Core Viewpoint - By 2035, Qingdao aims to establish itself as an international shipping center with global resource allocation capabilities, serving the Yellow River Basin and connecting with countries along the Belt and Road Initiative [1] Group 1: Development Goals - The "Qingdao International Shipping Center Construction Mid-term Plan and 2035 Vision" has been officially released, aiming for high-quality construction of the shipping center [1] - By 2028, the core functions and framework of the Qingdao International Shipping Center are expected to be initially formed, establishing a world-class international hub and a leading comprehensive service center in Northeast Asia [1] Group 2: High-Quality Development System - The plan emphasizes strengthening dual hub leadership, enhancing major channel support, constructing four highlands, and laying out five major areas for development [2] - Strengthening dual hub leadership involves optimizing port functions, enhancing maritime safety, and building a world-class international shipping hub [2] - Enhancing major channel support focuses on creating international logistics corridors that connect the Yellow River Basin, Japan, South Korea, and Belt and Road countries [2] Group 3: Construction of Four Highlands - The plan includes the creation of four highlands: an international shipping service highland in Northeast Asia, an international trade cooperation highland, an innovative port industry highland, and a port and shipping technology innovation highland [2] - The international shipping service highland aims to promote the aggregation of logistics elements and enhance maritime legal service capabilities [2] - The innovative port industry highland focuses on developing emerging industries and smart logistics to lead green and low-carbon development [2] Group 4: Layout of Five Major Areas - The plan outlines the development of five major areas: modern shipping service aggregation area, multi-modal transport and airport economic demonstration area, port-city integration development area, cruise economy collaborative development area, and shipping service headquarters economic area [3] - Each area is designed to leverage regional advantages and promote collaborative development within the Qingdao International Shipping Center [3]

分红政策，公司24 年拟派发现金股息约0.589 亿人民币，每股约0.065 元（含税）; 全年分红1 次，约占 当年度净利润比例的20.2%。若以年报披露日A 股的收盘股价计算，1 次分红对应股息率约为1.2%。 2025 年Q1 业绩，营收11.93 亿，同比减-10.89%，扣非归母净利润增0.73 亿，同比增+38.85%。 点评 公司主营业务包括港航物流、新能源和投资板块。2024 年业务板块分拆如下： 港航物流分部，营收20.6 亿，同比减-19.4%，营收占比40.2%；毛利金额5.2 亿，同比减-2.3%，毛利占 比38.9%。下滑主因是24 年进口纸浆需求下滑，导致集装箱同比下滑22.5%。 新能源分部，营收24.3 亿，同比增+3.3%，营收占比47.5%；毛利金额6.5 亿，同比减-4.6%，毛利占比 48.3%。下滑主因是24 年极端天气和达里风电场延寿后综合电价下降，导致运营利润下滑46.95%。 近日，珠海港披露2024 年报。本报告期内，实现营业总收入51.25亿，同比减-6.07%；归母净利2.92 亿，同比增+5.37%；扣非归母净利2.6亿，同比增+5.23%；基本每股收益 ...