Investment Rating - The report maintains a "Recommended" rating for the transportation industry [2] Core Insights - The shipping sector is experiencing a recovery in oil transportation due to improved demand post-holidays and geopolitical tensions [6][16] - The aviation industry aims to achieve a passenger volume of 810 million in 2026, reflecting a growth rate of 5.2% [23][24] - The express delivery sector is expected to see a gradual recovery in competition and profitability, with a focus on major players like SF Express [20] Shipping - The oil shipping sector is rebounding due to increased cargo availability from the Middle East and geopolitical sanctions affecting supply [6][16] - Container shipping rates are showing slight increases, with strong pricing power among shipowners before long-term contract negotiations [11][12] - Key stocks to watch include COSCO Shipping Energy, China Merchants Energy, and Pacific Shipping [16] Infrastructure - Weekly data indicates a decline in truck traffic and rail freight, with road truck traffic at 46.964 million vehicles, down 14.9% week-on-week [17][18] - Port throughput for the first week of 2026 was 25.4953 million tons, showing a slight decrease but a year-on-year increase of 7.7% in container throughput [18] - Recommended stock for infrastructure investment is Anhui Expressway [18] Express Delivery - In November 2025, express delivery volume reached 18.06 billion pieces, a year-on-year increase of 5%, while revenue decreased by 3.7% [19][20] - The competitive landscape is expected to stabilize, with major companies like SF Express anticipated to see profit growth in 2026 [20] - Recommended stocks include SF Express, ZTO Express, YTO Express, and Yunda Express [20] Aviation - The aviation sector is entering a critical period with the Spring Festival approaching, and passenger volume is projected to grow by 5.2% in 2026 [23][24] - Recent data shows a year-on-year increase in domestic passenger volume of 1.5% and a decrease in ticket prices [21][24] - Recommended stocks include Air China, China Southern Airlines, and Spring Airlines [24] Logistics - The cross-border air freight price index has decreased by 19.9% week-on-week, indicating a significant drop in logistics costs [25]

Core Viewpoint - The global oil prices have surged due to escalating geopolitical tensions, leading to a significant increase in oil tanker stocks, particularly in the A-share market and U.S. market [1][3]. Group 1: Oil Price and Market Performance - International oil prices saw a weekly increase, with U.S. oil futures rising by 3.14% and Brent oil futures by 4.26% [1]. - A-share oil transportation companies experienced remarkable gains, with China Merchants Energy (招商轮船) up 9.47% and COSCO Shipping Energy (中远海能) up 8.82% as of January 9 [3]. - In the U.S. market, major oil tanker companies like DHT Holdings, Frontline, and CMB.TECH saw stock increases of 14.4%, 18.7%, and 19.85% respectively [3]. Group 2: Company Performance and Projections - China Merchants Energy's stock reached a new high of 10.08 CNY per share, the highest since July 2015, with a market capitalization nearing 80 billion CNY [6]. - The company forecasts a net profit of 6 to 6.6 billion CNY for 2025, representing a year-on-year increase of 17% to 29%, driven by a 200% to 230% increase in oil tanker business profits [6]. - COSCO Shipping Energy announced plans to increase capital expenditures, including the construction of new oil tankers, indicating confidence in the oil transportation market [6]. Group 3: Supply and Demand Dynamics - The "shadow fleet" of oil tankers, involved in transporting Venezuelan oil, is facing increased scrutiny and sanctions, leading to a tightening of compliant tanker supply [8][9]. - The global VLCC fleet is projected to see minimal growth, with only three new deliveries expected in 2025, resulting in a negative growth rate of -1.2% when excluding sanctioned vessels [11]. - Morgan Stanley's report highlights that VLCCs are in high demand, with a projected demand growth of 0.9% against a supply increase of only 0.2% by 2026, indicating a tight market [12].

Core Viewpoint - The article highlights a significant surge in global oil prices and the corresponding rise in the stock prices of oil shipping companies, driven by geopolitical tensions and operational improvements within the industry [1][3][6]. Group 1: Oil Price Surge - Global oil prices have seen a notable increase, with U.S. oil futures rising by 3.14% and Brent oil futures by 4.26% over the week [1]. - The oil shipping market, particularly in A-shares, has experienced a remarkable rally, with companies like China Merchants Energy (招商轮船) and COSCO Shipping Energy (中远海能) seeing stock price increases of 9.47% and 8.82% respectively [3]. Group 2: Company Performance - China Merchants Energy's stock reached a new high of 10.08 CNY per share, the highest since July 2015, reflecting strong market confidence [7]. - The company forecasts a net profit of 6 to 6.6 billion CNY for 2025, representing a year-on-year increase of approximately 17% to 29%, with Q4 expected to see a profit growth of 55% to 90% due to improved oil tanker business profits [7]. - COSCO Shipping Energy is also increasing its capital expenditure, planning to build new vessels, which signals confidence in the oil shipping market [7]. Group 3: Market Dynamics - The "shadow fleet" of oil tankers, which has been targeted by U.S. sanctions, is shrinking, leading to a tighter supply of compliant oil tankers and potentially driving up freight rates [9][10]. - The global VLCC fleet is expected to see minimal growth, with only three new deliveries anticipated in 2025, indicating a tight supply-demand balance in the market [12]. - Morgan Stanley's report suggests that VLCCs are the most constrained segment, with demand expected to grow by 0.9% while supply only increases by 0.2% [12]. Group 4: Future Outlook - The article suggests that the tightening of compliant tanker supply due to sanctions and the aging fleet will likely lead to sustained high freight rates in the future [11][12]. - Despite a potential peak in VLCC deliveries post-2027, rising construction costs and capacity constraints may hinder actual delivery timelines [13].

Core Viewpoint - The global tanker market, including A-share oil shipping companies, has experienced a significant surge due to geopolitical tensions, with notable price increases in both A-shares and U.S. stocks of major tanker companies [1][2]. Group 1: Market Performance - As of January 9, A-share VLCC companies such as China Merchants Energy Shipping (招商轮船) and COSCO Shipping Energy (中远海能) saw stock increases of 9.47% and 8.82% respectively, while U.S. companies like DHT Holdings and Frontline experienced gains of 14.4% and 18.7% [1]. - The BDTI index, which tracks global oil tanker rates, fell by 8.49% on January 2 but rebounded by 3.95% on January 8, marking the largest single-day increase since October 2025 [5]. Group 2: Supply and Demand Dynamics - The "shadow fleet," which consists of tankers involved in sanctioned oil transport, is facing increasing restrictions, leading to a tightening of compliant tanker supply. As of January 7, four vessels from this fleet have been seized by U.S. authorities [1][3]. - According to SYY data, the global VLCC fleet is projected to see a -1.2% growth rate, with only three new VLCCs expected to be delivered in 2025, indicating a tight supply situation [7]. Group 3: Company Strategies and Outlook - China Merchants Energy Shipping announced a positive earnings forecast, expecting a net profit of 6 to 6.6 billion yuan for 2025, driven by a significant increase in tanker business profits [2][6]. - COSCO Shipping Energy plans to expand its fleet with a capital expenditure plan that includes the construction of 24 new tankers, reflecting confidence in the future of the oil shipping market [2][6]. Group 4: Geopolitical Impact - The geopolitical landscape has intensified, with the U.S. increasing its actions against the "shadow fleet," which has implications for the availability of compliant tankers for oil transport [4][8]. - The ongoing sanctions and the need for longer shipping routes due to geopolitical tensions are expected to increase the demand for tanker services, particularly for VLCCs [8].

Core Viewpoint - The global tanker market, including A-share oil transportation companies, has experienced a significant surge due to geopolitical tensions, with notable increases in stock prices for major players in both A-shares and U.S. markets [1][5]. Group 1: Market Performance - As of January 9, A-share VLCC companies such as China Merchants Energy (招商轮船) and COSCO Shipping Energy (中远海能) saw stock increases of 9.47% and 8.82% respectively, while U.S. companies like DHT Holdings and Frontline reported gains of 14.4% and 18.7% [1]. - The BDTI index, which tracks global oil tanker rates, experienced a significant drop of 8.49% on January 2 but rebounded by 3.95% on January 8, marking the largest single-day increase since October 2025 [4]. Group 2: Shadow Fleet and Compliance - The "shadow fleet," consisting of tankers involved in sanctioned oil trade, is facing increasing restrictions, with four vessels reported seized by U.S. authorities as of January 7 [1][3]. - According to SYY data, the global VLCC fleet consists of 883 vessels, with 144 under sanctions, indicating a shrinking pool of compliant vessels as the shadow fleet struggles to return to mainstream markets [2]. Group 3: Future Outlook and Capacity Expansion - China Merchants Energy has forecasted a net profit of 6 to 6.6 billion yuan for 2025, reflecting a year-on-year increase of 17% to 29%, driven by a significant rise in tanker business profits [5]. - COSCO Shipping Energy announced plans to expand its fleet by adding 24 new vessels, demonstrating confidence in the future of the tanker industry [5]. Group 4: Supply and Demand Dynamics - The VLCC market is expected to face a tight supply situation, with only three new VLCCs projected to be delivered in 2025, leading to a negative growth rate of -1.2% when excluding sanctioned vessels [6]. - Morgan Stanley's report indicates that the VLCC segment is the most constrained, with demand expected to grow by 0.9% while supply only increases by 0.2% by 2026, highlighting the challenges in the market [7].

证券日报网讯1月8日，中远海能（600026）发布公告称，公司将于2026年1月27日14：30召开2026年第 一次临时股东会。 ...

COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.* 地址為 為 本 人╱吾 等 的 受 委 代 表，代 表 本 人╱吾 等 出 席 本 公 司 謹 訂 於 二 零 二 六 年 一 月 二 十 七 日（星 期 二）下 午 二 時 三十分假座中華人民共和國上海市虹口區東大名路1171號 遠 洋 賓 館 三 樓 舉 行 的 特 別 股 東 會（「特別股東會」） （或 其 任 何 續 會），並 按 以 下 指 示 就 日 期 為 二 零 二 六 年 一 月 九 日 的 特 別 股 東 會 通 告（「特別股東會通告」）所 載 決議案代表本人╱吾等投票，及如無作出指示，則本人╱吾等的受委代表可酌情投票。除非另有界定，否則 本 表 格 所 用 詞 彙 定 義 與 本 公 司 日 期 為 二 零 二 六 年 一 月 九 日 的 通 函（「通 函」）所 界 定 者 相 同。 | 序 號 | 普通決議案# | 贊 成4 | 反 對4 | 棄 權4 | | --- | --- | --- | --- | --- | | 1. | 批准、確認及追認大連海能與大連中遠海運重工所訂立日 | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 通 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.* 中遠海運能源運輸股份有限公司 （在中華人民共和國註冊成立之股份有限公司） （股份代號：1138） 特別股東會通告 茲通告 中遠海運能源運輸股份有限公司（「本公司」）謹訂於二零二六年一月二十七 日（星 期 二）下午二時三十分假座中華人民共和國上海市虹口區東大名路1171號遠洋 賓館三樓舉行特別股東會（「特別股東會」）或 其 任 何 續 會，以 審 議 並 酌 情 通 過 以 下 決 議 案。 除 另 有 界 定 者 外，本 通 告 所 用 詞 彙 與 本 公 司 日 期 為 二 零 二 六 年 一 月 九 日 的 通 函（「通 函」）所 界 定 者 具 有 相 同 涵 義。 普通決議案 承董事會 ...

此乃要件 請即處理 閣下如 對本通函任何內容或應採取的行動 有任何疑問， 閣 下 應 諮 詢 股 票 經 紀 或 其 他 註 冊 證 券 交 易 商、銀 行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或以其他方式轉讓 名下所有 中遠海運能源運輸股份有限公司 的 股 份，應 立 即 將 本 通 函 及 隨 附的代表委任表格轉交買主或承讓人，或經手買賣或轉讓的銀行、股票經紀或其他代理，以便轉交買主或 承讓人。 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 通 函 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 通 函 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任何損失承擔任何責任。 COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.* （在中華人民共和國註冊成立之股份有限公司） （股份代號：1138） (1)須予披露及關連交易－建造船舶；及 (2)特別股東會通告 獨立 ...

中远海运能源运输股份有限公司 2026 年第一次临时股东会会议资料 二〇二六年一月二十七日 | 目录 | | --- | | 会议议程…………………………………………………………………2 | | | | | --- | --- | --- | --- | | 会议须知…………………………………………………………………3 | | | | | 议案 1.《关于大连海能投资新造 艘 | 1 | 9000 | 立方米乙烯运输船的议 | | 案》… 4 | | | | | 议案2《. 关于投资新造4艘11万吨级油轮的议案》……… 5 | | | | | 议案3《. 关于投资新造12艘MR型和2艘LR1型油轮的议案》… 6 | | | | 1 中远海运能源运输股份有限公司 2026 年第一次临时股东会议程 时间：2026 年 1 月 27 日（星期二）14 点 30 分 地点：上海市虹口区东大名路 1171 号远洋宾馆三楼 主持人：任永强董事长（或受推举的董事） 会议议程 一、审议议题： 普通决议案，非累积投票议案，审议： 1. 关于大连海能投资新造 1 艘 9000 立方米乙烯运输船的议案 2. 关于投资新造 4 艘 ...