关于中国远洋海运集团有限公司 认购中远海运能源运输股份有限公司 向特定对象发行 A 股股票免于发出要约事宜 之 专项核查意见 上海市山西北路 99 号苏河湾中心 25-28 层 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai 200085, China 电话/Tel:(+86)(21)52341668 传真/Fax: (+86)(21)52433320 网址/Website: http://www.grandall.com.cn 国浩律师（上海）事务所 二〇二五年十月 | 释 义 2 | | --- | | 第一节 正文 4 | | 一、认购对象的主体资格 4 | | 二、本次发行及认购的批准和授权 5 | | 三、本次认购的基本情况 6 | | 四、本次认购符合《收购管理办法》规定的免于发出要约的情形 7 | | 五、结论意见 8 | | 第二节 签署页 9 | 国浩律师（上海）事务所 专项核查意见 释 义 除非另有说明或依据上下文应另作解释，本专项核查意见中相关词语具有以下 特定含义： | 本 ...

证券代码：600026 证券简称：中远海能 公告编号：2025-057 中远海运能源运输股份有限公司 关于向特定对象发行 A 股股票结果暨股本变动公告 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。 重要内容提示： 中远海运能源运输股份有限公司（以下简称"公司"、"发行人"）本次向特 定对象发行 A 股股票（以下简称"本次发行"）对应的 694,444,444 股新增股份 已于 2025 年 10 月 22 日在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）办理完毕股份登记、托管及限售手续。本次发行新 增股份为有限售条件流通股，将于限售期届满后的次一交易日起在上海证券交易 所（以下简称"上交所"）上市流通交易，如遇法定节假日或休息日，则顺延至 其后的第一个交易日。 新增股票限售期安排 本次发行对象为包括公司间接控股股东中国远洋海运集团有限公司（以下简 称"中远海运集团"）在内的 7 家。中远海运集团认购的本次发行的股份自发行 结束之日起 18 个月内不得转让，其他发行对象通过本次发行认购的公司股份 ...

中远海能所属申万行业为：交通运输-航运港口-航运。所属概念板块包括：远洋运输、油气存储、一带 一路、融资融券、MSCI中国等。 截至6月30日，中远海能股东户数11.65万，较上期增加7.95%；人均流通股0股，较上期增加0.00%。 2025年1月-6月，中远海能实现营业收入116.42亿元，同比减少0.08%；归母净利润18.69亿元，同比减少 28.28%。 分红方面，中远海能A股上市后累计派现144.62亿元。近三年，累计派现44.37亿元。 机构持仓方面，截止2025年6月30日，中远海能十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股9164.84万股，相比上期增加1832.01万股。华泰柏瑞沪深300ETF（510300）位居第六大流 通股东，持股2496.15万股，相比上期增加211.40万股。易方达沪深300ETF（510310）位居第十大流通 股东，持股1766.86万股，相比上期增加168.92万股。 责任编辑：小浪快报 10月23日，中远海能盘中下跌2.13%，截至10:11，报11.94元/股，成交1.95亿元，换手率0.46%，总市值 569.63亿元。 资金流向方面 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002320 | 海峡股份 | 13.59 | -7.55% | 165.25万 | 22.78 Z | | 600179 | 安通控股 | 4.29 | -6.94% | 169.03万 | 7.39 Z | | 603162 | 海通发展 | 10.63 | -6.01% | 39.83万 | 4.25 乙 | | 002040 | 南京港 | 11.53 | -4.79% | 41.41万 | 4.84亿 | | 000905 | 厦门港务 | 9.59 | -4.48% | 55.45万 | 5.39 Z | | 600026 | 中远海能 | 12.20 | -3.10% | 40.17万 | 4.93亿 | | 601872 | 招商轮船 | 8.51 | -2.63% | 69.86万 | 5.95亿 | | 600798 | 宁波海运 | 4.13 | -2.13% | 56.51万 | 2.34亿 | | 920571 | 国航远 ...

消费电子概念股集体大爆发，昀冢科技尾盘放量拉升20%涨停，工业富联（601138）逼近涨停。 10月21日，A股强势高开高走，上证指数再度站上3900点，深证成指也重回13000点之上，创业板指、科创50、沪深300等也纷纷突破3000点、1400点、 4600点整数关口。超4600只个股上涨，成交小幅放大至1.89万亿元。 盘面上，消费电子、页岩气、湖北本地股、通信设备等板块涨幅居前，林业、煤炭、航天装备、电信服务等板块小幅调整。 Wind实时监测数据显示，今日所有申万一级行业都获得主力资金净流入，电子获得高达逾240亿元净流入，通信获得逾102亿元净流入，机械设备获得逾 96亿元净流入，电力设备、建筑装饰、计算机等也获得超50亿元净流入，房地产、非银金融、公用事业、汽车等都获得超30亿元净流入，煤炭则连续10个 交易日获得净流入。 展望后市，太平洋证券认为，市场当前持续缩量表明观望情绪浓厚，风险偏好受到压制，科技过高的吸筹率和波动率将使得追高极难获得超额收益。预计 以煤炭、银行、养殖等为代表的"旧"势力的强势不会只是一日行情，未来一个季度"旧"势力或将重新获得市场的关注。牛市会抚平每一处"洼地"，买在无 ...

| 序号 | 4683 | 简称 | 東日涨幅 | 年内涨幅 | 股息率 (近12个 | | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | 月) (%) | | 1 | 601686.SH 友发集团 | | 10.03 | 31.48 | 4.24 | | 2 | 002083.SZ | 录日股份 | 10.00 | 29.75 | 2.33 | | 3 | 603299.SH | 苏盐井神 | 5.07 | 5.26 | 3.96 | | 4 | 600026.SH | 中远海能 | 3.96 | 10.89 | 3.41 | | 5 | 603730.SH | 岱美股份 | 3.55 | 5.83 | 3.85 | | 6 | 600188.SH | 兖矿能源 | 3.06 | 15.60 | 6.13 | | 7 | 601857.SH | 中国石油 | 2.50 | 1.78 | 5.45 | | 8 | 000928.SZ | 中钢国际 | 2.21 | 6.54 | 4.61 | | ਰੇ | 007588 SZ | 金杯申 | 2 ...

Core Viewpoint - China Merchants Energy is the largest tanker owner globally, with a diverse fleet structure that allows the company to capitalize on market cycles effectively [1] Group 1: Company Overview - China Merchants Energy owns 44 VLCCs, contributing nearly 1 billion yuan in net profit elasticity, while the overall fleet's net profit elasticity is close to 2 billion yuan [1] - The company has additional profit elasticity of 400 million yuan from its current orders upon delivery [1] Group 2: Demand and Supply Dynamics - OPEC+ is increasing crude oil production, which is expected to boost transportation demand, with a potential increase of 2.14 to 4.11 million barrels per day [1] - The current low oil prices have released pent-up inventory demand, with global crude oil inventories still having a capacity of 460 million barrels compared to the five-year high [1] - The supply constraints are strong, with VLCC fleet capacity not seeing concentrated scrapping for nearly 20 years, leading to an expected actual fleet growth rate of 3.3% and 5.1% for 2026-2027 [2] Group 3: Profit Forecast - The forecast for VLCC freight rates is set at an average of $50,000/day, $60,000/day, and $58,000/day for the years 2025 to 2027 [3] - Projected revenues for the company are 24.485 billion yuan, 26.725 billion yuan, and 27.233 billion yuan for 2025 to 2027, reflecting year-on-year growth of 5.8%, 9.1%, and 1.9% respectively [3] - The company's net profit attributable to shareholders is expected to be 4.462 billion yuan, 5.803 billion yuan, and 5.757 billion yuan for the same period, with growth rates of +10.5%, +30.1%, and -0.8% respectively [3] Group 4: Valuation and Investment Potential - The company's replacement cost is estimated at 55.43 billion yuan, with the current market value being 0.73 times the replacement cost, lower than its peers [3] - If benchmarked against a P/NAV of 1.16 times, the company has an upside potential of 58% [4] - Under various scenarios, including a 10% increase in ship prices, the estimated replacement cost could rise to 60.5 billion yuan, indicating potential price increases of 65%, 72%, and 200% under different assumptions [4]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [3] Core Views - The express logistics sector is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. The long-term outlook for e-commerce express logistics is positive due to healthy competition [3][13] - The shipping sector is expected to benefit from the OPEC+ production increase and the Federal Reserve's interest rate cuts, with a notable improvement in VLCC freight rates anticipated in Q4 2025 [13] - The aviation industry is seeing stable demand growth, with supply chain issues leading to increased costs for airlines. The overall passenger demand is projected to grow by 10.4% in 2024, outpacing capacity growth [9][14] Summary by Sections Express Logistics - In September 2025, major express companies reported improved performance, with YTO, Shentong, and Yunda achieving business volumes of 2.627 billion, 2.187 billion, and 2.110 billion pieces, respectively, representing year-on-year growth of 13.64%, 9.46%, and 3.63% [3][27] - The average revenue per piece for these companies also saw increases, indicating a trend of rising prices in the express delivery sector [3][27] Shipping and Ports - The implementation of new port fees between China and the US is expected to create a dual market structure, granting strategic pricing power to compliant shipping capacities [5] - China has secured pricing power for iron ore, marking a significant shift in global commodity trade dynamics [6] - The Shanghai Container Freight Index (SCFI) rose by 12.9% week-on-week, indicating a positive trend in shipping rates [7] Aviation - The International Air Transport Association (IATA) reported that supply chain bottlenecks are delaying aircraft production, leading to increased costs for airlines, estimated to exceed $11 billion in 2025 [9] - Chinese airlines collectively oppose the US Department of Transportation's proposed flight restrictions, highlighting concerns over operational impacts [10] Road and Rail - National logistics operations were reported to be running smoothly, with significant increases in highway freight traffic [12] - The National Development and Reform Commission plans to enhance electric vehicle charging infrastructure along highways by 2027 [12] Overall Market Performance - From October 13 to October 17, 2025, the transportation sector index increased by 0.73%, outperforming the Shanghai Composite Index, which fell by 1.47% [18]

市公司 同研究 公司深 报告原因:首次覆盖 | 市场数据: | 2025 年 10 月 17 日 | | --- | --- | | 收盘价（港币） | 9.35 | | 恒生中国企业指数 | 9011.97 | | 52 周最高/最低（港币） | 9.86/5.00 | | H 股市值（亿港币） | 446.07 | | 流通 H 股（百万股） | 1,296.00 | | 汇率（港币/人民币） | 0.9130 | 一年内股价与基准指数对比走势： 资料来源: Bloomberg 相关研究 | 《油轮淡季逆势走强， 或迎中长期 | | --- | | 基本面改善——2025 年油轮市场 | | 基本面跟踪》 2025/09/30 | 证券分析师 闫海 A0230519010004 yanhai@swsresearch.com 研究反馈 张慧 A0230524100001 zhanghui@swsresearch.com 联系人 张慧 A0230524100001 zhanghui@swsresearch.com | 4 | 1 | FUTCH SEP | 18 | | --- | --- | --- | - ...

Core Insights - The shipping and port sector experienced a rise of 0.78% on October 20, with Antong Holdings leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - Antong Holdings (600179) closed at 4.71, with a significant increase of 10.05% and a trading volume of 2.5053 million shares [1] - Haitong Development (603162) saw a rise of 9.63%, closing at 12.30 with a trading volume of 846,100 shares [1] - Xiamen Port Authority (000905) increased by 5.98%, closing at 9.92 with a trading volume of 1.4216 million shares [1] - Other notable performers include Phoenix Shipping (000520) up 4.04% and COSCO Energy (600026) up 3.96% [1] Capital Flow - The shipping and port sector experienced a net outflow of 282 million yuan from institutional investors, while retail investors saw a net inflow of 205 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - China Merchants South Oil (601975) had a net inflow of 96.09 million yuan from institutional investors, but saw a net outflow from retail investors [3] - COSCO Energy (600026) also experienced a significant net inflow of 90.75 million yuan from institutional investors, with retail investors withdrawing funds [3] - Other stocks like Jinjiang Shipping (601083) and China Merchants Shipping (601872) showed similar patterns of institutional inflows and retail outflows [3]