（编辑 王雪儿） 证券日报网讯 海峡股份11月14日发布公告，在公司回答调研者提问时表示，海口至广西防城港客滚运 输航线航程157海里，航行时间约12小时，公司已投入"棋子湾"轮运营上述航线。"棋子湾"轮船舶总长 129.9米，型宽20.4米，总吨11585吨，载客量844人，可装载货车车位69个、轿车车位140个，设有多类 型舱位及超市、咖啡厅、餐厅等服务设施，能够满足多元化出行需求。海口至防城港航线深度对接"西 部陆海新通道"与"海南自由贸易港"两大战略，通过海上走廊把北部湾城市群与海南国际旅游消费中心 紧密连接，形成陆海联动、区域协同的新格局。 ...

Core Points - The major repair project of the Huai'an No. 2 ship lock has been completed, marking the resumption of navigation after 34 days of actual work, 6 days ahead of the planned 40 days [1] - As of November 13, there is a significant backlog of vessels waiting at the Huai'an ship lock, with 723 upstream cargo ships and 876 downstream cargo ships reported [3] - The Huai'an Navigation Center plans to utilize smart lock construction achievements and the advantages of the Northern Jiangsu Canal intelligent scheduling system to improve navigation efficiency and clear the backlog of vessels within approximately two weeks [3]

Inland Transportation - The market for inland wheat transportation has shifted this week, with increased grain outflow from storage entities easing previous supply tightness, leading to a rise in market circulation [1] - Wheat prices are under pressure due to enhanced selling intentions from storage entities and weak downstream demand, as feed enterprises show low purchasing enthusiasm for wheat due to the widening price gap with new season corn [1] - Inland shipping rates have seen a slight increase, with some regions experiencing a rise of 3-5 yuan/ton due to temporary tightness in shipping capacity caused by maintenance at sluices and increased grain outflow [1] Coastal Transportation - The coastal grain transportation market from the Suwan region to southern sales areas is characterized by stable cargo volume and price adjustments, with limited increases in wheat supply to southern regions [3] - Shipping rates for coastal transportation have slightly decreased, with rates from Anning Port to Guangdong and Fujian dropping by 2-3 yuan/ton, while overall demand for wheat remains subdued due to sufficient corn supply and competitive pricing [3] - The fluctuation in shipping rates is primarily driven by changes in shipping capacity, with improved port efficiency in northern ports alleviating congestion and contributing to the decline in shipping rates [3] Market Outlook - The inland grain shipping market is expected to remain stable in the short term, supported by the ongoing autumn grain harvest, but attention should be paid to sluice passage efficiency and wheat outflow pace [2] - Coastal shipping rates are anticipated to continue their downward trend as northern port operations improve, while container shipping rates are stabilizing after rapid increases, with future trends dependent on the balance of supply and actual shipping demand [4]

作为全国最繁忙的客滚运输航道之一，琼州海峡年均运量超1200万人次。海峡股份轮渡公司此次创新实践，不仅验证了斜坡式装载在短途海运中的实用性， 更为行业提供了"技术简改+效能倍增"的优化范本。未来，公司将持续深化运输装备智能化、合理化升级，助力琼州海峡打造高效、便捷、安全的现代化综 合运输通道。（叶文华） 编辑：马萌伟 数据显示，"升降平台"装载系统较斜坡式装载结构转载效率低 此次改造聚焦装卸流程的流畅性与适应性，通过拆除低效的垂直升降装置，改用可调节角度的斜坡通道，实现车辆与货物"即到即装、无缝衔接"。斜坡式设 计不仅简化了机械操作环节，更适配不同车型的快速登船需求，尤其在客货混装高峰期，装载效率较传统模式提升近一倍。改造后的船舶已投入琼州海峡运 输保障中，有效缓解了节假日疏运压力。 为破解传统装载模式效率瓶颈，针对琼州海峡客滚运输特性，海峡股份轮渡公司对旗下部分多层装载平台船舶实施技术革新，将原有"升降平台"装载系统升 级为斜坡式装载结构。经实船测试，改造后船舶装卸时长缩短约40%，港口周转效率进一步提升，为琼州海峡这条海南自由贸易港"黄金水道"的高效运转注 入新动能。 8 10 II 1 4 t E ...

Core Viewpoint - The company plans to issue medium-term notes not exceeding 5 billion yuan to optimize its debt structure and broaden financing channels [1] Group 1: Financing Strategy - The company intends to apply for registration to issue medium-term notes with a maximum amount of 5 billion yuan [1] - The maturity of the notes will not exceed 10 years [1] - The issuance will be conducted either in a single tranche or in multiple tranches during the validity period of the registration quota [1] Group 2: Purpose of Funds - The funds raised will be used to repay interest-bearing debts [1] Group 3: Approval Process - The proposal has been approved by the board of directors and is pending approval from the shareholders' meeting and registration acceptance by the trading association [1] - The board of directors has requested the shareholders' meeting to authorize it to handle all related matters [1]

Company Overview - Established in 2002, Hainan Strait Shipping Co., Ltd. was initiated by five shareholders including Hainan Port and Shipping Holdings Co., Ltd. and Shenzhen Yantian Port Co., Ltd. [2] - Listed on the Shenzhen Stock Exchange in 2009, the company has experienced rapid growth, particularly after acquiring ferry terminal assets in 2017 and becoming indirectly controlled by China COSCO Shipping Group in 2019 [2]. - By 2025, the company plans to complete a cash acquisition of 100% equity in COSCO Shipping Passenger, increasing its roll-on/roll-off (RoRo) vessel fleet to 66, ranking first globally [2]. Business Operations - The company primarily operates passenger and vehicle transportation services across routes such as Haikou to Hai'an, Yantai to Dalian, and Sanya to Xisha, alongside ferry port services [2]. - Revenue is generated through freight charges for shipping and port service fees, with a focus on enhancing overall income through tourism products on Xisha routes [2]. Challenges in Roll-on/Roll-off Transportation Seasonal Demand Fluctuations - Significant seasonal variations in passenger and vehicle traffic, with peak periods during holidays leading to daily volumes that can reach several times the normal capacity [3]. - Insufficient capacity during peak times can result in vehicle delays and passenger congestion, while excess capacity in off-peak seasons leads to high idle rates and increased operational costs [3]. Complex Logistics - The transportation of diverse vehicle types (trucks, cars, buses, electric vehicles) complicates logistics, requiring dynamic loading to maximize space utilization [4]. - Any delays in passenger or vehicle processing can lead to schedule disruptions [4]. Safety Concerns with Electric Vehicles - The rise in electric vehicle usage introduces new safety challenges, particularly regarding fire risks and emergency response difficulties [5]. Strategic Responses - To address increased traffic from the Hainan Free Trade Port, the company plans to invest in additional flat-top barges and new RoRo vessels, as well as explore new routes to alleviate pressure on existing services [6]. Dividend Policy - The company aims to provide stable dividend returns to shareholders while ensuring sustainable development, considering profitability, cash flow, future investments, and shareholder expectations [7][8]. Opportunities from Hainan Free Trade Port - The implementation of favorable tax policies is expected to lower operational costs and attract more investors, enhancing passenger and vehicle traffic [9]. - Improved infrastructure, such as the completion of the circular island tourism road, is anticipated to boost the company's core business [9]. Future Developments in Tourism - The company operates the Sanya to Xisha tourism route, offering a four-day, three-night experience with various activities [11]. - Plans to transition from traditional transport vessels to cruise-style experiences are underway, focusing on enhancing service quality and diversifying tourism offerings [12]. Stakeholder Engagement - The company maintains transparency regarding potential asset integration plans, committing to comply with legal disclosure requirements [10]. Conclusion - The company is positioned to leverage growth opportunities while addressing operational challenges through strategic investments and innovative service offerings.

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, with a notable drop in the third quarter, while also planning to acquire a 100% stake in a liquefied gas transportation company to enhance operational efficiency and resource allocation [1][5]. Financial Performance - Revenue for the first three quarters was 17.11 billion yuan, down 2.5% year-on-year; Q3 revenue was 5.47 billion yuan, also down 2.5% year-on-year and 7.2% quarter-on-quarter [1]. - Net profit attributable to shareholders for the first three quarters was 2.72 billion yuan, a decrease of 21.2% year-on-year; Q3 net profit was 850 million yuan, up 4.4% year-on-year but down 26.5% quarter-on-quarter [1]. - Non-recurring gains and losses in Q3 amounted to approximately 140 million yuan, primarily from the disposal of a non-current asset [1]. Business Segments - Domestic oil transportation revenue in Q3 was 1.36 billion yuan, down 7.1% year-on-year; gross margin was 26.5%, with a gross profit of 360 million yuan, down 15.1% year-on-year [2]. - LNG transportation revenue in Q3 was 620 million yuan, down 3.7% year-on-year; gross margin was 51.2%, with a gross profit of 320 million yuan, up 2.7% year-on-year [2]. - Foreign trade oil transportation revenue in Q3 was 3.31 billion yuan, down 1.7% year-on-year; gross margin was 14.9%, with a gross profit of 490 million yuan, down 19.3% year-on-year [2]. Market Dynamics - The oil transportation market experienced fluctuations in pricing, with VLCC rates rising unexpectedly from September due to increased demand from Atlantic exports and OPEC+ production [3][4]. - The average TCE index for VLCC, Suezmax, Aframax, and clean product tankers showed mixed trends, with VLCC rates increasing by 30% year-on-year [3][4]. Future Outlook - The company maintains a positive outlook for the VLCC market, driven by sustainable demand from increased production and sanctions affecting non-compliant trade [4]. - Profit forecasts for 2025-2027 are projected at 5.04 billion, 6.26 billion, and 7.13 billion yuan, with corresponding PE ratios of approximately 15, 12, and 10 [5].

Core Insights - Bohai Ferry (603167.SH) reported a revenue of 1.428 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 1.07% [1] - The company's net profit attributable to shareholders reached 272 million yuan, an increase of 5.68% year-on-year [1] - The non-recurring net profit was 197 million yuan, showing a year-on-year growth of 2.75% [1] - Basic earnings per share stood at 0.58 yuan [1]

Core Viewpoint - The launch and naming of the "Gezhouba" pure electric bulk carrier marks a significant advancement in China's green and intelligent inland shipping development, showcasing breakthroughs in electric power and smart technology applications [1] Group 1: Vessel Specifications - The "Gezhouba" vessel is nearly 130 meters long and has a maximum carrying capacity of over 13,000 tons [1] - It is equipped with 12 lithium battery boxes, providing a total power capacity of 24,000 kilowatt-hours, enabling quick battery replacement and a range of up to 500 kilometers [1] Group 2: Technological Innovations - The vessel features an advanced intelligent control system that integrates multi-link network communication [1] - It supports remote control and automatic docking functions, successfully validating core technologies such as large-capacity batteries and distributed DC comprehensive power systems [1] Group 3: Environmental Impact - Once operational, the "Gezhouba" is expected to replace approximately 617 tons of fuel annually, leading to a reduction of 2,052 tons of carbon dioxide emissions [1]

Core Insights - The Ministry of Finance, General Administration of Customs, and State Taxation Administration jointly announced adjustments to the duty-free shopping policy for travelers in Hainan, effective from November 1 [1] - As of October 16, financing net purchases exceeding 50 million yuan were recorded for 10 local Hainan stocks, with Haixia Co., Zhongtung High-tech, and Intercontinental Oil & Gas leading the list [1] - Institutions predict that nine local Hainan stocks will see improved net profits for the full year of 2025, with Hainan Rubber, Hainan Airport, Jinpan Technology, and Haixia Co. showing the highest profit growth rates [1] Financing and Stock Performance - Ten local Hainan stocks had net financing purchases over 50 million yuan since the second half of the year, with the top three being Haixia Co. (304 million yuan), Zhongtung High-tech (294 million yuan), and Intercontinental Oil & Gas (235 million yuan) [1] - Other notable stocks with net financing purchases above 100 million yuan include Guangsheng Nonferrous, Haima Automobile, HNA Holding, and Hainan Airport [1] Profit Forecasts for 2025 - Institutions forecast significant profit growth for several Hainan stocks in 2025, with Hainan Rubber expected to increase net profit by 96.83%, followed by Hainan Airport (46.13%), Jinpan Technology (33.45%), and Haixia Co. (24.18%) [2] - HNA Holding and Guangsheng Nonferrous are expected to turn losses into profits for the full year [1][2]