Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company reported a year-on-year increase in net profit of 4.4% for the third quarter, despite a decline in revenue for the first three quarters of 2025 [1][8] - The external oil transportation business is experiencing a recovery, with significant increases in VLCC freight rates observed in September [1][13] - The company has diversified its business structure, maintaining stable performance in its LNG transportation segment [2][17] - The supply-demand dynamics in the oil transportation sector remain favorable, with expectations for upward price elasticity [2][17] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 171.1 billion yuan, a decrease of 2.6% year-on-year, and a net profit of approximately 27.2 billion yuan, down 21.2% [1][8] - In the third quarter alone, revenue was 54.7 billion yuan, also down 2.6% year-on-year, while net profit was about 8.5 billion yuan, reflecting a 4.4% increase [1][8] Business Segments - The external oil transportation business generated a gross profit of 17.9 billion yuan in the first three quarters, a decline of 43.2% year-on-year, with a gross profit of 5.0 billion yuan in the third quarter, down approximately 19% [1][13] - The average daily earnings for the VLCC TD3C route (Middle East to China) were $42,918, an increase of about 16.5% compared to the same period last year, with September's average reaching $76,197 [1][13] - The internal oil transportation business saw a gross profit of 10.2 billion yuan, down 9.7% year-on-year, while the LNG transportation segment contributed a net profit of 6.74 billion yuan, remaining stable [2][17] Future Outlook - The company expects the industry price center to rise in the next 1-2 years, with projected net profits for 2025-2027 at 47.6 billion yuan, 56.0 billion yuan, and 58.2 billion yuan, respectively, indicating year-on-year growth of 18.0%, 17.6%, and 3.9% [3][18] - The favorable supply-demand dynamics are anticipated to support upward price elasticity in the oil transportation sector, driven by OPEC+ production increases and a return of black market demand to compliant markets [2][17]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.27%), COSCO Shipping Energy (70.09%), and GCL-Poly Energy (69.45%) [1][2] - The largest increases in holdings over the last five trading days were seen in the Tracker Fund of Hong Kong (+4.963 billion), Meituan-W (+2.012 billion), and Hang Seng China Enterprises (+1.946 billion) [1][2] - The largest decreases in holdings were recorded for SMIC (-2.028 billion), Tencent Holdings (-1.614 billion), and Hua Hong Semiconductor (-638 million) [1][3] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 9.892 billion shares, representing 71.27% [2] - COSCO Shipping Energy (01138) has a holding of 908 million shares, representing 70.09% [2] - GCL-Poly Energy (01330) has a holding of 281 million shares, representing 69.45% [2] - Other notable companies include China Shenhua (67.64%) and Tianjin Capital Environmental Protection (66.54%) [2] Group 2: Recent Increases in Holdings - Tracker Fund of Hong Kong (02800) saw an increase of 4.963 billion in holdings, with a change of 19.059 million shares [2] - Meituan-W (03690) experienced an increase of 2.012 billion, with a change of 1.988 million shares [2] - Hang Seng China Enterprises (02828) had an increase of 1.946 billion, with a change of 2.079 million shares [2] Group 3: Recent Decreases in Holdings - SMIC (00981) had a decrease of 2.028 billion in holdings, with a change of 2.828 million shares [3] - Tencent Holdings (00700) saw a decrease of 1.614 billion, with a change of 256,560 shares [3] - Hua Hong Semiconductor (01347) experienced a decrease of 638 million, with a change of 868,410 shares [3]

（编辑 任世碧） 证券日报网讯 11月5日晚间，中远海能发布公告称，公司于2025年10月31日发布的《中远海能二〇二五 年第十四次董事会会议决议公告》（公告编号：2025-060）、《中远海能关于全资子公司光租六艘 VLCC暨关联交易公告》（公告编号：2025-061）（简称"该等公告"），内容有关寰宇公司（本公司全 资子公司）或本公司指定的境外子公司（作为承租人）拟与海南中远海发（本公司关联人中远海发全资 子公司）或中远海发指定的其他子公司（作为出租人）签署六艘VLCC船舶光租合同。除本公告另有规 定者外，本公告所用词汇与该等公告所界定者具有相同涵义。于2025年11月5日，寰宇公司与海南中远 海发已签订六艘VLCC船舶光租合同，主要条款已载于该等公告。截至本公告披露日，该等合同条款并 无变动。 ...

中远海运能源运输股份有限公司 证券代码：600026 证券简称：中远海能 公告编号：2025-065 于 2025 年 11 月 5 日，寰宇公司与海南中远海发已签订六艘 VLCC 船舶光 租合同，主要条款已载于该等公告。截至本公告披露日，该等合同条款并无变动。 上述交易尚须获得股东会的批准，与该关联交易有利害关系的关联人将放弃 行使在股东会上对该议案的投票权。 特此公告。 中远海运能源运输股份有限公司董事会 2025 年 11 月 5 日 1 关于签订船舶光租合同暨关联交易进展公告 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、关联交易的基本情况 兹提述中远海运能源运输股份有限公司（以下简称"中远海能"、"本公司" 或"公司"）于 2025 年 10 月 31 日发布的《中远海能二〇二五年第十四次董事会 会议决议公告》（公告编号：2025-060）、《中远海能关于全资子公司光租六艘 VLCC 暨关联交易公告》（公告编号：2025-061）（以下简称"该等公告"），内容 有关寰宇公司（本公司全资子公司）或本公司指定的境 ...

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 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。 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 二零二五年十一月五日 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。 * 僅供識別 证券代码：600026 证券简称：中远海能 公告编号：2025-065 中远海运能源运输股份有限公司 关于签订船舶光 ...

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.17%), COSCO Shipping Energy (70.06%), and GCL-Poly Energy (69.25%) [1][2] - The largest increases in holdings over the last five trading days were seen in the Tracker Fund of Hong Kong (+56.53 billion), Hang Seng China Enterprises (+19.83 billion), and Meituan-W (+17.13 billion) [1][2] - The largest decreases in holdings were recorded for Tencent Holdings (-18.04 billion), ZTE Corporation (-6.76 billion), and Innovent Biologics (-6.70 billion) [1][3] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding ratio of 71.17% with 9.878 billion shares [2] - COSCO Shipping Energy (01138) has a holding ratio of 70.06% with 908 million shares [2] - GCL-Poly Energy (01330) has a holding ratio of 69.25% with 280 million shares [2] Group 2: Recent Increases in Holdings - Tracker Fund of Hong Kong (02800) saw an increase of +56.53 billion in holdings, with a change of +21.71 million shares [2] - Hang Seng China Enterprises (02828) increased by +19.83 billion, with a change of +2.12 million shares [2] - Meituan-W (03690) increased by +17.13 billion, with a change of +1.71 million shares [2] Group 3: Recent Decreases in Holdings - Tencent Holdings (00700) experienced a decrease of -18.04 billion, with a change of -2.86 million shares [3] - ZTE Corporation (00763) saw a decrease of -6.76 billion, with a change of -2.09 million shares [3] - Innovent Biologics (01801) decreased by -6.70 billion, with a change of -0.77 million shares [3]

Core Insights - The conference highlighted the commitment of COSCO Shipping Energy Transportation to its mission of "linking the world and delivering energy," emphasizing the successful integration of energy and chemical logistics supply chains [1] - The company aims to enhance its service capabilities and deepen its integration into the global energy transportation industry chain, contributing to collaborative development within the sector [1] Group 1: Key Consensus from the Conference - Safety is paramount, with a focus on maintaining stable and safe operations as the foundation for high-quality industry development [2] - Emphasis on digital transformation and low-carbon initiatives, leveraging technology to upgrade supply chains and explore new avenues in energy transportation [2] - A commitment to open collaboration and mutual benefit, fostering cooperation across the industry chain to seize new market opportunities [2] Group 2: Digital Innovations Announced - Launch of a digital supply chain collaboration platform that integrates big data, AI, and blockchain to enhance service efficiency and provide customized solutions for clients [3] - Introduction of the Smart Navigation Solution, utilizing IoT and data analytics for optimizing vessel operations and ensuring safety and efficiency in maritime logistics [3] Group 3: Future Directions - COSCO Shipping Energy Transportation plans to continue developing an integrated global network for oil, gas, chemicals, and storage, focusing on safety, efficiency, and sustainability in energy shipping [4]

Group 1 - China Merchants Energy (01138.HK) has seen a decline of over 5%, currently down 5.43% at HKD 10.45 [2] - The trading volume for China Merchants Energy is reported at HKD 453 million [2]

Core Viewpoint - The oil transportation market is experiencing mixed signals, with concerns over supply surplus increasing, while OPEC+ has agreed to slightly raise oil production in December and pause increases for Q1 of next year [1] Group 1: Company Performance - COSCO Shipping Energy (中远海能) shares have dropped over 5%, currently trading at 10.45 HKD with a transaction volume of 453 million HKD [1] - Analysts indicate that the VLCC TCE has surged to over 120,000 USD, benefiting from the recent sanctions against Russian oil [1] Group 2: Industry Outlook - The oil transportation sector is expected to see significant year-on-year profit growth in Q3 2025, aligning with the upward trend in freight rates [1] - Domestic oil tanker companies are outperforming the industry freight rate index, with projections indicating that profits for oil tankers in Q4 2025 and for the entire year will reach a ten-year high [1] - The outlook for oil transportation in 2026 remains positive, with expectations of continued improvement in supply and demand, potentially leading to a super bull market in the sector [1]

Core Viewpoint - The oil transportation market is experiencing mixed signals, with concerns over supply surplus leading to OPEC+ agreeing to a slight increase in oil production for December while pausing production increases for Q1 of next year [1] Group 1: Company Performance - China Ocean Shipping Company (中远海能) shares have dropped over 5%, currently trading at HKD 10.45 with a transaction volume of HKD 453 million [1] - Analysts indicate that the recent pause in 301 measures will effectively mitigate the risk of continued reduction in effective capacity for crude oil transportation [1] Group 2: Industry Outlook - The VLCC TCE has surged to over USD 120,000 due to increased sanctions against Russian oil, indicating a positive trend for oil transportation profitability [1] - It is projected that international crude oil transportation profits will see a significant year-on-year increase in Q3 2025, aligning with freight rate trends, and domestic tanker companies are outperforming the industry freight index [1] - Expectations for Q4 2025 and the entire year indicate that tanker profits will reach a ten-year high, with a favorable supply-demand outlook for oil transportation in 2026, suggesting a potential super bull market [1]