板块市场回顾 本周（11/15-11/21）交运指数下跌 4.8%，沪深 300 指数下跌 3.8%，跑输大盘 1.0%，排名 12/29。交运子板块中快递 板块跌幅最小(-2.6%)，公交板块跌幅最大(-8.9%)。 行业观点 快递：10 月快递业务量同比增长 8%，部分快递公司受益反内卷涨价影响。上周（11 月 10 日-11 月 16 日）邮政快递 累计揽收量约 44.19 亿件，环比+4.72%,同比+11.3%；累计投递量约 44.4 亿件，环比+5.59%，同比+9.1%。国家邮政 局公布 10 月邮政行业运营情况，10 月，快递业务收入完成 1316.7 亿元，同比增长 4.7%；快递业务量完成 176.0 亿 件，同比增长 7.9%。反内卷"背景下多个产粮区已提价，快递旺季来临，反内卷涨价已兑现。考虑估值性价比、经营 韧性、股东回报提升等，推荐顺丰控股。 物流：危化品水运价格环比持平，发力智慧物流推荐海晨股份。本周中国化工产品价格指数(CCPI)为 3856 点，同比 -11.2%，环比-0.3%。。上周液体化学品内贸海运价格为 166 元/吨，同比-4.55%，环比持平。本周对二甲苯（PX） ...

证券之星消息，11月21日航运港口板块较上一交易日下跌2.14%，海航科技领跌。当日上证指数报收于 3834.89，下跌2.45%。深证成指报收于12538.07，下跌3.41%。航运港口板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600751 | 海航科技 | 3.94 | -9.84% | 104.27万 | 4.27亿 | | 000905 | 厦门港务 | 10.18 | -7.45% | 53.62万 | 5.59亿 | | 000520 | 凤凰航运 | 4.35 | -5.64% | 29.69万 | 1.32亿 | | 600179 | 安通控股 | 4.09 | -5.54% | 91.72万 | 3.83亿 | | 600279 | 重庆港 | 5.01 | -5.29% | 18.89万 | 9672.91万 | | 600798 | 宁波海运 | 3.64 | -4.96% | 45.89万 | 1.71亿 | | 601022 | 宁波远洋 | ...

证券之星消息，11月20日航运港口板块较上一交易日下跌0.88%，海通发展领跌。当日上证指数报收于 3931.05，下跌0.4%。深证成指报收于12980.82，下跌0.76%。航运港口板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603162 | 海通发展 | 11.13 | -6.31% | 28.63万 | | 3.24亿 | | 600026 | 中远海能 | 12.69 | -4.15% | 43.76万 | | 5.62 Z | | 601872 | 指商轮船 | 8.97 | -3.34% | 74.02万 | | 6.71亿 | | 000520 | 凤凰航运 | 4.61 | -2.74% | 20.91万 | | 9733.74万 | | 920571 | 国航远洋 | 10.22 | -2.57% | 11.51万 | | 1.19亿 | | 601008 | 连云港 | 5.41 | -1.81% | 13.11万 | | 7141 ...

Core Insights - The shipping and port sector saw a slight increase of 0.33% on November 19, with China Merchants Energy leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - China Merchants Energy (601872) closed at 9.28, up 4.86% with a trading volume of 1.1235 million shares and a turnover of 1.033 billion [1] - Other notable performers included COSCO Shipping Energy (600026) at 13.24, up 2.32%, and COSCO Shipping Holdings (616109) at 15.25, up 1.87% [1] - Conversely, stocks like Antong Holdings (600179) and Haixia Co. (002320) experienced declines of 6.59% and 6.09% respectively [2] Capital Flow - The shipping and port sector experienced a net outflow of 146 million in institutional funds, while retail investors saw a net inflow of 116 million [2] - The data indicates that speculative funds had a net inflow of approximately 29.38 million [2] Individual Stock Capital Flow - COSCO Shipping Holdings (616109) had a net inflow of 75.16 million from institutional investors, while retail investors had a net outflow of 18.93 million [3] - China Merchants Energy (601872) saw a net inflow of 64.91 million from institutional investors, with retail investors experiencing a net outflow of 66.10 million [3] - Other stocks like COSCO Shipping Special (600428) and COSCO Shipping Energy (600026) also showed varied capital flows, with institutional inflows and retail outflows [3]

Core Insights - The shipping and port sector experienced a decline of 1.97% on November 18, with Haitong Development leading the drop at -10.02% [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Haitong Development (603162) closed at 11.77, down 10.02% with a trading volume of 512,000 shares and a transaction value of 621 million yuan [1] - Xiamen Port Authority (000905) closed at 11.58, down 8.53% with a trading volume of 1,003,100 shares and a transaction value of 1.207 billion yuan [1] - Other notable declines include: - Guohang Ocean (920571) down 6.37% to 10.44 - Antong Holdings (600179) down 5.41% to 4.55 - HNA Technology (600751) down 5.15% to 4.60 [1] Capital Flow - The shipping and port sector saw a net outflow of 481 million yuan from institutional investors, while retail investors contributed a net inflow of 219 million yuan [1] - Notable capital flows include: - GIGIO9 with a net inflow of 50.12 million yuan from institutional investors [2] - Haixia Co. (002320) with a net inflow of 37.15 million yuan from institutional investors [2] - Saltian Port (000088) with a net inflow of 7.46 million yuan from institutional investors [2]

Core Insights - The shipping and port sector experienced a decline of 0.67% on November 17, with China COSCO Shipping Speciality leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Xiamen Port Authority saw a significant increase of 9.99% in its closing price at 12.66, with a trading volume of 736,200 shares and a transaction value of 895 million [1] - Haitong Development and Xingtong Co. also reported gains of 5.31% and 1.90%, respectively, with closing prices of 13.08 and 16.07 [1] - Conversely, China COSCO Shipping Speciality dropped by 3.12% to a closing price of 7.14, with a trading volume of 322,000 shares [2] Capital Flow - The shipping and port sector saw a net outflow of 378 million yuan from main funds, while retail investors contributed a net inflow of 297 million yuan [2] - The main funds showed a net inflow in Xiamen Port Authority of 11.14 million yuan, while China COSCO Shipping Speciality experienced a net outflow of 23.2 million yuan [3]

Core Points - The stock price of China Merchants Jinling Shipping Company (招商南油) increased by 2.46% to 3.33 CNY as of November 14, 2025, with a market capitalization of 15.99 billion CNY [1] - The company held its third extraordinary general meeting on November 12, 2025, where it approved two key proposals, including the use of reserves to cover losses [2][4] - The company plans to utilize 3,193,890.66 CNY from surplus reserves and 1,570,911,748.21 CNY from capital reserves to offset cumulative losses as of December 31, 2024 [3][4] Company Announcements - The legal opinion from Shanghai Hai Fu Law Firm confirmed the legality of the procedures for the third extraordinary general meeting [2] - The meeting had 1,045 participants representing 36.7547% of the voting rights [2] - The second proposal regarding the financial service agreement with China Merchants International Financial Co., Ltd. was approved, with the related shareholder abstaining from voting [2][4]

Core Viewpoint - The shipping and port sector experienced a rise of 1.97% on November 14, with Antong Holdings leading the gains, while the overall market indices saw declines [1]. Group 1: Market Performance - On November 14, the Shanghai Composite Index closed at 3990.49, down 0.97% [1]. - The Shenzhen Component Index closed at 13216.03, down 1.93% [1]. Group 2: Capital Flow - The shipping and port sector saw a net inflow of 331 million yuan from main funds, while retail funds experienced a net outflow of 347 million yuan [2]. - Retail investors contributed a net inflow of 15.93 million yuan to the sector [2].

Core Viewpoint - The shipping and port sector experienced a rise of 1.03% on November 13, with China COSCO Shipping Energy leading the gains, while the overall market indices also showed positive performance [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4029.5, up by 0.73% [1] - The Shenzhen Component Index closed at 13476.52, up by 1.78% [1] Group 2: Individual Stock Performance - China COSCO Shipping Energy (600026) closed at 13.26, with a gain of 7.11% and a trading volume of 984,000 shares [1] - China Merchants Energy Shipping (601872) closed at 9.08, up by 6.07% with a trading volume of 1,190,000 shares [1] - Xiamen Port Authority (000905) closed at 11.11, increasing by 2.87% with a trading volume of 684,000 shares [1] - Other notable stocks include Xingtong Co. (603209) up by 1.76%, and China Merchants South Oil (601975) up by 1.21% [1] Group 3: Capital Flow Analysis - The shipping and port sector saw a net outflow of 24.11 million yuan from institutional investors, while retail investors contributed a net inflow of 87.01 million yuan [2] - The main stocks with significant capital inflow included China COSCO Shipping Energy with a net inflow of 58.83 million yuan [3] - Xiamen Port Authority also saw a net inflow of 48.99 million yuan, indicating strong retail interest despite overall institutional outflows [3]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company's operating performance is stable with slight profit growth, as evidenced by a total profit of 1.777 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 13.69% [1] - The potential for profit elasticity is significant if the Federal Reserve lowers interest rates, which could reduce interest expenses by nearly 500 million yuan if the dollar interest rate decreases by 1 percentage point [3] - The report adjusts profit forecasts downward due to increased tariffs affecting container production and export prices, with revised net profit estimates of 1.8 billion yuan for 2025 and 2026 [4] Financial Performance Summary - For the first three quarters of 2025, the company reported operating revenue of 19.566 billion yuan, a year-on-year decline of 1.54%, while gross profit was 3.598 billion yuan, a slight increase of 0.11% [1] - The gross profit margin improved to 18.39%, up 0.3 percentage points year-on-year [1] - The net profit attributable to the parent company was 1.391 billion yuan, reflecting a year-on-year increase of 0.72% [1] - The company’s total liabilities amounted to 96.647 billion yuan, with a debt-to-asset ratio of 76.41% [5] Industry Insights - The container manufacturing industry remains relatively prosperous, although production in China decreased by 11% year-on-year in the first three quarters of 2025, with export prices also declining by 4.38% [2] - The report indicates that the imposition of tariffs by the U.S. on multiple countries may impact import and export activities, thereby affecting container demand [2]