Group 1: Airline Industry - Goldman Sachs forecasts that international demand will rise while supply constraints persist, leading to an expected return on equity (ROE) of 22% for airlines by 2027, surpassing the industry cycle average [1] - Despite risks associated with Japan in the first half of the year, the outlook for airline stocks remains positive, with further upward potential for ticket prices [1] - Preferred stocks include China National Aviation Holding (601111) H-shares (00753) and China Eastern Airlines (600115) A-shares (600115.SH) [1] Group 2: Container Shipping - The firm adopts a more cautious stance on container shipping due to supply recovery, which is expected to compress industry profit margins [1] - New ship orders this year have exceeded expectations, resulting in an order-to-existing capacity ratio of 33% [1] - Potential reopening of the Red Sea may pose additional downside risks, potentially releasing about 10% of effective capacity, which could lead to China COSCO Shipping Holdings (601919) (01919, 601919.SH) entering a cash consumption state [1] Group 3: Oil Tankers - The outlook for oil tankers remains optimistic, with expectations of rising spot freight rates during the sustained upward cycle in 2026 [1] - The oil reserve process in China may take up to a year, longer than the market's three-month expectation, while effective capacity is predicted to grow by only 1% [1] - China COSCO Shipping Energy Transportation (600026) (01138, 600026.SH) is expected to benefit due to its significant exposure to oil tankers and the Chinese import market [1] Group 4: Stock Ratings and Target Prices - China National Aviation (00753): Buy, target price raised from 7.3 to 8.2 HKD [2] - China Eastern Airlines (00670): Buy, target price raised from 3.7 to 5.1 HKD [2] - China Southern Airlines (01055): Buy, target price raised from 4.6 to 5.8 HKD [2] - China COSCO Shipping Energy (01138): Buy, target price raised from 8.8 to 10.8 HKD [2] - China COSCO Shipping Ports (01199): Buy, target price raised from 6 to 6.8 HKD [2] - China Merchants Port (00144): Neutral, target price raised from 14.2 to 15.7 HKD [2] - China COSCO Shipping Holdings (01919): Neutral to Sell, target price lowered from 12.5 to 10.4 HKD [2] - Meilan Airport (00357): Sell, target price raised from 7.6 to 8.4 HKD [2]

摩根大通发表报告，维持中远海能H股"增持"评级，目标价由13港元降至12港元，对中远海能A股维 持"中性"评级，目标价由14元降至13元。该行认为，虽然市场忧虑现有的航运干扰因素可能逐步消退， 但仍预期明年原油油轮的盈利将保持韧性；建议趁低位买入中远海能H股。该行指，虽然行业数据估算 明年全球油轮运力及需求分别按年增长2.2%及1%，但实际上供应平衡依然紧张。其中，原油油轮需求 预计按年增长0.9%，但供应仅增0.7%，尤其超大型油轮(VLCC)供需更为紧张；同时，OPEC产量稳定 亦令相关局势维持。 ...

Group 1: Airline Industry - Goldman Sachs forecasts that international demand will rise while supply constraints persist, leading to an expected return on equity (ROE) of 22% for airlines by 2027, surpassing the industry cycle average [1] - Despite risks associated with Japan in the first half of the year, the outlook for airline stocks remains positive, with expectations for further increases in ticket prices; preferred stocks include Air China H-shares and China Eastern Airlines A-shares [1] Group 2: Container Shipping - The recovery in supply has led Goldman Sachs to adopt a more cautious stance on container shipping, predicting a compression in industry profit margins [1] - New ship orders this year have exceeded expectations, resulting in an order-to-existing capacity ratio of 33% [1] - Potential reopening of the Red Sea may pose additional downside risks, potentially releasing about 10% of effective capacity, which could lead to cash consumption issues for COSCO Shipping Holdings [1] Group 3: Oil Tankers - Goldman Sachs maintains an optimistic outlook for oil tankers, expecting spot freight rates to rise further during the ongoing upward cycle in 2026 [1] - The process of China's oil reserve buildup may take up to a year, longer than the market's expectation of three months, while effective capacity is predicted to grow by only 1% [1] - COSCO Shipping Energy is expected to benefit due to its significant exposure to oil tankers and the Chinese import market [1]

Group 1 - Significant inflow of funds into stocks such as China Merchants Hengsheng Technology (03423), China Everbright Holdings (00165), GX Hengsheng High Dividend Rate (03110), Red Star Macalline (01528), and COSCO Shipping Energy (01138) with five-day holding ratio changes of 3.23%, 2.37%, 2.35%, 2.19%, and 2.05% respectively [1] - Notable outflow of funds from stocks including China Merchants Securities (06099), Yimaitong (02192), Dongfang Electric (01072), Lion Group (02562), and Maoyan Entertainment (01896) with five-day holding ratio changes of -3.89%, -2.95%, -2.23%, -2.21%, and -1.90% respectively [1] Group 2 - The net inflow amounts for the top five inflow stocks are as follows: China Merchants Hengsheng Technology with 2.630 million, China Everbright Holdings with 516.262 million, GX Hengsheng High Dividend Rate with -0.959 million, Red Star Macalline with 55.853 million, and COSCO Shipping Energy with 188.194 million [2] - The net outflow amounts for the top five outflow stocks are as follows: China Merchants Securities with -765.673 million, Yimaitong with -314.220 million, Dongfang Electric with -281.404 million, Lion Group with 27.114 million, and Maoyan Entertainment with -196.190 million [2] Group 3 - The data provided is based on T+2 reporting, meaning the data disclosed today reflects the previous two trading days [3]

从资金流向上来看，当日航运港口板块主力资金净流入2412.21万元，游资资金净流出2.82亿元，散户资 金净流入2.58亿元。航运港口板块个股资金流向见下表： 证券之星消息，12月17日航运港口板块较上一交易日上涨0.88%，中远海能领涨。当日上证指数报收于 3870.28，上涨1.19%。深证成指报收于13224.51，上涨2.4%。航运港口板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

（文章来源：每日经济新闻） 每经AI快讯，中远海能(01138.HK)午后涨超4%，截至发稿涨4.05%，报9.76港元，成交额8271.49万港 元。 ...

Core Viewpoint - The recent seizure of a supertanker carrying approximately 1.85 million barrels of Venezuelan heavy crude oil by the U.S. military near Venezuela has implications for the oil shipping industry, particularly regarding compliance risks and potential shifts in oil supply sources [1]. Company Summary - COSCO Shipping Energy Transportation Co., Ltd. (中远海能) saw its stock price increase by over 4%, reaching HKD 9.76, with a trading volume of HKD 82.71 million [1]. Industry Summary - The U.S. plans to enhance sanctions and impose "action measures" on vessels in international waters, raising alerts about the risks associated with non-compliant oil tanker transport [1]. - According to Clarkson Research, Venezuelan crude oil exports account for approximately 2% of global oil trade, and the global oil tanker market is expected to remain resilient through 2026 [1]. - The demand for global oil trade is projected to grow moderately by 2026, while the supply side is expected to see a significant loosening of the oil tanker fleet, which has experienced low growth this year [1]. - If Venezuelan oil shipments are disrupted, buyers may increase their procurement from compliant oil suppliers in the Middle East, leading to a rise in demand for compliant tankers and potentially driving up tanker freight rates in the short term [1].

Core Viewpoint - The recent seizure of a supertanker carrying approximately 1.85 million barrels of Venezuelan heavy crude oil by the U.S. military near Venezuela has implications for the oil shipping industry, particularly regarding compliance risks and potential shifts in oil supply chains [1]. Group 1: Company Impact - Zhongyuan Shipping (中远海能) saw its stock price increase by over 4%, reaching HKD 9.76, with a trading volume of HKD 82.71 million [1]. - The seizure of the oil tanker may lead to increased demand for compliant oil tankers, as buyers may shift their procurement to compliant suppliers in the Middle East due to disruptions in Venezuelan oil shipments [1]. Group 2: Industry Analysis - According to Clarkson Research, Venezuelan crude oil exports account for approximately 2% of global oil trade [1]. - The global oil tanker market is expected to remain resilient, with moderate growth in global oil trade demand projected for 2026, while the supply side is anticipated to see a significant loosening of the oil tanker fleet [1]. - Short-term disruptions in Venezuelan oil shipments could lead to a rise in transportation demand for compliant tankers, potentially driving up tanker freight rates [1].

Core Insights - The report highlights significant changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages among various companies. Group 1: Increased Holdings - China Everbright Holdings (00165) saw the largest increase in ownership percentage, rising by 1.91% to a total holding of 27.74% [2] - COSCO Shipping Energy (01138) experienced a 1.55% increase, bringing its holding to 63.19% [2] - Yixin Group (02858) increased by 1.36%, with a current holding of 15.17% [2] - Red Star Macalline (01528) had a notable increase of 6.36% over five days, reaching a holding of 50.57% [5] - Reshaping Energy (02570) increased by 5.23% to a holding of 7.89% over the same period [5] Group 2: Decreased Holdings - China Merchants Securities (06099) experienced the largest decrease, dropping by 3.52% to a holding of 24.33% [3] - Lion Group (02562) saw a decrease of 3.00%, with a current holding of 35.27% [3] - Maoyan Entertainment (01896) decreased by 2.33%, now holding 14.73% [3] - The five-day decrease list includes WanGuo Gold Group (02979), which saw a significant drop of 11.17% to a holding of 0.01% [6] - Haotian International Investment (01341) decreased by 5.18%, maintaining a holding of 61.39% [6]

每经AI快讯，中远海能(01138.HK)涨超2%，截至发稿涨2.32%，报9.71港元，成交额3983.39万港元。 ...