Fixed Income - The number of new industrial bond issuers has significantly increased, with 133 new issuers in 2024 and 191 from January 1 to August 26, 2025 [2][8] - New issuers are primarily concentrated in lower administrative levels, with over half rated AA+, and the majority located in economically strong provinces like Shandong, Jiangsu, Guangdong, and Zhejiang [9][10] - Investment strategy suggests focusing on newly issued bonds from industries with better economic conditions, such as social services, and considering city investment subsidiaries due to their relatively controllable credit risks [10] Overseas/Education Research - Market sentiment around interest rate cuts remains volatile, with short to medium-term bond yields declining while 30-year Treasury yields are rising, indicating investor concerns about long-term risks [16] - The weak dollar has contributed to the rise in precious metals, with gold nearing new highs [16] Automotive Industry - In high-income markets, the willingness to pay for Robotaxi services is stronger than for traditional ride-hailing services, with Waymo users prioritizing safety over price [19] - Domestic markets may still view Robotaxi as a substitute for traditional taxis, while international markets see it as a premium service [19] - The technology for Robotaxi is converging with passenger vehicles, and significant attention is on Tesla's upcoming V14 version and its public deployment [19] Transportation - The company achieved revenue of 84.68 billion yuan in H1 2025, a 6.19% increase year-on-year, with container business volume and pricing supporting performance [22] - The company is expanding its global port network and enhancing competitiveness in domestic container business [22] Machinery/Construction - The company reported a revenue of 7.75 billion yuan in H1 2025, a 19.99% increase year-on-year, with a notable Q2 growth due to project completions [25] - The gross margin improved to 27.40%, and the company is actively repurchasing shares, reflecting confidence in future business development [26][27] Pharmaceuticals - The company achieved a revenue of 19.49 billion yuan in H1 2025, with a 1.11% year-on-year increase, driven by steady growth in its hemorrhoid treatment products [38] - The company is focusing on optimizing its distribution network and enhancing brand marketing to support growth in its healthcare segment [39] Electronic Industry - The company reported a revenue of 52.18 billion yuan in H1 2025, a 9.62% increase year-on-year, with high utilization rates in Q2 [5] - The product matrix is expanding, particularly in automotive electronics and AI servers, contributing to overall growth [5]

Core Viewpoint - Hong Kong's port cargo throughput in Q2 2025 experienced a year-on-year decline of 7.5%, totaling 42.4 million tons, indicating a downward trend in port activities [1] Group 1: Port Cargo Throughput - In Q2 2025, the total port cargo throughput was 42.4 million tons, with inbound and outbound cargo decreasing by 11.7% and 0.4% respectively, amounting to 25.3 million tons and 17.1 million tons [1] - For the first half of 2025, the total port cargo throughput decreased by 5.7% year-on-year, reaching 83.5 million tons, with inbound cargo down by 11.3% to 49.8 million tons, while outbound cargo increased by 3.8% to 33.8 million tons [1] Group 2: Major Trading Partners - Among the major loading countries/regions for inbound cargo, Singapore saw a significant increase of 31.8%, while Indonesia, South Korea, Malaysia, Japan, Thailand, Vietnam, and Chile experienced declines of 39.9%, 28.5%, 26.9%, 25.5%, 24.4%, 22.8% respectively [1] - For outbound cargo, Australia recorded a notable increase of 25.9%, while the United States, Philippines, Vietnam, Thailand, and Japan saw declines of 45.1%, 28.9%, 28.6%, 19.9%, and 13.5% respectively [1] Group 3: Cargo Types - Inbound cargo with significant year-on-year changes included "metal ores and metal waste" increasing by 28.7%, while "artificial resins and plastics" decreased by 18.6%, and "stones, sand, and gravel" fell by 30.4% [2] - Outbound cargo with notable changes included "stones, sand, and gravel" increasing by 23.5%, and "metal ores and metal waste" rising by 19.9%, while "pulp and waste paper" and "artificial resins and plastics" decreased by 10.3% and 18.4% respectively [2] Group 4: Vessel Traffic - In Q2 2025, the number of inbound ocean-going vessels increased by 7.3% to 4,900 vessels, with total capacity rising by 4.5% to 74 million net tons [2] - Conversely, the number of inbound river vessels decreased by 3.6% to 20,094 vessels, although total capacity increased by 11.6% to 2.36 million net tons [2] Group 5: Container Handling - Hong Kong's port handled 3.2 million standard container units in Q2 2025, reflecting a year-on-year decline of 7.0%, with loaded and empty containers decreasing by 5.7% and 12.1% respectively, totaling 2.58 million and 630,000 standard container units [2]

Overview - The shipping and port industry in China has shown a stable performance in terms of throughput and trade volume for the first seven months of 2025, with notable growth in container throughput and fluctuations in oil and dry bulk shipping rates [1][2][4][6][7]. Container Shipping - Container throughput at major coastal ports reached 17.871 million TEUs from January to July 2025, marking a year-on-year increase of 6.5% [5]. - Major ports such as Qingdao, Shanghai, Ningbo-Zhoushan, and Shenzhen experienced growth rates of 7.8%, 4.4%, 9.4%, and 8.8% respectively, contributing to 10.77%, 17.73%, 13.78%, and 11.39% of the total throughput [5]. Trade Volume - The total import and export volume for the same period was 25.7 trillion yuan, reflecting a year-on-year growth of 3.5%, with exports growing by 7.3% to 15.3 trillion yuan, while imports fell by 1.6% to 10.39 trillion yuan [2]. - The import growth rates for electromechanical products and high-tech products were 5.8% and 10.7%, while agricultural products saw a decline of 6.9% [2]. Oil and Bulk Shipping - The oil shipping freight index (BDTI) increased by 18.62% year-on-year, indicating a rise in shipping costs [6]. - However, the crude oil throughput at major receiving ports decreased by 4.34% year-on-year, totaling 22.9 million tons from January to July 2025 [6]. - Dry bulk shipping rates showed an increase, with the Baltic Dry Index (BDI) rising by 11.63% year-on-year [7]. Investment Outlook - The overall performance of throughput remains stable, leading to a "positive" outlook for the shipping and port sector [8].

（文章来源：证券日报） 证券日报网讯 9月2日晚间，海峡股份发布公告称，公司第八届监事会第十次临时会议审议通过了《关 于取消监事会的议案》《关于购买公司董事及高级管理人员责任保险的议案》。 ...

Core Viewpoint - The company, Haixia Co., announced that it will hold its sixth extraordinary general meeting of shareholders on September 18, 2025, to review multiple proposals, including the motion to abolish the supervisory board [2] Group 1 - The extraordinary general meeting is scheduled for September 18, 2025 [2] - The agenda includes the proposal to cancel the supervisory board [2]

Meeting Information - The company will hold its first extraordinary general meeting of shareholders for the year 2025 on September 12, 2025, at 15:00 [1] - Shareholders can participate in the meeting either in person or through online voting, with online voting available from 9:15 to 15:00 on the same day [1][2] Attendance and Voting - All shareholders registered with China Securities Depository and Clearing Co., Ltd. as of September 9, 2025, have the right to attend the meeting and can appoint a proxy to vote on their behalf [2] - The meeting will include directors, supervisors, senior management, and other necessary personnel as required by law [2] Agenda Items - The meeting will discuss several proposals, including the issuance of shares and cash for asset acquisition and related fundraising [3][4] - Specific proposals include details on asset pricing, payment methods, and the issuance of shares, among others [4][5] Voting Procedures - Voting will be conducted through a combination of on-site and online methods, with shareholders required to choose one method to avoid duplicate votes [1][6] - Proposals requiring special resolutions must receive approval from at least two-thirds of the voting rights held by attending shareholders [5][6] Registration and Contact Information - Shareholders must register for the meeting with appropriate identification and documentation [6][7] - Contact information for inquiries includes a phone number and email address for the company [7]

Group 1 - The company Guangzhou Port (601228.SH) expects to achieve a container throughput of 2.319 million TEUs in August 2025, representing a year-on-year growth of 1.2% [1] - The company anticipates a total cargo throughput of 49.878 million tons in August 2025, with a year-on-year increase of 2.0% [1] - For the period from January to August 2025, the company projects a container throughput of 18.037 million TEUs, reflecting a year-on-year growth of 7.5% [1] Group 2 - The expected total cargo throughput from January to August 2025 is 385.870 million tons, indicating a year-on-year growth of 2.5% [1]

Report Information - Report Title: Key Container Ports and Key Hub Monitoring 20250902 [1] - Researcher: Lan Xi from the Black and Shipping Department of Orient Securities Derivatives Research Institute [1] - Qualification Numbers: F03086543 (从业资格号), Z0016590 (投资咨询号) [1] Core Viewpoints - Asian ports: Congestion in Chinese ports has improved compared to the previous period, but ship turnover time remains high. There are signs of a continued rebound in congestion at Port Klang, and its persistence should be monitored. [2] - European ports: Issues such as summer holidays, labor shortages, German railway construction, and low Rhine water levels are still intensifying, leading to a continuous increase in pressure on European ports. Recently, congestion at the Port of Rotterdam has been deteriorating, while congestion at the Port of Hamburg has slightly declined from its peak. [2] - North American ports: The operational status of North American ports is good. [2] Data Highlights Asian Ports - **Ship Waiting and Berthing Times**: In Yangshan Port, the weekly average waiting time/berthing time for ocean - going container ships is 13.1 hours/25.0 hours, with 23/26 ships at anchor/berthed. In Ningbo Port, it is 15.8 hours/28.0 hours, with 31/38 ships at anchor/berthed. In Qingdao, it is 14.9 hours/73.7 hours. In Singapore Port, it is 4.9 hours/30.2 hours, with 7/47 ships at anchor/berthed. In Port Klang, it is 27.3 hours/27.7 hours, with 14/22 ships at anchor/berthed. [2] - **Ship Turnover Time**: The average turnover time in Yangshan is about 1.9 days, about 1.7 days in Ningbo Port, and about 1.3 days in Yantian Port. The average time in port for ships in Singapore is 1.4 days and 2.2 days in Port Klang. [2] - **In - Port Duration**: The latest in - port duration in Yangshan is 36.3 hours (month - on - month change: - 4.3 hours, year - on - year change: 7.4 hours). In Ningbo, it is 40.1 hours (- 14.8 hours, - 4.6 hours). In Singapore, it is 33.7 hours (- 0.3 hours, 2.0 hours). In Port Klang, it is 52.4 hours (20.6 hours, 19.7 hours). [6] European Ports - **Ship Waiting and Berthing Times**: In Rotterdam, Antwerp, Hamburg, and Bremen, the weekly average waiting time/berthing time for ocean - going container ships are 20.2 hours/43.7 hours, 4.1 hours/39.7 hours, 27.3 hours/46.2 hours, 5.3 hours/32.6 hours respectively. In Valencia, it is 14.6 hours/40.0 hours. [2] - **In - Port Duration**: The average in - port duration in Antwerp is about 2.2 days, 2.8 days in Rotterdam, 2.8 days in Hamburg, and 1.6 days in Bremen. The latest in - port duration in Rotterdam is 66.1 hours (month - on - month change: 8.2 hours, year - on - year change: 0.7 hours), 68.3 hours in Hamburg (- 5.7 hours, - 0.4 hours). [2][6] North American Ports - **Ship Waiting and Berthing Times**: In Long Beach, Los Angeles, and Tacoma, the weekly average waiting time/berthing time for ocean - going container ships are 0 hours/115.3 hours, 0 hours/106.0 hours, 0 hours/72.1 hours respectively. In New York, Savannah, and Norfolk, it is 1.6 hours/39.3 hours, 20.1 hours/34.1 hours, 10.7 hours/22.3 hours respectively. In Houston Port, it is 9.2 hours/52.7 hours. [2] - **In - Port Duration**: The latest in - port duration in Long Beach is 113.7 hours (month - on - month change: - 5.8 hours, year - on - year change: 12.6 hours), 117.0 hours in Los Angeles (1.5 hours, - 12.1 hours), 41.0 hours in New York (- 8.5 hours, - 15.0 hours), 53.0 hours in Savannah (- 6.0 hours, - 18.5 hours). [2][6] Large - Ship Arrival and Key Hub Monitoring - **Large - Container Ship Arrivals**: Data on the arrival of large - container ships at Yangshan Port, Ningbo Port, and Singapore Port are presented, including the number of ships in different tonnage ranges (1.2 - 1.7w and 1.7w+). [49] - **Alliance Ship Arrivals**: Information on the arrival of 1.2w+ container ships of different alliances (Gemini, OA, PA + MSC) in Asia, Northwest Europe, and the Mediterranean is provided. [49][52][55] - **Canal and Cape Passage**: Data on the passage of container ships through the Cape of Good Hope, Suez Canal, and Panama Canal are shown, including the number of arriving ships and container throughput. [55]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to market benchmarks [4]. Core Insights - The company experienced a revenue decline of 15.38% year-on-year in the first half of 2025, totaling 2.248 billion yuan, primarily due to the exclusion of Zhuhai Coca-Cola from consolidation and a reduction in logistics trade business [1]. - The port and logistics segment focused on enhancing core business efficiency, resulting in improved profit margins despite a decrease in revenue. The port segment's revenue was 377 million yuan, down 3.95%, with a gross margin of 46.52%. The logistics segment saw a revenue drop of 42.51% to 227 million yuan, but its gross margin increased by 10.04 percentage points to 21.22% [1]. - The company is actively expanding its external market presence, particularly in the Yangtze-Xijiang port logistics cluster, achieving a total cargo throughput of 26.97 million tons in the first half of the year, a year-on-year increase of 5.33% [2]. - The renewable energy business showed steady growth, with the power segment's eight wind farms generating 428 million kWh, a 25.48% increase year-on-year. However, operational profit from the wind segment decreased by 16.05% to 39.51 million yuan due to lower comprehensive electricity prices [3]. - The company's total revenue from renewable energy reached 1.25 billion yuan, a 4.82% increase year-on-year, with a slight decline in gross margin to 27.25% [3]. Financial Performance Summary - The company forecasts net profits of 318 million yuan, 352 million yuan, and 396 million yuan for 2025, 2026, and 2027 respectively, with earnings per share (EPS) projected at 0.28 yuan, 0.32 yuan, and 0.37 yuan [4]. - The company is enhancing its port and logistics supply chain system, which is expected to improve competitiveness and risk resilience. The renewable energy segment is anticipated to continue contributing positively to profits [4]. - The financial projections indicate a revenue growth rate of 3.30% in 2025, followed by 4.77% in 2026 and 7.12% in 2027 [9].

Core Viewpoint - The opening of the new RCEP shipping route from Beibu Gulf Port to Vietnam and Singapore enhances cross-border logistics efficiency and reduces costs for regional foreign trade enterprises [1][3]. Group 1: Shipping Route Details - The new shipping route is operated by Ocean Network Express (ONE) and connects Guangxi Qinzhou Port, Vietnam's Haiphong Port, Cai Mep Port, and Singapore, with a weekly service [3]. - Main export goods include white cardboard, auto parts, glass, and plywood, while imports consist of zinc oxide, frozen seafood, and rapeseed meal [3]. Group 2: Logistics Efficiency - The route significantly improves logistics efficiency by connecting with Vietnam's ports and facilitating rapid cargo transfer from the western region of China to Singapore, which can then reach markets in India, Europe, and the U.S. [3]. - The sea-rail intermodal transport mode reduces carbon emissions by approximately 30% compared to traditional road transport and improves customs clearance efficiency by 10% to 20% [3]. Group 3: Future Developments - The company plans to deepen strategic cooperation with shipping enterprises, optimize route layouts and service quality, and enhance the comprehensive logistics system, aiming for a seamless integration of the western land-sea new corridor with ASEAN supply chains [4].