Group 1 - The stock of COSCO Shipping Energy Transportation Co., Ltd. (中远海能) opened over 3% higher, currently up 3.09% at HKD 9.34, with a trading volume of HKD 4.0722 million [1] - On September 22, during the 2025 semi-annual performance briefing, COSCO Shipping Energy announced a significant increase in tanker freight rates, positively impacting the fleet earnings of global tanker owners [1] - Morgan Stanley highlighted that COSCO Shipping Energy is the largest tanker operator in China and a leading global transporter of crude oil, refined oil, and liquefied natural gas (LNG), benefiting from a diversified fleet and a relatively new fleet age structure [1] Group 2 - The VLCC TD3C TCE reached USD 96,000 per day on September 16, 2025, maintaining a high level in the following days, marking the best September VLCC freight rate since 1990 [1] - The upcoming week is the last full working week before China's National Day holiday, with a concentration of Middle Eastern cargoes expected for October, potentially leading to further increases in VLCC freight rates [1] - The available VLCC capacity in the next 30 days is projected to reach the lowest level in the past year, suggesting that VLCC freight rates may rise further, potentially surpassing the September freight rate peak since 1990 [1]

Core Viewpoint - Morgan Stanley initiates coverage on China Merchants Energy Shipping Company (01138) with an "Overweight" rating and a target price of HKD 12, while giving a "Neutral" rating for its A-share (600026.SH) with a target price of RMB 13 [1] Group 1: Company Overview - China Merchants Energy is the largest oil tanker operator in China and a leading global player in crude oil, refined oil, and LNG transportation [1] - The company operates a diversified fleet under China Merchants Group's energy transportation division, providing it with a competitive edge in a volatile freight market [1] Group 2: Financial Projections - The company is expected to achieve a compound annual growth rate (CAGR) of 16% in net profit from 2025 to 2027, driven by freight recovery, structural supply-demand catalysts, and cautious fleet expansion [1] - Revenue CAGR is projected at approximately 8% from 2025 to 2027, supporting an improvement in profit margins, with net profit margin increasing from 19% in 2025 to 21% in 2027 [2] Group 3: Fleet and Debt Management - The fleet is anticipated to grow from 246 vessels in 2024 to 290 vessels by 2027, positioning the company to capitalize on the next upward cycle [2] - Net debt ratio is expected to rise from about 52% in 2025 to approximately 67% in 2027, but strong operating cash flow and asset backing will keep leverage manageable [2] - LNG revenue is projected to increase its share to around 13% by 2027, enhancing revenue visibility [2]

Core Viewpoint - Morgan Stanley initiates coverage on China Merchants Energy Shipping Company (600026) with an "Overweight" rating for Hong Kong stocks and a target price of HKD 12, while assigning a "Neutral" rating for A-shares with a target price of RMB 13 [1] Company Overview - China Merchants Energy Shipping is the largest oil tanker operator in China and a leading global player in crude oil, refined oil, and LNG transportation [1] - The company operates a diversified fleet under China Merchants Group's energy transportation division, providing it with a competitive edge in a volatile freight market [1] Financial Projections - The company is expected to achieve a compound annual growth rate (CAGR) of 16% in net profit from 2025 to 2027, driven by freight recovery, structural supply-demand catalysts, and cautious fleet expansion [1] - Revenue CAGR is projected at approximately 8% from 2025 to 2027, supporting an improvement in profit margins, with net profit margin increasing from 19% in 2025 to 21% in 2027 [1] Fleet Expansion - The fleet is anticipated to grow from 246 vessels in 2024 to 290 vessels by 2027, positioning the company to capitalize on the next upward cycle in the market [1] Debt and Cash Flow - The net debt ratio is expected to rise from about 52% in 2025 to approximately 67% in 2027; however, strong operating cash flow and asset backing will keep leverage manageable [1] - LNG revenue is projected to increase its share to around 13% by 2027, enhancing revenue visibility [1]

Core Viewpoint - Morgan Stanley initiates coverage on COSCO Shipping Energy, assigning an "Overweight" rating for H-shares with a target price of HKD 12 and a "Neutral" rating for A-shares with a target price of CNY 13 [1] Group 1: Company Overview - COSCO Shipping Energy is the largest oil tanker operator in China and one of the leading companies globally in crude oil, refined oil, and liquefied natural gas (LNG) transportation [1] - The company operates a diversified fleet under the energy transportation segment of China COSCO Shipping Group [1] Group 2: Market Position and Growth Potential - The scale, relatively new fleet age structure, and increasing LNG business provide the company with downside protection in a volatile freight market [1] - The company is well-positioned to benefit from a prolonged upcycle over the years [1] Group 3: Financial Projections - Morgan Stanley forecasts a compound annual growth rate (CAGR) of 16% for the company's net profit from 2025 to 2027, supported by freight recovery, structural supply-demand catalysts, and cautious fleet expansion [1]

Core Viewpoint - The stock of China Cosco Shipping Energy Transportation Co., Ltd. (中远海能) has experienced fluctuations, with a recent decline of 2.04% and a current price of 11.98 CNY per share, reflecting a total market capitalization of 57.154 billion CNY [1]. Financial Performance - For the first half of 2025, China Cosco achieved a revenue of 11.642 billion CNY, a slight decrease of 0.08% year-on-year, while the net profit attributable to shareholders dropped by 28.28% to 1.869 billion CNY [2]. - The company has distributed a total of 14.462 billion CNY in dividends since its A-share listing, with 4.437 billion CNY distributed over the last three years [3]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders increased by 7.95% to 116,500, with an average of 0 circulating shares per shareholder [2]. - The stock has seen a year-to-date increase of 5.18%, with a recent 5-day decline of 2.60%, a 20-day increase of 11.13%, and a 60-day increase of 18.61% [1]. Ownership Structure - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 91.6484 million shares, an increase of 18.3201 million shares from the previous period [3]. - Other significant shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, with holdings of 24.9615 million and 17.6686 million shares, respectively, both showing increases [3].

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index, showcasing their performance in terms of daily increase, year-to-date increase, and dividend yield [1] - The stock with the highest daily increase is Jiufeng Energy (605090.SH) at 8.09%, with a year-to-date increase of 22.18% and a dividend yield of 3.51% [1] - Zhongchuang Zhiling (601 TASH) shows a remarkable year-to-date increase of 99.44%, despite a daily increase of 6.31% and a dividend yield of 4.62% [1] Group 2 - Other notable performers include Jiansheng Group (603558.2H) with a daily increase of 4.45% and a year-to-date increase of 1.78%, offering a dividend yield of 5.45% [1] - Kuka Home (603816.SH) has a daily increase of 4.03% and a year-to-date increase of 20.64%, with a dividend yield of 4.38% [1] - The list also includes companies like China Foreign Trade (601598.SH) with a year-to-date increase of 32.43% and a dividend yield of 4.17% [1]

Group 1 - Morgan Stanley has resumed coverage of China Merchants Energy Shipping Company (中远海能) with a neutral rating [1]

摩根大通证券股份有限公司恢复跟踪中远海能A股，评级中性。 ...

一、审议并通过《关于公司 2025 年度向特定对象发行 A 股股票项目开立募 集资金专用银行账户的议案》 为严格规范募集资金的管理与安全使用，切实保障公司 2025 年度向特定对 象发行 A 股股票项目（以下简称"本次发行"）的顺利实施，经审议，董事会批 准公司及全资子公司依法依规开立共计 12 个募集资金专用银行账户，对本次发 行的募集资金实行专户专储管理；同意公司后续按照规定与保荐机构、存放募集 资金的开户银行签署募集资金监管协议，对募集资金的存放和使用情况进行监管。 董事会授权公司管理层及其授权人士办理募集资金专用银行账户的开立、募 集资金监管协议签署等具体事宜。 公司将按有关规定及时履行信息披露义务，披露募集资金专户及资金监管协 议的信息。 证券代码：600026 证券简称：中远海能 公告编号：2025-053 中远海运能源运输股份有限公司 二〇二五年第十二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"公司"）二〇二五年第十二次 董事会会议通知和材料于 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.* （在中華人民共和國註冊成立之股份有限公司） （股份代號：1138） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條之規定而作出。 中遠海運能源運輸股份有限公司（「本公司」）之A股在上海證券交易所上市，以下公告為本 公司根據上海證券交易所之要求於上海證券交易所網站刊發之公告。 承董事會命 中遠海運能源運輸股份有限公司 公司秘書 倪藝丹 中远海运能源运输股份有限公司 二〇二五年第十二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"公司"）二〇二五年第十二次 董事会会议通知和材料于 2025 年 9 月 17 日以电子邮件/专人送达形式发出， ...