On September 29th, Changjiang Securities' research report pointed out that in order to solve the issue of inter-industry competition between listed companies and group subsidiaries, Qingdao Port International (601298.SH) had previously announced that it plans to issue shares and use cash to acquire the oil terminal assets of Rizhao Port Co., Ltd. and Yantai Port Group under Shandong Port Group. The announcement on September 26th indicates that the integration of ports within the province is continuing to progress. As the first M&A restructuring project after the announcement of the 'Six Mergers', the restructuring process is accelerating. Under the integrated and coordinated development pattern of Shandong Province with Qingdao Port as the leader, Rizhao Port and Yantai Port as the two wings, Bohai Bay Port as the extension, various sector groups as support, and numerous inland ports as the foundation, Qingdao Port will continue to benefit. Assuming a 40% dividend payout ratio is maintained, the corresponding dividend yields for 24-26 are 3.7%, 3.7%, and 4.0% respectively, maintaining a 'buy' rating.