Core Insights - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 19.01%, with 233 stocks having a shareholding ratio exceeding 20% [1] - Southbound funds hold a total of 4,799.05 million shares, accounting for 19.01% of the total share capital of the stocks, with a market value of 61,425.84 billion HKD, representing 14.49% of the total market value [1] - The highest shareholding ratio by southbound funds is in China Telecom, with 98.59 million shares held, accounting for 71.03% of the issued shares [1] Group 1: Southbound Fund Holdings - 233 stocks have a shareholding ratio of over 20%, while 136 stocks are in the 10%-20% range, 96 stocks are in the 5%-10% range, 82 stocks are in the 1%-5% range, and 18 stocks have a shareholding ratio below 1% [1] - A significant portion of stocks with high southbound fund holdings are AH concept stocks, with 124 out of 233 stocks (53.22%) having a shareholding ratio over 20% being AH stocks [1] Group 2: Industry Distribution - Southbound fund holdings exceeding 20% are primarily concentrated in the healthcare, financial, and industrial sectors, with 54, 34, and 34 stocks respectively [2] - The table lists several stocks with high southbound fund holdings, including China Telecom (71.03%), Green Power Environmental (70.14%), and COSCO Shipping Energy (70.01%) [2][3]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.03%), Gree Power Environmental (70.14%), and COSCO Shipping Energy (70.01%) [1] - The companies with the largest increase in holdings over the last five trading days are SMIC (+1.651 billion), CNOOC (+1.474 billion), and Hua Hong Semiconductor (+1.336 billion) [1] - The companies with the largest decrease in holdings over the last five trading days are Alibaba-W (-2.229 billion), Li Auto-W (-1.200 billion), and CSPC Pharmaceutical (-0.894 billion) [2] Hong Kong Stock Connect Holding Ratios - China Telecom (00728): 9.859 billion shares, 71.03% [1] - Gree Power Environmental (01330): 0.284 billion shares, 70.14% [1] - COSCO Shipping Energy (01138): 0.907 billion shares, 70.01% [1] - Other notable companies include: - Kaisa New Energy (01108): 0.170 billion shares, 68.09% [1] - China Shenhua (01088): 2.289 billion shares, 67.75% [1] Recent Increases in Holdings - SMIC (00981): +1.651 billion, +22.0185 million shares [1] - CNOOC (00883): +1.474 billion, +74.5610 million shares [1] - Hua Hong Semiconductor (01347): +1.336 billion, +16.7516 million shares [1] - Other companies with significant increases include Tencent Holdings (+1.016 billion) and Meituan-W (+0.777 billion) [1] Recent Decreases in Holdings - Alibaba-W (09988): -2.229 billion, -13.5031 million shares [2] - Li Auto-W (02015): -1.200 billion, -15.0509 million shares [2] - CSPC Pharmaceutical (01093): -0.894 billion, -11.6849 million shares [2] - Other companies with notable decreases include Xpeng Motors (-0.457 billion) and BYD Electronics (-0.398 billion) [2]

Core Insights - The foreign public funds have achieved significant excess returns due to proactive industry positioning and stable investment strategies, with some funds reporting returns exceeding 50% year-to-date [1][2] Group 1: Fund Performance - BlackRock Advanced Manufacturing Fund has a year-to-date return of 66.44%, with a heavy concentration in the manufacturing sector, accounting for 92.52% of its stock investments [2] - The top ten holdings of the BlackRock fund include companies like CATL and Hikvision, with notable stock price increases such as 176.76% for Zhongji Xuchuang [2] - The Robeco Resource Select Fund has achieved a year-to-date return of 79.00%, diversifying its investments across materials, mining, and energy sectors [2] Group 2: Market Outlook - Fund managers maintain a positive outlook for the fourth quarter, expecting low interest rates and ample liquidity to support the A-share market's medium to long-term performance [1][3] - Concerns about geopolitical factors and overseas policy rhythms may cause short-term disruptions, but the overall sentiment remains optimistic for quality technology and resource assets [3][5] - The managers of the BlackRock fund believe that the current low-growth macro environment will anchor a low-interest-rate scenario, pushing investors towards riskier assets with positive cash flows [4] Group 3: Strategic Adjustments - The funds have maintained relatively high positions while making flexible adjustments based on market changes, focusing on sectors like electronics and power equipment [3] - The Allianz China Select Fund has a year-to-date return of 54.48%, with significant holdings in manufacturing and healthcare, reflecting confidence in China's technological innovation [3] - The Robeco fund has strategically included upstream industries related to the current technology innovation cycle, aiming for future gains [5][6]

Core Viewpoint - COSCO Shipping Energy's performance for the first three quarters of 2025 shows a decline in revenue and net profit, but the third quarter indicates signs of recovery due to non-recurring gains from asset sales [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 17.108 billion yuan, a year-on-year decrease of 2.55%; net profit attributable to shareholders was 2.723 billion yuan, down 21.22%; and the net profit excluding non-recurring items was 2.484 billion yuan, down 25.85% [1]. - In Q3 alone, revenue was 5.466 billion yuan, a year-on-year decrease of 2.55%; net profit attributable to shareholders was 853 million yuan, an increase of 4.37%; and the net profit excluding non-recurring items was 710 million yuan, down 3.00% [1]. Segment Performance - LNG transportation reported a net profit of 250 million yuan, down 11.03% year-on-year but up 13.64% quarter-on-quarter [2]. - Domestic oil tanker gross profit was 359 million yuan, down 15.33% year-on-year but up 9.12% quarter-on-quarter [2]. - International oil tanker gross profit was 495 million yuan, down 19.12% year-on-year and down 34.18% quarter-on-quarter [2]. - LPG and chemical transportation combined gross profit was 21 million yuan [2]. Operational Developments - The company’s wholly-owned subsidiary has leased six VLCCs, enhancing its capacity with a mix of fixed and variable rental agreements [3]. - The fixed rental for three vessels is approximately 19,090 USD/day, while the other three have a base rental of 19,090 USD/day with profit-sharing above a certain rate [3]. - Profitability estimates indicate that for VLCC TD3C-TCE rates of 40,000 to 100,000 USD/day, net profit per vessel could range from 0.9 to 5.4 million USD/day [3]. Market Outlook - Winter 2025 is expected to see strong and sustained freight rates, with early seasonal demand pushing rates close to 100,000 USD/day [4]. - The average freight rate for September-October has surpassed five-year records, with expectations for further increases in November [4]. - The long-term outlook for 2026-2027 is optimistic, with upward adjustments to profit forecasts based on strengthening fundamentals [4]. Profit Forecasts - The company maintains its 2025 net profit forecast at 4.462 billion yuan, while increasing the 2026-2027 forecasts to 6.075 billion and 7.230 billion yuan, respectively [4]. - The company's reset cost is approximately 55 billion yuan, with a P/NAV ratio of 1.34 times; future vessel price increases could raise reset costs significantly [4].

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, with a notable drop in the third quarter, while also planning to acquire a 100% stake in a liquefied gas transportation company to enhance operational efficiency and resource allocation [1][5]. Financial Performance - Revenue for the first three quarters was 17.11 billion yuan, down 2.5% year-on-year; Q3 revenue was 5.47 billion yuan, also down 2.5% year-on-year and 7.2% quarter-on-quarter [1]. - Net profit attributable to shareholders for the first three quarters was 2.72 billion yuan, a decrease of 21.2% year-on-year; Q3 net profit was 850 million yuan, up 4.4% year-on-year but down 26.5% quarter-on-quarter [1]. - Non-recurring gains and losses in Q3 amounted to approximately 140 million yuan, primarily from the disposal of a non-current asset [1]. Business Segments - Domestic oil transportation revenue in Q3 was 1.36 billion yuan, down 7.1% year-on-year; gross margin was 26.5%, with a gross profit of 360 million yuan, down 15.1% year-on-year [2]. - LNG transportation revenue in Q3 was 620 million yuan, down 3.7% year-on-year; gross margin was 51.2%, with a gross profit of 320 million yuan, up 2.7% year-on-year [2]. - Foreign trade oil transportation revenue in Q3 was 3.31 billion yuan, down 1.7% year-on-year; gross margin was 14.9%, with a gross profit of 490 million yuan, down 19.3% year-on-year [2]. Market Dynamics - The oil transportation market experienced fluctuations in pricing, with VLCC rates rising unexpectedly from September due to increased demand from Atlantic exports and OPEC+ production [3][4]. - The average TCE index for VLCC, Suezmax, Aframax, and clean product tankers showed mixed trends, with VLCC rates increasing by 30% year-on-year [3][4]. Future Outlook - The company maintains a positive outlook for the VLCC market, driven by sustainable demand from increased production and sanctions affecting non-compliant trade [4]. - Profit forecasts for 2025-2027 are projected at 5.04 billion, 6.26 billion, and 7.13 billion yuan, with corresponding PE ratios of approximately 15, 12, and 10 [5].

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, with a strategic acquisition aimed at optimizing resource allocation and enhancing synergy in the LPG business [1][2]. Financial Performance - Revenue for the first three quarters was 17.11 billion RMB, down 2.5% year-on-year; Q3 revenue was 5.47 billion RMB, also down 2.5% year-on-year and 7.2% quarter-on-quarter [1]. - Net profit attributable to shareholders for the first three quarters was 2.72 billion RMB, a decrease of 21.2% year-on-year; Q3 net profit was 850 million RMB, up 4.4% year-on-year but down 26.5% quarter-on-quarter [1]. - Non-recurring gains and losses in Q3 amounted to approximately 140 million RMB, primarily from the disposal of a VLCC tanker [1]. Business Segments - **Domestic Oil Transportation**: Q3 revenue was 1.36 billion RMB, down 7.1% year-on-year; gross profit margin was 26.5%, with gross profit of 360 million RMB, down 15.1% year-on-year [2]. - **LNG Transportation**: Q3 revenue was 620 million RMB, down 3.7% year-on-year; gross profit margin was 51.2%, with gross profit of 320 million RMB, up 2.7% year-on-year [2]. - **Foreign Oil Transportation**: Q3 revenue was 3.31 billion RMB, down 1.7% year-on-year; gross profit margin was 14.9%, with gross profit of 490 million RMB, down 19.3% year-on-year [2]. Market Trends - VLCC rates have seen an unexpected increase since September, driven by active Atlantic export cargoes and OPEC+ production increases [3]. - The average TCE index for VLCC, Suezmax, Aframax, and clean product tankers in June-August was 32,000, 43,000, 35,000, and 21,000 USD/day, respectively, with year-on-year changes of +30%, +4%, -11%, and -20% [3]. - The market outlook for VLCC is positive due to sustained demand from production increases and sanctions affecting supply chains [4]. Investment Outlook - The company expects net profit attributable to shareholders to reach 5.04 billion RMB, 6.26 billion RMB, and 7.13 billion RMB for 2025-2027, with corresponding PE ratios of approximately 15, 12, and 10 [4].

Core Insights - The company reported a decline in both revenue and net profit for the first three quarters of 2025, with total revenue of 17.108 billion yuan, down 2.55% year-on-year, and a net profit of 2.723 billion yuan, down 21.22% year-on-year [1] - The third quarter showed a slight recovery in net profit, achieving 853 million yuan, with a year-on-year growth of 4.37% [1] Revenue Breakdown - The oil transportation business saw a significant drop in gross profit, with a total of 1.79 billion yuan for the first three quarters, down 43.2% year-on-year [2] - The foreign trade oil transportation segment reported gross profits of 540 million yuan, 750 million yuan, and 500 million yuan for Q1, Q2, and Q3 respectively, with year-on-year declines of 55.90%, 43.13%, and 18.64% [2] - The domestic oil transportation segment achieved gross profits of 330 million yuan, 330 million yuan, and 360 million yuan for Q1, Q2, and Q3 respectively, with year-on-year declines of 9.30%, 3.28%, and 14.70% [2] Other Business Segments - The LNG transportation business maintained stability, with a net profit of 674 million yuan for the first three quarters, showing little change year-on-year [3] - The LPG transportation business reported a gross profit of 50 million yuan, reflecting a significant increase of 22.5% year-on-year [4] - The chemical transportation segment experienced a slight decline in gross profit, totaling 50 million yuan, down 5.2% year-on-year [5] Profit Forecast and Investment Rating - The company is projected to achieve revenues of 24.364 billion yuan, 25.010 billion yuan, and 25.559 billion yuan from 2025 to 2027, with year-on-year growth rates of 4.82%, 2.65%, and 2.19% respectively [5] - Expected net profits for the same period are 4.794 billion yuan, 5.660 billion yuan, and 5.822 billion yuan, with growth rates of 18.76%, 18.06%, and 2.88% respectively [5] - The earnings per share (EPS) are forecasted to be 0.88 yuan, 1.04 yuan, and 1.07 yuan, with corresponding price-to-earnings (PE) ratios of 15.38, 13.03, and 12.66 [5]

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公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生 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） 海外監管公告 承董事會命 中遠海運能源運輸股份有限公司 公司秘書 倪藝丹 中華人民共和國，上海 二零二五年十月三十一日 於本公告刊發日期，董事會由執行董事任永強先生及朱邁進先生，非執行董事汪樹青先 生、王威先生及周崇沂女士，以及獨立非執行董事黃偉德先生、李潤生先生、趙勁松先生 及王祖溫先生所組成。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條之規定而作出。 中遠海運能源運輸股份有限公司（「本公司」）之A股在上海證券交易所上市，以下公告為本 公司根據上海證券交易所之要求於上海證券交易所網站刊發之公告。 证券代码：600026 证券简称：中远海能 公告编号：2025-064 中远海运能源运输股份有限公司 关于开立募集资金专户并签订 ...

中远海运能源运输股份有限公司 关于开立募集资金专户并签订募集资金专户存储监管协议 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意中远海运能源运输股份有限公 司向特定对象发行股票注册的批复》（证监许可〔2025〕1703 号）同意，中远海 运能源运输股份有限公司（以下简称"公司"）2025 年度向特定对象发行每股面 值人民币 1.00 元的人民币普通股（A 股）694,444,444 股（以下简称"本次发行"）， 本次发行价格为人民币 11.52 元/股，募集资金总额为人民币 7,999,999,994.88 元， 扣除总发行费用（不含增值税）人民币 20,489,715.56 元后，募集资金净额为人 民币 7,979,510,279.32 元。 2025 年 10 月 10 日，保荐人（主承销商）国泰海通证券股份有限公司（以 下简称"国泰海通"）将扣除承销费后的募集资金余款划转至公司本次发行开立 的募集资金专户内。2025 年 10 月 11 日，信永中 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The report highlights that the company's net profit attributable to shareholders increased by 4.37% in Q3, with expectations for improved financial performance due to rising freight rates in September [3] - The report emphasizes the company's proactive expansion into Western markets for foreign trade oil transportation [1][3] Financial Performance Summary - **Revenue**: For the first three quarters of 2025, the company achieved a total revenue of 171.08 billion yuan, a year-on-year decline of 2.55%. In Q3 alone, revenue was 54.66 billion yuan, also down by 2.55% year-on-year [3] - **Net Profit**: The net profit attributable to shareholders for the first three quarters of 2025 was 27.23 billion yuan, down 21.22% year-on-year, with Q3 net profit at 8.53 billion yuan, reflecting a growth of 4.37% year-on-year [3] - **Gross Profit**: The foreign trade oil transportation business reported a gross profit of 17.9 billion yuan for the first three quarters, a decline of 43.2% year-on-year [3] - **LNG and LPG Transportation**: The LNG transportation business maintained stable performance with a net profit of 6.74 billion yuan, while the LPG transportation business saw a significant gross profit increase of 22.5% [3] Earnings Forecast - The company is expected to achieve revenues of 243.64 billion yuan, 250.10 billion yuan, and 255.59 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 4.82%, 2.65%, and 2.19% [3] - The forecasted net profit attributable to shareholders for the same years is 47.94 billion yuan, 56.60 billion yuan, and 58.22 billion yuan, with growth rates of 18.76%, 18.06%, and 2.88% respectively [3] - The report maintains an "Accumulate" rating based on the projected earnings per share (EPS) of 0.88 yuan, 1.04 yuan, and 1.07 yuan for 2025, 2026, and 2027, respectively [3]