Core Viewpoint - COSCO Shipping Holdings experienced a decline in stock price, with a current trading price of 15.06 CNY per share and a market capitalization of 230.61 billion CNY, reflecting a net outflow of 135 million CNY in principal funds [1] Group 1: Stock Performance - As of March 31, COSCO Shipping Holdings' stock fell by 2.02% during the trading session [1] - Year-to-date, the stock price has decreased by 0.79%, with a 5-day decline of 2.84%, a 20-day decline of 11.26%, and a 60-day decline of 0.73% [1] Group 2: Financial Performance - For the year 2025, COSCO Shipping Holdings reported a revenue of 219.50 billion CNY, a year-on-year decrease of 6.14%, and a net profit attributable to shareholders of 30.87 billion CNY, down 37.13% year-on-year [2] - The company has distributed a total of 119.28 billion CNY in dividends since its A-share listing, with 67.27 billion CNY distributed over the past three years [2] Group 3: Shareholder Structure - As of February 28, the number of shareholders for COSCO Shipping Holdings increased to 413,700, up by 10.25% from the previous period [2] - Major shareholders include China Securities Finance Corporation, holding 374 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 59.65 million shares [2]

Investment Rating - The report maintains a "Recommendation" rating for the industry [3] Core Insights - The mid-term outlook for the oil shipping industry remains positive, with increased value in dividend assets for recent allocations [1] - High oil prices are raising stagflation expectations, highlighting the defensive value of dividend assets [1] - The report emphasizes the importance of monitoring the impact of oil prices on industry profitability across various sectors [1] Shipping Sector Summary - The shipping industry is experiencing rising freight rates due to escalating regional conflicts and increased fuel costs, with significant price increases noted in major shipping routes [11][29] - The demand for oil tankers is expected to surge if the geopolitical situation stabilizes, despite current challenges in the Strait of Hormuz affecting shipping volumes [7][13] - Recommended stocks in the shipping sector include COSCO Shipping Energy, COSCO Shipping Holdings, and others [7] Infrastructure Sector Summary - Recent data shows a slight increase in truck traffic and stable performance in major infrastructure assets, with a focus on dividend yield [20][19] - The report suggests that port assets are currently undervalued and could benefit from geopolitical tensions, making them attractive for investment [20] - Recommended stocks include Anhui Expressway, Datong Railway, and others [20] Express Delivery Sector Summary - The express delivery sector shows signs of recovery with stable demand growth, despite a slight decline in recent weekly volumes [21][22] - The report highlights the low valuation of the sector and the potential for profit growth due to rising fuel surcharges [22] - Recommended stocks include SF Express, Shentong Express, and others [22] Aviation Sector Summary - The aviation industry is witnessing a steady increase in passenger volume, but there are concerns regarding the impact of rising oil prices on profitability [23][24] - The report notes that domestic ticket prices have increased, which may help offset fuel costs [24] - The report advises monitoring the actual ticket price performance and its ability to cover fuel costs [24]

COSCO SHIPPING Holdings (601919.SS) Conference Call Summary Company Overview - **Company**: COSCO SHIPPING Holdings - **Stock Codes**: 601919.SS (A-shares), 1919.HK (H-shares) - **Market Cap**: Rmb244.4 billion / $35.4 billion - **Enterprise Value**: Rmb172.4 billion / $25.0 billion - **Current Price**: Rmb15.26 (A-shares), HK$14.95 (H-shares) - **12-month Price Target**: Rmb13.50 (A-shares), HK$10.60 (H-shares) - **Rating**: Sell Key Industry Insights - **Supply-Demand Dynamics**: Management expects the industry net supply to narrow to only 1 percentage point (ppt) in 2026, with demand growth slowing to 3-4% YoY compared to 4-5% YoY in 2025. Supply growth is projected at 4-5% YoY, excluding any disruptions related to Hormuz [2][19] - **Cargo Volume Trends**: 1Q cargo volumes were dampened due to front-loading in 4Q25, but volumes began rebounding in late March. A weaker 3Q seasonality is anticipated, potentially starting earlier this year due to precautionary restocking amid inflation concerns [2][18] - **Europe Contract Renewals**: The majority of long-term contracts in Europe have been renewed with a modest YoY price decline, reflecting lower spot rates during negotiations in late 2025 [2][19] Financial Performance and Projections - **Revenue Forecasts**: Projected revenues for FY25 are Rmb219.5 billion, declining to Rmb210.1 billion in FY26E and further to Rmb208.8 billion in FY27E [6][12] - **EBITDA and EPS**: EBITDA is expected to decrease from Rmb53.5 billion in FY25 to Rmb42.3 billion in FY26E, with EPS dropping from Rmb1.96 to Rmb1.31 over the same period [6][12] - **Cost Management**: Fuel costs have doubled since late February, and management plans to partially pass these costs onto customers. However, they do not foresee a fuel supply shortage at major hub ports like Singapore and Rotterdam [2][19] Strategic Initiatives - **Fleet Management**: Management is considering new orders for smaller vessels (2-3k TEU) for feeder services to replace aging fleet capacity and mitigate high rental costs. As of December 2025, there are 54 vessels on order, with an additional 18 orders placed in January 2026 [2][19] - **Capital Return Policy**: The company aims for a dividend payout ratio of 30-50% through 2027, with recent payouts trending towards the higher end of this range. Share buybacks have included four batches totaling 866 million shares (Rmb9.8 billion) since 2023 [2][19] Risks and Considerations - **Market Risks**: Key risks include stronger-than-expected cargo volumes or slower supply growth, potential disruptions to effective capacity and freight rates, and the attractiveness of dividend yields in 2026E [19][20] - **Geopolitical Factors**: The impact of Middle East disruptions on global container trade is noted, with management redirecting cargoes to ports outside the Gulf and resuming bookings to Gulf destinations as of March 25 [19][20] Conclusion COSCO SHIPPING Holdings is navigating a challenging environment with expectations of narrowing supply-demand dynamics and declining freight rates. The company is focusing on strategic fleet management and maintaining a robust capital return policy while addressing rising operational costs and geopolitical risks. The current sell rating reflects concerns over profitability and market conditions in the near term.

Group 1 - Company announced a share buyback plan, investing HKD 18.32 million to repurchase 1.2195 million shares [1] - The buyback is scheduled to take place on March 27, 2026 [1] - The current stock price is HKD 15.17, reflecting a decrease of 0.09 or 0.59% [1] Group 2 - The stock has shown a slight increase of 1.31% over a certain period [1] - Trading volume reached 1.09 million shares at peak times [1] - The stock price has fluctuated between HKD 15.06 and HKD 15.39 during the trading session [1]

表格類別： 股票 狀態： 新提交 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 公司名稱： 中遠海運控股股份有限公司 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01919 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | 佔有關事件前的現有已發 | | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 | 行股份（ ...

Core Viewpoint - China COSCO Shipping Holdings Co., Ltd. announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Company Actions - The company plans to repurchase 1.2195 million shares at a total cost of HKD 18.3222 million [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中遠海運控股股份有限公司 呈交日期： 2026年3月27日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01919 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | 佔有關事件前的現有已發 | | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不 ...

Group 1 - The logistics ETF, 富国 (516910), opened down 0.92% at 1.190 yuan on March 27 [1][2] - Major holdings in the logistics ETF include 中远海控 (down 0.66%), 顺丰控股 (down 0.76%), 京沪高铁 (down 0.40%), 招商轮船 (up 0.18%), 大秦铁路 (down 0.19%), 圆通速递 (up 0.30%), 蔚蓝锂芯 (down 1.72%), 中远海能 (down 1.72%), 物产中大 (down 0.97%), and 建发股份 (down 0.44%) [1][2] - The performance benchmark for the logistics ETF is the 中证现代物流指数 return rate, managed by 富国基金管理有限公司, with a fund manager named 张圣贤 [1][2] Group 2 - Since its establishment on June 3, 2021, the logistics ETF has achieved a return of 19.97%, with a return of 0.52% over the past month [1][2]

Group 1 - Company announced a share buyback of 2.2 million shares for a total cost of HKD 32.9139 million, scheduled for March 25, 2026 [1] - The share buyback reflects the company's strategy to enhance shareholder value [1] - The current stock price is reported at HKD 15.26, with a slight increase of 0.09 or 0.59% [1] Group 2 - The trading volume for the stock shows significant activity, with 1.13 million shares traded at 09:30, increasing to 338,000 shares by 15:00 [1] - The stock has shown a range of price movements throughout the day, indicating market interest [1] - The company is listed under both the Shanghai Stock Exchange (601919) and the Hong Kong Stock Exchange (01919) [1]

Group 1 - The company, COSCO Shipping Holdings (中远海控), announced a share buyback plan, committing to repurchase 2.2 million shares at a total cost of HKD 33.2613 million [1] - The buyback price per share ranges from HKD 14.95 to HKD 15.34 [1] - The buyback is scheduled to take place on March 26, 2026 [1]