29 March 2026 | 7:39PM HKT Equity Research COSCO Shipping Energy (1138.HK) FY25 results review: missed on delayed recognition of high TCE; mgmt guide a normal load factor for vessels outside the Gulf | 1138.HK | 12m Price Target: HK$29.00 | Price: HK$18.98 | Upside: 52.8% | | --- | --- | --- | --- | | 600026.SS | 12m Price Target: Rmb32.00 | Price: Rmb23.69 | Upside: 35.1% | COSCO Shipping Energy reported FY25 results and hosted results briefing on Mar 27. FY25 net profit was Rmb4.0bn, implying 4Q25 net pro ...

Investment Rating - The report maintains a recommendation for the express delivery industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - The express delivery industry is experiencing price increases due to rising oil prices and a trend against excessive competition, with multiple regions implementing price hikes [1][10]. - The industry is entering a new phase of high-quality development, focusing on improving service quality and maintaining stable pricing, which is expected to benefit leading companies [3][84]. - The volume growth in the express delivery sector is gradually recovering, with a notable increase in the growth rate of delivery volumes in early 2026 compared to the previous year [2][12]. Summary by Sections Price Adjustments - Multiple express delivery companies have raised prices in response to increased transportation costs due to rising oil prices, with adjustments starting from March 23, 2026, in various provinces [1][10]. - The price adjustments reflect a broader trend of stabilizing prices in the industry, with significant increases in single-package revenue reported by major companies [2][11]. Volume Growth - The growth rate of express delivery volumes has shown signs of recovery, with January and February 2026 reporting a 7.1% increase compared to previous months [2][12]. - Major companies like YTO and ZTO have outperformed the market in terms of volume growth, indicating a strengthening competitive position [15][16]. Market Positioning - Leading companies in the express delivery sector are expected to gain market share as they benefit from improved volume structures and pricing strategies [3][13]. - ZTO is highlighted as a key player with a commitment to enhancing investor returns, while YTO continues to show strong performance metrics [18][19][86]. Investment Recommendations - The report suggests continued investment in leading express delivery companies such as ZTO, YTO, and Shentong, emphasizing their potential for growth in the evolving market landscape [3][20][21]. - The report also highlights the importance of maintaining a focus on performance elasticity and dividend value in the transportation sector, particularly in shipping and express delivery [7][82].

丨证券研究报告丨 行业研究丨行业周报丨海运 [Table_Title] 集运恢复中东订舱，油散 Q1 业绩预计高增 报告要点 [Table_Summary] 本周，油运继续回调，集运船东提价，散运略跌，化学品海运运价环比上涨。 投资维度，1）油运景气上行，散运景气修复， Q1 业绩预计高增，继续推荐招商轮船、中远海 能、海通发展、太平洋航运；2）集运恢复中东订舱，集运红利属性凸显，推荐海丰国际、中谷物 流；3）新能源供应链集中受益，推荐受益于风电、新能源车出海的特种船龙头中远海特。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 韩轶超 魏爱晓 SAC：S0490512020001 SFC：BQK468 [Table_Title2] 集运恢复中东订舱，油散 Q1 业绩预计高增 [Table_Summary2] 集运恢复中东订舱，油散 Q1 业绩预计高增 集运恢复中东订舱，集运红利属性凸显。3 月 25 日，中远海运集运发布告客户通知书，公司恢 复远东至中东（阿联酋、沙特、巴林、卡塔尔、科威特、伊拉克）的普通集装箱订舱服务。恢 复订舱的方式为多式联运，头部公司地中海、马士基、达飞于 ...

证券研究报告 中远海能 (600026 CH/1138 HK) 港股通 油轮运价高弹性，但波动加剧 中远海能发布年报：25 年归母净利 40.4 亿元（yoy-0.1%），低于我们的预 期 49.3 亿元，主因公司成本高于我们预期。其中 4Q 归母净利 13.1 亿元 （yoy+111.5%/qoq+54.0%），盈利同环比大幅增长主因自 4Q25 以来， VLCC 型油轮运价大幅上涨带动。同时，公司宣布年末每股派息 0.38 元， 对应全年分红率 51.4%。展望 26 年，当前中东局势导致地缘风险溢价大幅 推升油运价格，同时伴随市场波动加剧。整体，我们认为，后续若霍尔木兹 海峡逐步恢复通行，将对当前高运价提供支撑；反之，若海峡持续管控，或 将造成全球原油运输量萎缩，运价或承压。中长期维度，我们认为能源供应 及运输将存溢价，油轮运价中枢或将抬升，维持"买入"。 外贸油运:自 4Q25 以来，VLCC 运价大幅上行 25 年公司外贸油运实现毛利 33.7 亿元，同比-6.0%，主因外贸成品油盈利 同比下滑拖累（25 年外贸原油/成品油轮毛利 22.9 亿/5.6 亿元，同比 +34.6%/-32.9%）。其中 ...

证券研究报告 交通运输 | 航运港口 非金融|公司点评报告 hyzqdatemark 2026 年 03 月 29 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 高树根 gaoshugen@huayuanstock.com 市场表现： | 收盘价（元） | 23.69 | | --- | --- | | 一 年 内 最 高 / 最 低 | 27.17/9.74 | | （元） | | | 总市值（百万元） | 129,471.08 | | 流通市值（百万元） | 113,019.69 | | 总股本（百万股） | 5,465.22 | | 资产负债率（%） | 46.09 | | 每股净资产（元/股） | 8.49 | | 资料来源：聚源数据 ...

春假助力清明出游，油运贸易紊乱持续 [Table_Industry] 运输 ——国泰海通交运周观察 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | | --- | --- | --- | --- | --- | | 岳鑫(分析师) | 0755-23976758 | yuexin@gtht.com | S0880514030006 | | | 陈亦凡(研究助理) | 0755-23976151 | chenyifan2@gtht.com | S0880124070025 | [Table_subIndustry] | 本报告导读： 航空：春假助力清明出游，国内燃油附加费与中欧票价大涨将助力油价传导，建议 把握地缘油价逆向时机。油运：油运贸易持续紊乱，中国船队盈利有望超预期。 投资要点： [Table_Report] 相关报告 运输《蒙煤回暖风正劲，跨境物流再扬帆》 2026.03.24 运输《通行需求具有韧性，政策优化箭在弦上》 2026.03.22 运输《油运战略价值凸显，快递行业量价双升》 2026.03.22 运输《油运战略价值凸显，中国船队价值将超预 期》2026.0 ...

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Views - The report highlights the ongoing price increases in the express delivery sector, with regions like Sichuan, Yiwu, Yunnan, and Jiangxi leading the way in implementing price hikes. This trend is expected to improve the profitability of leading companies in the industry [6] - The logistics and express delivery sectors are experiencing a shift towards high-quality development, driven by policies aimed at reducing internal competition and enhancing service quality. The report suggests that the "anti-involution" policies will boost industry profitability [6] - The aviation sector is anticipated to benefit from a recovery in demand, with expectations of improved performance for major airlines as they navigate high oil prices and operational challenges [4][6] Summary by Sections Investment Highlights - The report emphasizes the potential for significant returns in the aviation sector, particularly for major airlines like China Southern Airlines, China Eastern Airlines, and Hainan Airlines, which are expected to see improved profitability due to a recovery in travel demand and operational efficiencies [4][6] - The express delivery sector is highlighted for its resilience and growth potential, with companies like ZTO Express, YTO Express, and Shentong Express recommended for investment due to their strong market positions and expected benefits from rising prices [6] Operational Tracking - Data from March 16 to March 22 indicates a total of 54.58 million truck passages on highways, reflecting a week-on-week increase of 3.38% [6] - The report tracks the performance of major airlines, noting that Eastern Airlines and Southern Airlines have seen increases in their average daily flights and aircraft utilization rates, indicating a recovery in operational capacity [4][6] Logistics Data Tracking - The express delivery sector reported a total of approximately 3.845 billion packages collected and 3.891 billion delivered during the week of March 16 to March 22, with year-on-year increases of 4.43% and 5.53%, respectively [6] - The report notes that the logistics infrastructure, particularly highways, is expected to benefit from increased demand as the economy stabilizes and consumer spending rises [6] Market Comparison - The report compares the performance of the transportation sector against broader market trends, indicating that the sector is poised for growth as economic conditions improve and consumer confidence returns [2][6]

⚫ 美以突袭伊朗将加速地缘期权兑现，中期关注能源安全担忧下超额补库需求。2025 年原油增产、制裁持续驱动行业景气显著提升。2026 年以来长锦商船的 VLCC 收购 活动，显著提升行业集中度。美以突袭伊朗将加速地缘期权兑现，短期景气取决于 霍尔木兹海峡关闭持续时间，中期因能源安全担忧而引发的超额补库或将推动油运 需求上行对冲供给增量。同时，若未来对伊朗制裁取消，行业或有望加速老船拆 解。我们预计油运供需将有望继续改善，带动景气继续上行。相关标的：中远海能 (600026，未评级)、招商轮船(601872，未评级)。 风险提示：经济波动风险、地缘局势、油价风险、安全事故等。 交通运输行业 行业研究 | 动态跟踪 投资建议与投资标的 国家/地区 中国 行业 交通运输行业 报告发布日期 2026 年 03 月 28 日 尹嘉骐 执业证书编号：S0860525120006 yinjiaqi@orientsec.com.cn 021-63326320 核心观点 地缘冲突影响持续，中期关注能源安全担 忧下超额补库需求 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请 ...

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]

登录新浪财经APP 搜索【信披】查看更多考评等级 七、保荐人对公司年度募集资金存放、管理与使用情况的核查意见 经核查，保荐人认为： 公司2025年度募集资金存放、管理与实际使用情况符合《上市公司募集资金监管规则》《上海证券交易 所股票上市规则》《上海证券交易所上市公司自律监管指引第1号一一规范运作》等相关规定，对募集 资金进行了专户存储和专项使用，并及时履行了相关信息披露义务，不存在变相改变募集资金用途或损 害股东利益的情形，不存在违规使用募集资金的情形。 综上，保荐人对中远海能2025年度募集资金存放、管理与实际使用情况无异议。 八、公司存在两次以上融资且当年分别存在募集资金运用的，应在专项报告分别说明 本年度，公司不存在"两次以上融资且当年分别存在募集资金运用的，应在专项报告分别说明"的情况。 特此公告。 中远海运能源运输股份有限公司董事会 2026年3月26日 上网附件： 1.国泰海通证券股份有限公司关于中远海运能源运输股份有限公司2025年度募集资金存放、管理与实际 使用情况的专项核查报告 2.信永中和：中远海能2025年度募集资金年度存放、管理与使用情况鉴证报告 附表1： 募集资金使用情况对照表 单 ...