香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 按貨種分類之吞吐量表 | | 截至2025年 | 截至2024年 | | | --- | --- | --- | --- | | | 9月30日 | 9月30日 | | | | 止九個月 | 止九個月 | | | | 吞吐量 | 吞吐量 | 增加╱（減少） | | | （百萬噸） | （百萬噸） | 百分比(%) | | 煤炭 | 161.15 | 151.68 | 6.24 | | 金屬礦石 | 115.98 | 113.41 | 2.27 | | 油品及液體化工 | 1.50 | 1.26 | 19.05 | | 集裝箱 | 14.20 | 11.46 | 23.91 | | －折合標準箱(TEUs) | 1,226,667 | 873,588 | 40.42 | | 雜貨及其他貨品 | 24.19 | 22.52 | 7.42 | | 總計 | 317.02 | 300.33 | 5.56 | 1 ...

Core Viewpoint - Guangzhou Port (601228.SH) anticipates a slight decline in container throughput for September 2025, while projecting an increase in cargo throughput [1] Group 1: Container Throughput - The company expects to achieve a container throughput of 2.051 million TEUs in September 2025, representing a year-on-year decrease of 0.8% [1] - For the period from January to September 2025, the projected container throughput is 20.165 million TEUs, reflecting a year-on-year increase of 7.0% [1] Group 2: Cargo Throughput - The anticipated cargo throughput for September 2025 is 47.845 million tons, which indicates a year-on-year growth of 4.1% [1] - From January to September 2025, the expected cargo throughput is 433.678 million tons, showing a year-on-year increase of 2.7% [1]

Core Points - The company reported a total cargo throughput of 32,066,800 tons for August 2025, representing a year-on-year increase of 4.97% [1] - The total cargo throughput for the year-to-date reached 236,699,300 tons, showing a year-on-year increase of 10.14% [1] - Container throughput for August 2025 was 854,800 TEUs, which is a 12.36% increase compared to the same month last year [1] - Year-to-date container throughput reached 6,405,600 TEUs, reflecting a 10.12% increase year-on-year [1] Summary by Category Cargo Throughput - August 2025 cargo throughput: 32,066,800 tons, up 4.97% year-on-year [1] - Year-to-date cargo throughput: 236,699,300 tons, up 10.14% year-on-year [1] Container Throughput - August 2025 container throughput: 854,800 TEUs, up 12.36% year-on-year [1] - Year-to-date container throughput: 6,405,600 TEUs, up 10.12% year-on-year [1]

Core Viewpoint - The company, Guangzhou Port, anticipates a steady growth in container and cargo throughput for the year 2025, indicating a positive outlook for its operational performance [1] Container Throughput - For August 2025, the company expects to achieve a container throughput of 2.319 million TEUs, representing a year-on-year increase of 1.2% [1] - From January to August 2025, the projected container throughput is 18.037 million TEUs, reflecting a year-on-year growth of 7.5% [1] Cargo Throughput - The company forecasts a cargo throughput of 49.878 million tons for August 2025, which is a year-on-year increase of 2.0% [1] - For the period from January to August 2025, the expected cargo throughput is 385.870 million tons, showing a year-on-year growth of 2.5% [1]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - Container throughput growth is steady, while bulk cargo throughput is gradually stabilizing [2] - Overall throughput performance is stable, maintaining a "Positive" rating for the shipping and port sector [7] Summary by Sections Overview: National Import and Export Total and Cargo Throughput Situation - In the first four months of 2025, the national import and export total reached 14.14 trillion yuan, a year-on-year increase of 2.4%. The import total was 5.75 trillion yuan, down 4.2%, while the export total was 8.39 trillion yuan, up 7.5% [4][14] - Coastal major ports' cargo throughput reached 3.702 billion tons, a year-on-year increase of 1.9% [4][31] Container: Shipping Rates and Container Throughput Situation - From January to April 2025, coastal major ports' container throughput reached 9.88 million TEUs, a year-on-year increase of 8.1% [4][41] - As of June 6, 2025, the China Container Freight Index (CCFI) was 1154.98 points, down 22.79% year-on-year, while the Shanghai Container Freight Index (SCFI) was 2240.35 points, down 26.42% year-on-year [35][36] Liquid Bulk: Oil Shipping Rates and Crude Oil Throughput Situation - As of June 6, 2025, the Baltic Dirty Tanker Index (BDTI) was 951 points, down 24.94% year-on-year [43] - From January to April 2025, crude oil imports reached 183 million tons, a year-on-year increase of 0.5% [51] Dry Bulk: Shipping Rates and Iron Ore, Coal Throughput Situation - As of June 6, 2025, the Baltic Dry Index (BDI) was 1633 points, down 13.18% year-on-year [59] - From January to April 2025, iron ore throughput at major ports reached 450 million tons, a year-on-year increase of 0.07% [65] Monthly Throughput Situation of Key Port Listed Companies - In April 2025, Shanghai Port's cargo throughput was 0.51 billion tons, with container throughput of 450.10 thousand TEUs, reflecting a year-on-year increase of 3.40% and 7.65% respectively [76]

Core Viewpoint - Guangzhou Port (601228) is expected to achieve a container throughput of 2.309 million TEUs in May 2025, representing a year-on-year increase of 4.3% [1] - The total cargo throughput is projected to be 50.175 million tons in May 2025, showing a slight decline of 0.3% year-on-year [1] Container Throughput Summary - For the period from January to May 2025, the company anticipates a container throughput of 10.995 million TEUs, which is an 8.5% increase compared to the same period last year [1] Cargo Throughput Summary - The expected total cargo throughput from January to May 2025 is 236.489 million tons, reflecting a year-on-year growth of 3.0% [1]

Core Insights - The article discusses the significance of U.S. ports in international trade, highlighting that maritime shipping accounts for 41.5% of the total trade value, amounting to $2.1 trillion in 2023, with exports at 35.5% and imports at 64.5% [3][5][10]. U.S. Port Overview - U.S. ports are categorized into coastal ports, Great Lakes/St. Lawrence Seaway ports, and inland ports, with coastal ports including those on the East Coast, West Coast, and Gulf Coast [8][9]. - The major types of cargo transported include containers, dry bulk, liquid bulk, breakbulk, and roll-on/roll-off [3][15]. Cargo Distribution - Dry bulk cargo distribution shows that the Gulf Coast accounts for 42%, the West Coast for 10%, the East Coast for 12%, inland ports for 18%, and the Great Lakes for 16% [3]. - Container distribution indicates that the Gulf Coast holds 8%, the West Coast 41%, and the East Coast 47%, with East Coast ports outperforming West Coast ports [3][27]. Port Performance Metrics - In 2022, U.S. ports handled 2.6 billion short tons of cargo, with domestic cargo at 43%, imports at 25%, and exports at 32% [10]. - The top 25 ports accounted for 71% of the total cargo volume, processing 1.86 billion short tons in 2022, an increase from 1.8 billion short tons in 2021 [35][36]. Major U.S. Ports - The top five ports by total tonnage are Houston Port Authority, South Louisiana Port, Corpus Christi, New York/New Jersey, and Long Beach [38]. - Houston Port is the largest in terms of cargo handling, followed by South Louisiana, which is the largest grain export port in the Western Hemisphere [38]. Export and Import Trends - U.S. exports have steadily increased from 1.16 billion tons in 2014 to 1.741 billion tons in 2023, a growth of 50.1%, primarily driven by Gulf Coast ports [30]. - In contrast, total imports decreased from 1.27 billion tons in 2014 to 1.1 billion tons in 2023, a decline of 13.9%, mainly due to reduced crude oil imports from the Gulf Coast [31]. Key Commodities - Major U.S. exports include natural gas, crude oil, coal, agricultural products, and gasoline, with the Gulf Coast accounting for 70% of the export volume [40][41]. - The primary imports consist of crude oil, non-metallic minerals, electronic products, vehicles, textiles, and machinery, with the East Coast ports handling the largest share of imports [42][43].