证券代码：601326 证券简称：秦港股份公告编号：2025-036 秦皇岛港股份有限公司 第六届董事会第六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 秦皇岛港股份有限公司（以下简称"公司"）第六届董事会第六次会议于2025年12月16日以专人送达或电 子邮件方式发出通知，于2025年12月22日以通讯的方式召开。会议应出席董事12人，实际出席董事12 人。会议召开时间、方式等符合《中华人民共和国公司法》等相关法律、行政法规、部门规章和《公司 章程》的规定。 二、董事会会议审议情况 本次会议审议并通过以下议案： （一）《关于审议调整沧州黄骅港散货港务有限公司部分股权转让方案的议案》 董事会同意公司调整沧州黄骅港散货港务有限公司部分股权转让方案，并授权公司管理层办理后续股权 转让所涉相关工作。 表决结果：12票同意，0票反对，0票弃权。 （二）《关于〈秦皇岛港股份有限公司2026年度固定资产投资和软件资产投资计划〉的议案》 本议案经董事会战略委员会审议通过，同意提交董事会审议。 表决结 ...

Group 1: Road Transportation - The province completed a total of 100 million passenger trips by road from January to November, representing a year-on-year increase of 3.7% [1] - The total road freight volume reached 2.52 billion tons during the same period, showing a year-on-year growth of 3.4% [1] Group 2: Water Transportation - Waterway passenger traffic amounted to 2.184 million trips from January to November, with a year-on-year increase of 4.0% [2] - The waterway freight volume was 1.51 billion tons, reflecting a year-on-year growth of 2.6% [2] Group 3: Port Operations - The total cargo throughput at ports reached 66.9249 million tons from January to November, marking a year-on-year increase of 6.2% [2] - Container throughput at ports was 2.883 million TEUs, which is a year-on-year increase of 9.9% [2] - Ports operated by the port and shipping group achieved a cumulative container throughput of 2.782 million TEUs, showing a year-on-year growth of 12.8% [2] - In November, the total cargo throughput at ports was 6.4776 million tons, with a year-on-year increase of 4.2% and a month-on-month increase of 2.9% [2] - The container throughput in November was 253,000 TEUs, reflecting a year-on-year increase of 9.4% but a month-on-month decrease of 8.1% [2]

最近商界弥漫着一股躁动，一股奔向海南岛的"淘金热"正在暗流涌动。 一些嗅觉敏锐的企业家，正用最实际的行动投票。 有消息称，长三角地区的某些食品加工企业，正在严肃评估将 核心生产线整体南迁的可能性。 这不是心血来潮，而是生存本能的驱使。 这股热潮背后，藏着一个让资本无法抗拒的秘密。 这个秘密的核心，是海南自贸港一项堪称"点金术"的政策——"加工增值超30%免关税"。 在今天这个利润比刀片还薄的年代，这12%的关税直接转化为纯利润，足以让任何一个老板心动。 还有企业把进口大豆在海南加工成豆油，轻松越过 30%的增值门槛，那 3%的进口关税就瞬间消失了。 难怪有企业家在镜头前难掩兴奋，坦言每年省下的这笔钱，够他"再造一个企业"了。 如果说免税政策是块诱人的蛋糕，那海南打出的另一套"组合拳"，则是一股让人无法抗拒的强大引力。 商人们的算盘打得比谁都精，他们发现，从东南亚装船，如果走海南的洋浦港进入中国内地，比起传统绕道新加坡的航线，航程足足缩短了近2000公里。 这在地图上只是一小段，但在航运公司的账本上，意味着单趟运输成本能降低三成以上。 对于一艘远洋巨轮而言，光是烧油的钱，跑一趟就能省下几十万美元。 这笔钱，在任 ...

Core Viewpoint - Qin Port Co., Ltd. announced the approval of several proposals, including the adjustment of the equity transfer plan for Cangzhou Huanghua Port Bulk Cargo Port Co., Ltd. during the sixth meeting of its sixth board of directors [1] Group 1 - The company held its sixth board meeting to discuss and approve important proposals [1] - The adjustment of the equity transfer plan is a significant decision for the company [1]

厦门港务公告称，拟通过发行股份及支付现金，向厦门国际港务购厦门集装箱码头集团70%股权，并向 不超35名特定对象发股募资。公司根据深交所对审核问询函回复的审核意见，于12月20日披露重组报告 书等文件，后又进行修订并披露上会稿。较12月20日报告，此次主要更新标的资产相关风险，同时完善 少许表述，不影响交易方案。 ...

Core Viewpoint - The largest merger in A-share history has commenced, with China Shenhua Energy Co., Ltd. planning to acquire equity stakes in 12 core enterprises under its controlling shareholder, China Energy Investment Corporation, for a total consideration of 133.598 billion yuan [1][6]. Group 1: Transaction Details - The transaction will involve issuing A-shares and cash payments, with the total consideration amounting to 133.598 billion yuan, and the cash payment portion being 93.519 billion yuan [3][8]. - The acquisition excludes the 100% equity stake of China Energy Group E-commerce Co., Ltd. from the transaction scope, while other targeted company stakes remain unchanged [1][6]. Group 2: Targeted Assets - The targeted assets include 100% stakes in various companies such as Guoyuan Power, Xinjiang Energy Chemical, and others, along with a 41% stake in Shanxi Jingshen Energy and a 49% stake in Shenyan Coal [2][7]. - The overall payment structure consists of 30% in shares and 70% in cash, covering key energy sectors such as coal production, coal power, coal chemical, and coal logistics [3][8]. Group 3: Impact on China Shenhua - Post-transaction, China Shenhua's total asset scale is expected to increase by over 200 billion yuan, significantly enhancing its coal reserves, production capacity, and power generation capacity [3][9]. - The coal reserves will rise to 68.49 billion tons, reflecting a growth rate of 64.72%, while the recoverable coal reserves will increase to 34.5 billion tons, with a growth rate of 97.71% [4][9]. - The annual coal production is projected to reach 512 million tons, marking a growth rate of 56.57%, and the earnings per share for 2024 is expected to rise to 3.15 yuan, an increase of 6.1% [4][9].

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing high dividends and capital operations as dual engines for growth [1]. Core Insights - The transportation sector has shown mixed performance, with the overall industry ranking 8th among 31 sectors in terms of growth, having increased by 1.68% from December 1 to December 19, 2025, outperforming the CSI 300 index by 0.76 percentage points [12][13]. - The report highlights that the dividend yield for major segments within the transportation sector, including highways, railways, and ports, remains in the 3%-4% range, with coal and banking sectors leading in yield [27][21]. - The report identifies several high-dividend stocks in the A and H-share markets, recommending companies such as Sichuan Chengyu Expressway (6.0% yield) and China Merchants Port (5.8% yield) as attractive investment opportunities [21][22]. Monthly Market Performance - The report notes that the performance of dividend assets in December 2025 was generally underwhelming, with highway, railway, and port segments showing cumulative changes of -1.45%, +1.12%, and +1.21%, respectively [13][11]. - The average daily transaction volume for ports increased by 26.7% year-on-year, while highway and railway transaction volumes decreased by 5.5% and 34.8%, respectively [26][23]. - The report indicates that the low interest rate environment continues to support the market, with the 10-year government bond yield remaining stable around 1.83% [25][23]. Capital Operations - Sichuan Chengyu plans to acquire 85% of Hubei Jingyi Expressway for 2.409 billion yuan in cash, shifting from a stock issuance to a cash purchase to avoid equity dilution [32]. - Ninghu Expressway is increasing its investment in the Jiangsu Longtan Bridge project by 3.26964 billion yuan, enhancing its stake in the project [34]. - Qingdao Port has terminated its cash acquisition of the Rizhao Port oil terminal due to potential business impacts from legal issues, prioritizing shareholder interests [35]. Highway Sector Tracking - In October 2025, highway passenger traffic was reported at 975 million, a decrease of 3.7% year-on-year, while freight traffic showed a slight increase of 0.1% [36]. - The report highlights the revenue performance of key companies, such as Gansu Expressway, which reported a slight decline in toll revenue for November 2025 [44]. Railway Sector Tracking - Railway passenger volume reached 410 million in October 2025, marking a 10.1% increase year-on-year, while freight volume showed a modest increase of 0.6% [52]. - The report notes that the Daqin Railway achieved a freight volume of 37.22 million tons in November 2025, reflecting a year-on-year growth of 1.75% [59]. Port Sector Tracking - The report indicates that monitored port cargo throughput reached 1.078 billion tons over four weeks, with a year-on-year growth of 2.6% [63]. - Container throughput for the year-to-date reached 31.0469 million TEUs, reflecting a 7.7% increase compared to the previous year [63].

Core Viewpoint - The article discusses the potential of Hainan to become a strategic trade hub similar to Singapore, but with a focus on transforming raw materials into value-added products, leveraging China's industrial capabilities and market size [1][20]. Group 1: Comparison with Singapore - Hainan is compared to Singapore in terms of geographical advantages, but while Singapore serves as an efficient transit point, Hainan aims to create a deeper industrial ecosystem [1][10]. - Singapore's success is attributed to its role as a "safe haven" in the old trade order, while Hainan is positioned as a strategic high ground in the evolving global trade landscape [16][18]. Group 2: Hainan's Strategic Advantages - Hainan's geographical location allows for significant reductions in shipping distances and times, making it an attractive alternative for international shipping routes [5][7]. - The "processing and value-added 30% duty-free" policy in Hainan encourages the establishment of factories that can transform raw materials into finished goods, thus enhancing its role in the supply chain [8][12]. Group 3: Future Trade Dynamics - Hainan is seen as a potential new trade gravity center, capable of accommodating shifts in global trade dynamics, especially as traditional rules become less reliable [27][29]. - The region is expected to facilitate new forms of trade, including RMB settlements and digital trade, positioning itself as a key player in the future of global commerce [22][24]. Group 4: Long-term Vision - Hainan's development is framed as a long-term strategic initiative, with tax incentives and infrastructure improvements aimed at preparing for future economic challenges [31][33]. - The region's unique position allows it to test new trade rules while maintaining a robust industrial base, making it a critical component of China's economic strategy [29][31].

Core Viewpoint - The announcement of Hainan's full island customs closure is not about isolation but about creating a more open and efficient trade environment, positioning Hainan as a global trade hub similar to Singapore [2][3][8]. Group 1: Customs Policy Changes - "One line open" allows for easier import of goods and personnel from abroad, with 74% of products enjoying zero tariffs, expanding the tax categories from over 1,900 to more than 6,600 [4]. - "Two lines control" ensures that while Hainan is open to international trade, it prevents the indiscriminate flow of duty-free goods into mainland China, requiring certain goods to meet a 30% value-added condition to avoid tariffs when brought to the mainland [6]. - "Island freedom" facilitates the free flow of goods, capital, and personnel within Hainan, aiming to transform the island into an "international transit station" for global resources [6][8]. Group 2: Infrastructure and Competitive Positioning - Hainan's Yangpu Port has undergone significant upgrades, increasing the water depth from under 10 meters to 17.5 meters, allowing the largest container ships to dock directly [10][14]. - The port's automation and advanced systems enhance operational efficiency, reducing shipping times by 3 to 4 days and cutting transportation costs significantly [14]. - These improvements position Hainan to potentially replace Singapore as a key transshipment hub, with the ability to streamline international shipping routes [14]. Group 3: Economic and Industrial Development - The immediate benefits for consumers include lower prices and greater variety of imported goods, as transportation costs decrease and zero tariffs apply to many products [17]. - Hainan is focusing on emerging industries such as healthcare, deep-sea technology, commercial aerospace, and green low-carbon initiatives, with substantial progress already made in these areas [19]. - The province's R&D funding is projected to reach 10.961 billion yuan in 2024, reflecting a 22.1% increase from the previous year, indicating a strong commitment to technological innovation [19]. Group 4: Strategic Implications - The competition between Hainan and Singapore is not a direct rivalry but rather a different approach to global trade, with Hainan leveraging policy innovation and infrastructure to create a comprehensive global hub [21]. - Hainan's customs closure is part of a broader strategy to reshape global trade dynamics, moving from a "lowland" of policy benefits to a "highland" driven by institutional innovation [23].

Group 1 - The core point of the article is that Qin Port Co., Ltd. announced a board meeting to discuss the transfer of shares in Cangzhou Huanghua Port Bulk Cargo Port Co., Ltd. [1] - For the year 2024, the revenue composition of Qin Port Co., Ltd. is as follows: coal and related products services account for 67.01%, metal ores and related products services account for 20.06%, other cargo services account for 9.09%, other income accounts for 1.74%, and container services account for 1.6% [1] - As of the report date, the market capitalization of Qin Port Co., Ltd. is 20 billion yuan [1] Group 2 - The article highlights a significant increase in sales of new energy heavy trucks, with November sales experiencing a year-on-year growth of 178% [1] - The demand for new energy heavy trucks is so high that customers are directly urging manufacturers for orders, indicating a supply shortage [1] - This surge in demand for new energy heavy trucks is described as a rare occurrence in the past decade [1]