消息面上，VLCC日租金再创新高，突破12.5万美元。13日VLCC TD3C-TCE指数12.58万美元/天，日环 比+20%、周环比+23%。中信建投（601066）指出，本轮VLCC运价上涨的驱动来自于增产+制裁两大 可持续逻辑的逐步兑现，需求总量与结构层面均不断迎来边际利好，供给端合规运力增速受限。 该行指出，美股油轮公司OET公布了四季度锁定的油轮租金水平，80%的VLCC锁定在了8.8万美金一天 的水平。若假定四季度VLCC平均租金在10万美金一天，中远海能四季度净利润将在20-25亿之间，继续 维持中远海能港股的"买入"评级。 中远海能（600026）(01138)逆市涨超4%，截至发稿，涨3.69%，报11.51港元，成交额1.82亿港元。 ...

消息面上，VLCC日租金再创新高，突破12.5万美元。13日VLCC TD3C-TCE指数12.58万美元/天，日环 比+20%、周环比+23%。中信建投指出，本轮VLCC运价上涨的驱动来自于增产+制裁两大可持续逻辑 的逐步兑现，需求总量与结构层面均不断迎来边际利好，供给端合规运力增速受限。 该行指出，美股油轮公司OET公布了四季度锁定的油轮租金水平，80%的VLCC锁定在了8.8万美金一天 的水平。若假定四季度VLCC平均租金在10万美金一天，中远海能四季度净利润将在20-25亿之间，继续 维持中远海能港股的"买入"评级。 智通财经APP获悉，中远海能(01138)逆市涨超4%，截至发稿，涨3.69%，报11.51港元，成交额1.82亿港 元。 ...

November 14, 2025 05:16 PM GMT Investor Presentation | Asia Pacific HK/China Transportation - Cyclicals Under the Spotlight Our latest views on Chinese airlines, shipping, and express delivery. Airlines: Stay bullish on the supply-driven upcycle; summer weakness faded, and we see business demand gradually picked up. Pricing inflection is closing amid continuous PLF improvement as well as anti-involution consensus among airlines. Top Pick: Air China-H (0753.HK). OW CEA-H (0670.HK), CSA-H (1055.HK), Spring Ai ...

油运旺季主升浪启动，12 月有望进一步走强 20251116 当前股价与实际运价之间存在一定脱节。例如，以昭伦和海能为例，其股价反 映的预期较低。如果按照周期股 10 倍 PE 计算，其背后的预期仅为 5 万美元， 而当前期租租金已达到 55,000-56,000 美元。考虑到今年下半年散运市场复 苏，以 VLOC 期租金和当前散运市场表现计算，昭伦年化利润可达 80 亿元。 展望明年（2026 年），全球大库以及 OPEC 和非 OPEC 确定性增产将带来需 求增长。预计明年 OPEC 和非 OPEC 增产至少 100 万桶/日，其中非 OPEC 增 产主要集中在拉美和北美地区，这些地区航程较远，对 VLCC 需求增加明显。 尽管明年有新船交付，但总量仅匹配 20 年前水平，因此供给侧能够消化新增 需求。在此背景下，今年四季度及明年的基本面依然强劲，有望支撑油运市场 持续走高。 对投资者而言，目前是否是参与油运市场投资的好时机？ 目前是参与油运市场投资的良好时机。从基本面来看，今年四季度及明年的需 求侧催化因素明确，包括全球增产、宏观经济修复等。同时供给侧虽然有新船 交付，但总量可控，不会对市场造成过大压力 ...

Core Viewpoint - The shipping and port sector experienced a rise of 1.03% on November 13, with China COSCO Shipping Energy leading the gains, while the overall market indices also showed positive performance [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4029.5, up by 0.73% [1] - The Shenzhen Component Index closed at 13476.52, up by 1.78% [1] Group 2: Individual Stock Performance - China COSCO Shipping Energy (600026) closed at 13.26, with a gain of 7.11% and a trading volume of 984,000 shares [1] - China Merchants Energy Shipping (601872) closed at 9.08, up by 6.07% with a trading volume of 1,190,000 shares [1] - Xiamen Port Authority (000905) closed at 11.11, increasing by 2.87% with a trading volume of 684,000 shares [1] - Other notable stocks include Xingtong Co. (603209) up by 1.76%, and China Merchants South Oil (601975) up by 1.21% [1] Group 3: Capital Flow Analysis - The shipping and port sector saw a net outflow of 24.11 million yuan from institutional investors, while retail investors contributed a net inflow of 87.01 million yuan [2] - The main stocks with significant capital inflow included China COSCO Shipping Energy with a net inflow of 58.83 million yuan [3] - Xiamen Port Authority also saw a net inflow of 48.99 million yuan, indicating strong retail interest despite overall institutional outflows [3]

Core Viewpoint - The company experienced a decline in revenue and net profit in the first three quarters of 2025, but the third quarter showed signs of recovery in the oil tanker industry, with improved performance in freight rates and operational metrics [1][2]. Group 1: Financial Performance - In the first three quarters of 2025, the company achieved revenue of 17.11 billion yuan, a year-on-year decrease of 2.6%, and a net profit of 2.72 billion yuan, down 21.2% year-on-year [1]. - For the third quarter alone, the company reported revenue of 5.47 billion yuan, a decline of 2.5% year-on-year, but net profit increased by 4.4% to 850 million yuan [1]. Group 2: Industry Trends - The foreign trade oil transportation sector saw a narrowing decline in performance during the third quarter, with VLCC freight rates showing a recovery after a low in July [1]. - The average TCE for VLCC on the Middle East-China route was $35,000 per day, reflecting a year-on-year increase of 28.1%, while the average TCE for Clarksons VLCC was $36,000 per day, up 11.7% year-on-year [1]. Group 3: Operational Insights - The company continued to install scrubbers on five VLCCs in the third quarter, enhancing future profitability despite a reduction in operational days due to the sale of an aging VLCC [1]. - The domestic oil transportation segment reported revenue of 1.36 billion yuan, down 7.1% year-on-year, with a gross profit of 360 million yuan, a decrease of 12.0% year-on-year, but with a gross margin improvement to 26.5% [1]. Group 4: LNG Transportation - The company expanded its LNG fleet to 55 vessels, a year-on-year increase of 15.1%, and achieved revenue of 630 million yuan from LNG transportation, down 3.7% year-on-year, but with a gross profit increase of 4.7% [1]. - The company has secured stable income through long-term contracts, with 32 vessels on order, contributing to profit growth in the LNG segment [2]. Group 5: Future Outlook - The company anticipates a significant rebound in VLCC freight rates due to OPEC+ production increases and other market dynamics, with average TCE rates for the Middle East-China route reaching $77,000 per day in September and October, representing a year-on-year increase of 141.3% [2]. - Projected earnings for the company from 2025 to 2027 are expected to be 4.84 billion, 6.17 billion, and 6.45 billion yuan, with corresponding PE ratios of 14.0, 11.0, and 10.5 times [2].

Core Viewpoint - Cosco Shipping Energy's stock has risen over 4%, reflecting positive market sentiment driven by recent oil production increases in the Middle East and South America, alongside changes in U.S. sanctions affecting Russian oil imports [1] Group 1: Market Dynamics - Recent increases in oil production from the Middle East and South America have positively impacted the oil shipping market, particularly benefiting compliant VLCCs [1] - The U.S. has intensified sanctions on Russian oil, leading India to reduce imports from Russia and shift towards Middle Eastern and U.S. Gulf oil, further supporting oil shipping demand [1] Group 2: Shipping Rates and Trends - Despite a slight decline in VLCC-TCE rates to nearly $100,000 on the Middle East to China route, the overall rate levels remain high [1] - The market sentiment has experienced a slight pullback due to the suspension of certain measures related to the 301 tariffs, which has allowed shipowners to control shipping schedules and exert downward pressure on rates [1] Group 3: Future Outlook - The forecast for Q4 2025 indicates that oil shipping profits are expected to reach a ten-year high, driven by sustained global oil demand, particularly from increased production in South America [1] - There is significant divergence in market expectations regarding the oil shipping industry's outlook for 2026, but the overall trend suggests continued growth in oil shipping demand, with a potential for a super bull market due to limited effective supply growth [1]

Core Viewpoint - The recent increase in oil production from the Middle East and South America, along with U.S. sanctions on Russian oil, is positively impacting the VLCC (Very Large Crude Carrier) market, leading to a significant rise in freight rates over the past two months [1] Group 1: Market Performance - Zhongyuan Shipping (01138) saw a rise of over 4%, specifically 4.1%, reaching HKD 10.92 with a trading volume of HKD 247 million [1] - The VLCC-TCE (Time Charter Equivalent) rate for the Middle East to China route slightly decreased to nearly USD 100,000, although the overall freight rate remains at a high level [1] Group 2: Future Outlook - Cathay Securities predicts that the profitability of oil shipping will reach a ten-year high by Q4 2025 [1] - There is a significant divergence in market expectations regarding the oil shipping industry's outlook for 2026, with expectations of continued global oil accumulation, particularly from South America, which will extend shipping distances and support ongoing demand growth [1] - The effective supply growth of compliant shipping capacity is expected to be significantly lower than anticipated, suggesting a potential upward trend in the oil shipping market, possibly leading to a super bull market [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][7]. Core Views - The company has seen a recovery in the foreign trade oil transportation sector, with a narrowing decline in performance in the third quarter of 2025. The LNG business continues to show resilience due to long-term contracts, and the company is expected to benefit from increased LNG capacity and new acquisitions in the LPG sector [2][11]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved a total revenue of 171.1 billion yuan, a year-on-year decrease of 2.6%. The net profit attributable to shareholders was 27.2 billion yuan, down 21.2% year-on-year. For the third quarter alone, revenue was 54.7 billion yuan, a decrease of 2.5% year-on-year, while net profit was 8.5 billion yuan, an increase of 4.4% year-on-year [5][11]. Business Segments - The foreign trade oil transportation sector has shown signs of recovery, with third-quarter revenues of 33.1 billion yuan, down 1.7% year-on-year. The gross profit was 4.9 billion yuan, a decrease of 13.2% year-on-year, with a gross margin of 14.9%, down 2.0 percentage points [11]. - The domestic trade segment saw a revenue of 13.6 billion yuan, down 7.1% year-on-year, but the gross margin improved to 26.5%, up 2.5 percentage points from the previous quarter [11]. - The LNG transportation segment generated 6.3 billion yuan in revenue, a decrease of 3.7% year-on-year, but gross profit increased by 4.7% year-on-year to 3.2 billion yuan, with a gross margin improvement [11]. Market Outlook - The company is expected to see profit growth from the continued deployment of LNG capacity and the acquisition of LPG transportation assets. The foreign trade oil transportation sector is at a turning point, with VLCC freight rates significantly rebounding due to OPEC+ production increases and other market dynamics [11]. - The average TCE for the Middle East to China route reached 77,000 USD/day in September and October, reflecting a year-on-year increase of 141.3% and a quarter-on-quarter increase of 116.2% [11]. - Forecasted earnings for 2025-2027 are 48.4 billion, 61.7 billion, and 64.5 billion yuan, respectively, with corresponding PE ratios of 14.0, 11.0, and 10.5 times [11].

Core Insights - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 19.22%, with 239 stocks having a shareholding ratio exceeding 20% [1] - Southbound funds hold a total of 4,856.80 million shares, accounting for 19.22% of the total share capital of the stocks, with a market value of 63,652.24 billion HKD, representing 14.58% of the total market value [1] - The highest shareholding ratio by southbound funds is in China Telecom (601728) at 71.95%, followed by Green Power Environmental and COSCO Shipping Energy (600026) at 69.48% and 69.03% respectively [1] Group 1: Southbound Fund Holdings - 239 stocks have a shareholding ratio of over 20%, while 132 stocks are in the 10%-20% range, 95 stocks in the 5%-10% range, 83 stocks in the 1%-5% range, and 17 stocks below 1% [1] - Among the stocks with over 20% shareholding by southbound funds, 128 are AH concept stocks, making up 53.56% of that group [1] Group 2: Industry Concentration - Southbound fund holdings exceeding 20% are primarily concentrated in the healthcare, industrial, and financial sectors, with 56, 35, and 34 stocks respectively [2] - The table lists several stocks with high southbound fund holdings, including China Telecom (71.95%), Green Power Environmental (69.48%), and COSCO Shipping Energy (69.03%), among others [2][3]