Core Insights - Recently, China COSCO Shipping Energy Transportation Co., Ltd. (中远海能) has undergone a business change, increasing its registered capital from approximately 4.77 billion RMB to about 5.47 billion RMB, representing an increase of around 15% [1] Company Overview - China COSCO Shipping Energy Transportation Co., Ltd. was established in July 1996 and is legally represented by Ren Yongqiang [1] - The company's business scope includes coastal, ocean, and Yangtze River cargo transportation, ship leasing, and cargo agency and forwarding services [1] - The company is jointly held by China Shipping Group Co., Ltd., HKSCC NOMINEES LIMITED, and China COSCO Shipping Group Co., Ltd. [1]

（文章来源：每日经济新闻） 每经AI快讯，天眼查显示，近日，中远海能发生工商变更，注册资本由约47.7亿元人民币增至约54.7亿 元人民币。中远海运能源运输股份有限公司成立于1996年7月，经营范围包括主营沿海、远洋、长江货 物运输，船舶租赁，货物代理、代运业务等，由中国海运集团有限公司、HKSCC NOMINEES LIMITED、中国远洋海运集团有限公司等共同持股。 ...

Group 1 - Trump announced that Mexico will stop supplying oil to Cuba as part of increased pressure on the country, although he did not provide specific details on this decision [1] - As of January, WTI crude oil prices increased by 14% month-on-month but decreased by 11% year-on-year. OPEC+ is adjusting its production strategy between market share and price stability, with an increase in production expected starting in 2025, but facing challenges from weak demand and oversupply [1] - By early 2026, geopolitical risks affecting oil prices are expected to rise, leading to potential supply constraints [1] Group 2 - As of January 30, 2026, the National Petroleum and Natural Gas Index (399439) had its top ten weighted stocks, including China National Petroleum, China National Offshore Oil, and Sinopec, which collectively account for 66.76% of the index [2] - The Petroleum ETF Penghua closely tracks the National Petroleum and Natural Gas Index, reflecting the price changes of listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [2]

呈交日期: 2026年2月2日 截至月份: 2026年1月31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 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 | | | 4,169,220,839 | RMB | | 1 RMB | | 4,169,220,839 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 4,169,220,839 | RMB | | 1 RMB | | 4,169,220,839 | 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 | 2. 股份分類 | 普通股 | 股份 ...

油气ETF汇添富（159309）业绩比较基准为中证油气资源指数收益率，管理人为汇添富基金管理股份有 限公司，基金经理为晏阳，成立（2024-05-31）以来回报为38.77%，近一个月回报为20.14%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月2日，油气ETF汇添富（159309）开盘跌3.54%，报1.336元。油气ETF汇添富（159309）重仓股方 面，中国石油开盘跌2.90%，中国海油跌4.70%，中国石化跌1.69%，杰瑞股份涨6.74%，招商轮船跌 0.53%，广汇能源跌2.32%，中远海能跌0.95%，洲际油气跌9.91%，海油工程跌3.60%，招商南油跌 2.44%。 来源：新浪基金∞工作室 ...

Investment Rating - The report maintains a "Buy" recommendation for the shipping industry, highlighting the upward potential in both oil and dry bulk markets [7]. Core Insights - Geopolitical tensions, particularly between the US and Iran, have led to an increase in VLCC freight rates, with the Clarksons VLCC-TCE index rising to $116,000, a week-on-week increase of 17% [10][11]. - The BDI index has shown resilience during the off-season, closing at 2148 points, up 21.9% week-on-week, with significant increases in various vessel types [23][24]. Summary by Sections Oil Shipping - The ongoing tensions in the Middle East have resulted in a significant rise in VLCC freight rates, particularly on the Middle East to China route, which saw a 27% increase to $127,000 per day [10][11]. - The market fundamentals are weakening, with a slowdown in cargo availability and a lack of new cargo in the US Gulf market, leading to a decline in overall market activity [10][11]. Dry Bulk Shipping - The BDI index has shown a remarkable performance during the off-season, with a year-on-year increase of 89% in January, averaging 1759 points [24]. - The strong performance of the BCI index, which increased by 121% year-on-year, is attributed to supply constraints and steady demand from Brazil and West Africa [24]. Investment Recommendations - The report emphasizes the potential for upward trends in both oil and dry bulk markets, recommending companies such as China Merchants Energy Shipping and COSCO Shipping Energy [27]. - For dry bulk, the report suggests companies like Haitong Development and Pacific Shipping, citing favorable supply and demand dynamics [28]. Industry Data Tracking - Recent data shows a year-on-year increase of 8.3% in domestic air passenger volume, with average ticket prices rising by 4.3% [29]. - The SCFI index has decreased by 10% week-on-week, indicating a decline in container shipping rates [50].

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - Geopolitical factors are driving up VLCC freight rates, with the Clarksons VLCC-TCE index rising to $116,000 per day, a week-on-week increase of 17%. The Middle East to China route is reported at $127,000 per day, up 27% week-on-week [1][10]. - The BDI index is showing resilience during the off-season, closing at 2148 points, a week-on-week increase of 21.9%. The average BDI for January is reported at 1759 points, a year-on-year increase of 89% [2][23][24]. Summary by Sections Oil Transportation - The ongoing tensions between the US and Iran have led to an increase in VLCC freight rates, with the market showing signs of weakness as the supply of cargo from the Middle East is tapering off [1][10]. - The Brent crude oil futures price has risen to $69.83 per barrel, a 9.6% increase since January 22, driven by concerns over potential disruptions in Middle Eastern oil supply [2][11]. Dry Bulk Transportation - The BDI index has shown strong performance despite seasonal trends, with significant increases in various sub-indices: BCI up 35.8%, BPI up 8.1%, BSI up 4.0%, and BHSI up 3.0% week-on-week [2][23]. - The report highlights that the supply side is constrained due to recent storms affecting shipping schedules, while demand remains robust due to favorable weather conditions for iron ore exports from Brazil [3][24]. Investment Recommendations - The report suggests a positive outlook for both oil and dry bulk markets, recommending companies such as China Merchants Energy and COSCO Shipping for oil transportation, and Haitong Development and Pacific Shipping for dry bulk [7][28]. - The report emphasizes the importance of performance elasticity and dividend value in the transportation sector, particularly in aviation and shipping [7][62].

Investment Rating - The report maintains a rating of "Buy" for the transportation sector [5] Core Insights - The dry bulk freight rates have unexpectedly rebounded during the off-season, with significant increases noted in large vessels. The VLCC market saw a rise in freight rates due to geopolitical risks and strong demand for commodities like iron ore and grain [1][2] - The report highlights key companies to watch, including China Merchants Energy, COSCO Shipping Energy, Haitong Development, COSCO Shipping International, and CIMC Enric [1][2] Summary by Sections Weekly Insights and Market Review - The VLCC freight rates surged again, while dry bulk freight rates showed an unexpected off-season recovery, particularly for larger vessels. The BDI index reached 2148 points on January 30, with the BCI at 3507 points [1][2] - The transportation sector index fell by 1.40%, underperforming the Shanghai Composite Index by 0.96 percentage points. The top-performing segments were shipping, ports, and highways, with gains of 2.19%, 1.42%, and 0.10% respectively [21][22] Travel - Domestic flight ticket bookings for the upcoming Spring Festival exceeded 7.16 million, reflecting a 16% increase compared to the previous year. The report remains optimistic about the long-term outlook for the aviation sector due to recovering demand and supportive policies [3][13] Shipping and Ports - The VLCC market is experiencing a resurgence in freight rates, with the index for oil transport from the Persian Gulf to China rising to WS137.2 points, an increase of 42.6 points from the previous day. The dry bulk freight rates are also on the rise, supported by strong demand for iron ore and grain [14][15] - Key companies in the shipping sector include China Merchants Energy and COSCO Shipping International, which are expected to benefit from the current market dynamics [17] Logistics - The report identifies two main investment themes in the express delivery sector: the overseas expansion driven by the rapid growth of e-commerce and the internal competition dynamics that favor leading companies. Recommended stocks include ZTO Express, YTO Express, and Shunfeng Express [19][20]

证券研究报告 | 行业周报 gszqdatemark 2026 02 01 年 月 日 交通运输 干散货运价淡季回升，继续重视油运 周观点：VLCC 运价周五再度冲高；干散货运价淡季超预期回升，大船更为明 显。VLCC 市场，本周 VLCC 市场中东航线 2 月上旬货盘基本收尾，租家出货 节奏放缓，运价在周四之前高位回落；随着运价下跌，船东对进一步下跌表现 出较强抵抗意愿，潜在地缘政治风险再度升温，1 月 30 日，波斯湾至中国 27 万吨原油运价指数升至 WS137.2 点，较 1 月 29 日上涨 42.6 点。受矿石、粮 食等品种发货需求较好支撑，本周干散货运价持续回升，BDI 于 1 月 30 日收 于 2148 点，大船涨势更为明显，BCI 于 1 月 30 日收于 3507 点。重点关注招 商轮船、中远海能、海通发展、中远海运国际和中集安瑞科等。 行情回顾：本周（2026.1.26-2026.1.30）交通运输板块行业指数下跌 1.40%， 跑输上证指数 0.96 个百分点（上证指数下跌 0.44%）。从申万交通运输行业 三级分类看，涨幅前三名的板块分别为航运、港口、高速公路，涨幅分别为 2.19 ...

❑ 风险提示：人民币大幅贬值、油价大幅上涨、快递价格战恶化、重大海上安 全事故、重大自然灾害等。 推荐（维持） 证券研究报告 | 行业定期报告 2026 年 02 月 01 日 ❑ 物流：本周 TAC 上海出境空运价格指数周环比-3.9%，同比+0.7%。 地缘情绪推升油运运价,三大航发布 2025 年业绩预告 招商交通运输行业周报 周期/交通运输 本周关注：航运方面，地缘情绪推升油运运价；基础设施方面，优选个股布局 红利资产；航空方面，关注 26 年行业基本面上行趋势；快递方面，关注 26 年 行业竞争格局和估值修复潜力。 % 1m 6m 12m 绝对表现 3.2 6.1 16.5 相对表现 2.0 -7.3 -6.8 资料来源：公司数据、招商证券 -10 0 10 20 30 Feb/25 May/25 Sep/25 Jan/26 (%) 交通运输 沪深300 相关报告 1、《招商交通运输行业周报—油轮 制裁力度仍在加大，2025 年快递业务 量同比增长 13.6%》2026-01-25 2、《招商交通运输行业周报—油运 景气度高涨，国常会研究部署多项促 消费举措》2026-01-18 3、《招商交通运输 ...