Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are Green Power Environmental (70.12%), China Telecom (69.73%), and COSCO Shipping Energy (69.52%) [1] - Alibaba-W, Tencent Holdings, and Xiaomi Group-W have seen the largest increases in holding amounts over the last five trading days, with increases of +10.251 billion, +3.501 billion, and +2.657 billion respectively [1] - The largest decreases in holding amounts over the last five trading days were recorded by the Tracker Fund of Hong Kong (-2.866 billion), China Mobile (-1.104 billion), and China Construction Bank (-0.921 billion) [1] Group 1: Top Holding Ratios - Green Power Environmental (01330) holds 284 million shares with a holding ratio of 70.12% [1] - China Telecom (00728) holds 9.678 billion shares with a holding ratio of 69.73% [1] - COSCO Shipping Energy (01138) holds 901 million shares with a holding ratio of 69.52% [1] Group 2: Recent Increases in Holdings - Alibaba-W (09988) saw an increase of +10.251 billion in holding amount, with a change of +55.3786 million shares [1] - Tencent Holdings (00700) experienced an increase of +3.501 billion in holding amount, with a change of +5.1988 million shares [1] - Xiaomi Group-W (01810) had an increase of +2.657 billion in holding amount, with a change of +48.3 million shares [1] Group 3: Recent Decreases in Holdings - Tracker Fund of Hong Kong (02800) had a decrease of -2.866 billion in holding amount, with a change of -103.1727 million shares [3] - China Mobile (00941) recorded a decrease of -1.104 billion in holding amount, with a change of -13.0517 million shares [3] - China Construction Bank (00939) saw a decrease of -0.921 billion in holding amount, with a change of -124.939 million shares [3]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中遠海運能源運輸股份有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600026 | 說明 | A股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,474,776,395 | RMB | | 1 | RMB | | 3,474,776,395 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 3,474,776,395 | RMB | | | 1 RMB | | 3,474,776,395 ...

Key Points - The top three companies by Hong Kong Stock Connect holding ratios are Changfei Optical Fiber (71.17%), China Telecom (70.50%), and COSCO Shipping Energy (70.31%) [1] - Alibaba-W, Tencent Holdings, and SMIC saw the largest increases in holding amounts over the last five trading days, with increases of +11.802 billion, +3.602 billion, and +2.155 billion respectively [1] - The companies with the largest decreases in holding amounts over the last five trading days include the Tracker Fund (-3.386 billion), Hang Seng China Enterprises (-2.161 billion), and Xiaomi Group-W (-1.060 billion) [3] Group 1: Hong Kong Stock Connect Holding Ratios - Changfei Optical Fiber (06869) holds 250 million shares, representing 71.17% [1] - China Telecom (00728) holds 9.786 billion shares, representing 70.50% [1] - COSCO Shipping Energy (01138) holds 911 million shares, representing 70.31% [1] Group 2: Recent Increases in Holdings - Alibaba-W (09988) increased by +11.802 billion, with a change of +68.0615 million shares [1] - Tencent Holdings (00700) increased by +3.602 billion, with a change of +5.4583 million shares [1] - SMIC (00981) increased by +2.155 billion, with a change of +28.1698 million shares [1] Group 3: Recent Decreases in Holdings - Tracker Fund (02800) decreased by -3.386 billion, with a change of -12.4301 million shares [3] - Hang Seng China Enterprises (02828) decreased by -2.161 billion, with a change of -2.23798 million shares [3] - Xiaomi Group-W (01810) decreased by -1.060 billion, with a change of -1.97939 million shares [3]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry is experiencing resilient demand, with a shift towards "quality over quantity" leading to price increases, which will enhance corporate profitability. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost reduction [4][13] - The shipping sector is anticipated to benefit from the OPEC+ production cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market expected in Q4 2025 [13] - The aviation industry is projected to see long-term demand growth due to macroeconomic recovery, with short-term ticket booking data indicating a rebound [13] Summary by Sections Express Delivery - The express delivery sector is witnessing a significant price increase, with over 90% of regions in China experiencing price hikes, which is expected to improve profitability for companies [4] - Key companies to watch include YTO Express, Shentong Express, Zhongtong Express, and SF Express, all of which are positioned to benefit from the industry's positive trends [13] Shipping and Shipbuilding - The shipping sector is expected to see a cyclical recovery, particularly in oil transportation due to OPEC+ production increases and geopolitical uncertainties enhancing VLCC rate elasticity [13] - The shipbuilding market is in a green transition phase, with new orders expected to improve as market conditions stabilize [13] Aviation - The aviation sector is experiencing low supply growth with increasing demand, leading to a favorable long-term outlook. Companies like China Southern Airlines and Air China are highlighted for their potential [13][14] Logistics and Ports - The logistics sector is seeing a positive trend with companies like Shenzhen International and Debon Logistics expected to benefit from improved competition and operational efficiencies [13] - Port operations are stable, with a focus on cash flow and growth potential in hub ports like China Merchants Port and Qingdao Port [13]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are COSCO Shipping Energy (70.65%), China Telecom (70.49%), and Yangtze Optical Fibre and Cable (70.24%) [1] - Alibaba (W) saw the largest increase in holding amount over the last five trading days, with an increase of 9.659 billion yuan, followed by Tencent Holdings with 2.552 billion yuan, and SMIC with 1.472 billion yuan [1] - The companies with the largest decrease in holding amounts over the same period include Pop Mart (-0.976 billion yuan), CSPC Pharmaceutical (-0.594 billion yuan), and Hang Seng China Enterprises (-0.560 billion yuan) [1] Group 1: Top Holding Ratios - COSCO Shipping Energy (01138) has a holding ratio of 70.65% with 916 million shares [1] - China Telecom (00728) has a holding ratio of 70.49% with 9.784 billion shares [1] - Yangtze Optical Fibre and Cable (06869) has a holding ratio of 70.24% with 247 million shares [1] Group 2: Recent Increases in Holdings - Alibaba (W) (09988) increased its holding amount by 9.659 billion yuan, with a change of 58.0117 million shares [1] - Tencent Holdings (00700) increased its holding amount by 2.552 billion yuan, with a change of 3.9628 million shares [1] - SMIC (00981) increased its holding amount by 1.472 billion yuan, with a change of 2.0176 million shares [1] Group 3: Recent Decreases in Holdings - Pop Mart (09992) decreased its holding amount by 0.976 billion yuan, with a change of -3.6698 million shares [3] - CSPC Pharmaceutical (01093) decreased its holding amount by 0.594 billion yuan, with a change of -6.5368 million shares [3] - Hang Seng China Enterprises (02828) decreased its holding amount by 0.560 billion yuan, with a change of -589,320 shares [3]

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 国浩律师（上海）事务所 法律意见书 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 二零二五年九月二十六日 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 国浩律师（上海）事务所 关于中远海运能源运输股份有限公司 2025 年第二次临 ...

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.* 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） 特別股東大會投票結果 特別股東大會投票結果 董 事 會 欣 然 宣 佈，特 別 股 東 大 會 通 告 所 載 的 所 有 決 議 案 已 於 特 別 股 東 大 會 上 通 過 投 票 表 決 方 式 獲 正 式 通 過。 茲提述(i)中遠海運能源運輸股份有限公司（「本公司」）日期為二零二五年九月八日 的通函（「通 函」）；及(ii)本公司日期為二零二五年九月八日的特別股東大會通告（「特 別股東大會通告」）。除 另 有 界 定 者 外，本 公 告 所 用 詞 彙 與 通 函 所 界 定 者 具 ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于中远海运能源运输股份有限公司 致：中远海运能源运输股份有限公司 国浩律师（上海）事务所（以下简称"本所"），接受中远海运能源运输股份 有限公司（以下简称"公司"）的委托，指派本所律师出席公司 2025 年第二次临 时股东大会（以下简称"本次会议"或"本次股东大会"），并根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）以及《中远海 运能源运输股份有限公司章程》（以下简称"《公司章程》"）的规定出具本法律 意见书。 本所依据本法律意见书出具日之前已经发生或存在的事实及中国（为出具本 法律意见书之目的，本法律意见书中的"中国"仅指中国大陆地区，不包括香港特 别行政区和澳门特别行政区及台湾地区）现行法律、法规及规范性文件发表法律 意见。 本所同意将本法律意见书作为公司本次股东大会公告的法定文件，随公司其 他公告一并提交上海证券交易所审查并予公告。 在本律师意见书中，本所律师仅对本次股东大会的召集和召开程序、出席会 议人员的资格、召集人的资格 ...

证券代码：600026 证券简称：中远海能 公告编号：2025-054 中远海运能源运输股份有限公司 2025年第二次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 出席会议的股东和代理人人数 1. | | 653 | | --- | --- | --- | | 其中：A | 股股东人数 | 652 | | 境外上市外资股股东人数（H | 股） | 1 | | 2. | 出席会议的股东所持有表决权的股份总数（股） | 2,460,047,374 | | 其中：A | 股股东持有股份总数 | 2,334,858,621 | | 境外上市外资股股东持有股份总数（H | 股） | 125,188,753 | | 3. | 出席会议的股东所持有表决权股份数占公司有表决权股 | 51.5649 | | 份总数的比例（%） | | | | 其中：A | 股股东持股占股份总数的比例（%） | 48.9408 | | 境外上市外资股股东持股占股份总 ...

Core Viewpoint - The shipping rates for oil have been on the rise since late August, driven by increased cargo from the Middle East and the Americas, leading to tighter capacity in the Middle East region [1][2] Supply Side Analysis - Current shipping rates reflect a tight supply of oil tankers, with the ship-to-cargo ratio in the Middle East reaching a historical low. The supply of vessels is expected to become even tighter as already booked ships cannot return in the short term [2][3] Demand Side Analysis - The peak oil consumption season in the Middle East has passed, but the impact of OPEC+ production increases on exports will continue. OPEC+ is expected to slightly increase production in October, and historically, winter demand in the Northern Hemisphere lasts for about three months, suggesting that demand for cargo may continue to increase [2][3] Long-term Factors - Ongoing sanctions against black ships are seen as a long-term driver for improving oil shipping supply and demand dynamics. The cumulative impact of U.S. sanctions on Russian and Iranian oil exports is a significant variable pushing shipping rates higher [3] Investment Opportunities - The company maintains its profit forecasts, target prices, and valuations unchanged. Given the ongoing supply tightness and marginal demand improvement, there are favorable opportunities in the shipping sector, particularly for companies like COSCO Shipping Energy (01138), China Merchants Energy Shipping (601872.SH), and China Merchants Jinling Shipyard (601975.SH) [4]