来源：新浪证券-红岸工作室 9月3日，青岛港跌0.57%，成交额2.13亿元。两融数据显示，当日青岛港获融资买入额1490.17万元，融 资偿还1351.31万元，融资净买入138.87万元。截至9月3日，青岛港融资融券余额合计1.16亿元。 融资方面，青岛港当日融资买入1490.17万元。当前融资余额1.16亿元，占流通市值的0.24%，融资余额 超过近一年60%分位水平，处于较高位。 资料显示，青岛港国际股份有限公司位于山东省青岛市市北区港极路7号，成立日期2013年11月15日， 上市日期2019年1月21日，公司主营业务涉及集装箱、金属矿石、煤炭、原油等各类货物的装卸及配套 服务、物流及港口增值服务、港口配套服务、金融服务等。主营业务收入构成为：装卸及相关业务 56.72%，物流及港口增值服务36.96%，港口配套服务-销售油、电及其他3.25%，港口配套服务-租金收 入1.95%，港口配套服务-工程等劳务1.13%。 截至6月30日，青岛港股东户数3.57万，较上期增加14.46%；人均流通股0股，较上期增加0.00%。2025 年1月-6月，青岛港实现营业收入94.34亿元，同比增长4.04%；归 ...

来源：新浪证券-红岸工作室 9月2日，青岛港涨1.73%，成交额3.79亿元。两融数据显示，当日青岛港获融资买入额3108.27万元，融 资偿还4045.68万元，融资净买入-937.41万元。截至9月2日，青岛港融资融券余额合计1.15亿元。 融资方面，青岛港当日融资买入3108.27万元。当前融资余额1.14亿元，占流通市值的0.24%，融资余额 超过近一年50%分位水平，处于较高位。 融券方面，青岛港9月2日融券偿还1200.00股，融券卖出1500.00股，按当日收盘价计算，卖出金额1.32 万元；融券余量2.20万股，融券余额19.40万元，低于近一年50%分位水平，处于较低位。 资料显示，青岛港国际股份有限公司位于山东省青岛市市北区港极路7号，成立日期2013年11月15日， 上市日期2019年1月21日，公司主营业务涉及集装箱、金属矿石、煤炭、原油等各类货物的装卸及配套 服务、物流及港口增值服务、港口配套服务、金融服务等。主营业务收入构成为：装卸及相关业务 56.72%，物流及港口增值服务36.96%，港口配套服务-销售油、电及其他3.25%，港口配套服务-租金收 入1.95%，港口配套服务-工 ...

Group 1 - Qingdao Port's stock price increased by 2.00% on September 1, with a trading volume of 354 million yuan [1] - The financing buy-in amount for Qingdao Port on the same day was 31.06 million yuan, while the financing repayment was 26.63 million yuan, resulting in a net financing buy-in of 4.44 million yuan [1] - As of September 1, the total balance of margin trading for Qingdao Port was 12.4 million yuan, which is 0.26% of its market capitalization and above the 70th percentile of the past year [1] Group 2 - Qingdao Port International Co., Ltd. was established on November 15, 2013, and listed on January 21, 2019, with its main business involving the loading and unloading of various goods, logistics, and port value-added services [2] - The revenue composition of Qingdao Port includes 56.72% from loading and related services, 36.96% from logistics and port value-added services, and smaller percentages from other port-related services [2] - For the first half of 2025, Qingdao Port achieved a revenue of 9.434 billion yuan, a year-on-year increase of 4.04%, and a net profit attributable to shareholders of 2.842 billion yuan, up 7.58% year-on-year [2] Group 3 - Since its A-share listing, Qingdao Port has distributed a total of 12.818 billion yuan in dividends, with 5.687 billion yuan distributed in the last three years [3] - As of June 30, 2025, the number of shareholders of Qingdao Port increased by 14.46% to 35,700, while the average circulating shares per person remained at zero [3] - Among the top ten circulating shareholders, the Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF is the eighth largest shareholder with 22.6229 million shares, marking a new entry [3]

Company Overview - Qingdao Port International Co., Ltd. is located at No. 7, Gangji Road, Shibei District, Qingdao, Shandong Province, established on November 15, 2013, and listed on January 21, 2019. The company’s main business includes loading and unloading various goods such as containers, metal ores, coal, and crude oil, as well as logistics and port value-added services, port ancillary services, and financial services [1][2]. Financial Performance - As of June 30, 2025, Qingdao Port achieved operating revenue of 9.434 billion yuan, a year-on-year increase of 4.04%, and a net profit attributable to shareholders of 2.842 billion yuan, a year-on-year increase of 7.58% [2]. - Since its A-share listing, Qingdao Port has cumulatively distributed cash dividends of 12.818 billion yuan, with 5.687 billion yuan distributed in the last three years [3]. Stock Performance - On September 1, Qingdao Port's stock price increased by 2.00%, reaching 8.67 yuan per share, with a trading volume of 84.3692 million yuan and a turnover rate of 0.18%, resulting in a total market capitalization of 56.278 billion yuan [1]. - Year-to-date, Qingdao Port's stock price has decreased by 2.68%, with a 1.17% increase over the last five trading days, a 1.77% increase over the last 20 days, and a 3.23% decrease over the last 60 days [1]. Shareholder Information - As of June 30, 2025, Qingdao Port had 35,700 shareholders, an increase of 14.46% compared to the previous period, with an average of 0 circulating shares per shareholder [2]. - The top ten circulating shareholders include the Southern S&P China A-Share Large Cap Dividend Low Volatility ETF, which is the eighth largest shareholder with 22.6229 million shares, and Hong Kong Central Clearing Limited, the tenth largest shareholder with 19.2839 million shares, which increased by 20,100 shares compared to the previous period [3].

融券方面，青岛港8月27日融券偿还1.55万股，融券卖出100.00股，按当日收盘价计算，卖出金额849.00 元；融券余量1.63万股，融券余额13.84万元，低于近一年40%分位水平，处于较低位。 资料显示，青岛港国际股份有限公司位于山东省青岛市市北区港极路7号，成立日期2013年11月15日， 上市日期2019年1月21日，公司主营业务涉及集装箱、金属矿石、煤炭、原油等各类货物的装卸及配套 服务、物流及港口增值服务、港口配套服务、金融服务等。主营业务收入构成为：装卸及相关业务 51.90%，物流及港口增值服务39.97%，港口配套服务-销售油、电及其他5.01%，港口配套服务-租金收 入2.09%，港口配套服务-工程等劳务1.03%。 来源：新浪证券-红岸工作室 8月27日，青岛港跌1.28%，成交额1.34亿元。两融数据显示，当日青岛港获融资买入额645.71万元，融 资偿还518.78万元，融资净买入126.92万元。截至8月27日，青岛港融资融券余额合计1.11亿元。 融资方面，青岛港当日融资买入645.71万元。当前融资余额1.11亿元，占流通市值的0.24%，融资余额 超过近一年50%分位水平 ...

来源：新浪证券-红岸工作室 融券方面，青岛港8月25日融券偿还0.00股，融券卖出100.00股，按当日收盘价计算，卖出金额857.00 元；融券余量3.20万股，融券余额27.42万元，低于近一年50%分位水平，处于较低位。 8月25日，青岛港涨1.06%，成交额1.53亿元。两融数据显示，当日青岛港获融资买入额1281.76万元， 融资偿还866.46万元，融资净买入415.30万元。截至8月25日，青岛港融资融券余额合计1.18亿元。 融资方面，青岛港当日融资买入1281.76万元。当前融资余额1.18亿元，占流通市值的0.26%，融资余额 超过近一年60%分位水平，处于较高位。 分红方面，青岛港A股上市后累计派现128.18亿元。近三年，累计派现56.87亿元。 机构持仓方面，截止2025年3月31日，青岛港十大流通股东中，易方达稳健收益债券A（110007）位居 第八大流通股东，持股2190.02万股，持股数量较上期不变。香港中央结算有限公司位居第十大流通股 东，持股1926.38万股，相比上期减少1738.16万股。 资料显示，青岛港国际股份有限公司位于山东省青岛市市北区港极路7号，成立日期201 ...

来源：新浪证券-红岸工作室 8月18日，青岛港涨0.11%，成交额1.81亿元。两融数据显示，当日青岛港获融资买入额1297.82万元， 融资偿还504.60万元，融资净买入793.22万元。截至8月18日，青岛港融资融券余额合计9691.02万元。 融资方面，青岛港当日融资买入1297.82万元。当前融资余额9675.02万元，占流通市值的0.21%，融资 余额超过近一年50%分位水平，处于较高位。 融券方面，青岛港8月18日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元；融 券余量1.83万股，融券余额15.99万元，低于近一年40%分位水平，处于较低位。 资料显示，青岛港国际股份有限公司位于山东省青岛市市北区港极路7号，成立日期2013年11月15日， 上市日期2019年1月21日，公司主营业务涉及集装箱、金属矿石、煤炭、原油等各类货物的装卸及配套 服务、物流及港口增值服务、港口配套服务、金融服务等。主营业务收入构成为：装卸及相关业务 51.90%，物流及港口增值服务39.97%，港口配套服务-销售油、电及其他5.01%，港口配套服务-租金收 入2.09%，港口配套服务-工 ...

资料显示，青岛港国际股份有限公司位于山东省青岛市市北区港极路7号，成立日期2013年11月15日， 上市日期2019年1月21日，公司主营业务涉及集装箱、金属矿石、煤炭、原油等各类货物的装卸及配套 服务、物流及港口增值服务、港口配套服务、金融服务等。主营业务收入构成为：装卸及相关业务 51.90%，物流及港口增值服务39.97%，港口配套服务-销售油、电及其他5.01%，港口配套服务-租金收 入2.09%，港口配套服务-工程等劳务1.03%。 截至3月31日，青岛港股东户数3.12万，较上期增加2.72%；人均流通股0股，较上期增加0.00%。2025年 1月-3月，青岛港实现营业收入48.07亿元，同比增长8.51%；归母净利润14.02亿元，同比增长6.51%。 融资方面，青岛港当日融资买入1069.44万元。当前融资余额8375.57万元，占流通市值的0.18%，融资 余额低于近一年40%分位水平，处于较低位。 融券方面，青岛港7月29日融券偿还100.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量1.00万股，融券余额8.77万元，低于近一年30%分位水平，处于低位。 来 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [5]. Core Insights - The company is the second largest foreign trade port in China, with stable performance and a leading ROE in the industry. It has maintained steady profit growth, with a revenue CAGR of 11% and a net profit CAGR of 13% from 2014 to 2023 [1][31]. - The company benefits from a strong economic hinterland and advantageous shipping routes, with its hinterland economy and export volume accounting for over 32% and 26% of the national totals, respectively [2][41]. - The integration of ports is showing initial success, and the marketization of rates is expected to enhance profitability. The company is at the core of the ongoing integration in Shandong Province, which is anticipated to boost its profitability [3][60]. - In the current macroeconomic environment, the declining interest rates highlight the value of high-dividend assets. The company has consistently maintained a high dividend payout ratio, with a dividend yield above 4.5% from 2021 to 2023 [4]. Summary by Sections Section 1: Northeast Asia Hub Port, Strong Location and Profitability - The company operates five major port areas and provides various services including container handling, liquid bulk, and logistics. The liquid bulk segment contributes the most to profits, while the container segment is a key growth driver [23][25]. - The company has a low debt ratio and high ROE, with a 2023 ROE of 13%, leading the port sector [36]. Section 2: Volume: Economic Hinterland and Shipping Route Advantages - The company’s main hinterland includes Shandong, Jiangsu, and Hebei, providing a solid foundation for cargo volume growth. The port is strategically located in the center of Northeast Asia, enhancing its competitive edge [41][45]. Section 3: Price: Initial Success of Port Integration and Market Rate Trends - The report highlights the ongoing integration of ports in Shandong Province, which is expected to improve operational efficiency and profitability. The trend towards market-based pricing is also noted as a positive factor for future earnings [58][60]. Section 4: Investment Recommendations - The company is projected to have net profits of 5.1 billion, 5.5 billion, and 5.8 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.79, 0.85, and 0.90 yuan [5].