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 successful docking of the container ship "Haifeng Haikou" at Wenzhou Port marks the official opening of berths 5 and 6 in the Zhuanzhong Ao port area, enhancing the port's container throughput capacity and solidifying its status as a regional shipping hub [1] - The newly opened berths are designed for 50,000-ton container vessels, with a total quay length of 626 meters and a depth of -17 meters, allowing for all-weather docking of large container ships [1] - The addition of these berths will increase Wenzhou Port's annual throughput capacity by 1.03 million TEUs, significantly boosting its competitiveness and international shipping service level [1] Industry Performance - From January to August, Wenzhou Port Group achieved a cargo throughput of 30.3 million tons, representing a year-on-year growth of 5.8% [2] - The container throughput reached 1.045 million TEUs, with a year-on-year increase of 7.7%, indicating a steady development trend [2] - The port group has been actively expanding its port capacity and optimizing its structure, currently operating nine berths for vessels over 50,000 tons and offering 18 near-sea routes [1][2]

Core Insights - Shandong Port Qingdao Port has achieved a significant milestone by successfully implementing a "one-to-two" automation model for unloading operations, marking the first instance of fully automated unloading of bulk cargo at the port [1] - The successful operation involved three drivers controlling six gantry cranes to unload a total of 12.2 million tons of iron ore, demonstrating operational efficiency comparable to manual operations [1] - This achievement is part of Qingdao Port's broader initiative to enhance the automation and intelligence of its bulk cargo terminals, addressing challenges related to operational efficiency and safety in the global port industry [1] Company Developments - Qingdao Port has completed the automation transformation of ten types of equipment, establishing the first fully integrated smart bulk terminal in the country [1] - Advanced technologies such as laser scanning, high-precision positioning, AI visual recognition, and closed-loop anti-sway algorithms were utilized to create a reliable intelligent anti-collision system, enabling full automation from the opening to the cleaning of the hold [1] - The port plans to leverage its artificial intelligence base to continuously optimize the "one-to-two" automation model and drive further technological iterations for smart upgrades in bulk cargo terminals [2]

Core Insights - Suzhou is accelerating the construction of green ports through comprehensive measures such as the establishment of shore power facilities, systematic management of port dust, and standardized disposal of ship pollutants, aligning with the "dual carbon" strategy to protect the environment [1][10] Group 1: Shore Power and Pollution Management - Shore power facilities are fully covered, providing clean energy to docked vessels, with each crane equipped with shore power piles for free use [3][11] - The port strictly enforces the reception process for ship pollutants, ensuring that vessels submit their waste data before unloading, which enhances environmental cleanliness [3][4] - From January to August this year, the total shore power usage in Suzhou's ports reached 11.58 million kilowatt-hours, a year-on-year increase of 5.4%, significantly reducing emissions of sulfur oxides and nitrogen oxides [4][11] Group 2: Smart Systems and Dust Control - Smart systems are being implemented at ports to enhance operational efficiency and reduce carbon emissions, with intelligent shore power devices and dust monitoring equipment installed [6][10] - A total of 426 dust-prone terminals have established dust suppression systems, achieving effective dust control [6] - The online monitoring system for dust has a stable online rate of 94.7% and an anomaly data handling rate of 98.1% as of August this year [6] Group 3: Logistics and Transportation Efficiency - The mature river-sea intermodal transport system reduces logistics costs and aids in emission reduction, with a single cargo ship capable of carrying over 120 containers, equivalent to more than 100 trucks [7] - Suzhou is enhancing its water transport system and high-grade waterway network, facilitating smooth connections between inland and coastal ports [7] Group 4: Green Port Development and Achievements - Suzhou has over 550 port terminal enterprises and has been promoting the evaluation and creation of green ports since 2020, with 16 provincial-level star-rated green ports established by the end of 2024 [10] - The city has implemented comprehensive pollution prevention measures, covering air, dust, water pollution, noise, and ship pollutant management [10][11] - All non-oil and gas chemical terminal enterprises in Suzhou have established shore power facilities, achieving 100% berth coverage and significantly reducing environmental risks [11]

Group 1: Express Delivery Industry - The Anhui Provincial Express Association has launched an initiative to resist "involution" competition, aiming to promote high-quality development in the industry and maintain market order [1][7] - Starting from September 15, 2025, express delivery prices in Anhui Province will increase by no less than 0.2 yuan per ticket, which is expected to help close the price gap in central and eastern regions of China [1][7] - The express delivery business volume in Anhui Province accounted for 3.6% of the national total from 2024 to July 2025, indicating significant regional influence [1] Group 2: Shipping and Maritime Industry - The VLCCTD3cTCE rate surged to $82,674 per day, a 34.13% increase from the previous week, indicating a strong demand in the shipping market as the peak season approaches [2] - The attack on Russia's largest oil loading port in the Baltic Sea could lead to a 24% reduction in Russian oil exports, which may further boost VLCC short-term demand and pricing [3] - The outlook for VLCC rates is optimistic, with potential to reach $200,000 per day during the peak season, driven by OPEC+ production increases and tightening supply [2][3] Group 3: Aviation Industry - Airline ticket prices have shown a positive trend since August 13, with significant year-on-year growth observed in early September, driven by increased passenger volume and business travel recovery [4][7] - The aviation sector is expected to benefit from macroeconomic recovery, with a long-term supply-demand imbalance likely to enhance the sector's performance [8] Group 4: Logistics and Infrastructure - National logistics operations have been running smoothly, with rail freight volumes reported at 79.04 million tons from September 1 to September 7, despite a slight decrease [5][6] - The National Development and Reform Commission is encouraging the submission of REITs projects in mature asset types, including toll roads and clean energy, to enhance infrastructure investment [6] Group 5: Investment Opportunities - In the express delivery sector, companies like YTO Express, Shentong Express, and ZTO Express are expected to benefit from improved market conditions and operational efficiencies [7][8] - In the shipping industry, companies such as China Merchants Energy and COSCO Shipping are recommended due to favorable market conditions and potential demand growth [8] - The aviation sector presents investment opportunities in companies like China Southern Airlines and HNA Group, which are positioned to benefit from the recovery in air travel demand [8]

在全球港口前十版图上，中国港口早已占据半壁江山，但能连续16年保持绝对领先的，唯有宁波舟 山港。 这座由宁波港和舟山港整合而成的港口巨无霸，藏着怎样的发展密码？ 翻开中国海岸线地图，宁波舟山港的位置堪称上帝视角的杰作，地处中国大陆海岸线中部，恰好落 在"丝绸之路经济带"和"21世纪海上丝绸之路"的交汇点，左手挽着长三角经济圈的产业集群，右手连着 太平洋主航道的全球贸易网，区位优势得天独厚。 更难得的是大自然的馈赠，核心港区主航道水深在22.5米以上，30万吨级巨轮可自由进出港，40万 吨级以上超级巨轮可候潮进出，既是中国超大型巨轮进出最多的港口，又是世界上少有的深水良港。 "凡中国之贾，高丽与日本诸蕃之至中国者，惟庆元(宁波旧名)得受而遣焉。"回溯历史，宁波港曾 是中国最古老繁忙的港口之一，南宋时更被钦定为江南唯一连通国内外商贸的枢纽。 如今，这份历史荣光被赋予新的内涵。 2015年，宁波港与舟山港正式一体化整合，打破两港此前因腹地重叠、功能相似陷入的同质化竞 争。通过科学规划，两港形成错落有致的分工体系，在"同频共振、各司其职"中释放出"1+1＞2"的能 量，2017年便成为全球首个年货物吞吐量突破10亿吨 ...

Core Viewpoint - The construction of multi-purpose berths at Bayuquan Port in Yingkou is progressing rapidly, with significant infrastructure developments aimed at increasing cargo throughput capacity [3]. Group 1: Project Details - The ongoing project includes the construction of berths 74 and 75, each capable of handling 70,000 tons [3]. - The total length of the new terminal is 506 meters, with a new shoreline length of 318.37 meters and a land depth of 244.3 meters [3]. - Upon completion, the project is expected to achieve an annual throughput capacity of 3 million tons [3].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express logistics sector is expected to see price increases due to a "de-involution" initiative in Anhui Province, which aims to combat unhealthy price competition and promote high-quality industry development. Starting September 15, 2025, express prices in Anhui will rise by no less than 0.2 yuan per ticket, which is anticipated to help stabilize prices in the central and eastern regions of China [4][3] - The shipping sector is experiencing a significant increase in freight rates, with VLCC TD3c TCE rising to $82,674 per day, a 34.13% increase from the previous week. This surge is attributed to the seasonal release of cargo volumes and geopolitical factors affecting oil exports [6][7] - The aviation sector is witnessing a recovery in ticket prices, with a positive year-on-year growth trend observed since August 13, 2025. This is driven by a rebound in business travel and inbound tourism, suggesting a potential for continued price increases [8][9] Summary by Sections Express Logistics - The express logistics industry is showing resilience in demand, with a focus on reducing unhealthy competition. Companies like YTO Express, Shentong Express, and SF Express are expected to benefit from this trend, with potential for improved profitability and valuation [11] Shipping - The oil transportation market is expected to benefit from OPEC+ production increases and a favorable economic environment. Companies such as China Merchants Energy and COSCO Shipping Energy are recommended for investment [11] - The dry bulk shipping market is also anticipated to recover, driven by environmental regulations and increased demand for commodities. Companies like China Merchants Industry Holdings and Haitong Development are highlighted as potential investment opportunities [11] Aviation - The aviation industry is projected to experience long-term growth due to low supply growth and improving demand. Key companies to watch include China Southern Airlines and China Eastern Airlines, which are expected to benefit from this trend [11] Supply Chain Logistics - Companies like Shenzhen International and Debon Logistics are positioned well for growth due to industry dynamics and strategic transformations [11] Ports - The port sector is seen as stable with strong cash flows, and companies like China Merchants Port and Tangshan Port are recommended for their growth potential [11]

Core Insights - The Abidjan Autonomous Port (PAA) is celebrating its 75th anniversary, having opened in 1950 and is crucial for Côte d'Ivoire's economic development, contributing 78% of customs revenue [1] Summary by Sections Port Performance - The port's throughput has shown significant growth, with a 21% increase in 2023, reaching 3.7 million tons, and projected to reach 4.02 million tons in 2024, with a 30% increase in container handling to 1.6 million [1] Historical Context - The port's historical throughput figures include 1.8 million tons in 1960, 5.2 million tons in 1970, 9.7 million tons in 1980, and 14.5 million tons in 2000, with 22 million tons in 2010 and 27 million tons in 2022 [1] Financial Growth - The port's revenue has increased from 51 billion CFA francs (approximately 91.07 million USD) in 2010 to 153 billion CFA francs (approximately 273 million USD) projected for 2024, establishing it as a benchmark in West Africa [1]

Group 1 - During the "14th Five-Year Plan" period, Tianjin has achieved new results in technological innovation, industrial development, and green transformation through comprehensive deepening of reforms [1][3] - Tianjin has formulated 329 reform tasks focusing on ten areas, including regional integration and coordinated development of industry, port, and city [3] - The city has established a platform for achievement transformation, the Tianjin High Education Science and Technology Innovation Park, with over 12,000 national high-tech enterprises and technology-based SMEs [5] Group 2 - Tianjin has enhanced its open economy by exploring innovative policies and building a higher-level free trade zone, adding 17 new container shipping routes during the "14th Five-Year Plan" period [7] - The marine economy in Tianjin has surpassed 400 billion yuan [7] - The city has improved urban management systems, renovating 985 old urban communities and creating 270 "pocket parks," attracting over 130 million domestic tourists in the first half of the year [9] Group 3 - Hebei has completed afforestation of 30.46 million acres and desertification control of 9.597 million acres during the "14th Five-Year Plan" period, enhancing its green foundation [12] - The province is accelerating the green transformation of traditional industries through technological innovation and digital upgrades, with 147 enterprises in key sectors achieving A-level environmental performance [14] - Xiong'an New Area is focusing on building a future industrial system around new-generation information technology, modern life sciences, and new materials, attracting over 200 technology-based companies [16]