港口是基础性、枢纽性设施，港口城市则是拉动区域经济发展的重要支撑。2025年即将收官，港口城市们也在进行最后的冲刺—— 12月30日，广西北部湾港集装箱吞吐量突破1000万标箱，成功迈入千万标箱大港行列；在此之前，浙江宁波舟山港年集装箱吞吐量首破4000万标箱，成为我 国第二个、世界第三个突破4000万大关的港口…… 这些标志性突破，支撑全国港口发展滚滚向前。根据交通运输部发布的最新数据，1至11月，港口货物吞吐量、集装箱吞吐量分别达167.5亿吨、3.2亿标箱， 同比分别增长4.4%、6.6%。 其中，宁波舟山港、上海港、唐山港、青岛港等全国前十大港口贡献全国四成的份额。上海港、宁波舟山港、深圳港、青岛港等作为前十大集装箱港口，贡 献全国七成的份额。 | 货物吞吐量TOP20港口 | 货物吞吐量 | 货物吞吐量增速 | 集装箱吞吐量TOP20港口 | 集装箱吞吐量 集装 | | --- | --- | --- | --- | --- | | 宁波舟山 | 131517 | 3.7 | 上海 | 5056 | | 上海 | 81429 | 1 | 宁波舟山 | 3999 | | 唐山 | 80602 | 2. ...

Core Insights - The article highlights significant growth in container throughput and cargo volume at major Chinese ports, indicating a robust performance in the shipping and logistics sector as the year-end approaches [1][8]. Group 1: Coastal Ports Performance - Shanghai Port's container throughput reached 50.56 million TEUs in the first 11 months of 2025, a year-on-year increase of 6.7%, breaking the 50 million TEU mark one month earlier than last year [1][8]. - Ningbo-Zhoushan Port also achieved a historic milestone, surpassing 40 million TEUs for the first time, becoming the third global port to reach this level [1][8]. - Shenzhen Port reported a container throughput of 32.41 million TEUs from January to November 2025, reflecting a growth of 6.57% [8]. Group 2: Inland Ports Growth - Several inland ports, including Suzhou, Wuxi, and Yunnan, demonstrated remarkable growth, with Wuxi Port's container throughput increasing by 107.0% and Yunnan Port by 223.6% year-on-year [2][9]. - The importance of inland shipping is being recognized, with provinces like Guangdong and Shandong incorporating inland waterway construction into their 14th Five-Year Plans [2][15]. Group 3: National Port Statistics - Nationally, cargo throughput at ports reached 1.51 billion tons from January to October 2025, marking a 4.3% year-on-year increase, while container throughput grew by 6.4% to 29.42 million TEUs [7][8]. - The top ten ports in terms of cargo throughput include Ningbo-Zhoushan, Tangshan, and Shanghai, with each exceeding 55 million tons [7][8]. Group 4: Future Developments - The upcoming 15th Five-Year Plan is expected to bring changes to port layouts and enhance the integration of coastal and inland ports, focusing on optimizing resources and improving infrastructure [11][15][16]. - Specific plans include the development of a modernized inland waterway network in provinces like Henan, aiming for a cargo throughput of over 100 million tons during the 15th Five-Year period [15][16].

Core Insights - The article highlights the significant growth in container throughput and cargo handling at major ports in China, with Shanghai, Ningbo-Zhoushan, and Shenzhen leading the way in performance metrics [1][4][5]. Port Performance - Shanghai Port achieved a container throughput of 50.56 million TEUs in the first 11 months of 2025, marking a 6.7% year-on-year increase and breaking the 50 million TEU mark a month earlier than the previous year [1][5]. - Ningbo-Zhoushan Port also reported a record container throughput, surpassing 40 million TEUs for the first time, making it the third global port to reach this milestone [1][5]. - Shenzhen Port's container throughput reached 32.41 million TEUs, reflecting a growth of 6.57% year-on-year [5]. National Trends - Nationally, the total cargo throughput for ports reached 1.51 billion tons from January to October 2025, with a year-on-year growth of 4.3%, while container throughput increased by 6.4% to 29.42 million TEUs [4][6]. - Notably, 21 ports experienced double-digit growth in container throughput, with inland ports like Wuxi and Yunnan showing remarkable increases of 107.0% and 223.6%, respectively [6][11]. Future Developments - The "14th Five-Year Plan" is set to conclude, with provinces like Guangdong, Shandong, and Henan planning to enhance inland waterway construction as part of their "15th Five-Year Plan" [7][11]. - The Guangdong provincial government aims to strengthen the integration of port resources and enhance the international hub status of Guangzhou and Shenzhen ports [7][10]. - The article indicates that the next five years will see a reconfiguration of port group layouts in response to evolving trade dynamics and national market integration [12].

经济观察网12月2日，宁波舟山港年集装箱吞吐量首次突破4000万标准箱，成为我国第二个、世界第三 个突破4000万大关的港口。集装箱吞吐量是衡量港口运输能力和国际贸易水平的重要指标。近年来，宁 波舟山港年集装箱吞吐量增速明显，从3000万标准箱到4000万标准箱仅仅用了四年，成为全球前五大港 口中近十年来年集装箱吞吐量增速最快、增量最大的港口。 ...

东海之滨的梅山港，是宁波港（601018）旗下的重要港区，这里的码头上，集装箱堆叠如山，巨轮云集。 12月2日，梅山港的一个身披红妆的集装箱，被远控桥吊稳稳安置于"中远海运人马座"轮上。这一刻，意味着宁波港年集装箱吞吐量，首次突破4000万标准 箱，成为继上海港、新加坡港之后第三个跻身"4000万俱乐部"的大港。 . 儿事 : Load 值得一提的是，宁波港年集装箱吞吐量从"1000万"到"2000万"用了7年，"2000万"到"3000万"用了6年，"3000万"到"4000万"仅用了短短4年。 集装箱吞吐量是反映经济活力的"晴雨表"。这一历史性突破，得益于宁波港开拓新航线、建设智慧码头的不懈努力，更源于科学规划交通线路和我国持续调 整经济结构。 近年来，浙江省委省政府举全省之力推进世界一流强港建设，出台《世界一流强港建设工程(2023-2027年)实施方案》，明确"十大标志性项目"和"十项牵引 性改革"，全面增强港口核心竞争力、聚合支撑力、辐射带动力；高水平建设"航运浙江"，持续发挥内河航运特色优势。正是在这一系列有力举措推动下， 宁波港得以于实现新跨越。 集装箱量的持续攀升离不开源源不断的充足的货源。依 ...

Core Insights - Shenzhen aims to establish itself as an international comprehensive transportation hub, focusing on infrastructure upgrades, multi-modal transport innovation, and policy service optimization to support the real economy and high-quality foreign trade development [1] Infrastructure Enhancement - Shenzhen is accelerating major project construction at key nodes such as air, sea, and rail ports to strengthen logistics hardware and alleviate transportation bottlenecks [2] - The total area of logistics facilities at Shenzhen Airport has reached 1.2 million square meters, significantly improving cargo handling efficiency [2] - Shenzhen Airport has opened 43 international and regional routes, covering 5 continents and 27 countries, with a projected cargo throughput of 188.1 thousand tons in 2024 [2] - Shenzhen Port has established 75 berths for vessels over 10,000 tons and 47 dedicated container berths, with 275 international shipping routes covering 6 continents [2] Transportation Structure Optimization - The Pingyan Railway renovation project is crucial for optimizing the transportation structure, enhancing the connection between Yantian Port and the national railway network [3] - The Shenzhen International Comprehensive Logistics Hub is set to become Asia's largest "road-rail-sea" multi-modal transport center [3] - New breakthroughs in land transport include the launch of international rail-sea intermodal trains, saving 20 days compared to traditional sea transport [3] Innovation and Collaboration - Shenzhen is driving logistics development through multi-modal transport integration, smart logistics, and regional collaboration, enhancing logistics efficiency and trade facilitation [4] - The sea-rail intermodal system has been improved, with 27 inland ports opened, covering South China, Central China, and Southwest China [4] - The first international rail-road intermodal train from China to Kyrgyzstan has been successfully launched, improving efficiency by over 30% [5] Smart Logistics and Policy Optimization - The first smart international cargo station in China has been launched, utilizing a network of drones, ground stations, and underground vehicles to process over 30,000 packages daily [5] - The "Guangdong-Hong Kong-Macao Greater Bay Area Combined Port" reform has opened 49 routes, achieving a 30.57% year-on-year increase in container throughput [5] - A pilot tax refund policy at Yantian Port allows foreign trade companies to receive refunds 4 to 6 weeks in advance, boosting transshipment business by 15% [5] Future Outlook - Shenzhen will continue to enhance its global logistics resource allocation capabilities, supporting the integrated development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative [6]

Economic Indicators - The Huachuang Macro WEI index decreased to 4.37% as of November 2, 2025, down 0.45 percentage points from the previous week[7] - Subway passenger volume in 26 cities increased by 7% year-on-year in the first six days of November, compared to a 0.8% increase in October[10] - Retail sales of passenger cars surged by 47% year-on-year from October 27 to 31, recovering from a previous decline of 9%[10] Trade and Exports - Port container throughput rebounded with a 13.8% increase week-on-week as of November 2, 2025, compared to a previous decline of 8.2%[25] - The four-week year-on-year growth rate for port container throughput rose to 8.2%, up from 6.6% the previous week[25] - The number of outbound vessels from the top twenty ports increased by 3.4% year-on-year in early November[30] Real Estate and Construction - The sales area of commercial residential properties in 67 cities fell by 43% year-on-year in the first week of November, worsening from a 26% decline in October[13] - The cement shipment rate was 37.1% as of October 31, 2025, down 0.3% from the previous week[15] - Second-hand housing prices continued to decline, with first-tier cities down 0.3% and a cumulative drop of 3.9% year-to-date[45] Commodity Prices - Domestic and international commodity prices continued to decline, with the Nanhua Comprehensive Index down 0.5%[43] - LME three-month copper price fell by 1.6% to $10,744 per ton, while Brent crude oil dropped by 2.2% to $63.6 per barrel[43] - Pork prices increased by 2.4% and vegetable prices rose by 1.6%[44]

Core Viewpoint - Goldman Sachs has raised the net profit forecasts for China Merchants Port (00144) and COSCO Shipping Ports (01199) for 2025 to 2027 by 2% to 6% [1] Company Summaries - COSCO Shipping Ports is favored due to strong performance at its European terminals and improved performance at Qianhai Port, with a projected dividend yield of 5% in 2025 and a target price increase from HKD 5.3 to HKD 6, rated as "Buy" [1] - China Merchants Port's target price has been raised from HKD 13.1 to HKD 14.2, rated as "Neutral" [1] Industry Insights - Despite increased US tariffs and trade uncertainties, the container throughput at mainland ports grew by 7% year-on-year in the first half of the year [1] - Future growth projections indicate year-on-year increases of 4.6%, 2.7%, and 2.5% for 2025, 2026, and 2027 respectively, suggesting a slowdown to 2% growth in the second half of 2025 [1] - China Merchants Port anticipates a 2% price increase in contract negotiations for 2026, while other operators expect no further price hikes beyond inflation adjustments [1] - Both China Merchants Port and COSCO Shipping Ports are optimistic about contract price growth for overseas terminals due to faster throughput growth and rising costs [1]

Core Viewpoint - Goldman Sachs has raised the net profit forecasts for China Merchants Port (00144) and COSCO Shipping Ports (01199) for 2025 to 2027 by 2% to 6% [1] Group 1: Company Analysis - COSCO Shipping Ports is favored due to strong performance at its European terminals and improved performance at Qianhai Port, with a projected dividend yield of 5% in 2025 and a target price increase from HKD 5.3 to HKD 6, rated as "Buy" [1] - China Merchants Port's target price has been raised from HKD 13.1 to HKD 14.2, rated as "Neutral" [1] Group 2: Industry Outlook - Despite the backdrop of increased U.S. tariffs and trade uncertainties, the container throughput at mainland ports grew by 7% year-on-year in the first half of the year [1] - Future growth projections indicate year-on-year increases of 4.6%, 2.7%, and 2.5% for 2025, 2026, and 2027 respectively, suggesting a slowdown to 2% growth in the second half of 2025 [1] - China Merchants Port anticipates a 2% price increase in contract negotiations for 2026, while other operators expect no further price hikes beyond inflation adjustments [1] - Both China Merchants Port and COSCO Shipping Ports are optimistic about contract price growth for overseas terminals due to faster throughput growth and rising costs [1]

Core Viewpoint - Despite the increase in US tariffs and trade uncertainties, the container throughput at mainland ports grew by 7% year-on-year in the first half of the year [1] Group 1: Future Growth Projections - Goldman Sachs forecasts annual growth rates for container throughput of 4.6%, 2.7%, and 2.5% for the years 2025, 2026, and 2027 respectively, indicating a slowdown to 2% in the second half of 2025 [1] Group 2: Pricing and Contract Negotiations - China Merchants Port aims to increase contract prices by 2% in negotiations for 2026, while other operators expect no further price hikes beyond inflation adjustments [1] - Both China Merchants Port and COSCO Shipping Ports are optimistic about contract price growth for overseas terminals due to faster throughput growth and rising costs [1] Group 3: Profit Forecasts and Stock Ratings - Goldman Sachs raised net profit forecasts for China Merchants Port and COSCO Shipping Ports by 2% to 6% for the years 2025 to 2027 [1] - COSCO Shipping Ports is favored due to strong performance at European terminals and improved performance at Qianhai Port, with an expected dividend yield of 5% in 2025; target price increased from HKD 5.3 to HKD 6, rated "Buy" [1] - Target price for China Merchants Port increased from HKD 13.1 to HKD 14.2, rated "Neutral" [1]