中远海特所属申万行业为：交通运输-航运港口-航运。所属概念板块包括：一带一路、养老金概念、远 洋运输、融资融券、粤港澳等。 截至9月30日，中远海特股东户数7.85万，较上期减少9.92%；人均流通股31133股，较上期增加 26.46%。2025年1月-9月，中远海特实现营业收入166.11亿元，同比增长37.92%；归母净利润13.29亿 元，同比增长10.54%。 12月29日，中远海特盘中上涨2.09%，截至10:33，报7.34元/股，成交1.07亿元，换手率0.60%，总市值 201.40亿元。 资金流向方面，主力资金净流入1091.85万元，特大单买入212.04万元，占比1.99%，卖出237.41万元， 占比2.22%；大单买入3193.06万元，占比29.91%，卖出2075.84万元，占比19.44%。 中远海特今年以来股价涨4.54%，近5个交易日涨0.00%，近20日涨0.55%，近60日涨11.89%。 资料显示，中远海运特种运输股份有限公司位于广东省广州市天河区珠江新城花城大道20号广州远洋大 厦15-26楼，成立日期1999年12月8日，上市日期2002年4月18日，公司主营业 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - Crude oil freight rates have significantly decreased, while long-distance shipping rates have increased. The China Import Crude Oil Composite Index (CTFI) dropped by 40.6% to 1354.35 points as of December 25. Meanwhile, shipping rates from Shanghai to Europe and the US have risen by 10.2% and 9.8% respectively [3][14] - The National Development and Reform Commission (NDRC) has issued a trial classification for the low-altitude economy, aiming to clarify the concept and boundaries of the industry. This classification includes a framework of "4 categories + 23 subcategories + 65 small categories" [3][15][16] - China's high-speed rail operating mileage has surpassed 50,000 kilometers, marking a significant milestone in global rail infrastructure. This expansion supports logistics networks and enhances regional connectivity [3][21] Industry Dynamics Shipping and Logistics - The Baltic Air Freight Index has shown a month-on-month decline, while domestic air freight volumes decreased by 2.03% in November 2025. Conversely, international air freight volumes increased by 14.88% [4][35] - The Shanghai Containerized Freight Index (SCFI) reported a week-on-week increase of 6.66% but a year-on-year decrease of 32.68% [39] - In November 2025, the total express delivery volume reached 180.60 billion pieces, a year-on-year increase of 5.00%, while revenue decreased by 3.70% [52] Investment Recommendations - The report suggests focusing on the industrial goods export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics. It also highlights opportunities in the low-altitude economy, road and rail sectors, and e-commerce logistics [5]

中远海特 20251227 摘要 中远海特扣非净利润同比增长超 30%，受益于团队扩张、长协稳定及高 附加值货种（如储能柜、风电设备）运输，尽管市场整体下行，但公司 各季度归母净利润仍实现环比增长。 多用途重吊船受益于风电设备出口景气度，储能柜运输量显著增长；纸 浆船通过长协保持稳定收益；半潜船受益于海上风电市场繁荣，盈利稳 定且利润率高；汽车船运价维持高位，未受新增运力冲击。 公司计划处置亏损严重的木材船业务，未来重点发展多用途重吊、集装 箱、半潜和汽车运输，并看好中国先进制造业出口及全球能源转型带来 的特种货种需求。 尽管预计红海复航将对集装箱运输市场产生负面影响，但对中远海特整 体影响有限，因公司与集运市场关联度较低，且主要货种（如纸浆、商 品车、风电设备）需求强劲。 公司多用途船型具备灵活调整能力，可根据市场需求在集装箱和件杂货 运输间切换。未来将加大风电设备出口运力投入，并计划建造适配新三 样设备出口需求的新型船只。 Q&A 请介绍一下中远海特在 2025 年下半年的经营情况及船队状况。 2025 年第三季度，中远海特实现了去年全年的营收规模，达到约 166 亿元， 同比增长 37.92%。预计全年 ...

中远海特"大华轮"顺利靠泊南京港龙潭港 南京港开通至新加坡、雅加达国际集装箱航线，采用新型集件一体船 "拼船"出海，"一站式"到港 在码头现场，"大华轮"的外形格外引人注目——不同于常规的圆形船体，它的船底呈现出方正造型。南 京港龙潭集装箱公司总经理段昌尉介绍，这是近年来投用的新型船舶——集件一体船。"相较于只能装 载单一品类货物的集装箱船、散货船，集件一体船可同时承载散货、件杂货和集装箱，企业能按需实 现'拼船'运输，一次性运齐多种货物，大幅压缩物流成本。" 据了解，"大华轮"此次装载的货物主要来源于南京都市圈。"选择从南京港出货，正是看中了港区在'集 件一体'领域的成熟经验与独特优势。"段昌尉表示，依托集件一体船舶运能灵活的特点，新航线开通 后，企业货物出口无须再经沿海港口中转，"一站式"到达新加坡、雅加达，相比以往可节省5天运输时 间，单个集装箱运费降低约200美元，为货主企业提供端到端的供应链物流服务。 航线的拓展，正是"十四五"期间南京加快枢纽港口和区域性航运物流中心建设的生动实践。"十四五"期 间，南京加快龙潭、新生圩等深水港区建设，重点启动龙潭疏港铁路扩能改造、新生圩港区升等改造， 新建龙潭港区 ...

"大华轮"是一艘底部方形的集件一体船——设备或是件货装在舱下盖好，舱面上安装了锁头，可以堆放集装箱。近年来，许多企业在调整生产线或工厂 时，运输物品不仅包含了集装箱，还有许多机械设备。以往，货物需要散货船和集装箱船两种船分开运输，还得在其他港口中转出海。因此，集件一体船 应运而生。加上现在新的直达航线开通后，企业可以把整个生产线实现"一站式"运输。 "相较于相比原先经沿海港口中转出海的运输方式，这种模式在时效性上可以节省5天到7天的时间。在成本上，每个集装箱运费可以节省约200美金。"南 京港龙潭集装箱公司总经理段昌尉说，这样既降低了企业成本，又提高出口效率，可以帮助企业更快到达国外指定地点，尽快恢复生产。 12月26日，中远海特（600428）"大华轮"顺利靠泊南京港（002040）龙潭港区。码头上一艘白色游艇已完成"打包"，将和一批生产设备、大型机械等货物 一同搭载"大华轮"，于下周启航前往新加坡港和雅加达港。这也意味着南京新增一条直达新加坡、雅加达的航线，为南京都市圈及中上游"新三样"等货物 出口提供了直接出海新通道。相比原先经沿海港口中转的运输方式，可缩短5天时间。"十四五"期间，南京港国际集装箱航线 ...

Group 1: Core Insights - The report highlights a positive outlook for the tanker and bulk shipping sectors in 2026, with a relatively favorable supply-demand balance for medium and large vessels, indicating potential for significant seasonal elasticity [1] - The shipping sector has shown relative outperformance against the transportation index, although it remains weaker than the CSI 300 index, with the shipping index rising by 8.8% year-to-date compared to a 16.1% increase in the CSI 300 [5][11] - The report emphasizes the impact of geopolitical factors and tariff policies on shipping performance, noting significant fluctuations in freight rates due to trade tensions, particularly between the US and China [11] Group 2: Container Shipping - In 2025, container shipping faced notable impacts from tariff policies, leading to a significant drop in cargo volumes on US-China routes, with a temporary surge in freight rates due to a "rush to ship" phenomenon [21] - The demand for container shipping remains resilient, with a year-on-year export growth of 5.4% in China for the first eleven months of 2025, despite challenges from tariff adjustments [25][30] - Supply forecasts indicate a steady increase in container fleet capacity, with expected growth rates of 4.7% and 6.4% for 2026 and 2027, respectively, while the demand growth is projected at 2.4% and 3.0% for the same years [49][55] Group 3: Oil Shipping - The oil shipping sector is expected to maintain a favorable supply-demand balance in 2026, driven by multiple positive factors, including increased production from the Middle East and rising demand for oil imports from Asia [60] - The report notes a significant increase in global oil exports starting from September 2025, with major oil-producing countries ramping up their output, contributing to a supply-demand imbalance that supports rising freight rates [63] - VLCC (Very Large Crude Carrier) rates have shown a substantial increase, with rates reaching $110,000 per day by December 2025, reflecting the strong demand and supply constraints in the oil shipping market [60][61] Group 4: Dry Bulk Shipping - The dry bulk shipping market is experiencing a recovery in the second half of 2025, with increased demand for iron ore and grain transportation, leading to a positive outlook for 2026 [60] - The report forecasts a growth rate of 0.9% and 0.7% for dry bulk shipping volumes in 2026 and 2027, respectively, driven by the demand for iron ore and grain [60] - Supply constraints are anticipated, particularly for Capesize vessels, with limited growth expected in their capacity, which may support freight rate increases in the upcoming years [60][55]

Group 1 - The shipping and port sector increased by 0.39% on December 25, with Chongqing Port leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] - Key stocks in the shipping and port sector showed significant price increases, with Chongqing Port rising by 10.02% to a closing price of 5.82 [1] Group 2 - The shipping and port sector experienced a net outflow of 380 million yuan from main funds, while retail investors saw a net inflow of 279 million yuan [2] - The trading volume and turnover for key stocks varied, with An Tong Holdings seeing a closing price of 5.95 and a trading volume of 1.662 million shares [2] - The net inflow of funds for Chongqing Port was negative at -39.11 million yuan, indicating a shift in investor sentiment despite its price increase [3]

Investment Rating - The investment rating for the transportation industry is "Positive" and is maintained [15] Core Insights - The report provides a forward-looking analysis of the transportation industry for Q4 2025, highlighting improvements in passenger demand and operational efficiencies across various sub-sectors [2][6] Aviation - The aviation sector is expected to see marginal demand improvements, with significant reductions in losses anticipated for Q4 2025. Domestic business demand is stabilizing, and international flights continue to perform well despite short-term disruptions from flight cancellations [6][23] Airports - Domestic airport traffic is projected to increase, with international flights also climbing. Revenue is expected to improve as a result of rising passenger volumes and operational efficiencies [7][26] Express Delivery - The express delivery sector is experiencing a slowdown in growth but is improving profitability through price adjustments and a focus on high-value services. The net profit is expected to turn positive in Q4 2025 [8][29] Logistics - The logistics sector is stabilizing at the bottom of its performance cycle, with cross-border logistics showing signs of recovery. However, overall demand remains weak, leading to a slight decline in performance for major supply chain players [9][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different vessel types. While container shipping faces pressure on earnings, oil and bulk shipping are expected to see improvements due to increased demand and operational efficiencies [10][32] Ports - Port operations are expected to benefit from improved handling of bulk goods and stable container throughput, supported by easing trade tensions and increased exports to ASEAN and EU regions [11][38] Highways - The highway sector is projected to see limited growth, with stable profitability expected as truck traffic shows slight improvements compared to the previous year [12][40] Railways - The railway sector is experiencing a split in performance, with passenger transport growth accelerating while freight transport growth is slowing down. The focus on expanding non-coal business is expected to impact profitability negatively [13][42]

（原标题：中远海特落子沙特达曼：打造中沙供应链核心节点，开启"枢纽共治"新时代） 12月11日，中远海运特种运输股份有限公司（简称"中远海运特运"）、中远海运（西亚）有限公司（简 称"中远海运西亚"）与沙特港口服务与仓储公司（以下简称"PSS"），在沙特阿拉伯达曼市正式签署合 资协议，这一签约标志着中远海运特运在沙特的首个功能集成型综合供应链核心节点落地。 资源整合层面，三方协同搭建全链路矩阵。中远海特依托全球航线网络与多用途船、半潜船、汽车船等 专业运力，夯实"运输核心"；中远海运西亚凭借区域运营经验，打通区域适配瓶颈；PSS整合沙特本地 30余年油气、工业领域资源与仓储基础，补齐"本地落地"短板。"运力+区域+本地"的三重支撑，构建起 无短板的全链路根基。 达曼核心节点的设立，正是精准补位这一短板。通过整合仓储管理、清关代理、分拨转运、增值服务等 全链路资源，中远海运特运将服务从"把货运到港"升级为"把项目交到手"，为客户提供端到端的一体化 解决方案。这种服务边界的延伸，不仅解决了客户在供应链C段的痛点，更实现了自身从"运输服务 商"到"供应链伙伴"的价值升级，让物流服务深度嵌入客户的产业链环节，形成更紧 ...

Mergers and Acquisitions - China Metallurgical Group Corporation plans to sell assets worth 60.676 billion yuan to Minmetals Land and China Minmetals [1] - Shengda Resources intends to acquire 60% stake in Jinshi Mining for 500 million yuan [1] - Honghua Digital Science plans to acquire 49% stake in Shandong Yingkejie for 105 million yuan [1] - Weidi Co., Ltd. is set to acquire controlling stake in Jiangsu Jiuxing Precision Technology [1] Shareholding Changes - PIANO's controlling shareholder is planning a change in control, leading to stock suspension [1] - Tai Long Pharmaceutical's controlling shareholder will change to Jiangyao Holdings, with stock resuming trading [1] - ST Yishite's control will shift to Jingzhou State-owned Assets Supervision and Administration Commission [1] Buybacks and Reductions - Midea Group has completed its share buyback plan with a total amount reaching 10 billion yuan [1] - Helen Zhe plans to repurchase shares worth between 50 million to 100 million yuan [1] - Several companies, including Zhongfu Circuit and Keri International, are planning to reduce their shareholdings by up to 3% [1] Operational Data - Zhongtong Bus reported a sales volume of 1,133 units in November, marking a year-on-year increase of 39.53% [1] - Keming Foods' subsidiary saw a 110.77% year-on-year increase in pig sales revenue in November [2] - Yisheng Co., Ltd. reported a 28.43% decrease in sales revenue from white feather broiler chicks in November, totaling 215 million yuan [2] Major Investments - Cambridge Technology plans to invest 100 million USD in CIG USA to expand high-speed optical module production capacity in North America and Southeast Asia [2] - Zhejiang Rongtai intends to invest approximately 545 million yuan in Thailand for the production of 14,000 tons of mica paper and other products [2] - China Ocean Shipping Company plans to invest 258 million yuan in Shenshan Port Investment Company [2]