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]

来源：市场资讯 （来源：Charlie伴你投资） | < 研究 持仓明细 | | | 17 ( | | --- | --- | --- | --- | | 中远海能 01138 沪港通 | | | 币种:人民币 CNY | | 郑凤婷 | | | | | 持仓盈亏 | | 当日参考盈亏 1 | | | 6661.50 | | 1294.18 | | | 0.000% | | 7.548% | | | 持股天数 1 | 80 | 现价 | 9.233 | | 个股仓位 | 0.00% | 成本价 | 0.000 > | | 税费合计 1 | 18.01 | 买入均价1 | 0.000 > | | 交易记录 | | | 历史清仓记录 > | | 英H | | 2025-10-20 14:10:22 | | | 1400 | | | | | 价格 | 9.233 | 费用 | | | 建仓-买入 | | 2025-08-01 10:55:30 | | | 价格 | 5.881 | 费用 | 18.01 | | 共有2条交易记录 | | | | | 日期 | 现金流入/流出 | 交易类型 | 股数 | 均价 (CNY ...

中远海能（01138）午前股价上涨5.99%，现报9.91港元，成交额1.58亿港元。 华源证券指出，10月15日，根据中远海能公告，公司2025年向特定对象发行A股股票已完成，最终发行694，444，444股，发行价11.52元/股，募集资金总额7，999，999，994.88元（净额 该行续指，行业基本面上看，OPEC+自4月起加速增产，9月产量配额或提升220万桶/日，增产落地有望推动原油价格下行、加速炼厂淡季补库，进一步提振原油贸易需求，为油运市场注入动能 责任编辑：卢昱君 ...

每经AI快讯，中远海能(01138.HK)涨超4%，截至发稿，涨3.96%，报9.7港元，成交额8966.57万港元。 ...

Company Summary - China Cosco Shipping Energy Transportation Co., Ltd. (中远海能) shares rose over 4%, trading at HKD 9.7 with a transaction volume of HKD 89.67 million [1] - The company completed a private placement of A-shares on October 15, raising approximately CNY 8 billion (net CNY 7.98 billion) by issuing 694,444,444 shares at CNY 11.52 per share [1] - The funds raised will be used to construct 6 VLCCs, 2 LNG carriers, and 3 Aframax crude oil tankers, which is expected to optimize the fleet structure and enhance clean energy deployment, ensuring future capacity and market competitiveness [1] Industry Summary - The oil market is experiencing changes as OPEC+ has accelerated production since April, with a potential increase of 2.2 million barrels per day in September, which may lead to a decline in oil prices and boost refinery inventory replenishment [2] - This situation is expected to stimulate oil trade demand, providing momentum for the oil transportation market [2] - In response to the U.S. imposing port service fees on Chinese shipping companies, China has implemented a "special port service fee" for U.S. vessels, highlighting the strategic value of Chinese shipping companies like China Cosco Shipping Energy in the international shipping competition [2]

Company Summary - Zhongyuan Shipping (01138) saw a stock price increase of over 4%, reaching HKD 9.7 with a trading volume of HKD 89.67 million [1] - The company completed a private placement of A-shares on October 15, raising approximately CNY 8 billion (net CNY 7.98 billion) by issuing 694,444,444 shares at CNY 11.52 per share [1] - The issuance involved seven investors, including the controlling shareholder, China Ocean Shipping Group, which subscribed for 347,222,222 shares (50% of the total) with an 18-month lock-up period [1] - The raised funds will be used to construct six VLCCs, two LNG carriers, and three Aframax crude oil tankers, aimed at optimizing fleet structure and enhancing clean energy initiatives [1] Industry Summary - The oil market is experiencing a boost as OPEC+ has accelerated production since April, with a potential increase of 2.2 million barrels per day in September, which may lead to a decline in oil prices and stimulate demand for oil transportation [2] - The recent imposition of port service fees on Chinese shipping companies by the U.S. has prompted China to retaliate with a "special port fee" on U.S. vessels, highlighting the strategic value of Chinese shipping companies like Zhongyuan Shipping in the international shipping competition [2] - This context is expected to provide a solid foundation for the stable growth of the company's performance in the oil transportation market [2]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [8] Core Insights - The travel chain is experiencing a recovery in demand, with ticket prices showing a positive trend and a clear inflection point in revenue [2][5] - The shipping sector is witnessing a seasonal surge in freight rates due to peak season and geopolitical factors [6] - The logistics sector is seeing a year-on-year increase in unit prices for major express delivery companies, with a second round of price hikes initiated [6] Summary by Sections Aviation - Demand recovery is evident, with business travel gradually increasing since September, leading to improved revenue margins. The industry is expected to benefit from a tightening supply side and lower fuel costs, resulting in a resonance of income and costs [5][17] - The introduction of new aircraft is expected to remain slow in 2025, with engine maintenance squeezing capacity. The industry is projected to reach historical highs in capacity utilization [5][17] Shipping - Oil shipping rates are on the rise, with the average VLCC-TCE increasing by 8.7% to $86,000 per day. Geopolitical events and OPEC+ production increases are expected to support the oil shipping market [6][22] - The SCFI index for foreign trade shipping has risen by 12.9% to 1,310 points, driven by increased demand and tariff adjustments [6][22] - The BDI index for bulk shipping has increased by 6.9% to 2,069 points, supported by stable overseas mining shipments [6][22] Logistics - The express delivery sector is seeing a year-on-year increase in unit prices, with a second round of price hikes underway. The overall performance of the sector is expected to improve in Q4 and next year [6][36] - The average daily collection volume for postal express services has decreased by 0.7% year-on-year, indicating seasonal effects and price adjustments [6][36]

J P M O R G A N Asia Pacific Equity Research 16 October 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. COSCO Shipping Energy Transport (1138.HK/600026.SH) Takeaways from management update call: tight supply, firm demand, and rising policy premiums COSC ...

事件描述 10 月15 日，中远海能发布公告，2025 年度向特定对象发行A 股股票承销总结及相关文件已经上海证券 交易所备案通过，公司将依据相关规定尽快办理本次发行新增股份的登记托管事宜。公司本次发行股份 6.94 亿股（相当于发行前总股本的14.6%），发行价为11.52 元/股。本次募集资金总额为80.00 亿元，净 额为79.80 亿元。 事件评论 定增落地，优化船队。本次定增募集资金主要用于存量新造船订单，包括6 艘VLCC、2艘LNG 船以及3 艘阿芙拉型原油轮。该批订单有利于进一步提升公司内外贸油运市场的龙头地位和竞争优势。以VLCC 为例，公司当前自有运力43 艘，规模处于全球头部，船队平均船龄11.5 年，其中船龄超过15 年的艘数 为14 艘。因此，订单有利于优化公司油轮船龄结构、并保持公司在全球油运市场的领先地位。 控股股东认购50%，彰显信心。从定增结果看，一方面，公司控股股东中远海运集团认购发行数量的 50%；另一方面，本次定增发行价格为11.52 元/股，高于发行底价的9.34元/股，彰显股东及市场对于公 司信心。 旺季+非季节性共振，油运景气可期。供给受限逻辑持续，今年VLCC ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The recent private placement will optimize the fleet, with the company issuing 694 million shares at a price of 11.52 yuan per share, raising a total of 8 billion yuan [2][13]. - The funds raised will be primarily used for existing new ship orders, including 6 VLCCs, 2 LNG carriers, and 3 Aframax tankers, enhancing the company's competitive position in the oil transportation market [13]. - The controlling shareholder subscribed for 50% of the new shares, indicating confidence in the company's prospects [13]. - The oil transportation market is expected to experience a favorable environment due to limited supply and seasonal demand, with several catalysts anticipated in the fourth quarter [13]. Summary by Sections Company Overview - The company has a total share capital of 477,078 million shares, with a current share price of 12.52 yuan [9]. - The company’s net asset value per share is 7.69 yuan, with a 12-month high of 13.80 yuan and a low of 9.74 yuan [9]. Financial Projections - The projected net profit for the company from 2025 to 2027 is estimated at 5.31 billion, 6.18 billion, and 6.45 billion yuan, respectively, with corresponding PE ratios of 11.2, 9.7, and 9.3 times [13]. - The total revenue is expected to grow from 23.24 billion yuan in 2024 to 26.02 billion yuan in 2027 [19]. Market Dynamics - The report highlights that the supply of VLCCs is limited, with near-zero growth in nominal capacity, and the aging fleet will continue to restrict supply [13]. - Factors such as increased global trade barriers and OPEC+ production policies are expected to positively impact oil transportation demand [13].