航线网络建设取得显著进展，新海航天津货航先后开通北京、上海、广州、深圳四大一线城市航线，在 郑州建立运营基地并加大运力投放，同时拓展至重庆、贵阳等西南地区航空物流枢纽。四年来累计通航 国内20多个航点，开通各类航线108条，运输货物总量近30万吨。在国际拓展方面，新海航天津货航积 极响应"双循环"新发展格局，开通至东亚、东南亚、南亚和西亚等周边国家航线，抢抓RCEP发展机 遇。 除航网拓展外，新海航天津货航在安全运行、管理效能及员工保障等方面也取得系列进展。安全运行方 面，管理干部累计组织一线督查千余次，完成整改问题470项；运营管理方面，通过精细化管理实现增 收节支约9400万元；员工保障方面，四年来累计投入福利资金650万元。 加入辽宁方大集团四年来，新海航天津货航在各方支持下稳步发展。未来，新海航天津货航将继续优化 航线网络布局，提升运行保障能力，为服务国家发展战略和行业健康发展作出新的贡献。（完） 中新网天津新闻12月9日电 记者从天津港保税区获悉，12月8日，新海航天津货航迎来加入辽宁方大集 团四周年，四年来，新海航天津货航以运力建设和航网拓展为抓手，实现稳步发展。 过去四年，新海航天津货航积极服务 ...

（重庆机场供图） 今年以来，重庆江北机场已新开及恢复布鲁塞尔、奥克兰、东京、仰光、古晋、高雄等客运航线，加密 马德里、首尔、曼谷等客运航线。截至目前，实际在飞国际和地区客运航线达37条，周运营班次超过 190班，基本构建覆盖北美、欧洲、大洋洲、中东、日韩、东南亚的"立体式"国际航线网络。下一步， 重庆江北机场还将计划恢复普吉岛、科伦坡/马尔代夫，加密吉隆坡等客运航线，持续为旅客出行提供 便利。（编辑：许浩存 校对：陈虹莹 审核：程凌） 《中国民航报》、中国民航网 记者蒲婉莹 报道：12月8日9时37分许，随着PN6529航班从重庆江北机场 起飞前往仰光，标志着重庆直飞仰光客运航线正式开通，该航线填补了重庆与RCEP（区域全面经济伙 伴关系协定）国家最后一块航线空白。 重庆—仰光航线航班号为PN6529/6530，每周一、周五执飞。去程PN6529计划于北京时间9时35分从重 庆起飞，当地时间11时20分抵达仰光；返程PN6530计划于当地时间12时15分从仰光起飞，北京时间15 时45分抵达重庆。仰光是缅甸第一大城市，是缅甸的经济、文化与交通中心，也是RCEP框架下中国与 东盟互联互通的重要节点城市。重庆是中 ...

【山东港口青岛港今年货物吞吐量突破7亿吨】截至12月8日，山东港口青岛港今年货物吞吐量累计突破 7亿吨，较2024年突破7亿吨提前15天。今年集装箱吞吐量已于11月26日突破3000万标准箱，国际航运枢 纽竞争力指数稳居东北亚之首。 今年以来，青岛港新增集装箱航线20条，航线总数扩容至近240条，覆盖全球180多个国家和地区的700 多个港口，对接共建"一带一路"及RCEP国家的航线占比超过60%，推动"新三样"、高端设备、精密仪 器等高附加值货种源源不断驶向世界各地，成为中国与新兴市场贸易往来的"黄金通道"。依托陆向联 动，建成54个内陆港、开通86条海铁联运班列，1—11月份青岛港海铁联运箱量完成262.5万标准箱，同 比增长11%，继续保持全国沿海港口首位。中经记者 颜世龙 北京报道 ...

Group 1 - The implementation of the upgraded Free Trade Account (FTA) in Shanghai marks a new phase in financial openness, providing a new account system for cross-border fund transfers and convenient financing for quality enterprises in the free trade zone [1] - The Bank of China Shanghai Branch has actively responded to the policy by successfully processing FTA upgrade account services for several key enterprises on the first day of implementation, enhancing global operations for these companies [1] - The upgraded FTA allows enterprises to freely transfer funds to and from offshore accounts, significantly improving fund turnover efficiency and supporting overseas project financing [1] Group 2 - The Bank of China Shanghai Branch has simplified cross-border investment and financing processes, enabling companies to quickly complete fund transfers without being restricted by overseas loan quotas, thus supporting their overseas project operations [2] - The FTA upgrade account service is designed to support energy companies in their global expansion and green transformation, facilitating direct investment in overseas renewable energy projects [2] - The Bank of China Shanghai Branch has tailored FTA account functions for foreign trade enterprises, enhancing cross-border fund payment efficiency and supporting their "going out" strategy [3] Group 3 - As one of the first banks to implement FTA upgrade account services, the Bank of China Shanghai Branch has provided services to over 10,000 clients and has issued FTA loans exceeding 600 billion yuan [3] - The bank plans to continue expanding the coverage of FTA upgrade account services, leveraging its dual advantages of "one-line free transfer and two-line macro-prudential management" to enhance global fund management capabilities for enterprises [3]

证券研究报告 宏观研究 [Table_ReportType] 专题报告 | [Table_A 解运亮 uthor宏观首席 | ] 分析师 | | --- | --- | | 执业编号：S1500521040002 | | | 联系电话：010-83326858 | | | 邮 | 箱：xieyunliang@cindasc.com | 麦麟玥 宏观分析师 执业编号：S1500524070002 邮 箱：mailinyue@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲127 号金隅 大厦B 座 邮编：100031 [Table_Title] 中国出口多元化成功的逻辑 ——出口专题 [Table_ReportDate] 2025 年 12 月 5 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [➢Table_Summary] 外贸市场多元化战略沉淀已久，且已取得成效。早在 20 世纪 90 年代初， 中国外贸面临高度依赖美国、日本、西欧等市场的问题，为改变进出口贸 易过于集中在少数发达国家和地区的局 ...

11月，深圳宝安国际机场第三条跑道正式启用，迎来"三跑道时代"。 近日，广东省公共资源交易平台连发多则招标公告。公告显示，广州新机场航站楼桩基础及土石方工程，暂定于12月30日开工。 黄金内湾天穹之下 一场深刻变革正在上演 9月，香港国际机场动作频频。其三跑道系统全面运作。二号客运大楼扩建部分，正分阶段启用。其中，离境大堂计划明年3、4月启用。枢纽潜能 正被进一步释放。 10月，广州白云国际机场T3航站楼与第五跑道正式投运，使其成为中国民航首个拥有五条商用跑道的机场。 广州白云国际机场。 大湾区核心航空枢纽的建设浪潮，节奏密集。一个世界级机场群的轮廓，愈发清晰。 作为一个多层次、多功能的机场体系，大湾区机场群影响力已远超交通范畴，正深刻作用于区域经济脉络，塑造大湾区开放格局。 硬核升级 枢纽再造，功能跃升 大湾区机场群的硬件能级，正经历集体跃升。其强度前所未有。 本次扩建，特点鲜明。核心枢纽稳步升级，全面扩容。广州白云国际机场已成为中国南方前往非洲、中东的第一门户。 随着白云国际机场T3航站楼投运，未来白云机场将进一步深耕东南亚、南亚、中东、澳新、非洲等市场，与共建"一带一路"国家、RCEP成员国新 开及加密 ...

Core Conclusion - The report concludes that Zhonggu Logistics (603565.SH) has a leading advantage in profitability and capacity, initiating coverage with a "Buy" rating [3]. Industry Overview - The domestic trade is at an upward demand turning point, supported by RCEP for long-term foreign trade shipping rates [3][4]. - The company is positioned as a leader in domestic trade shipping, holding the top profitability scale in the industry from 2021 to 2025, with a competitive fleet size [3][4]. Financial Projections - Expected EPS for 2025-2027 are projected at 0.93, 0.97, and 1.00 CNY per share, with corresponding PE ratios of 11.38, 10.91, and 10.58 times [3]. - The absolute valuation method estimates the company's per-share value at 14.00 CNY, while the relative valuation method gives a per-share value of 12.07 CNY, leading to a target price of 13.03 CNY [3]. Business Model - Zhonggu Logistics primarily provides container logistics services and is one of the earliest companies in China to specialize in domestic coastal container transportation [4]. - The company has expanded into foreign trade container shipping, launching several near-sea routes and leasing some vessels to enhance its foreign trade operations [4]. Market Dynamics - The government is encouraging consumption to expand domestic demand, with expectations for improvement in 2025 [4]. - The Shanghai Shipping Research Center predicts a 5% growth in domestic container transport capacity supply in 2025, which is lower than the expected demand growth [4]. - Current foreign trade shipping rates are at a low point in a long cycle, with short-term fluctuations expected; however, RCEP's signing is anticipated to support long-term foreign trade fundamentals [4]. Competitive Advantage - The company possesses a significant competitive advantage in fleet size and continues to enhance its own capacity [4]. - Zhonggu Logistics maintains a high dividend payout ratio, reflecting its commitment to sharing benefits with shareholders [4].

Core Viewpoint - The report from Western Securities indicates that domestic trade is at an upward demand turning point, and RCEP supports long-term freight rates for foreign trade shipping. Zhonggu Logistics, as a leader in domestic shipping, holds the advantage of the largest profit scale in the industry from 2021 to 2025, with a leading fleet size and continuous high dividends providing investment value [1] Company Overview - Zhonggu Logistics primarily provides container logistics services and is one of the earliest companies in China to specialize in domestic coastal container transportation. It ranks second in revenue and first in profit scale within the industry [1] Industry Analysis - In the foreign trade container shipping sector, Zhonggu Logistics has opened multiple near-sea routes and has leased some vessels to cultivate foreign trade routes, effectively integrating the domestic and foreign trade transportation supply chain, which strongly complements its domestic container logistics business [1] - The domestic trade is experiencing an upward demand turning point, while foreign trade shipping rates may face short-term fluctuations. However, the signing of RCEP is expected to support long-term freight rates [1] Investment Recommendation - The report concludes that Zhonggu Logistics has a leading advantage in profitability and capacity scale, initiating coverage with a "Buy" rating [1]

Core Viewpoint - The article emphasizes the importance of high-standard construction of Hainan Free Trade Port as a strategic decision by the central government to enhance China's economic development and international competitiveness [1][5]. Group 1: Strategic Planning - The Hainan Free Trade Port is positioned as a key initiative in China's 14th Five-Year Plan, aimed at fostering high-quality economic and social development [1]. - The central government expects Hainan to play a significant role in the new development pattern, contributing to national strategies and global economic integration [1][5]. Group 2: Policy Framework - A stable, transparent, and systematic policy environment is essential for Hainan to leverage its unique advantages and lead in high-level opening-up [2]. - The focus is on optimizing the policy system characterized by "zero tariffs, low tax rates, and simplified tax systems" to enhance trade and investment facilitation [2]. Group 3: International Standards and Trade Rules - Hainan aims to align with high-standard international trade rules, such as RCEP and CPTPP, to enhance its global competitiveness [3]. - The province will also work on expanding its open policies to key trading partners and improving regulatory coherence with international standards [3]. Group 4: Market Connectivity - Hainan's geographical position allows it to serve as a crucial link between domestic and international markets, particularly with Southeast Asia [4]. - The upcoming full island closure will provide Hainan with broader opportunities for development and international engagement [4]. Group 5: Contribution to National Development - The construction of the Hainan Free Trade Port is seen as a vital part of China's broader economic strategy, aiming to integrate domestic and international markets effectively [5]. - The province is expected to contribute significantly to the national development framework by enhancing its role in global supply chains and resource allocation [5].

2025 年 8 月 25 日，广西柳工机械股份有限公司宣布，其全资子公司柳工机械印尼制造有限公司将投资 5 亿元人民币在印尼建设制造工厂。 该项目通过 "广西柳工机械股份有限公司 —— 柳工机械香港有限公司 —— 柳工机械印尼制造有限公司" 的投资路径推进 ，预计 2026 年正式投产，2030 年年产能将达 5000 台 ，建成后有望成为印尼市场极具规模的 工程机械制造基地之一，此举标志着中国工程机械企业进一步深化印尼本地化布局，完善全球供应链体系的战 略决心。 作为东南亚人口最多、基建需求最旺盛的国家，印尼凭借丰富的人口红利与自然资源，成为全球工程机械 企业的战略必争之地。 数据显示，印尼是全球镍矿储量第一（占比 42%）、煤炭产量大国（2023 年达 7.75 亿吨），矿业领域设 备需求持续强劲 政府规划 2023-2024 年新增 55 个收费公路、大坝等基建项目 2045 年迁都计划更催生长期设备需求，叠加新能源电池产业爆发带动镍矿开采设备需求激增 2030 年光伏产能拟增至 29GW 的发展目标 为工程机械行业注入持续增长动力。 2025 年第三季度印尼 GDP 同比增长 5.04% 的稳健表现 ...