消息面上，几内亚西芒杜铁矿已正式投产。兴业证券发布研报称，几内亚西芒杜铁矿投产、铝土矿出口 量持续增长有望逐步拉长干散货航运运距，带来运力需求的增长；俄乌、巴以冲突若结束，其战后重建 亦将提升干散货运输需求。 长江证券发布研报指，太平洋航运作为小宗散货海运龙头，行业底部拐点将至，公司有望展现显著业绩 弹性。华创证券则指出，降息周期有望带动实物需求的增长。此外，西芒杜铁矿项目将为大船市场带来 显著的周转增量，由于大小船市场具有联动效应，未来大船市场的景气开启也有望带动小船。 智通财经APP获悉，太平洋航运(02343)午后涨超4%，截至发稿，涨4.43%，报3.3港元，成交额4938.03 万港元。 ...

Core Viewpoint - Pacific Shipping (02343) has seen a significant increase in stock price, rising over 4% following the commencement of operations at the Simandou iron ore project in Guinea, which is expected to boost dry bulk shipping demand [1] Group 1: Company Performance - Pacific Shipping's stock price rose by 4.43%, reaching HKD 3.3, with a trading volume of HKD 49.38 million [1] - The company is positioned as a leader in the small bulk shipping sector, with analysts suggesting that the industry is approaching a bottoming point, indicating potential for significant earnings elasticity [1] Group 2: Industry Outlook - The commencement of operations at the Simandou iron ore project and the continuous growth in bauxite exports are anticipated to extend the shipping distances for dry bulk, leading to increased demand for shipping capacity [1] - The resolution of conflicts such as the Russia-Ukraine and Israel-Palestine situations could further enhance dry bulk transportation demand due to post-war reconstruction efforts [1] - Analysts from Huachuang Securities predict that the interest rate reduction cycle may stimulate physical demand growth, benefiting the shipping industry [1] - The Simandou project is expected to provide substantial turnover increments for the large vessel market, which may positively influence the small vessel market due to the interconnected nature of these markets [1]

Group 1 - As of February 4, 100 stocks reached a 52-week high, with METROPOLIS CAP (08621), Asia Backup (08290), and Wenling Tooling (01379) leading the high rate at 74.55%, 63.89%, and 57.48% respectively [1] - METROPOLIS CAP closed at 0.048 with a peak of 0.096, while Asia Backup closed at 0.032 with a peak of 0.059, and Wenling Tooling closed at 3.400 with a peak of 6.000 [1] - Other notable stocks that reached new highs include Asia Internet Technology (00679) at 46.23% and Asia Pacific Financial Investment (08193) at 25.45% [1] Group 2 - The 52-week low rankings show that Gaodi Co. (01676) had the largest decline at -45.71%, followed by Xixiang Group (02473) at -23.42% and Jianfa Xingsheng (00731) at -21.51% [3] - Gaodi Co. closed at 0.243 with a low of 0.171, while Xixiang Group closed at 2.370 with a low of 2.060, and Jianfa Xingsheng closed at 0.137 with a low of 0.135 [3] - Other significant declines include Huaxia SOL-R (83460) at -14.34% and Huaxia SOL-U (09460) at -13.97% [3]

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: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 太平洋航運集團有限公司* 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02343 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 36,000,000,000 | USD | | 0.01 | USD | | 360,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 36,000,000,000 | USD | | 0.01 | USD | | 360,000,000 | 本月底法 ...

Investment Rating - The report maintains a "Buy" recommendation for the shipping industry, highlighting the upward potential in both oil and dry bulk markets [7]. Core Insights - Geopolitical tensions, particularly between the US and Iran, have led to an increase in VLCC freight rates, with the Clarksons VLCC-TCE index rising to $116,000, a week-on-week increase of 17% [10][11]. - The BDI index has shown resilience during the off-season, closing at 2148 points, up 21.9% week-on-week, with significant increases in various vessel types [23][24]. Summary by Sections Oil Shipping - The ongoing tensions in the Middle East have resulted in a significant rise in VLCC freight rates, particularly on the Middle East to China route, which saw a 27% increase to $127,000 per day [10][11]. - The market fundamentals are weakening, with a slowdown in cargo availability and a lack of new cargo in the US Gulf market, leading to a decline in overall market activity [10][11]. Dry Bulk Shipping - The BDI index has shown a remarkable performance during the off-season, with a year-on-year increase of 89% in January, averaging 1759 points [24]. - The strong performance of the BCI index, which increased by 121% year-on-year, is attributed to supply constraints and steady demand from Brazil and West Africa [24]. Investment Recommendations - The report emphasizes the potential for upward trends in both oil and dry bulk markets, recommending companies such as China Merchants Energy Shipping and COSCO Shipping Energy [27]. - For dry bulk, the report suggests companies like Haitong Development and Pacific Shipping, citing favorable supply and demand dynamics [28]. Industry Data Tracking - Recent data shows a year-on-year increase of 8.3% in domestic air passenger volume, with average ticket prices rising by 4.3% [29]. - The SCFI index has decreased by 10% week-on-week, indicating a decline in container shipping rates [50].

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - Geopolitical factors are driving up VLCC freight rates, with the Clarksons VLCC-TCE index rising to $116,000 per day, a week-on-week increase of 17%. The Middle East to China route is reported at $127,000 per day, up 27% week-on-week [1][10]. - The BDI index is showing resilience during the off-season, closing at 2148 points, a week-on-week increase of 21.9%. The average BDI for January is reported at 1759 points, a year-on-year increase of 89% [2][23][24]. Summary by Sections Oil Transportation - The ongoing tensions between the US and Iran have led to an increase in VLCC freight rates, with the market showing signs of weakness as the supply of cargo from the Middle East is tapering off [1][10]. - The Brent crude oil futures price has risen to $69.83 per barrel, a 9.6% increase since January 22, driven by concerns over potential disruptions in Middle Eastern oil supply [2][11]. Dry Bulk Transportation - The BDI index has shown strong performance despite seasonal trends, with significant increases in various sub-indices: BCI up 35.8%, BPI up 8.1%, BSI up 4.0%, and BHSI up 3.0% week-on-week [2][23]. - The report highlights that the supply side is constrained due to recent storms affecting shipping schedules, while demand remains robust due to favorable weather conditions for iron ore exports from Brazil [3][24]. Investment Recommendations - The report suggests a positive outlook for both oil and dry bulk markets, recommending companies such as China Merchants Energy and COSCO Shipping for oil transportation, and Haitong Development and Pacific Shipping for dry bulk [7][28]. - The report emphasizes the importance of performance elasticity and dividend value in the transportation sector, particularly in aviation and shipping [7][62].

❑ 风险提示：人民币大幅贬值、油价大幅上涨、快递价格战恶化、重大海上安 全事故、重大自然灾害等。 推荐（维持） 证券研究报告 | 行业定期报告 2026 年 02 月 01 日 ❑ 物流：本周 TAC 上海出境空运价格指数周环比-3.9%，同比+0.7%。 地缘情绪推升油运运价,三大航发布 2025 年业绩预告 招商交通运输行业周报 周期/交通运输 本周关注：航运方面，地缘情绪推升油运运价；基础设施方面，优选个股布局 红利资产；航空方面，关注 26 年行业基本面上行趋势；快递方面，关注 26 年 行业竞争格局和估值修复潜力。 % 1m 6m 12m 绝对表现 3.2 6.1 16.5 相对表现 2.0 -7.3 -6.8 资料来源：公司数据、招商证券 -10 0 10 20 30 Feb/25 May/25 Sep/25 Jan/26 (%) 交通运输 沪深300 相关报告 1、《招商交通运输行业周报—油轮 制裁力度仍在加大，2025 年快递业务 量同比增长 13.6%》2026-01-25 2、《招商交通运输行业周报—油运 景气度高涨，国常会研究部署多项促 消费举措》2026-01-18 3、《招商交通运输 ...

[Table_scodeMsg1] 港股研究丨公司深度丨太平洋航运（02343.HK） [Table_Title] 太平洋航运：细水长流，共迈远途 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 太平洋航运是一家深耕于小宗散货海运的公司，由于处于强周期的完全竞争市场，公司业绩随 行业波动，当前行业底部，拐点将至，供给端温和增长，无明显扩张迹象，且老龄化加剧有效 运力收紧，需求端提供向上弹性，西芒杜投产、美联储降息以及或有的俄乌战后重建等多重因 素助力拉涨行业的运量与运距。在运价中枢有望抬升的情况下，太平洋航运凭借其业内领先的 运力规模、经验老道的管理层与船管团队、稳健的多长约运营策略、审慎的资本开支纪律和持 续高分红承诺，展现出显著的周期防御性，且未来有望随着行业景气上行而展现业绩弹性。 分析师及联系人 [Table_Author] 韩轶超 魏爱晓 SAC：S0490512020001 SFC：BQK468 请阅读最后评级说明和重要声明 2 / 27 %% %% %% %% research.95579.com 2 [Table_s ...

机构：华创证券 （14%），尚不能满足运力更新的需求。3、催化因素：关注降息周期与大船联动效应。1）历史看，通 常降息周期的后半段，BDI、BSI 及BHSI 指数随全球经济复苏都出现了不同程度的反弹，其背后原因 是降息通过改善流动性，促进经济复苏，最终带动实物需求的增长。2）西芒杜铁矿项目将为大船市场 带来显著的周转增量，考虑替代澳洲进口的情况，2030 年达产或累计拉动全球铁矿海运需求9.4%， Capesize 期租租金及二手船价的上涨显示市场对未来预期趋于乐观。由于大小船市场具有联动效应，未 来大船市场的景气开启也有望带动小船。 投资建议：太平洋航运是经营稳健、穿越周期的小宗散运龙头船东，有望受益于行业持续复苏。1、盈 利预测：我们预计公司2025~2027 年归母净利润分别为0.98、1.6、2.2 亿美元，增速分别为-25%、 +59%、+39%，对应EPS 分别为0.02、0.03、0.04 美元，对应PE 分别为21、13、9 倍。考虑分红比例 50%，对应25-27 年股息率分别为2.4%、3.8%、5.3%。2、估值：根据2025 年中报计算得公司重置价值 为19.9 亿美元，对应2026 ...

这两种船型灵活多变、可自行装卸货物(拥有起重机)以便用于全球许多受浅水、水闸、狭窄的航道及河 湾限制的港口。此外，公司在全球设立14个办事处来更好地满足客户需求，整合航程的三角点范围(如 优化顺逆航程组合)，发挥网络效应，进而实现了超过90%的高装载率以及持续跑赢市场的等价期租租 金。 小宗散运市场保持韧性，降息与大船联动或继续推动行业复苏 1、需求端：粮食及小宗散货运需中长期较为稳定，短期粮食增长亮眼。受益于中美大豆贸易恢复，克 拉克森预计26年粮食海运量增速为4.4%、吨海里增速为7.2%;26年小宗散货吨海里需求增速为2.0%，好 于铁矿石与煤炭需求增速。 智通财经APP获悉，华创证券发布研报称，首次覆盖，给予太平洋航运(02343)"推荐"评级。太平洋航运 是经营稳健、穿越周期的小宗散运龙头船东，有望受益于行业持续复苏。预计公司2025~2027年归母净 利润分别为0.98、1.6、2.2亿美元，增速分别为-25%、+59%、+39%。考虑到未来小宗散运市场稳健中 仍有向上潜力，公司重置价值或将上升至24.5亿美元，P/NAV为0.84，按照1倍P/NAV给予公司目标市值 区间171亿人民币/191亿 ...