Core Viewpoint - Fuzhou Port has achieved a significant milestone by surpassing 100 million tons in foreign trade cargo throughput for the first time in 2025, marking an 8.8% year-on-year growth and establishing itself as a "billion-ton foreign trade port" [1] Group 1 - Fuzhou Port is a major coastal port in China and an important hub for regional comprehensive transportation [1] - The achievement reflects an enhancement in the level of openness and high-quality development of Fuzhou Port [1] - The port's comprehensive capabilities have undergone a leap forward, indicating a significant upgrade in its operational efficiency [1]

Investment Rating - The report assigns a "Buy" rating for Shenzhen International (00152) [2] Core Views - Shenzhen International is controlled by the Shenzhen State-owned Assets Supervision and Administration Commission and holds quality assets in the Greater Bay Area [8] - The logistics business serves as a solid foundation, with REITs spin-offs and logistics park upgrades opening up profit elasticity [8] - The toll road and port businesses provide stable profit contributions, with a central profit contribution of approximately HKD 1.1 billion [18] Summary by Relevant Sections 1. Control and Asset Management - Shenzhen International is a state-owned enterprise under the Shenzhen State-owned Assets Supervision and Administration Commission, focusing on urban support development and operations [13][14] 2. Logistics Business Development - The logistics business is centered around logistics parks, with an operational area of 6.71 million square meters as of H1 2025, and a compound annual growth rate of 24.07% from 2014 to 2024 [23][24] - The company has completed the REITs spin-off for five projects, contributing a total of HKD 14.2 billion to net profit as of H1 2025 [8][38] - The logistics park projects are expected to generate significant land appreciation and development profits, with projected after-tax returns of HKD 136.5 billion from the South China logistics park project [60][62] 3. Toll Road and Port Business - The toll road and port operations are managed by subsidiaries, contributing a stable profit base with a net profit of HKD 4.9 billion in H1 2025 [65] - The company holds approximately 47.3% equity in Shenzhen Expressway, which operates 16 toll road projects with a total toll mileage of 613 kilometers [66] 4. Financial Projections - The company is projected to achieve revenues of HKD 17.06 billion, HKD 17.61 billion, and HKD 18.75 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of HKD 3.17 billion, HKD 3.47 billion, and HKD 3.53 billion [6][8]

徐曙海强调，要加强临港腹地建设，强化条块协同联动，明确任务书、时间表，统筹推进规划编 制、征地拆迁、多式联运等工作，形成临港产业腹地支撑，有效提升码头综合利用效率。要深化港口资 源整合，鼓励低效企业自备码头向公用码头转型，支持市、县两级国有企业牵头码头资源整合，聚集优 质港口资源打造专用码头，同时依法严厉打击非法码头，实现港口岸线资源集约高效利用。要大力发展 临港产业，招引培育一批附加值高、带动力强的临港制造业项目，推动清关报关等进出口服务关口前 移，促进港产城深度融合，打造港口经济发展新增长极。要进一步明确发展目标和推进措施，细化分解 任务清单，确保各项工作落地落实，奋力推动镇江港口高质量发展取得新成效。 1月20日，市长徐曙海主持召开专题会议，围绕全市港口高质量发展工作，总结去年工作成效，分 析存在问题，研究部署今年重点工作。 市委常委、常务副市长张克，副市长黄春年，市政府秘书长戴卫东参加会议。（记者 陈志奎） 在听取相关工作情况汇报后，徐曙海指出，2025年，各相关地区和部门围绕港口高质量发展目标任 务协同发力、务实推进，镇江港口货物吞吐量取得了历史性突破，呈现良好发展势头。2026年，要锚定 目标任务 ...

珠海港股份有限公司董事局 ■ 本期超短期融资券发行情况的有关文件在中国货币网（www.chinamoney.com.cn）和上海清算网 （www.shclearing.com.cn）公告。 经通过"信用中国"网站（www.creditchina.gov.cn）等途径核查，公司不属于失信责任主体。 特此公告 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事局全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 根据珠海港股份有限公司（以下简称"公司"）于2024年9月29日召开的第十一届董事局第二次会议决议 及2024年10月23日召开的2024年第五次临时股东大会决议，公司拟向中国银行间市场交易商协会（以下 简称"交易商协会"）申请注册及发行不超过人民币20亿元（含20亿元）的超短期融资券。相关内容详见 刊登于2024年10月8日《证券时报》《中国证券报》和巨潮资讯网的《关于拟注册及发行超短期融资券 的公告》。 2025年5月6日，公司收到交易商协会签发的《接受注册通知书》（中市协注〔2025〕SCP111号），交 易商协会决定接受公司超短期融资券注册，注册金额为2 ...

Core Viewpoint - The article emphasizes the responsibilities and missions of central enterprises in China, particularly focusing on the role of China Merchants Group in contributing to national development and modernization efforts [1]. Group 1: Company History and Development - China Merchants Group, established over 150 years ago, is recognized as China's first modern company and a pioneer in national industry [1]. - The group has total assets exceeding 15 trillion yuan, with operations spanning transportation logistics, comprehensive finance, real estate, and technology innovation [1]. - The historical significance of the "Yidun" ship is highlighted as it marked the beginning of modern Chinese shipping and opened the first coastal commercial route [3]. Group 2: Corporate Responsibility and National Service - The "Hailiao" ship symbolizes the company's commitment to national interests, having raised the national flag during a pivotal moment in Chinese history [5]. - The company has actively engaged in modernizing its operations, such as the transformation of the Ma Wan Smart Port, which has significantly improved operational efficiency [7]. - China Merchants Group's focus on aligning its business strategies with national goals has led to substantial growth, with total assets increasing 40 times from 2012 to 2025 [7]. Group 3: Innovation and Technological Advancement - The introduction of the "New Yidun" ship, which utilizes advanced materials and technology, reflects the company's commitment to innovation and sustainability in the shipping industry [13]. - The establishment of the advanced technology research institute and the Lion Mountain AI laboratory demonstrates the group's investment in cutting-edge technology and talent acquisition [2]. - The company aims to enhance its capabilities in strategic emerging industries, with significant investments in technology and innovation during the 14th Five-Year Plan period [15]. Group 4: Global Expansion and International Strategy - China Merchants Group has expanded its global footprint, investing in 51 ports across 26 countries, with overseas revenue accounting for over 30% of its total [12]. - The company has successfully implemented its international strategy, significantly increasing container throughput at its overseas ports [12]. - The focus on mutual benefit and cooperation in international operations has positioned the company as a key player in global trade [12]. Group 5: Future Outlook and Strategic Goals - The company plans to accelerate its "third entrepreneurship" phase, aiming to build world-class enterprises and achieve significant profit and revenue milestones [16]. - The emphasis on technological innovation and international operations is expected to drive the company's growth and enhance its role in national development [16].

截至2026年1月20日收盘，珠海港(000507)报收于5.41元，上涨1.12%，换手率1.83%，成交量16.49万 手，成交额8870.6万元。 董秘最新回复 交易信息汇总资金流向 投资者： 您好董秘，广东省内港口重组，公司是不是在改革重组整合之内！股价连连下跌，是否与重 组整合有关！？ 董秘： 您好，二级市场的股价表现受多方面因素影响，公司坚持稳健发展，聚焦港航物流与新能源两 大主业，争取以更好的业绩回报投资者，同时以价值管理为主线开展各项工作，强化资本市场沟通，持 续传递公司价值，相关情况敬请关注公司公告。感谢您的关注！ 投资者： 董秘你好，证监会近日召开2026年系统工作会议，强调巩固市场稳中向好势头，严肃查处过 度炒作乃至操纵市场行为。股东户数的披露证监会在定期报告中有明确的规定，除此之外，披露股东户 数是自愿性的，有投资者频繁提问股东户数，贵公司均做了及时的回答。为某些操纵市场的投机者所利 用。严重影响了投资者的心理和判断。请公司响应证监会号召，当很多投资者质疑公司股价的时候，公 司回应受市场多种情况的影响。请贵公司慎重考虑。 董秘： 您好，感谢您的关注！ 当日关注点 投资者： 您好董秘，公 ...

（编辑 袁冠琳） 证券日报网讯 1月20日，上港集团在互动平台回答投资者提问时表示，公司以"全球卓越的码头运营商 和港口物流服务商"为总体愿景，在稳健发展港口核心主业的基础上，大力培育港航新业态、积极推进 多元新业务落地，形成"科技支撑、区域协同、业态联动、绿色智慧"的高质量创新发展新格局，建立全 球标杆的港口生态体系。 ...

Investment Rating - The report assigns a "Buy" rating for Shenzhen International (00152) [2] Core Views - Shenzhen International is controlled by the Shenzhen State-owned Assets Supervision and Administration Commission and holds quality assets in the Greater Bay Area [8] - The logistics business serves as a solid foundation, with REITs spin-offs and logistics park upgrades opening up profit elasticity [8] - The toll road and port businesses provide stable profit contributions, with a central profit contribution of approximately HKD 1.1 billion [18] Summary by Relevant Sections 1. Control and Asset Management - Shenzhen International is a state-owned enterprise under the Shenzhen State-owned Assets Supervision and Administration Commission, focusing on urban support development and operations [13][14] 2. Logistics Business Development - The logistics business is centered around logistics parks, with an operational area of 6.71 million square meters as of H1 2025, and a compound annual growth rate of 24.07% from 2014 to 2024 [23][24] - The company has completed the REITs spin-off for five projects, contributing a total of HKD 14.2 billion to net profit as of H1 2025 [8][38] - The logistics park projects are expected to generate significant land appreciation and development profits, with projected after-tax returns of HKD 136.5 billion from the South China logistics park project [60][62] 3. Toll Road and Port Business - The toll road and port operations are managed by subsidiaries, contributing a stable profit base with a net profit of HKD 4.9 billion in H1 2025 [65] - The company holds approximately 47.3% equity in Shenzhen Expressway, which operates 16 toll road projects with a total toll mileage of 613 kilometers [66] 4. Financial Projections - The company is expected to achieve revenues of HKD 17.06 billion, HKD 17.61 billion, and HKD 18.75 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of HKD 3.17 billion, HKD 3.47 billion, and HKD 3.53 billion [6][8]

Group 1 - The company is currently auditing its financial statements for the fiscal year 2025 [1] - Investors are advised to pay attention to the upcoming disclosure of the 2025 annual report for financial information related to the fourth quarter [1]

Core Viewpoint - Zhuhai Port emphasizes its commitment to a dual-driven strategy, focusing on the synergistic development of port logistics and new energy sectors, while enhancing sustainable development capabilities [2] Group 1: Company Strategy - The company maintains a dual-driven strategy that promotes the collaborative growth of its core businesses in port logistics and new energy [2] - Zhuhai Port is actively engaged in value management initiatives tailored to its unique characteristics [2] Group 2: Investor Relations - The company is focused on providing returns to shareholders and enhancing communication with investors [2] - Continuous efforts are made to convey operational results and development expectations to investors [2]