事件：2024 年公司实现营收51.25 亿元，同比下降6.1%，归母净利润2.92亿元，同比增长5.4%，EPS 为 0.254 元。一季度公司营收11.93 亿元，同比下降10.9%，归母净利润0.78 亿元，同比增长36.9%。 光伏板块实现了稳健增长。24 年公司积极拓展分布式光伏及地面光伏电站项目，全年发电量超7000 万 千瓦时，同比增长 78.01%；秀强股份成功开发固德威屋顶瓦并实现量产，不断提升光伏建筑一体化 （BIPV）业务行业竞争力，24 年实现净利润2.20 亿元，较23 年的2.08 亿元有所增长。 25 年Q1 业绩稳健，销售费用下降主要系珠海可口可乐出表：25 年Q1 公司营收11.93 亿元，同比下降 10.9%，归母净利润0.78 亿元，同比增长36.9%，营收下降但利润增长体现出公司逐步聚焦高质量业务 的发展思路。25 年Q1 公司销售费用下降较明显，由24 年同期的0.39 亿元降至0.16 亿元，主要系珠海可 口可乐公司不再纳入报表。 公司盈利预测及投资评级：预计公司25-27 年净利润分别为3.18、3.52 和3.96亿元，EPS 分别为0.28、 0.32 与0. ...

公 司 研 究 珠海港（000507.SZ）：业绩稳健，"双 轮驱动"战略持续推进 2025 年 5 月 6 日 推荐/维持 珠海港 公司报告 事件：2024 年公司实现营收 51.25 亿元，同比下降 6.1%，归母净利润 2.92 亿元，同比增长 5.4%，EPS 为 0.254 元。一季度公司营收 11.93 亿元，同比 下降 10.9%，归母净利润 0.78 亿元，同比增长 36.9%。 码头板块积极应对传统优势货种的需求下降，抗风险能力有所提升：受经济增 速下行影响，24 年公司旗下多个码头的传统优势货种需求承压，例如兴华港 口优势板块纸浆进口量下降，云浮新港主力的石材类货源也出现需求下滑。为 应对传统优势项目的下滑，各码头积极拓展新业务。兴华港口钢材、设备、吨 袋等货种增长显著；云浮新港积极向广西方向拓展货源腹地，并加大非石材货 源的业务开发力度；桂平新龙码头积极推广集装箱车辆高速费用减半政策，深 入挖掘黔江上游的货源腹地，弥补因市场竞争和需求不足而流失的货源。 24 年公司下属码头货物吞吐量 5784.35 万吨，同比增长 15.47%。港口板块 实现营收 7.80 亿元，同比下降 2.38%， ...

Core Viewpoint - The article discusses the complexities and implications of a $22.8 billion deal involving the sale of 43 ports by Cheung Kong Group to BlackRock, highlighting the intersection of capital interests and national security concerns in the context of Chinese regulatory scrutiny [1][3][9]. Group 1: Transaction Details - Cheung Kong Group announced the sale of 43 global ports to BlackRock, with a focus on ports at both ends of the Panama Canal, indicating a strategic move in the shipping industry [1]. - The Panama Canal port, Balboa, has a capacity of handling 2.63 million TEUs annually, emphasizing its significance in global trade [1]. Group 2: Regulatory Challenges - The National Market Supervision Administration identified the transaction's structure as a systematic evasion of antitrust scrutiny, invoking Article 21 of the Antitrust Law [3]. - The regulatory body possesses the authority to halt the transaction under the National Security Law, particularly as the ports' operations align with China's Belt and Road Initiative [3]. Group 3: Public Relations and Perception Management - Li Ka-shing's public appearance showcasing cancer treatment equipment served as a strategic move to divert public attention from the port transaction controversy [5]. - The Cheung Kong Group's charitable initiatives, including a partnership with Temasek to donate cancer treatment equipment, were aimed at countering accusations of aiding adversarial interests [5]. Group 4: Geopolitical Implications - The transaction has sparked a divide within Hong Kong's business community, with differing views on national interests versus global business strategies [7]. - The timing of Panama's audit against Cheung Kong coincided with U.S. defense discussions, suggesting a geopolitical maneuver to leverage the canal against China [7]. Group 5: Broader Economic Context - The deal reflects the tension between national interests and capital ambitions, with China's regulatory stance representing a defense of economic sovereignty amid globalization's retreat [9]. - The situation is seen as a catalyst for institutional innovation, potentially redefining the jurisdiction of antitrust and national security laws in an international context [9].

埃及苏伊士运河2024年7月至12月的收入为18亿美元，较去年同期的48亿美元有所下降。 ...

Core Viewpoint - The article discusses the controversial sale of 43 ports by Li Ka-shing's company, Cheung Kong, to American firms, highlighting the political and regulatory challenges involved in the transaction, especially in the context of US-China relations [1][57]. Group 1: Transaction Details - The sale of the ports has been split into two asset packages: Package A includes two ports along the Panama Canal, while Package B consists of the remaining 41 ports [4][5]. - BlackRock's Global Infrastructure Partners (GIP) will acquire 51% of Package A, while the Italian Aponti family will hold 49% [4]. - Conversely, in Package B, GIP will hold 49% and the Aponti family will have 51% [5]. Group 2: Regulatory and Political Context - The State Administration for Market Regulation has warned that any attempts to circumvent regulatory scrutiny will result in legal consequences [2][3]. - The article emphasizes that the political climate has changed significantly since the initial proposal, particularly with the escalation of the US-China trade war [11][12]. - The US has introduced hefty tariffs on Chinese-manufactured ships, which could impact the operations of the ports involved in the sale [12][14]. Group 3: Historical Context and Li Ka-shing's Strategy - Li Ka-shing has a history of strategic partnerships with the Aponti family, dating back to 2003 when they jointly acquired a UK port [6][7]. - The article outlines Li Ka-shing's business strategy of acquiring land at low prices and delaying development to maximize profits, citing examples from various projects in mainland China [28][29][38]. - The article also highlights the regulatory challenges Li Ka-shing has faced in the past, including accusations of land hoarding and the subsequent penalties [45][54]. Group 4: Implications for US-China Relations - The sale of the ports is framed as a significant issue in the broader context of US-China relations, with the potential for it to be used as leverage in negotiations [61][63]. - The article argues that allowing the sale to proceed without conditions could be perceived as a concession in the ongoing trade conflict, which may have negative repercussions for future negotiations [62][63].

Core Insights - The article highlights the busy operations at Ningbo-Zhoushan Port, particularly in the context of international trade and logistics, emphasizing the importance of efficient shipping channels for exporters [2][4]. Group 1: Export Activities - Export activities are notably active as companies prepare for shipments, with specific examples such as a shipment of nearly 10,000 plastic Christmas trees to Naples, Italy [2]. - The logistics company, Yiwudexiang, utilizes Yiwupor as a primary export channel, benefiting from its proximity to the international trade city [3]. Group 2: Port Development and Efficiency - Yiwupor is enhancing its capabilities by developing the "Sixth Port Area" to facilitate smoother international trade operations, aiming to extend port services inland [3]. - The "Sixth Port Area" reported a throughput of 165,000 TEUs in Q1, marking a 5.5% increase year-on-year, with significant growth in container handling and logistics efficiency [3]. Group 3: Overall Port Performance - Ningbo-Zhoushan Port is projected to handle 1.38 billion tons of cargo and 39.3 million TEUs in 2024, maintaining its position as a global leader in port operations [4]. - In Q1, the port achieved a container throughput of 10.072 million TEUs, reflecting a 10.2% year-on-year increase, indicating a strong start to the year [4]. Group 4: National Port Statistics - Nationally, ports completed a cargo throughput of 4.22 billion tons in Q1, with a year-on-year growth of 3.2%, and container throughput of 83.03 million TEUs, up 8.2% [5]. - The external trade container throughput reached 50.44 million TEUs, growing by 11.5%, showcasing resilience in international trade despite global challenges [5].

Core Viewpoint - The construction of the Zhoukou Port Central Operation Area is progressing rapidly, aiming to establish a high-standard dedicated container terminal that will enhance the logistics and transportation system in Henan Province and support the development of a convenient maritime transport corridor in Central China [1][2][3]. Group 1: Project Overview - Zhoukou Port Central Operation Area is the first high-standard port project in Central China, designed with 72 production berths and an annual throughput capacity of 29.41 million tons and 1.76 million TEUs [1]. - The project is expected to optimize the logistics system in Henan Province and serve as a crucial support for the "Central Convenient Maritime Transport Corridor" [1]. Group 2: Construction Progress - The construction of the 1, 2, and 3 berths is halfway completed, with plans to finish by the end of May, while the remaining berths are scheduled for completion by the end of September [2]. - The main body of the new embankment and the secondary structure of the command center office building have been completed, with steady progress on the road and yard [2]. Group 3: Infrastructure Development - The dedicated railway line for the Zhoukou Port will connect with major rail lines, enhancing the intermodal transport capabilities of the port [3]. - The project aims to create a modern hub port that integrates road, rail, and water transport, thereby improving the logistics chain and supporting the economic development of the region [3].

5月3日上午8时30分，伴随着汽笛声响起，载着260多名旅客的"新顺水"号客轮缓缓驶离码头前往香港。 自5月1日以来，顺德客运港连续3天首个出境航班均为满船，单个航班上座率接近八成，较4月份日均客 流量增加约80%。 "五一"5天小长假中，截至5月3日15时，顺德边检站已验放出入境人员超2000人次，出入境客流呈现出 显著增长态势。从出境方向来看，假期前两天以内地居民中短途跨境游为主。从入境方向来看，连日 来，回乡探亲旅游的香港居民和使用免签政策入境的外籍旅客逐渐增多。 5月3日14时40分许，顺德边检站移民管理警察为外籍游客办理出入境手续。 据顺德边检站介绍，今年"五一"假期顺德客运港出入境人员将超3000人次，反映出节日出行需求的旺盛 以及粤港澳大湾区互融互通的日益紧密。为应对假期出入境客流高峰，顺德边检站提前分析研判客流动 态，合理调配执勤警力，开足查验通道，加大通关现场监护、咨询等岗位警力的投入，落实"两通报一 提醒""两个动态客流疏导""海外出行安全提示"等服务机制，确保出入境旅客安全、高效、顺畅通关。 采写：南都记者王倩 5月3日14时30分，顺德客运港迎来外国旅游团。 随着中国对外单方面免签和互 ...

Core Viewpoint - Mexico is expanding its largest and most strategically significant port, Manzanillo, to become a leading maritime hub in Latin America, aiming to attract more trade from China in response to changing global trade dynamics [1] Group 1 - The expansion of Manzanillo port is being supervised by President Claudia Sheinbaum [1] - The initiative is part of Mexico's strategy to enhance its position in the global trade landscape [1] - The move is specifically targeted at increasing trade relations with China [1]

Core Viewpoint - The halted $22.8 billion port deal involving Li Ka-shing reflects a deeper geopolitical struggle between the U.S. and China over global shipping routes and capital interests [1][4]. Group 1: Transaction Details - Li Ka-shing's company, CK Hutchison, planned to split its port assets into two packages for sale to Italian TIL and U.S. BlackRock, with BlackRock retaining significant control over management decisions [4]. - The core assets in the deal, Balboa and Cristobal ports, are crucial for global trade, with 21% of China's trade with Latin America passing through these ports, valued at over $600 billion annually [6]. - BlackRock holds a 22% stake in MSC, the parent company of TIL, while the Aponte family only holds 15%, indicating a complex ownership structure aimed at circumventing Chinese antitrust scrutiny [4][6]. Group 2: Chinese Response - China invoked its antitrust laws to challenge the deal, asserting that BlackRock and MSC could manipulate 10.4% of global container pricing [8]. - Concerns over data security were raised, as the ports' smart scheduling systems could expose sensitive information about Chinese shipping routes [8]. - Chinese officials and media criticized the transaction as a threat to national sovereignty, with strong public statements emphasizing the potential risks involved [8]. Group 3: Broader Implications - The deal's failure highlights the increasing divide in globalization, with the U.S. attempting to exert capital dominance while China seeks to build a multipolar trade network [15]. - Li Ka-shing's strategy to liquidate "inefficient assets" for investment in safer sectors like European telecom and energy is challenged by national security considerations [11]. - The contrasting approaches of the U.S. and China in port management are evident, with China gaining trust through cooperative projects, as seen in the success of the Piraeus port in Greece [13].