智通财经APP讯，北部湾港(000582.SZ)发布9月港口吞吐量数据，9月货物吞吐量3016.12万吨，同比增 长9.00%；其中：集装箱部分完成84.25万标准箱，同比增长12.07%。 ...

Core Viewpoint - Goldman Sachs has raised the net profit forecasts for China Merchants Port (00144) and COSCO Shipping Ports (01199) for 2025 to 2027 by 2% to 6% [1] Group 1: Company Analysis - COSCO Shipping Ports is favored due to strong performance at its European terminals and improved performance at Qianhai Port, with a projected dividend yield of 5% in 2025 and a target price increase from HKD 5.3 to HKD 6, rated as "Buy" [1] - China Merchants Port's target price has been raised from HKD 13.1 to HKD 14.2, rated as "Neutral" [1] Group 2: Industry Outlook - Despite the backdrop of increased U.S. tariffs and trade uncertainties, the container throughput at mainland ports grew by 7% year-on-year in the first half of the year [1] - Future growth projections indicate year-on-year increases of 4.6%, 2.7%, and 2.5% for 2025, 2026, and 2027 respectively, suggesting a slowdown to 2% growth in the second half of 2025 [1] - China Merchants Port anticipates a 2% price increase in contract negotiations for 2026, while other operators expect no further price hikes beyond inflation adjustments [1] - Both China Merchants Port and COSCO Shipping Ports are optimistic about contract price growth for overseas terminals due to faster throughput growth and rising costs [1]

Core Insights - The company reported a total cargo throughput of 32.07 million tons in August, representing a year-on-year increase of 4.97% [1] - Container throughput reached 854,800 TEUs, showing a year-on-year growth of 12.36% [1]

Group 1 - The core point of the article highlights that Beibu Gulf Port experienced a year-on-year increase in cargo throughput by 4.97% in August, indicating a positive trend in port activity [1] - Container throughput at Beibu Gulf Port also saw a significant year-on-year growth of 12.36%, suggesting an increase in trade and shipping activities [1]

Core Viewpoint - The company anticipates an increase in container throughput and cargo throughput for the year 2025, indicating positive growth trends in its operations [1] Group 1: Container Throughput - The company expects to complete a container throughput of 2.319 million TEUs in August 2025, representing a year-on-year growth of 1.2% [1] - For the period from January to August 2025, the company projects a container throughput of 18.037 million TEUs, reflecting a year-on-year increase of 7.5% [1] Group 2: Cargo Throughput - The company forecasts a cargo throughput of 49.878 million tons in August 2025, which is a year-on-year growth of 2.0% [1] - From January to August 2025, the expected cargo throughput is 386 million tons, showing a year-on-year increase of 2.5% [1]

Core Viewpoint - Ningbo Port (601018.SH) announced an expected increase in container throughput and cargo throughput for August 2025, indicating positive growth trends in operations [1] Container Throughput - The company anticipates completing a container throughput of 4.79 million TEUs in August 2025, representing a year-on-year growth of 9.2% [1] Cargo Throughput - The expected cargo throughput is 106.8 million tons, which reflects a year-on-year increase of 7.5% [1]

Core Viewpoint - Qin Port Co., Ltd. has shown a recovery in throughput volume, with a positive outlook for profitability, leading to a "buy" rating from Tianfeng Securities [1]. Group 1: Throughput Volume Performance - In Q2 2025, Qin Port's throughput volume increased by 9% year-on-year, reversing a decline seen in Q1 2025 where it dropped by 3% [2]. - The recovery in coal throughput was driven by a rebound in coal transport volume from the Daqin Railway, which improved from -5.6% in Q1 to 1.4% in Q2 [2]. - Metal ore throughput also saw a recovery, correlating with a rise in national iron ore import growth from -8% in Q1 to 1.9% in Q2 [2]. Group 2: Future Growth Potential - Qin Port's coal throughput is expected to remain stable, as it is closely linked to Daqin Railway's coal transport volume, which has maintained a ratio of approximately 54% from 2014 to 2024 [3]. - The company plans to enhance market marketing and optimize cargo structure to create space for quality cargo increments [3]. - Metal ore throughput is projected to continue growing, supported by a historical upward trend in the ratio of Qin Port's throughput to national iron ore imports, which has been around 11% from 2014 to 2024 [3]. Group 3: Financial Health - From 2020 to 2024, Qin Port's capital expenditure has decreased, with fixed asset value increasing by 5% and intangible asset value by 4% [4]. - The company has seen a significant increase in cash and long-term deposits, growing by 57% to 5.6 billion yuan, while interest-bearing debt has decreased by 26% to 4.9 billion yuan, resulting in a decline in the debt-to-asset ratio to 27% [4]. Group 4: Profit Forecast Adjustments - Due to a decline in revenue per ton expected in 2024, the forecast for net profit attributable to shareholders for 2025 has been revised down to 1.76 billion yuan from the previous estimate of 1.99 billion yuan [5]. - Profit forecasts for 2026 and 2027 have been introduced at 1.84 billion yuan and 1.96 billion yuan, respectively, while maintaining a "buy" rating [5].

Core Viewpoint - Ningbo Port (601018.SH) is expected to achieve a container throughput of 4.31 million TEUs in July 2025, reflecting a year-on-year growth of 6.4% [1] Group 1: Container Throughput - The company anticipates completing a container throughput of 4.31 million TEUs in July 2025, which represents a 6.4% increase compared to the same period last year [1] Group 2: Cargo Throughput - The expected cargo throughput for the same month is 95.21 million tons, also showing a year-on-year growth of 6.4% [1]

Core Insights - The company reported a cargo throughput of 30.1661 million tons for July 2025, representing a year-on-year increase of 11.25% [1] - The container throughput reached 792,300 TEUs in July 2025, showing a year-on-year growth of 7.65% [1]

Core Viewpoint - The company reported a significant increase in cargo throughput for April 2025, indicating strong operational performance and growth in the port sector [1] Group 1: Cargo Throughput Performance - In April 2025, the company's cargo throughput reached 31.74 million tons, representing a year-on-year growth of 20.32% [1] - The cumulative throughput for 2025 reached 112 million tons, showing a year-on-year increase of 14.89% [1] Group 2: Container Performance - The company completed 822,100 TEUs (Twenty-foot Equivalent Units) in April, which is a year-on-year growth of 5.74% [1] - The cumulative container throughput for 2025 was 2.996 million TEUs, reflecting a year-on-year increase of 10.25% [1]