billion CNY distributed over the past three years [2] Stock Market Activity - As of 13:01 on November 3, Zhonggu Logistics had a trading volume of 140 million CNY and a turnover rate of 0.61% [1] - The stock has seen a year-to-date increase of 26.22%, with a decline of 3.04% over the last five trading days and a slight decrease of 0.18% over the last 20 days [1] Shareholder Structure - As of September 30, 2025, the number of shareholders for Zhonggu Logistics was 27,300, a decrease of 0.32% from the previous period, with an average of 76,883 circulating shares per shareholder, an increase of 0.32% [1] - The top ten circulating shareholders include notable entities such as Huatai-PB SSE Dividend ETF and Hong Kong Central Clearing Limited, with changes in their holdings noted [2]