Core Viewpoint - The company, China Merchants Port (001872.SZ), reported its business volume data for September 2025, showing positive growth in both container and bulk cargo throughput [1] Group 1: Container Volume - In September 2025, the total container throughput reached 17.616 million TEU, representing a year-on-year increase of 7.9% [1] Group 2: Bulk Cargo Volume - The total bulk cargo volume amounted to 106.529 million tons in September 2025, reflecting a year-on-year growth of 5.7% [1]

Group 1 - The total container throughput for August 2025 is projected to be 18.312 million TEU, representing a year-on-year increase of 5.6% [1] - Cumulative container throughput for the year to date is 136.886 million TEU, showing a year-on-year growth of 4.8% [1] - Container throughput at domestic terminals in August reached 14.515 million TEU, reflecting a year-on-year increase of 7.7% [1] - Container throughput at overseas terminals in August amounted to 3.352 million TEU, with a year-on-year growth of 0.4% [1] Group 2 - The total bulk cargo volume for August is 110 million tons, indicating a year-on-year increase of 2.1% [1] - Cumulative bulk cargo volume for the year stands at 843 million tons, which is a year-on-year growth of 0.8% [1]

Group 1: Highway Industry - The highway sector's toll revenue showed slight differentiation in H1 2025, with a total of 27.25 billion yuan, a year-on-year decrease of 0.7% [1] - The overall net profit growth rate for the highway industry in H1 2025 was 3.1%, with notable performers including Shenzhen Expressway (+24%) and Guangdong Expressway A (+23.6%) [1] - The current dividend yields for major highway companies are led by Sichuan Chengyu (5.1%) and Shandong Expressway (4.6%) [2] Group 2: Port Industry - The national port cargo throughput maintained steady growth in H1 2025, with a year-on-year increase of 4.0%, and container throughput grew by 6.9% [3] - The port industry achieved a net profit of 21.82 billion yuan in H1 2025, reflecting a year-on-year growth of 0.7% [3] - Major cargo types showed varied growth rates, with container throughput increasing by 7.7% and coal decreasing by 1.8% [3] Group 3: Railway Industry - The Beijing-Shanghai High-Speed Railway reported a net profit of 6.316 billion yuan in H1 2025, a slight decline of 0.64% year-on-year [4] - The Daqin Railway experienced a significant net profit drop of 29.82% in H1 2025, primarily due to decreased transport volume [4] - The current dividend yields for railway companies are led by Daqin Railway (4.3%) and Beijing-Shanghai High-Speed Railway (2.2%) [4]

Core Viewpoint - The company reported a slight decline in container throughput for July 2025, while showing an overall increase in container volume for the first seven months of the year [1] Container Volume Summary - In July 2025, the total container throughput was 17.287 million TEU, representing a year-on-year decrease of 0.9% [1] - Cumulative container throughput from January to July 2025 reached 118 million TEU, reflecting a year-on-year increase of 4.7% [1] Bulk Cargo Summary - The total bulk cargo volume in July 2025 was 10.3 million tons, showing a year-on-year increase of 10.6% [1] - Cumulative bulk cargo volume from January to July 2025 was 73.4 million tons, with a year-on-year growth of 0.7% [1]

Group 1 - The total container throughput for July 2025 is projected to be 17.287 million TEU, representing a year-on-year decrease of 0.9% [1] - The cumulative container throughput for the year to date is 118.496 million TEU, showing a year-on-year increase of 4.7% [1] - The container throughput at domestic terminals in July is 13.647 million TEU, reflecting a year-on-year increase of 0.4% [1] Group 2 - The container throughput at overseas terminals in July is 3.231 million TEU, indicating a year-on-year decline of 3.9% [1] - The total bulk cargo throughput for July is 103 million tons, which is a year-on-year increase of 10.6% [1] - The cumulative bulk cargo throughput for the year to date is 734 million tons, showing a year-on-year increase of 0.7% [1]

Core Insights - The company announced a total of 17.59 million TEUs in container throughput for May 2025, representing a year-on-year increase of 4.4% [1] - Cumulative container throughput for the year reached 83.67 million TEUs, showing a year-on-year growth of 6.4% [1] Container Throughput Breakdown - Inland terminals handled 13.88 million TEUs, up 5.6% year-on-year [1] - Pearl River Delta terminals recorded 1.57 million TEUs, down 1.1% year-on-year [1] - Yangtze River Delta terminals processed 9.18 million TEUs, reflecting a 9.1% year-on-year increase [1] - Bohai Rim terminals managed 2.86 million TEUs, a slight decline of 0.4% year-on-year [1] - Southeast region terminals accounted for 174,000 TEUs, up 8.2% year-on-year [1] - Southwest region terminals saw a significant drop to 95,000 TEUs, down 17.0% year-on-year [1] - Hong Kong, Macau, and Taiwan terminals reported 429,000 TEUs, down 21.0% year-on-year [1] - Overseas terminals achieved 3.29 million TEUs, marking a 3.9% year-on-year increase [1] Bulk Cargo Performance - Total bulk cargo reached 114 million tons, reflecting a year-on-year increase of 7.4% [1] - Cumulative bulk cargo for the year was 526 million tons, showing a slight decline of 0.4% year-on-year [1]