Core Viewpoint - The article discusses the performance of the Russia-Ukraine conflict concept stocks, highlighting a 1.11% increase in this sector, ranking it 9th among various concept sectors, with notable gains from specific stocks [1][2]. Group 1: Stock Performance - The Russia-Ukraine conflict concept saw 48 stocks rise, with *ST New Tide hitting the daily limit, and other top performers including Potential Energy, New Jin Power, and Tongyuan Petroleum, which increased by 11.82%, 8.07%, and 7.22% respectively [1][2]. - Conversely, stocks such as Fengmao Co., Ren Zhi Co., and Western Materials experienced declines of 3.43%, 2.80%, and 2.66% respectively [1]. Group 2: Capital Flow - The Russia-Ukraine conflict concept experienced a net outflow of 333 million yuan in main capital, with 38 stocks seeing net inflows, and 7 stocks receiving over 30 million yuan in net inflows [2]. - Tongyuan Petroleum led the net inflow with 85.11 million yuan, followed by Potential Energy, Shen Kai Co., and China Merchants Energy with net inflows of 66.16 million yuan, 47.92 million yuan, and 44.50 million yuan respectively [2][3]. Group 3: Capital Inflow Ratios - The stocks with the highest net inflow ratios included China Merchants Energy, China Merchants Shipping, and Longping High-Tech, with net inflow rates of 15.80%, 11.95%, and 11.88% respectively [3].

Group 1 - The core viewpoint of the news is that the National Petroleum and Natural Gas Index (399439) has seen a strong increase of 1.27%, driven by rising demand and export restrictions from Russia on gasoline until August 31, 2025 [1] - The stocks of potential Hengxin (300191), Donghua Energy (002221), and Oriental Universe (603706) have also experienced significant gains, with increases of 5.17%, 4.36%, and 3.37% respectively [1] - The oil and gas ETF (159697) has risen by 1.27%, with the latest price reported at 1.04 yuan [1] Group 2 - According to Ping An Securities, the price of Brent crude oil is expected to have strong support at $60 per barrel in Q3 2025, considering the seasonal demand for gasoline and aviation kerosene, as well as uncertainties in the Middle East [1] - As of June 30, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index include major companies such as China National Petroleum (601857), Sinopec (600028), and China National Offshore Oil (600938), which collectively account for 65.74% of the index [2]

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [4][6][7]. Core Views - The "anti-involution" policy in the express delivery sector is expected to ease competition, with Shentong Express planning to acquire Dan Niao Logistics [3][54]. - The shipping industry is anticipated to see a bottoming out of oil transportation rates during the summer, with potential upward pressure on rates due to supply constraints and demand changes [1][22][23]. - The aviation sector is experiencing a decline in flight volumes, but the domestic passenger market is expected to continue optimizing supply and demand dynamics through 2025 [2][37][46]. Summary by Sections Shipping Sector - In July, crude oil entered the off-season, leading to a softening of oil freight rates, with expectations for a bottoming out during the summer [1]. - The current supply situation is relatively tight, and marginal changes in demand could significantly impact freight rates [1][22]. - Recommendations include China Merchants Energy and China Merchants Shipping, with a focus on China Merchants South Oil [1]. Aviation Sector - The overall and domestic passenger flight volumes have decreased by 1.5% and 1.4% respectively compared to the previous week, but remain above 2019 levels [2][37]. - The average ticket price for domestic routes has dropped by 8.0% year-on-year, while passenger load factors have improved slightly [2][37]. - Investment recommendations include closely monitoring ticket price performance during the peak summer season, with a focus on China National Aviation, Eastern Airlines, Southern Airlines, and Spring Airlines [2][46]. Express Delivery Sector - The "anti-involution" policy has been implemented to combat excessive competition, with price increases already observed in regions like Yiwu [3][53]. - The introduction of unmanned logistics vehicles is expected to reduce costs significantly for leading companies like SF Express and Zhongtong Express [3][61]. - Investment suggestions include SF Express, Zhongtong Express, YTO Express, and Shentong Express, with a focus on the impact of the "anti-involution" policy [3][63]. Key Company Earnings Forecasts and Investment Ratings - China Merchants Energy, China Merchants Shipping, SF Express, Zhongtong Express, and YTO Express are all rated as "Outperform" [7]. - SF Express is expected to maintain a growth rate of 15-20% over the next two years, with a PE ratio of approximately 20 times in 2025 [3][63]. - China Merchants Shipping reported a 20.1% year-on-year increase in revenue for Q1 2025, indicating strong performance [27].

Group 1 - The company has received approval to register medium-term notes with a total amount not exceeding RMB 5 billion [1][2] - The registration is valid for two years from the date of the acceptance notice issued by the trading association [2] - The company plans to issue the medium-term notes in phases based on funding needs and market conditions [2] Group 2 - The main underwriter for the medium-term notes is China Merchants Bank [2] - The company will disclose the issuance results through approved channels after the issuance is completed [2] - The board of directors has ensured the accuracy and completeness of the announcement [1][4]

特此公告。 证券代码：600026 证券简称：中远海能 公告编号：2025-043 1、本次中期票据注册金额为 50 亿元，注册额度自通知书落款之日起 2 年内 有效，由招商银行股份有限公司主承销。 2、公司在注册有效期内可分期发行中期票据，接受注册后如需备案发行， 应事前先向交易商协会备案。发行完成后，应通过交易商协会认可的途径披露发 行结果。 公司将根据相关法律法规和交易商协会的要求，结合公司资金需求、市场情 况，在注册额度及有效期内择机发行中期票据，并及时履行信息披露义务。 中远海运能源运输股份有限公司 关于中期票据获准注册的公告 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"中远海能"、"本公司"或"公 司"）于 2025 年 6 月 5 日召开二〇二五年第八次董事会会议、于 2025 年 6 月 30 日召开 2024 年年度股东大会，审议通过了《关于申请注册发行中期票据的议案》， 同意公司在中国银行间市场交易商协会（以下简称"交易商协会"）申请注册发 行总额度不超过人民币 ...

Core Viewpoint - China Merchants Energy Transportation Co., Ltd. (中远海能) has received approval for its 8 billion yuan private placement, which will be used to expand its fleet by constructing 11 new vessels, including 6 Very Large Crude Carriers (VLCCs) and 2 LNG carriers [1][2]. Group 1: Fundraising and Fleet Expansion - The company plans to raise a total of up to 8 billion yuan, with 4.598 billion yuan allocated for the construction of 6 VLCCs, while the remaining funds will be used for 2 LNG carriers and 3 Aframax oil tankers [2]. - The construction of the 6 VLCCs has already commenced, with contracts signed and 20% of the shipbuilding costs paid, with expected delivery by 2028 [2]. - This fundraising initiative is aimed at optimizing the fleet's age structure and enhancing the company's competitive edge in both domestic and international oil transportation [2][3]. Group 2: Industry Position and Performance - China Merchants Energy holds the largest oil tanker capacity in the world, with a fleet of 159 oil tankers totaling 23.74 million deadweight tons, and 12 oil tankers under construction [4]. - The company is also a leading player in the LNG transportation sector, with 87 LNG vessels under investment, of which 50 are operational, contributing to stable revenue through long-term contracts [4]. - The company's revenue has shown significant growth over the past three years, with revenues of 18.66 billion yuan, 22.73 billion yuan, and 23.24 billion yuan from 2022 to 2024, reflecting year-on-year growth rates of 46.93%, 21.84%, and 2.25% respectively [5]. Group 3: Recent Performance Trends - In the first quarter of 2025, the company reported a revenue of 5.753 billion yuan, a decrease of 4.01% year-on-year, with net profit dropping by 43.31% to 708 million yuan [6]. - The oil tanker segment generated revenue of 4.97 billion yuan, showing a slight decline of 5.6% year-on-year, while the LNG transportation business grew, contributing a net profit of 200 million yuan, an increase of 12.3% [6].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector shows significant divergence in June data, with a focus on the industry's anti-involution process [3] - The express logistics market is expanding, supported by the national strategy to boost domestic demand, with a year-on-year growth of 15.8% in express delivery volume in June 2025 [5] - The performance of major express companies varies, with SF Express maintaining a business volume growth rate of over 30%, while other companies like YTO Express and Yunda Express show slower growth [4][5] Summary by Sections Express Logistics - In June 2025, the total express delivery volume reached 16.87 billion pieces, a year-on-year increase of 15.8%, with total revenue of 126.32 billion yuan, up 9.0% [5][24] - Major express companies' performance in June: YTO Express (2.627 billion pieces, +19.34%), Yunda Express (2.173 billion pieces, +7.41%), SF Express (1.460 billion pieces, +31.77%) [4][28] - The market share for these companies is 15.6% for YTO, 12.9% for both Yunda and Shentong, and 8.7% for SF Express [4] Air Transportation - The air travel sector is expected to benefit from macroeconomic recovery, with a year-on-year increase of 4.4% in passenger transport volume in June 2025 [52] - Major airlines are projected to improve their performance in Q2 2025 due to better supply-demand dynamics and lower oil prices [8] Shipping and Ports - The shipping sector is anticipated to benefit from OPEC+ production increases and a favorable economic environment, with a focus on crude oil transportation [16] - The Baltic Dry Index (BDI) increased by 27.8% week-on-week, indicating a recovery in the bulk shipping market [11][68] - Container throughput at Chinese ports showed a slight increase in cargo volume but a decrease in container throughput [81] Road and Rail - In June 2025, road freight volume increased by 2.86% year-on-year, while rail freight volume rose by 7.36% [45] - National logistics operations are running smoothly, with a slight increase in freight truck traffic [14] Supply Chain Logistics - Companies like Shenzhen International and Debon Logistics are expected to benefit from strategic transformations and improved profitability [15]

Core Viewpoint - China Cosco Shipping Energy Transportation Co., Ltd. (中远海能) plans to issue shares to specific investors, pending approval from the China Securities Regulatory Commission (CSRC) [1][2] Group 1: Share Issuance Details - The total amount to be raised from the share issuance is not more than 800 million yuan (approximately 800 million) [1] - The funds will be used for constructing 6 Very Large Crude Carriers (VLCCs), 2 LNG carriers, and 3 Aframax oil tankers [1] - The shares will be issued as domestic RMB ordinary shares (A-shares) with a par value of 1.00 yuan per share [2] Group 2: Investors and Subscription - The issuance will target up to 35 specific investors, including the indirect controlling shareholder, China Cosco Shipping Group [2][3] - China Cosco Shipping Group commits to subscribe for 50% of the shares issued [3] - All investors will subscribe in cash, and the shares will be issued through a competitive bidding process [3] Group 3: Regulatory and Compliance - The issuance is subject to approval from the CSRC, and the timeline for approval remains uncertain [1] - The shares subscribed by China Cosco Shipping Group will be restricted from transfer for 18 months post-issuance, while other investors will have a 6-month restriction [4] - The controlling shareholder structure will remain unchanged after the issuance [4] Group 4: Underwriting and Sponsorship - The lead underwriter for this issuance is Guotai Junan Securities Co., Ltd. [5]

证券代码：600026 证券简称：中远海能 公告编号：2025-042 中远海运能源运输股份有限公司 关于公司向特定对象发行股票申请 获得上海证券交易所审核通过的公告 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"）于 2025 年 7 月 18 日 收到上海证券交易所出具的《关于中远海运能源运输股份有限公司向特定对象发 行股票的交易所审核意见》，具体审核意见如下： "中远海运能源运输股份有限公司向特定对象发行股票申请符合发行条件、 上市条件和信息披露要求。本所将在收到你公司申请文件后提交中国证监会注 册。" 公司将根据该事项的进展情况及时履行信息披露义务，敬请广大投资者注意 投资风险。 特此公告。 中远海运能源运输股份有限公司董事会 2025 年 7 月 18 日 1 公司本次向特定对象发行股票事项尚需经中国证券监督管理委员会（以下简 称"中国证监会"）同意注册后方可实施，最终能否获得中国证监会同意注册的 批复及其时间尚存在不确定性。 ...

Group 1: Shipping Industry - The shipping industry is expected to see a divergence in freight rates, with crude oil rates softening while refined oil rates are recovering, indicating a potential bottoming out of oil shipping rates during the summer [1] - The current supply-demand dynamics suggest that marginal changes in demand could have a multiplier effect on freight rates, leading to a recommendation for companies like COSCO Shipping Energy and China Merchants Energy [1] - The container shipping sector is facing pressure on profitability due to ongoing tariff policies and a subdued economic outlook in Europe and the US, with a recommendation to monitor COSCO Shipping Holdings for potential alpha opportunities [1][2] Group 2: Aviation Industry - The aviation sector has entered the peak summer travel season, with domestic flight volumes increasing by 3.1% compared to the previous week, and overall flight volumes reaching 112.3% of 2019 levels [2] - The average ticket price for domestic routes has decreased by 6.6% year-on-year, while the passenger load factor has improved by 1.4 percentage points to 84.1% [2] - Investment recommendations include closely tracking ticket price performance during the summer peak and considering opportunities in airlines such as Air China, China Eastern Airlines, and Spring Airlines [2][5] Group 3: Express Delivery Industry - The "anti-involution" policy released on July 1 aims to curb excessive competition in the express delivery sector, which is currently characterized by severe price competition [3] - The introduction of unmanned logistics vehicles is expected to significantly reduce costs for leading companies like SF Express and ZTO Express, with potential cost savings of approximately 2000 yuan per vehicle per month for SF Express [3][4] - Investment recommendations focus on SF Express due to its strong recovery in revenue growth and cost-saving measures, while also monitoring ZTO Express and Yunda Holdings for potential opportunities [3][5][6] Group 4: Overall Investment Recommendations - The report suggests focusing on domestic demand and high-dividend sectors, recommending companies with stable operations and controllable risks, including SF Express, ZTO Express, and China Southern Airlines [5] - The express delivery sector is projected to maintain a growth rate of 21.5% for the year, driven by strong demand from e-commerce platforms [6] - The report emphasizes the importance of monitoring price changes and the stability of franchisees in the express delivery industry to capitalize on the effects of the "anti-involution" policy [6]