航线网络扩张：2026年伊始，青岛港新开通4条集装箱航线（包括地中海航运澳新线、中远海运红海线 及东南亚线等），外贸航线总数增至近240条，进一步巩固其作为北方枢纽港的地位。这一举措可能提 升公司物流服务能力，适配区域经贸合作需求。 业务进展情况 经济观察网 基于截至2026年2月14日的公开信息，青岛港（601298）（股票代码：601298）有以下值得 关注的事件和发展动态，主要涉及业务拓展、市场表现和行业环境等方面。 股息与股东结构：公司近12个月股息率约3.83%，A股上市后累计派现137.70亿元；截至2025年9月30 日，股东户数3.83万，机构股东如南方标普ETF等持股有所增加。 以上内容基于公开资料整理，不构成投资建议。 业绩经营情况 业绩表现：2025年前三季度，公司营业收入142.38亿元（同比增长1.86%），归母净利润41.80亿元（同 比增长6.33%），但第三季度营收同比下滑2.17%，市场对港口行业增速放缓存在担忧。未来需关注全 年业绩验证及地缘冲突（如红海航线波动）对需求的影响。 股价与资金表现 股价回调因素：近期青岛港股价出现回调，主要受航运港口板块整体走弱、资金短期流出及 ...

经济观察网青岛港（601298）(601298.SH)近期股价出现回调，主要受板块整体走弱、资金面短期承压 及市场情绪等因素影响。 板块变化情况 地缘冲突(如红海航线波动)及春节错期因素影响航运需求，招商证券报告称，2026年1月青岛港集装箱 运价均值环比下降28.7%。市场对港口短期供需格局持观望态度。 综上，青岛港近期回调是板块弱势、资金流出、技术调整及行业周期因素共同作用的结果。 股价情况 截至2月13日，青岛港股价跌破5日、10日均线(分别位于9.34元、9.50元)，KDJ指标中J线降至-21.65，显 示短期超卖。布林带中轨支撑位为9.21元，当日收盘价9.06元已接近下轨8.31元，若跌破可能进一步下 探。 公司基本面 公司2025年前三季度归母净利润同比增长6.33%，但单季度营收Q3同比下降2.17%。尽管纸浆码头"重来 重回"模式优化物流成本，且近期开通多条新航线，但市场对港口行业整体增速放缓存在担忧。浙商证 券（601878）指出，公司股息率稳定(近12个月为3.83%)，但估值提升需等待业绩弹性验证。 行业与风险分析 2026年2月13日，A股航运港口板块下跌3.44%，显著跑输大盘( ...

"重来重回"并非全新概念,而是青岛港近年来一直探索并不断深化的物流组织模式,旨在破解纸浆装卸存 在的"来程满载、回程空载"的行业结构性难题。如今,该模式的效能持续释放:来自乌拉圭的纸浆与发往 欧洲的炭块,可以在同一条船上完成双向交接；从巴西运抵的纸浆卸货后,返程的船舱迅速被挖掘机填满, 重返美洲市场…… 2月8日,在山东港口青岛港（601298）纸浆码头,载有加拿大进口纸浆的"松雀箭"轮完成卸货后,并没有按 照传统航程空置舱位前往下一港口,而是就地装载抽油机、石油管、设备等货物,直航北美市场。这一"卸 完即装、双向满载"的高效场景,正是青岛港持续优化纸浆码头"重来重回"物流模式的生动体现。 "重来重回"模式不仅降低了客户的综合物流成本、提升了货物运转效能,更实现了港口服务质量与供应 链价值的双重提级,为高质量发展注入了新活力。 记者 赵波 青岛报道 通讯员 吴晓琳 李贺 这一战略转向,直击纸浆码头物流的长期痛点。以往,纸浆运输中普遍存在"船来货满、船去舱空"现象,船 舶满载纸浆抵港后,常常需要空置或低效装载部分货物返航,不仅推高了船公司的运营成本,也限制了对腹 地企业出口的带动能力,成为困扰行业发展的共性问题 ...

来源：新浪证券-红岸工作室 2月11日，青岛港跌0.11%，成交额9406.42万元。两融数据显示，当日青岛港获融资买入额614.91万 元，融资偿还741.40万元，融资净买入-126.50万元。截至2月11日，青岛港融资融券余额合计7310.97万 元。 融资方面，青岛港当日融资买入614.91万元。当前融资余额7275.93万元，占流通市值的0.14%，融资余 额低于近一年10%分位水平，处于低位。 截至9月30日，青岛港股东户数3.83万，较上期增加7.23%；人均流通股0股，较上期增加0.00%。2025年 1月-9月，青岛港实现营业收入142.38亿元，同比增长1.86%；归母净利润41.80亿元，同比增长6.33%。 分红方面，青岛港A股上市后累计派现137.70亿元。近三年，累计派现66.38亿元。 机构持仓方面，截止2025年9月30日，青岛港十大流通股东中，南方标普中国A股大盘红利低波50ETF联 接A（008163）位居第八大流通股东，持股2550.69万股，相比上期增加288.40万股。香港中央结算有限 公司位居第九大流通股东，持股2235.67万股，相比上期增加307.28万股。工银 ...

齐鲁晚报·齐鲁壹点记者 赵波 通讯员 吴晓琳 李贺 2月8日，在山东港口青岛港（601298）纸浆码头，载有加拿大进口纸浆的"松雀箭"轮完成卸货后，并没 有按照传统航程空置舱位前往下一港口，而是就地装载抽油机、石油管、设备等货物，直航北美市场。 这一"卸完即装、双向满载"的高效场景，正是青岛港持续优化纸浆码头"重来重回"物流模式的生动体 现。 "重来重回"并非全新概念，而是青岛港近年来一直探索并不断深化的物流组织模式，旨在破解纸浆装卸 存在的"来程满载、回程空载"的行业结构性难题。如今，该模式的效能持续释放：来自乌拉圭的纸浆与 发往欧洲的炭块，可以在同一条船上完成双向交接；从巴西运抵的纸浆卸货后，返程的船舱迅速被挖掘 机填满，重返美洲市场…… "重来重回"模式不仅降低了客户的综合物流成本、提升了货物运转效能，更实现了港口服务质量与供应 链价值的双重提级，为高质量发展注入了新活力。 "重来重回"模式的顺畅运转，绝非简单地优化进出口货物运输流程，做到"有来有回"的精准匹配，而是 需要码头环环相扣的强大软硬件支撑。 其中，智慧化运营至关重要，这是模式运转的"核心大脑"。 依托全球首个全流程自动化件杂货纸浆码头，青岛 ...

"重来重回"并非全新概念，而是青岛港近年来一直探索并不断深化的物流组织模式，旨在破解纸浆装卸存在的"来程满载、回程空载"的行业结构性难题。 如今，该模式的效能持续释放：来自乌拉圭的纸浆与发往欧洲的炭块，可以在同一条船上完成双向交接；从巴西运抵的纸浆卸货后，返程的船舱迅速被挖 掘机填满，重返美洲市场…… "重来重回"模式不仅降低了客户的综合物流成本、提升了货物运转效能，更实现了港口服务质量与供应链价值的双重提级，为高质量发展注入了新活力。 2月8日，在山东港口青岛港纸浆码头，载有加拿大进口纸浆的"松雀箭"轮完成卸货后，并没有按照传统航程空置舱位前往下一港口，而是就地装载抽油 机、石油管、设备等货物，直航北美市场。这一"卸完即装、双向满载"的高效场景，正是青岛港持续优化纸浆码头"重来重回"物流模式的生动体现。 为何必须"重来重回"？ 依托全球首个全流程自动化件杂货纸浆码头，青岛港实现了纸浆"重来重回"全作业链的实时协同与动态优化。基于AI识别的电子船图技术，能够全面掌握 形态各异的舱内货物分布；通过"北辰"系统可以实时调度智能引导运输车（IGV）、自动化吊具等设备，以最高效路径确保"重来重回"模式连贯稳定。 过去 ...

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, highlighting potential opportunities in the industry [2][3]. Core Insights - The Spring Festival travel rush has begun, with air passenger volume averaging 2.313 million per day, up 5.5% year-on-year, while railway passenger volume averaged 11.792 million, down 0.7% year-on-year [1][10]. - The report emphasizes the competitive landscape in instant retail, particularly with the launch of the "30 Billion Free Order" campaign by Qianwen, which saw over 10 million orders in just 9 hours [2][35]. - The report identifies key players in the aviation sector, including China National Airlines, Southern Airlines, and Eastern Airlines, as well as low-cost carriers like Spring Airlines, which are expected to benefit from high price elasticity and operational efficiency [2][34]. Industry Data Tracking - Air freight rates at Pudong Airport increased by 5.3% week-on-week and 8.9% year-on-year as of February 2 [7][44]. - The VLCC freight rate rose by 2% week-on-week, while the BDI decreased by 10% [7][48]. - The report highlights the growth potential in the express logistics sector, particularly for leading companies like Zhongtong and Yuantong, as well as the promising outlook for instant retail leader SF Express [7][31]. Investment Recommendations - The report suggests focusing on "performance elasticity" and "dividend value" as key investment themes for the transportation sector in 2026 [7][31]. - It recommends continued investment in the aviation sector due to expected low growth in aircraft supply and a projected 5% increase in passenger numbers [2][31]. - The report also emphasizes the importance of dividend assets, recommending companies like Sichuan Chengyu and China Merchants Port for their stable performance and potential for increased dividends [7][31].

一月之内四条重要航线同时落地青岛港，充分彰显了全球市场对青岛港枢纽地位与硬核实力的信赖和认 可。作为中国第二大外贸口岸和沿黄流域最大出海口，青岛港区位优势显著，依托56个内陆港和86条海 铁联运班列构建起覆盖广阔的"黄金通道"，海铁联运箱量已连续11年领跑全国。在运营层面，青岛港拥 有世界领先的全自动化集装箱码头，并13次刷新装卸效率世界纪录；通过推行"一企一策"定制服务 及"船边直提"等便利模式，其船舶直靠率与作业效率持续位居全球主要港口前列。此外，口岸营商环境 持续优化，青岛港与海关协同打造的智慧监管模式，连续五年获评跨境贸易营商环境最高星级，为2025 年青岛口岸实现2.65万亿元外贸总值提供了坚实保障。 新航线的密集开通，远不止于箱量的增长，更是服务能级的跃升。每条新航线都是一条贯通内外的高效 供应链，将为外贸企业开拓新兴市场、优化出口结构提供强有力的物流支撑，使青岛港成为国内国际双 循环的关键枢纽。未来，青岛港将继续优化全球航线网络布局，提升综合服务效能与枢纽能级，在服务 国家重大战略、赋能经济社会高质量发展的新征程上展现更大担当。 （编辑 张明富） 本报讯 （记者刘钊）2月6日，记者从青岛港了解到 ...

Investment Rating - The report indicates a stable outlook for the port industry, with a focus on infrastructure and domestic demand supporting the industry fundamentals [7][8]. Core Insights - The growth rate of cargo and container throughput in Chinese ports is slowing down, influenced by GDP and import-export growth deceleration. Coastal ports dominate in terms of throughput, with significant differentiation in growth rates among major ports [8][9]. - Since 2018, investment in inland waterway transportation has consistently exceeded that of coastal ports, leading to structural overcapacity in coastal ports. However, there remains a demand for terminal upgrades, optimization of port layouts, and channel construction, with a clear trend towards larger and more specialized port berths [8][9]. - The overall revenue of sampled port enterprises is steadily increasing, with strong operational cash flow capabilities. Future capital expenditures are expected to remain substantial due to increased financing driven by port-related project investments [8][9]. - The report anticipates that global economic growth will remain low, with uncertainties surrounding trade policies potentially impacting China's foreign trade. However, domestic demand is expected to expand, providing some support for port throughput [8][9]. Industry Overview Macroeconomic Environment - In 2025, China's economy is projected to stabilize, with domestic demand expected to support cargo throughput at ports. The economic policies are characterized by a multi-dimensional collaborative approach, focusing on stabilizing growth and enhancing domestic consumption [9][10]. - The port industry is highly sensitive to macroeconomic cycles, with the performance of cargo and container throughput closely linked to economic conditions and foreign trade developments [10][11]. Industry Policies and Regulatory Environment - The government has introduced various policies to guide the development of smart, green, safe, and efficient ports, aiming to enhance the competitive capabilities of ports through a market-oriented pricing system [11][12]. - Recent policies emphasize the integration of rail-water transport and the construction of a modern comprehensive transportation system, with significant investments expected in port infrastructure [11][12]. Industry Operating Conditions - The throughput growth of Chinese ports has shown signs of slowing down, with a notable differentiation in growth rates among major coastal ports. In 2024, the total cargo throughput reached 1,759.5 million tons, growing by 3.7% [16][20]. - Container throughput growth has also slowed, with a total of 33.2 million TEUs in 2024, reflecting a 7.0% increase [17][20]. Financial Performance - Sampled port enterprises have shown steady revenue growth, with total revenue reaching 643.36 billion yuan in the first nine months of 2025, maintaining a stable operational performance [34][36]. - The cash flow from operating activities has been strong, with a cash income ratio exceeding 100%, indicating that cash flow can meet capital expenditure needs [36][39]. Debt Levels - The total debt of sampled port enterprises has increased, with a total debt of 1,162.86 billion yuan by September 2025, primarily for new terminal construction and upgrades [41][43]. - The short-term debt ratio is moderate, with a significant portion of financing coming from bank loans and bond issuances [41][43]. Debt Repayment Capacity - Most sampled port enterprises face manageable short-term repayment pressures, with strong long-term repayment capabilities. However, some enterprises have heavier debt burdens and historical personnel liabilities that require attention [44][45]. Bond Market Performance - The report notes a decrease in bond issuance rates for port enterprises, with a total of 180 bonds issued in 2025, reflecting a 7.57% increase in issuance scale [48][49].

Core Viewpoint - Qingdao Port experienced a decline of 2.26% in stock price, with a trading volume of 298 million yuan and a market capitalization of 61.665 billion yuan [1] Group 1: Company Overview - Qingdao Port International Co., Ltd. is located in Qingdao, Shandong Province, and was established on November 15, 2013, with its listing date on January 21, 2019 [6] - The company primarily engages in the loading and unloading of various goods, including containers, metal ores, coal, and crude oil, as well as logistics and port value-added services [6] - The revenue composition of the company 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 [6] Group 2: Financial Performance - For the period from January to September 2025, Qingdao Port achieved an operating income of 14.238 billion yuan, representing a year-on-year growth of 1.86%, and a net profit attributable to shareholders of 4.180 billion yuan, with a growth of 6.33% [6] - The company has distributed a total of 13.77 billion yuan in dividends since its A-share listing, with 6.638 billion yuan distributed over the past three years [7] Group 3: Market Position and Strategic Initiatives - Qingdao Port is strategically positioned in the center of the Bohai Sea and Yangtze River Delta port clusters, benefiting from the China-South Korea Free Trade Agreement and the Belt and Road Initiative [2] - The company has signed a cooperation agreement with Huawei to accelerate the development of smart port operations in major domestic ports [3] Group 4: Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders of Qingdao Port increased to 38,300, reflecting a growth of 7.23% [6] - The top ten circulating shareholders include various institutional investors, with notable increases in holdings from Southern S&P China A-share Large Cap Dividend Low Volatility ETF and Hong Kong Central Clearing Limited [8]