近日，108台"重庆造"外贸商品车在上海海通码头仅用4小时就完成商品车全船卸船作业，实现"零车 损"，并很快完成口岸放行，顺利搭乘海轮驶往墨西哥，标志着"渝车出海·江海联运"滚装运输全程智慧 监管这一新模式取得成功。从重庆工厂到上海海港，全程物流时间压缩近10天，运输效率大幅提升。渝 车高效出海，也折射出重庆内外贸一体化发展破浪前行的澎湃之势。 构建内外贸高效畅通的现代化产业体系，如何联通国内国际两个市场是关键。重庆市商务委相关负责人 介绍，除了支持企业探索标准的衔接统一，重庆聚焦市场渠道拓展与发展环境优化，创新赋能企业链接 全球，"无感切换"国内国际两个市场，助力内外贸一体化发展实现"国内热销、海外畅销"。 搭建平台打通市场对接"大动脉" 不仅如此，协会还联动中信保重庆分公司，积极探索将出口信保产品覆盖市场采购贸易商家，提升商家 的抗风险能力。数据显示，2025年第一季度，渝中区摩托车零配件出口额达2784万元，同比增长 60.2%，预计全年完成外贸出口额2亿元以上。 璧山区以数字强基，建成重庆首个民营企业供需对接服务平台"璧商荟"小程序，打造汇聚全区产业供需 对接、惠企政策推送、金融产品发布和数字化应用场 ...

【宏观经济】上半年进出口数据点评*陈琦 朱启兵。6 月我国出口同比增速 延续正增长。东盟、欧盟对 6 月我国出口同比增速仍有支撑。部分轻工业品 及机电产品出口价格有所改善。 证券研究报告——晨会聚焦 2025 年 7 月 18 日 | 7 月金股组合 股票代码 002244.SZ | 股票名称 滨江集团 | 中银晨会聚焦-20250718 | | --- | --- | --- | | 002352.SZ 1519.HK | 顺丰控股 | ■重点关注 | | | 极兔速递-W | | | 002648.SZ | 卫星化学 | | 【社会服务】社服与消费视角点评 6 月国内宏观数据*李小民 纠泰民。国家 统计局等部门公布了部分 2025 年 6 月及上半年国内宏观数据。其中，6 月社 零总额 4.2 万亿元，yoy+4.8%；6 月餐饮收入 4708 亿元，yoy+0.9%。6 月服 务业 PMI 为 50.1%，位于临界点附近。此外，2025H1 实现 GDP66.05 万亿元， 按不变价格计算 yoy+5.3%。2025H1 居民人均可支配收入 21840 元，实际 yoy+5.4%，人均消费支出实际 yo ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 6.60 and a sector rating of "Outperform" [1][3]. Core Views - The company reported a significant increase in its H1 2025 performance, with operating revenue reaching RMB 10.775 billion, a year-on-year increase of 44.05%. The net profit attributable to the parent company was RMB 825 million, up 13.08%, while the net profit excluding non-recurring items surged by 52.77% to RMB 835 million. This growth is attributed to enhanced marketing of core cargo sources and improved collaboration with leading industry clients, particularly in high-value cargo segments such as wind power equipment and automotive transportation [3][8]. Summary by Sections Financial Performance - In H1 2025, the company achieved operating revenue of RMB 10.775 billion, a 44.05% increase year-on-year. The net profit attributable to the parent company was RMB 825 million, reflecting a 13.08% growth. The net profit excluding non-recurring items increased by 52.77% to RMB 835 million, indicating a substantial improvement in core business profitability [3][8]. Growth Drivers - The company has focused on expanding its fleet and optimizing its capacity structure, which has led to an increase in the proportion of high-value cargo. The strategy includes strengthening marketing efforts for core cargo sources and enhancing cooperation with top-tier clients, resulting in a higher volume of wind power equipment, energy storage cabinets, engineering machinery, and automobiles [8]. Future Outlook - The report projects continued growth in net profit for 2025-2027, estimating RMB 1.937 billion, RMB 2.361 billion, and RMB 2.670 billion respectively, with year-on-year growth rates of 26.6%, 21.9%, and 13.1%. The earnings per share (EPS) are expected to be RMB 0.71, RMB 0.86, and RMB 0.97, corresponding to price-to-earnings (PE) ratios of 9.3, 7.7, and 6.8 times [5][7].

Core Insights - The China-Europe Railway Express has achieved a significant milestone by surpassing 110,000 total trips since its inception in 2011, with the 75,052nd trip departing from Qingdao on June 10, 2025 [1][4] - Shandong Province has rapidly developed its China-Europe Railway Express operations, increasing from fewer than 200 trips annually in 2018 to over 2,200 trips projected for 2024, making it the fastest province to reach the 10,000 trip mark [4][6] - The railway has established 56 international routes, connecting 59 cities across 27 countries along the Belt and Road Initiative, enhancing Shandong's role as a key logistics hub [4][6] Development and Growth - Shandong's China-Europe Railway Express began operations in 2017 and has since shown remarkable growth, with a 4% year-on-year increase in trips during the first five months of 2025 [4][6] - The province has implemented a coordinated operation model since October 2018, which has significantly boosted the efficiency and volume of railway services [4][6] - The cold chain service, launched in May 2021, has become a notable feature, with 42 trips completed, catering to the demand for fresh produce and seafood exports [6][12] Logistics and Infrastructure - Shandong has developed a robust sea-rail intermodal network, leading the nation in this area, with over 70 operational routes and a projected throughput of 4.2 million TEUs by 2024 [8][10] - The unique geographical position of Shandong allows it to serve as a critical transit hub for goods moving between Northeast Asia and Europe, enhancing its strategic importance [8][10] - The integration of various transport modes has improved logistics efficiency, with a significant increase in cross-border container traffic, up 55.4% year-on-year [25][27] Economic Impact - The China-Europe Railway Express has facilitated trade for over 20,000 foreign trade enterprises, achieving an import-export value exceeding 120 billion yuan [12][19] - The variety of goods transported has expanded significantly, now including over 16,000 categories, with a focus on high-value products such as electronics and machinery [19][23] - The railway has also enhanced the local economy by promoting the development of related industries, such as agriculture and timber, through specialized transport services [23][30] Future Prospects - Shandong plans to further enhance its logistics capabilities by establishing additional overseas collection centers and expanding its service network [25][30] - The province aims to solidify its position as a key node in the Belt and Road Initiative, leveraging its comprehensive industrial base and strong trade demand [30]

Core Points - The launch of BYD's "Shenzhen" ship marks a significant milestone in China's automotive export capabilities, carrying over 7,000 electric vehicles to Brazil, the largest single export batch from China [1] - The "Shenzhen" ship is equipped with advanced features, including a length of 219.9 meters, a width of 37.7 meters, and the capacity to carry 9,200 vehicles across 16 decks, showcasing BYD's commitment to innovative and efficient transportation solutions [1] - The ship utilizes LNG dual-fuel technology, enhancing energy efficiency and meeting the latest environmental standards set by the International Maritime Organization, positioning it as a green and intelligent transportation vessel [1] Industry Developments - The Suzhou Port Authority has implemented a "one ship, one policy" approach, creating a green channel for expedited processing and approval, ensuring efficient loading and unloading of vehicles [2] - Since the opening of the Haitong Taicang Automobile Terminal in December 2024, it has exported 212,000 domestic vehicles, with 75 roll-on/roll-off ships departing for 14 countries and regions this year alone [2]

Core Viewpoint - The company, Liaoning Port Co., Ltd., is set to reappoint Xinyong Zhonghe Accounting Firm as its auditor for the fiscal year 2025, following the approval of the board and supervisory committee [8][38]. Financial Data - The first quarter financial report for 2025 has not been audited [3]. - The company reported significant operational changes in various segments, including an increase in container throughput due to new ocean routes and stable port occupancy [5]. - The oil and chemical segment saw increased throughput driven by futures oil outflows and rising demand for crude oil [5]. - The bulk cargo segment experienced a decline in overall business volume due to various market factors, including price discrepancies in steel materials [5]. Shareholder Information - The company has a total of 9 board members present at the recent board meeting, with all voting in favor of the proposals [23][26]. - The proposals include the appointment of the accounting firm and revisions to the company’s articles of association, which will be submitted for shareholder approval [25][38]. Audit Firm Information - Xinyong Zhonghe Accounting Firm has a long history, established in 2012, with a significant number of partners and registered accountants [8][9]. - The firm reported a revenue of 4.046 billion yuan for 2023, with audit services contributing 3.015 billion yuan [9]. - The proposed audit fee for 2025 is set at 4.66 million yuan, remaining consistent with the previous year [15]. Governance Changes - The company is revising its articles of association to reflect recent legal changes, including the elimination of the supervisory board and the establishment of an audit committee [43][44]. - Key revisions aim to enhance the rights of minority shareholders and clarify the responsibilities of controlling shareholders [44].

Core Insights - The BYD "Shenzhen" ship, the world's largest car carrier, has set a record by exporting over 7,000 new energy vehicles to Brazil, marking the largest single export batch of cars from China [1] - The ship features advanced LNG dual-fuel technology, meeting the latest environmental standards set by the International Maritime Organization [1] - Suzhou Port has become a significant hub for international trade, with a focus on enhancing its shipping network to support the Belt and Road Initiative [2] Group 1 - The BYD "Shenzhen" ship has a total length of 219.9 meters and a width of 37.7 meters, with 9,200 standard car loading spaces equivalent to the area of 20 standard football fields [1] - The operation at the Haitong Taicang Automobile Terminal was the busiest since its opening, with over 100 personnel working efficiently to load the vehicles within two days [1] - Since its opening in December 2024, the Haitong Taicang Automobile Terminal has exported 212,000 domestic vehicles [1] Group 2 - Suzhou Port has become the first inland port in China to exceed an annual throughput of 10 million TEUs [2] - In the first quarter of this year, Suzhou Port exported automotive and engineering machinery worth approximately 500 million yuan, a year-on-year increase of over 30% [2] - The port has established new direct shipping routes to Africa and has strengthened its connections with Belt and Road countries, exporting 58,500 vehicles to these nations, a year-on-year increase of 3.06% [2]

Core Points - The "Shenzhen" is the world's largest car carrier, successfully completing its maiden voyage from Suzhou Port to Brazil with over 7,000 new energy vehicles onboard [1] - This shipment represents the largest single export batch of cars from China [1] - The "Shenzhen" measures 219.9 meters in length and 37.7 meters in width, featuring 16 decks and 9,200 standard car slots, equivalent to the parking space of 20 standard football fields [1] Environmental and Technological Aspects - The vessel utilizes the latest LNG dual-fuel clean power technology, equipped with energy-efficient main engines and a recondensation system [1] - It incorporates energy-saving devices and anti-fouling paint technologies, significantly enhancing energy conservation and emission reduction efficiency [1] - The ship meets the latest environmental standards set by the International Maritime Organization, positioning it as a green, intelligent, and efficient car carrier [1]

Core Insights - BYD's "Shenzhen" vessel has successfully loaded over 7,000 new energy vehicles for its maiden voyage to Brazil, marking the largest single export batch of cars from China [1] - The "Shenzhen" vessel is the largest car carrier currently in operation, featuring advanced loading capabilities and a dual-fuel propulsion system for enhanced efficiency and environmental sustainability [1] - The Taicang Auto Terminal has been pivotal in facilitating the export of 212,000 domestic vehicles since its opening in December 2024, with a significant increase in operational efficiency and logistics support [2][3] Group 1 - The "Shenzhen" vessel measures 219.9 meters in length and 37.7 meters in width, capable of carrying 9,200 vehicles across 16 decks, showcasing advanced loading technology [1] - The vessel's dual-fuel system utilizes both LNG and fuel oil, contributing to its green and efficient operational profile [1] - The Taicang Auto Terminal has coordinated with various port authorities to streamline operations, implementing a "one ship, one policy" approach to expedite customs and loading processes [2] Group 2 - In the first quarter of this year, the Suzhou Port Taicang area exported 147,600 vehicles, reflecting an 18.35% year-on-year increase, with 58,500 vehicles going to Belt and Road Initiative countries, up 3.06% [3] - The terminal has seen 75 roll-on/roll-off ships depart for 14 countries and regions in 2024, enhancing its role in global automotive logistics [2] - The port's logistics capabilities have been improved to provide customized door-to-door solutions, integrating various transportation modes for better efficiency [2]

Core Viewpoint - The successful implementation of a new logistics model at Yantai Port, integrating international sea transport and domestic rail, enhances the efficiency of imported vehicle transportation and provides a low-carbon solution for international sea-rail intermodal transport [1][3]. Group 1: Logistics Efficiency - The traditional international vehicle trade involves multiple steps, leading to a time-consuming process of 2-5 days from unloading to reloading, with a potential 10% loss risk during handling [3]. - Yantai Port has collaborated with logistics companies to streamline the process by using 40-foot specialized containers that are compatible with rail transport, eliminating unnecessary handling steps [3]. - A dedicated task force at Yantai Port has been established to ensure efficient logistics operations, coordinating with national railway authorities to optimize vehicle allocation and production planning [3]. Group 2: Customs and Regulatory Improvements - Yantai Port has implemented an online control mechanism with customs authorities, allowing for a more flexible regulatory approach that reduces the time for unloading, transfer, and weighing to just 4 hours, a 20% reduction compared to traditional methods [3]. - The port has been approved for a "credit supervision" model for vehicle containers, enhancing the efficiency of customs clearance [3]. Group 3: Future Development Plans - Yantai Port aims to further develop cross-border logistics solutions, focusing on personalized transport mechanisms, flexible production organization, and efficient resource collaboration [5]. - The port is committed to creating a comprehensive and professional vehicle terminal, enhancing its role in promoting bilateral trade and connectivity [5].