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， ...

Group 1 - The core point of the article is that China Merchants Energy (中远海能) announced the convening of its 12th board meeting for 2025, which will discuss the establishment of a special bank account for fundraising through the issuance of A-shares to specific targets [1] - For the first half of 2025, the company's revenue composition shows that the transportation sector accounts for 99.76%, while other businesses contribute only 0.24% [1] - As of the time of reporting, China Merchants Energy has a market capitalization of 58.3 billion yuan [1]

Market Overview - The shipping and port sector declined by 1.6% on September 22, with China COSCO Shipping Energy leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Notable gainers included Ningbo Ocean with a closing price of 10.36, up 2.68%, and Ningbo Port at 3.70, up 0.54% [1] - Major decliners included China COSCO Shipping Energy at 12.23, down 4.23%, and Nanjing Port at 9.90, down 3.79% [2] Trading Volume and Value - Ningbo Ocean had a trading volume of 445,200 shares, with a transaction value of 458 million [1] - China COSCO Shipping Energy recorded a trading volume of 765,000 shares, with a transaction value of 935 million [2] Capital Flow - The shipping and port sector experienced a net outflow of 621 million from institutional investors, while retail investors saw a net inflow of 312 million [2] - The sector's capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Ningbo Ocean had a net inflow of 24.09 million from institutional investors, while retail investors had a net outflow of 30.20 million [3] - China COSCO Shipping Energy saw a net outflow of 4.23% from institutional investors, indicating a bearish sentiment [3]

Core Viewpoint - VLCC freight rates have reached the highest level for September since 1990, with VLCCTD3cTCE hitting $96,000/day on September 16, 2025, and expected to maintain high levels in the following days [1][2] Group 1: VLCC Freight Rates - VLCCTD3cTCE reached $96,000/day on September 16, 2025, marking the best September freight rate since 1990, matching the peak from September 2004 [2] - 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, alongside the lowest available VLCC capacity in the past year [2] Group 2: Iron Ore Market - The Ximangdu iron ore project officially commenced operations on September 14, 2025, with the first batch of shipments expected in November 2025, potentially supporting the bulk shipping market from Q4 [3] - The project has iron ore reserves exceeding 2.25 billion tons, with an annual production capacity of 120 million tons, requiring at least 155 Capesize vessels for transportation, which is about 7.6% of the current Capesize fleet [3] Group 3: Investment Recommendations - With OPEC+ increasing oil production and the Ximangdu iron ore project coming online, combined with potential interest rate cuts by the Federal Reserve boosting global commodity demand, the oil and bulk shipping markets are expected to experience a positive cycle starting from Q4 2025 [4] - Companies to watch include China Merchants Energy Shipping (601872), COSCO Shipping Energy Transportation (600026), Haitong Development (603162), HNA Technology (600751), and Air China Ocean Shipping (833171) [4]

Market Overview - A-shares experienced narrow fluctuations with the Shanghai Composite Index closing at 3822.59 points, up 0.07%, and the Shenzhen Component Index up 0.17% while the ChiNext Index fell 0.09% [2] - The total market turnover for the half-day session was 135.56 billion yuan, a decrease of 155.2 billion yuan compared to the previous trading day [2] Sector Performance - The domestic GPU company Moore Threads is set to hold its IPO on the Sci-Tech Innovation Board on September 26, leading to significant gains in related concept stocks such as Yingqu Technology, Donghua Software, Heertai, and Lianmei Holdings, which all hit the daily limit [4] - The chip industry chain saw renewed strength, with Chipone Technology hitting a 20% daily limit and Demingli achieving consecutive gains [4] - The computing power and liquid cooling sectors maintained strong performance, with stocks like Invid and ChaoXun Communication also hitting the daily limit [4][13] Notable Stocks - Industrial Fulian (601138) saw a strong rise, closing at 71.55 yuan per share, up 8.25%, with a total market capitalization of 1.42 trillion yuan and a turnover of 120.84 billion yuan, making it the top stock in A-shares [9][10] - The consumer electronics sector was active, with Hongfuhan hitting a 20% daily limit and several other stocks like Guoguang Electric, Yingqu Technology, and Luxshare Precision also reaching the daily limit [6] Future Outlook - CITIC Securities forecasts a positive outlook for the consumer electronics sector, driven by the peak season and the release of AI-related products, indicating a favorable industry cycle [11] - The AI market is shifting from cloud-side to edge-side applications, presenting broader opportunities in edge devices, computing power chips, and communication modules [11] - The global AI liquid cooling market is expected to reach $8.6 billion by 2026, with China's intelligent computing center liquid cooling market projected to grow by 66.1% in 2024, reaching 18.4 billion yuan [15]

Group 1 - The shipping stocks in Hong Kong experienced significant declines on September 22, with China Merchants Energy (01138.HK) falling by 7.07% to HKD 9.07 [1] - Seaspan Corporation (01308.HK) saw a decrease of 5.61%, trading at HKD 28.92 [1] - Orient Overseas International (00316.HK) dropped by 4.12%, with shares priced at HKD 128.1 [1] - China Cosco Holdings (01919.HK) declined by 3.98%, reaching HKD 13.27 [1]

Core Viewpoint - The shipping stocks have experienced significant declines due to weak demand for container shipping exports from China, leading to a continued adjustment in freight rates across various routes [1] Group 1: Stock Performance - China COSCO Shipping Energy Transportation (600026) saw a drop of 7.07%, trading at HKD 9.07 [1] - Seaspan Corporation (01308) declined by 5.61%, with shares at HKD 28.92 [1] - Orient Overseas International (00316) fell by 4.12%, priced at HKD 128.1 [1] - China COSCO Shipping Holdings (601919) decreased by 3.98%, trading at HKD 13.27 [1] Group 2: Market Conditions - The Shanghai Shipping Exchange reported a 14.3% decrease in the Shanghai Export Container Freight Index, which is now at 1198.21 points [1] - European routes are facing weak demand growth, resulting in declining spot market booking prices [1] - North American routes have seen a decrease in demand since early September, leading to a significant drop in spot market booking prices [1] - The Persian Gulf route is also experiencing weak demand, with freight rates continuing to adjust downward [1] - The Australia-New Zealand route shows stable demand, but market rates are still on a downward trend [1] - South American routes are under pressure due to weak demand growth, causing a continued decline in spot market booking prices [1]