深圳海关数据显示，今年上半年，盐田港区集装箱吞吐量超758万标准箱，同比增长12.7%。去年，在 深圳时隔9年重返内地"外贸第一城"之际，盐田港区全年吞吐量首度突破1500万标准箱。 面对着超设计能力的吞吐量需求，盐田港区东港区孕育而生。这座设计为全自动化运作、年吞吐量300 万标准箱的作业区，将建设三个可承载20万吨级集装箱船的泊位，计划于2026年投入使用。"东作业区 建成后，将为盐田港区吞吐能力提供更大的补充。"李雨田表示。 盐田港区共包含中港区、西港区、东港区三大港区。目前，上市公司盐田港参股盐田国际集装箱码头有 限公司持有中港区一期、二期29%的权益，参股盐田三期国际集装箱码头有限公司持有三期及三扩工程 35%的权益，参股深圳盐田西港区码头有限公司持有西港区35%的权益。正在建设中的东港区，由盐田 港控股股东深圳港集团持股50%。 在盐田港（000088）区东港区，一座设计年吞吐量300万标准箱的全自动化集装箱码头正在紧锣密鼓建 设中；在深汕合作区小漠港，已有近8万辆新能源汽车直接从生产车间开上轮船进港出海……伴随着深 圳经济特区45年发展而成长起来的上市公司盐田港，在其参与运营的盐田港区承担着广东 ...

● 本报记者 张韵 在盐田港区东港区，一座设计年吞吐量300万标准箱的全自动化集装箱码头正在紧锣密鼓建设中；在深 汕合作区小漠港，已有近8万辆新能源汽车直接从生产车间开上轮船进港出海……伴随着深圳经济特区 45年发展而成长起来的上市公司盐田港，在其参与运营的盐田港区承担着广东省超三分之一外贸进出口 量的同时，正不断开疆拓土、迸发出新的活力。 近日，盐田港董事长李雨田在接受中国证券报记者专访时表示，盐田港区的发展壮大得益于航道吃水 深、常年不冻不淤的天然优势，也离不开深圳这座外贸之城的加持，以及资本市场的赋能。未来，盐田 港将基于盐田港区的向海图强，向内河联接，拓展港口布局网络。推动港口绿色化、智慧化升级，提高 港口服务能力，深化产业链协同打造，积极投身到内外贸一体化建设的时代大浪潮中。务实前行、促进 公司高质量发展，不辜负股东们的期待。 新建多个港口作业区 青山碧海畔，五颜六色的集装箱与蓝天白云交织，一辆辆大卡车在码头上穿梭，勾勒出一幅盐田港区日 常运作的多彩画卷。作为吞吐量全球领先的单体集装箱码头，在这里，平均每天有超过4万个标准箱发 往全球。 深圳海关数据显示，今年上半年，盐田港区集装箱吞吐量超758万标 ...

证券研究报告 晨会 hyzqdatemark 2025 年 08 月 25 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年08月25日 华源晨会精粹 20250825 固定收益 利差调整后，或存补涨机会——信用分析周报：本周不同行业不同评级的 信用利差大多有不超过 5BP 的调整，少数行业信用利差有所压缩。城投债方面，本 周不同期限城投债信用利差均有所调整。产业债方面，本周不同期限和评级的产业 债大多有所调整，3Y 私募产业债信用利差表现较好，利差有所压缩。银行资本债方 面，本周 3Y 银行二永债信用利差有明显压缩，其余期限利差大多小幅走扩。我们持 续看下半年 10Y 国债收益率 1.6%-1.8%，当前 10Y 国债接近 1.8%，性价比突出。 2025 年债市没有趋势性行情，低利率时代的债券震荡市里投资非常艰难，需要左侧 把握波段机会。待到股市调整之时，债券收益率可能快速下行，右侧投资难度亦不 低。当前，我们明确看多债市，未来半年预计 10Y 国债收益率重回 1.65%左右，5Y 国股二级资本债到 1.9%以下，理财规模增长对中短信用债构成利好。 风险提示：数据口径偏差风险、信用风险事件扰 ...

截至2025年8月22日收盘，海峡股份股价报8.28元，较前一交易日下跌0.08元，跌幅0.96%。当日成交量 为305606手，成交金额达2.53亿元。 风险提示：股市有风险，投资需谨慎。 海峡股份属于航运港口板块，主营业务为客滚运输、港口服务及物流业务。公司运营范围涵盖海南至广 东、广西等多条航线，是琼州海峡客滚运输的主要运营商之一。 8月22日主力资金净流出1579.73万元，占流通市值0.09%。近五日主力资金累计净流出6846万元，占流 通市值0.37%。 公司最新披露数据显示，截至8月20日股东户数为57000户，较8月10日减少6000户，环比下降9.52%。 一季度财报显示，公司实现营业收入13.18亿元，同比下降5.11%；净利润1.19亿元，同比下降29.98%。 ...

董秘： 尊敬的投资者，您好，有关俱乐部相关信息，请您关注俱乐部官方发布。感谢您对公司的关 注。 截至2025年8月19日收盘，上港集团(600018)报收于5.69元，下跌0.52%，换手率0.13%，成交量30.32万 手，成交额1.73亿元。 董秘最新回复 投资者： 购买贵公司股票长期亏损，当下港口效益这么好，前任董事长投资足球，为什么还继续投资 海港足球，请列名2024年度投资海港足球的经济效益；谢谢 董秘： 尊敬的投资者，您好，有关俱乐部相关信息，请您关注俱乐部官方发布。感谢您对公司的关 注。 投资者： 请问2014年净利润149亿，为什么回复分红问题说当年可分配利润只有75，还有74亿呢？ 董秘： 尊敬的投资者，您好，公司2024年母公司实现净利润83.38亿元，提取法定公积金10%后的可分 配利润为人民币75.04亿元。感谢您对公司的关注。 投资者： 请问上港集团2024年度投资海港足球队花费支出多少？有没有损害中小股民利益？购买你公 司股票长期亏损？作为董秘要及时回复？这是上市公司的游戏规则？谢谢 8月19日，上港集团的资金流向显示主力资金净流入2626.1万元，占总成交额的15.19%；游资资 ...

Group 1: Industry Overview - The express delivery industry in China saw a business volume of 16.4 billion pieces in July 2025, representing a year-on-year growth of 15.1%, with revenue reaching 120.64 billion yuan, up 8.9% year-on-year [4][25]. - The "anti-involution" trend in the express delivery sector is gaining traction, with associations in Beijing and Baoji advocating for fair competition and the cessation of irrational price wars [5]. - The logistics sector is experiencing a shift towards the central and western regions of China, with the proportion of express delivery business volume in these areas increasing [4]. Group 2: Company Performance - Milky Way reported a 17.4% increase in revenue to 7.035 billion yuan in H1 2025, with a net profit of 352 million yuan, up 13.12% year-on-year [6]. - Debon Express achieved a revenue of 20.555 billion yuan in H1 2025, an increase of 11.43%, but faced a significant drop in net profit by 84.34% [7][8]. - The new management at Debon Express is expected to focus on improving service quality and operational efficiency, which may enhance revenue quality [8]. Group 3: Aviation Sector - The aviation industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends indicating potential growth [15]. - The release of the "Self-Regulation Convention for Air Passenger Transport" aims to promote high-quality development and fair competition in the aviation market [9]. - The restoration of direct flights between China and India is anticipated, which could enhance passenger transport volumes [9]. Group 4: Shipping and Port Operations - The oil tanker market may be influenced by the potential end of the Russia-Ukraine conflict and the lifting of sanctions on Russian oil, which could lead to a reduction in old tanker capacity [10]. - Brazil's iron ore exports have significantly increased, supporting the bulk shipping market, with July shipments reaching nearly 38 million tons [11]. - China's port cargo throughput increased by 10.87% week-on-week to 26.894 million tons, while container throughput rose by 19.58% to 679,000 TEU [78]. Group 5: Road and Rail Transport - Zhongyuan Expressway reported a 5.77% increase in toll revenue in July 2025, with total revenue reaching 411 million yuan [14]. - National logistics operations remained stable, with rail freight increasing by 1.29% and highway freight traffic up by 1.34% during early August [14].

Core Viewpoint - The company has announced a cash dividend distribution plan for its shareholders, with a specific payout amount and relevant dates for the distribution process [2][3]. Dividend Distribution Plan - The cash dividend per share for A shares is set at RMB 0.2007 (including tax), totaling RMB 1,302.76 million for all shareholders based on a total share capital of 6,491,100,000 shares [2][3]. - The total cash dividend for the year 2024, including the mid-year distribution, amounts to RMB 0.3141 per share (including tax), with a total payout of RMB 2,038.85 million [3]. Relevant Dates - The key dates for the dividend distribution are as follows: - Record date: August 22, 2025 - Last trading day: August 25, 2025 - Ex-dividend date: August 25, 2025 - Cash dividend payment date: August 25, 2025 [3]. Implementation Method - Cash dividends for shareholders will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, based on the registration of shares as of the record date [3][4]. - For A share natural person shareholders and securities investment funds, tax policies will apply based on the holding period of the shares, with specific tax exemptions for longer holding periods [4]. Taxation Details - For individual shareholders holding shares for more than one year, the cash dividend will be RMB 0.2007 per share after tax exemption [4]. - For Qualified Foreign Institutional Investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of RMB 0.18063 per share [6]. - For Hong Kong investors through the Stock Connect program, the same 10% tax applies, with the possibility of applying for tax treaty benefits if applicable [6]. Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the Board Office at 0532-82983087 [7].

Financial Data and Key Metrics Changes - Revenues increased by over $8 billion, with $1.3 billion attributed to favorable foreign exchange movements [4] - Underlying net earnings showed strong growth, although not as high as double-digit growth might suggest due to complex non-cash write-down impacts [5] - EBITDA increased by approximately $700 million, with about 13% of that growth due to favorable foreign exchange movements [7] - Operating free cash flow rose by $2.1 billion, reflecting an 11% growth compared to the first half of last year [8] - Net debt ratio decreased from 17% at the end of the first half last year to 14.7% [9][26] Business Line Data and Key Metrics Changes - Ports division throughput increased by 4% to 44 million TEU, with EBITDA rising by 10% in reported currency [29][30] - Retail division EBITDA for the first half reached HKD 8 billion, a 12% increase over last year, despite challenges in the Health and Beauty China segment [33][34] - Infrastructure showed a 6% increase in EBITDA in local currencies, maintaining a strong financial profile [41][44] - CKH Group Telecom reported a 4% growth in underlying EBITDA, with significant contributions from treasury gains [46][50] Market Data and Key Metrics Changes - The ports division experienced a 7% increase in HPH Trust and a 3% growth in Mainland China [29] - Retail operations in Asia and Europe showed varied performance, with Health and Beauty China under pressure while other segments performed well [34][36] - The telecom market in Europe faced challenges, particularly in Austria, but overall performance remained steady [50] Company Strategy and Development Direction - The company is focused on organic growth and cost efficiencies in the ports division, despite global trade volatility [32] - Retail strategy includes expanding the store network and enhancing the online sales model through dark stores [39][75] - Investment strategy emphasizes growth in existing businesses and value-accretive transactions, with a cautious approach to new investments [79][82] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious outlook for the second half of the year due to global uncertainties, despite strong first-half performance [8][16] - The company remains committed to maintaining a strong financial profile while exploring growth opportunities in infrastructure and telecom sectors [81][82] - Management highlighted the importance of adapting to changing consumer behaviors and market conditions, particularly in retail [75] Other Important Information - The company reported a significant increase in liquidity, with total liquid assets reaching $137 billion [26] - The average cost of debt decreased to 3.4%, reflecting lower interest rates [26] - Sustainability efforts are ongoing, with a focus on emissions reductions and compliance with international standards [70] Q&A Session Summary Question: Will future dividends be based on reported or recurring earnings? - Dividends are determined by the board, considering underlying performance and financial fundamentals, generally excluding non-cash accounting losses [72] Question: What strategic actions is Health and Beauty China taking to improve performance? - The division is transforming its business model by integrating dark stores for online fulfillment, despite temporary margin impacts [73][75] Question: Why is the nature of the one-time FX loss different from previous disclosures? - The difference is due to the transition from Hong Kong FRS to International Financial Reporting Standards, affecting the exchange reserve and valuation [78] Question: What is the group's investment strategy if net debt decreases significantly? - The group will focus on growth and value-accretive transactions, primarily within existing businesses, while maintaining a cautious investment approach [79][82] Question: Is regulatory approval from China required for the proposed ports transaction? - Yes, the transaction requires approval from multiple regulatory authorities, including those in China and the US [83][84] Question: What are the uses of the cash received from the merger? - Proceeds from the merger are being used for bond buybacks and to strengthen liquidity, with options for deleveraging or repatriation [87][89]

Investment Rating - The report maintains a positive investment rating for the transportation industry, highlighting potential opportunities in various segments such as shipping, infrastructure, aviation, and express delivery [2][4]. Core Insights - The report emphasizes the improvement in oil shipping market conditions and the potential for price increases in the express delivery sector, driven by a reduction in price competition due to "anti-involution" policies [1][8][24]. Shipping - The oil shipping industry is experiencing improved market conditions, with OPEC+ planning to increase production by 548,000 barrels per day in September, which may lead to better freight rates in the second half of the year [8][16]. - Container shipping rates have declined, necessitating close monitoring of US-China trade negotiations [8][12]. - The report suggests focusing on companies with strong Q2 performance, such as德翔海运, 海丰国际, 中谷物流, and 中远海特 [8][16]. Infrastructure - The report notes that highway passenger traffic decreased by 4.0% year-on-year in June 2025, while cargo traffic showed a slight decline [18][55]. - Port cargo throughput increased by 4.8% year-on-year, indicating stable growth in the infrastructure sector [18][55]. - The report recommends investing in leading highway and port companies, such as 招商公路, 皖通高速, 唐山港, and 青岛港, due to their attractive dividend yields [20][55]. Express Delivery - The express delivery sector is projected to maintain a growth rate of over 20% in 2024, with a 19.3% increase in business volume in the first half of 2025 [24][68]. - The report highlights the initiation of price increases in the express delivery sector in South China, which is expected to alleviate price competition and support valuation recovery [24][68]. - Recommended companies in this sector include 中通快递-W, 圆通速递, 申通快递, and 韵达股份 [24][68]. Aviation - The report indicates a 1.9% week-on-week increase in passenger traffic, with domestic ticket prices experiencing a year-on-year decline of 5.4% [25][26]. - The aviation sector is expected to benefit from "anti-involution" measures aimed at reducing excessive competition, which may enhance valuation recovery [25][26]. - Recommended airlines include 中国国航, 南方航空, 吉祥航空, 春秋航空, and 华夏航空 [26].

中央纪委国家监委网站 王雅婧 7月21日，在苏州港太仓港区海通太仓汽车码头，工程机械等货物在此集结中转，等待装船发往全球。刘铁 彬 摄 习近平总书记强调："港口是基础性、枢纽性设施，是经济发展的重要支撑。"党的十八大以来，习近平总书 记多次赴港口考察，聚焦现代化港口建设，擘画新时代港口发展蓝图。"十四五"以来，我国锚定建设世界一 流港口的目标任务，加快推进港口建设，交出了亮眼的"成绩单"。在7月21日国务院新闻办召开的新闻发布会 上，交通运输部有关负责人表示，目前，我国世界级港口群已基本建成。 从数量和规模上来看，我国已形成了环渤海、长三角、粤港澳大湾区等世界级港口群，已建及在建的自动化 码头数量居世界前列，港口基础设施规模多年保持世界第一。从港口吞吐量来看，2024年，全国港口货物吞 吐量176亿吨，集装箱吞吐量达3.3亿标箱，稳居世界第一；同期，在全球货物和集装箱吞吐量排名前十的港 口中，我国分别占八席和六席。此外，我国港口建设技术水平也逐步迈入世界前列，一批近零碳港口加速创 建，港口新能源清洁能源加快应用……巨轮相接，畅达四海，中国港口展现出"硬核"实力，为我国经济高质 量发展提供强大支撑。 长三角港口 ...