证券代码：600026 证券简称：中远海能 公告编号：2025-066 中远海运能源运输股份有限公司 二〇二五年第十五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。 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"）二〇二五年第十五次董事会会议通知和材料于 2025 年 11 月 12 日以电子 邮件/专人送达形式发出，会议于 2025 年 11 月 17 日以通讯表决的方式召开.会议 的召开符合《中华人民共和国公司法》和《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： 一、审议并通过《关于新聘公司副总经理的议案》 根据公司总经理朱迈进先生的提名，并经公司董事会提名委员会审核，董事 会批准新聘任徐葳先生及章雷先生为公司副总经理。前述人士的任期均自董事会 批准之日起至 2028 年 4 月。 表决情况：9 票赞成，0 票反对，0 票弃权。 本议案已经董事会提名委员会审议通过。上述公司新聘高级管理人员均不存 在《上海证券交易所上市公司自律监管指引第 1 号—规范运作》第 ...

Group 1 - Company Zhongyuan Shipping announced the convening of its 15th board meeting on November 17, 2025, via telecommunication voting, which reviewed the proposal for the appointment of a new deputy general manager [1] - For the first half of 2025, Zhongyuan Shipping's revenue composition was 99.76% from the transportation industry and 0.24% from other businesses [1] - As of the report date, Zhongyuan Shipping's market capitalization was 73 billion yuan [1]

截至2025年11月17日 14:50，国证石油天然气指数(399439)上涨0.28%，成分股和顺石油(603353)上涨 9.99%，胜利股份(000407)上涨9.93%，洲际油气(600759)上涨5.28%，恒通股份(603223)上涨3.44%，惠 博普(002554)上涨2.88%。油气ETF(159697)上涨0.60%， 冲击4连涨。最新价报1.18元。 消息面上，区域局势紧张，俄罗斯黑海港口暂停出口，中断的规模相当于220万桶/日，占全球供应量的 约2%。 华泰证券指出，10月在OPEC+增产、俄油制裁风险增加、美国商业原油库存上升等多重因素影响下， 油价中枢仍有所下行。油价长期存在成本底部支撑，具备增产降本能力及天然气增量的高分红企业具有 配置机遇。 油气ETF(159697)，场外联接(鹏华国证石油天然气ETF联接A：019827；鹏华国证石油天然气ETF联接 C：019828；鹏华国证石油天然气ETF联接I：022861)。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 油气ETF紧密跟踪国证石油天然气指数，国证石油天然气指数反映沪深北交易所石油天然气产业相 ...

Core Viewpoint - China Merchants Energy (01138.HK) saw a stock price increase of over 3%, specifically a rise of 3.69%, reaching HKD 11.51, with a trading volume of HKD 182 million [2] Company Summary - The stock price of China Merchants Energy increased by 3.69% [2] - The current trading price is HKD 11.51 [2] - The total trading volume reported is HKD 182 million [2]

Core Viewpoint - COSCO Shipping Energy (中远海能) has seen its stock price rise over 4% in a bearish market, currently trading at 11.51 HKD with a transaction volume of 1.82 billion HKD, driven by record-high VLCC daily charter rates [1] Group 1: VLCC Market Dynamics - VLCC daily charter rates have reached a new high, exceeding 125,000 USD, with the VLCC TD3C-TCE index at 12.58 million USD/day, reflecting a 20% increase week-on-week and a 23% increase month-on-month [1] - The recent surge in VLCC rates is attributed to two main factors: increased production and the gradual realization of sanctions, leading to marginal benefits in both demand quantity and structure, while supply-side compliant capacity growth remains constrained [1] Group 2: Financial Projections - CITIC Securities (中信建投) reported that 80% of VLCC charter rates for Q4 have been locked in at 88,000 USD per day, suggesting that if the average VLCC charter rate for Q4 is assumed to be 100,000 USD per day, COSCO Shipping Energy's net profit for Q4 could range between 2 to 2.5 billion HKD [1] - The firm maintains a "buy" rating for COSCO Shipping Energy's stock on the Hong Kong market based on these projections [1]

Core Viewpoint - Zhongyuan Shipping (01138) saw its stock price rise over 4% against the market trend, currently trading at 11.51 HKD with a transaction volume of 1.82 billion HKD, driven by record-high VLCC daily charter rates [1] Group 1: VLCC Market Dynamics - VLCC daily charter rates have reached a new high, exceeding 125,000 USD, with the VLCC TD3C-TCE index at 12.58 million USD/day, reflecting a day-on-day increase of 20% and a week-on-week increase of 23% [1] - The increase in VLCC rates is attributed to two main sustainable drivers: increased production and sanctions, leading to marginal benefits in both demand quantity and structure, while the growth of compliant supply capacity remains limited [1] Group 2: Financial Projections - CITIC Securities noted that OET, a US tanker company, locked in 80% of its VLCC charter rates for Q4 at an average of 88,000 USD per day [1] - Assuming an average VLCC charter rate of 100,000 USD per day for Q4, Zhongyuan Shipping's net profit is projected to be between 2 billion to 2.5 billion HKD, maintaining a "buy" rating for the stock [1]

Summary of the Investor Presentation on HK/China Transportation Industry Overview - **Industry Focus**: The presentation covers the transportation sector in Hong Kong and China, specifically focusing on airlines, shipping, and express delivery [1][6]. Airlines - **Market Outlook**: The outlook for Chinese airlines remains bullish, driven by a supply-driven upcycle. Business demand is gradually recovering, with summer weaknesses fading [2][73]. - **Pricing Dynamics**: There is a closing pricing inflection due to continuous improvements in Passenger Load Factor (PLF) and a consensus among airlines against anti-involution practices [2][69]. - **Key Picks**: - Top pick: Air China-H (0753.HK) - Other recommendations: China Eastern Airlines-H (0670.HK), China Southern Airlines-H (1055.HK), Spring Airlines (601021.SS) [2][73]. - **Performance Metrics**: - 3Q25 total Revenue Passenger Kilometers (RPK) grew by 6.3% YoY, reaching +23% compared to 2019 levels [12][14]. - Domestic PLF improved to 89.4% in October, up by 4.1 percentage points YoY [28][69]. - Business route passenger growth recovered to 5.9% in October from approximately 3% during the summer [24][69]. Shipping - **Geopolitical Influences**: Geopolitical dynamics are significant factors affecting the shipping industry. VLCC (Very Large Crude Carrier) rates have reached new highs due to increased demand for "legitimate tankers" [3][80]. - **Tanker Market**: The tanker upcycle is expected to continue, with limited VLCC deliveries until the second half of 2026 [80][84]. - **Container Shipping Outlook**: The outlook for container shipping remains uncertain due to oversupply and disruptions from global trade frictions. The container ship orderbook/fleet ratio is at 32%, indicating high supply pressure [3][115][118]. Express Delivery - **Market Trends**: The express delivery industry is experiencing decelerated volume growth, with smaller players losing market share amid anti-involution initiatives. Leading players are consolidating and acquiring a majority of segment profits [4][125][127]. - **Key Players**: ZTO (ZTO.N) and YTO (600233.SS) are highlighted as market share leaders, while concerns remain for smaller players like Yunda (002120.SZ) due to sustained profit pressure [9][130]. Additional Insights - **Inbound Travel Recovery**: International demand growth for airlines remains robust, with total international capacity recovering to approximately 85% of 2019 levels, and that operated by Chinese airlines reaching about 105% [29][31]. - **Profitability Metrics**: The correlation between load factors and margins suggests that improved PLFs will support higher profitability for airlines [70][72]. - **Market Consolidation**: The express delivery market is consolidating, with leading players benefiting from anti-involution measures, while smaller players struggle to maintain market share [125][127]. This summary encapsulates the key insights and metrics from the investor presentation, providing a comprehensive overview of the current state and outlook of the transportation sector in Hong Kong and China.

Summary of Conference Call on Oil Shipping Industry Industry Overview - The oil shipping market is experiencing a significant upward trend, particularly in VLCC (Very Large Crude Carrier) charter rates, which have surged from $80,000-$90,000 to $120,000 recently, driven by high freight rates and pressure on shipowners [1][2] - The upcoming U.S. sanctions on Russia, effective November 21, are expected to alter trade flows, increasing VLCC transportation demand as Indian refineries may shift to sourcing oil from the Middle East or the U.S. Gulf [1][2] - The ongoing conflict affecting Black Sea ports is further complicating global trade dynamics, leading to a structural change in demand [1][2] Key Insights and Arguments - Short-term VLCC rates are projected to remain strong until early December, with potential to exceed this year's highs due to robust fundamentals [1][3] - Current stock prices of companies like China Merchants Energy Shipping and Hainan Shipping reflect low expectations, with a calculated implied rate of only $50,000 based on a 10x PE ratio, which is significantly below current charter rates [1][4] - For Q4 2025, China Merchants Energy Shipping anticipates earnings of approximately 3 billion yuan at an $85,000 rate, while Hainan Shipping expects over 2.1 billion yuan [2][7] Future Outlook - By 2026, global inventory replenishment and confirmed production increases from OPEC and non-OPEC countries are expected to drive demand growth, with an anticipated increase of at least 1 million barrels per day, primarily from Latin America and North America [1][4] - Despite new ship deliveries, the total supply is manageable and will not exert excessive pressure on the market, supporting a strong outlook for the oil shipping sector [5][6] - The current investment climate is favorable, with clear demand-side catalysts and manageable supply-side conditions, indicating significant investment opportunities [5][6] Additional Considerations - Recent contracts secured by China Merchants Energy Shipping and Hainan Shipping for routes from the Middle East to Europe are expected to guarantee revenue of at least $80,000, contributing positively to their 2026 earnings [8] - The current stock valuations of these companies remain attractive, suggesting potential for long-term investment gains [9]

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].