Core Points - HNA Technology Co., Ltd. held its 12th Board of Directors' fourth meeting on September 29, 2025, to address market volatility risks and ensure stable operations for the company and its subsidiaries [1][2] - The board unanimously approved two significant proposals: the first is to engage in financial derivatives business through forward freight agreements (FFA) to hedge against market risks, with a maximum trading margin of $3 million and a maximum contract value of $30 million on any trading day [1] - The second proposal involves conducting foreign exchange derivatives trading to mitigate exchange rate and interest rate risks, with a maximum trading margin and premium not exceeding $3 million and a total usage limit of $80 million [1] Proposal Details - The FFA business aims to use proprietary funds for hedging purposes, with the approved trading limits valid for 12 months from the board's approval date [1] - The foreign exchange hedging business will allow for a maximum trading amount of $80 million, which can be reused within the authorized period, also valid for 12 months [1] - Both proposals do not constitute related party transactions and do not require shareholder meeting approval, reflecting the company's commitment to proactive risk management and stable operations [2]

Group 1 - HNA Technology held its 12th fourth board meeting on September 29, 2025, to discuss the proposal for engaging in financial derivatives business [1] - For the first half of 2025, HNA Technology's revenue composition was as follows: 65.77% from commodity trading, 33.27% from shipping, 0.85% from other industries, and 0.11% from property leasing [1] - As of the report, HNA Technology's market capitalization was 13.2 billion yuan [1] Group 2 - The competition between Nongfu Spring and Yibao has intensified, with Nongfu Spring's green bottle launch leading to a significant market share decline for Yibao, dropping nearly 5 percentage points [1]

海航科技股份有限公司 关于开展金融衍生品业务（远期运费协议）的 可行性分析报告 一、交易情况概述 （一）交易目的 目前，公司自有干散货船舶资产 10 艘，合计运力规模约 93 万载重吨，自 有船队包括大灵便型船 6 艘、好望角型船 3 艘、巴拿马型船 1 艘；同时，公司 在 2025 年上半年内通过期租租赁方式增加 4 艘灵便型船，控制运力增加约 24 万载重吨。为有效应对市场波动带来的风险，减少对公司及控股子公司经营的 不利影响，在保证正常经营的前提下，在风险可控范围内，公司及控股子公司 拟使用自有资金开展以套期保值为目的的金融衍生品交易业务，冲抵全部或部 分风险敞口。 （二）交易金额 根据业务及风险控制的需要，公司及控股子公司拟以具体经营业务为依托， 以套期保值、防范市场风险为目的开展远期运费协议（FFA）业务，交易保证金 金额将不超过 300 万美元，在任一交易日持有的最高合约价值将不超过 3,000 万美元；上述交易额度自公司董事会审议通过之日起 12 个月内有效，期限内任 一时点的交易金额（含前述交易的收益进行再交易的相关金额）不超过已审议 额度。 开展场所为大型期货公司等公司核准的交易平台或机构。 ...

海航科技股份有限公司 关于开展外汇衍生品交易业务可行性分析报告 一、开展外汇衍生品交易业务的背景及目的 随着海航科技股份有限公司（以下简称"公司"）及控股子公司进出口业务 的不断拓展，外汇收支规模亦同步增长，收支结算币别及收支期限的不匹配使 外汇风险敞口不断扩大。受国际政治、经济形势等因素影响，汇率和利率波动 幅度不断加大，外汇市场风险显著增加。为锁定成本，规避和防范汇率、利率 风险，公司拟根据具体情况，通过外汇衍生品交易适度开展外汇套期保值。公 司开展的外汇衍生品交易业务与公司日常经营需求紧密相关，是基于公司外币 资产、负债状况以及外汇收支业务情况，匹配敞口风险的管理需求，具体开展 风险对冲交易。公司进行适当的外汇衍生品交易业务能够提高公司积极应对外 汇波动风险的能力，更好的规避公司所面临的外汇汇率、利率风险，增强公司 财务稳健性。 公司及控股子公司拟开展的外汇衍生品交易将遵循合法、谨慎、安全、有 效的原则，所有外汇衍生品交易以套期保值、规避和防范利率、汇率风险为目 的，不影响公司正常生产经营，不进行投机和套利交易。 公司及控股子公司开展外汇衍生品交易业务，预计动用的交易保证金和权 利金在期限内任一时点占用 ...

证券代码：600751 900938 证券简称：海航科技 海科 B 公告编号：2025-040 关于海航科技股份有限公司 开展金融衍生品业务（远期运费协议）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。 | | □获取投资收益 √套期保值（合约类别：□商品；□外汇；√其他：远期运 | | | --- | --- | --- | | 交易目的 | 费） | | | | □其他：________ | | | 交易期限 | 2025 年 9 月 29 日至 2026 年 9 月 29 日 | | | 期货期权业 务交易品种 | 远期运费协议（FFA） | | | 交易金额 | 预计动用的交易保证金和权利金上限 | 300万美元 | | | 预计任一交易日持有的最高合约价值 | 3,000万美元 | | 资金来源 | √自有资金 □借贷资金 □其他___ | | 已履行及拟履行的审议程序：2025 年 9 月 29 日，海航科技股份有限公 司（以下简称"公司"）第十二届董事会第四次会议审议通过《关于开展金融衍 生品业务（远期运 ...

证券代码：600751 900938 证券简称：海航科技 海科 B 公告编号：2025-041 关于海航科技股份有限公司 开展外汇衍生品交易的公告 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。 重要内容提示： 交易主要情况 | 交易目的 | □获取投资收益 √套期保值（合约类别：□商品；√外汇；□其他：________） | | | --- | --- | --- | | | □其他：________ | | | 交易期限 | 2025 年 9 月 29 日至 2026 年 9 月 29 日 | | | 外汇业务交 易品种 | 其他：金融机构提供的远期业务、掉期业务（货币掉期、利 率掉期）、互换业务（货币互换、利率互换）、期权业务（外 汇期权、利率期权）等及以上业务的组合。 | | | 交易金额 | 预计动用的交易保证金和权利金上限 | 300万美元 | | | 预计任一交易日持有的最高合约价值 | 8,000万美元 | | 资金来源 | √自有资金 □借贷资金 □其他___ | | 已履行及拟履行的审议程序：2025 年 ...

证券代码：600751 900938 证券简称：海航科技 海科B 编号：临2025-039 海航科技股份有限公司 第十二届董事会第四次会议决议公告 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责任。 一、董事会会议召开情况 为防范汇率、利率波动风险，公司及控股子公司拟根据具体情况，通过外 汇衍生品交易适度开展外汇套期保值业务，预计动用的交易保证金和权利金在 期限内任一时点占用的资金余额不超过 300 万美元或其他等值外币，使用最高 额（任一时点合计，含收益进行再交易的相关金额）不超过 8,000 万美元（或 二、董事会会议审议情况 （一）审议通过《关于开展金融衍生品业务（远期运费协议）的议案》 为有效应对市场波动带来的风险，减少对公司及控股子公司经营的不利影 响，在保证正常经营的前提下，在风险可控范围内，公司及控股子公司拟以套 期保值、防范市场风险为目的使用自有资金开展远期运费协议（FFA）业务，交 易保证金金额将不超过 300 万美元，在任一交易日持有的最高合约价值将不超 过 3,000 万美元。交易额度自公司董事会审议通过之日起 ...

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]

Group 1 - HNA Technology's stock price dropped by 5.05% to 4.32 CNY per share, with a trading volume of 112 million CNY and a turnover rate of 0.98%, resulting in a total market capitalization of 12.525 billion CNY [1] - The company, established in March 1982 and listed in September 1996, operates in IT product distribution, warehousing and logistics, internet finance, and cloud computing, with revenue composition of 65.77% from merchandise trade, 33.27% from shipping, and 0.96% from other sources [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of HNA Technology, having increased its holdings by 1.1435 million shares to a total of 14.6309 million shares, representing 0.5% of circulating shares, with an estimated floating loss of approximately 3.3651 million CNY [2] - The Southern CSI 1000 ETF was established on September 29, 2016, with a current scale of 64.953 billion CNY, yielding 25.56% year-to-date and ranking 2090 out of 4220 in its category, while achieving a 53.35% return over the past year, ranking 1382 out of 3835 [2] Group 3 - The fund manager of Southern CSI 1000 ETF is Cui Lei, who has been in the position for 6 years and 328 days, managing a total asset scale of 94.976 billion CNY, with the best fund return during the tenure being 145.53% and the worst being -15.93% [3]

Market Performance - The shipping and port sector increased by 0.67% on September 24, with Nanjing Port leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Nanjing Port (002040) saw a significant rise of 10.01%, closing at 11.98 with a trading volume of 437,200 shares and a turnover of 506 million yuan [1] - Other notable performers included: - China Merchants Heavy Industry (601872) up 2.87% to 8.96 with a turnover of 934 million yuan [1] - HNA Technology (600751) up 1.94% to 4.74 with a turnover of 238 million yuan [1] - COSCO Shipping Energy (600026) up 1.49% to 12.27 with a turnover of 654 million yuan [1] Declining Stocks - Ningbo Port (601018) decreased by 2.36% to 3.73 with a trading volume of 2,439,400 shares and a turnover of 909 million yuan [2] - Other declining stocks included: - Ningbo Ocean Shipping (601022) down 2.24% to 10.91 [2] - COSCO Shipping Specialized (600428) down 1.05% to 6.62 [2] Capital Flow Analysis - The shipping and port sector experienced a net outflow of 187 million yuan from main funds, while retail investors saw a net inflow of 105 million yuan [2] - Notable capital flows included: - China Merchants Heavy Industry (601872) had a main fund net inflow of 11.3 million yuan [3] - Nanjing Port (002040) saw a main fund net inflow of 31.56 million yuan [3] - COSCO Shipping Energy (600026) had a main fund net inflow of 39.95 million yuan [3]