Investment Rating - The report maintains a recommendation for the transportation industry, indicating a positive outlook for specific sectors such as shipping and logistics [2]. Core Insights - The shipping sector is experiencing a significant increase in oil transportation rates due to heightened sanctions from the US and EU against Iran and Venezuela, leading to strong market sentiment among shipowners [6][17]. - The infrastructure sector is advised to focus on individual stock selections, particularly in stable cash flow assets like ports, which are currently undervalued [19]. - The aviation industry is expected to benefit from improved supply-demand dynamics and lower fuel prices in 2026, marking a potential recovery year for profitability [25]. - The express delivery sector is projected to see a gradual improvement in competition and profitability, with a focus on major players like SF Express and Zhongtong Express [21]. Shipping Sector Summary - Oil transportation rates have surged significantly due to geopolitical tensions, with VLCC TD3C-TCE reaching $116,000 per day, a notable increase of 10.8% from the previous week [12][49]. - The dry bulk market is showing signs of seasonal decline, with the BDI index reporting a drop of 7.2% [16][48]. - Recommendations include focusing on oil tanker and dry bulk stocks such as COSCO Shipping Energy and China Merchants Energy [17]. Infrastructure Sector Summary - Weekly data indicates a 17.3% increase in truck traffic volume, while rail freight has seen a 10.3% increase week-on-week [19][18]. - The report suggests investing in highway assets like Anhui Expressway, which are expected to provide stable returns [19]. Express Delivery Sector Summary - The express delivery industry saw a 13.7% year-on-year growth in business volume for 2025, with December showing a slowdown to 2.6% [20][21]. - Major companies are expected to benefit from operational adjustments, with SF Express projected to achieve faster profit growth in 2026 [21]. Aviation Sector Summary - The aviation sector is currently in a transitional phase, with passenger volumes showing a 3.6% year-on-year decline, but a potential recovery is anticipated in 2026 due to improved market conditions [25][22]. - The report emphasizes monitoring the impact of the Spring Festival travel season and geopolitical factors on oil prices [25]. Logistics Sector Summary - The logistics sector is experiencing stable air freight prices, with the TAC Shanghai outbound air freight price index remaining flat week-on-week [26]. - The report highlights the importance of monitoring cross-border transport volumes and short-haul freight rates [26].

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [2] Core Insights - The shipping sector is experiencing a recovery in oil transportation due to improved demand post-holidays and geopolitical tensions [6][16] - The aviation industry aims to achieve a passenger volume of 810 million in 2026, reflecting a growth rate of 5.2% [23][24] - The express delivery sector is expected to see a gradual recovery in competition and profitability, with a focus on major players like SF Express [20] Shipping - The oil shipping sector is rebounding due to increased cargo availability from the Middle East and geopolitical sanctions affecting supply [6][16] - Container shipping rates are showing slight increases, with strong pricing power among shipowners before long-term contract negotiations [11][12] - Key stocks to watch include COSCO Shipping Energy, China Merchants Energy, and Pacific Shipping [16] Infrastructure - Weekly data indicates a decline in truck traffic and rail freight, with road truck traffic at 46.964 million vehicles, down 14.9% week-on-week [17][18] - Port throughput for the first week of 2026 was 25.4953 million tons, showing a slight decrease but a year-on-year increase of 7.7% in container throughput [18] - Recommended stock for infrastructure investment is Anhui Expressway [18] Express Delivery - In November 2025, express delivery volume reached 18.06 billion pieces, a year-on-year increase of 5%, while revenue decreased by 3.7% [19][20] - The competitive landscape is expected to stabilize, with major companies like SF Express anticipated to see profit growth in 2026 [20] - Recommended stocks include SF Express, ZTO Express, YTO Express, and Yunda Express [20] Aviation - The aviation sector is entering a critical period with the Spring Festival approaching, and passenger volume is projected to grow by 5.2% in 2026 [23][24] - Recent data shows a year-on-year increase in domestic passenger volume of 1.5% and a decrease in ticket prices [21][24] - Recommended stocks include Air China, China Southern Airlines, and Spring Airlines [24] Logistics - The cross-border air freight price index has decreased by 19.9% week-on-week, indicating a significant drop in logistics costs [25]

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: 2025年12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1月5日 I. 法定/註冊股本變動 第 2 頁 共 10 頁 v 1.1.1 備註： * 僅供識別 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 (-) | | | | | | ...

Investment Rating - The report does not explicitly state an overall investment rating for the industry, but it recommends specific companies such as SF Express and China Southern Airlines based on their performance and market conditions [2][4]. Core Views - The express delivery sector shows a year-on-year growth of 5% in November, with some companies benefiting from price increases due to reduced competition. The total express delivery volume reached approximately 180.6 billion pieces, while revenue decreased by 3.7% to 137.65 billion yuan [2]. - In logistics, the chemical transportation prices remained stable, and the report recommends Haichen Co. for its focus on smart logistics and improved demand [3]. - The aviation sector experienced a slight increase in flight operations, with an average of 14,612 flights per day, reflecting a 1.79% year-on-year growth. The report anticipates profit elasticity for airlines due to supply constraints and rising ticket prices [4]. - The shipping sector indicates a mixed performance, with container shipping rates showing a slight increase, while dry bulk shipping rates have decreased. The report highlights the impact of geopolitical events on oil tanker operations [5]. - The road and rail sector shows stable performance, with highway freight traffic increasing by 2.02% week-on-week, and the Daqin Railway reported a 1.75% increase in freight volume [6][89]. Summary by Sections 1. Market Review - The transportation index rose by 1.3% during the week of December 20-26, underperforming the Shanghai Composite Index, which increased by 1.9%. The logistics sector had the highest gain at 5.5%, while the aviation sector saw a decline of 0.7% [1][13]. 2. Industry Fundamentals Tracking 2.1 Shipping and Ports - The report notes a slowdown in container shipping declines, with support from seasonal demand and long-term contracts. However, it warns of potential downward pressure on rates in January due to increased capacity [24]. - The export container shipping index (CCFI) was reported at 1,146.67 points, up 2.0% week-on-week but down 24.3% year-on-year [25]. 2.2 Aviation and Airports - The civil aviation sector saw a total passenger volume of 60.17 million in November, a 6% increase year-on-year, with domestic routes growing by 5% and international routes by 19% [58]. - The report highlights that airlines are expected to see significant profit increases in Q4 due to high load factors and rising ticket prices [58]. 2.3 Rail and Road - The report indicates that national railway passenger volume reached 331 million in November, a year-on-year increase of 8.94%, while freight volume was 460 million tons, up 1.16% [83]. - The highway freight traffic showed a slight increase, with a total of 55.44 million trucks passing through highways during the week of December 16-21 [89].

Market Overview - The Hong Kong stock market opened slightly higher on December 24, with the Hang Seng Index rising 0.02% to 25,780.09 points, the Hang Seng Tech Index up 0.07% to 5,492.83 points, the National Enterprises Index increasing by 0.09% to 8,922.07 points, and the Red Chip Index gaining 0.19% to 4,075.35 points [1] Company News - Pacific Basin Shipping (02343.HK) plans to acquire four newly built small handy bulk carriers for USD 119 million [2] - Xinyi Energy (03868.HK) intends to acquire 100% equity of Jinzhai Xinyi Wind Power for HKD 62 million [3] - Tianjin Port Development (03382.HK) proposes to sell 60% equity of China Railway Storage and Transportation for HKD 22.52 million, primarily engaged in coal sales [4] - Shandong Xinhua Pharmaceutical (00719.HK) has received a drug registration certificate for its Oseltamivir phosphate dry suspension [5] - Yiyuan Yuan (08223.HK) has entered into a strategic cooperation framework agreement with Pengfeng Technology to explore digital transformation opportunities in the traditional Chinese medicine industry [5] - Yihua Tong (02402.HK) completed a placement of 8.88 million shares, raising HKD 198 million, primarily for repaying bank loans [7] - Runge Interactive (02422.HK) plans to place up to 160 million shares at a discount of approximately 19.44%, raising about HKD 68.6 million [8] - Tencent Holdings (00700.HK) repurchased 1.051 million shares for HKD 636 million at prices between HKD 602.5 and HKD 613.5 [9] - Kuaishou-W (01024.HK) repurchased 2.7176 million shares for HKD 174 million at prices between HKD 63.7 and HKD 64.65 [10] - Xiaomi Group-W (01810.HK) repurchased 3.75 million shares for HKD 147 million at prices between HKD 39.1 and HKD 39.28 [11] - COSCO Shipping Holdings (01919.HK) repurchased approximately HKD 65.48 million worth of shares, totaling 4.7215 million shares at prices between HKD 13.75 and HKD 13.93 [12] - Huaxin Cement (06655.HK) shareholder Huaxin Group plans to increase its holdings in the company's A-shares by HKD 200 million to HKD 400 million [13] Institutional Insights - Dongwu Securities suggests that while there may be short-term opportunities in the Hong Kong market, it is advisable to maintain a cautious stance. The current position is seen as attractive for medium to long-term allocation, with potential for a "Christmas rally" in US tech stocks that could resonate with Hong Kong tech stocks, although there are concerns about stock unlocks affecting the market [14] - Founder Securities highlights strong demand for energy storage, benefiting both power batteries and energy storage batteries, with expected growth rates of over 15% and 40% respectively by 2026. The lithium market is also expected to see a gradual recovery in supply-demand dynamics, with prices likely to rise [14] - CICC forecasts that global tungsten production will increase from 82,800 tons in 2025 to 89,900 tons by 2028, while demand will rise from 102,100 tons to 110,000 tons, indicating a persistent supply-demand gap. The demand for tungsten-based new materials is expected to grow due to advancements in manufacturing and new applications [15]

Company News - Pacific Shipping (02343.HK) plans to acquire four newly built small handy bulk carriers for USD 119 million [2] - Xinyi Energy (03868.HK) intends to acquire 100% equity of Jinzhai Xinyi Wind Power for HKD 62 million [2] - Tianjin Port Development (03382.HK) proposes to sell 60% equity of China Railway Storage and Transportation for HKD 22.5243 million, primarily engaged in coal sales [2] - Valiant Bio-B (09887.HK) announced the successful administration of LBL-024, a PD-L1/4-1BB bispecific antibody, to the first patient in the Phase Ib/II clinical trial for platinum-resistant ovarian cancer [2] - Shandong Xinhua Pharmaceutical (00719.HK) has received a drug registration certificate for its Oseltamivir phosphate dry suspension [2] - Ziyuan Yuan (08223.HK) signed a strategic cooperation framework agreement with Pengfeng Technology to explore digital transformation and asset value enhancement in the traditional Chinese medicine industry [2] - Jiaxing Gas (09908) terminated its agreement with concerted action persons [2] Financing and Buyback Activities - Yihua Tong (02402.HK) completed a placement of 8.88 million shares, raising HKD 198 million, primarily for repaying bank loans [2] - Rungao Interactive (02422.HK) plans to place up to 160 million shares at a discount of approximately 19.44%, aiming to raise about HKD 68.6 million [2] - Tencent Holdings (00700.HK) repurchased 1.051 million shares for HKD 636 million, with prices ranging from HKD 602.5 to 613.5 [3] - Kuaishou-W (01024.HK) repurchased 2.7176 million shares for HKD 174 million, with prices between HKD 63.7 and 64.65 [3] - Xiaomi Group-W (01810.HK) repurchased 3.75 million shares for HKD 147 million, with prices from HKD 39.1 to 39.28 [4] - COSCO Shipping Holdings (01919) announced a repurchase of 4.7215 million shares for approximately HKD 65.4829 million [4] - Huaxin Cement (06655.HK) major shareholder Huaxin Group plans to increase its holdings in the company's A-shares by HKD 200 million to 400 million [4]

Core Viewpoint - Pacific Shipping (02343) has announced the acquisition of four new small handy bulk carriers for a total consideration of approximately $119 million, with expected delivery dates in 2028, which is seen as a strategic move to enhance fleet efficiency and meet growing customer demand [1][2][3] Group 1: Acquisition Details - The company’s indirect wholly-owned subsidiaries have entered into four similar contracts with Jiangmen Nanyang Ship Engineering Co., Ltd. for the purchase of the vessels [1] - The total consideration for the acquisition is approximately $119 million, which will be funded through the company's cash reserves and/or bank loans prior to delivery [1] - The expected delivery dates for the vessels are in the first quarter of 2028 for the first two ships and in the second quarter of 2028 for the latter two [1] Group 2: Fleet Enhancement Strategy - The new vessels feature advanced energy-saving designs, open hatches, and the capability to carry logs, providing greater cargo capacity and flexibility compared to earlier designs [2] - The acquisition aligns with the company's strategy to enhance operational efficiency and scale through rigorous fleet renewal, addressing strong customer demand and compliance with stricter fuel efficiency regulations [2] - The company aims to replace older, less efficient vessels with modern, high-performance designs, thereby maintaining cost competitiveness in the cyclical and seasonal dry bulk shipping market [2] Group 3: Market Context and Design Choices - The specifications, contract timing, and agreed price of the new vessels are considered attractive in the current market environment [3] - The company has re-established cooperation channels with shipyards in China and Japan for the construction of new vessels [3] - The decision to opt for traditional single-fuel designs over dual-fuel designs is influenced by the lack of proven dual-fuel designs for small handy bulk carriers and the postponement of the International Maritime Organization's net-zero emissions framework [3]

Group 1 - The company has entered into agreements to purchase four new small handy bulk carriers for a total consideration of approximately $119 million, with expected delivery dates in Q1 and Q2 of 2028 [1] - The new vessels are designed with enhanced cargo capacity and flexibility, allowing for more triangular trade opportunities, which is expected to improve revenue performance based on charter contracts [2] - The acquisition aligns with the company's strategy to enhance operational efficiency and scale through rigorous fleet renewal, addressing strong customer demand and compliance with stricter fuel efficiency regulations [2][3] Group 2 - The company has re-established cooperation channels with shipyards in China and Japan for the construction of new vessels, leveraging its familiarity with the seller and reputation among major shipowners [3] - The decision to opt for traditional single-fuel propulsion design for the new vessels is influenced by the lack of proven dual-fuel designs for small handy bulk carriers and the postponement of the International Maritime Organization's net-zero emissions framework [3] - The new vessels are expected to replace older single-fuel designs, contributing to the company's ongoing goal of improving fuel efficiency and environmental performance [3]

Core Viewpoint - Pacific Shipping (02343.HK) has announced the signing of four similar contracts for the purchase of four new small handy-sized bulk carriers, with a total consideration of approximately $119 million [1] Group 1: Acquisition Details - The acquisition involves an indirect wholly-owned subsidiary of the company, with the total price expected to be paid from the group's cash reserves and/or bank loans prior to the delivery of the vessels [1] - The expected delivery dates for Vessel 1 and Vessel 2 are in the first quarter of 2028, while Vessel 3 and Vessel 4 are expected to be delivered in the second quarter of 2028 [1] Group 2: Vessel Specifications and Market Context - The new vessels feature the latest energy-efficient designs, open hatch covers, and the capability to carry logs, providing stronger cargo capacity and flexibility compared to earlier standard designs [1] - The design improvements also enhance fuel efficiency, allowing these new vessels to replace earlier single-fuel designs [1] - In the current market environment, the specifications, contracting timeline, and agreed price for these newbuild vessels are considered highly attractive [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本文件的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因本文件全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 * 由於貨船1、貨船2、貨船3及貨船4的貨船購買合約均涉及相同交易方，交易性質及結構相若，且其項下擬進行的 交易預計於同一12個月期間內完成，故雖然交易事項並非以相互為條件，惟根據上市規則第14.22及14.23條，交易 已予合併計算。由於收購事項中的一項或多項適用的百分比率超過5%但全部均低於25%，因此，按合併基準計算 的收購事項構成須予披露交易，並須遵守上市規則第14章的申報及公告規定。 僅供識別 1 * 須予披露交易 收購四艘新建造小靈便型乾散貨船 於2025年12月23日，太平洋航運的間接全資附屬公司（即買方1、買方2、買方3及買方4）與賣方訂立四份條款大致 相同的貨船購買合約，以收購四艘新建造小靈便型乾散貨船（「貨船1」、「貨船2」、「貨船3」及「貨船4」，統稱「該等 貨船」），所涉總代價約為119,200,000美元（統稱「收購事項」）。 預期該等貨船的代價將以本集團現金儲備及╱或透過銀行 ...