中期分红比例高达 84.3%，现金储备充裕彰显高分红能力 证券研究报告 | 公司点评 | 航运港口 业绩略超预期，首次中期分红凸显现金牛属性 ——中谷物流 2025 年中期点评报告 投资要点 经营业绩表现：2025 年上半年，公司营收 53.38 亿元，同比-6.99%，归母净利 润 10.72 亿元，同比+41.59%；扣非归母净利润 8.24 亿元，同比+94.28%，业绩 表现强劲。其中 25Q2，实现营收 27.7 亿元/-6.25%，实现归母净利润 5.25 亿 元，同比+42.5%，略超我们 25Q2 利润预期 5 亿元。 外贸租船业务量价齐升，成本优化增厚利润 2025 年上半年，公司营收同比下滑主要系市场波动，公司主动调减内贸运力投 放，运输箱量同比下降所致。利润端实现高速增长，主要受益于：1）外贸租船 业务贡献提升：公司优化运力部署，抓住外贸集运市场机遇，增加外贸市场运力 布局，将自有船舶提供给外贸运营商使用，锁定了可观收益。2）内贸运价回 暖：受益于国内需求修复及行业供给收紧，内贸运价同比上涨，贡献核心利润。 3）成本管控成效显著：公司上半年营业成本 40.91 亿元，同比大幅下降 18. ...

Group 1 - The Guozheng Free Cash Flow Index experienced a decline of approximately 0.7%, with constituent stocks showing mixed performance, including gains from Ningbo Huaxiang, Chufeng Power, and Luoyang Molybdenum, while Gree Electric, Zhongyuan Media, and Weichai Heavy Machinery faced losses [1] - The largest free cash flow ETF (159201) followed the index's adjustment, dropping about 0.3%, presenting a low-position layout opportunity [1] - The free cash flow ETF has seen continuous net inflows over the past nine days, totaling 615 million yuan, with the latest share count reaching 4.012 billion and total assets at 4.494 billion yuan, both hitting record highs since inception [1] Group 2 - The free cash flow ETF (159201) closely tracks the Guozheng Free Cash Flow Index, selecting stocks with positive and high free cash flow after liquidity, industry, and ROE stability screening, indicating high quality and strong risk resistance, suitable for long-term investment [2] - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both representing the lowest rates in the market, maximizing benefits for investors [2] Group 3 - Since 2025, policies have repeatedly emphasized the importance of insurance capital as long-term funds, with directives for large state-owned insurance companies to invest 30% of new premiums in A-shares annually [1] - The Ministry of Finance has extended the assessment cycle for state-owned commercial insurance companies, reinforcing the long-term investment intentions of insurance capital [1] - The scale of equity investments by insurance capital is expanding, focusing on high-dividend and "cash cow" assets, with a deepening value investment philosophy [1]