Core Insights - The report by Alphaliner indicates that despite trade uncertainties and geopolitical challenges, the total throughput of the world's top 30 container ports increased by 4.6% year-on-year in the first half of 2025 [1]. Group 1: Global Port Rankings - The top 30 ports collectively handled a throughput of 1.7 billion TEU in the first half of 2025, with a year-on-year growth of 6.9%, marking a historical high for Chinese ports [3]. - Shanghai Port maintained its position as the world's busiest port with a throughput of 27.06 million TEU, showing a growth of 6.1% [2][4]. - Singapore ranked second with a throughput of 21.72 million TEU, reflecting a growth of 7.2% [2][5]. - Ningbo-Zhoushan Port ranked third with a throughput of 21.05 million TEU, achieving a year-on-year increase of 9.9% [2][4]. Group 2: Performance of Chinese Ports - Chinese ports accounted for 11 of the top 30 ports, with significant growth in throughput despite high tariffs imposed by the U.S. [3]. - Shenzhen Port emerged as the fastest-growing major port in China, with a throughput of 17.23 million TEU and a growth rate of 10.8% [2][4]. - Hong Kong and Kaohsiung were the only two ports in the top 30 to experience a decline in throughput, with Hong Kong's volume dropping by 3.4% [4]. Group 3: Southeast Asia and India - Tanjung Pelepas Port in Malaysia recorded the highest growth rate among major ports, with a 15.4% increase in throughput [5]. - The throughput of Nhava Sheva Port in India reached 3.87 million TEU, growing by 15.2% [5]. - The completion of the second phase of the Mumbai Container Terminal is expected to significantly boost capacity, with projections to exceed 10 million TEU by 2027 [5]. Group 4: European and U.S. Port Trends - Hamburg Port in Europe saw a rebound with a 9.3% increase in throughput, driven by trade with the Far East and the Baltic Sea markets [6]. - The Los Angeles/Long Beach port complex in the U.S. recorded a throughput of 9.7 million TEU, marking a 7.5% increase and the highest volume since 2022 [6]. - The New York/New Jersey port experienced a more modest growth of 4.9%, with a throughput of 4.42 million TEU [6].

Core Viewpoint - China Merchants Port Holdings reported mixed results for 1H25, with revenue growth but a significant decline in net profit attributable to shareholders, primarily due to lower investment income from Shanghai International Port Group [1] Financial Performance - Revenue increased by 11.4% YoY to HK$6.46 billion, while net profit attributable to shareholders fell by 19.5% YoY to HK$3.58 billion, resulting in an EPS of HK$0.854 [1] - Operating cash flow declined YoY, mainly due to a decrease in dividends received from associate companies, but steady cash flow growth was maintained when excluding this factor [2] - Profit from the port business rose by 11.7% YoY in 1H25, and investment income from ports in which the firm holds stakes increased by 38.0% YoY [4] Operational Highlights - Container throughput at controlled terminals rose by 11.3% YoY, with overall container throughput at controlled ports growing by 4.3% YoY [2] - By region, container cargo volume at controlled terminals in the Pearl River Delta, Yangtze River Delta, Bohai Rim, and overseas terminals increased by 7.8%, 5.9%, 0.1%, and 5.0% YoY, respectively [3] - Significant growth in overseas terminal throughput was noted, with container throughput at the HIPG terminal in Sri Lanka rising by 542.9% YoY [5] Cost Management - The firm's costs and expenses fell YoY in 1H25, with the gross margin increasing by 2.9 percentage points YoY to 51% and the administrative expense ratio decreasing by 0.8 percentage points YoY [4] Future Outlook - The long-term growth potential of cargo volume at overseas terminals is viewed positively, with expectations for rapid growth driven by economic development in the hinterlands of these ports [5] - The 2025 net profit forecast remains largely unchanged, with a new 2026 net profit forecast introduced at HK$7.7 billion [6] - The stock is currently trading at 8.2x 2025e and 8.0x 2026e P/E, with a target price raised by 13.8% to HK$16.5, implying a 12.8% upside [6]

Financial Performance - South Africa's state-owned ports and freight rail operator reported a narrower annual loss [1] Operational Performance - Cargo volumes boosted [1]

长沙晚报掌上长沙9月5日讯（全媒体记者 吴鑫矾 通讯员 洪琳 郑言欢）9月5日，记者从湖南省城陵矶港口集团长 沙新港公司获悉，长沙新港滚装汽车吞吐量突破20万台大关，为长株潭地区汽车产业发展贡献力量。 "9月2日，我们分别完成了港达9号、港达6号的上汽大众、东风本田卸船作业共359台，港达9号、港达6号的上汽 大众、比亚迪装船714台，当日装卸作业共完成1073台，创下港口单日滚装作业量新高。"湖南省城陵矶港口集团 党委委员、副总经理，长沙新港公司党委书记、董事长辛华告诉记者。记者在长沙新港滚装码头库场区看到，一 批湖南制造的整车即将从这里扬帆起航，通江达海，远销海内外。 长沙新港是全国内河36个主要港口之一，承担着我省各类货物及大宗物资的输运任务。特别是这里拥有湘江唯一 专业汽车滚装码头，随着长株潭地区新能源汽车产业的发展，长沙新港滚装汽车吞吐量实现了逐年稳步增长。 "截至9月2日，长沙新港滚装汽车吞吐量共完成205796台，突破了20万大关。"辛华告诉记者，今年以来，长沙新 港与比亚迪、吉利汽车、上汽大众、广汽埃安等车企通过"水水中转"联通长江滚装大通道，建立起常态化合作。 通过精准调度港口资源，创新"港 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Industrials** sector, particularly in the context of trade flows amid changing US tariffs on China, covering shipping, shipbuilding, ports, international freight flights, and land transportation [2][3]. Core Insights and Arguments 1. **Trade Flow Data**: - Container throughput at key ports in China decreased by **3% WoW** but increased by **6% YoY** last week, indicating a mixed performance in trade activities [3][6]. - Import volume estimates at the Port of Los Angeles showed a **27% WoW** increase and a **7% YoY** growth in week 37, recovering from a **16% YoY** decrease in week 36 [3][8]. 2. **Freight Rates**: - The SCFI spot container freight rate index rebounded by **2% WoW** in week 35, with freight rates between China and the US increasing by **17%** and **10% WoW** for USWC and USEC, respectively [4][11]. - The intra-Asia charter market remains stable, with the Asia feeder ship availability index rising by **6% WoW** and the chartering index increasing by **1% WoW** [4][29]. 3. **Port Congestion in Europe**: - High congestion levels persist at terminals in Antwerp, affecting productivity, while rail operations at the Port of Hamburg are experiencing delays due to construction [5][24]. - The global average waiting time for container ships over **8k TEU** decreased by **7% WoW** last week, indicating some improvement in port efficiency [5][25]. 4. **International Freight Flights**: - The number of international freight flights increased by **10% YoY** last week, reflecting a recovery in air cargo capacity [31][31]. 5. **Vietnam's Export Growth**: - Vietnam's exports rose by **19% YoY** in the first half of August, showcasing strong trade performance in the region [18][20]. 6. **Direct Shipping Volumes**: - Direct shipping volume from China to ASEAN/US increased by **5% WoW**, indicating a positive trend in trade routes [21][23]. Additional Important Insights - **Macroeconomic Risks**: Investment downsizing at the macroeconomic level poses a significant risk for China's industrial sector. A weak economy could lead to reduced demand for industrial goods and lower import/export volumes, impacting growth [37][37]. - **Policy Changes**: The potential cancellation of preferential policies, such as tax incentives for high-tech companies, could adversely affect earnings in the industrial sector [37][37]. - **Competitive Landscape**: Intense competition from domestic and foreign enterprises may lead to market share losses, further complicating the outlook for companies in the sector [37][37]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and outlook of the China Industrials sector amidst evolving trade dynamics.

Summary of COSCO Shipping Ports Ltd. Conference Call Company Overview - **Company**: COSCO Shipping Ports Ltd. (1199.HK) - **Industry**: Port Operations and Logistics Key Financial Results - **1H25 Net Profit**: US$182 million, representing a **31% YoY** increase and **7% HoH** increase, exceeding expectations and accounting for **59%** of full-year estimates [1] - **2Q25 Net Profit**: US$98 million, up **28% YoY** and **17% QoQ**, compared to **1Q25** net profit of US$84 million [1] - **Interim Dividend**: Declared at HK15.1 cents, maintaining a **40% payout ratio**, implying a **5.5% annualized dividend yield** [1] Performance by Geography - **Overseas Terminals**: Profit increased to US$57 million, a **187% YoY** growth in 1H25, driven by Mediterranean terminals, particularly Piraeus, which benefited from higher storage income and throughput recovery [2][5] - **China Terminals**: Results remained stable with a **1% YoY** increase [2] Throughput and ASP Insights - **Total Throughput Volume**: Increased by **6% YoY** in 1H25, with domestic terminals in the Pearl River Delta leading at **7% YoY** growth [7] - **ASP (Average Selling Price)**: - Chinese subsidiaries saw a **2% YoY** decline in ASP due to reduced cargo volume amid US tariffs [7] - European subsidiaries maintained a **10% YoY** increase in ASP, attributed to higher tariffs negotiated with shipping lines and changes in box mix [7] Future Guidance - **2025 Throughput Guidance**: Based on Drewry's FY25 global throughput guidance of **+1.9% YoY**, with expectations of a **-0.8% YoY** decline in 3Q25 due to destocking, and further declines anticipated in 4Q25 [1][7] - **Capex Plans**: The company allocated **US$790 million** for FY25, with **US$614 million** earmarked for existing terminals [7] Risks and Investment Thesis - **Downside Risks**: Include worse-than-expected global trade and poor execution in overseas M&A [6] - **Investment Thesis**: The company is rated as a "Buy" with a target price of HK$5.3, supported by expected growth from tariff hikes, volume growth, and overseas expansion [8] Additional Insights - **Cost Management**: EBIT margin remained stable at **17%**, despite volume growth, with a **14% decline** in net interest expense due to lower average borrowing costs [7] - **Market Position**: COSCO Shipping Ports operates **37 ports worldwide**, focusing on container leasing, terminal operations, logistics, and container manufacturing [7] This summary encapsulates the key points from the conference call, highlighting the financial performance, geographical insights, future guidance, and investment considerations for COSCO Shipping Ports Ltd.

Corporate Governance - Adani Group is increasing the number of women leaders in its conglomerate to diversify its boardrooms [1] - The transformation includes drafting talent from within the family [1]

Group 1 - The Cohen & Steers Infrastructure Fund (NYSE: UTF) is a diversified closed-end fund focused on infrastructure companies across various sectors including utilities, pipelines, toll roads, airports, railroads, ports, and telecommunications [1] - The fund aims to provide high-yield investment opportunities by investing in a broad range of infrastructure assets [1] Group 2 - The company invests significant resources, including thousands of hours and over $100,000 annually, into researching profitable investment opportunities [2] - The investment approach has garnered over 180 five-star reviews from members, indicating a strong satisfaction rate and perceived benefits [2]

Deal Status - CK Hutchison ruled out completing the global ports sale to a BlackRock-backed consortium in 2025 [1] - CK Hutchison remains optimistic about the deal's prospects after inviting a Chinese investor [1]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Industrials** sector, particularly the impact of changing US tariffs on trade flows with China, covering shipping, shipbuilding, ports, international freight flights, and land transportation [2][40]. Core Insights and Arguments 1. **Port Volume Decline**: Container throughput at key ports in China fell by **9% week-over-week (WoW)** and **7% year-over-year (YoY)**, marking the first decline since March. However, combined throughput for weeks 30 and 31 showed a **2% YoY increase** [3][6]. 2. **US Port Import Volumes**: The Port of Los Angeles reported a **5% WoW** and **2% YoY** increase in import volumes for week 33, following a **6% YoY** increase in week 32 [3][9]. 3. **Shipping Rates**: The Shanghai Containerized Freight Index (SCFI) decreased by **3% WoW**. Specifically, freight rates between China and the US dropped by **2%** and **7%** for the West Coast and East Coast, respectively, due to overcapacity pressures [4][12]. 4. **European Port Congestion**: Ongoing congestion at European ports, particularly in Antwerp and Hamburg, has led to longer waiting times for container pickup and delivery, with average waiting times for container ships over **8,000 TEU** increasing by **9% WoW** [5][26]. 5. **International Freight Flights**: The number of international freight flights increased by **9% YoY**, although it was down **2% WoW** last week [3][33]. Additional Important Insights 1. **Intra-Asia Supply Improvement**: There was a slight improvement in the Asia feeder ship availability index, which rebounded by **26% WoW** [4][14]. 2. **China Expressway Truck Traffic**: Truck traffic on expressways in China increased by **3% YoY** last week, indicating a potential uptick in domestic logistics activity [27]. 3. **Vietnam's Export Growth**: Vietnam's exports rose by **17% YoY** in the first half of July, showcasing strong trade performance amidst global uncertainties [18][20]. 4. **Direct Shipping Volumes**: Direct shipping volumes from China to ASEAN and the US showed a **22% increase** WoW, but a **15% decrease** YoY in week 31 [21][23]. Risks and Considerations - The macroeconomic environment poses risks to China's industrial sector, with potential demand shrinkage for industrial goods and import/export volumes if the economy remains weak. Additionally, the cancellation of preferential policies for high-tech companies could adversely affect earnings [40]. This summary encapsulates the critical data and insights from the conference call, providing a comprehensive overview of the current state of the China Industrials sector and its implications for trade and shipping dynamics.