Core Viewpoint - Xiamen Port Authority (SZ000905) reached a trading limit on October 28, 2025, with a price of 11.44 yuan, reflecting a 10% increase, and a total market capitalization of 8.486 billion yuan [1][2] Company Summary - The company is undergoing a significant asset restructuring, planning to issue shares and pay cash to acquire 70% of Xiamen Container Terminal Group, with a fundraising target of no more than 3.5 billion yuan. This acquisition is expected to significantly enhance the company's profitability, with a projected net profit of 567 million yuan for 2024, leading to a 198.43% increase in the net profit attributable to shareholders post-transaction [2] - The Q3 2025 report indicates a net profit attributable to shareholders of 196 million yuan, representing a year-on-year growth of 3.12%, with basic earnings per share of 0.26 yuan, providing support for the stock price increase [2] Industry Summary - The port logistics sector is heavily influenced by macroeconomic conditions and trade environments. Recent recovery in domestic and international trade has led to increased demand for port logistics services. On October 28, multiple stocks in the port shipping sector showed active performance, creating a sector-wide momentum effect [2] - Technical analysis suggests that monitoring capital flow and key resistance levels could further drive stock price increases if there is significant inflow of institutional funds [2]

Core Viewpoint - Nanjing Port's stock price surged to the daily limit of 11.36 yuan, reflecting a 9.97% increase, driven by strong financial performance and strategic business adjustments [2]. Financial Performance - In the first half of 2025, Nanjing Port reported revenue of 506 million yuan, a year-on-year increase of 5.67% - Net profit reached 89.25 million yuan, up 8.82% compared to the previous year - The non-recurring net profit grew by 13.55% - Operating cash flow improved significantly, with a net amount of 136 million yuan, an increase of 50.2% [2]. Business Growth Drivers - The company has adjusted its business structure, with the oil product liquefaction segment emerging as a new growth driver - The liquefaction handling volume increased by 24.02%, while chemical revenue rose by 23.92% - Nanjing Port's main operations include the handling of crude oil, refined oil, and liquid chemical products, indicating potential for further performance enhancement [2]. Corporate Governance Improvements - Recent revisions to multiple governance policies, including those related to the board of directors, supervisory board, risk management, and information disclosure, have been implemented - These changes aim to strengthen risk management, enhance information disclosure, and protect investors, contributing to improved corporate governance standards [2]. Market Performance - On the day of the stock surge, other stocks in the port transportation sector also experienced increases, indicating a sector-wide positive response - Technical indicators, such as the MACD forming a golden cross, may attract additional investor interest [2].

Investment Rating - The report maintains a "Positive" investment rating for the inland waterway transportation industry [4] Core Viewpoints - The inland waterway transportation sector has long been underdeveloped, but a significant development era is about to begin. Compared to road and rail, water transport has clear advantages, with unit turnover rates and costs favoring water transport [4][7] - The "Four Vertical" channel project is expected to reshape the inland economic landscape, enhancing regional connectivity and promoting industrial transfer and upgrading [19][20] - The construction of the "Four Vertical" channels is still in its early stages, with expected acceleration in future efforts [4][19] Summary by Sections Investment Rating - The report maintains a "Positive" investment rating for the inland waterway transportation industry, indicating confidence in its growth potential [4] Industry Overview - The inland waterway transportation sector has been underdeveloped for years, with water transport's share increasing from 9.26% in 2000 to an expected 17.25% in 2024. However, the share of inland waterway cargo turnover remains low at 8.58% compared to 28% in Germany and 15% in the USA in 2020 [7][9] "Four Vertical" Channel Project - The "Four Vertical" project includes major waterways such as the Beijing-Hangzhou Grand Canal and the Jianghuai Line, aiming to create a modern inland waterway network that enhances transportation efficiency and reduces logistics costs [4][19] - The total investment for the Zhejiang-Guangdong Canal is estimated at approximately 320 billion yuan, with significant portions of the project already underway [21][23] Economic Impact - The construction of the "Four Vertical" channels is projected to significantly boost demand for construction materials and services, including explosives, cement, and aggregates [45][49] - The Jianghuai Line is expected to enhance the economic connectivity between the Yangtze River Delta and the Central Plains, with projected cargo turnover reaching 1.5 billion tons by 2027 [40][43] Future Prospects - The report highlights that the inland waterway transportation sector is set for rapid growth, with fixed asset investments in waterway and pipeline transportation showing significant year-on-year increases [20][21] - The ongoing construction of the "Four Vertical" channels is anticipated to further stimulate economic activity and improve logistics efficiency across regions [4][19]