Core Viewpoint - COSCO Shipping Specialized Carriers Co., Ltd. launched three new liner services, enhancing its role in connecting China with key regions along the Belt and Road Initiative [1] Group 1: New Services - The new services include Southeast Asia Heavy Lift Liner, Persian Gulf Liner, and Northwest Europe Liner, aimed at meeting diverse market demands [1] - The Southeast Asia Heavy Lift Liner operates bi-weekly, utilizing a fleet of specialized heavy lift vessels with a capacity of 700 tons, transporting large cargo such as wind power equipment and high-speed trains [1] - The Persian Gulf Liner offers a "two-class+" service monthly, reaching core ports in about 20 days, providing door-to-door service for renewable energy equipment [1] - The Northwest Europe Liner establishes a bi-weekly two-way fast channel, achieving direct access between the Far East and Northwest Europe in 35 days, carrying goods like steel, new energy vehicles, and pulp [1] Group 2: Strategic Partnerships - The launch of new routes will further solidify Suzhou Port's position as a crucial hub in the domestic and international dual circulation [1] - COSCO Shipping Specialized Carriers signed strategic cooperation agreements with relevant terminals in Suzhou Port and with the European Business Investment Association in the Taicang High-tech Industrial Development Zone and Shagang Logistics [1]

Core Insights - The shipping and port sector experienced a slight decline of 0.09% on November 11, with Hainan Airlines leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance Summary - Hainan Technology (600751) saw an increase of 3.06% with a closing price of 5.05 and a trading volume of 2.71 million shares, totaling 1.393 billion yuan [1] - An Tong Holdings (600179) rose by 1.33% to 4.58, with a trading volume of 1.4718 million shares and a total transaction value of 687 million yuan [1] - China Ocean Shipping (601975) increased by 0.93% to 3.27, with a trading volume of 973,000 shares and a transaction value of 318 million yuan [1] - The biggest decline was seen in Haixia Co. (002320), which fell by 5.89% to 13.74, with a trading volume of 1.0327 million shares and a transaction value of 1.435 billion yuan [2] - Nanjing Port (002040) decreased by 2.32% to 10.97, with a trading volume of 218,700 shares and a transaction value of 241 million yuan [2] Capital Flow Analysis - The shipping and port sector experienced a net outflow of 622 million yuan from main funds, while retail investors contributed a net inflow of 617 million yuan [2]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates have decreased, and long-distance shipping rates have also declined. The China Import Crude Oil Composite Index (CTFI) reported 2037.91 points on November 6, down 16.0% from October 30. The VLCC market is seeing a gradual entry of cargoes for late November, with a balanced supply of available vessels [3][14] - The Yufeng Future M1 aircraft has received over 2 billion yuan in orders, with 200 units ordered from domestic and international clients. The International Air Transport Association (IATA) has added the Chinese yuan as a settlement currency, expected to be operational by December 2025 [3][16][17] - China Post and COSCO Shipping have signed a strategic cooperation agreement, and ZTO Express has launched four new logistics hubs to enhance service efficiency during peak seasons [3][24][25] Industry High-Frequency Data Tracking - **Air Cargo**: The Baltic Air Freight Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was 5366.00 points, down 2.3% year-on-year but up 7.1% month-on-month [26] - **Shipping Ports**: The SCFI index reported 1495.10 points, down 3.59% week-on-week and down 35.88% year-on-year. The CCFI index was 1058.17 points, up 3.60% week-on-week but down 23.78% year-on-year [36] - **Express Logistics**: In September 2025, express delivery volume increased by 12.70% year-on-year, with revenue rising by 7.20%. Cumulative express delivery volume for the first nine months of 2025 reached 1450.8 billion pieces, up 17.20% year-on-year [48] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics. Attention is also drawn to Eastern Airlines Logistics and China Foreign Trade [5] - Opportunities in low-altitude economy investments are highlighted, recommending CITIC Offshore Helicopter [5] - Investment opportunities in the highway and railway sectors are suggested, recommending Ganyue Expressway, Beijing-Shanghai High-Speed Railway, and others [5] - The report also suggests investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Straits Shares [5]

Core Viewpoint - The shipping and port sector experienced a notable increase in stock prices, indicating positive market sentiment and potential growth opportunities in the industry [2]. Group 1: Stock Performance - Hainan Airlines Technology reached the daily limit up, reflecting strong investor interest and confidence in the company [2]. - Phoenix Shipping saw a rise of over 5%, suggesting a positive trend in its stock performance [2]. - Other companies in the sector, including Haitong Development, Nanjing Port, COSCO Shipping Specialized, and Ningbo Port, also experienced upward movements in their stock prices, indicating a broader rally in the shipping and port industry [2].

Group 1 - The core viewpoint of the article highlights the positive impact of the reduction in tariffs and the suspension of port fees between China and the U.S., which is expected to lower trade costs and boost shipping demand [1] - The transportation ETF (159666) rose by 0.87%, with notable stock performances including HNA Technology hitting the daily limit and Haikou Group increasing by over 7% [1] - CITIC Securities pointed out that the suspension of tariffs and port fee exemptions has eliminated uncertainties in trade friction, leading to a rebound in booking volumes on China-U.S. shipping routes and an overall restoration of market confidence [1] Group 2 - The transportation ETF (159666) and its linked funds (019405/019404) are the only ETFs tracking the CSI All Share Transportation Index, reflecting the overall performance of listed companies in the transportation sector in the A-share market [1] - The transportation sector includes companies with characteristics such as high dividends, low valuations, and stable performance, covering logistics, railways, highways, shipping ports, and airports [1] - The article emphasizes the enhanced expectations for global supply chain stability due to the recent developments in trade relations [1]

Key Points - The report highlights a selection of stocks for November, including China Eastern Airlines, COSCO Shipping, and Ningde Times, indicating potential investment opportunities in these companies [1] - The report emphasizes the performance of China Petroleum, which reported a total revenue of 21,692.56 billion yuan for the first three quarters of 2025, a year-on-year decrease of 3.92%, while its net profit attributable to shareholders was 1,262.79 billion yuan, down 4.90% [8][9] - The report notes that the company has seen stable oil and gas production, accelerated development in renewable energy, and ongoing transformation in refining and chemical sectors, which enhances its competitive advantage across the entire industry chain [8][10] - For the food and beverage sector, Anjuke Food reported a revenue of 11.37 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 2.7%, while its net profit decreased by 9.3% [18][20] - The report indicates that Anjuke Food's third-quarter revenue reached 3.77 billion yuan, with a year-on-year growth of 6.6%, driven by strong performance in new channels [18][19] - In the electric equipment sector, JinkoSolar reported a significant year-on-year loss expansion, with total revenue of 36.809 billion yuan for the first three quarters of 2025, a decrease of 32.27% [14][15] - The report highlights that JinkoSolar's battery module shipment volume remained stable, with an increasing proportion of overseas shipments, indicating potential for recovery in profitability [14][15][16]

Investment Rating - The report maintains a "stronger than market" rating for the transportation industry [6] Core Insights - Crude oil freight rates have significantly increased, with the China Import Crude Oil Composite Index (CTFI) rising to 2425.93 points, up 48.6% from October 23 [2][13] - The three major state-owned airlines in China reported collective profitability in the first three quarters of 2025, with Hainan Airlines becoming the most profitable domestic airline [15][16] - Jitu Express has launched the world's largest self-built logistics hub, which is expected to enhance logistics capabilities during the "Double 11" shopping festival [22][23] Industry Investment Opportunities - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to the transportation demand increase driven by the construction of hydropower stations in the Yarlung Tsangpo River downstream, recommending Sichuan Chengyu, Chongqing Port, and Fulimin Transportation [4] - Investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [4] - Opportunities in the highway and railway sectors, recommending Gansu Expressway, Beijing-Shanghai High-Speed Railway, and others [4] - The cruise and water ferry sector presents thematic investment opportunities, recommending Bohai Ferry and Haixia Shares [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda Shares [4] - Investment opportunities in the aviation sector, recommending Air China, China Eastern Airlines, Spring Airlines, and others [4] Industry High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month, while year-on-year it has decreased [25] - Domestic freight volume for express delivery in September 2025 increased by 12.70% year-on-year, with revenue up by 7.20% [51] - In the first nine months of 2025, the total freight volume at national ports reached 1.3567 billion tons, a year-on-year increase of 4.6% [48]

Core Viewpoint - The stock price of China Merchants Energy Transportation Co., Ltd. (中远海特) has shown a slight decline of 0.16% year-to-date, with recent fluctuations indicating a modest recovery in the short term [2] Group 1: Stock Performance - As of November 4, the stock price decreased by 2.09% to 7.01 CNY per share, with a trading volume of 2.29 billion CNY and a turnover rate of 1.32%, resulting in a total market capitalization of 19.235 billion CNY [1] - Year-to-date, the stock has decreased by 0.16%, while it has increased by 0.86% over the last five trading days, 6.21% over the last 20 days, and 8.67% over the last 60 days [2] Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 16.611 billion CNY, representing a year-on-year growth of 37.92%, and a net profit attributable to shareholders of 1.329 billion CNY, reflecting a year-on-year increase of 10.54% [2] - Cumulative cash dividends since the A-share listing amount to 3.689 billion CNY, with 1.641 billion CNY distributed over the last three years [3] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 9.92% to 78,500, while the average circulating shares per person increased by 26.46% to 31,133 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 25.0176 million shares, a decrease of 16.5674 million shares from the previous period, and a new shareholder, China Europe Dividend Flexible Allocation Mixed A, holding 12.9691 million shares [3]

证券代码：600428 证券简称：中远海特 公告编号：2025-050 中远海运特种运输股份有限公司 第九届董事会第三次会议决议公告 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。 一、董事会会议召开情况 中远海运特种运输股份有限公司（以下简称"公司"）第九届董 事会第三次会议于2025年10月30日发出通知，会议以通讯表决方式 进行，议题以电子邮件方式送达每位董事，全体董事于2025年11月3 日进行了表决。本次会议召开程序符合有关法律法规、规章制度和 《公司章程》的规定，会议合法、有效。 二、董事会会议审议情况 （一）审议通过关于聘任谭言先生为公司副总经理的议案 经董事会提名委员会提名，公司拟聘任谭言先生为公司副总经 理（简历附后），聘任期自 2025 年 11 月 3 日至本届董事会换届止。 同意票 9 票，反对票 0 票，弃权票 0 票，全票通过。 （二）审议通过关于聘任徐嘉骝先生为公司总法律顾问（首席合 规官）的议案 经董事会提名委员会提名，公司拟聘任徐嘉骝先生为公司总法 1 律顾问（首席合规官）（简历附后），聘任期 ...

Strategy Overview - The report indicates that the market is currently in a "slow bull" phase, with short-term corrections not altering the overall trend. Key policies and events impacting the market have been implemented, and November marks a performance gap period. Signals of domestic demand recovery show divergence, with significant recovery in corporate revenue and profits in September, but a weakening PMI in October. The focus will shift to the implementation of incremental macro policies as the year-end approaches [5][6][10]. November Stock Picks - The November stock picks from Zhongyin Securities include: China Eastern Airlines (transportation), COSCO Shipping Specialized (transportation), Hualu Hengsheng (chemicals), Yake Technology (chemicals), CATL (electricity), Bairen Medical (pharmaceuticals), Anjuke Food (food and beverage), Lingnan Holdings (social services), Shenghong Technology (electronics), Industrial Fulian (electronics), and iFlytek (computers) [10][12]. Transportation Industry: China Eastern Airlines - China Eastern Airlines is one of the three major state-owned airlines in China, with a focus on passenger transport, which constitutes over 90% of its revenue. The company is expected to achieve a revenue of 132.12 billion yuan in 2024, a year-on-year increase of 16.11%, with a gross profit margin of 4.26% [12][13]. Transportation Industry: COSCO Shipping Specialized - COSCO Shipping Specialized reported a revenue of 16.611 billion yuan in the first three quarters of 2025, a year-on-year increase of 37.92%. The net profit attributable to shareholders reached 1.329 billion yuan, up 10.54%. The company is expanding its fleet and has raised funds through a private placement to support its growth [15][16]. Chemical Industry: Hualu Hengsheng - Hualu Hengsheng's gross profit margin decreased to 18.01% in the first half of 2025, down 3.19 percentage points year-on-year, due to weak market demand. The company is focusing on cost reduction and efficiency improvement, with a significant increase in R&D expenses [17][18]. Chemical Industry: Yake Technology - Yake Technology's revenue grew due to increased sales in LNG and electronic materials. However, net profit growth lagged behind revenue growth due to foreign exchange losses and increased R&D expenses. The company is actively developing new technologies and products in the electronic materials sector [20][21]. Electric Industry: CATL - CATL reported a revenue of 283.072 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.28%, with a profit growth of 36.20%. The company maintains a strong market position, with a global market share of 36.8% in battery installations [24][25]. Pharmaceutical Industry: Bairen Medical - Bairen Medical has seen rapid growth in its revenue and profits, particularly in its heart valve replacement and repair segment, which grew by 64.28% year-on-year. The company is expected to continue its growth trajectory with new product approvals [27][28]. Food and Beverage Industry: Anjuke Food - Anjuke Food's revenue for Q3 2024 was 3.53 billion yuan, a year-on-year increase of 4.6%. The company is focusing on promoting new products, particularly in the frozen food segment, which has shown significant growth [30][31]. Social Services Industry: Lingnan Holdings - Lingnan Holdings achieved a revenue of 2.09 billion yuan in the first half of 2025, a year-on-year increase of 8.52%. The company is expanding its travel agency and hotel operations, with a focus on enhancing its market presence [32][33]. Electronics Industry: Shenghong Technology - Shenghong Technology reported a revenue of 10.731 billion yuan in 2024, a year-on-year increase of 35.31%. The company is leveraging its technological advantages to expand its high-end product offerings [35][36]. Electronics Industry: Industrial Fulian - Industrial Fulian's revenue for the first half of 2025 was 360.76 billion yuan, a year-on-year increase of 35.58%. The company is expected to benefit from the growing demand for AI infrastructure and cloud services [39][40]. Computer Industry: iFlytek - iFlytek's revenue for Q1 2025 was 4.658 billion yuan, a year-on-year increase of 27.74%. The company is focusing on enhancing its cash flow and controlling expenses while investing in R&D for new technologies [42][43].