Core Viewpoint - Nanjing Port's stock experienced a significant decline, hitting the daily limit down with a trading volume of 896 million yuan and a turnover rate of 15.74% [2][3] Trading Performance - The stock's price fell by 10.17%, leading to its inclusion on the Shenzhen Stock Exchange's watchlist for significant price deviation [2] - The stock has been on the watchlist 8 times in the past six months, with an average price drop of 0.60% the following day and an average increase of 2.74% over the next five days [3] Capital Flow - On the day of the report, the stock saw a net outflow of 242,600 yuan in principal funds, with a net inflow of 12.01 million yuan from large orders and a net outflow of 12.26 million yuan from major orders [3] - Over the past five days, the stock experienced a total net outflow of 262 million yuan [3] Major Trading Departments - The top five trading departments accounted for a total transaction volume of 167 million yuan, with buying amounting to 73.16 million yuan and selling amounting to 93.57 million yuan, resulting in a net sell of 20.41 million yuan [2] - The largest buying department was Guosen Securities Co., Ltd. Zhejiang Internet Branch, with a purchase amount of 13.31 million yuan, while the largest selling department was Dongfang Caifu Securities Co., Ltd. Lhasa Financial City South Ring Road Branch, with a selling amount of 18.07 million yuan [2][3]

Group 1: Financial Performance - The company's Q1 2025 revenue was 171 million yuan, with a net profit attributable to shareholders of 313 million yuan, representing a year-on-year growth of 21.63% [2] - The net profit excluding non-recurring items was also 313 million yuan, showing a growth of 21.96% compared to the previous year [2] Group 2: Port Development and Operations - The company is leveraging national strategies such as the "Belt and Road Initiative" and the Guangdong-Hong Kong-Macao Greater Bay Area to enhance its port network and collaborative development [2] - In the first four months of 2025, the company added 6 new international shipping routes, expanding its service coverage to major trade areas in Europe, America, and Asia [3] - The port currently operates nearly 100 shipping routes, with an average of 6 daily flights to the United States and 4 to Europe, along with over 10 cross-border e-commerce shipping lines [3] Group 3: Dividend Policy - The company plans to significantly increase its cash dividend payout ratio in response to the new "National Nine Articles" policy, committing to distribute at least 50% of its distributable profits as cash dividends annually from 2024 to 2026 [3] - Since its listing, the company has distributed a total of 6.324 billion yuan in dividends and will continue to actively implement its cash dividend policy to reward shareholders [3] Group 4: Disclosure Compliance - The activity did not involve any undisclosed significant information [3]

Core Insights - Hamburg Port experienced a significant increase in container throughput with China, reaching 597,000 TEUs in Q1, marking an 11.3% year-on-year growth [3] - The port's overall maritime freight volume grew by 3.1% year-on-year, totaling 28.3 million tons, with container throughput reaching 2 million TEUs, a 6.3% increase compared to the same period last year [1][3] - Hamburg Port is the only major European port to show an increase in maritime freight volume in Q1, contributing to a 19.8% revenue growth for HHLA, amounting to €436 million [1][3] Container Throughput and Trade Partners - In Q1, Hamburg Port's container throughput with China accounted for nearly 30% of the total throughput, with 2.2 million TEUs recorded in the previous year, reflecting a 0.7% increase [3] - The port is also expanding its trade with other Asian markets, with container throughput with India reaching 60,000 TEUs (up 39.6%) and with Malaysia at 54,000 TEUs (up 50.6%) [3][4] Transportation and Logistics - The port's transshipment volume increased by 15.3% in Q1, reaching 723,000 TEUs, driven by new Far East routes [4] - Inland transport volume rose to 1.3 million TEUs, a 1.8% increase year-on-year, with rail transport accounting for 645,000 TEUs, up 0.7% [4] Impact of U.S. Trade Policies - Container shipments from Hamburg Port to the U.S. fell by 19.0% in Q1, totaling 145,000 TEUs, influenced by the tariffs imposed by the Trump administration [5] - The U.S. was previously Hamburg's second-largest trade partner, with a record of 685,000 TEUs last year, reflecting a 5.0% growth [5] - The uncertainty surrounding U.S. trade policies has led to a cautious response from traders, impacting the volume of goods shipped to the U.S. [5] Economic Context - Germany's GDP grew by 0.4% in Q1 2025, benefiting from a frontloading effect as companies exported products in anticipation of increased tariffs [6] - The economic growth is seen as the strongest since Q3 2022, indicating a potential resilience in the face of geopolitical tensions [6]

Investment Rating - The report maintains a "Strong Buy" rating for the transportation industry, particularly highlighting opportunities in the shipping and port sectors [4]. Core Insights - The transportation industry is experiencing a mixed performance, with shipping and port sectors under pressure while the express delivery sector continues to grow [1][2]. - The shipping market is expected to recover gradually, with signs of improvement in oil transportation and a stable outlook for port operations despite recent challenges [1][25]. - The express delivery sector is projected to maintain robust growth, although average ticket prices are declining due to increased competition and a shift towards lower-value packages [1][3]. Summary by Sections Shipping and Port Sector - In Q1 2025, the oil transportation market started weakly, with VLCC market performance significantly lower than the same period last year. The overall revenue for 14 listed shipping companies in 2024 was CNY 364.97 billion, a 26.47% increase year-on-year, while net profit rose by 68.72% to CNY 66.79 billion [13][19]. - The port sector showed relative stability in performance, with 18 listed port companies reporting a total revenue of CNY 222.90 billion in 2024, a slight increase of 0.62%, but net profit decreased by 21.78% to CNY 32.22 billion [26][30]. Aviation and Airport Sector - The aviation industry is witnessing a divergence in performance, with traditional full-service airlines facing challenges while low-cost carriers are gaining market share. The overall passenger traffic is recovering, but ticket prices remain weak, impacting profitability [1][2]. - Airport non-aeronautical revenues are under pressure due to new tax agreements affecting profit margins. For instance, the new duty-free agreement at Shanghai Airport has reduced profit elasticity [1][2]. Express Delivery Sector - The express delivery industry in 2024 is expected to see a business volume of 174.5 billion packages, a 21% increase year-on-year, with total revenue reaching CNY 1.4 trillion, up 13% [1][2]. - The average ticket price for express delivery has decreased from CNY 9.1 to CNY 8.0 due to the increasing proportion of low-value packages and heightened competition among leading companies [1][2]. Road and Rail Sector - The railway passenger volume growth reached double digits in 2024, with a total of 4.31 billion passengers, a year-on-year increase of 11.9%. The total freight volume was 5.17 billion tons, up 2.8% [1][2]. - The road transport sector also showed growth, with freight volume reaching 41.88 billion tons, a 3.8% increase, and passenger transport volume at 11.78 billion, up 7% [1][2].

Core Viewpoint - The A-share market is experiencing a volatile adjustment phase, with significant divergence among the three major indices, indicating a need for investors to focus on individual stock fundamentals and industry trends rather than relying solely on index movements [3][5]. Market Performance - The Shanghai Composite Index closed flat with a change of 0.00%, while the Shenzhen Component Index fell by 0.08%, and the ChiNext Index declined by 0.33%, highlighting a clear divergence in market performance [3]. - The micro-cap stock index rose over 2%, reaching a new historical high, suggesting a preference among some investors for small-cap stocks due to their high elasticity and easier capital mobilization [4]. Trading Volume and Market Sentiment - Trading volume in the Shanghai and Shenzhen markets decreased significantly compared to the previous trading day, indicating a cautious sentiment among market participants [5]. - The reduction in trading volume suggests a large divergence between buyers and sellers, which may limit the market's upward potential, although it could also indicate a period of consolidation before potential recovery [5]. Sector Performance - The market displayed a clear sectoral divergence, with the port, ST, mergers and acquisitions, and food sectors showing gains, while humanoid robots, small metals, liquor, and insurance sectors experienced declines [7][8]. - The port sector's rise is attributed to marginal improvements in foreign trade data and supportive policies for the logistics industry, while the ST sector's strength is linked to expectations of asset restructuring [7]. - The decline in the humanoid robot sector is primarily due to profit-taking after previous gains, while the small metals sector is affected by fluctuations in international commodity prices [8]. Future Outlook - Despite the current market's adjustment phase, there are still structural opportunities available, particularly in sectors with strong policy support such as new energy and digital economy [10]. - Investors are advised to consider stable, reasonably valued stocks in the consumer and pharmaceutical sectors while maintaining a cautious approach to manage market volatility [10].

港口码头作为国际货物接卸和中转的枢纽，是保障全球供应链产业链稳定的重要物流支点。港口码头领 域标准化水平的高低，直接决定了贸易联通的顺畅和对外开放的水平。 作为货物贸易第一大国，我国高度重视港口码头领域标准化建设。5月20日，国际标准化组织（ISO） 船舶与海洋技术委员会港口码头分委会成立，标志着全球港口码头领域标准化工作迈出坚实一步，为构 建高效、安全、可持续的全球航运网络注入了强劲动力。其秘书处落户中国，也表明我国港口码头标准 化工作成效得到世界认可。 "港口码头分委会将致力于推动港口码头领域的标准化建设，充分发挥标准在提升港口运行效率、促进 港口绿色智慧发展、推动创新技术应用等方面的支撑引领作用。"交通运输部新闻发言人李颖说。 构建安全高效标准体系 在山东日照港，完全自主知识产权的无人化全自动粮食连续卸船机正在试运行。"这是我国港口机械装 备领域的一次重大突破，核心技术与关键部件实现100%国产化，最大卸船效率1500吨/小时，达到国际 领先水平。"该码头运营公司裕廊公司生产业务中心党支部书记、主任刘尚娟说。 提升标准化开放水平 世界需要标准协同发展，标准促进世界互联互通。近年来，在做好自身标准化工作的 ...

Group 1: Investment and Economic Cooperation - The 2025 Hong Kong-Macao Shandong Week was held in Hong Kong, resulting in the signing of 27 key cooperation projects with a total investment of $2.98 billion, covering various sectors including digital economy, green energy, healthcare, intelligent manufacturing, modern agriculture, and financial services [1] - Shandong's trade with Hong Kong reached 88.5 billion yuan in 2024, marking a year-on-year increase of 35.1%, with 739 new Hong Kong-invested enterprises established in Shandong [1] - The Shandong provincial government aims to leverage its industrial advantages and market potential in collaboration with Hong Kong's capital and innovation capabilities to enhance its global openness [1] Group 2: Talent Development and Education - Shandong Province has developed measures to address the structural employment contradiction of "having jobs but no workers" and "having workers but no jobs," with a focus on high-quality vocational education [2] - The total number of skilled talents in Shandong has reached 4.6 million, with 22 recipients of the China Skill Award and 70 enjoying special government allowances [2] - The new measures include 17 initiatives aimed at cultivating a high-quality workforce and enhancing vocational training [2] Group 3: International Cooperation and Events - The "2025 Shandong International Friendship Cities Cooperation and Exchange Week" is scheduled for May 26-30, 2025, in Shandong, with an expected participation of around 1,200 individuals from various sectors [3] - The event will feature 26 activities aimed at promoting comprehensive exchanges and cooperation between Shandong and its international partner cities [3] Group 4: Talent Attraction Initiatives - Jinan City held its fifth graduation ceremony for university students, emphasizing its commitment to attracting and retaining young talent [4] - The city has implemented innovative measures, including graduation ceremonies and talent policy packages, to attract over 100,000 young talents in recent years [4] - Jinan ranks 11th among the top 100 cities for talent attraction and has been recognized as an excellent city for talent recruitment for three consecutive years [4] Group 5: Port Efficiency and Technological Advancements - Shandong Port's Qingdao Port set a new world record for automated container terminal efficiency, achieving an average operational efficiency of 62.62 natural boxes per hour [5] - The port's advancements in software systems and hardware equipment have solidified its position as a leader in global automated ports [5] - The integration of AI algorithms and intelligent control systems has significantly improved operational efficiency and reduced turnaround rates [5]

Group 1: Company Value Management - The company emphasizes value management and has implemented various investor communication activities in 2024, including high dividend ratios and assisting major shareholders in increasing their stakes [1] - The company has a commitment to maintain a cash dividend ratio of no less than 40% of the distributable profits for the years 2024-2026 [4] Group 2: Shareholder Engagement and Market Performance - The major shareholder, Guangxi Beibu Gulf International Port Group, has increased its stake by 200 million, reflecting confidence in the company's future [2] - The company denies any malicious actions to suppress stock prices and aims to enhance profitability and core competitiveness [2] Group 3: Business Operations and Future Growth - The establishment of Guangxi Far Sea Land-Sea New Channel Supply Chain Co., Ltd. involves a 60% stake by China COSCO Shipping and a 40% stake by Beibu Gulf Port Group, with the company not participating in this investment [1] - The company expects a significant increase in cargo volume due to the opening of the Pinglu Canal, which will shorten shipping routes and reduce logistics costs [3] Group 4: Strategic Initiatives and Partnerships - The company is collaborating with domestic advanced manufacturers on digital transformation and 5G infrastructure to support the development of a smart port [4] - The ASEAN Summit is anticipated to positively impact the company's business by promoting economic exchanges between China and ASEAN countries [4]

Group 1: Shipping Freight Index - The shipping index includes SCFI comprehensive index, SCFIS European route, and container index (European route) futures, which reflect the pricing of freight futures and the impact of tariffs [1][9][10] - The SCFI comprehensive index has shown a rebound since May 9, increasing by 9% compared to the end of March, influenced by export rush and transshipment [10][13] - The China Container Freight Index (CCFI) has fluctuated this year, hitting a low on April 3 and then rebounding, with the CCFI comprehensive index increasing by 0.2% from its low as of May 16 [13][15] Group 2: Port Cargo Throughput - Domestic port cargo throughput has shown resilience, with container throughput reaching a record high on April 27, 2023, despite a brief decline earlier in the month [2][20][23] - The Port of Los Angeles, the busiest port in the U.S., saw its import container throughput drop to the lowest level since June 2024 by May 10, indicating negative impacts from tariffs on U.S. imports and exports [2][22][24] Group 3: Domestic Production Activity - The high-frequency economic activity index from the First Financial Research Institute has been declining since the end of March but remains above 1, indicating stronger economic activity compared to the previous year [3][27][29] - The manufacturing PMI new export orders index fell from 49% to 44.7%, while the EPMI production index dropped from 67.7% in March to 51.6% [29][30] Group 4: Trade Outlook - South Korea's Export Situation - South Korea's export data showed stronger-than-seasonal growth in early April, with fluctuations in mid-April likely related to trade negotiations with the U.S. [4][30][32] - By May, South Korea's exports were weaker than seasonal expectations, indicating ongoing volatility ahead of the conclusion of U.S.-Korea trade talks [4][32][34]

Consumption - Auto consumption shows significant improvement with a notable increase in wholesale and retail sales, leading to a strong performance in this sector[9] - Service consumption experiences fluctuations due to holidays but shows a marginal improvement overall[49] Investment - Infrastructure bond issuance accelerates, with a total of CNY 1.37 trillion issued as of May 11, 2025, including CNY 177.6 billion in the first ten days of May[16] - Real estate market remains under pressure, with new home transaction area in 30 cities dropping from a year-on-year growth of 10.6% to 1.2%[16] Trade - Vietnam's exports grow by 21.0% year-on-year in April, driven by re-export and transshipment activities[21] - Domestic port operations slow down, with a decline in the number of ships docking and departing from major ports[21] Production - Overall production indicators show a marginal decline, particularly in power generation, steel, petrochemicals, and automotive sectors[28] - Coal consumption for power generation experiences a seasonal decline, indicating a potential short-term reduction in industrial electricity usage[28] Inventory and Prices - Industrial inventories, except for cement, are generally on the rise, with coal inventories nearing historical highs[38] - Consumer prices (CPI) show a marginal increase, while industrial prices (PPI) decline, reflecting a mixed pricing environment[43]