（二）注册规模：总额不超过人民币 50 亿元（含 50 亿元），最终发行规模 将以公司在中国银行间市场交易商协会取得的注册通知书载明的额度及公司实 际发行需要为准； 证券代码：600026 证券简称：中远海能 公告编号：2025-034 中远海运能源运输股份有限公司 关于申请注册发行中期票据的公告 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、准确性和完整性承 担法律责任。 重要内容提示： 根据中远海运能源运输股份有限公司（简称"公司"）股东大会批准，公司 于 2022 年 8 月获准人民币 50 亿元中期票据注册，截止 2024 年 8 月末前述中期 票据注册有效期已经届满、额度已失效。为了保持公司融资渠道的多元化和延续 性，为公司可持续发展筹措中长期资金，不断优化融资结构、降控成本，根据《中 华人民共和国公司法》《银行间债券市场非金融企业债务融资工具管理办法》等 法律、法规的规定，公司拟向中国银行间市场交易商协会申请注册新一期中期票 据，注册总额与前一期保持一致（即不超过人民币 50 亿元）。现将具体情况公 告如下： 一、本次中期票据的注册发行方案 ...

证券代码：600026 证券简称：中远海能 公告编号：2025-033 中远海运能源运输股份有限公司 关于为全资子公司提供年度担保额度的公告 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、准确性和完整性承 担法律责任。 重要内容提示： 1. 被担保人名称及简介： | 被担保人 | 简介 | | --- | --- | | 中海发展（香港）航运有限公司 | 简称"中发香港"，为本公司全资子公司 | | 中远海运油品运输（新加坡）有限公司 | 简称"新加坡海能"，为本公司全资子公司 | | 寰宇船务企业有限公司 | 简称"寰宇船务"，为本公司全资子公司 | | 海南中远海运能源运输有限公司 | 简称"海南海能"，为本公司全资子公司 | | 大连中远海运能源供应链有限公司 | 简称"大连海能"，为本公司全资子公司 | | 上海中远海能化工运输有限公司 | 简称"上海能化"，为本公司全资子公司 | | 中远海能化工运输（香港）有限公司 | 简称"香港能化"，为本公司全资子公司 | 3. 本次担保不存在反担保。 4. 本公司无逾期对外担保。 5. 特别风险提示：本 ...

证券代码：600026 证券简称：中远海能 公告编号：2025-032 中远海运能源运输股份有限公司 一、审议并通过《关于公司为全资子公司 2025 年下半年至 2026 年上半年提 供融资担保额度的议案》 经审议，董事会同意公司自 2025 年 7 月 1 日至 2026 年 6 月 30 日期间为七 家全资子公司提供融资性担保，担保额度不超过 10 亿美元（或等值其他币种）； 担保余额额度可根据需要在相同资产负债率范围（70%以上或以下）的子公司间 进行调剂。董事会提请股东大会授权公司董事会、董事长在具体担保发生时签署 有关担保协议。 表决情况：9 票赞成，0 票反对，0 票弃权。 本议案尚需提交公司股东大会审议，上述预计年度担保额度将在公司股东大 会审议批准后方可生效及实施。 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）同步披露的《中 远海能关于为全资子公司提供年度担保额度的公告》（公告编号：2025-033）。 1 二、审议并通过《关于申请注册发行中期票据的议案》 二〇二五年第八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 ...

中远海能：拟注册发行不超过50亿元中期票据 智通财经6月5日电，中远海能(600026.SH)公告称，公司拟向中国银行间市场交易商协会申请注册新一 期中期票据，注册总额不超过人民币50亿元。该事项已经公司二〇二五年第八次董事会审议通过，尚需 提交股东大会审议。发行期限不超过10年，资金用途包括但不限于偿还有息债务、补充流动资金等。 ...

智通财经6月4日电，香港交易所信息显示，China COSCO SHIPPING Corporation Limited在中远海能的 持股比例于05月30日从12.79%升至13.20%。 ...

Market Overview - The Hong Kong stock market experienced a collective pullback on May 28, with the Hang Seng Index down by 0.53%, the Hang Seng Tech Index down by 0.15%, and the Hang Seng China Enterprises Index down by 0.31% [1] - Despite the overall decline, the energy sector showed resilience, with companies like Yanzhou Coal Mining and China Shenhua Energy seeing gains of 2.31% and 1.2% respectively [1] Sector Performance - The consumer sector showed a clear "high cut low" trend, with brands like Pop Mart and Mixue experiencing significant pullbacks after reaching new highs, dropping 7.12% and 5.53% respectively [2] - The technology sector also faced mixed results, with Kuaishou's net profit exceeding expectations, leading to a 5.95% increase in its stock price, while other tech giants like Meituan and Tencent saw declines [2] Capital Flows - Southbound capital saw a net inflow of 291.12 billion yuan in May, with a significant portion directed towards defensive sectors, particularly the financial sector, which attracted 223.9 billion yuan [4] - The trend indicates a structural change in capital flows, with individual investors dominating the southbound capital, making the market more sensitive to changes in sentiment [4] Valuation and Market Sentiment - Analysts suggest that the current valuation of the Hong Kong stock market is at a historical average level, with potential for recovery in both valuation and earnings, particularly in sectors benefiting from domestic demand policies [6] - The market is expected to experience a rebound in the third quarter, supported by improved liquidity and the return of quality companies to the Hong Kong market [6] Future Outlook - The ongoing listing of quality companies and the influx of capital are expected to enhance the asset quality and liquidity of the Hong Kong market [6] - Analysts predict that the combination of domestic growth policies and the resurgence of the AI industry will reshape the valuation of the technology sector, leading to a dual recovery in valuation and earnings for the Hong Kong market [6]

Group 1 - The National Petroleum and Natural Gas Index (399439) has seen an increase of 0.43% as of May 28, 2025, with notable gains from companies such as Zhuoran Co. (688121) up 4.25% and Lansi Heavy Industry (603169) up 3.81% [1] - The oil and gas ETF (159697) rose by 0.31%, with the latest price reported at 0.97 yuan [2] - The development project of the Kenli 10-2 oilfield group, which is the largest lithologic oilfield discovered offshore China with proven geological reserves exceeding 100 million tons, has entered the offshore operation phase [2] Group 2 - The top ten weighted stocks in the National Petroleum and Natural Gas Index account for 66.65% of the index, including major companies like China National Petroleum (601857) and Sinopec (600028) [3] - Short-term pressures on international oil prices are expected due to tariff policies and OPEC+ production increases, but geopolitical risk premiums and global demand resilience may support oil price stability [2] - The oil and gas upstream capital expenditure is increasing, leading to a recovery in the oil service industry and enhanced competitiveness driven by technological advancements [2]

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [1][2][4]. Core Views - The shipping sector is experiencing a rebound in freight rates driven by geopolitical tensions and a strong demand recovery, particularly in oil transportation [1][18]. - The air travel market is expected to see a gradual recovery in passenger demand, with domestic airlines likely to improve profitability as supply constraints persist [1][34]. - The express delivery industry shows robust growth, with significant increases in volume, particularly for SF Express, which is outperforming its peers [1][44]. Shipping Sector Summary - Oil transportation rates are expected to rise due to limited new capacity and strong demand recovery, with VLCC rates showing resilience despite recent geopolitical tensions [1][19][20]. - The overall shipping market is projected to maintain upward pressure on freight rates, with a focus on companies like COSCO Shipping Energy and China Merchants Energy [1][19]. Air Transportation Summary - Domestic air travel demand is recovering, with passenger flight volumes nearing pre-pandemic levels, while international travel remains subdued [1][34]. - Airlines are expected to improve profitability as the supply-demand gap narrows, with recommendations for major carriers like Air China and China Southern Airlines [1][38][66]. Express Delivery Summary - The express delivery sector is experiencing high demand, with a year-on-year volume growth of 19.1% in April [1][44]. - SF Express is highlighted for its strong performance, with a 30% increase in logistics volume, significantly outpacing the industry average [1][44]. - The competitive landscape is expected to intensify, particularly among major players, but long-term growth prospects remain positive [1][45]. Key Companies and Investment Recommendations - Recommended companies include SF Express, COSCO Shipping Energy, China Merchants Energy, Air China, and China Southern Airlines, with a focus on their potential for growth and profitability [1][4][66].

Core Viewpoint - China COSCO Shipping Energy Transportation Co., Ltd. has approved the construction of a new 9,200 deadweight ton chemical tanker, indicating a strategic investment to enhance its chemical shipping fleet and overall profitability [2]. Company Summary - The company will invest approximately RMB 191 million in the new vessel, with the contract price around RMB 180 million, including tax [2]. - Funding for the project will come from internal resources (approximately RMB 47.27 million) and external financing, with the internal portion being resolved through capital increase to its subsidiary [2]. - Shanghai COSCO Shipping Chemical Transportation Co., Ltd., established in December 1988, is the first company in China dedicated to the transportation of bulk chemicals, focusing on international and domestic routes in Southeast Asia and Northeast Asia [2]. Industry Summary - As of January 2025, the company has a total capacity of 83,000 deadweight tons across 9 vessels, including 6 owned vessels and 1 under construction [3]. - Wuchang Shipbuilding is a significant base for the construction of specialized marine engineering vessels and has accumulated extensive experience in building chemical tankers [3]. - Wuchang Shipbuilding currently holds 37 vessels with a total of 694,300 deadweight tons in its order book, ranking third globally in the chemical tanker construction sector [3].

Investment Rating - The report maintains a "Strong Buy" rating for the transportation industry, particularly highlighting opportunities in the shipping and port sectors [4]. Core Insights - The transportation industry is experiencing a mixed performance, with shipping and port sectors under pressure while the express delivery sector continues to grow [1][2]. - The shipping market is expected to recover gradually, with signs of improvement in oil transportation and a stable outlook for port operations despite recent challenges [1][25]. - The express delivery sector is projected to maintain robust growth, although average ticket prices are declining due to increased competition and a shift towards lower-value packages [1][3]. Summary by Sections Shipping and Port Sector - In Q1 2025, the oil transportation market started weakly, with VLCC market performance significantly lower than the same period last year. The overall revenue for 14 listed shipping companies in 2024 was CNY 364.97 billion, a 26.47% increase year-on-year, while net profit rose by 68.72% to CNY 66.79 billion [13][19]. - The port sector showed relative stability in performance, with 18 listed port companies reporting a total revenue of CNY 222.90 billion in 2024, a slight increase of 0.62%, but net profit decreased by 21.78% to CNY 32.22 billion [26][30]. Aviation and Airport Sector - The aviation industry is witnessing a divergence in performance, with traditional full-service airlines facing challenges while low-cost carriers are gaining market share. The overall passenger traffic is recovering, but ticket prices remain weak, impacting profitability [1][2]. - Airport non-aeronautical revenues are under pressure due to new tax agreements affecting profit margins. For instance, the new duty-free agreement at Shanghai Airport has reduced profit elasticity [1][2]. Express Delivery Sector - The express delivery industry in 2024 is expected to see a business volume of 174.5 billion packages, a 21% increase year-on-year, with total revenue reaching CNY 1.4 trillion, up 13% [1][2]. - The average ticket price for express delivery has decreased from CNY 9.1 to CNY 8.0 due to the increasing proportion of low-value packages and heightened competition among leading companies [1][2]. Road and Rail Sector - The railway passenger volume growth reached double digits in 2024, with a total of 4.31 billion passengers, a year-on-year increase of 11.9%. The total freight volume was 5.17 billion tons, up 2.8% [1][2]. - The road transport sector also showed growth, with freight volume reaching 41.88 billion tons, a 3.8% increase, and passenger transport volume at 11.78 billion, up 7% [1][2].