Core Insights - The Hubei civil aviation market experienced stable growth during the "May Day" holiday, with a total of 634,600 passengers transported and a cargo throughput of 12,737 tons, marking year-on-year increases of 11.2%, 44.7%, and 8.6% respectively [1][2]. Passenger Transport - Wuhan Tianhe Airport maintained steady growth in passenger transport, with 472,700 passengers and 3,241 flights during the holiday, reflecting year-on-year increases of 6.6% and 2.6% respectively [2]. - The first day of the holiday saw passenger transport surpassing 100,000 [2]. Cargo Transport - Ezhou Huahu Airport achieved a new milestone in cargo transport, launching its 99th cargo route to "Ezhou - San Salvador" on May 1, and handling 10,712 tons of cargo with 405 flights during the holiday, representing year-on-year growth of 61.3% and 17.4% respectively [2]. Regional Airport Performance - Various regional airports in Hubei showed strong growth potential during the holiday: - Enshi Airport resumed its route to Hong Kong, transporting 30,100 passengers and operating 232 flights, with year-on-year increases of 14.5% and 4.5% [2]. - Xiangyang Airport transported 30,900 passengers and operated 264 flights, reflecting year-on-year growth of 26% and 18.9% [2]. - Jingzhou Airport transported 17,900 passengers and operated 172 flights, with year-on-year increases of 35.6% and 30.3% [2]. Service Enhancements - To accommodate the peak travel demand during the holiday, Hubei airports enhanced service guarantees, focusing on special passenger needs and providing comprehensive support [3]. - Additional volunteers were deployed in terminals to assist passengers, and real-time monitoring of passenger flow was implemented to dynamically open check-in counters and security channels, effectively reducing wait times [3]. - Efforts were made to improve the convenience of "paperless" services through better guidance on self-service equipment [3].

Group 1 - The global largest container ship "Oriental Portugal" successfully docked at Yantian Port in Shenzhen, marking a significant milestone in the port's operations [1] - In April 2023, Yantian Port achieved a record of nearly 120 shore power connections, highlighting the increasing adoption of shore power technology to reduce emissions [1] - Shore power technology can reduce greenhouse gas emissions by 98%, with Yantian Port's system projected to supply nearly 25 million kilowatt-hours of electricity in 2024, cutting carbon emissions by approximately 19,000 tons [1] Group 2 - The Mawan Smart Port in Shenzhen has undergone automation upgrades, significantly improving operational efficiency and reducing carbon emissions [2] - Over 60 new energy trucks have been deployed at Chiwan Port, equipped with battery swap stations that allow for quick battery replacements [2] - The Guangdong Provincial Transportation Department has launched a Green Port Action Plan (2023-2025), aiming to establish a green low-carbon production model by 2025 [2] Group 3 - Hong Kong is actively developing as a green shipping fuel supply center, collaborating with other ports in the Greater Bay Area [3] - The successful completion of LNG bunkering operations in Hong Kong demonstrates the shipping industry's trust in the region's new role in green fuel supply [3] - Recent legal amendments in Hong Kong allow for the safe use and bunkering of low-carbon and zero-carbon fuels, reflecting the government's commitment to green shipping and port development [3]

同时，围绕铁矿石、农业物资、件杂货三大特色货种，镇江海事局着力打造"金牌航线"，通过整合 交通组织、优化通关流程、提供一站式政务服务，打通绿色高效运输通道，不断提升港口专业化集疏运 能力。 重大项目是推动高质量发展的"强引擎"。通过设立"惠帮办"项目服务团队，海事部门精准对接重大 工程项目需求，主动靠前服务，加快国能镇江绿色煤储基地、苏南运河"三改二"工程等一批省市重大项 目落地见效。 服务模式优化升级，便企利民提效能 营商环境是港口竞争力的重要组成部分。"十项举措"依托数字赋能和机制创新双轮驱动，持续深 化"便利化"政务服务。 近日，镇江海事局正式发布《打造"镇合意·江河惠"服务品牌 助力港口经济高质量开放发展》十项 举措（以下简称"十项举措"），以更高层次的服务举措、更便捷的服务模式、更大范围辐射的要素保障 体系，着力释放"大江大河"的资源潜力，进一步巩固"大船大港"的竞争优势，为全市港口经济高质量发 展注入澎湃动能。 2024年，镇江港货物吞吐量达到2.95亿吨，首次跻身全国港口前20位，增幅位居全省长江港口首 位。在此基础上，"十项举措"以实际行动回应发展需求，进一步巩固优势、开拓空间。 服务举措层次 ...

Core Viewpoint - COSCO Shipping International (00517) reported a revenue of HKD 3.627 billion for the fiscal year 2024, reflecting a year-on-year growth of 8.54%, and a net profit attributable to shareholders of HKD 709 million, which is a 19.46% increase compared to the previous year [3] Financial Performance - The company achieved a net cash flow from operating activities of HKD 67.805 million, a significant decline of 87.04% year-on-year [24] - Basic earnings per share for the year were HKD 0.4838, with a weighted average return on equity of 9.03%, an increase of 1.44 percentage points from the previous year [20] - The proposed dividend for 2024 is HKD 0.215 per share [3] Valuation Metrics - As of April 24, the company's price-to-earnings (P/E) ratio (TTM) is approximately 9.26, the price-to-book (P/B) ratio (TTM) is about 0.83, and the price-to-sales (P/S) ratio (TTM) is around 1.81 [3] Revenue Composition - In 2024, the revenue breakdown includes: - Ship equipment and spare parts: HKD 1.8142 billion - Coatings: HKD 1.394 billion - General trade: HKD 2.219 billion - Insurance consulting: HKD 1.071 billion - Ship trading agency: HKD 0.004 billion - Other businesses: HKD 0.004 billion [16] Cash Flow and Investment Activities - The net cash flow from financing activities was negative HKD 661 million, a decrease of HKD 126 million year-on-year [24] - The net cash flow from investing activities was HKD 3.104 billion, compared to HKD 942 million in the previous year [24] Asset and Liability Changes - As of the end of 2024, cash and cash equivalents decreased by 5.08%, while intangible assets increased by 236.72% [33] - Accounts payable and notes payable increased by 14.44%, while contract liabilities decreased by 4.44% [36] Liquidity Ratios - The current ratio for 2024 is 7.31, and the quick ratio is 6.92, indicating strong liquidity [39]

Core Viewpoint - The draft regulation for promoting the marine economy in Qingdao emphasizes the need for the development of high-end, intelligent, unmanned, and green marine vessels and engineering equipment, aiming to enhance the overall capabilities in design, manufacturing, and system integration [1] Group 1: Industry Development - The government is encouraged to promote the high-end, intelligent, unmanned, and green development of marine vessels and engineering equipment [1] - There is a focus on improving the design, manufacturing, system integration, and general contracting capabilities of marine vessels and engineering equipment [1] - The regulation aims to enhance the construction capabilities for deep-sea oil and gas development equipment [1] Group 2: Port and Infrastructure - Support for integrated port development is highlighted, with an emphasis on optimizing port infrastructure [1] - The regulation aims to expand the maritime route network and improve the comprehensive transportation system [1] - The transformation of Qingdao Port into a hub port, trade port, and financial port is promoted, along with the construction of an international shipping center [1]

公司报告 | 公司点评 青岛港（601298） 证券研究报告 低 PE、高 ROE，拟现金收购增厚 EPS 东北亚国际航运枢纽，业绩稳增长、持续高分红 青岛港是山东国资控股的中国北方最大的外贸口岸，吞吐量增速领跑行业， 综合实力世界一流。青岛港货源结构综合，航线分布广泛，抗风险能力较 强，美国方向的进出口货量约占青岛港总货物吞吐量的 5%。2014-24 年， 青岛港的营业收入和归母净利润增长迅速，主要系货物吞吐量持续增长。 我们预计，随着公司提速东北亚国际航运枢纽中心建设、外需韧性逐步体 现，叠加内需疲软及港口分流有望缓解、整合持续推进，2025 年青岛港 货物、集装箱吞吐量有望保持稳定增长。 重组方案调整：拟现金收购优质油品资产 2025 年 2 月，公司对重组方案进行调整，仅保留以支付现金购买资产的 方式收购油品公司 100%股权和日照实华 50%股权。预计合并后，青岛港 ROE 有所摊薄，但仍处于行业较高水平；公司 EPS 增厚 6.07%，且资 产包对应 PB 为 1.2 倍，低于青岛港 A 股上市公司，估值合理。同时，收 购附带业绩承诺及补偿约定，保障公司权益。本次交易将日照港集团下属 优质液散码 ...

河南省交通运输厅会同省发展改革委、水利厅组织编制《河南省内河航道与港口布局规划修编(2025- 2035年)》，向社会公开征求意见。规划提到，到2030年，规划航道通航里程达到2200公里以上，其中 三级及以上航道达到750公里以上；以周口港为引领，带动信阳港、漯河港、平顶山港提质增效，高标 准建成投运郑州港，有序推进南阳、商丘、驻马店等港口建设，港口吞吐量达到2亿吨(含集装箱100万 标箱以上)，初步形成安全畅通、绿色经济、智能高效、包容韧性的现代化内河航运体系。(大河财立方) ...

这回，李嘉诚是真的栽了。 市监总局直接放狠话：交易各方不得规避审查，未经批准，集中交易一律暂停，谁敢乱来，依法办！什 么意思？很简单：李嘉诚也好，贝莱德也罢，地中海航运集团也好——一个都别想玩垄断！ 李嘉诚想一次性甩卖全球43个海外港口，换一大笔现金走人，彻底跑路？想得美！ 市监总局这个动作，直接把李嘉诚最后一点侥幸心理敲碎了。因为李嘉诚这边，还在不停地暗搓搓搞小 动作，想搞"金蝉脱壳"——把旗下的长和集团拆成小块，企图蒙混过关。 怎么个拆法？把长子李泽钜名下的电讯盈科等产业，一分为二，直接打包送去英国伦敦上市。 一边做拆分，一边转资产。拆出来的公司名字一换，股权一分，反垄断的帽子就想摘掉。反正，留在李 嘉诚名下的是"合法"的，搬到李泽钜名下的，又是"独立"的——想得太美了！ 更绝的是，李泽钜本身还不是中国国籍，弄走的大多是海外资产。尤其是欧洲的电信资产，比如英国最 大的电信公司，都被李家收割到手。一操作下来，大量财富可以偷偷转移，反垄断审查直接被架空。 但很遗憾，国家早看穿了。 北美、拉美、欧洲、中东、东南亚、澳洲……只要是重要节点，几乎都有他的码头。 李嘉诚的盘子有多大？ 一是房地产，遍地开花，从内地到香 ...

Core Insights - The joint training and video production aim to enhance emergency response capabilities and improve training effectiveness in civil aviation [1][2][3] Group 1: Training and Collaboration - The Eastern Air Traffic Control Bureau collaborated with Eastern Airlines to conduct immersive emergency response training and video production [1] - The training involved a joint team of controllers, pilots, and dispatchers, focusing on real-life scenarios to improve coordination and decision-making [2] - The training process included over 10 simulation exercises to identify coordination weaknesses and refine response details [2] Group 2: Video Production and Learning - The training sessions were recorded and transformed into video courses, integrating aviation regulations and emergency response theories [2] - The videos provide practical guidance and are easily accessible through information platforms, allowing frontline personnel to review key points and improve training efficiency [2] - The new training format aims to convert abstract regulations into visual content for better understanding and retention [2] Group 3: Future Plans - The involved parties plan to expand collaboration in areas such as risk warning and plan optimization, aiming for a smarter air traffic management and digital shipping environment [3] - Continuous partnership with airlines is expected to enhance the safety and efficiency of air-ground coordination [3]

异动点评：欧线航司报价持续下跌，盘面情绪低迷 投资咨询业务资格：证监许可【2011】1292 号 叶倩宁 投资咨询: Z0016628 2025 年 4 月 29 日星期二 昨日行情：今日 EC 主力低开 1300 点，并收于 1275.6 点，跌幅 7.83%。 交易逻辑： 昨日盘后马士基继续减价 5 月，大柜最低价格已经跌破 1500 美元/TEU，对应盘面约 1000 点以 下。由于已经临近 5 月初，现货供需方面仍未有任何旺季的迹象，因此此前市场预期的旺季预期逐步 破碎，价格逐渐回归现货基本面。当前现货报价除 CMA 之外普遍集中于大柜 1500-2100 美元/TEU， 对应盘面区间范围在 1000-1400 点之间，盘面价格已经跌落至平水范围。 基本面分析： 根据极羽数据，截至 4 月 25 日最新报价，马士基 874-1264 美元/TEU，1458-2008 美元/TEU； CMA 1285-2335 美元/TEU，2145-4245 美元/TEU；MSC 1260-1562 美元/TEU，2110 美元/TEU；ONE 1391-1841 美元/TEU，1837 美元/TEU；EMC 115 ...