本文源自：金融界 作者：智投君 8月7日，沪深两融数据显示，北部湾港获融资买入额0.12亿元，居两市第2362位，当日融资偿还额0.09 亿元，净买入265.09万元。 最近三个交易日，5日-7日，北部湾港分别获融资买入0.12亿元、0.17亿元、0.12亿元。 融券方面，当日融券卖出0.10万股，净买入0.44万股。 ...

Core Viewpoint - Xiamen Port Authority is progressing steadily in integrating port resources through a significant asset restructuring involving the acquisition of 70% of Xiamen Container Terminal Group for approximately 6.178 billion yuan, which is expected to enhance the company's competitive position and business structure [1][2]. Group 1: Transaction Details - The acquisition involves a combination of share issuance and cash payment, with a total transaction price of approximately 6.178 billion yuan [1][2]. - The valuation of 100% equity of the container terminal group is approximately 8.826 billion yuan, resulting in a premium rate of about 17.78% [2]. - The cash component of the transaction is 927 million yuan, while the share component is 5.251 billion yuan, with an issuance price of 6.64 yuan per share [2]. Group 2: Financial Position - As of the end of Q1 2025, Xiamen Port Authority's debt ratio was 51.44%, with cash holdings of 942 million yuan and interest-bearing liabilities of 2.185 billion yuan [3]. - The container terminal group has a lower debt ratio of 38.06% and has shown stable profitability, with a net profit of approximately 154 million yuan in Q1 2025 [4][9]. Group 3: Strategic Implications - The acquisition is expected to create significant synergies between Xiamen Port Authority's existing operations and the container terminal group's services, enhancing the overall business structure [6][7]. - The restructuring aims to position Xiamen Port Authority as a comprehensive modern port logistics service provider, covering multiple business segments including container and bulk cargo handling [7][10]. - Following the completion of the acquisition and fundraising, the financial health of Xiamen Port Authority is anticipated to improve, leading to enhanced competitiveness and profitability [5][10]. Group 4: Performance Comparison - Xiamen Port Authority has faced operational pressure in recent years, with revenues of 22.927 billion yuan and 22.147 billion yuan in 2023 and 2024, respectively, showing a decline in net profit [8]. - In contrast, the container terminal group has demonstrated stable revenue growth, with revenues of 2.475 billion yuan and 2.644 billion yuan in 2023 and 2024, respectively, and a net profit of 567 million yuan in 2024 [8][9].

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights a recovery in dry bulk throughput and a positive year-on-year change in crude oil throughput for June [1][3] - Overall cargo throughput performance remains stable, maintaining a "Positive" rating for the shipping and port sector [6] Summary by Sections Overview: National Import and Export Volume and Cargo Throughput - In the first half of 2025, the national import and export total reached 21.79 trillion yuan, a year-on-year increase of 2.9%. The import total was 8.79 trillion yuan, down 2.7%, while the export total was 13 trillion yuan, up 7.2% [5][13] - Coastal major ports achieved a cargo throughput of 5.703 billion tons, a year-on-year increase of 2.5% [5][30] Container: Shipping Rates and Container Throughput - As of August 1, 2025, the China Container Freight Index (CCFI) was at 1232.29 points, down 43.49% year-on-year [5][34] - Container throughput for the first half of 2025 reached 15.227 million TEUs, a year-on-year increase of 7.1% [5][40] Liquid Bulk: Oil Shipping Rates and Crude Oil Throughput - The Baltic Dirty Tanker Index (BDTI) was at 965 points on August 4, 2025, a year-on-year increase of 2.66% [6][42] - Crude oil imports for the first half of 2025 totaled 279 million tons, a year-on-year increase of 1.4% [6][50] Dry Bulk: Shipping Rates and Iron Ore, Coal Throughput - The Baltic Dry Index (BDI) was at 1970 points on August 4, 2025, a year-on-year increase of 17.47% [6][57] - Iron ore throughput for the first half of 2025 was 686 million tons, a year-on-year increase of 1.56% [6][63] Monthly Throughput of Key Port Listed Companies - In June 2025, Shanghai Port Group's cargo throughput was 0.52 billion tons, down 1.57% year-on-year, while Ningbo Port's cargo throughput was 1.01 billion tons, up 11.63% year-on-year [6][75]

Group 1 - The Panama Audit Office has filed a lawsuit against Cheung Kong Group, owned by Li Ka-shing, claiming that the contract between Cheung Kong and the Panamanian government is "unfair" and involves "abuse" of rules, seeking a review of the contract established in 1997 [1] - The lawsuit comes shortly after Cheung Kong announced the expiration of exclusive negotiations with BlackRock regarding 43 global ports, raising concerns about potential competition from China’s COSCO Group [3][5] - The two key ports in question are located in Panama and are critical for global shipping routes, indicating that control over these ports is strategically significant for both the U.S. and China [5][6] Group 2 - The situation reflects a broader geopolitical struggle between the U.S. and China, with the U.S. government exerting pressure on Panama to challenge the validity of the contract as a means to regain control over the ports [6][8] - The legal basis for overturning the 1997 contract is weak unless there is substantial evidence of corruption or fraud, making the lawsuit's success uncertain [5] - The incident highlights a shift from commercial negotiations to political maneuvering, questioning whether market principles or hegemonic logic will prevail in international business [8]

Group 1 - The core transformation at Meishan Port area in Ningbo Zhoushan Port involves remote control automation, allowing crane operators to control cranes from kilometers away using high-definition displays and joysticks [1] - The port area has established the first low-carbon terminal demonstration project in the province, focusing on clean energy at the source, electrification at the terminal, and intelligent regulation [4] - Ningbo Zhoushan Port is advancing towards a future characterized by intelligence and zero carbon emissions [7]

Core Points - The opening of the Chancay Port in Peru marks a significant milestone in the Belt and Road Initiative, being the first smart and green port in South America, with impressive operational metrics since its launch [1][6] - The project showcases advanced Chinese construction technology, significantly improving efficiency and reducing environmental impact during the construction phase [2][3] - The port's operations are expected to enhance trade between China and Peru, contributing 1.8% to Peru's GDP annually and creating thousands of jobs [6][7] Group 1: Project Overview - Chancay Port officially opened in November 2024, with a total import and export value exceeding $777 million and a container throughput of 94,400 TEUs in the first five months [1] - The port is strategically positioned to connect land and sea, linking Asia and Latin America [1] Group 2: Technological Innovations - The project team developed a high-tech self-moving pile-driving platform, increasing efficiency to 7 piles every 3 days, which is 4.7 times faster than traditional methods [2] - Innovative construction techniques reduced noise and dust pollution by 40% and saved over 25% in water usage [3] Group 3: Environmental Considerations - The project maintained ecological balance, with no disturbance to local wildlife during construction, showcasing a commitment to sustainable development [3] Group 4: Workforce Development - Over 3,000 local workers were employed during the construction, with 75% of the workforce being Peruvian, enhancing local employment and skills [4] - Training programs were established, allowing local employees to gain hands-on experience and technical knowledge from Chinese engineers [4][5] Group 5: Economic Impact - The port has opened six shipping routes, significantly reducing logistics costs and enhancing the export competitiveness of South American countries [6][7] - The establishment of direct shipping routes has cut shipping time from Ecuador to China from 35-55 days to 27 days, benefiting the freshness of perishable goods [7]

中国国际金融股份有限公司 关于厦门港务发展股份有限公司 本次交易摊薄即期回报影响及公司采取措施的核查意见 根据《国务院关于进一步促进资本市场健康发展的若干意见》 （国发[2014]17 号）、 《国务院办公厅关于进一步加强资本市场中小投资者合法权益保护工作的意 见》 （国办发[2013]110 号）和《关于首发及再融资、重大资产重组摊薄即期回报 有关事项的指导意见》 （中国证券监督管理委员会公告[2015]31 号）等相关规定， 中国国际金融股份有限公司（以下简称"独立财务顾问"）作为厦门港务发展股 份有限公司（以下简称"厦门港务" 根据《备考审阅报告》，在不考虑募集配套资金的情况下，本次交易对上市 公司主要财务指标的影响如下表所示： 一、本次交易的基本情况 本次交易方案包括发行股份及支付现金购买资产和募集配套资金两部分。募 集配套资金以发行股份及支付现金购买资产的成功实施为前提条件，但募集配套 资金的成功与否或是否足额募集并不影响本次发行股份及支付现金购买资产的 实施。 厦门港务拟通过发行股份及支付现金的方式向国际港务购买其持有的集装 箱码头集团 70%股权。 "上市公司"或"公司"）发行股份及支付现 金购 ...

中国国际金融股份有限公司 关于厦门港务发展股份有限公司本次交易不构成《上市公 司重大资产重组管理办法》第十三条规定的重组上市情形 的核查意见 厦门港务发展股份有限公司（以下简称"上市公司"）拟通过发行股份及支 付现金的方式向厦门国际港务有限公司购买其持有的厦门集装箱码头集团有限 公司 70%股权，并向不超过 35 名符合条件的特定对象发行股份募集配套资金（以 下简称"本次交易"）。 中国国际金融股份有限公司作为本次交易的独立财务顾问，就本次交易是否 构成《上市公司重大资产重组管理办法》第十三条规定的重组上市情形进行核查 并发表如下意见： 本次交易不会导致上市公司的控制权发生变更，本次交易前后，上市公司的 实际控制人均为福建省人民政府国有资产监督管理委员会。此外，本次交易前 36 个月内，上市公司控制权亦未发生过变更。 综上，本次交易不构成《上市公司重大资产重组管理办法》第十三条规定的 重组上市。 （以下无正文） （本页无正文，为《中国国际金融股份有限公司关于厦门港务发展股份有限公司 本次交易不构成 <上市公司重大资产重组管理办法> 第十三条规定的重组上市情 形的核查意见》之签章页） 独立财务顾问主办人： 龙海 ...

Core Viewpoint - Fujian Xinshi Law Firm provides a legal opinion regarding Xiamen International Port Co., Ltd.'s acquisition of a 70% stake in Xiamen Container Terminal Group Co., Ltd. and the exemption from making a public offer [1][2]. Group 1: Acquisition Details - The acquisition involves Xiamen International Port purchasing 70% of the shares from Xiamen Container Terminal Group and raising supporting funds through issuing shares and cash [5]. - After the acquisition, Xiamen International Port will hold 76.84% of the shares in the listed company, maintaining its status as the controlling shareholder [5][6]. Group 2: Legal Compliance - Xiamen International Port is a legally established limited liability company in China, with no circumstances that would prohibit it from acquiring a listed company as per the regulations [5][6]. - The acquisition qualifies for exemption from making a public offer under the relevant regulations, as it involves increasing ownership without affecting the company's listing status [5][7]. Group 3: Procedural Requirements - The necessary approvals and authorizations for the acquisition have been obtained, including various resolutions from the board of directors [6][7]. - The acquisition has fulfilled the required legal procedures up to the date of the legal opinion, with further approvals still needed as per the regulations [6][8]. Group 4: Disclosure Obligations - Xiamen International Port has complied with information disclosure obligations, announcing the acquisition and its progress through designated information disclosure platforms [7][8]. - The company has not engaged in any securities violations related to the acquisition within the six months prior to the announcement [8].

中国国际金融股份有限公司 关于厦门港务发展股份有限公司内幕信息知情人登记制度的 制定和执行情况的核查意见 中国国际金融股份有限公司（以下简称"独立财务顾问"或"中金公司"） 受厦门港务发展股份有限公司（以下简称"上市公司"或"公司"）委托，担任 本次上市公司发行股份及支付现金购买资产并募集配套资金（以下简称"本次交 易"）的独立财务顾问。中金公司作为本次交易的独立财务顾问，对上市公司内 幕信息知情人登记制度的制定和执行情况进行了核查，具体如下： 三、独立财务顾问核查意见 中金公司作为上市公司本次交易的独立财务顾问，认为： 一、公司内幕信息知情人登记制度的制定情况 信息知情人登记制度》，制定并公告了《厦门港务发展股份有限公司内幕信息知 情人登记管理制度》。 于修订 <厦门港务发展股份有限公司内幕信息知情人登记管理制度> 的议案》，修 订并公告了《厦门港务发展股份有限公司内幕信息知情人登记管理制度（修订 稿） 》。 于修订 <内幕信息知情人登记管理制度> 的议案》，修订并公告了《厦门港务发展 股份有限公司内幕信息知情人登记管理制度（修订稿）》。 二、公司内幕信息知情人登记制度的执行情况 上市公司与本次交易的相关方 ...