Core Viewpoint - Hong Kong and China Gas Company Limited (the Company) is advancing its green energy transition by signing memorandums of understanding (MOUs) with the Transport and Logistics Bureau and Pacific Shipping Group to develop Hong Kong as a green marine fuel refueling and trading center [1][2]. Group 1: Partnerships and Collaborations - The Company signed an MOU with the Transport and Logistics Bureau to supply compliant green methanol fuel for marine use, facilitating delivery, refueling, export, and trading in Hong Kong [1][2]. - The Company also established a supply framework with Pacific Shipping, committing to provide green methanol to help the shipping fleet meet EU and International Maritime Organization decarbonization requirements [2][10]. - The Company previously signed an MOU with Hong Kong Zhongran Yuanbang to create a complete green methanol supply chain in Hong Kong [2]. Group 2: Production and Capacity Expansion - The Company's green methanol production facility in Inner Mongolia is set to increase its annual capacity from 100,000 tons to 150,000 tons by the end of this year [3]. - The Company plans to build multiple green methanol production facilities in mainland China, targeting an annual capacity of 1 million tons, with the Foshan facility expected to reach 200,000 tons in its first phase by 2028 [3]. Group 3: Market Position and Future Outlook - The Company aims to support the global shipping industry with clean and sustainable fuel solutions, contributing to Hong Kong's carbon neutrality goals and reinforcing its status as an international shipping hub [2][10]. - The demand for green methanol and other clean fuels is anticipated to grow significantly due to increasingly stringent carbon neutrality regulations in the shipping industry [2].

Group 1: Market Overview - The Hang Seng Index fell by 0.13%, down 31 points, while the Hang Seng Tech Index remained unchanged. The early trading volume in Hong Kong was HKD 108.2 billion [1] - Tensions in the Middle East have escalated, with the Iranian parliament approving the closure of the Strait of Hormuz, leading to a rise in oil and shipping stocks [1] Group 2: Shipping and Oil Sector - China National Offshore Oil Corporation (CNOOC) rose by 0.67%, Shandong Molong increased by 6.5%, and Sinopec Oilfield Services gained 2.5% amid rising oil prices [1] - Pacific Basin Shipping surged over 20%, becoming the largest operator of handy-sized bulk carriers globally [1] - China Merchants Energy rose by 2.68%, with oil shipping prices soaring to over USD 60,000 due to the conflict [1] Group 3: Semiconductor Industry - Dexion Shipping increased by over 5%, reaching new highs as the global shipping market experiences significant turbulence [2] - The U.S. Department of Commerce plans to revoke technology exemptions for chip manufacturers operating in China, drawing attention to the domestic semiconductor supply chain [2] - Hua Hong Semiconductor rose by 7%, while SMIC increased by 4.8% following the news [2] Group 4: Other Notable Companies - Lianlian Digital rose by 8.69%, with ongoing developments in the stablecoin sector, planning to apply for stablecoin issuance in Q4 this year [3] - Xiaocaiyuan surged over 10% as the company faced a lock-up expiration, with institutions claiming it is significantly undervalued [4] - Maogeping increased by 5%, showing strong performance during the 618 shopping festival, with Citigroup noting its competitive advantages [5] - Laopuyin Gold rose over 7% following the opening of a new store in Singapore, attracting market attention [6] - Baize Medical, a leader in full-cycle oncology services, debuted on the Hong Kong Stock Exchange with a 24.41% increase on its first day [7] - Haitian Flavor Industry fell over 7%, trading nearly 12% below its IPO price, despite being a leader in China's condiment industry [8]

Summary of Key Points Core Viewpoint - On June 19, 36 Hong Kong-listed companies conducted share buybacks totaling 41.06 million shares, with a total buyback amount of 698 million HKD [1][2]. Group 1: Company Buyback Details - Tencent Holdings repurchased 1.002 million shares for 500 million HKD, with a highest price of 506.000 HKD and a lowest price of 496.200 HKD, bringing its total buyback amount for the year to 33.037 billion HKD [1][2]. - AIA Group repurchased 1.4 million shares for 94.1 million HKD, with a highest price of 68.250 HKD and a lowest price of 66.600 HKD, totaling 13.729 billion HKD in buybacks for the year [1][2]. - Pacific Basin Shipping repurchased 19 million shares for 38.6 million HKD, with a highest price of 2.070 HKD and a lowest price of 2.020 HKD, totaling 164 million HKD in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on June 19 was from Tencent Holdings at 500 million HKD, followed by AIA Group at 94.1 million HKD [1][2]. - In terms of share quantity, Pacific Basin Shipping led with 19 million shares repurchased, followed by COSCO Shipping Development and China Eastern Airlines with 5 million and 2.5 million shares, respectively [1][2].

（文章来源：证券时报网） 今年以来该股累计进行23次回购，合计回购9306.90万股，累计回购金额1.64亿港元。（数据宝） 太平洋航运回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.06.19 | 1900.00 | 2.070 | 2.020 | 3860.61 | | 2025.06.18 | 600.00 | 2.060 | 2.030 | 1233.18 | | 2025.06.06 | 6.20 | 1.940 | 1.910 | 12.00 | | 2025.04.24 | 42.70 | 1.720 | 1.720 | 73.44 | | 2025.04.23 | 3.20 | 1.720 | 1.720 | 5.50 | | 2025.04.22 | 400.00 | 1.720 | 1.680 | 684.88 | | 2025.04.07 | 2762.70 | 1.650 | 1.520 | 4445.41 | | 2025.04.03 | ...

首选股票：中国国航(00753)、东方航空(00670)、南方航空(01055)、春秋航空(601021.SH) 国泰航空(00293)：全球贸易关税动态对货运前景影响显著;评级：Equal-weight(与大市同步) 股票推荐：广州白云机场(600004.SH/增持)> 上海机场(600009.SH/增持)> 北京首都机场(00694/与大市同 步)> 海南美兰机场(00357/与大市同步) 智通财经APP获悉，摩根士丹利发布研报称，中国交运板块结构性机会分化，建议把握航空复苏、航运 细分机会及快递龙头优势三大主线。航空业受益中美贸易缓和及供需改善，定价能力提升，推荐中国国 航(00753)、东方航空(00670)等;机场受消费压力拖累，广州白云机场(600004.SH/增持)因低免税依赖及 高股息成防御首选。航运方面，油轮板块或随OPEC+增产及监管收紧受益，增持招商轮船(601872.SH) 和中远海能(01138)。快递行业加速整合，最看好中通(ZTO.US)，顺丰利润顺丰控股(002352.SZ)增长潜 力突出。 相对而言，考虑到对免税业务敞口较小且股息率较高，大摩更倾向于将广州白云机场作为宏观经济 ...

CHARTING A COURSE FOR SUSTAINABLE GROWTH Pacific Basin 1025 TRADING UPDATE 17 APRIL 2025 PERFORMANCE AND MARKET REVIEW Data as at 11 April 2025 ^ Spot market rates adjusted downwards to reflect the smaller average deadweight tonnage of our PB Core Handysize fleet compared to the Baltic Exchange benchmark 38,200 dwt vessel * Excludes 5% commission and tonnage adjusted for Handysize Source: Baltic Exchange - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov ...

Financial Data and Key Metrics Changes - In Q1 2025, market spot rates for Hetty Seizen and Supramax vessels averaged $8,000 and $7,900 net per day, respectively, representing a decrease of 24% to 36% compared to the same period in 2024 [3][4] - The average Handysize and Supramax daily time charter equivalent earnings were $10,940 and $12,210 per day, respectively, reflecting a year-on-year decrease of 11% [6][7] - The operating activity generated a daily average margin of $830 per day over $6,950 in Q1, representing an increase of 634% year on year [8][9] Business Line Data and Key Metrics Changes - Global minor bulk loadings increased by approximately 2% year on year, driven by higher loading of bauxite, cement, and clinker [4] - Global grain loadings decreased by 16% year on year, influenced by reduced Chinese demand and harvest delays in Brazil [4][5] - Global coal loadings dropped by 5% year on year, primarily due to an 11% decline in seaborne coal volumes to China [5][6] Market Data and Key Metrics Changes - Iron ore loadings declined by 7% year on year, mainly due to reduced Australian iron ore loadings caused by cyclones [6] - The Baltic Exchange Forward Freight Agreement average rates for the remainder of 2025 are projected at $9,120 for Hetty Seizen and $9,860 for Supramax vessels [3] - Global net fleet growth is projected to outpace demand growth, with dry bulk and minor bulk fleets estimated to grow by 3% to 4.5% in 2025 [12][17] Company Strategy and Development Direction - The company aims to grow and renew its fleet, maintaining a disciplined approach amidst market uncertainties [19][20] - The strategy includes purchasing larger and younger vessels while selling older ones, contributing to a 4% increase in total deadweight capacity [19][20] - The company is evaluating the impact of IMO's midterm measures on its operations and investments in dual fuel methanol newbuildings [21][63] Management's Comments on Operating Environment and Future Outlook - The near-term bulk market demand outlook is clouded by uncertainties from trade and geopolitical tensions, but potential shifts in trade flows could support tonne mile demand [10][15] - The company expects some support from ASEAN countries for coal demand, while iron ore demand may remain under pressure due to reduced Chinese domestic demand [11][15] - Management acknowledges the volatility in the market and emphasizes the importance of positioning for potential opportunities amidst uncertainties [34][58] Other Important Information - The company has covered 77% of committed vessel stays for Q2 2025 at rates higher than current market spot rates [7] - The company has a solid balance sheet that allows for growth opportunities despite market uncertainties [78] - The company is focused on optimizing short-term cargo commitments to navigate expected market volatility [22] Q&A Session Summary Question: Can you comment on the market rate expectations for the rest of the year? - Management indicated that the market has developed normally, with stable freight rates and ongoing activity despite uncertainties [30][34] Question: How is the company preparing for various scenarios regarding USTR? - Management noted that 70% of the fleet is Japanese built, which may present opportunities amidst regulatory changes, but emphasized the need for clarity on regulations [38][40] Question: What is the outlook for secondhand prices and potential buybacks? - Management acknowledged a slight improvement in secondhand prices recently and confirmed ongoing share buyback programs due to undervaluation [50][51] Question: What kind of trade shifts have been observed recently? - Management reported that there has been a general step back in trade involving the US due to tariff uncertainties, but demand remains for various commodities [72][75] Question: Can you elaborate on M&A opportunities? - Management expressed interest in M&A opportunities but emphasized a preference for organic growth while remaining open to potential acquisitions [78][79]

金十数据5月15日讯，大和研究报告指，年初至今，波罗的海干散货指数平均按年下降约35%，但小型 船型包括超灵便型和小灵便型干散货船的跌幅较慢，分别跌31%和24%。太平洋航运(02343.HK)4月小 灵便型和超灵便型干散货船的按期租合约对等基准收入(TCE)较去年低约15%和10%。该行料年初至今 的疲软需求将延续至下半年，但进一步恶化的风险有限。尽管预计TCE会下降，该行认为小灵便型和超 灵便型干散货船今年将继续盈利。基于目前的估值吸引，地缘政治环境改善投资者信心，以及太平洋航 运积极回购，该行将其评级由"跑赢大市"升至"买入"，目标价由2.4港元降至2.25港元。 大和升太平洋航运至"买入"评级 料地缘政治环境改善有利货运 ...

消息面上，贸易追踪机构Vizion公布的数据显示，在美国和中国互降关税之后，在美国下单的从中国到 美国的集装箱运输预订量飙升近300%。据新华财经报道，出海企业正抢抓90天关键"窗口期"，对90天 后贸易政策不确定性的担忧或许正催生新一轮"抢运潮"。不少货代公司负责人都表示，本周开始，大家 都在抢发货，市场节奏非常紧张，美线整体已经接近爆舱。高盛分析师Philip Sun表示，未来90天，中 国的出口将爆火。'抢先'将成为关键词"。 智通财经APP获悉，航运股再度活跃，截至发稿，中远海发(02866)涨4.59%，报1.14港元；太平洋航运 (02343)涨2.06%，报1.98港元；东方海外国际(00316)涨1.15%，报131.6港元；中远海控(01919)涨 0.14%，报13.98港元。 中信期货指出 ，近期市场围绕美线爆舱、货量短期爆发交易，当前美线运价已整体上行，市场形成共 识，上海洛杉矶线上报价日度涨幅达500美元/FEU左右。中期来看，90天关税豁免"窗口期"叠加圣诞备 货旺季或有望带动8月前货量美线走强。而在欧美航线联动效应方面，当前伴随美线船只回流，市场认 为欧线运力或有部分转向美线。欧 ...

中美日内瓦贸易谈判后发布联合声明，公布谈判取得巨大进展，两国关税税率显著降低，全球航运物流 市场迅速做出反应。 近期中美贸易摩擦缓和，美线航运出现"抢运潮""抢舱热"。 美线爆仓，6月美东报价已接近$7000！美线集运或将迎来超级旺季！ 智通财经APP获悉，美线运价大幅上调： 美森：5.22起，去往美国大柜+$1500/40GP ONE：5.13大柜+S1000，并计划5.21上调PSS，大柜+$2000 长荣：5.15推涨GRI,大柜+$700 MSC:6.1上调PSS，大柜+$2000 HMM、COSCO: 5.15起，大柜+$800~1000 参考上一轮贸易摩擦从2018年3月开始，历时22个月方签署第一阶段协议。 本轮谈判过程或仍有复杂性，叠加美对华关税44%仍高于大部分其余国家，机构预计转运潜在需求仍存 在。 此外长期关税博弈谈判或将加速中国制造产能出海，全球集运货物流向或再迎重构，亦有望推升东南亚 转口贸易需求。 4月美国对华宣布加征145%关税后，美线运力大幅撤出，截止上周撤出幅度高达40%，撤出后停航或者 重新布局其他航线（如欧线、中东等），由于重新调整航线需要时间，且重返美线需要等船到位，因 ...