国泰海通证券股份有限公司 关于中远海运能源运输股份有限公司 收购上海中远海运液化气运输有限公司 100%股权 暨关联交易的核查意见 | 交易标的 | 净资产账 | 评估值 | 增值额 | 增值率 | 收购股权 | 交易价格 | | --- | --- | --- | --- | --- | --- | --- | | | 面值 | | | | 比例 | | | 上海液化气 | 52,179.92 | 59,828.95 | 7,649.03 | 14.66% | 100% | 59,828.95 | 注：上述评估结果出自评估机构对截至 2025 年 6 月 30 日上海液化气股东全部权益价 值出具的《资产评估报告》（东洲评报字【2025】第 2254 号），最终交易价格以经有权国资 主管部门备案的资产评估价格为准。 1 大连海能将以 40%的自有资金和 60%的外部融资方式支付交易价格（约人 民币 5.98 亿元）。公司将以自有资金向大连海能增资约人民币 2.392 亿元。 本次交易不构成重大资产重组。 （二）本次资产交易的目的和原因 1、落实国企改革号召，深化能源供应链整合 国泰海通证券股份有限公司（以下简 ...

人民财讯10月28日电，中远海能（600026）10月28日公告，全资子公司大连海能计划与大连投资签署股 权收购协议，拟以现金约5.98亿元收购大连投资持有的上海中远海运液化气运输有限公司(简称"上海液 化气")100%股权。 ...

每经AI快讯，10月28日，中远海能(600026.SH)公告称，全资子公司大连中远海运能源供应链有限公司 计划以现金约5.98亿元收购中远海运大连投资有限公司持有的上海中远海运液化气运输有限公司100% 股权。此次交易旨在减少关联交易和同业竞争，实现液化石油气（LPG）业务统一经营与发展。交易价 格以评估机构出具的资产评估报告中确认的截至2025年6月30日的上海液化气股东全部权益价值的评估 值为依据，并最终以国资有权部门备案的评估值为准。 ...

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.16%), Gree Power Environmental (70.40%), and COSCO Shipping Energy (70.32%) [1] - In the last five trading days, the largest increases in holding amounts were seen in CNOOC (+2.948 billion), Pop Mart (+2.005 billion), and SMIC (+1.319 billion) [1] - The largest decreases in holding amounts were recorded for Hua Hong Semiconductor (-1.093 billion), Hang Seng China Enterprises (-603 million), and CSPC Pharmaceutical (-596 million) [2] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding ratio of 71.16% with 9.876 billion shares [1] - Gree Power Environmental (01330) has a holding ratio of 70.40% with 285 million shares [1] - COSCO Shipping Energy (01138) has a holding ratio of 70.32% with 911 million shares [1] Group 2: Recent Increases in Holdings - CNOOC (00883) saw an increase of 2.948 billion in holding amount, with a change of 14.69495 million shares [1] - Pop Mart (09992) experienced an increase of 2.005 billion in holding amount, with a change of 8.5892 million shares [1] - SMIC (00981) had an increase of 1.319 billion in holding amount, with a change of 1.59294 million shares [1] Group 3: Recent Decreases in Holdings - Hua Hong Semiconductor (01347) had a decrease of 1.093 billion in holding amount, with a change of -12.6364 million shares [2] - Hang Seng China Enterprises (02828) saw a decrease of 603 million in holding amount, with a change of -6.2396 million shares [2] - CSPC Pharmaceutical (01093) experienced a decrease of 596 million in holding amount, with a change of -7.65722 million shares [2]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry shows resilient demand, with a year-on-year growth of 12.7% in September, indicating a steady expansion of the market [4][25] - The logistics sector is witnessing technological advancements, with JD Logistics planning to procure 3 million robots and 100,000 unmanned vehicles over the next five years, which may enhance supply chain efficiency [5] - The shipping market is expected to benefit from geopolitical factors and trade negotiations, potentially increasing demand for oil transportation and bulk shipping [6][10] - The aviation sector is experiencing growth, with a 10.8% increase in international flight volumes for the upcoming winter-spring season, reflecting a recovery in air travel [10][12] Summary by Sections Express Delivery - In September 2025, the express delivery business volume reached 16.88 billion pieces, a 12.7% year-on-year increase, with revenue of 127.37 billion yuan, up 7.2% [4][25] - Major players like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost control, with significant growth potential [14] Shipping and Ports - The VLCC market may benefit from U.S. sanctions on Russian oil, potentially increasing long-distance shipping demand [6] - The shipping market is expected to see a recovery driven by environmental regulations and geopolitical stability, with recommendations to focus on companies like China Shipping and COSCO [14][15] Aviation - The aviation industry is projected to maintain steady growth, with a 10.3% increase in total transport turnover and a 5.2% rise in passenger transport volume in the first three quarters of 2025 [10] - Airbus has opened a new A320 assembly line in Tianjin, marking a significant milestone in Sino-European cooperation [9] Road and Rail - National logistics operations are running smoothly, with rail freight increasing by 2.33% and highway freight truck traffic rising by 24.72% [13] - Strategic partnerships in the highway sector are being formed to enhance service offerings and operational efficiency [13] Overall Market Performance - From October 20 to October 24, 2025, the transportation sector index increased by 1.12%, underperforming the Shanghai Composite Index, which rose by 2.88% [20][23]

Group 1 - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 18.95%, with 231 stocks having a shareholding ratio exceeding 20% [1] - As of October 24, southbound funds hold a total of 4,802.33 million shares, accounting for 18.95% of the total share capital of the eligible stocks, with a total market value of 62,139.18 billion HKD, representing 14.52% of the total market value [1] - The highest shareholding ratio by southbound funds is in China Telecom, with 9,866.24 million shares held, accounting for 71.08% of the issued shares [2] Group 2 - Southbound funds with a shareholding ratio exceeding 20% are primarily concentrated in the healthcare, industrial, and financial sectors, with 53, 35, and 34 stocks respectively [2] - Among the stocks with a shareholding ratio over 20%, 124 are AH concept stocks, making up 53.68% of that group [1] - The stock with the second-highest shareholding ratio is COSCO Shipping Energy, with 9,175.78 million shares held, accounting for 70.79% [2]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [7] Core Insights - The passenger transport volume is recovering, with domestic passenger volume increasing by 3% year-on-year and international passenger volume rising by 17% [5][13] - Shipping rates for container shipping are showing strong support, while oil and bulk shipping rates have slightly adjusted downwards [6][39] - Logistics technology financing is accelerating, with express delivery volume increasing by 7.8% year-on-year [5][50] Summary by Sections Passenger Transport - Domestic passenger volume has shown a 3% year-on-year increase as of October 24, with international passenger volume up by 17% [5][13] - The average domestic seat occupancy rate has improved by 1.0 percentage points year-on-year, while international occupancy has increased by 5.1 percentage points [22] - Oil prices have decreased by 0.7% year-on-year, putting slight pressure on industry revenue [22] Shipping - The average VLCC-TCE rate has decreased by 8.4% to $79,000 per day [39] - The SCFI index for foreign trade container shipping has increased by 7.1% to 1,403 points, indicating strong pricing support from shipping companies [6][39] - The BDI index has decreased by 3.8% to 1,991 points, reflecting a softening demand for large vessel rentals [39] Logistics - The express delivery volume from October 13 to October 19 reached 3.944 billion pieces, a year-on-year increase of 7.8% [50] - The average price for bulk commodity road transport has increased by 4.8% year-on-year, reaching 0.33 yuan per ton [50] - The average daily transport volume at Ganqimaodu was 900 vehicles, with a short-distance average price of 90 yuan per ton, reflecting a 13 yuan increase [50]

Group 1: Logistics - The logistics industry is expected to undergo a paradigm shift towards high-quality development, driven by policy changes and the "anti-involution" movement, which aims to ensure the rights of delivery personnel and improve profitability [4][24][30] - The logistics sector is entering a new phase of overseas expansion, with companies like Jitu Express and Jiayou International transitioning from initial stages to more advanced operations, focusing on management and capacity exports [4][8][35] Group 2: Aviation - The aviation industry is poised for recovery, benefiting from a resurgence in business travel demand since September, leading to improved revenue and cost dynamics [9][51] - The supply side is tightening, with low aircraft deliveries expected in 2025 and high capacity utilization rates, indicating a potential for revenue and cost resonance in the industry [9][51] Group 3: Shipping - The shipping sector is influenced by both seasonal and non-seasonal factors, with a focus on oil transportation due to OPEC+ production adjustments and the expected positive impact of new projects in the dry bulk segment [10][20] - The container shipping market is facing tariff disruptions, but demand is anticipated to rise due to proposed measures from the 301 investigation, which may boost feeder vessel demand [10][20] Group 4: Highways - Highway companies are regaining attractiveness in terms of valuation and dividend yield, with a focus on low valuation and high dividend characteristics [11][20] - The widening gap between highway company dividend yields and ten-year government bond yields suggests a return to a high cost-performance ratio for these assets [11][20]

Core Viewpoint - The oil and gas ETF (159697) opened with a gain of 1.33%, indicating positive market sentiment towards the sector [1] Group 1: ETF Performance - The oil and gas ETF (159697) opened at 1.140 yuan [1] - Since its establishment on April 17, 2023, the ETF has achieved a return of 11.84% [1] - The ETF's performance over the past month has been a return of 6.81% [1] Group 2: Major Holdings - Major stocks within the ETF include: - China National Petroleum Corporation (down 0.22%) - China Petroleum & Chemical Corporation (up 0.36%) - China National Offshore Oil Corporation (down 0.07%) - Guanghui Energy (unchanged) - Jereh Oilfield Services (down 2.47%) - China Merchants Energy Shipping Company (up 2.97%) - XinAo Group (down 0.16%) - COSCO Shipping Energy Transportation (up 1.54%) - Offshore Oil Engineering Company (down 0.36%) - China Merchants Jinling Shipyard (up 0.31%) [1]

Core Viewpoint - China COSCO Shipping Energy Transportation Co., Ltd. (中远海能) has successfully met all prerequisites for issuing A-shares to specific investors, with the issuance expected to be completed by October 22, 2025 [1] Summary by Relevant Sections - **Issuance Details** - The company plans to issue a total of 694 million A-shares at a price of RMB 11.52 per share [1] - This issuance will represent approximately 12.71% of the company's total issued share capital following the completion of the issuance [1] - **Fundraising Amount** - The total amount raised from this issuance is RMB 8 billion [1] - The net proceeds from the issuance, after deducting total issuance costs excluding value-added tax, amount to RMB 7.98 billion [1]