Core Insights - Southbound funds have significantly increased their investment in Hong Kong stocks, with a cumulative net purchase amount exceeding 50 billion HKD since the launch of the Hong Kong Stock Connect program [1][2] Group 1: Investment Trends - As of November 11, southbound funds recorded a net inflow of 44.67 billion HKD, marking the 15th consecutive trading day of net buying [1] - Year-to-date, the net purchase amount by southbound funds has surpassed 1.3 trillion HKD, reaching 1,309.82 billion HKD, setting a new annual record since the program's inception in 2014 [1][2] Group 2: Market Performance - The strong performance of the Hong Kong stock market, with the Hang Seng Index and Hang Seng Tech Index both rising over 30% this year, has positively influenced the continuous net buying by southbound funds [2] - The IPO market in Hong Kong has attracted high-quality new listings, including secondary listings from U.S. and A-share companies, which have expanded the pool of attractive investment targets for southbound funds [2] Group 3: Stock Holdings - Major holdings by southbound funds include Tencent Holdings with a market value of 651.23 billion HKD, Alibaba-W at 344.21 billion HKD, and China Construction Bank at 273.32 billion HKD [2] - In the past month, the top ten net purchases by southbound funds included Xiaomi Group-W, China National Offshore Oil Corporation, and Meituan-W, with net purchase amounts ranging from 8.89 billion HKD to 1.68 billion HKD [3] Group 4: Valuation Insights - Industry experts believe that the current valuation levels of Hong Kong stocks remain attractive, suggesting that the trend of increased investment from southbound funds is likely to continue [4] - The market is seen as having many undervalued stocks with resilient earnings, indicating significant long-term investment value [4]

Group 1 - The core viewpoint of the article focuses on the operations and performance of COSCO SHIPPING Energy Transportation Co., Ltd, highlighting its strategic importance in the energy transportation sector [1] Group 2 - The company is a key player in the energy transportation industry, providing essential services for the global energy supply chain [1] - Recent developments indicate a strong demand for energy transportation services, driven by increasing global energy consumption [1] - The company's fleet expansion and modernization efforts are aimed at enhancing operational efficiency and meeting market demands [1]

Investment Rating - The report maintains a "Recommendation" rating for the transportation industry [3] Core Insights - The transportation industry is experiencing a recovery, with various segments showing potential for growth, particularly in shipping, infrastructure, aviation, and express delivery [7][19][22][20] Shipping - The shipping sector is seeing mixed price movements, with the SCFI for the US East route down 17.2% and the Southeast Asia route up 6.4% [11] - The report highlights the importance of monitoring the price increases in container shipping and the potential recovery in oil tanker rates due to improved US-China trade relations [16][12] Infrastructure - Key metrics indicate a decline in truck traffic and railway cargo, while port throughput has increased significantly, suggesting a shift in market dynamics [17][18] - The report emphasizes the potential for dividend stocks in the infrastructure sector, particularly in ports, which are currently undervalued [19] Aviation - The aviation sector shows a positive trend with a 7.2% year-on-year increase in passenger volume, driven by improved demand and a low base effect [22] - The report suggests that the industry is poised for profitability in 2026, with a focus on valuation recovery and potential investment opportunities in major airlines [22] Express Delivery - The express delivery sector is benefiting from a reduction in price competition, with a notable increase in business volume and revenue [20] - The report indicates that the "anti-involution" policies are helping to stabilize prices and improve profitability in the sector [20] Logistics - The logistics segment is experiencing stable performance, with cross-border air freight prices showing a week-on-week increase [23] - The report notes the importance of monitoring the daily traffic at key ports and the implications for logistics operations [23]

Group 1 - The core viewpoint indicates that the National Petroleum and Natural Gas Index (399439) has shown a positive trend, with a 0.53% increase, and several component stocks have also risen significantly, such as Lanstone Heavy Industry (603169) up by 10.05% [1] - Engie CEO's statement highlights that European gas power plants are increasingly utilized to compensate for renewable energy supply gaps, with the load factor reaching 20% this year compared to 15% last year [1] - Dongwu Securities projects a favorable outlook for 2025, citing supply easing, cost optimization for gas companies, and a continued adjustment of pricing mechanisms alongside increasing demand [1] Group 2 - As of October 31, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index (399439) include major companies such as China National Petroleum (601857) and China Petroleum & Chemical (600028), collectively accounting for 65.09% of the index [2] - The Oil and Gas ETF (159697) closely tracks the National Petroleum and Natural Gas Index, reflecting the price changes of publicly listed companies in the oil and gas sector [1][3]

Core Insights - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 19.12%, with 238 stocks having a shareholding ratio exceeding 20% [1] - Southbound funds hold a total of 4,829.92 million shares, accounting for 19.12% of the total share capital of the stocks, with a market value of 62,903.32 billion HKD, representing 14.56% of the total market value [1] - The stocks with the highest shareholding ratios by southbound funds are primarily AH concept stocks, with 127 out of 238 stocks exceeding 20% shareholding being AH stocks [1] Summary by Category Southbound Fund Holdings - Southbound funds have a significant presence in the Hong Kong market, with 238 stocks having over 20% shareholding, 135 stocks between 10% and 20%, 96 stocks between 5% and 10%, 82 stocks between 1% and 5%, and 18 stocks below 1% [1] - The highest shareholding is in China Telecom (601728) at 71.42%, followed by Green Power (601330) at 69.43% and COSCO Shipping Energy (600026) at 69.25% [2] Industry Distribution - The stocks with over 20% shareholding by southbound funds are mainly concentrated in the healthcare, industrial, and financial sectors, with 56, 35, and 34 stocks respectively [2] - A detailed list of high shareholding stocks includes China Telecom, Green Power, COSCO Shipping Energy, and others, with varying market prices and daily price changes [2][3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company reported a year-on-year increase in net profit of 4.4% for the third quarter, despite a decline in revenue for the first three quarters of 2025 [1][8] - The external oil transportation business is experiencing a recovery, with significant increases in VLCC freight rates observed in September [1][13] - The company has diversified its business structure, maintaining stable performance in its LNG transportation segment [2][17] - The supply-demand dynamics in the oil transportation sector remain favorable, with expectations for upward price elasticity [2][17] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 171.1 billion yuan, a decrease of 2.6% year-on-year, and a net profit of approximately 27.2 billion yuan, down 21.2% [1][8] - In the third quarter alone, revenue was 54.7 billion yuan, also down 2.6% year-on-year, while net profit was about 8.5 billion yuan, reflecting a 4.4% increase [1][8] Business Segments - The external oil transportation business generated a gross profit of 17.9 billion yuan in the first three quarters, a decline of 43.2% year-on-year, with a gross profit of 5.0 billion yuan in the third quarter, down approximately 19% [1][13] - The average daily earnings for the VLCC TD3C route (Middle East to China) were $42,918, an increase of about 16.5% compared to the same period last year, with September's average reaching $76,197 [1][13] - The internal oil transportation business saw a gross profit of 10.2 billion yuan, down 9.7% year-on-year, while the LNG transportation segment contributed a net profit of 6.74 billion yuan, remaining stable [2][17] Future Outlook - The company expects the industry price center to rise in the next 1-2 years, with projected net profits for 2025-2027 at 47.6 billion yuan, 56.0 billion yuan, and 58.2 billion yuan, respectively, indicating year-on-year growth of 18.0%, 17.6%, and 3.9% [3][18] - The favorable supply-demand dynamics are anticipated to support upward price elasticity in the oil transportation sector, driven by OPEC+ production increases and a return of black market demand to compliant markets [2][17]

Core Viewpoint - COSCO Shipping Energy announced the signing of a bareboat charter contract for six VLCCs with Hainan COSCO Shipping, a wholly-owned subsidiary of COSCO Shipping Energy, indicating a strategic move to enhance its fleet capacity and operational capabilities [1] Group 1 - On November 5, 2025, COSCO Shipping Energy disclosed that its wholly-owned subsidiary, Huanyu Company, signed a bareboat charter contract for six VLCCs with Hainan COSCO Shipping [1] - The announcement references previous board resolutions and related transactions, confirming that the terms of the contracts remain unchanged as of the disclosure date [1] - The contracts are part of COSCO Shipping Energy's ongoing strategy to optimize its shipping operations and expand its service offerings in the maritime industry [1]

中远海运能源运输股份有限公司 证券代码：600026 证券简称：中远海能 公告编号：2025-065 于 2025 年 11 月 5 日，寰宇公司与海南中远海发已签订六艘 VLCC 船舶光 租合同，主要条款已载于该等公告。截至本公告披露日，该等合同条款并无变动。 上述交易尚须获得股东会的批准，与该关联交易有利害关系的关联人将放弃 行使在股东会上对该议案的投票权。 特此公告。 中远海运能源运输股份有限公司董事会 2025 年 11 月 5 日 1 关于签订船舶光租合同暨关联交易进展公告 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。 一、关联交易的基本情况 兹提述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" 或"公司"）于 2025 年 10 月 31 日发布的《中远海能二〇二五年第十四次董事会 会议决议公告》（公告编号：2025-060）、《中远海能关于全资子公司光租六艘 VLCC 暨关联交易公告》（公告编号：2025-061）（以下简称"该等公告"），内容 有关寰宇公司（本公司全资子公司）或本公司指定的境 ...

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 中華人民共和國，上海 二零二五年十一月五日 於本公告刊發日期，董事會由執行董事任永強先生及朱邁進先生，非執行董事汪樹青先 生、王威先生及周崇沂女士，以及獨立非執行董事黃偉德先生、李潤生先生、趙勁松先生 及王祖溫先生所組成。 * 僅供識別 证券代码：600026 证券简称：中远海能 公告编号：2025-065 中远海运能源运输股份有限公司 关于签订船舶光 ...

Core Insights - The conference highlighted the commitment of COSCO Shipping Energy Transportation to its mission of "linking the world and delivering energy," emphasizing the successful integration of energy and chemical logistics supply chains [1] - The company aims to enhance its service capabilities and deepen its integration into the global energy transportation industry chain, contributing to collaborative development within the sector [1] Group 1: Key Consensus from the Conference - Safety is paramount, with a focus on maintaining stable and safe operations as the foundation for high-quality industry development [2] - Emphasis on digital transformation and low-carbon initiatives, leveraging technology to upgrade supply chains and explore new avenues in energy transportation [2] - A commitment to open collaboration and mutual benefit, fostering cooperation across the industry chain to seize new market opportunities [2] Group 2: Digital Innovations Announced - Launch of a digital supply chain collaboration platform that integrates big data, AI, and blockchain to enhance service efficiency and provide customized solutions for clients [3] - Introduction of the Smart Navigation Solution, utilizing IoT and data analytics for optimizing vessel operations and ensuring safety and efficiency in maritime logistics [3] Group 3: Future Directions - COSCO Shipping Energy Transportation plans to continue developing an integrated global network for oil, gas, chemicals, and storage, focusing on safety, efficiency, and sustainability in energy shipping [4]