Group 1 - The stock price of China Merchants Energy Shipping Company (招商轮船) closed at 6.25 yuan on August 6, 2025, reflecting a 2.12% increase from the previous trading day [1] - The trading volume reached 3.92 billion yuan with a total of 631,800 hands traded, and the stock experienced a fluctuation of 2.12% [1] - China Merchants Energy Shipping operates in the shipping and port industry, covering international crude oil transportation, international dry bulk transportation, and LNG transportation, and is recognized as a leading comprehensive shipping enterprise globally with a large fleet [1] Group 2 - Recently, there has been a net inflow of main funds into China Merchants Energy Shipping, with a net inflow of 59.93 million yuan on August 6, and a cumulative net inflow of 61.13 million yuan over the past five days [1]

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [8] Core Views - The express delivery sector is expected to see significant profit recovery due to an early price increase trend, while the aviation sector is still at the bottom of the economic cycle, with potential for mid-term improvements in supply and demand [1][2][3] Summary by Sections Express Delivery - In June, the retail sales and express delivery volumes showed year-on-year increases of 5.3% and 15.8% respectively, although the growth rate has slowed compared to May [3] - The price increase trend has started in core grain-producing areas, which could lead to significant profit recovery for express delivery companies if this trend spreads across all price ranges [3][10] - Key companies recommended include ZTO Express, YTO Express, and Shunfeng Express [10] Aviation - The summer travel season has shown weak performance, with domestic ticket prices declining by 7.5% year-on-year, despite a slight increase in passenger load factor [2][16] - The aviation sector is currently at a low point, but improvements in supply growth and demand could enhance profitability in the medium term [26] - Recommended stocks include China National Aviation and Huaxia Airlines, which are expected to benefit from supply-demand improvements [26] Logistics - The logistics sector is experiencing an early price increase in express delivery, and the bulk supply chain is expected to recover alongside rising commodity prices [3][65] - The cross-border e-commerce logistics sector is showing resilience as tariff impacts diminish [3] Shipping and Ports - In July, shipping rates for container shipping and oil transport declined, while dry bulk shipping rates increased due to seasonal demand [35][36] - The report anticipates stable supply-demand dynamics in August, with shipping rates expected to remain volatile [35] Road and Rail - The road transport sector is under pressure due to rising risk preferences and potential impacts from upstream industry dynamics [5] - Rail transport is expected to see flat growth in passenger traffic during the summer, with ongoing observations needed for the impact of upstream industry changes [5]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3][5][15]. Core Views - The company has successfully navigated through 30 years of the container shipping cycle, establishing itself as a leading player in the Asian regional container shipping market. The supply-demand balance in the region is tight, and freight rates are expected to remain stable. The company has built a differentiated competitive advantage and provides robust shareholder returns, with cumulative dividends of HKD 38.9 billion from 2010 to 2024, averaging a payout ratio of 78% [3][10][15]. Summary by Sections Company Overview - The company, established in 1991, has become a leading shipping logistics enterprise in Asia, focusing on container transportation, international freight forwarding, and integrated logistics services. It operates a high-density service network covering 81 major ports across 17 countries and regions, with a fleet of 114 container ships, of which 100 are owned [10][20][24]. Industry Supply and Demand - The demand for container shipping in Asia is supported by high trade volumes among developed economies and the growing trade between China and ASEAN countries. The container trade volume between China and ASEAN is expected to grow by 8.2% year-on-year in the first half of 2025, with container volumes from China to Southeast Asia increasing by 19.7% [32][33][40]. On the supply side, the feeder vessel fleet is experiencing limited growth, which may lead to supply constraints [49][63]. Competitive Advantages - The company's management team has an average of over 28 years of experience in the shipping industry, enabling it to navigate through various cycles effectively. The company focuses on providing differentiated services through a comprehensive logistics network and has a strong operational efficiency, with a low cost per container of USD 463, down 8.4% year-on-year [10][67][72]. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of USD 3.285 billion, USD 3.353 billion, and USD 3.406 billion from 2025 to 2027, with year-on-year growth rates of 7.4%, 2.1%, and 1.6%, respectively. The net profit attributable to shareholders is expected to be USD 1.122 billion, USD 1.072 billion, and USD 1.011 billion during the same period [15][50]. Given its competitive advantages and stable shareholder returns, the report maintains an "Accumulate" rating [3][15].

Group 1 - The stock price of Haixia Co. is reported at 7.71 yuan as of August 5, 2025, reflecting a decrease of 0.05 yuan or 0.64% from the previous trading day [1] - The opening price was 7.77 yuan, with an intraday high of 7.80 yuan and a low of 7.68 yuan, resulting in a trading volume of 331 million yuan and a turnover rate of 1.92% [1] - Haixia Co. operates in the shipping and port sector, providing passenger and roll-on/roll-off transportation services in Hainan, and is a significant player in the Hainan Free Trade Zone [1] Group 2 - From July 18 to July 30, the number of shareholders for Haixia Co. increased by 30,000 [1] - On August 5, the net outflow of main funds was 58.4664 million yuan, accounting for 0.34% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds reached 213 million yuan, representing 1.24% of the circulating market value [1]

风险提示：以上内容仅供参考，不构成投资建议。 公司最新披露数据显示，截至2025年7月31日，南京港股东户数为4.51万户，较7月18日减少4195户，减 幅8.51%。这是自6月30日以来公司股东户数连续第三期下降，累计减幅达16.48%。同期公司户均持股 数量由9861股上升至1.08万股。 8月5日南京港主力资金净流出637.40万元，近五日主力资金累计净流出3956.40万元。 截至2025年8月5日收盘，南京港报9.55元，较前一交易日上涨0.06元，涨幅0.63%。当日成交量为65804 手，成交金额0.63亿元，振幅1.48%。 南京港主要从事港口经营业务，属于航运港口板块。公司运营区域位于长江下游，是长江三角洲地区重 要的内河港口之一。 ...

证券之星消息，8月5日航运港口板块较上一交易日上涨0.72%，海航科技领涨。当日上证指数报收于 3617.6，上涨0.96%。深证成指报收于11106.96，上涨0.59%。航运港口板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 | 散户净流入(元) | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601919 | 中远海控 | 4741.56万 | 4.57% | -3055.34万 | -2.95% | -1686.22万 | -1.63% | | 600751 海航科技 | | 4328.77万 | 5.81% | -3296.46万 | -4.43% | -1032.31万 | -1.39% | | 601872 招商轮船 | | 2859.31万 | 16.37% | -717.05万 | -4.11% | -2142.26万 | -12.27% | | 000905 厦门港务 | | 883.38万 | 5.89% | -621.84万 | -4.14 ...

Core Viewpoint - The aviation sector is expected to see a significant increase in demand for civil aviation travel in 2025, driven by the acceleration of international flight schedules and the implementation of the "924" policy package, which is anticipated to boost domestic demand [1][7]. Industry Overview - The transportation sector experienced a decline of 3.22% in the week from July 28 to August 2, ranking 27th among 31 SW primary industries, while the CSI 300 index fell by 1.75% during the same period [2]. - Various sub-sectors within transportation showed the following weekly performance: express delivery (-1.54%), cross-border logistics (-1.68%), ports (-2.40%), warehousing logistics (-2.44%), highways (-2.93%), railways (-3.17%), shipping (-4.20%), airport operations (-4.39%), road freight (-5.23%), and public transport (-6.50%) [2]. Aviation Sector Insights - By June 2025, major listed airlines in China have shown recovery rates in domestic Available Seat Kilometers (ASK) compared to June 2019, with Air China at 150.62%, China Southern at 119.55%, and Spring Airlines at 166.49% [2]. - International and regional ASK recovery rates for the same airlines were 93.36% for Air China, 92.68% for China Southern, and 254.76% for Spring Airlines [2]. Oil and Currency Trends - As of August 1, 2025, Brent crude oil prices were reported at $69.67 per barrel, reflecting a week-on-week increase of 2.97% but a year-on-year decrease of 12.39% [3]. - The exchange rate for the Chinese Yuan against the US Dollar was 7.1496, showing a slight depreciation of 0.11% week-on-week [3]. Airport Performance - Major airports in China showed recovery in domestic passenger throughput by June 2025, with Baiyun Airport at 120.08% and Shanghai Airport at 119.80% compared to 2019 [3]. - International passenger throughput recovery rates were 89.95% for Baiyun Airport and 104.41% for Shenzhen Airport [3]. Shipping and Port Sector - The Shanghai Containerized Freight Index (SCFI) was reported at 1551 points as of August 1, 2025, down 2.63% week-on-week and down 53.47% year-on-year [4]. - The Baltic Dry Index (BDI) was at 2018 points, reflecting a week-on-week decrease of 10.59% but a year-on-year increase of 20.98% [4]. Road and Rail Transport - In June 2025, railway passenger volume reached 373 million, up 3.61% year-on-year, while road passenger volume was 948 million, down 3.72% [5]. - The express delivery sector achieved a revenue of 126.32 billion Yuan in June 2025, marking a year-on-year increase of 9.00% [5]. Investment Recommendations - The aviation sector is poised for a recovery in demand, with airlines likely to benefit from improved pricing dynamics and increased passenger volumes [7]. - The airport sector is expected to see a recovery in international passenger traffic, supported by macroeconomic policies and consumer demand [7]. - The cross-border logistics sector is anticipated to benefit from the growth of cross-border e-commerce, while the express delivery sector remains promising due to the ongoing development of e-commerce [8].

Core Viewpoint - Zhuhai Port's stock price remained stable at 5.46 yuan as of August 4, 2025, with a slight fluctuation during the trading day [1] Company Overview - Zhuhai Port operates in key sectors including port shipping, logistics, and energy, making it a significant port operator in South China [1] - The company's segments include shipping ports, Guangdong region, and natural gas [1] Shareholder Information - As of July 31, 2025, the number of shareholders decreased to 76,900, a decline of 1,086 shareholders or 1.39% [1] - The average number of shares held per shareholder slightly increased, with an average market value of 63,600 yuan, which is below the average level of the public utility industry [1] - The number of shares held through the Shenzhen Stock Connect remained at 4.0204 million shares, accounting for 0.43% of the circulating share capital [1] Capital Flow - On August 4, 2025, there was a net outflow of main funds amounting to 8.9119 million yuan, with a cumulative net outflow of 28.9296 million yuan over the past five days [1]

Group 1 - The stock price of COSCO Shipping Holdings is reported at 15.40 yuan, down 0.10 yuan from the previous trading day, with an intraday fluctuation range of 15.29 yuan to 15.45 yuan and a total trading volume of 1.192 billion yuan [1] - COSCO Shipping Holdings operates in the shipping and port industry, focusing on container shipping and terminal operations, providing global maritime logistics services, and is a leading player in China's shipping sector with a network covering major global trade routes [1] - The company has completed a stock buyback of 2.146 billion yuan this year, ranking among the top in the A-share market for buyback scale, placing it in the top three according to the disclosed statistics of listed company buybacks [1] Group 2 - On the day of reporting, the main capital outflow was 37.242 million yuan, with a cumulative net outflow of 322 million yuan over the past five trading days [1]

Group 1 - The stock price of Beibu Gulf Port reached 8.18 yuan as of August 4, 2025, with an increase of 0.12% compared to the previous trading day [1] - The port's cargo throughput in July 2025 was 30.1661 million tons, representing a year-on-year growth of 11.25%, while the cumulative throughput from January to July was 205 million tons, up by 10.99% [1] - In terms of container business, the port completed 792,300 TEUs in July, showing a year-on-year increase of 7.65% [1] Group 2 - On August 4, 2025, the main capital outflow was 345,400 yuan, with a cumulative net outflow of 48.8331 million yuan over the past five days [1]