Group 1 - The US and China have agreed to cancel 91% of their respective tariffs, with a mechanism established for ongoing trade negotiations [1] - The Chinese government is intensifying support for the marine industry, commercial aerospace, and unmanned industries in Nansha, Guangzhou, including the establishment of data centers for blockchain and AI [2] - The Ministry of Commerce is committed to providing support for foreign trade enterprises to help them expand markets and stabilize foreign trade [3] Group 2 - China is launching a special action to combat the smuggling and export of strategic minerals, including heavy rare earths [4][6] - In the first four months of this year, China's automobile production and sales reached 10.175 million and 10.06 million units, respectively, with significant growth in new energy vehicles [7][8] - Sichuan province is accelerating the implementation of invasive brain-computer interface surgeries, aiming for key breakthroughs in the industry by 2027 [9] Group 3 - China CNR Corporation has signed several major contracts totaling approximately 54.74 billion yuan [10] - Longsheng Technology plans to begin supplying components for electric vehicle motors in the second half of 2025 [11] - Beijing Lier intends to invest 200 million yuan in domestic AI chip company Shanghai Zhenliang [12]

5月12日深夜，长和（0001.HK）发布公告称，原本计划在5月22日股东周年大会上讲述港口交易的情况，但鉴 于近日不断有股东及传媒查询，集团现作出以下回应： 长江和记实业有限公司特此声明，此交易绝不可能在任何不合法或不合规的情况下进行。有关条文已于2025年 3月4日的公告中说明："交易之完成取决于一系列条件的达成，包括法律和监管部门之同意及批准、不存在违 法或法律禁止的情况、获得公司股东的必要批准以及最终文件中约定的其他适当及常规条件。" 市场监管总局新闻发言人回应表示，我们高度关注有关交易，将依法进行审查。交易各方不得采取任何方式规 避审查，未获批准前，不得实施集中，否则将承担法律责任。 综合自：长和公告、国家市场监督管理总局 责编：罗晓霞 4月27日，国家市场监督管理总局发布消息称，长和港口交易各方不得采取任何方式规避反垄断审查。 日前，市场监管总局新闻发言人就长和港口交易事回答了记者提问。有记者问：据《华尔街日报》4月16日报 道，长和出售海外港口将分拆为两个交易继续进行，国家市场监督管理总局对此有何评论？ 邮箱：bwb@stcn.com 校对：祝甜婷 百万用户都在看 巴基斯坦， 重大突发！ 刚刚！ ...

论坛上，中远海运港口比雷埃夫斯码头有限公司正式宣布其2050碳中和战略及智慧港口发展路径，包括 边际减排成本模型、实时碳排放监测、基于AI的天气系统与多元绿色能源解决方案等。 新华财经雅典5月13日电（记者高婧妍陈刚） 面对全球航运业绿色低碳转型与智能化技术革新的双重挑 战，作为希腊重要港口和"一带一路"倡议的重要节点，希腊比雷埃夫斯港近年来积极拥抱变革，在绿色 港口建设和智能化方面取得成就。 在12日希腊雅典举行的红厅论坛能源可持续发展分论坛上，希腊比雷埃夫斯港务局股份公司副首席执行 官安吉洛斯·卡拉科斯塔斯（Angelos Karakostas）表示，公司正通过投资光伏系统、推广岸电设施、电 气化码头以及支持LNG替代燃料等措施，减少碳排放，加快建设绿色港口。 在智能化方面，卡拉科斯塔斯称，比雷埃夫斯港积极推进数字系统建设，优化物流效率，提升船舶调 度、货物处理及旅客出行体验。港口旅客业务也在转型中同步升级。2024年，比雷埃夫斯港接待邮轮旅 客达170万人次，创历史新高。同期，港口完成中央客运区的扩建与升级，进一步改善旅客服务体验。 2024年，比雷埃夫斯港保持业务稳定增长，港务局公司市值首次突破10亿 ...

Domestic News - The joint statement from the China-US Geneva economic and trade talks indicates that both countries will cancel 91% of tariffs and suspend the implementation of 24% tariffs. China will suspend or eliminate non-tariff countermeasures against the US starting from April 2, 2025 [2] International News - The US Treasury Secretary announced plans to address non-tariff barriers. Additionally, President Trump signed an executive order to lower drug prices and threatened tariffs on countries that do not comply with price reductions. In April, US tariff revenue surged by 130% year-on-year to reach $16 billion [3] - Trump's "Grand Tax Reform Plan" proposes a $4 trillion tax cut over ten years and an increase in the debt ceiling by $4 trillion, without mentioning any tax proposals for millionaires [4] - The overnight market saw the US dollar rise by 1.3%, offshore RMB appreciate by 0.5%, while other non-US currencies fell sharply, with the Japanese yen dropping by 2%. The Nasdaq increased by 4.3%, the Hang Seng Index rose by 5.4%, gold plummeted by $100, and crude oil gained 1.5% [4] - Apple is expected to raise iPhone prices in the fall but will not attribute the increase to tariffs [5] - Goldman Sachs has pushed back its Federal Reserve rate cut expectations to the end of the year and lowered the probability of a US recession [5]

Core Viewpoint - California Governor Newsom's opposition to Trump's high tariffs on China has sparked significant attention regarding the internal dynamics of the U.S. and the economic turmoil stemming from tariff policies [1] Economic Impact on California - California's GDP reached $3.86 trillion in 2023, making it the fifth-largest economy globally [3] - The state contributes over $400 billion in federal taxes annually, significantly exceeding the federal funds it receives [3] - The implementation of Trump's tariff policies has severely impacted California's economy, particularly affecting its ports, which handle nearly one-third of U.S. cargo [3] - The volume of incoming goods at California ports has decreased by 35% due to tariffs, leading to a sharp decline in port operations and potential job losses for port workers [3][5] Industry-Specific Effects - The technology sector in Silicon Valley is facing increased supply chain costs due to tariffs, which disrupts its extensive Asian supply chains [5] - California's agricultural sector, particularly almond exports, has suffered significant losses due to retaliatory tariffs from China [5] Legal and Political Reactions - California has initiated legal action against Trump's tariff policies, claiming direct and indirect economic losses amounting to billions of dollars [6] - A coalition of 12 states has joined California in suing the federal government over tariff policies, indicating a broader conflict between state and federal economic authority [6] - Public sentiment is shifting against Trump's tariffs, with 54% of voters opposing the imposition of tariffs on imports and 75% believing it will lead to increased prices [6] International Repercussions - Trump's tariffs have prompted strong reactions from international leaders, such as Japan's Prime Minister, who opposes the 25% tariffs on auto parts, highlighting the potential economic damage to Japan's automotive industry [8] - The ongoing backlash against Trump's tariff policies is putting pressure on his administration, potentially affecting his support in upcoming midterm elections [8]

Investment Rating - The investment rating for the company is "Add" [3] Core Views - The company reported a strong performance in Q1 2025, with revenue of 4.81 billion yuan, a year-on-year increase of 8.5%, and a net profit attributable to shareholders of 1.4 billion yuan, up 6.5% year-on-year [1][7] - The growth in container throughput exceeded expectations, with a total cargo throughput of 177.06 million tons in Q1 2025, representing a 2.9% year-on-year increase, and container throughput of 8.22 million TEUs, up 7.2% year-on-year [7] - The company benefits from a strong regional advantage and a high proportion of profitable segments, particularly in container and liquid bulk cargo [7] Financial Data and Valuation - Total revenue projections for the company are as follows: 18.173 billion yuan in 2023, 18.941 billion yuan in 2024, and 19.6 billion yuan in 2025E, with a growth rate of -6%, 4%, and 3% respectively [2][14] - The projected net profit attributable to shareholders is 4.923 billion yuan in 2023, 5.235 billion yuan in 2024, and 5.513 billion yuan in 2025E, with growth rates of 9%, 6%, and 5% respectively [2][14] - The company’s PE ratio is projected to decrease from 11.9 in 2023 to 10.6 in 2025E, indicating a potential for valuation re-rating [2][14] Performance Metrics - The company achieved a gross profit margin of 38.6% in Q1 2025, an increase of 0.4 percentage points year-on-year [7] - The return on equity (ROE) is reported at 12.1%, which is among the highest in the industry [3][7] - The company maintains a low debt ratio of 26.0%, indicating strong financial health [3] Future Outlook - The company is expected to continue its growth trajectory, with net profits projected to reach 5.513 billion yuan in 2025, 5.745 billion yuan in 2026, and 5.975 billion yuan in 2027 [7] - The dividend payout ratio is expected to be 40%, with corresponding dividend yields of 3.8% for A-shares and 6.1% for H-shares in 2025 [7]

展望未来，各家公司如何维持盈利水平，有哪些新的增长点？亦是业绩会上的热门话题。 例如，上港集团投资者向管理层抛出疑问：在人工、能源成本上升压力下，如何通过自动化码头推广和 供应链优化维持盈利水平？ 近日，上海国有控股上市公司2024年度集体业绩说明会于上证路演中心举行，上港集团（600018）、华 谊集团（600623）、上海医药（601607）、浦发银行（600000）、中国太保（601601）、数据港 （603881）等6家上市公司参加了本次集体业绩说明会。 在国企改革背景下，如何做好市值管理、如何规划未来发展战略、如何提高盈利水平等是本场业绩会上 投资者颇为关注的话题。 上海医药总裁沈波在回复投资者有关市值管理的提问时阐述，公司始终将市值管理作为长期战略的重要 组成部分，多措并举加强市场沟通，注重股东回报，已连续十几年保持每年30%以上的分红比例。近 期，公司已经出台市值管理制度。未来，公司将持续通过优化资本运作机制、聚焦核心价值创造、构建 良性互动机制等方式维护投资者利益与市场信心，为股东创造长期稳健回报。 谈及未来发展战略，沈波介绍，公司持续优化体系，打造创新生态。在创新体系方面，公司持续夯实小 分 ...

Core Insights - The Guangdong-Hong Kong-Macao Greater Bay Area's port cluster has shown positive growth in foreign trade cargo and container throughput in Q1, particularly in trade with Belt and Road Initiative countries, reflecting the region's economic resilience and vitality [2][3] - Guangzhou Port, as a key hub in the Belt and Road Initiative, reported a 16.88% increase in foreign trade cargo throughput and a 22.48% increase in foreign trade container throughput year-on-year in Q1 [2] - The total import and export volume between China and Belt and Road countries reached 5.26 trillion yuan in Q1, marking a 2.2% year-on-year increase and accounting for 51.1% of China's total foreign trade [2] Port Performance - The Greater Bay Area's major ports, including Guangzhou, Shenzhen, and Hong Kong, rank among the top 13 globally for container throughput in 2024 [3] - Shenzhen Port achieved a record foreign trade container throughput of 7.88 million TEUs in Q1, reflecting a year-on-year growth of 19.6% [3] - Hong Kong's exports have shown steady growth in the first two months of the year, indicating resilience in its trade performance [3] Trade Dynamics - The trade volume between Hong Kong and Belt and Road economies has increased by nearly 60% over the past decade, with these economies accounting for 43% of Hong Kong's total foreign trade [3] - Guangdong's trade with Belt and Road countries is projected to grow by 9.4% in 2024, representing nearly 40% of the province's total import and export value of 9.11 trillion yuan [3] Logistics and Connectivity - The Greater Bay Area has established a logistics corridor connecting Chinese enterprises with Belt and Road countries through sea and rail transport [4][6] - The introduction of new rail services, such as the "Chongqing-Shenzhen Port scheduled train," has significantly reduced transportation times for inland exporters [6] - The development of multi-modal transport solutions, including sea-rail intermodal services, enhances the operational efficiency of ports and connects inland regions to international markets [4][6]

兴证全球基金经理童兰认为，不管是红利资产还是成长类资产，本质上都是资产。"作为投资人，我关 注的是它的核心本质，也就是其在全生命周期当中创造现金流，折算到当前价值的合理水平。"童兰 说。 具体到红利资产的细分配置方向，睿郡资产执行董事杜昌勇认为，共识过于一致的资产市场表现已经很 充分，更应关注部分共识度较低、基本面又比较好的资产。"有些行业，比如说运营商行业是非常稳定 的小幅成长行业，过去市场表现很充分，市场的共识也很一致。这两年我们关注到的另一些公用事业行 业，比如电力行业，目前市场上分歧还是挺大的。未来这个板块的稳定性会显示出来，可以慢慢地看到 业绩的稳定性和成长性，又有很高的分红比例承诺。从这个角度来看，兼具分红和成长的属性。" 进入5月，一季度小有收获的公募基金开始为下半年行情做准备。在此背景下，机构对红利资产的关注 度显著提升。在机构人士看来，低估值、基本面稳健的红利资产依然是组合的压舱石，但在哪些红利资 产更具配置价值方面，则存在一定的分歧。 今年以来，公募主动权益类基金的业绩有所修复。Choice统计数据显示，截至4月30日，今年以来全市 场普通股票型基金和偏股混合型基金的平均回报皆为正，分别为 ...

Investment Rating - The overall investment rating for the transportation industry is "Positive" [2][17]. Core Viewpoints - The logistics sector is expected to continue its robust growth, driven by the rise of e-commerce and changing consumer behaviors [28]. - The express delivery industry maintained a relatively high growth rate in volume, with a year-on-year increase of 21.5% in 2024, reaching 175.08 billion packages, and a 21.6% increase in Q1 2025, totaling 45.14 billion packages [26][30]. - The price competition in the express delivery sector has intensified, leading to pressure on single-package profitability, with the average price per package dropping by 8.8% year-on-year in Q1 2025 [3][32]. Summary by Sections Express Delivery - **Volume Growth**: The express delivery industry experienced a strong growth in volume, with major companies like Shunfeng, YTO, Yunda, and Shentong reporting package volumes of 3.541 billion, 6.779 billion, 6.076 billion, and 5.807 billion respectively in Q1 2025, with growth rates of 19.7%, 21.7%, 22.9%, and 26.6% [26][30]. - **Price and Profitability**: The average price per package in the industry was 7.66 yuan, down 8.8% year-on-year. Shunfeng's net profit increased by 16.9% year-on-year, while YTO, Yunda, and Shentong saw net profit changes of -9.2%, -22.1%, and +24.0% respectively [3][32]. - **Investment Recommendation**: The report recommends focusing on Shunfeng Holdings due to its strong cash flow and potential for growth in the express delivery sector [3][32]. Aviation - **Operational Status**: The aviation industry saw a recovery in passenger load factors, reaching 83.3% in 2024, slightly above 2019 levels. Domestic and international flight turnover volumes increased by 12.0% and 85.2% respectively [4][6]. - **Financial Performance**: Major airlines reduced losses significantly in 2024, with revenue growth for Air China, China Southern Airlines, and China Eastern Airlines at 18.1%, 8.9%, and 16.2% respectively [5][6]. - **Investment Recommendation**: The report suggests focusing on airlines like Air China and China Southern Airlines, anticipating improved performance as supply constraints and ticket prices recover [6]. Ports - **Operational Data**: The total cargo throughput for national ports reached 1.7595 billion tons in 2024, a year-on-year increase of 3.66%. In Q1 2025, throughput was 422.2 million tons, up 3.23% [7][8]. - **Financial Data**: Qingdao Port showed a net profit growth of 6.33% in 2024, while China Merchants Port's net profit increased by 26.44% [8]. - **Investment Recommendation**: The report recommends focusing on Qingdao Port due to its superior return on equity (ROE) and dividend capabilities [8]. Highways - **Performance Overview**: The highway sector showed stable growth in Q1 2025, with passenger and freight volumes increasing by 0.5% and 5.4% respectively [9][10]. - **Investment Recommendation**: The report highlights the importance of focusing on leading highway operators like China Merchants Highway and Shandong Highway for their strong cash flow and growth potential [10]. Railways - **Operational Status**: Railway freight and passenger turnover volumes declined in 2024, with significant drops in the Daqin Line's freight volume [11][12]. - **Financial Performance**: Daqin Railway's net profit fell by 24.23% in 2024, while Beijing-Shanghai High-Speed Railway's net profit increased by 10.6% [12]. - **Investment Recommendation**: The report suggests a positive outlook for Daqin Railway and Beijing-Shanghai High-Speed Railway as freight volumes are expected to recover [12]. Shipping - **Operational Data**: Oil shipping rates remained around $50,000 per day, while container shipping rates showed slight declines [13][14]. - **Financial Performance**: COSCO Shipping Holdings reported a net profit increase of 105.78% in 2024 [14]. - **Investment Recommendation**: The report recommends focusing on stable companies like China Merchants Energy and Zhonggu Logistics amid fluctuating shipping rates [14]. Bulk Supply Chain - **Operational Status**: The bulk supply chain sector faced weak downstream demand, leading to a slight decrease in cargo volume for leading companies [15][16]. - **Financial Performance**: Major companies like Xiamen Xiangyu and Xiamen Guomao reported significant declines in net profit [16]. - **Investment Recommendation**: The report suggests that the sector may see a recovery in profits as demand improves and recommends focusing on companies with high dividend yields [16].