Core Insights - Guangzhou Port's foreign trade cargo throughput reached 179 million tons from January to November 2025, marking a year-on-year increase of 10.72% - The foreign trade container throughput was 13.04 million TEUs, reflecting a year-on-year growth of 19.23% - The port is expected to achieve an annual cargo throughput of 695 million tons and a container throughput of 27.5 million TEUs, maintaining its position among the top six global ports Group 1: Performance Metrics - The foreign trade container share of Guangzhou Port surpassed 50% for the first time, indicating a structural shift from being primarily a domestic trade port to a dual circulation hub [1] - The fully automated terminal in Nansha Port Area Phase IV operates 158 unmanned guided vehicles, reducing vessel stay time in port to 0.87 days, achieving globally leading efficiency metrics [1] - The "Bay Area One Port Pass" initiative covers 23 inland river ports in the Greater Bay Area, facilitating a single declaration and full-process customs clearance [1] Group 2: Connectivity and Logistics - Guangzhou Port has opened 182 foreign trade shipping routes, connecting to over 400 global ports, thus forming a comprehensive global shipping network [1] - A multi-modal transport system supports domestic circulation, with 73 shuttle barge routes and 39 sea-rail intermodal trains establishing a three-dimensional logistics channel [1] - The annual sea-rail intermodal volume is expected to exceed 700,000 TEUs, representing a year-on-year increase of 15.7% [1]

Core Insights - Xiamen Port Authority's stock increased by 1.95% on December 15, with a trading volume of 2.14 billion yuan, indicating strong market interest [1] - The company reported a net financing purchase of 33.80 million yuan on the same day, with a total financing and securities balance of 520 million yuan, reflecting a high level of trading activity [1] Financing Overview - On December 15, Xiamen Port Authority had a financing purchase of 247 million yuan, with a current financing balance of 518 million yuan, accounting for 4.94% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of leverage [1] Securities Lending Overview - On December 15, the company repaid 1,400 shares in securities lending and sold 7,200 shares, with a selling amount of 101,900 yuan based on the closing price [1] - The remaining securities lending volume was 117,400 shares, with a balance of 1.66 million yuan, also exceeding the 90th percentile of the past year [1] Company Profile - Xiamen Port Authority, established on April 21, 1999, and listed on April 29, 1999, is located in Xiamen, Fujian Province [1] - The company's main business includes handling bulk cargo at the terminal and providing related logistics services, with revenue composition as follows: 89.43% from comprehensive supply chain services, 5.65% from port support services, 4.59% from terminal handling and storage, and 0.33% from other services [1] Financial Performance - As of September 30, the number of shareholders decreased by 20.04% to 41,800, while the average circulating shares per person increased by 25.06% to 17,738 shares [2] - For the period from January to September 2025, the company reported revenue of 16.61 billion yuan, a year-on-year decrease of 7.67%, while net profit attributable to shareholders increased by 3.12% to 196 million yuan [2] Dividend Information - Xiamen Port Authority has distributed a total of 1.004 billion yuan in dividends since its A-share listing, with 240 million yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 5.931 million shares, an increase of 2.1053 million shares compared to the previous period [3]

来源：新浪证券-红岸工作室 12月16日，重庆港跌1.15%，成交额4298.40万元，换手率0.70%，总市值61.12亿元。 异动分析 航运概念+统一大市场+国企改革+一带一路+民爆概念 1、公司主营业务是港口中转运输业务和综合物流业务，公司的主要产品及服务为装卸及客货代理业 务、综合物流业务、商品贸易业务、爆破施工业务。公司港口码头通过能力强。近年来通过对港口码头 建设投资及改(扩)建,已基本形成了集装箱、件杂散货、商品车和化工等专业化码头(群),港口货物通过能 力和集装箱吞吐能力位居西南地区首位。 2、公司以港口为依托，围绕铁、公、水多式联运，坚持大客户战略，充分整合仓储、航运、铁路、公 路、口岸等物流要素资源，积极拓展贸易物流、供应链物流等业务。 3、公司属于国有企业。公司的最终控制人为重庆市国有资产监督管理委员会。 4、主营装卸及综合物流、商品销售等,重庆处在"一带一路"、长江经济带等重大发展战略的节点上,承东 启西、连接南北,是衔接和联动几大战略的重要枢纽,具有良好的互联互通基础。 该股筹码平均交易成本为5.67元，近期筹码减仓，但减仓程度减缓；目前股价靠近支撑位5.11，注意支 撑位处反弹，若 ...

Core Viewpoint - Xiamen Port Development Co., Ltd. experienced a significant drop in stock price by 8.13% on December 16, with a trading volume of 1.306 billion yuan and a turnover rate of 13.20%, leading to a total market capitalization of 9.644 billion yuan [1]. Company Overview - The company primarily engages in the handling of bulk cargo at its terminals, comprehensive logistics services, and commodity trading, making it the largest comprehensive logistics service provider in the Xiamen Port area [2]. - It possesses scarce resources such as bulk cargo terminals and a complete logistics service chain, facilitating effective intermodal logistics services [2][3]. - The company operates the largest bulk cargo handling terminal in Fujian Province and the only domestic container handling terminal in Xiamen Port, along with the largest container transport fleet in the province [3]. Business Performance - For the period from January to September 2025, the company reported a revenue of 16.612 billion yuan, a year-on-year decrease of 7.67%, while the net profit attributable to shareholders was 196 million yuan, reflecting a year-on-year increase of 3.12% [8]. - The main business revenue composition includes 89.43% from comprehensive supply chain services, 5.65% from port support services, and 4.59% from terminal handling and storage [7]. Market Position and Future Outlook - The company is strategically located in the core area of the Maritime Silk Road and has established friendly port relationships with 11 ports, including Port Klang in Malaysia and Miami Port in the USA, since the Belt and Road Initiative [3]. - The cross-border e-commerce regulatory center operated by the company has seen a significant increase in exports to Taiwan compared to the same period last year, indicating a focus on enhancing competitive cross-border e-commerce logistics channels [5]. Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders decreased by 20.04% to 41,800, while the average circulating shares per person increased by 25.06% to 17,738 shares [7]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third largest, holding 5.931 million shares, an increase of 2.1053 million shares compared to the previous period [8].

来源：新浪证券-红岸工作室 航运概念+统一大市场+天然气+一带一路+冷链物流 1、公司所从事的主要业务是集装箱和散杂货的港口装卸、堆存及船舶港口服务。公司的主要业务有港 口装卸堆存、拖轮、理货和代理业务。 集装箱和散杂货的港口装卸、堆存及船舶港口服务。 2、根据互动平台内容显示：北部湾港作为西部地区重要的出海通道和物流枢纽，推动货物"散改集"更 能有效的与腹地产业相结合，提升西部陆海新通道的受众范围，加快西部陆海新通道建设。公司开展的 资本运作主要是围绕港口主营业务，公司将坚持发展第一要务，紧扣港口生产经营中心工作，携手广大 客户、合作伙伴，持续扩大陆海双向开放，在港口建设运营、货源开拓及物流供应链服务上深化更多领 域、更深层次务实合作。 3、公司持股49%的子公司国家管网集团广西防城港天然气有限责任公司，主营液化天然气存储、销 售，注册资本27000万元。 4、根据2023年年报，公司是广西北部湾地区国有公共码头唯一运营商，运营的北部湾港是我国计划打 造的五大沿海港口群之西南沿海港口群的主力港口，市场腹地主要为广西、云南、四川、贵州、重庆等 地区，承载着国家构建面向东盟的国际大通道、打造西南中南地区开放发展 ...

Core Viewpoint - The Guangzhou Municipal Government has issued the "Beautiful Guangzhou Construction Planning Outline (2025-2035)", emphasizing the promotion of low-carbon transportation equipment and infrastructure [1] Group 1: Low-Carbon Transportation Initiatives - The plan actively promotes the application of clean energy sources such as hydrogen, natural gas, and advanced bio-liquid fuels in the transportation sector [1] - There is a strong focus on the development of new energy vehicles, particularly the electrification of public service vehicles including government cars, taxis, logistics delivery vehicles, and sanitation vehicles [1] - The initiative aims to expand the demonstration application scale of hydrogen energy for construction waste transportation vehicles [1] Group 2: Green Transformation of Shipping - The plan encourages the green and low-carbon transformation of shipping, with a focus on electric vessels for the Pearl River tourism [1] - It aims to systematically promote the application of electric vessels and prioritize the establishment of demonstration routes for electric shipping [1] - The initiative includes the green transformation and upgrading of ports, accelerating the renovation of existing ship power supply facilities, and ensuring that new, renovated, or expanded terminal projects incorporate shore power facilities [1] Group 3: Infrastructure Goals - By 2035, the goal is to achieve a 95% green construction ratio for transportation infrastructure [1]

据摩洛哥《Le360》12月14日报道，近日摩洛哥政府委员会批准了由装备与水资源部发起的草案，同意 将国家港口管理局(ANP)改组为股份制有限公司。通过改革，国家港口管理局将拥有现代化治理结构， 其董事会由独立董事组成，总经理负责运营管理。该局将继续管理除丹吉尔地中海港和纳祖尔马尔奇卡 泻湖港以外的摩洛哥所有港口。 当前，摩洛哥正积极推进港口相关改革，旨在通过基础设施现代化和优化港口管理来增强摩竞争力，同 时支持工业、能源、农业、海洋渔业和物流等关键部门发展。国家港口管理局已启动一项涉及投资、现 代化和数字化的计划，包括扩建和升级港口码头和泊位，加强装卸设备和海上安全系统，以及实现流程 数字化和简化服务。 ...

中新网贵州瓮安12月16日电 (记者瞿宏伦)一台桥式起重机16日将装有沉淀硫酸钡的集装箱吊入"航电 624"货船后起航，贵州首个自动化码头——瓮安港云中港区(简称，云中港区)正式开港。 云中港区作为贵州省重要港口之一，位于贵州省黔南布依族苗族自治州瓮安县天文镇乌江干流右岸，共 规划设计6个泊位，主要为黔中及瓮安、福泉、开阳等地的磷化工、煤电等产业集群提供运输服务。 云中港区是贵州省唯一一个具备专业化、智能化、现代化的港口，整个港区配备了2台具备"装卸高效、 自动化程度高、灵活、精准对接"等优点的先进装卸设备，分别为岸边集装箱起重机、轨道式集装箱门 式起重机。 12月16日，船舶离开瓮安港云中港区后在乌江上航行。记者瞿宏伦摄 贵州省港航集团有限公司党委书记、董事长王齐介绍，为提高装卸效率、降低运行成本，降低港口安全 风险，云中港区建立了智能调度中心，通过统一数据集成和控制，根据货运情况，发出指令，实行设备 自动对接、装卸，实现了港口装卸智能化。 王齐表示，云中港区投运后可充分发挥水运运能大、成本低、绿色低碳等比较优势，降低社会物流成 本，对于构建综合立体交通运输体系具有重要意义。(完) （文章来源：中国新闻网） ...

来源：新浪证券-红岸工作室 截至9月30日，盐田港股东户数7.18万，较上期增加10.42%；人均流通股44079股，较上期减少9.44%。 2025年1月-9月，盐田港实现营业收入6.16亿元，同比增长0.49%；归母净利润10.71亿元，同比增长 6.66%。 分红方面，盐田港A股上市后累计派现74.58亿元。近三年，累计派现20.15亿元。 机构持仓方面，截止2025年9月30日，盐田港十大流通股东中，香港中央结算有限公司位居第八大流通 股东，持股1851.72万股，为新进股东。 融资方面，盐田港当日融资买入1571.47万元。当前融资余额2.79亿元，占流通市值的1.93%，融资余额 超过近一年70%分位水平，处于较高位。 融券方面，盐田港12月15日融券偿还2700.00股，融券卖出4.25万股，按当日收盘价计算，卖出金额 19.42万元；融券余量19.70万股，融券余额90.03万元，超过近一年90%分位水平，处于高位。 资料显示，深圳市盐田港股份有限公司位于广东省深圳市盐田区盐田港海港大厦十七层至十九层，成立 日期1997年7月21日，上市日期1997年7月28日，公司主营业务涉及港口投资开发与 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. Long-term competition opportunities are expected in the e-commerce express delivery sector. Companies like SF Express and JD Logistics are likely to benefit from cyclical recovery and ongoing cost reductions, with significant potential for both performance and valuation increases [16] - In the shipping sector, oil transportation is expected to benefit from increased crude oil production and demand driven by the Federal Reserve's interest rate cuts. The market is anticipated to see significant improvement in 2026, with companies like China Merchants Energy and COSCO Shipping Energy being recommended for attention [16] - The aviation sector shows stable demand growth, with supply constraints and cost improvements expected to create a favorable environment for investment. Companies such as China Southern Airlines and Air China are suggested for early positioning [16] Summary by Sections Express Logistics - The Black Friday logistics demand in emerging markets is showing robust growth, with J&T Express in Brazil achieving record daily collection volumes, with non-platform customer orders increasing nearly 40% month-on-month [5] - The Shentong Changde Transit Center is set to process 500 million packages annually upon full operation, significantly enhancing logistics efficiency in the region [6] Aviation - The International Air Transport Association (IATA) forecasts a net profit of $41 billion for global airlines in 2026, despite ongoing supply chain bottlenecks. The net profit margin is expected to remain at 3.9% [7] - The easing of group travel visa restrictions between China and South Korea is anticipated to stimulate inbound demand [7] Shipping and Ports - The SCFI composite freight index increased by 7.8% week-on-week, indicating rising export container freight rates [10] - The BDI index for bulk shipping decreased by 8.1% week-on-week, reflecting a decline in shipping rates across various categories [11] Road and Rail - National logistics operations are running smoothly, with rail freight volume at 80.19 million tons, down 2.35% week-on-week [14] - The revenue from tolls on the Zhongyuan Expressway increased by 3.8% year-on-year, indicating stable traffic flow [15]