Core Viewpoint - COSCO Shipping Energy (中远海能) shares fell over 4%, currently trading at 8.46 HKD with a transaction volume of 29.839 million HKD, following OPEC+'s announcement of a production increase that was lower than market expectations [1] Group 1: Company Performance - COSCO Shipping Energy's stock dropped by 4.3% [1] - Current share price is 8.46 HKD [1] - Trading volume reached 29.839 million HKD [1] Group 2: Industry Context - On October 5, OPEC+ announced an increase in production by 137,000 barrels per day starting in November, consistent with the increase in October [1] - This production increase is significantly lower than the previously reported expectation of 500,000 barrels [1] - Huayuan Securities predicts that the oil transportation market may see a notable improvement in Q4 2025 due to the ongoing acceleration of OPEC+ production increases [1]

每经AI快讯，10月8日，港股中远海能(01138.HK)跌超4%，截至发稿，跌4.3%，报8.46港元，成交额 2983.9万港元。 ...

Core Viewpoint - China COSCO Shipping Energy Transportation Co., Ltd. (中远海能) experienced a decline of over 4%, specifically a drop of 4.3%, trading at HKD 8.46 with a transaction volume of HKD 29.839 million [1] Group 1: Market Reaction - The decline in share price is attributed to the announcement from OPEC+ on October 5, stating that eight oil-producing countries will increase production by 137,000 barrels per day in November, maintaining the same increase as in October [1] - This production increase is significantly lower than the previously reported potential increase of 500,000 barrels, leading to market concerns regarding oil supply dynamics [1] Group 2: Future Outlook - Huayuan Securities has indicated that with the ongoing acceleration of OPEC+ production increases, there may be a notable improvement in the oil transportation market's outlook by Q4 2025 [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中遠海運能源運輸股份有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600026 | 說明 | A股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,474,776,395 | RMB | | 1 | RMB | | 3,474,776,395 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 3,474,776,395 | RMB | | | 1 RMB | | 3,474,776,395 ...

Group 1: Oil Shipping - The fourth quarter is a traditional peak season for oil shipping, with freight rates expected to rise starting in October [2][3] - Current freight rates reflect tight supply levels, and the demand for oil products in the Northern Hemisphere winter typically lasts for three months [1][2] - OPEC+ is expected to continue small production increases in October, contributing to sustained demand for shipping [1][2] Group 2: Near Coastal and Domestic Shipping - After the National Day holiday, freight rates for near coastal and domestic shipping are anticipated to gradually increase [3] - The near coastal shipping market has improved supply-demand dynamics this year, with no new supply of small vessels and aging fleets causing efficiency losses [3] - Increased cargo volumes between Southeast Asia and China, Japan, and South Korea are expected to support demand growth [3] Group 3: Dry Bulk Shipping - Historical data suggests that the BDI index typically rises in September and early October due to increased demand for grain shipments [4] - The post-holiday rush effect is likely to drive freight rates up after the National Day holiday, although rates may decline after the peak grain shipping period [4] - Winter energy demand is expected to boost transportation needs for coal and iron ore, leading to a potential rise in freight rates in late November [4] Group 4: Investment Opportunities - The company sees potential investment opportunities in the shipping sector due to ongoing supply tightness and marginal demand improvements [5] - Specific companies highlighted for potential growth include COSCO Shipping Energy (600026), China Merchants Energy Shipping (601872), China Merchants Jinling Shipyard (601975), Seaspan Corporation (01308), and Zhonggu Logistics (603565) [5]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry is experiencing resilient demand, with a shift towards "quality over quantity" leading to price increases, which will enhance corporate profitability. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost reduction [4][13] - The shipping sector is anticipated to benefit from the OPEC+ production cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market expected in Q4 2025 [13] - The aviation industry is projected to see long-term demand growth due to macroeconomic recovery, with short-term ticket booking data indicating a rebound [13] Summary by Sections Express Delivery - The express delivery sector is witnessing a significant price increase, with over 90% of regions in China experiencing price hikes, which is expected to improve profitability for companies [4] - Key companies to watch include YTO Express, Shentong Express, Zhongtong Express, and SF Express, all of which are positioned to benefit from the industry's positive trends [13] Shipping and Shipbuilding - The shipping sector is expected to see a cyclical recovery, particularly in oil transportation due to OPEC+ production increases and geopolitical uncertainties enhancing VLCC rate elasticity [13] - The shipbuilding market is in a green transition phase, with new orders expected to improve as market conditions stabilize [13] Aviation - The aviation sector is experiencing low supply growth with increasing demand, leading to a favorable long-term outlook. Companies like China Southern Airlines and Air China are highlighted for their potential [13][14] Logistics and Ports - The logistics sector is seeing a positive trend with companies like Shenzhen International and Debon Logistics expected to benefit from improved competition and operational efficiencies [13] - Port operations are stable, with a focus on cash flow and growth potential in hub ports like China Merchants Port and Qingdao Port [13]

报告要点 丨证券研究报告丨 [TaSummary] 今年以来，受资金风格切换等因素影响，交运板块核心红利资产标的均面临一定程度股价调整， 估值及股息率重回高性价比区间，显著领先十年期国债收益率，对于绝对收益资金吸引力逐步 提升。基于行业特征，我们重点推荐交运板块中具有低估值、高股息特征的垄断性资产，1）买 低波稳健+分红确定：优选高速公路龙头（招商公路以及宁沪高速等），以及大秦铁路与青岛港； 2）短期看，港股市场估值折价明显、股息率更具性价比，建议关注港股向上弹性。 行业研究丨行业周报丨运输 [Table_Title] 当前时点，如何看待交运红利资产配置价值？ 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 当前时点，如 ...

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 国浩律师（上海）事务所 法律意见书 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 二零二五年九月二十六日 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 国浩律师（上海）事务所 关于中远海运能源运输股份有限公司 2025 年第二次临 ...

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.* 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） 特別股東大會投票結果 特別股東大會投票結果 董 事 會 欣 然 宣 佈，特 別 股 東 大 會 通 告 所 載 的 所 有 決 議 案 已 於 特 別 股 東 大 會 上 通 過 投 票 表 決 方 式 獲 正 式 通 過。 茲提述(i)中遠海運能源運輸股份有限公司（「本公司」）日期為二零二五年九月八日 的通函（「通 函」）；及(ii)本公司日期為二零二五年九月八日的特別股東大會通告（「特 別股東大會通告」）。除 另 有 界 定 者 外，本 公 告 所 用 詞 彙 與 通 函 所 界 定 者 具 ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于中远海运能源运输股份有限公司 致：中远海运能源运输股份有限公司 国浩律师（上海）事务所（以下简称"本所"），接受中远海运能源运输股份 有限公司（以下简称"公司"）的委托，指派本所律师出席公司 2025 年第二次临 时股东大会（以下简称"本次会议"或"本次股东大会"），并根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）以及《中远海 运能源运输股份有限公司章程》（以下简称"《公司章程》"）的规定出具本法律 意见书。 本所依据本法律意见书出具日之前已经发生或存在的事实及中国（为出具本 法律意见书之目的，本法律意见书中的"中国"仅指中国大陆地区，不包括香港特 别行政区和澳门特别行政区及台湾地区）现行法律、法规及规范性文件发表法律 意见。 本所同意将本法律意见书作为公司本次股东大会公告的法定文件，随公司其 他公告一并提交上海证券交易所审查并予公告。 在本律师意见书中，本所律师仅对本次股东大会的召集和召开程序、出席会 议人员的资格、召集人的资格 ...