Investment Rating - The report maintains a positive outlook on the transportation industry, with specific recommendations for companies such as China Shipping, COSCO Shipping Energy, and others in the shipping sector [6][4]. Core Insights - The report highlights the recovery in shipping rates, particularly for VLCCs, which have seen a rise in one-year charter rates to $58,000 per day. It suggests that investors should capitalize on seasonal fluctuations in freight rates [6][4]. - The report emphasizes the strong performance of the road freight sector, which has shown a significant increase of 6.90% in the latest week, outperforming other sub-sectors [7][8]. - The aviation sector is expected to experience a golden era due to rising passenger volumes and constrained supply, with recommendations for several airlines including China Eastern Airlines and Spring Airlines [6][4]. Summary by Sections Shipping - VLCC average rates reached $115,290 per day, despite a 6% week-on-week decline. The market remains tight, with expectations of increased cargo volumes leading to potential rate increases [6][4]. - The report notes a 2% increase in second-hand bulk carrier prices and a slight uptick in new ship prices, indicating a potential turning point in the market [6][4]. Road Freight - The road freight sector has shown resilience, with a reported increase in freight volume of 0.74% week-on-week, indicating steady growth [7][8]. - The report identifies Dragon Boat Holdings as a standout performer in the road freight sector, with a significant weekly gain of 40.2% [13]. Aviation - The report anticipates a significant improvement in airline profitability due to increased international travel and a historical high in passenger load factors [6][4]. - Recommendations include major airlines such as China Southern Airlines and Cathay Pacific, which are expected to benefit from these trends [6][4]. Express Delivery - The express delivery sector is entering a new phase of competition, with expectations of price stabilization and profit recovery. Companies like YTO Express and ZTO Express are highlighted as key players [6][4]. Rail and Highway - Rail freight and highway truck traffic are projected to maintain steady growth, with the report noting a slight decrease in highway truck traffic of 0.24% week-on-week [6][4]. - The report suggests that high-dividend investment strategies in the highway sector remain attractive [6][4].

Investment Rating - The report maintains a "Positive" outlook on the transportation industry, particularly highlighting opportunities in shipping and logistics sectors [4]. Core Insights - The report emphasizes the recovery and growth potential in the shipping market, with specific attention to the rise in VLCC (Very Large Crude Carrier) charter rates and the overall shipping market dynamics [6]. - It identifies key investment opportunities in companies such as China Merchants Energy, COSCO Shipping Energy, and others, while also suggesting a focus on high-dividend stocks in the transportation sector [6][22]. Summary by Sections Shipping Market - VLCC one-year charter rates have increased to $58,000 per day, indicating a strong market demand [6]. - The report notes a 6% week-on-week decline in VLCC rates, averaging $115,290 per day, but anticipates potential increases in the coming weeks due to expected cargo volume growth [6]. - The Baltic Dry Index (BDI) rose by 6.5% to 2,727 points, with Capesize rates reaching a two-year high [6]. Air Transportation - The report highlights a significant opportunity for airlines due to the aging aircraft fleet and increasing passenger demand, predicting a "golden era" for the airline industry [6]. - Recommended stocks include China Eastern Airlines, China Southern Airlines, and others, with a focus on companies that can leverage operational efficiencies and rising demand [6]. Logistics and Express Delivery - The express delivery sector is entering a new phase of competition, with potential for profit recovery and industry consolidation [6]. - Companies like Shentong Express and YTO Express are highlighted as having strong growth potential, particularly in Southeast Asia [6]. Road and Rail Transportation - The report indicates resilience in railway freight volumes and highway truck traffic, with a slight increase in railway cargo to 82.12 million tons, up 0.74% week-on-week [6]. - The highway sector is expected to benefit from high dividend yields and potential market value management catalysts [6].

证券代码：600026 证券简称：中远海能 公告编号：2025-067 中远海运能源运输股份有限公司 关于召开2025年第三次临时股东会的通知 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： 2025年第三次临时股东会 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025年12月23日 至2025年12月23日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东会召开当日的交易时间 段，即9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东会召开当日的9:15- 15:00。 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投票，应按照《上海证券交易 所上市公司自律监管指引第1号一规范运作》等有关规定执行。 （七）涉及公开征集股东投票权 不涉及 二、会议审议事项 本次股东会审议议案及投票股东类型 ● 股东会召开日期：2025年12月23日 ● 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 ...

Group 1 - The Baltic Dry Index (BDI) has risen for 15 consecutive days, reaching a closing value of 2845 points on December 3, marking a 9.42% increase in a single day, the largest daily gain in nearly two months [5][6] - The cumulative increase of the BDI over this period is 40.15%, indicating a significant upward trend in dry bulk shipping rates [5] - Analysts from Changjiang Securities predict that the dry bulk shipping industry is at a turning point, with three main catalysts for demand: the production of the West Mundu iron ore mine, potential interest rate cuts by the Federal Reserve, and ongoing infrastructure projects [5] Group 2 - The average stock price increase for shipping and port concept stocks this year is 17.41%, with notable performers like Haixia Co., which has seen a stock price increase of 89.83% [7] - Institutional interest in Haixia Co. remains high, with 33 institutions conducting research on the company, while other companies like China Merchants Port have also attracted significant institutional attention [7] - The shipping industry is experiencing a recovery in performance, with companies like Antong Holdings and Jinjiang Shipping reporting net profits in the first three quarters that exceed their projected full-year profits for 2024 [8] Group 3 - Several shipping and port concept stocks are expected to see growth in their annual performance, with at least five institutions predicting an increase in net profits for 2025 [8][9] - Specific companies such as China Merchants Shipping, COSCO Shipping Energy, and Zhonggu Logistics are highlighted for their positive growth forecasts, with expected net profit growth rates ranging from 3.79% to 21.41% [9]

Summary of Key Points from Conference Call Records Industry Overview - **Transportation Sector**: Focus on supply-demand improvement and growth stocks for 2026, with a historical high in airline passenger load factor in 2025 but a decline in ticket prices due to weak demand and competition among airlines [1][6] - **Oil Shipping Sector**: Expected to benefit from OPEC+ production increases, long-distance crude oil exports, and geopolitical factors, leading to an anticipated rise in freight rates [1][4] - **Express Delivery Industry**: Slowing internal growth with price pressures and competition from instant delivery services, with a projected price decline of around 2% in 2026 [1][22] Core Insights and Arguments - **Airline Industry**: - Supply growth is expected to slow to 4.4% in 2026 due to fewer aircraft introductions and high utilization rates. Demand growth is projected at 5.3%, slightly above GDP growth, driven by business recovery and increased inbound tourism [2][6] - Airlines are expected to focus on ticket pricing management due to historical high load factors, with significant profit elasticity anticipated [2][6] - **Oil Market**: - Global crude oil supply is expected to be in surplus in 2026, primarily from the U.S. and Brazil, leading to a decline in oil prices [1][10][11] - Geopolitical factors will add marginal volatility, with freight rates expected to stabilize around $50,000 to $60,000 [12][13] - **Port and Shipping Industry**: - The port sector is experiencing low single-digit growth in export volumes, with a recovery in import bulk cargo throughput expected in 2026 [3][15] - The shipping sector is entering an upward cycle, with expectations for a second wave of price increases post-Spring Festival [1][8] - **Express Delivery Companies**: - Recommended companies include ZTO Express, SF Express, and Jitu Express, focusing on cost optimization through automation and potential growth in Southeast Asia [1][24] Additional Important Insights - **Railway Logistics**: - Container penetration in the railway logistics sector is expected to increase significantly, with recommendations for leading companies in this niche [3][20] - **Airport Sector**: - A neutral outlook due to slow recovery in non-aeronautical revenue streams, with a need for more effective monetization strategies [3][7] - **Market Recommendations**: - Investors are advised to hold current positions or increase holdings during seasonal lows in December and January, particularly in the oil shipping sector [13] - **Growth Stocks**: - Focus on industry leaders with attractive valuations, companies in expanding niches, and high-dividend stocks for stable returns [1][5] This summary encapsulates the key points from the conference call records, providing a comprehensive overview of the transportation sector's outlook for 2026, including specific recommendations and insights into various sub-sectors.

為中遠海運能源運輸股份有限公司（「 本公司 」）的 股 東， 茲 委 任3特別股東會（ 定 義 見 下 文 ）的 主 席 或 地址為 為本人╱吾等的受委代表，代表本人╱吾等出席本公司謹訂於二零二五年十二月二十三日（星期二）上午十時正假 座中華人民共和國上海市虹口區東大名路1171號遠洋賓館三樓舉行的特別股東會（「特別股東會」）（或其任何續會）， 並按以下指示就日期為二零二五年十二月五日的特別股東會通告（「特別股東會通告」）所載決議案代表本人╱吾等 投 票，及 如 無 作 出 指 示，則 本 人╱吾 等 的 受 委 代 表 可 酌 情 投 票。除 非 另 有 界 定，否 則 本 表 格 所 用 詞 彙 定 義 與 本 公 司日期為二零二五年十二月五日的通函（「通 函」）所界定者相同。 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） 二零二五年十二月二十三日（星期二）舉行的 特別股東會適用的代表委任表格 與本代表委任表格有關 的H股數目1 本人╱吾等2 地址為 | 序號 | 普通決議案# | 贊 成 ...

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通告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 通 告 全 部 或 任 何 部 分 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.* 中遠海運能源運輸股份有限公司 （在中華人民共和國註冊成立之股份有限公司） （股份代號：1138） 特別股東會通告 茲通告 中遠海運能源運輸股份有限公司（「本公司」）謹訂於二零二五年十二月二十三 日（星 期 二）上午十時正假座中華人民共和國上海市虹口區東大名路1171號遠洋賓 館三樓舉行特別股東會（「特別股東會」）或 其 任 何 續 會，以 審 議 並 酌 情 通 過 以 下 決 議 案。 除 另 有 界 定 者 外，本 通 告 所 用 詞 彙 與 本 公 司 日 期 為 二 零 二 五 年 十 二 月 五 日 的 通 函 （「該通函」）所 界 定 者 具 有 相 同 涵 義。 普通決議案 承董 ...

此乃要件 請即處理 閣下如對本通函任何內容或應採取的行動有任何疑問， 閣下應諮詢股票經紀或其他註冊證券交易商、 銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或以其他方式轉讓 名下所有 中遠海運能源運輸股份有限公司 的股份，應立即將本通函 及 隨 附 的 代 表 委 任 表 格 轉 交 買 主 或 承 讓 人，或 經 手 買 賣 或 轉 讓 的 銀 行、股 票 經 紀 或 其 他 代 理，以 便 轉交買主或承讓人。 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通函的內容概不負責，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通函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） (1)有關租船協議的須予披露及關連交易及持續關連交易； (2)建議委任非執行董事；及 (3)特別股東會通告 本封面頁所用詞彙與本通函所界定者具有相同涵義。 董事會函件載於本通函第5至21頁。獨立董事委員會致獨立股東的函件載 ...

中远海运能源运输股份有限公司 2025 年第三次临时股东会会议资料 二〇二五年十二月二十三日 | 目录 | | --- | | | 会议议程…………………………………………………………………2 | | --- | --- | | | 会议须知…………………………………………………………………3 | | 议案 | 1《. 关于向中远海运发展长期租赁 6 艘 VLCC 新造船的议案》….4 | | 议案2《. | 关于聘任马媛茹女士为本公司非执行董事的议案》………….6 | 1 中远海运能源运输股份有限公司 2025 年第三次临时股东会议程 时间：2025 年 12 月 23 日（星期二）10 点 00 分 地点：上海市虹口区东大名路 1171 号远洋宾馆三楼 主持人：任永强董事长（或受推举的董事） 会议议程 一、审议议题： 普通决议案，非累积投票议案，审议： 2 1. 关于向中远海运发展长期租赁 6 艘 VLCC 新造船的议案 2. 关于聘任马媛茹女士为本公司非执行董事的议案 二、股东发言及股东提问。 三、与会股东和股东代表对议案投票表决。 四、会议休会（统计投票表决结果）。 五、宣布表决结果。 六、律师宣读法 ...

证券代码：600026 证券简称：中远海能 公告编号：2025-067 中远海运能源运输股份有限公司 关于召开2025年第三次临时股东会的通知 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： 股东会召开日期：2025年12月23日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 （二） 股东会召集人：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"）董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 23 日 10 点 00 分 召开地点：上海市虹口区东大名路 1171 号远洋宾馆三楼 （五） 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 12 月 23 日 一、 召开会议的基本情况 （一） 股东会类型和届次 2025年第三次临时股东会 二、 会议审议事项 本次股东会审议议案及投票股东类型 | ...