Group 1: Financial Performance and Shareholder Returns - The company has maintained a consistent cash dividend policy since its listing, with cumulative dividends exceeding 7 billion yuan. A three-year dividend plan (2024-2026) has been disclosed, committing to distribute at least 50% of the distributable profits annually [4][8] - For the 2025 interim cash dividend, the company plans to distribute 0.88 yuan per 10 shares (including tax), totaling approximately 458 million yuan, which represents 70.04% of the net profit for the first half of 2025 [4][8] - The net cash flow from operating activities decreased by 51.99% in the first half of 2025, primarily due to a one-time compensation received in the previous year. Excluding this factor, the net cash flow increased by 77.26% [6] Group 2: Strategic Developments and Market Position - The company holds a 14.06% stake in Haixia Co., making it the second-largest shareholder, and is closely monitoring policies related to the Hainan Free Trade Port [3] - Saltian Port has been expanding its inland port network, with 20 inland ports, 15 combined ports, and 33 sea-rail intermodal routes established by mid-2025, enhancing customs efficiency and reducing logistics costs for exporters [6] - The company is focusing on the Yangtze River Economic Belt, having established a new port company in Jiangsu in 2024, and aims to strengthen its port network and service systems [9][10] Group 3: Market Challenges and Responses - The company is aware of the impact of the new port docking fees starting October 4, 2025, but emphasizes its role as a key player in the South China region and its ability to adapt to economic cycles [5] - To address revenue pressures, the company is enhancing its operational strategies, including diversifying services at key ports and exploring new operational models to increase throughput and market share [10] Group 4: Shareholder Engagement and Communication - The company actively engages with investors, providing updates on performance and strategic initiatives during investor relations activities, such as the 2025 semi-annual performance briefing [2][4] - As of June 30, 2025, the total number of shareholders was 64,982, with unrestricted shares accounting for 60.83% of the total share capital [7]

Core Viewpoint - The company, Beibu Gulf Port, is a key player in the logistics and shipping industry, benefiting from national policies and strategic initiatives such as the Belt and Road Initiative and the development of the Western Land-Sea New Corridor [2][3]. Business Overview - The main business activities of the company include container and bulk cargo handling, storage, and port services [2]. - Beibu Gulf Port is the only state-owned public terminal operator in the Guangxi Beibu Gulf region, playing a crucial role in the southwestern coastal port group [3]. - The company has established itself as a significant logistics hub, facilitating the transformation of cargo from bulk to containerized shipping, thereby enhancing its integration with regional industries [2][3]. Financial Performance - In 2023, the company achieved a cargo throughput of 31,039.78 million tons, a year-on-year increase of 10.81%, accounting for 70% of the total cargo throughput at Beibu Gulf Port [3]. - The container throughput reached 802.20 million TEUs, reflecting a 14.26% year-on-year growth, representing 100% of the port's total container throughput [3]. - For the first half of 2025, the company reported an operating income of 3.556 billion yuan, an increase of 11.50% year-on-year, while the net profit attributable to shareholders was 531 million yuan, a decrease of 15.70% [8]. Market Position and Strategy - The company is positioned as a vital gateway for international trade with ASEAN, supported by government policies aimed at enhancing port logistics development [3]. - The company emphasizes collaboration with customers and partners to expand its operations in port construction, logistics supply chain services, and cargo sourcing [2][3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 10.06% to 41,700, with an average of 44,476 shares held per shareholder, a decrease of 4.39% [8]. - The company has distributed a total of 2.842 billion yuan in dividends since its A-share listing, with 1.205 billion yuan distributed over the past three years [9].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The "peak season" before the 2025 National Day Golden Week was lackluster. Ship operators withdrew an additional 544,000 TEU from the US and European routes in the past month, and the suspension of sailings by alliances increased significantly from W40 to W43, leading to an overall decline in shipping capacity [4]. - In the long run, when ship operators' stock prices fall from their highs, adjustments in operating strategies may make route layouts more complex and variable. A decline in the comprehensive profitability of routes will definitely prompt ship operators to change their operating strategies [4]. - The profitability of ship operators continued to deteriorate in the second quarter of 2025, which may affect their route capacity layout and thus freight rates [41]. 3. Summary by Related Catalogs 3.1. Research Summary and Market Outlook 3.1.1. Research Summary - A cross - border e - commerce enterprise in South China has more than 50% of its cargo volume in the European and American regions. The impact of US tariffs on its exports is not significant. Before and after Trump's potential presidency, the enterprise increased inventory in advance, with a significant increase in shipping volume. Currently, the long - term agreement price is higher than the spot freight rate. The enterprise plans to transfer 30% of its remaining exports to Vietnam by the end of the year, with a total of 90% of its goods exported from Vietnam [2]. - A freight forwarding enterprise in South China mainly operates Southeast Asian and West African routes. Since 2025, the company's shipping volume has increased by 30% year - on - year, but due to overcapacity and falling freight rates, its revenue has only increased by 10%. The company uses a "30% direct shipping + 70% transshipment" model for exports to the US [3]. - A port in South China has seen an increase in the number of US routes after the US imposed tariffs, bringing an increase in shipping volume. The shipping capacity of Southeast Asian and West African routes has also increased significantly. In the first eight months, the port's container throughput exceeded 2000 TEU, with more than half being ocean - going container transportation [3]. 3.1.2. Market Outlook - In the long run, the adjustment of ship operators' operating strategies may make route layouts more complex. The profitability of a single European route has limited decisive influence on ship operators' profitability. Even if the price drops, it may not change the overcapacity situation, but a decline in comprehensive route profitability will prompt ship operators to change strategies [4]. 3.2. Research Background - As of August 12, 2025, Trump extended the China - US tariff truce period by 90 days to November 10. Currently, the US has a 30% tariff cap on Chinese imports, and China has a 10% tariff cap on US goods. The two sides continue to negotiate [5]. - In 2025, there were multiple rounds of trade negotiations between China and the US on various topics such as soybean purchases, Boeing parts purchases, and restrictions on technology product sales [5]. 3.3. Research Objects and Conclusions 3.3.1. A Large Cross - border E - commerce Enterprise in South China - Before the National Day, the enterprise's inventory situation was similar to the previous two years. Affected by tariff policies, the enterprise stocked up in advance, and the procurement volume in August was normal [22]. - The enterprise builds factories in Vietnam and Thailand to avoid US tariffs. It is expected that 90% of US orders will be produced in Vietnam by the end of the year. The production cost in Vietnam is 6% - 7% higher than in China [23]. - The European market accounts for 20% - 30% of the enterprise's sales, with the German market growing rapidly. The enterprise has increased advertising and marketing investment in the European market [24]. - The freight rate of European routes has been continuously falling, with the price of small containers dropping to over $1000 and large containers below $2000 [25]. 3.3.2. A Freight Enterprise in South China - The enterprise is a leading freight forwarder in South China, mainly focusing on Southeast Asian routes. It has a long - term contract with shipping companies, with advantages in guaranteed cabin space and stable prices [27]. - The enterprise uses a combination of long - term agreement and spot prices for booking, with the long - term agreement price accounting for 50%. Its sales increased by about 10% this year, lower than the expected 20% [29]. - The uncertainty of China - US trade is the biggest pain point. Global freight rates are generally falling, and the profit margin of the freight forwarding industry is extremely low [30]. - The enterprise's Southeast Asian cargo volume has increased by 30% - 40% this year, mainly due to the rise of cross - border e - commerce, industrial transfer, and increased domestic demand in Southeast Asia [31]. 3.3.3. A Port in South China - The port's overall performance is stable. Last year, it completed a total cargo throughput of about 592 million tons, with foreign trade throughput of about 150 million tons, a year - on - year increase of about 5.5%. The container throughput exceeded 25 million TEU, with foreign trade container volume of about 11.8 million TEU [36]. - The port's traditional advantageous routes are Southeast Asian and African routes. The Southeast Asian route has seen significant cargo volume growth this year, and the US route has also increased in both cargo volume and the number of routes [37]. - The port has advantages in location, facilities, and cooperation with shipping companies. It has a mature process for route opening, a clear fee structure, and a high - planned operation [38][39]. 3.4. Ship Operators' Profitability and Operating Strategies - In the second quarter of 2025, the total EBIT of major ship operators was $2.73 billion, lower than the same period from 2021 - 2024 and slightly higher than the same period in 2020. The operating profitability of most ship operators has weakened since 2021 [41]. - The "peak season" during the National Day Golden Week in 2025 was lackluster. Ship operators withdrew additional capacity from US and European routes, and the suspension of sailings by alliances increased significantly from W40 to W43 [4][41].

Core Viewpoint - 辽宁港口股份有限公司 (Liaoning Port Co., Ltd.) has shown a mixed performance in financing activities and financial results, with a notable increase in net profit year-on-year, indicating potential growth opportunities in the logistics and port services sector [1][2]. Financing Activities - On September 26, 2023, Liaoning Port's stock price increased by 0.58%, with a trading volume of 226 million yuan. The financing buy-in amount was 23.18 million yuan, while the financing repayment was 27.41 million yuan, resulting in a net financing outflow of 4.23 million yuan [1]. - As of September 26, 2023, the total financing and securities lending balance for Liaoning Port was 218 million yuan, with the financing balance at 214 million yuan, accounting for 0.67% of the circulating market value, which is below the 10th percentile level over the past year [1]. - The securities lending activity on the same day included a repayment of 23,400 shares and a sale of the same amount, with a total selling amount of 40,700 yuan. The remaining securities lending volume was 2.10 million shares, with a balance of 3.65 million yuan, exceeding the 70th percentile level over the past year [1]. Company Overview - Liaoning Port Co., Ltd. was established on November 16, 2005, and listed on December 6, 2010. The company primarily engages in various port and logistics services, including oil products, container, automobile, bulk cargo, and passenger roll-on/roll-off services [2]. - As of June 30, 2023, the company reported a total revenue of 5.693 billion yuan for the first half of 2023, representing a year-on-year growth of 5.93%. The net profit attributable to shareholders was 956 million yuan, showing a significant year-on-year increase of 110.78% [2]. Shareholder Information - Since its A-share listing, Liaoning Port has distributed a total of 5.342 billion yuan in dividends, with 1.439 billion yuan distributed over the past three years [3]. - As of June 30, 2023, the number of shareholders was 224,300, a decrease of 2.21% from the previous period. The average circulating shares per person remained at zero [2][3]. - Among the top ten circulating shareholders, the Southern CSI 500 ETF held 111 million shares, an increase of 14.95 million shares compared to the previous period [3].

Group 1 - The core viewpoint of the news highlights the financial performance and trading activities of Lianyungang Port Co., Ltd., indicating a decrease in both revenue and net profit for the first half of 2025 [2] - As of September 26, Lianyungang's financing balance is 124 million yuan, accounting for 1.74% of its market capitalization, which is below the 40th percentile level over the past year, indicating a low financing level [1] - The company reported a total revenue of 1.231 billion yuan for the first half of 2025, a year-on-year decrease of 4.74%, and a net profit attributable to shareholders of 55.7018 million yuan, down 41.58% year-on-year [2] Group 2 - Lianyungang has cumulatively distributed 516 million yuan in dividends since its A-share listing, with 199 million yuan distributed in the last three years [3] - The number of shareholders increased to 127,500 as of June 30, 2025, representing a 120.38% increase, while the average circulating shares per person decreased by 54.62% to 9,728 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 5.8173 million shares, a decrease of 6.4052 million shares compared to the previous period [3]

Market Overview - The U.S. stock market experienced slight declines last week, with the Dow Jones down 0.15%, Nasdaq down 0.51%, and S&P 500 down 0.31% [1] - European indices saw gains, with the FTSE 100 up 0.74%, DAX 30 up 0.42%, and CAC 40 up 0.22% [1] Economic Indicators - Investors are closely watching U.S. employment data, particularly the September non-farm payrolls, which may influence Federal Reserve interest rate decisions [3][4] - The probability of a 25 basis point rate cut by the Federal Reserve in October is currently at 86%, with a 70% chance of another cut in December [4] - The Eurozone is set to release preliminary inflation data, which could impact expectations for monetary easing [1][7] Commodity Prices - International oil prices saw significant increases, with WTI crude oil rising 5.32% to $65.02 per barrel and Brent crude oil up 5.17% to $70.13 per barrel [5] - Geopolitical tensions, particularly related to Ukraine, have contributed to supply shortages and increased oil prices [5] - Gold prices rose by 2.83% to $3775.30 per ounce following U.S. inflation data that met expectations [6] Corporate Earnings - Key companies to watch for earnings reports include Nike, Carnival, Jefferies, and Rivian [4] - The upcoming earnings reports will be critical in assessing the health of consumer spending and overall economic growth [4] Regulatory Changes - The Jiangsu provincial government announced the suspension of the automobile replacement subsidy policy effective September 28, 2025 [9] - This policy change may impact the automotive industry and consumer purchasing behavior in the region [9] Stock Market Developments - A total of 36 companies will have their restricted shares released this week, amounting to approximately 48.82 billion shares and a market value of about 400.81 billion yuan [22] - Notable companies with significant share unlocks include Ningbo Port (13.20 billion yuan), Wankai New Materials (4.66 billion yuan), and Jiao Cheng Ultrasonic (4.37 billion yuan) [22][23]

报告要点 丨证券研究报告丨 [TaSummary] 今年以来，受资金风格切换等因素影响，交运板块核心红利资产标的均面临一定程度股价调整， 估值及股息率重回高性价比区间，显著领先十年期国债收益率，对于绝对收益资金吸引力逐步 提升。基于行业特征，我们重点推荐交运板块中具有低估值、高股息特征的垄断性资产，1）买 低波稳健+分红确定：优选高速公路龙头（招商公路以及宁沪高速等），以及大秦铁路与青岛港； 2）短期看，港股市场估值折价明显、股息率更具性价比，建议关注港股向上弹性。 行业研究丨行业周报丨运输 [Table_Title] 当前时点，如何看待交运红利资产配置价值？ 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 当前时点，如 ...

Core Viewpoint - The transportation sector in China has shown stable economic performance in 2023, with significant growth in various indicators, supporting the national economy and facilitating regional connectivity [2][3]. Economic Performance - The overall transportation economic operation has been stable, with major indicators showing growth, which is crucial for connecting production and consumption, promoting regional factor flow, and ensuring smooth national economic circulation [2]. - From January to August, the total operating freight volume reached 380.6 billion tons, a year-on-year increase of 3.8%. By mode, freight volumes increased by 2.6% for rail, 3.9% for road, 3.8% for waterway, and 14.5% for civil aviation [2]. - Port cargo throughput grew rapidly, totaling 120.3 billion tons from January to August, up 4.4% year-on-year, with container throughput reaching 23 million TEUs, a 6.3% increase [2]. - Cross-regional passenger flow reached 455.5 billion person-times in the first eight months, a 3.6% increase year-on-year, with rail and civil aviation passenger volumes growing by 6.7% and 5.3%, respectively [2]. Holiday Travel Expectations - During the upcoming Mid-Autumn and National Day holidays, cross-regional passenger flow is expected to reach 2.36 billion person-times, averaging about 29.5 million per day, a 3.2% increase from the previous year [4]. - Self-driving is anticipated to be the primary mode of travel, with an estimated 1.87 billion person-times, accounting for nearly 80% of total travel [4]. - The railway sector expects to send 219 million passengers during the holiday, with an average of 13,000 trains operating daily, transporting about 18.25 million passengers each day [4]. - Civil aviation is projected to handle 19.2 million passengers, marking a historical peak for the same period [4]. Logistics and Delivery - The average daily express delivery volume in September reached 557 million packages, with peak days exceeding 600 million [5]. - The rural logistics sector has seen significant development, with over 1,500 county-level administrative regions engaged in rural postal integration, establishing over 14,500 service stations and transporting over 1 billion packages annually [7]. - The integration of rural passenger and freight services is improving delivery efficiency and reducing costs, with plans to enhance service infrastructure and expand business models [7].

Group 1 - The core viewpoint of the articles highlights the steady growth in China's transportation sector, with significant increases in cargo throughput and fixed asset investment in the first eight months of the year [1][2]. Group 2 - From January to August, China's port cargo throughput reached 12.03 billion tons, representing a year-on-year growth of 4.4% [1]. - The total operating freight volume was 38.06 billion tons, with a year-on-year increase of 3.8%, including growth in railway (2.6%), road (3.9%), waterway (3.8%), and civil aviation (14.5%) freight volumes [1]. - The express delivery business volume reached 128.2 billion items, showing a year-on-year growth of 17.8% [1]. - Container throughput at ports reached 23 million TEUs, with a year-on-year increase of 6.3%, driven by domestic (3.2%) and foreign trade (8.4%) container throughput growth [1]. - Cross-regional passenger flow reached 45.55 billion person-times, a year-on-year increase of 3.6%, with railway (6.7%), civil aviation (5.3%), and road (3.4%) passenger flow growth [1]. Group 3 - Fixed asset investment in transportation was robust, totaling 2.26 trillion yuan, with specific investments of 504.1 billion yuan in railways, 1.5412 trillion yuan in roads, 143.3 billion yuan in waterways, and 70.7 billion yuan in civil aviation [2]. - In the road sector, investments included 807 billion yuan in expressways, 373 billion yuan in ordinary national and provincial roads, and 238.2 billion yuan in rural roads [2].

Group 1 - The company is inquiring about the confirmation of logistics subsidy income from the Western Land-Sea New Channel for the year 2025 [1] - The company has advised investors to refer to its disclosed annual and semi-annual reports for specific information regarding government subsidies, particularly in the financial report section titled "Note 11, Government Subsidies" [1] - There is a question regarding whether there is a time limit for receiving the subsidy and the deadline for such [1]