Group 1 - The joint statement from the China-US Geneva trade talks led to a significant rise in global risk assets, with the Hang Seng Index gaining nearly 700 points [1] - The Hang Seng Technology Index increased by 5.16%, while the Hang Seng Index and the National Enterprises Index rose by 2.98% and 3.01%, respectively [2] - Major technology stocks surged, with JD.com and Alibaba both rising over 6%, and financial stocks also performed well [2][4] Group 2 - The technology sector saw substantial gains, with stocks like Bilibili, JD.com, Kuaishou, and Alibaba all increasing by over 6% [4] - Apple-related stocks experienced a significant boost, with companies like GoerTek and AAC Technologies rising by over 18% and 15%, respectively, following price adjustments for iPhone models [5][6] - Financial stocks, particularly Chinese brokerage firms, showed strong performance, with China International Capital Corporation rising over 7% [7] Group 3 - Shipping stocks also saw notable increases, with China COSCO Shipping Holdings rising over 8% [8] - Conversely, gold stocks faced sharp declines, with Lingbao Gold and Chifeng Jilong Gold dropping over 11% due to reduced safe-haven demand following the easing of US-China trade tensions [9] - Biopharmaceutical stocks fell, with companies like BeiGene and CanSino Biologics experiencing declines of over 8% and 5%, respectively, due to announcements regarding drug price reductions in the US [10] Group 4 - Southbound capital saw a net sell-off of HKD 18.528 billion, indicating a cautious sentiment among investors [11] - Morgan Stanley expressed optimism about the progress in trade negotiations, leading hedge funds to increase their long positions in Chinese stocks [12]

一、审议并通过《关于以二手船转让方式对外处置 4 艘油轮的议案》 经审议，董事会批准公司对外处置 4 艘油轮，具体如下： 1. 批准公司所属境外全资子公司以二手船转让方式，以不低于经备案的评 估价格，将"远富湖"轮和"新丹洋"轮对外处置，同意清算关闭前述船舶所在 的 2 家境外单船公司并将其列入后续股权处置计划； 2. 批准公司所属境内全资子公司以二手船转让方式，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"桃林湾"轮和"洋美湖"轮。 证券代码：600026 证券简称：中远海能 公告编号：2025-030 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 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 2025 年 5 月 12 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 ...

Core Viewpoint - The China Oil and Gas Resource Index has shown mixed performance, with a recent decline despite a monthly increase, indicating volatility in the oil and gas sector [2]. Group 1: Index Performance - The China Oil and Gas Resource Index decreased by 0.52% to 736.04 points, with a trading volume of 11.226 billion yuan [1]. - Over the past month, the index has increased by 6.59%, but it has decreased by 3.91% over the last three months and by 6.98% year-to-date [2]. Group 2: Index Composition - The index includes companies involved in oil and gas exploration, services, equipment manufacturing, refining, processing, transportation, and sales [2]. - The top ten weighted companies in the index are: China National Petroleum (10.47%), China National Offshore Oil (10.06%), Sinopec (9.64%), Guanghui Energy (6.62%), and others [2]. - The sector composition of the index shows that energy accounts for 75.48%, industrials for 18.72%, financials for 2.34%, materials for 1.59%, consumer discretionary for 1.06%, and utilities for 0.81% [2]. Group 3: Index Adjustment and Management - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]. - Public funds tracking the oil and gas resources include Huatai-PineBridge China Oil and Gas Resource ETF, Bosera China Oil and Gas Resource ETF, and Yinhua China Oil and Gas Resource ETF [3].

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - In Q1 2025, the company achieved operating revenue of 5.75 billion yuan, a year-on-year decrease of 4.0%, and a net profit attributable to shareholders of 710 million yuan, down 43.3% year-on-year. The increase in foreign trade oil transportation capacity boosted foreign trade revenue, but declining freight rates and rising charter costs impacted profitability. Domestic oil transportation revenue fell due to a decrease in domestic refined oil transportation volume, although the gross margin remained resilient. The LNG transportation business benefited from stable project-based income and contributions from new ship deliveries, with gross profit maintaining rapid growth. Market sentiment towards oil transportation is currently pessimistic due to the end of the Russia-Ukraine conflict and the impact of U.S. tariffs. If OPEC+ increases production further and oil prices continue to decline, oil transportation demand may recover. Additionally, LNG vessels will be delivered between 2025 and 2028, solidifying performance stability [2][5][10]. Summary by Sections Revenue and Profitability - In Q1 2025, the company transported 47.91 million tons of oil products (excluding time charter), a year-on-year increase of 13.8%, and the transportation turnover (excluding time charter) was 174.7 billion ton-nautical miles, up 16.2% year-on-year [5]. Foreign Trade Oil Transportation - The company increased its fleet size, operating 54 VLCCs and 8 Aframax tankers in Q1 2025, leading to foreign trade oil transportation revenue of 3.58 billion yuan, down 6.0% year-on-year. However, due to increased charter costs and high base effects, the gross profit for foreign trade oil transportation was 540 million yuan, down 55.9%, with a gross margin of 15.0%, a decrease of 16.9 percentage points [10]. Domestic Oil Transportation and LNG Business - Domestic oil transportation revenue was 1.39 billion yuan, down 4.7% year-on-year, primarily due to a 9.1% decline in refined oil transportation volume. The gross profit was 330 million yuan, down 9.3%, with a gross margin of 24.0% [10]. - The LNG segment benefited from stable project-based income and new ship deliveries, achieving revenue of 620 million yuan, up 10.6% year-on-year, and gross profit of 300 million yuan, up 19.2%, with a gross margin of 49.4%, an increase of 3.6 percentage points [10]. Market Outlook - The report indicates a potential recovery in oil transportation demand if OPEC+ increases production and oil prices decline, which could lead to improved profitability. The company has 36 LNG vessels on order, set to be delivered from 2025 to 2028, which will further solidify performance stability. The projected revenues for 2025-2027 are 5.3 billion, 5.9 billion, and 6.3 billion yuan, respectively, with corresponding P/E ratios of 9.2, 8.3, and 7.8 times [10].

本次投资者说明会以视频结合网络互动形式召开，公司将针对 2024 年度和 2025 年第一季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟 1 证券代码：600026 证券简称：中远海能 公告编号：2025-029 中远海运能源运输股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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。 重要内容提示： 中远海运能源运输股份有限公司（以下简称"公司"）已分别于 2025 年 3 月 27 日、2025 年 4 月 30 日发布公司 2024 年度报告及 2025 年第一季度报告， 为便于广大投资者更全面深入地了解公司2024年度和2025年第一季度经营成果、 财务状况，公司计划于 2025 年 5 月 21 日（星期三）15:00-17:00 举行 2024 年度 暨 2025 年第一季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 四、投资者参加方式 （一）投资者可在 2025 年 5 月 21 日（星期三）15:00-17:00， ...

证券代码：600026 证券简称：中远海能 公告编号：2025-028 中远海运能源运输股份有限公司 关于参加 2025 年上海辖区上市公司 年报集体业绩说明会的公告 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。 重要内容提示： 中远海运能源运输股份有限公司（以下简称"公司"）已于 2025 年 3 月 27 日发布公司 2024 年度报告，为便于广大投资者更全面深入地了解公司 2024 年度 经营成果、财务状况，公司计划于 2025 年 5 月 15 日（星期四）15:00-16:30 参 加 2025 年上海辖区上市公司年报集体业绩说明会，就投资者关心的问题进行交 流。 一、说明会类型 1 会议召开时间：2025 年 5 月 15 日（星期四）15:00-16:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 8 日（星期四）至 5 月 ...

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]

港股港口运输股震荡上升，中远海能(01138.HK)涨超10%，辽港股份(02880.HK)涨超3%，招商局港口 (00144.HK)、秦港股份(03369.HK)均涨1.5%。 ...

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, with specific segments showing mixed performance, indicating challenges in the oil transportation sector [1] Financial Performance - Q1 revenue was 5.75 billion, down 4.0% year-on-year and 5.7% quarter-on-quarter [1] - Net profit attributable to shareholders was 710 million, a decrease of 43.3% year-on-year but an increase of 13.9% quarter-on-quarter [1] - Non-recurring net profit was also 710 million, down 42.7% year-on-year and up 12.4% quarter-on-quarter [1] Segment Analysis - LNG Transportation: Q1 revenue was 620 million, up 10.6% year-on-year but down 1% quarter-on-quarter; gross margin was 49.4%, up 3.6% year-on-year and 6.7 percentage points quarter-on-quarter [1] - Domestic Oil Transportation: Q1 revenue was 1.39 billion, down 4.7% year-on-year and 9% quarter-on-quarter; gross margin was 24%, down 1.2% year-on-year but up 1.7 percentage points quarter-on-quarter [1] - Foreign Oil Transportation: Q1 revenue was 3.58 billion, down 6% year-on-year but up 4% quarter-on-quarter; gross margin was 15.0%, down 16.9% year-on-year but up 2.2 percentage points quarter-on-quarter [1] Market Trends - The Q1 product tanker index rebounded, with expectations for stronger mid-sized crude carriers in Q2 due to seasonal price increases driven by OPEC+ production and sanctions on Iranian and Russian oil [2] - VLCC rates showed a seasonal decline after an initial spike, with TCE indices for various tanker types reflecting significant year-on-year decreases [2] Future Outlook - The company remains optimistic about VLCC supply constraints and a return to demand in the regulated market, despite potential macroeconomic challenges [3] - Even under pessimistic scenarios, oil transportation demand is expected to remain resilient due to low global oil inventories and stable non-OPEC production [3] Profit Forecast and Investment Recommendations - The company maintains a positive mid-term outlook for VLCC, projecting net profits of 5.29 billion, 6.33 billion, and 7.08 billion for 2025-2027, with corresponding PE ratios of 9, 8, and 7 [4] - The current price suggests a dividend yield of approximately 5.3% for A shares and 9.9% for H shares in 2025, maintaining a "recommended" rating [4]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Views - The company's VLCC-TCE is significantly above the market average, with expectations for further improvement in the second half of the year [1][7] - The report highlights that the actual VLCC freight rates are expected to remain strong, driven by increased oil production and demand [7] Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 23,311 million yuan, with a year-on-year growth rate of 0.3% [6] - The net profit attributable to the parent company for 2025 is estimated at 4,383 million yuan, reflecting an 8.6% year-on-year increase [6] - Earnings per share for 2025 is forecasted to be 0.92 yuan [6] - The gross profit margin is expected to be 28.3% in 2025, increasing to 34.4% by 2027 [6] - The report anticipates a gradual recovery in the oil transportation market, with VLCC freight rates projected at 55,000/65,000/80,000 USD/day for 2025-2027 [7] Segment Performance - LNG transportation contributed a net profit of 204 million yuan in Q1 2025, up 12.09% year-on-year [7] - The foreign trade oil tanker segment reported a gross profit of 537 million yuan, down 55.88% year-on-year, despite a 17.77% increase in cargo turnover [7] - The LPG and chemical transportation segments contributed a combined gross profit of 30 million yuan [7] Market Comparison - The company's market capitalization is approximately 35,755 million yuan, with a price-to-net asset value (P/NAV) of 0.86 times [2][7] - The report compares the company's valuation with peers, noting that it is relatively reasonable compared to similar companies [7]