ST锦港自1999年06月09日上市至今，已迎来26周年。从上市首日收盘价为9.07元、市值57.23亿元，到如今市值达到18.22亿元，ST锦港的成长轨迹充满波 折，更是经历了从辉煌到困顿的巨大转变，但从最近几年公司经营表现来看，业绩持续恶化，面临严峻挑战。 ST锦港的主营业务包括港务管理、港口装卸、水运辅助业、公路运输、物资仓储等。其核心产品主要分为劳务和服务、其他等，从产品收入结构来看，劳 务和服务占比最高，达到93.62%，其次是其他，占比1.83%。 ST锦港上市的1999年，当年实现归母净利润1.47亿元，截至最新完整财年的2024年，公司实现-65.67亿元的归母净利润，累计利润增长了-4559.12%。这26个 年间，ST锦港有2年出现亏损，归母净利润增长的年份达到12年，占比高达48.0%。从最近年份的ST锦港财报来看，公司经营状况急剧恶化。 2015年06月02日，ST锦港的市值巅峰达到236.47亿元，股价也顺应升至11.81元。而至2025年05月29日收盘，ST锦港的股价为0.91元，市值为18.22亿元，相 比峰值时期市值减少218.25亿元，市值蒸发了92.29%。 利润角度分析 ...

受美国政府关税政策影响，美国最大、最繁忙的集装箱港口洛杉矶港货运量及港口业务持续呈现下降和疲软态势。 据美国《洛杉矶时报》当地时间7日报道，洛杉矶港执行董事吉恩·塞罗卡表示，过去两周，参与该港口运营的近一半的码头工人没活可 干。他还表示，该港口5月的货运量比预期减少了25%。 洛杉矶港执行董事吉恩·塞罗卡告诉《洛杉矶时报》，这些码头工人并没有被裁员，但他们的工作机会不像以前那么多。塞罗卡表示，自 美国关税政策出台以来，特别是在5月份，确实看到了工作量的下降。 《洛杉矶时报》报道称，美国政府的关税政策极大地抑制了运往美国的货物，导致洛杉矶港和长滩港的货运量下降。作为美国的两大港 口，它们为数千名码头工人、重型设备操作员以及卡车司机提供了工作岗位。但随着美国关税政策对全球贸易带来的冲击，近期港口工 作正急剧减少。 1100至1400个。 塞罗卡将工作量的减少归因于港口货运量的下降。塞罗卡还指出，目前预测的6月份数据也远低于传统预期。 港口货运量下降波及洛杉矶物流经济 《洛杉矶时报》还报道称，货运量的下降对洛杉矶的物流经济产生了更广泛的连锁反应。报道援引一份2023年发布的报告称，洛杉矶港 和长滩港为当地服务供应商 ...

受美国政府关税政策影响，美国最大、最繁忙的集装箱港口洛杉矶港货运量及港口业务持续呈现下降和 疲软态势。据美国《洛杉矶时报》当地时间7日报道，洛杉矶港执行董事吉恩.塞罗卡表示，过去两周， 参与该港口运营的近一半的码头工人没活可干。他还表示，该港口5月的货运量比预期减少了25%。洛 杉矶港执行董事吉恩.塞罗卡告诉《洛杉矶时报》，这些码头工人并没有被裁员，但他们的工作机会不 像以前那么多。塞罗卡表示，自美国关税政策出台以来，特别是在5月份，确实看到了工作量的下降。 (央视新闻) ...

Core Insights - The global trade industry is facing multiple shocks due to ongoing changes in international trade policies, including increased tariffs from the U.S. and shifts in trade dynamics with various regions [2][3][4] Group 1: Port Responses - Guangzhou Port, with over 80% of its container routes linked to Belt and Road Initiative countries, is maintaining a calm and orderly atmosphere despite the challenges, with a reported container throughput of 8.85 million TEUs from January to April, a year-on-year increase of 8% [3][4] - Ningbo-Zhoushan Port is experiencing a more vibrant activity level, with truck drivers reporting a recovery in transport volume since May, moving from 15-16 trips a month in April to 5-6 trips a week [5][6] - The container throughput at Ningbo-Zhoushan Port reached 13.57 million TEUs in the first four months, reflecting a 9.9% year-on-year growth, with emerging markets showing over 20% growth [3][9] Group 2: Market Dynamics - The trade landscape is shifting, with a notable increase in exports to Southeast Asia and Central Asia, while exports to the U.S. are expected to recover due to recent tariff adjustments [9][10] - The logistics sector is adapting to increased uncertainty in international trade, with companies diversifying their service offerings and seeking alternative supply sources to mitigate risks [14][15] - The automotive export market is seeing significant growth, particularly in electric vehicles, with a reported 130% year-on-year increase in exports, while imports from the U.S. have sharply declined [12][14]

Group 1 - The port and shipping sector has seen a significant rise, with HNA Technology (600751) hitting the daily limit up, indicating strong investor interest [1] - Chongqing Port (600279) has increased by over 6%, reflecting positive market sentiment towards port stocks [1] - Other companies such as Nanjing Port (002040), Xiamen Port Authority (000905), and Phoenix Shipping (000520) have also experienced upward movement, suggesting a broader trend in the industry [1] Group 2 - There is a notable influx of dark pool funds into these stocks, indicating increased trading activity and potential investment interest [1]

Core Insights - Wuhan Yangluo Port has achieved a record international direct shipping cargo volume of 108,100 tons from January to May 2023, surpassing the total volume of 100,500 tons for the entire year of 2018, marking the highest annual cargo volume in nearly a decade [1][5] Group 1: International Shipping Routes - A total of five international direct shipping routes have been opened, with the Panama-flagged vessel "Kangshun 99" successfully docking at Wuhan Yangluo Port, transporting 7,968 tons of key raw materials from Indonesia to the leading enterprise in Hubei, Greeenme [2] - The newly established "Indonesia Labota Port - Wuhan Yangluo Port" direct shipping route has significantly reduced transportation time by 7 to 10 days by eliminating the need for transshipment at external ports [2] - The "nickel fast line" tailored for Greeenme's Indonesian park has completed 34 transport trips this year, with a total import and export cargo throughput of 94,800 tons [2] Group 2: Economic Impact and Efficiency - The opening of the direct shipping route has led to a significant reduction in logistics costs for Greeenme, with the company expecting the value of goods transported via this route to exceed $1 billion this year [2] - The "direct docking" initiative at Yangluo Port has improved operational efficiency by allowing foreign vessels to dock directly, reducing the waiting time at anchor and streamlining customs inspections [4][5] - The first trial of the "direct docking" by the Panama-flagged vessel "LAN NING 19" took only 20 minutes, setting a record for the shortest docking time at Yangluo Port, saving approximately 30,000 yuan per vessel in costs [5]

Group 1 - The launch of international cargo transportation from the Xikou Port in Tongjiang officially began with the first voyage of two cargo ships to Khabarovsk, Russia, marking a significant milestone for cross-border trade [1] - The first shipment consisted of over 1,130 tons of goods valued at 20 million yuan, including stone materials, elevator parts, and color-coated steel coils, which will meet market demands in Russia and support domestic companies in expanding overseas [1] - The company plans to achieve an annual transport volume of 200,000 tons by 2025, focusing on cement exports and imports of organic fertilizers and copper concentrate [1] Group 2 - The Tongjiang Entry-Exit Border Inspection Station has implemented strict inspection processes to ensure the safe and efficient passage of cargo ships, contributing to the economic development of the port [2] - Future efforts will focus on deepening reforms, optimizing customs services, and enhancing the role of border inspection in promoting high-level openness and quality development of the port [2]

Group 1 - WanTai Biologics' nine-valent HPV vaccine has been approved for market launch, targeting women aged 9-45, enhancing the company's product line and core competitiveness [3] - Hainan Huatie is planning to issue shares overseas and list on the Singapore Exchange to advance its international strategy and enhance brand influence [4] - HeXing Co. clarified that it is not involved in "unmanned logistics vehicles" or "autonomous driving" businesses, despite market speculation [5] Group 2 - Maiwei Co. intends to invest 100 million yuan in a fund focused on growth-stage companies in the new energy and semiconductor sectors [6] - SuKun Agricultural Development plans to acquire 28.75% of JinTaiSun Grain and Oil for 178 million yuan, increasing its stake to 80% [7] - CITIC Construction Investment has received approval to issue up to 8 billion yuan in technology innovation corporate bonds to professional investors [8] Group 3 - Beibu Gulf Port reported a cargo throughput of 30.86 million tons in May, a year-on-year increase of 6.43%, with a cumulative throughput of 143 million tons for the year, up 12.96% [10] - Kweichow Moutai has repurchased 3.31 million shares for a total expenditure of 5.1 billion yuan by the end of May [12] - Contemporary Amperex Technology has repurchased 6.64 million A-shares for a total of 1.55 billion yuan by May 31 [13] - Jialong Co. has adjusted its share repurchase price ceiling from 2.20 yuan to 3.50 yuan due to recent stock price increases [14] Group 4 - China Electric Power Construction's subsidiary has won a 6.282 billion yuan energy storage project contract [16] - Xili Technology has been awarded a 1.31 billion yuan project by the State Grid for smart energy meters [17]

Core Points - The Guangdong Province has officially announced the "Regulations on Promoting High-Quality Development of the Marine Economy," which will take effect on July 1, 2025, aimed at addressing prominent issues in marine economic development and enhancing institutional support [1][2] Group 1: Legislative Overview - The regulation consists of seven chapters and fifty-three articles, focusing on five key areas: industrial development, technological innovation, green development, open cooperation, and service guarantees [1] - The marine production value of Guangdong Province reached 20,022.5 billion yuan in 2024, accounting for 14.1% of the regional GDP, marking the province's marine economy as the largest in the country for 30 consecutive years [1] Group 2: Industrial Development - The second chapter of the regulation highlights various marine industries, including marine electronic equipment, marine engineering equipment manufacturing, marine pharmaceuticals, offshore wind power, and modern fisheries [2] - Specific provisions encourage breakthroughs in key technologies for marine engineering equipment and support the development of new marine equipment such as submersibles and underwater robots [2] Group 3: Data and Resource Management - The regulation mandates the establishment of a marine data space and emphasizes the efficient flow of marine data elements through improved data sharing and management [3] - It also requires the government to promote layered rights management of marine areas to optimize the use of marine spatial resources [3] Group 4: Implementation and Support - The Guangdong Provincial Development and Reform Commission is designated as the main authority for overseeing the marine economy, tasked with developing related policy documents and planning for the "14th Five-Year Plan" [4] - The Natural Resources Department will lead the comprehensive implementation of the regulation, focusing on coastal planning and enhancing market-oriented allocation of marine resources [4]

Report Title - Focus Container Port and Key Hub Monitoring 20250604 [1] Data Review Asia Ports - Yangshan Port: The weekly average waiting time/berthing time of ocean - going container ships is 24.1 hours/23.8 hours, with 28/29 ships at anchor/berthed; congestion has worsened compared to the previous period [2]. - Ningbo Port: The weekly average waiting time/berthing time of ocean - going container ships is 12.6 hours/26.0 hours, with 14/33 ships at anchor/berthed; domestic main ports' congestion has worsened, and the average ship stay in port has increased [2]. - Singapore Port: The weekly average waiting time/berthing time of ocean - going container ships is 4.0 hours/29.2 hours, with 6/46 ships at anchor/berthed [2]. - Port Klang: The weekly average waiting time/berthing time of ocean - going container ships is 34.4 hours/27.9 hours, with 14/25 ships at anchor/berthed; it continues to operate under overload, and congestion has worsened, with the average ship stay in port extended to 3 days [2]. Europe Ports - Rotterdam, Antwerp, Hamburg, Bremen: The weekly average waiting time/berthing time of ocean - going container ships are 12.4 hours/42.2 hours, 25.3 hours/45.1 hours, 10.9 hours/38.7 hours, 6.2 hours/37.0 hours respectively; intermittent strikes, cargo backlogs, and labor shortages cause congestion and common schedule delays [2]. - Valencia: The weekly average waiting time/berthing time of ocean - going container ships is 0.6 hours/37.6 hours, with 2/10 ships at anchor/berthed [2]. North America Ports - Long Beach, Los Angeles, Tacoma: The weekly average waiting time/berthing time of ocean - going container ships are 0 hours/77.2 hours, 1.2 hours/84.6 hours, 0 hours/113.4 hours respectively; operations are in good condition, but attention should be paid to potential congestion when more goods arrive [2]. - New York, Savannah, Norfolk: The weekly average waiting time/berthing time of ocean - going container ships are 0 hours/38.9 hours, 18.5 hours/35.3 hours, 2.2 hours/22.5 hours respectively [2]. - Houston Port: The weekly average waiting time/berthing time of ocean - going container ships is 5.0 hours/49.6 hours [2]. Port Stay Duration Summary - Yangshan: The latest stay is 48.3 hours, with a monthly increase of 5.8 hours and a yearly increase of 15.4 hours [6]. - Ningbo: The latest stay is 38.8 hours, with a monthly decrease of 3.2 hours and a yearly increase of 4.2 hours [6]. - Singapore: The latest stay is 33.2 hours, with a monthly increase of 2.0 hours and a yearly decrease of 8.6 hours [6]. - Port Klang: The latest stay is 61.6 hours, with a monthly increase of 11.6 hours and a yearly increase of 5.0 hours [6]. - Busan: The latest stay is 35.1 hours, with a monthly increase of 1.2 hours and a yearly increase of 5.7 hours [6]. - Rotterdam: The latest stay is 51.4 hours, with a monthly decrease of 6.9 hours and a yearly decrease of 7.0 hours [6]. - Hamburg: The latest stay is 51.7 hours, with a monthly decrease of 24.5 hours and a yearly decrease of 20.5 hours [6]. - Felixstowe: The latest stay is 88.0 hours, with a monthly increase of 19.2 hours and a yearly increase of 31.6 hours [6]. - Valencia: The latest stay is 34.5 hours, with a monthly decrease of 8.7 hours and a yearly decrease of 1.1 hours [6]. - Piraeus: The latest stay is 60.9 hours, with a monthly decrease of 0.6 hours and a yearly increase of 39.2 hours [6]. - Long Beach: The latest stay is 87.2 hours, with a monthly decrease of 7.9 hours and a yearly decrease of 19.5 hours [6]. - Los Angeles: The latest stay is 88.2 hours, with a monthly decrease of 14.8 hours and a yearly decrease of 14.9 hours [6]. - New York: The latest stay is 38.9 hours, with a monthly decrease of 7.8 hours and a yearly decrease of 9.5 hours [6]. - Savannah: The latest stay is 53.1 hours, with a monthly decrease of 2.9 hours and a yearly decrease of 21.3 hours [6]. - Santos: The latest stay is 52.8 hours, with a monthly increase of 13.6 hours and a yearly decrease of 3.1 hours [6]. Key Insights - Asian ports, especially some in China and Southeast Asia, are facing increasing congestion, and with the release of pre - export orders and the arrival of the shipping peak season, port pressure will continue to rise [2]. - European ports, affected by issues such as strikes and labor shortages, still have congestion problems and widespread schedule delays [2]. - North American ports are currently operating well, but there is a need to watch out for potential congestion when more goods arrive [2].