中远海运能源运输股份有限公司 2025 年第一次临时股东大会 2025 年第一次 A 股类别股东大会 2025 年第一次 H 股类别股东大会 会议资料 二〇二五年四月十一日 | 目录 | | --- | | 会议议程…………………………………………………………………2 | | | --- | --- | | 会议须知…………………………………………………………………6 | | | 议案 | 1、关于公司符合向特定对象发行 A 股股票条件的议案………8 | | 议案 | 年度向特定对象发行 2、关于公司 2025 A 股股票方案的议案..9 | | 议案 | 3、关于公司 2025 年度向特定对象发行 A 股股票预案的议案…14 | | 议案 | 年度向特定对象发行 股股票方案论证分析 4、关于公司 2025 A | | 报告的议案……………………………………………………..………15 | | | 议案 | 5、关于公司 2025 年度向特定对象发行 A 股股票募集资金使用 | | 可行性分析报告的议案………………………………………………..16 | | | 议案 | 6、关于公司前次募集资金使用情况报告的议案 ...

证券代码：600026 证券简称：中远海能 公告编号：2025-017 中远海运能源运输股份有限公司 关于召开 2025 年第一次临时股东大会、2025 年第一 次 A 股类别股东大会及 2025 年第一次 H 股类别股东 大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025 年第一次临时股东大会、2025 年第一次 A 股类别股东大会及 2025 年第一 次 H 股类别股东大会 至 2025 年 4 月 11 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 ...

证券代码：600026 证券简称：中远海能 公告编号：2025-016 中远海运能源运输股份有限公司 关于子公司开展货币类金融衍生业务的公告 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、准确性和完整性依 法承担法律责任。 重要内容提示： 公司所属子公司为合理控制利率、汇率风险，秉持汇率风险中性管理原则， 不以金融衍生工具进行套利和投机。拟于2025年度开展货币类金融衍生业务，其 中开展额度为81,455.83万美元的利率掉期交易及2亿美元的外汇远期或期权交易， 该额度使用期限为2025年3月20日至2025年12月31日，连同过往存续业务，公司 在上述期间内任一时点的利率掉期持仓规模不超过14.84亿美元，不涉及保证金 及权利金。 2025年3月20日，公司二〇二五年第三次董事会会议审议通过了《关于公司 2025年度货币类金融衍生业务计划的议案》，该事项无需提交公司股东大会审议。 风险提示：公司所属子公司开展货币类金融衍生业务以控制利率、汇率风险 为目的，但仍存在一定的市场风险、履约风险、法律风险及境外交易风险等。敬 请投资者注意投资风险。 中远海运能 ...

中远海运能源运输股份有限公司 关于子公司开展货币类金融衍生业务的可行性分析报告 一、交易情况 以上交易中，套期工具与被套期项目在经济关系、套期比率、时间都满足套 期有效性。套期工具的公允价值或现金流量变动能够抵销被套期风险引起的被套 期项目公允价值或现金流量变动的程度，可实现套期保值的目的。 （一）交易目的 公司所属境外子公司为合理控制利率、汇率风险，按"品种、规模、方向、 期限相匹配"的套期保值原则，拟在境外以场外交易方式开展货币类金融衍生业 务。 1、利率掉期 公司所属境外子公司存续业务附带银行贷款利率掉期条款，可以将浮动利率 贷款转换为固定利率贷款以规避债务利率波动的市场风险。（以上简称"本交易"） 本交易有真实的业务背景和客观的业务需要，资金使用安排合理。 2、远期及期权 公司所属境内子公司新增业务与本年项目投资高度相关，可减少跨境投资购 汇所面临的即期汇率波动。（以上简称"本交易"）本交易有真实的业务背景和客 观的业务需要，资金使用安排合理。 （二）交易金额 1、利率掉期 公司拟于2025年开展金额为 81,455.83 万美元的利率掉期业务，该额度使用 期限为董事会批准之日至2025年12月31日 ...

中远海运能源运输股份有限公司（以下简称"中远海能"、"本公司"或"公司"） 二〇二五年第三次董事会会议通知和材料于 2025 年 3 月 12 日以电子邮件/专人 送达形式发出，会议于 2025 年 3 月 20 日以通讯表决的方式召开。本公司所有九 名董事参加会议，会议的召开符合《中华人民共和国公司法》和本公司《公司章 程》的有关规定。与会董事听取并审议通过了以下议案： 证券代码：600026 证券简称：中远海能 公告编号：2025-015 中远海运能源运输股份有限公司 二〇二五年第三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。 一、审议并通过《关于修订<内部控制和风险管理办法>等 5 项制度的议案》 经审议，董事会批准公司非实质性修订 5 项制度，包括《内部控制和风险管 理办法》《制裁风险管理办法》《合规管理办法》《对外捐赠管理制度》和《内部 审计工作制度》。 其中，修订《内部控制和风险管理办法》《制裁风险管理办法》《合规管理办 法》等三项制度已经公司董事会风险与合规管理委员会审议通过；修订《内部 ...

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [1] Core Insights - The report highlights that U.S. sanctions against Iran are intensifying, and OPEC has reached a consensus to increase production, indicating upward potential for the oil tanker sector [2][7] - The express delivery business volume has shown significant year-on-year growth, with a reported increase of 21.5% in 2024 [3] Summary by Sections Weekly Focus - The U.S. government has announced additional sanctions against Iran, targeting several individuals, entities, and vessels involved in Iranian oil exports, including 10 VLCC supertankers, which constitutes about 20% of the global tanker fleet [7] - OPEC has agreed to gradually increase production starting April, aiming to release 2.2 million barrels per day [7] Industry Data Tracking (2025.03.09 – 03.15) Aviation Data - Domestic flight volume for the week was 84,029 flights, averaging 12,004 flights per day, a slight decrease of 0.10% week-on-week and 0.50% year-on-year [10] - Domestic passenger volume reached 11.43 million, a 0.05% increase week-on-week and a 2.12% increase year-on-year [11] - The average domestic ticket price decreased by 3.49% week-on-week and 6.31% year-on-year [11] Express Delivery Data - For the week of March 3-9, the average daily collection volume was approximately 555 million pieces, a 3.99% increase from the previous week [17] - Year-to-date, the average daily collection volume is about 495 million pieces, reflecting a 36.00% increase year-on-year [17] - In 2024, the express delivery business volume increased by 21.5% year-on-year, with revenue up by 13.8% [3] Shipping Data - The BDI index for dry bulk shipping was reported at 1,517 points, a 20% increase week-on-week [48] - The VLCC-TCE rate was $38,329 per day, a 3% decrease week-on-week [49] Recent Key Reports - The report recommends focusing on companies such as COSCO Shipping Energy, Shandong Highway, and China Eastern Airlines, among others, as part of the investment strategy [4]

Investment Rating - The report maintains a "Buy" rating for the company [10]. Core Views - The company, COSCO Shipping Energy Transportation Co., Ltd., specializes in energy transportation with a fleet capacity of 20.5 million DWT, ranking first globally. The business segments include domestic oil transportation, LNG transportation, and foreign trade oil transportation, each with distinct characteristics [2][6]. - The domestic and LNG segments provide stability, while the foreign trade segment offers significant profit elasticity. The easing of the Russia-Ukraine conflict and tightening sanctions on Iran are expected to boost oil transportation demand, creating a favorable cycle for the industry [2][9]. Summary by Sections Introduction: Geopolitical Restructuring of Oil Transportation - The past two years have seen high average oil transportation rates, but seasonal demand has been weak due to limited actual demand and the impact of "shadow fleets" on oil transportation needs. The end of the Russia-Ukraine conflict and increasing sanctions on Iran may lead to a restructuring of oil trade patterns [6][16]. COSCO Shipping Energy: A Leader in Energy Logistics - COSCO Shipping Energy is a subsidiary of China COSCO Shipping Group, focusing on the transportation of oil and LNG. By January 2025, the company will have a fleet capacity of 20.5 million DWT, holding a 3.1% share of the global market [6][27]. Business Stability and Elasticity - The company’s business segments exhibit a balance of stability and elasticity. The foreign trade oil transportation segment is cyclical, while domestic oil and LNG transportation provide stable revenue and profit margins [39][44]. Foreign Trade Oil Transportation: Supply-Demand Dynamics - The foreign trade oil transportation segment is characterized by significant cyclicality. Factors such as the potential end of the Russia-Ukraine conflict and increased sanctions on Iran are expected to reverse current supply-demand challenges [8][53]. Investment Recommendations: LNG as a Safety Net - The company’s LNG and domestic oil transportation segments provide a safety net, while foreign trade oil transportation offers upward elasticity. The expansion of the fleet is projected to enhance performance, with profits from LNG and domestic oil transportation expected to grow by 55% over the next four years [9][50]. Financial Projections - The company’s projected net profits for 2024, 2025, and 2026 are estimated at 3.96 billion, 5.66 billion, and 6.53 billion yuan, respectively, with corresponding P/E ratios of 13.6, 9.5, and 8.3 [9].

Investment Rating - The report maintains a "Buy" rating for the company [10]. Core Insights - The company, COSCO Shipping Energy Transportation Co., Ltd., specializes in energy transportation with a fleet capacity of 20.5 million DWT, ranking first globally. Its main business segments include domestic oil transportation, LNG transportation, and foreign oil transportation, each characterized by licensing, project-based, and cyclical features. The domestic and LNG businesses provide stability, while the foreign oil transportation segment offers significant profit elasticity. The easing of the Russia-Ukraine conflict and tightening sanctions on Iran are expected to boost oil transportation demand, creating a closed-loop cycle of market demand [2][5][8]. Summary by Sections Introduction: Geopolitical Restructuring of Oil Transportation - The past two years have seen high average oil transportation rates, but seasonal demand has been weak. Factors include insufficient actual demand and the impact of "shadow fleets" on oil transportation needs. The end of the Russia-Ukraine conflict and increasing sanctions on Iran are anticipated to reshape the crude oil trade landscape, leading to a closed-loop cycle in oil transportation demand [5][16]. COSCO Shipping Energy: A Leader in Energy Logistics - COSCO Shipping Energy is a subsidiary of China COSCO Shipping Group, focusing on the transportation of oil and LNG. By January 2025, the company will have a fleet capacity of 20.5 million DWT, holding a 3.1% share of the global market. The company operates in three main business areas: foreign oil transportation, domestic oil transportation, and LNG transportation, balancing stability and elasticity in profitability [5][24][36]. Domestic Oil Transportation - The domestic oil transportation segment is strictly regulated by the Ministry of Transport, resulting in a balanced supply-demand dynamic and minimal price fluctuations. The company holds over 55% market share in domestic crude oil transportation, with a high COA cargo source ratio of over 95%, ensuring stable revenue. In the first three quarters of 2024, the segment recorded a gross profit of 1.13 billion, with a gross margin of 26% [6][42]. LNG Transportation - LNG transportation is characterized by long-term contracts, providing stable rental income. The company recorded a gross profit of 810 million in the first three quarters of 2024, with a gross margin of 50%. The LNG business is expected to continue growing due to fleet expansion [6][44]. Foreign Oil Transportation - The foreign oil transportation segment is cyclical, with demand driven by the end of the Russia-Ukraine conflict and tightening sanctions on Iran. The report highlights that if the conflict ends, oil trade may revert to pre-conflict patterns, benefiting VLCCs. The presence of "shadow fleets" has created a separate market for Russian oil exports, impacting the compliance market. The report anticipates that the supply side will see a reduction in older vessels, alleviating supply concerns [7][54]. Investment Recommendations - The company is expected to solidify its performance base through LNG and domestic oil transportation, while foreign oil transportation offers significant profit elasticity. The fleet expansion will further enhance performance stability, with projected profit growth of 55% over the next four years. The report estimates the company's net profit for 2024-2026 to be 3.96 billion, 5.66 billion, and 6.53 billion, respectively, with corresponding PE ratios of 13.6x, 9.5x, and 8.3x [8][35].

Investment Rating - The report highlights the attractiveness of high dividend assets in the transportation industry under a low interest rate environment, suggesting a positive investment outlook for this sector [3][16]. Core Insights - The low interest rate environment enhances the value of dividend asset allocation, with transportation sector dividend yields exceeding current government bond yields as of February 28, 2024 [3][16]. - Policy guidance is encouraging long-term funds, such as insurance capital, to enter the market, increasing demand for high dividend assets [32]. - There is a valuation differentiation in the market, favoring companies in the highway and port sectors with stable earnings and high dividend ratios [48]. Summary by Sections Low Interest Rate Environment and Dividend Asset Allocation - The report emphasizes the significance of high dividend assets in a low interest rate context, with highway yields around 2%, shipping at approximately 2.7%, and ports at about 1.5% as of February 2024 [3][16]. - The report notes that the demand for high dividend assets is expected to rise due to the low interest rate cycle, which has led to a sustained low yield on ten-year government bonds [32]. Fund Flow Analysis - The report indicates that the scale of dividend products has significantly increased, with dividend ETFs showing the highest growth [36]. - The report mentions that the inflow of dividend ETFs has a positive impact on the stock prices of high dividend stocks in the transportation sector [37]. High Dividend Stocks in Transportation - The report lists key companies in the transportation sector with predicted dividend yields exceeding 3%, including Ninghu Expressway, Gansu Expressway, and Daqin Railway, among others [49][62]. - It highlights that the transportation sector's dividend ratios still have room for improvement compared to other industries [23].

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights that the recent decline in oil prices is expected to elevate the profit margins for the aviation sector, with Brent oil prices dropping below $70 per barrel and WTI prices below $67 per barrel [8] - The report suggests that if oil prices remain low, it could lead to cost savings of approximately 4-5 billion yuan for major airlines, equivalent to a ticket price reduction of about 3%-4% [8] - The report emphasizes the importance of monitoring supply-demand dynamics and macroeconomic conditions to ensure that the benefits of lower oil prices translate into profits for the airlines [13] Summary by Sections Weekly Focus - The focus of the week is on the accelerated decline in oil prices, which is expected to enhance the profit margins for the aviation industry [6] Industry Data Tracking (2025.03.02 - 03.08) Aviation High-Frequency Data Tracking - Domestic flight volume for the period was 81,367 flights, with a daily average of 11,624 flights, down 10.07% week-on-week and 7.47% year-on-year [10] - Domestic passenger volume reached 11.0615 million, down 12.05% week-on-week and 4.17% year-on-year [11] - The average full ticket price decreased by 4.76% week-on-week and 3.39% year-on-year [11] - The domestic passenger load factor was 83.18%, an increase of 3.73 percentage points year-on-year [12] - International passenger volume reached 1.315 million, down 5.27% week-on-week but up 26.01% year-on-year [14] Express Delivery High-Frequency Data Tracking - For the week of February 24 to March 2, the average daily express delivery volume was approximately 534 million pieces, with a delivery volume of about 541 million pieces, showing a slight decrease of 0.56% and an increase of 0.05% respectively compared to the previous week [19] - Year-to-date (January 1 to March 2), the average daily express delivery volume was approximately 488 million pieces, up 37.41% year-on-year [20] Shipping High-Frequency Data Tracking - The BDI index for the international dry bulk market was 1,263 points, up 17% week-on-week [51] - The CCFI index for the international container shipping market decreased by 3% week-on-week, while the SCFI index fell by 5% [51] - The VLCC-TCE rate for oil shipping was $39,359 per day, down 1% week-on-week [52] Recent Key Reports - The report includes a recommended investment portfolio consisting of companies such as COSCO Shipping Energy, Shandong Hi-Speed, and China Eastern Airlines, among others [5]