Core Viewpoint - The company is in discussions regarding the sale of its port assets, which include over 40 significant ports, and is considering inviting major strategic investors from mainland China to join the consortium [1][3]. Group 1: Transaction Updates - The exclusive negotiation period with a consortium has expired, but discussions are ongoing to modify the consortium's membership and transaction structure to secure necessary regulatory approvals [1]. - The company has reiterated that no transaction will occur until all relevant regulatory approvals are obtained [1]. Group 2: Regulatory Context - The Chinese Ministry of Foreign Affairs has commented on the potential sale, indicating that if a Chinese shipping company does not participate, the sale could be blocked, emphasizing the protection of market competition and public interest [5]. Group 3: Investment Outlook - Morgan Stanley has resumed coverage of the company with an "Overweight" rating and a target price of HKD 65, citing three investment highlights: unlisted asset value not fully reflected, potential strategic transaction opportunities, and attractive valuation with a solid balance sheet [7]. - Short-term forecasts predict earnings per share of HKD 2.81 for the first half of 2025, a 6% year-on-year increase, with dividends also expected to grow by 6% [8]. - Long-term value release is anticipated through the eventual spin-off or listing of three core unlisted assets (ports, retail, telecommunications), although investors may need to be patient for the right timing [8].

Group 1 - The US and EU have reached a trade agreement, imposing a 15% tariff on EU goods entering the US, avoiding a potential trade war [2][10] - The EU will increase its investment in the US by $600 billion and purchase $750 billion worth of US energy products [2][10] - The agreement was announced following a meeting between US President Trump and EU Commission President von der Leyen [2][10] Group 2 - A high-level US business delegation is set to visit China, led by the Chairman of the US-China Business Council and the CEO of FedEx [3] - The delegation's full member list and itinerary have not been disclosed, but executives from Boeing and the US-China Business Council President are confirmed to join [3] Group 3 - The Guangdong province reported 2,940 new cases of Chikungunya fever, with a total of 4,824 cases this year, all mild [4] - Experts have provided insights into the differences between Chikungunya and other mosquito-borne diseases like dengue fever [4] Group 4 - Nine major foreign public funds have revealed their portfolio adjustments, indicating a shift in market expectations [5] - Investments in optical modules and PCB are highlighted, along with increased allocations to core assets like Kweichow Moutai [5] Group 5 - The GDP data for the first half of 2025 shows overall performance in line with expectations, with the central region showing strong results [6][7] - Hainan province reported a GDP of 370.185 billion yuan, with a year-on-year growth of 4.2% [6][7] Group 6 - Tesla's third-generation humanoid robot is expected to enter the Chinese consumer market, with mass production anticipated next year [8] - The second-generation Optimus robot has made significant advancements, including a weight reduction of 10 kg and a 30% increase in walking speed [8] Group 7 - The National Development and Reform Commission is seeking public opinion on the first revision of the Price Law in 27 years, aimed at addressing "involution" competition [9] - The bond market has seen significant adjustments, with over 400 bond funds reporting losses this year [9] Group 8 - The People's Bank of China has shifted its monetary policy to net liquidity injection, with significant reverse repos conducted to stabilize the market [12][13] - The central bank's actions are aimed at ensuring overall market stability amid increasing liquidity pressures [12][13] Group 9 - Shaolin Temple's abbot is under investigation for alleged criminal activities, including misappropriation of funds and violations of Buddhist precepts [14] - The temple management has announced that updates will be provided to the public as the investigation progresses [14] Group 10 - Huaxi Biological has faced allegations of financial fraud, leading to a significant drop in its market value by 120 billion yuan [15] - The company has denied the allegations and reported multiple previous complaints regarding its financial practices [15]

长和最新公告。 7月28日早间，长和(00001.HK)发布公告称，公司3月4日公告的与一财团就涉及和记港口集团交易的独家磋商期已届满。目前，公司仍在与财团成员进行 讨论，拟邀请来自中国内地的主要策略投资者加入成为财团的重要成员。 长和表示，为使交易能够获得所有相关监管机构和部门的批准，财团的成员以及交易架构将需要进行变更。公司打算预留充分的时间进行相关讨论，以达 成新安排。 长和强调，公司已多次声明，在未获得所有相关监管机构和部门批准前，公司将不会进行任何交易。 校对：许欣 今年3月4日，长和公告称，公司与BlackRock,Inc.、Global Infrastructure Partners及Terminal Investment Limited(统称"BlackRock-TiL财团")就交易初步基本条 款达成原则性协议。交易将涉及集团出售其Hutchison Port Holdings S.a r.l.(简称"HPHS")全部股份及Hutchison Port Group Holdings Limited(简称"HPGHL")全 部股份。 HPHS及HPGHL合共持有集团在和记港口集团的全部80%实际 ...

Core Viewpoint - The company is in discussions with a consortium regarding the sale of its port holdings, emphasizing the need for regulatory approvals before proceeding with any transactions [1][2][4]. Group 1: Transaction Details - On March 4, the company announced a preliminary agreement with BlackRock, Global Infrastructure Partners, and Terminal Investment Limited to sell its entire stake in Hutchison Port Holdings S.a r.l. and Hutchison Port Group Holdings Limited [4]. - The combined holdings of HPHS and HPGHL represent 80% of the company's actual interests in the Hutchison Port Group, which operates 199 berths across 43 ports in 23 countries [4]. Group 2: Regulatory Considerations - The National Market Supervision Administration has stated that all parties involved in the port transaction must not evade antitrust reviews [5]. - The company reiterated that the transaction will not proceed without obtaining necessary legal and regulatory approvals, as well as shareholder consent [6].

小财注：长和3月4日在港交所公告称，该公司与BlackRock-TiL财团就出售和记港口在Panama Ports Company之90%权益达成原则性协议。 长和在港交所公告，公司确认，于2025年3月4日本公司发布之公告中所述，本集团与一财团之间的 独家磋商期已届满。尽管该期限已届满，本集团仍在与财团成员进行讨论，拟邀请来自中国内地之 主要策略投资者加入成为财团的重要成员。为使交易能够获得所有相关监管机构和部门的批准，财 团的成员以及交易架构将需要进行变更。本集团打算预留充分的时间进行相关讨论，以达成新安 排。本公司已多次声明，在未获得所有相关监管机构和部门批准前，本公司将不会进行任何交易。 ...

长和拟邀请中国内地的主要策略投资者加入成为港口交易财团的重要成员 智通财经7月28日电，长和在港交所公告，公司确认，于2025年3月4日本公司发布之公告中所述，本集 团与一财团之间的独家磋商期已届满。尽管该期限已届满，本集团仍在与财团成员进行讨论，拟邀请来 自中国内地之主要策略投资者加入成为财团的重要成员。为使交易能够获得所有相关监管机构和部门的 批准，财团的成员以及交易架构将需要进行变更。本集团打算预留充分的时间进行相关讨论，以达成新 安排。本公司已多次声明，在未获得所有相关监管机构和部门批准前，本公司将不会进行任何交易。小 财注：长和3月4日在港交所公告称，该公司与BlackRock-TiL财团就出售和记港口在Panama Ports Company之90%权益达成原则性协议。 ...

在不同的时间刻度上，一个流动的中国正呈现出崭新图景—— 一小时，复兴号风驰电掣350公里，速度领跑全球、创新动力澎湃； 一天，平均约1.8亿人次跨区域流动，出行热情高涨、市场活力迸发； 截至2024年底，全国超1/3的省份实现了市市通高铁，超2/3的省份实现了县县通高速；"四好农村路"加 快建设，农村公路总里程达464万公里；航空服务覆盖全国92.6%的地级行政单元、91.2%的人口；快递 服务网路条数增加2.33万条。今年上半年，完成交通固定资产投资16474亿元，完成跨区域人员流动量 337.6亿人次。 东海之滨，一座世界货运大港作为硬核力量，为我国出口货物出得去、进口货物进得来提供坚强支撑， 标注出交通物流保通保畅的发展力度。 习近平总书记指出："建设安全、便捷、高效、绿色、经济、包容、韧性的可持续交通体系，是支撑服 务经济社会高质量发展、实现'人享其行、物畅其流'美好愿景的重要举措。" 与世界相"交"，与时代相"通"。放眼海陆空，交通宏图铺展：海上航线通达100多个国家和地区，钱凯 港等一批港口投入运营；中欧班列累计开行突破11万列，中欧跨里海直达快运等国际多式联运线路开 通；民航国际航线通航境外83 ...

"封关"标志着海南自贸港建设进入新阶段 近日，三部门联合发布海南自由贸易港全岛封关货物税收政策，利好消息引爆市场，相关个股掀起涨停 潮，7月24日，海南自贸区板块单日涨超9%。那么，海南自贸港封关对当地经济以及资本市场意味着什 么？ 诺德基金基金经理谢屹表示，海南自贸港封关，标志着海南全岛将转变为"境内关外"的特殊区域，其制 度创新与开放力度或将对资本市场产生深远影响。首先采用"一线放开、二线管住、岛内自由"模式，海 关实行精准低干预监管，企业可享受"零关税"、加工增值免关税等优惠，极大提升企业家的投资意愿。 同时，要素流动自由化进一步提升了经济活力，包括资本层面的自由划转，人才层面的个税上限优惠， 数据层面的负面清单管理制度等。最后，资本市场或面临更多机遇。比如QFLP/QDLP政策简化了跨境 投融资，离岸人民币结算等创新业务潜力亦是巨大的，预计可能会有更多金融机构将业务布局在离岛。 申万宏源研究交运高级分析师严天鹏认为，海南自贸港封关，对当地经济的影响主要有以下几方面：一 是贸易便利化程度大幅改善，"零关税"的推行可大幅优化商品流通成本，进出口贸易和转口贸易均有望 大幅增长；二是促进人员流动和消费，免签政 ...

Investment Rating - The transportation sector has shown a positive trend with a 3.2% increase in the transportation index, outperforming the Shanghai Composite Index by 1.5% during the week of July 19-25, 2025 [1][12]. Core Insights - The transportation sector's fund holdings increased to 32.5 billion yuan, a 17.0% rise compared to the previous quarter, with a market share of 1.95% [2]. - The express delivery segment saw a significant year-on-year growth of 15.8% in June, with SF Express leading the growth [2]. - The logistics sector is under pressure, particularly in hazardous materials logistics, but there is a push towards smart logistics, with Hai Chen Co. being recommended [3]. - The aviation sector is experiencing a steady recovery, with a 3% increase in domestic passenger volume in June compared to the previous year [4]. - The shipping sector is stabilizing, with the Baltic Dry Index (BDI) increasing by 10.9% week-on-week, indicating a positive trend in dry bulk shipping [5][34]. Summary by Sections Transportation Market Review - The transportation index rose by 3.2%, with the airport sector showing the highest increase of 5.6% [1][12]. Industry Fundamentals Tracking Shipping and Ports - The export container freight index (CCFI) was 1261.35 points, down 3.2% week-on-week and down 40.9% year-on-year [20]. - The domestic container freight index (PDCI) increased by 1.1% week-on-week, indicating a slight recovery in domestic shipping [28]. Aviation and Airports - The average daily flights reached 16,945, a 3.68% increase year-on-year, with domestic flights up by 2.51% [4]. - The introduction of a new ticket purchasing feature on the airline service platform is expected to enhance customer experience [4]. Rail and Road - National highway freight traffic increased by 0.67% week-on-week, with a year-on-year increase of 2.01% [6][76]. - The railway passenger volume in June was 373 million, a 3.61% increase year-on-year [73]. Express Delivery - The express delivery business volume reached 16.87 billion pieces in June, with a notable increase in the market share of SF Express [2][44].

与旧规划相比，本次规划将沿海规划与内河规划合二为一，突出陆海统筹，海河互济，既与全国港航布局规划紧密协同，又实现全省港口与航道的统一布 局、统筹规划，统筹布局全省沿海与内河水运资源，着力推动海河联运发展。 2025年7月25日，山东省政府新闻办召开新闻发布会，解读《山东省港口与航道布局规划（2025—2035年）》（下称《布局规划》）。《布局规划》对未来 十年山东沿海和内河的港口、航道总体布局进行了全面谋划。 山东省交通运输厅副厅长高洪岩表示，2009年和2012年印发的《山东省沿海港口布局规划》《山东省内河航道与港口布局规划》，曾有力推动山东水运发 展。但如今山东水运存在布局不均、区域协同不够等新问题，需规划修编以更好地指导行业高质量发展。 《布局规划》明确提出，至2035年，山东将建成"能力充分、保障有力、安全高效、智慧绿色"的港口与航道体系，形成"三主四辅"世界级海洋港口群、"一 主四辅多点"内河港口群和"一纵两横、三干多支"内河航道网的水运发展总体布局，世界级海洋港口群基本建成，内河水运网络更加完善，现代化专业化运 输系统支撑更加高效，水运一体化高质量发展成效凸显，港口和航道引领区域经济发展能力显著增 ...