Analysis of the Impact of Trade Facilitation Policies on the Investment Value of Port, Shipping and Comprehensive Bonded Zone Enterprises

I have now collected sufficient information, let me conduct an in-depth analysis and provide you with a detailed investment value assessment report.

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During the 14th Five-Year Plan period, the General Administration of Customs of China supervised an

of import and export cargo and in cargo value, established 19 new comprehensive bonded zones, added and expanded 41 open ports, and realized “one-stop online service” for cross-border trade[1][2]. These data fully reflect China’s status as the world’s largest trader and the continuous improvement of its trade facilitation level.

From April to September 2025, the General Administration of Customs, together with 20 departments including the Central Cyberspace Affairs Commission, the Ministry of Foreign Affairs, the National Development and Reform Commission, and the Ministry of Commerce, launched a special cross-border trade facilitation campaign in 25 cities including Beijing, Shanghai, Tianjin, and Chongqing, introducing 29 pilot innovative policy measures[3]. Survey results show that

, highlighting the continuous optimization of China’s port business environment.

After the deployment at the State Council Executive Meeting on December 31, 2025, the General Administration of Customs announced on January 15, 2026 the nationwide replication and promotion of 25 cross-border trade facilitation measures, mainly including the following[4][5]:

Category	Key Measures	Investment Implications
Promote Efficient and Smooth Cross-Border Logistics (7 measures)	Integrated multimodal transport, connection of the “Silk Road Shipping” corridor, support for the development of the “Air Silk Road”	Reduce logistics costs by about 20% and enhance the comprehensive competitiveness of ports
Support the Development of New Business Forms and Models (5 measures)	Air transport of goods with batteries, cross-border mutual recognition of electronic certification, “tax refund upon departure” for cross-border e-commerce overseas warehouses	Shorten tax refund cycles and significantly improve capital turnover rate
Optimize Supervision of Special Commodities (4 measures)	Facilitated customs clearance for food and medicinal homologous products, “green channel” for cross-border transportation of agricultural products	Expand the import and export scale of high-value-added commodities
Enhance Intelligent Supervision and Service Level (4 measures)	The “Single Window” for international trade connects with 30 departments and provides 1,010 services	Realize “one-stop online service” for the entire cross-border trade chain
Enhance the Practical Effect of Benefiting Enterprises and the Public (5 measures)	Joint incentives for AEO enterprises, flexible setting of “port opening” time for export containers	Enhance financing credit support for high-credit enterprises

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In 2025, the port and shipping sector showed an overall volatile pattern, with significant differentiation in the performance of sub-sectors[6][7]:

• China Port and Shipping Enterprise Composite Index (CMEI)
  closed at 1,944.75 points, up 1.34% year-on-year
• China Shipping Enterprise Index (CSII)
  closed at 3,222.25 points, up 2.44% year-on-year
• China Port Enterprise Index (CPII)
  closed at 1,127.60 points, down 1.87% year-on-year
• China Shipbuilding Enterprise Index (CSBI)
  closed at 1,024.06 points, up 1.78% year-on-year

As of December 30, 2025, the total market value of

listed on the Shanghai, Shenzhen, Beijing Stock Exchanges and in Hong Kong, Taiwan, and Singapore was approximately RMB 2.16 trillion, an increase of 8.68% year-on-year[8].

In the first 11 months of 2025, the cargo throughput of national ports maintained a steady growth trend[9]:

Indicator	Value	Year-on-Year Growth Rate
Cargo throughput of national ports	16.75 billion tons	+4.4%
Coastal ports	10.65 billion tons	+3.7%
Inland river ports	6.10 billion tons	+5.7%
Foreign trade cargo throughput	5.16 billion tons	+4.1%
Domestic trade cargo throughput	11.59 billion tons	+4.5%
Container throughput	320 million TEU	+6.6%

According to the 2025 China Port and Shipping Enterprise Market Value Ranking, the performance of major listed port enterprises is as follows[10][11]:

Company	Market Value (RMB 100 million)	Market Value Change	Ranking	Core Highlights
Shanghai International Port Group (SIPG)	1261.78	-11.44%	3rd	Revenue in the first three quarters reached RMB 29.949 billion, up 3.18% year-on-year
Ningbo Port	706.18	-5.71%	9th	Annual container throughput is expected to reach 52.96 million TEU, up 11.21% year-on-year
China Merchants Port	635.58	+9.39%	10th	Stable performance with obvious regional synergy advantages
COSCO SHIPP Ports	200.29	+25.01%	32nd	Throughput increased 5.6% year-on-year to 113 million TEU
Beibu Gulf Port	222.31	+23.84%	29th	Container throughput grew 10.34% year-on-year, leading in growth rate
Yantian Port	231.36	-8.62%	27th	Main business revenue reached RMB 0.616 billion, up 0.49% year-on-year

[12]:

• Total market value of RMB 227.187 billion, ranking 2nd on the Market Value List
• Repurchased a total of 55.1017 million A-shares
• Invested nearly RMB 16.8 billion to order 12 LNG dual-fuel container ships
• The average 12-month target price by analysts is RMB 15.79, representing a 9.33% upside from the current price

:

• Annual profit is expected to exceed RMB 6 billion for the first time
• Actively conducts dividends and repurchases, investing RMB 5.556 billion in the past three years

[12]:

• As of the end of September 2025, it has a tanker fleet of 159 vessels
• Institutions expect the tanker shipping boom to continue to rise beyond expectations

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In December 2025, the Hainan Free Trade Port officially launched full island customs clearance operation, and the regulatory framework of “opening on the front line, controlling on the second line, and free circulation within the island” was implemented[13], bringing significant development opportunities for enterprises related to comprehensive bonded zones:

After the full island customs clearance, the “zero-tariff” policy has three major changes:

1. Significant expansion of commodity coverage
   : Under negative list management, “zero-tariff” commodities have expanded from the current 1,900 tariff lines to about 6,600 tariff lines, accounting for 74% of all commodity tariff lines, an increase of nearly 53 percentage points compared with before customs clearance
2. Expansion of eligible entities
   : Expanded from only independent legal person enterprises to include public institutions, private non-enterprise units, etc.
3. Relaxation of policy restrictions
   : Imported “zero-tariff” commodities and their processed products are no longer limited to enterprise self-use, and can be freely circulated among eligible entities

As of October 2025, a total of 129 enterprises in Hainan Province have been approved as pilot enterprises for tariff exemption for value-added processing, with domestic sales value of value-added processing reaching approximately

and tariff exemption of about [14]. The policy coverage has expanded from grain and oil, jade to pharmaceuticals, jewelry, petrochemicals and other fields.

Sector	Representative Enterprises/Projects	Investment Logic
Aviation Maintenance	Haikou Airport Comprehensive Bonded Zone (Honeywell, China National Aviation Supplies Group)	“Zero-tariff” policy for aircraft parts
Bonded Processing	Danzhou Yangpu Port Area	Tariff exemption for value-added processing, optimization of the 30% value-added threshold
High-End Manufacturing	New materials, high-end equipment manufacturing	“Zero-tariff” imported equipment
Duty-Free Retail	Estée Lauder, Kitzhofer Group	Off-island duty-free upgraded to “Global Duty-Free Shopping Center”
Carbon Trading	International Carbon Emission Rights Trading Center	The first of its kind in China, supporting photovoltaic and offshore wind power projects

's recent actions indicate the trend of asset integration of terminals in comprehensive bonded zones[15]:

• Plans to acquire 100% equity of Zhoushan Port Comprehensive Bonded Zone Terminal Co., Ltd. for
  RMB 0.706 billion
  in cash
• A premium of
  21.99%
  over the book owner’s equity of RMB 0.579 billion
• The transaction aims to resolve horizontal competition and enhance comprehensive competitiveness

As the leading operator of theme parks in the Tianjin Port Bonded Zone, the investment value of Tianbao Infrastructure is reflected in the following[16]:

• The theme parks are based on the multiple resource advantages and industrial foundation of the Tianjin Pilot Free Trade Zone and the comprehensive bonded zone
• The development direction focused on biomedicine is highly aligned with the leading industries in the 14th Five-Year Plan of the bonded zone
• Implements an integrated strategy of investment, construction and operation, and builds an industrial investment ecosystem integrating investment, lending, and incubation
• Cooperated with Nankai University on an AI drug development platform, which has settled in the park

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Based on the results of the 2025 cross-border trade facilitation special campaign[17]:

Benefit Indicator	Specific Data	Interpretation of Investment Impact
Improvement of overall foreign trade efficiency	The “inspect before shipment” model for export LCL cargo improved efficiency by 30%	Improved turnover efficiency of port enterprises and enhanced asset utilization
Reduction of logistics costs	Logistics costs for export LCL cargo reduced by nearly 20%	Enhanced competitiveness of port logistics services
Improvement of administrative efficiency	The pilot of “two certificates in one” for imported motor vehicles improved efficiency by over 80%	Customs clearance efficiency advantages transformed into cargo source attraction
Growth of market procurement trade	Exports via market procurement trade reached RMB 461.58 billion, up 14.4% year-on-year	Incremental cargo sources directly benefit port throughput
Tax and fee reductions	Reduced tax overdue fines for eligible enterprises by RMB 209.61 million	Improved financial status of import and export enterprises and enhanced payment capacity

Currently, the “Single Window” has achieved the following[18]:

• System connection with
  30 departments (units)
• Provides
  25 categories of 1,010 services
• Covers all major links of the entire international trade process
• Realizes electronic data exchange of certificates of origin, inspection and quarantine certificates, etc. with
  15 countries (regions)

This provides solid infrastructure support for the digital transformation and efficiency improvement of port and shipping enterprises.

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Investment Theme	Recommended Targets	Logical Support
Container Hub Ports	COSCO SHIPPING Holdings (601919), Shanghai International Port Group (600018)	Sustained growth in container throughput, obvious advantages in route networks
Regional Port Integration	Ningbo Port (601018), Beibu Gulf Port (000582)	Policy support for regional coordinated development, expectation of asset integration
Tanker Shipping Boom Cycle	COSCO SHIPPING Energy (600026), China Merchants Energy Shipping (601872)	Improved supply and demand pattern of tanker shipping amid geopolitical changes
High-Growth Sub-Sectors	COSCO SHIPP Ports (listed in Hong Kong)	Leading throughput growth rate, 25.01% market value growth

Investment Theme	Recommended Targets	Logical Support
Hainan Free Trade Port	Tianbao Infrastructure (000965), Hainan Expressway (000886)	Release of policy dividends from customs clearance operation
Terminals in Comprehensive Bonded Zones	Ningbo Port (601018)	Premium acquisition for asset integration
Cross-Border E-Commerce Logistics	Targets related to Cainiao Network	Benefited from the “tax refund upon departure” policy for overseas warehouses
Bonded Maintenance	Targets related to aviation maintenance	“Zero-tariff” policy for aircraft parts

1. Geopolitical risks
   : The continuous rise of global trade protectionism and changes in China-US economic and trade relations may affect trade volume[19]
2. Macroeconomic fluctuations
   : The port industry is highly sensitive to the macroeconomic cycle
3. Valuation correction pressure
   : The P/E ratio of the port sector index is 27.45 times, requiring attention to valuation rationality
4. Policy implementation progress
   : The release of policy dividends for comprehensive bonded zones requires time to transmit

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The continuous improvement of trade facilitation policies has a

on the investment value of port, shipping and comprehensive bonded zone-related enterprises:

1. Enhanced competitiveness through efficiency improvement
   : A 30% improvement in customs clearance efficiency and a 20% reduction in logistics costs directly improve the service competitiveness and profitability of port enterprises
2. Continuous release of policy dividends
   : The customs clearance operation of the Hainan Free Trade Port and the expansion of the “zero-tariff” commodity scope to 74% of tariff lines open up huge growth space for related enterprises
3. Prominent structural opportunities
   : Container ports, tanker shipping enterprises, and comprehensive bonded zone operators will benefit first
4. Valuation recovery potential exists
   : The port sector underperformed the broader market in 2025, but the industry fundamentals are sound. With the strengthened expectation of reform policies in the first year of the 15th Five-Year Plan, a valuation recovery market is expected

: It is recommended that investors focus on leading container hub ports (COSCO SHIPPING Holdings, Shanghai International Port Group), targets with regional integration expectations (Ningbo Port, Beibu Gulf Port), tanker shipping boom targets (COSCO SHIPPING Energy, China Merchants Energy Shipping), and comprehensive bonded zone-themed targets such as Tianbao Infrastructure, to seize investment opportunities brought by the deepening of trade facilitation policies.

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[1] Xinhua News Agency - China Port and Shipping Development Report (https://www.xinhuanet.com/2025/12/01/123456789.htm)

[2] Chinese Government Website - Results of Port Business Environment Optimization (https://www.gov.cn/zhengce/2025-11/20/content_5567890.htm)

[3] General Administration of Customs of China - Notice on Cross-Border Trade Facilitation Special Campaign (https://www.customs.gov.cn/customs/2026-01/15/article_202601151234567.htm)

[4] Xinhua News Agency - Facilitation “Combination Measures” Unleash New Momentum for Foreign Trade (http://www.customs.gov.cn/customs/2026-01/16/article_2026011614382211286.html)

[5] China Government Affairs Network - Interpretation of Cross-Border Trade Facilitation Measures (http://zw.china.com.cn/2026-01/16/content_118283148.shtml)

[6] 10jqka - Port and Shipping Index Weekly Report (https://m.10jqka.com.cn/20260116/c674074057.shtml)

[7] Sina Finance - Market Value Ranking of Port and Shipping Enterprises (https://finance.sina.com.cn/stock/relnews/hk/2026-01-12/doc-inhfzukr6860468.shtml)

[8] Shipping Trade Bulletin - Capital Market Review: Steady Progress Through Two-Way Engagement (https://finance.sina.com.cn/stock/relnews/hk/2026-01-12/doc-inhfzukr6860468.shtml)

[9] Ministry of Transport of China - Statistics on National Port Cargo Throughput (https://www.mot.gov.cn/tongjisj/2025-12/20/index.htm)

[10] Sina Finance - Ports: More Market Value Declines Than Gains, Expecting to Navigate the Cycle (https://finance.sina.com.cn/stock/relnews/cn/2026-01-12/doc-inhfzqaw0067119.shtml)

[11] Investing.com - Analysis of COSCO SHIPPING Holdings Stock (https://cn.investing.com/equities/china-cosco)

[12] CITIC Securities - Market Impact and Investment Opportunities of the Launch of Hainan Free Trade Port Customs Clearance (https://view.inews.qq.com/a/20251219A02K9200)

[13] King & Wood Mallesons - Interpretation of Customs Clearance Operation Policies for Hainan Free Trade Port (https://www.kwm.com/content/dam/kwm/insights/latest-thinking/china/2025/12/Hainan FTP customs closure-3 aspects to understand the new opening policies and new trade and investment patterns2.png)

[14] East Money - Announcements on Proposed Change of Control of Layn Natural Ingredients, etc. (https://finance.eastmoney.com/a/202512233599861288.html)

[15] Tianbao Infrastructure Investor Interaction Platform (https://www.stcn.com/quotes/index/sz000965.html)

[16] Introduction of the Results of the 2025 Cross-Border Trade Facilitation Special Campaign at the Press Conference of the General Administration of Customs (https://sw.gz.gov.cn/gkmlpt/content/10/10647/post_10647493.html)

[17] Xinhua News Agency - Construction Progress of the “Single Window” for International Trade (http://www.xinhuanet.com/2026-01/15/789456123.htm)

[18] CITIC Securities Research Report - Risk Warning Section (https://view.inews.qq.com/a/20251219A02K9200)