Core Points - The company held its seventh board meeting of 2025 on May 23, 2025, where all nine directors participated and approved several key proposals [1][2] - The board approved the construction of a 9,200 deadweight ton stainless steel chemical tanker by its wholly-owned subsidiary Shanghai Zhongyuan Marine Chemical Transportation Co., Ltd., with a total investment of approximately RMB 191 million [1][2] - The funding for the chemical tanker project will come from the company's own funds and external financing, with the company's contribution being approximately RMB 47.27 million [1][2] - The board also approved a project for the establishment of a chemical and new energy storage logistics park by its subsidiary Dalian Zhongyuan Marine Energy Supply Chain Co., Ltd., with a total investment of approximately RMB 683 million [2] - The company will hold a 55% stake in the joint venture for the logistics park, contributing approximately RMB 208.04 million [2] - Both projects are deemed economically feasible and controllable in terms of risk, aimed at optimizing the company's chemical tanker fleet structure and enhancing overall profitability [2]

经审议，董事会批准公司下属全资子公司上海中远海能化工运输有限公司 （以下简称"上海能化"）在武昌船舶重工集团有限公司投资建造 1 艘 9,200 载 重吨不锈钢化学品船，总投资约人民币 1.91 亿元（合同船价约为人民币 1.8 亿元， 含税）。该项目投资来源于自有资金（约人民币 4,726.6 万元）和外部融资，其 中，自有资金部分由本公司向上海能化增资的方式解决。 根据内部测算及评估，该项目经济可行、风险可控，有利于优化公司化学品 船队结构和业务布局、提升整体盈利能力。 证券代码：600026 证券简称：中远海能 公告编号：2025-031 中远海运能源运输股份有限公司 二〇二五年第七次董事会会议决议公告 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。 中远海运能源运输股份有限公司（以下简称"公司"）二〇二五年第七次董 事会会议通知和材料于 2025 年 5 月 16 日以电子邮件/专人送达形式发出，会议 于 2025 年 5 月 23 日以通讯表决的方式召开。本公司所有九名董事参加会议，会 议的召开符合《中华人民共和国 ...

Group 1: Aviation Industry - The aviation industry in China is expected to benefit from the easing of US-China trade tensions and improving supply-demand dynamics, leading to enhanced pricing power [2][1] - Recommended stocks include China National Aviation (00753), Eastern Airlines (00670), Southern Airlines (01055), and Spring Airlines (601021.SH) [2] - Guangzhou Baiyun Airport (600004.SH) is favored as a defensive choice due to its lower exposure to duty-free business and high dividend yield amid consumer pressure [2][1] Group 2: Shipping Industry - Geopolitical factors are impacting freight rates, but oversupply of capacity remains a primary concern for the next 12 to 24 months [3] - The oil tanker segment is expected to benefit from OPEC+ production increases and tighter regulations on "shadow fleets," with recommendations to increase holdings in China Merchants Energy (601872.SH) and COSCO Shipping Energy (01138) [3] - For dry bulk shipping, Pacific Basin Shipping (02343) is recommended for its stable shareholder returns, while container shipping stocks like COSCO Shipping Holdings (01919) and Orient Overseas International (00316) are advised to be reduced [3] Group 3: Express Delivery Industry - The express delivery sector is anticipated to face intensified price competition and ongoing industry consolidation from 2025 onwards [4] - ZTO Express (ZTO.US) is viewed as the most promising stock in the next 12 to 24 months, while SF Express (002352.SZ) shows strong profit growth potential [4] - Companies leveraging artificial intelligence, such as ZTO, SF Express, and YTO Express (600233.SH), are also highlighted for their growth prospects [4]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The shipping industry is experiencing a surge in demand due to a recent temporary reduction in tariffs between China and the US, leading to a significant increase in shipping volumes on the US route. The average booking volume surged by 277% compared to the previous week [5] - The Shanghai Export Container Freight Index (SCFI) rose by 10.0% week-on-week, indicating a strong recovery in shipping rates, particularly for routes to the US [6] - The logistics sector is showing resilience, with express delivery volumes in April increasing by 19.1% year-on-year, reflecting robust demand across various sectors [9] - The airline industry is expected to benefit from macroeconomic recovery, with a long-term supply-demand imbalance favoring growth in the sector [12] Summary by Sections Shipping Vessels - The recent tariff reductions have led to a surge in demand for shipping services, particularly on the US route, with a projected increase in freight rates over the next 2-3 months due to supply constraints [5] - The average weekly capacity for the US route is expected to be 500,000 TEU, down 6% from last year [5] - The oil tanker market is facing supply tightness due to limited new orders and an aging fleet, which is expected to sustain high demand in the coming years [12] Express Logistics - In April, the express delivery industry in China saw a business volume of 16.32 billion pieces, a year-on-year increase of 19.1%, with revenue reaching 121.28 billion yuan, up 10.8% [9] - The concentration index for express delivery brands (CR8) was 86.7, indicating a stable competitive landscape [9] Aviation and Airports - The airline industry is poised for growth due to low supply growth and recovering demand, with key companies to watch including China Southern Airlines and Air China [12] - The passenger transport volume in March was approximately 59 million, reflecting a year-on-year increase of 3.5% [50] Overall Market Performance - From May 12 to May 16, the transportation index rose by 2.12%, outperforming the Shanghai Composite Index [17] - The shipping sector saw the highest increase at 7.42%, indicating strong market performance [17]

Core Viewpoint - The shipping sector is experiencing a significant rebound due to the recent reduction in tariffs between China and the U.S., leading to increased stock prices and a surge in shipping demand [1][6]. Group 1: Market Performance - Several listed companies in the shipping sector have seen their stock prices rise sharply, with China National Aviation's stock increasing over 19% on May 15, and its price doubling over four trading days [1]. - The average booking volume for container shipments from China to the U.S. has surged by 277% as of May 14, indicating strong market demand [1]. - In Q1 2025, the shipping sector's top 10 companies reported an average revenue of 8.89 billion yuan, a year-on-year increase of 14.5%, and an average net profit of 1.56 billion yuan, up 35.3% [2][3]. Group 2: Company Performance - Leading companies like China COSCO Shipping Holdings reported a net profit of 11.695 billion yuan in Q1 2025, a 73.12% increase year-on-year, while Jinjiang Shipping's net profit surged by 187.07% to 357 million yuan [2][3]. - China Merchants Port has expanded its global port layout, completing a 51% equity transfer for an Indonesian project and signing an agreement for a Brazilian oil terminal project [5]. Group 3: Operational Trends - The shipping sector is witnessing a diversification in operations, with companies like China COSCO Shipping Ports reporting a 367% increase in overseas terminal profits, driven by contributions from the Mediterranean and Middle East regions [4][5]. - The trend towards green and low-carbon transformation is notable, with several companies investing in methanol-powered vessels and reducing carbon emissions [5]. Group 4: Future Outlook - The recent tariff reductions are expected to lead to a surge in shipping demand, particularly in the Asia-Europe and trans-Pacific routes, as companies rush to mitigate costs and meet delivery deadlines [6][10]. - Analysts predict that the shipping sector is at a turning point, with potential for significant growth as traditional shipping seasons approach and demand rebounds [10].

Core Viewpoint - The China Oil and Gas Industry Index has shown a decline in recent trading sessions, reflecting broader market trends and specific sector performance [1][2]. Group 1: Index Performance - The China Oil and Gas Industry Index (H30198) opened lower and fell by 1.04%, closing at 1751.37 points with a trading volume of 13.948 billion yuan [1]. - Over the past month, the index has increased by 4.60%, but it has decreased by 1.07% over the last three months and is down 4.38% year-to-date [1]. Group 2: Index Composition - The index includes companies involved in oil and gas exploration, equipment manufacturing, transportation, sales, refining, and primary petrochemical production [1]. - The top ten weighted companies in the index are: China National Petroleum (10.46%), China National Offshore Oil (9.96%), Sinopec (9.54%), Guanghui Energy (5.02%), and others [1]. - The index is primarily composed of companies listed on the Shanghai Stock Exchange (70.91%) and the Shenzhen Stock Exchange (29.09%) [1]. Group 3: Sector Allocation - The sector allocation of the index shows that energy constitutes 61.44%, materials 20.57%, industrials 15.14%, finance 1.77%, and utilities 1.08% [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].

Market Overview - Hong Kong stocks surged today, with all three major indices rising over 2%. The Hang Seng Index increased by 2.3% or 532.38 points, closing at 23640.65 points, with a total turnover of 2228.41 million HKD [1] - The positive sentiment in the market is attributed to the unexpected progress in the first round of trade negotiations between China and the US, which is expected to continue in a constructive direction [1] Blue-Chip Stocks Performance - JD Health (06618) saw a notable increase of 5.13%, closing at 39.95 HKD, contributing 3.56 points to the Hang Seng Index. The company reported Q1 2025 revenue of 16.645 billion RMB, a year-on-year growth of 25.5%, and operating profit of 1.071 billion RMB, up 119.8% [2] - Other blue-chip stocks included China Life (02628) rising by 6.55% to 16.26 HKD, AIA (01299) up 5.15% to 65.3 HKD, while Link REIT (00823) fell by 1.34% to 40.45 HKD [2] Sector Performance - Large technology stocks collectively rose, with Baidu increasing over 4% and Alibaba and JD both rising over 3% [3] - Financial stocks experienced a significant rally, with China Pacific Insurance (02601) up 6.77% to 24.45 HKD, China Life (02628) up 6.55%, and GF Securities (01776) up 6.31% to 11.46 HKD [3] Shipping Sector - The shipping sector performed well, with Pacific Basin Shipping (02343) rising by 7.78% to 1.94 HKD and Seafront International (01308) up 6.51% to 22.9 HKD. The improvement is linked to the easing of tariff conflicts and a seasonal increase in container shipping demand [4][5] Automotive Sector - The automotive sector saw widespread gains, with Li Auto (02015) rising by 4.54% to 112.8 HKD and Xpeng Motors (09868) up 3.87% to 81.8 HKD. The retail sales of new energy passenger vehicles reached 905,000 units in April, a year-on-year increase of 33.9% [6][5] Coal Sector - The coal sector showed positive movement, with China Coal Energy (01898) up 4.91% to 8.55 HKD. Despite recent price declines, analysts suggest that demand may improve as summer approaches [7] Notable Stock Movements - Tencent Music (01698) surged by 12.84% to 61.5 HKD, reporting Q1 2025 revenue of 7.36 billion RMB, with online music service revenue growing by 15.9% [8] - Smoore International (06969) reached a new high, increasing by 10.18% to 17.32 HKD, amid rising sales of new tobacco products [9] - MicroPort Scientific (02252) saw a decline of 8.12% to 16.52 HKD due to a share placement announcement [10] - Samsonite (01910) dropped by 8.58% to 14.06 HKD after reporting a 7.3% decrease in net sales for Q1 2025 [11]

Core Insights - The top three companies with the highest short positions are WuXi AppTec (02359), Vanke Enterprises (02202), and Ganfeng Lithium (01772) with short ratios of 16.40%, 14.71%, and 13.17% respectively [1][2] - The company with the largest increase in short positions is Vanke Enterprises (02202), which saw an increase of 1.37% from the previous report [1][2] - Ganfeng Lithium (01772) experienced the largest decrease in short positions, with a reduction of 0.88% [1][3] Short Position Summary - **Top 3 Companies by Short Ratio** - WuXi AppTec (02359): 6,349.45 million shares, 16.40% [2] - Vanke Enterprises (02202): 325 million shares, 14.71% [2] - Ganfeng Lithium (01772): 5,313.62 million shares, 13.17% [2] - **Companies with Largest Increase in Short Positions** - Vanke Enterprises (02202): Increased from 13.34% to 14.71% [2] - COSCO Shipping Holdings (01919): Increased from 12.27% to 13.14% [2] - Yao Cai Securities (01428): Increased from 1.28% to 2.09% [2] - **Companies with Largest Decrease in Short Positions** - Ganfeng Lithium (01772): Decreased from 14.05% to 13.17% [3] - Horizon Robotics-W (09660): Decreased from 1.87% to 1.02% [3] - Hisense Home Appliances (00921): Decreased from 10.94% to 10.14% [3]

Core Viewpoint - The shipping sector in A-shares has shown strong performance, particularly following the announcement of a significant reduction in bilateral tariffs between China and the U.S., which has positively impacted market sentiment and demand for shipping services [1][2]. Group 1: A-share Market Performance - A-share shipping stocks collectively surged, with notable gains including Ningbo Marine reaching the daily limit, and other companies like Ningbo Ocean and COSCO Shipping also experiencing increases of over 2% [1]. - The A-share market's stronger performance compared to the Hong Kong market indicates a compensatory rally, driven by positive developments in U.S.-China trade talks [2]. Group 2: Hong Kong Market Performance - In the Hong Kong market, shipping stocks exhibited mixed results, with some companies like Yang Ming Marine and Orient Overseas International continuing to rise, while others like COSCO Shipping Energy faced declines [1]. - The timing of the U.S.-China trade announcement and the respective closing times of the A-share and Hong Kong markets contributed to the differing performances [1]. Group 3: Impact of U.S.-China Trade Talks - Following the announcement of reduced tariffs, many U.S. companies are rapidly increasing their imports to avoid potential future tariff hikes, indicating a surge in demand for shipping services [3]. - The 90-day tariff buffer period has led to a significant increase in shipping demand, with companies like Basic Fun and Hightail Hair rushing to ship previously delayed goods [4]. Group 4: Market Expectations and Trends - Analysts predict a shift in the shipping market dynamics, with expectations of increased demand leading to potential rises in container shipping rates due to the release of pent-up demand [4][5]. - The recent trade negotiations have reversed previously pessimistic market expectations, leading to a positive feedback loop in the shipping sector, with increased shipping volumes and seasonal demand contributing to a tightening of capacity [5].

中远海运能源运输股份有限公司 二〇二五年第六次董事会会议决议公告 证券代码：600026 证券简称：中远海能 公告编号：2025-030 表决情况：9 票赞成，0 票反对，0 票弃权。 二、 审议并通过《关于以报废方式处置"芙蓉源"轮的议案》 经审议，董事会批准公司所属子公司以废钢船报废方式，以不低于经备案的 评估价格，在确定受让方尽职调查和资格确认条件形成挂牌方案后，通过上海联 合产权交易所有限公司挂牌处置"芙蓉源"轮；同意限定受让方为中国境内拆船 厂，并以人民币形式场内结算交易价款。 表决情况：9 票赞成，0 票反对，0 票弃权。 特此公告。 中远海运能源运输股份有限公司董事会 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。 中远海运能源运输股份有限公司（以下简称"公司"）二〇二五年第六次董 事会会议通知和材料于 2025 年 5 月 6 日以电子邮件/专人送达形式发出，会议于 的召开符合《中华人民共和国公司法》和本公司《公司章程》的有关规定。与会 董事听取并审议通过了以下议案： 一、 审议并通过《关于以二手船转让方式对 ...