登录新浪财经APP 搜索【信披】查看更多考评等级 创办中国太保客户节，搭建多元化互动桥梁。公司依托国际进口博览会平台，举办"中国太保客户节"， 打造生态联结的一体化客户活动交流平台。联合战略合作伙伴发布支持中资企业"走出去"跨境金融服务 方案，全面升级全球化服务与风险减量能力，联动战略伙伴资源进行线上生态共建，吸引173.9万人次 参与。 强化客户经营协同共识，升级团体客户协同模式。太保寿险与太保产险协同开展团体客户职域服务业 务，固化推动体系和作业流程。资产端、负债端协同对接，围绕为客户提供多维金融服务创新模式，深 挖团体客户资源价值。 环境、社会和治理（ESG） 一、ESG管理 公司在"十五五"规划中提出"坚持可持续发展，提升ESG表现"等相关要求，积极推动ESG理念与集团整 体价值链深度融合。2025年，公司编制《绿色低碳转型规划》（2026-2028），明确ESG主要目标以及 主要路径，为提升可持续发展能力夯实基础。 （一）主要目标 可持续金融产品服务体系进一步完备，行业领先的绿色金融高质量发展模式初步形成，服务经济社会绿 色低碳发展的能级持续提升。建立业内先进的低碳节能运营模式，有序降低运营端碳排放 ...

金 金融工程点评 [Table_Title] 申万一级公用事业偏离修复模型（回调型分档止损）效果点评 [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 证券分析师：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com 执业资格证书编码：S1190525080001 融 工 程 点 评 模型概述 计算区间内申万一级公用事业指数相对沪深 300 指数的收盘价 cl，获取 cl 在区间内的回撤序列 W 以及每个完整回撤区间的最大跌幅。 对于所有单次回撤最大幅度降序排列，得到序列 S，并求和，得 T。 对 S 做逐步累加，当累加和达到或超过 T 的 80%时，停止累加，将 S 中 并未参与累加的值去除，则 S 保留下来的数值序列为 S1. 使用迭代法对 S1 中的元素做进一步筛选，即对 S1 重复上述两个步骤直 到迭代结果不再发生改变，则认为得到了有效回撤集合 C。 将 C 中的最大值的 80%作为阈值，当 W 大于该阈值时，信号为 1（买 入），W 为 0 ...

| 太平洋航运 | | | | | --- | --- | --- | --- | | 分时图 | 日K线 | 周K线 | 月K线 | 太平洋航运(02343)盘中跌超9%，绩后累计跌幅已超20%。截至发稿，跌5.96%，报2.83港元，成交额 2.26亿港元。 银河期货指出，近期中东地缘政治冲突依旧反复，霍尔木兹海峡附近的船舶通行量依旧维持低位，若战 争依旧持续，油价高企的背景下或将持续抬升船舶的运营成本。另外，因中东战争局势僵持，海湾地区 的粮食、钢材、化肥等品类的贸易量出现大幅下降，原来运往中东的这些船舶部分被调配至了印度洋环 线上，冲击了该航线的租金费率，目前大小船型走势分化。 此外，太平洋航运近期公布2025年业绩：营业额20.81亿美元，同比减少19%；股东应占溢利5820万美 元，同比减少56%。业绩低于该行预期，主要因公司实现TCE低于预期。中金表示，受行业运价影响， 公司全年实现运价同比下滑，但仍好于行业平均水平。 ...

太平洋航运(02343)盘中跌超9%，绩后累计跌幅已超20%。截至发稿，跌5.96%，报2.83港元，成交额 2.26亿港元。 银河期货指出，近期中东地缘政治冲突依旧反复，霍尔木兹海峡附近的船舶通行量依旧维持低位，若战 争依旧持续，油价高企的背景下或将持续抬升船舶的运营成本。另外，因中东战争局势僵持，海湾地区 的粮食、钢材、化肥等品类的贸易量出现大幅下降，原来运往中东的这些船舶部分被调配至了印度洋环 线上，冲击了该航线的租金费率，目前大小船型走势分化。 此外，太平洋航运近期公布2025年业绩：营业额20.81亿美元，同比减少19%；股东应占溢利5820万美 元，同比减少56%。业绩低于该行预期，主要因公司实现TCE低于预期。中金表示，受行业运价影响， 公司全年实现运价同比下滑，但仍好于行业平均水平。 ...

（文章来源：每日经济新闻） 每经AI快讯，3月20日，太平洋航运(02343.HK)盘中跌超9%，截至发稿跌5.96%，报2.83港元，成交额 2.26亿港元。 ...

Core Viewpoint - The company's 2025 performance is below expectations, primarily due to lower than anticipated TCE rates, despite achieving better pricing than industry averages [1] Financial Performance - The company reported a revenue of $2.081 billion in 2025, a year-on-year decline of 19% - The net profit attributable to shareholders was $58 million, corresponding to a basic earnings per share of 1.14 cents, down 56% year-on-year [1] - The company’s cash dividend for 2025 was $50.5 million, representing 100% of net profit after excluding ship sale proceeds [1] Dividend Policy - The company revised its dividend policy for 2026 to distribute at least 50% of net profit after excluding ship sale proceeds, with a potential increase to 100% if net cash is achieved by year-end - Based on current profit assumptions, the dividend yield for 2026 could be 4.3% or 8.6% depending on the payout ratio [1] Market Trends - Limited new supply is expected, with a positive outlook for small vessel supply-demand dynamics as the company continues to optimize its fleet structure - As of March 2026, the order book for large and small vessels stands at 11.7% and 8.5% respectively, with older vessels accounting for 13% and 14% of capacity [1] - The company announced the acquisition of four new small vessels, expected to be delivered in the first half of 2028, enhancing long-term competitiveness [1] Profit Forecast and Valuation - The net profit forecast for 2026 remains at $176 million, with a new forecast of $180 million for 2027 - The current stock price corresponds to a P/E ratio of 11.9 for 2026 and 11.5 for 2027 - The target price has been raised by 41.67% to HKD 3.4 per share, reflecting a 12.9 P/E for 2026 and 12.5 for 2027, indicating an upside potential of 8.63% from the current price [2]

Group 1 - The core view of the report indicates that Pacific Shipping's 2025 performance is expected to be below the firm's forecasts, primarily due to lower time charter equivalent (TCE) earnings than anticipated [1] - The firm finds the company's dividend attractive and maintains an "outperform" rating [1] - The target price has been raised by 41.67% to HKD 3.4, which corresponds to projected price-to-earnings ratios of 12.9 times and 12.5 times for the current and next two years, respectively [1] Group 2 - The firm maintains its net profit forecast for 2026 at USD 176 million and introduces a net profit forecast of USD 180 million for 2027 [1]

中金发布研报称，维持太平洋航运(02343)2026年净利润1.76亿美元不变，首次引入2027年净利润1.8亿 美元，当前股价对应11.9倍2026年市盈率和11.5倍2027年市盈率。维持跑赢行业评级，考虑到行业风险 偏好提升，上调目标价41.67%至3.4港元/股，对应12.9倍2026年市盈率和12.5倍2027年市盈率，较当前 股价有8.63%上行空间。 中金主要观点如下： 2025年业绩低于该行预期 公司公布2025年业绩：收入20.81亿美元，同比-19%，归母净利润0.58亿美元，对应每股基本盈利1.14美 分，同比-56%，业绩低于该行预期，主要因公司实现TCE低于预期。 2025年公司现金分红5,050万美元，占扣除公司卖船收益后净利润100%。2026年，公司修改股息政策为 派发至少50%扣除货船收益后净利润作为股息，若年末实现净现金，分红率最高增加到扣除货船收益后 净利润100%。若假设2026年分红率为50%/100%，基于该行当前盈利假设，2026年股息率为 4.3%/8.6%。此外，2026年公司持续回购，最高回购金额为4,000万美元。 新增供给有限，看好小船供需改善，公司持续 ...

Core Viewpoint - The report from CICC maintains the net profit forecast for Pacific Shipping (02343) at $176 million for 2026 and introduces a new forecast of $180 million for 2027, with a target price increase of 41.67% to HKD 3.4 per share, indicating an upside potential of 8.63% from the current stock price [1] Group 1: Financial Performance - The company's 2025 performance was below expectations, with revenue of $2.081 billion, a year-on-year decline of 19%, and a net profit of $58 million, corresponding to a basic earnings per share of 1.14 cents, down 56% year-on-year [2] - The company's average daily income for small and ultra-small vessels in 2025 was $11,490 and $12,850 respectively, with year-on-year declines of 11% and 6%, although these figures were still above market indices by 9% and 10% [2] Group 2: Dividend Policy and Share Buyback - The company announced a cash dividend of $50.5 million for 2025, representing 100% of net profit after excluding ship sale proceeds [3] - For 2026, the company revised its dividend policy to distribute at least 50% of net profit after excluding ship sale proceeds, with a potential maximum payout of 100% if net cash is achieved by year-end, leading to a projected dividend yield of 4.3% to 8.6% based on current profit assumptions [3] - The company plans to continue share buybacks in 2026, with a maximum buyback amount of $40 million [3] Group 3: Market Outlook and Supply Dynamics - Limited new supply is expected, with a focus on improving the supply-demand balance for small vessels, as the company continues to optimize its fleet structure for long-term competitive advantage [4] - According to Clarksons, as of March 2026, the order book for large and small vessels stands at 11.7% and 8.5% respectively, with older vessels accounting for 13% and 14% of capacity [4] - The demand for small vessels is closely linked to that of large vessels, and potential catalysts for large vessel demand, such as the commissioning of the Ximandu project, could further enhance the supply-demand dynamics for small vessels [4] - The company announced the acquisition of four new small vessels in December 2025, expected to be delivered in the first half of 2028, which will enhance the long-term competitiveness of its fleet [4]

Core Viewpoint - Pacific Shipping reported a decline in 2025 performance, with revenue of $2.08 billion, down 19.4% year-on-year, and net profit attributable to shareholders of $58.17 million, down 55.8% year-on-year, primarily due to lower average freight rates than expected [1] Group 1: Financial Performance - The company's net profit fell short of expectations by $7.77 million, mainly due to weak global bulk market performance and declining freight rates [1] - The Baltic Dry Index (BDI) and Baltic Handysize Index (BHSI) experienced an average decline of 4.2% and 5.9% year-on-year in 2025, respectively, due to weak global bulk demand in the first half of the year [2] - In the second half of 2025, the BDI and BHSI indices rebounded significantly, with year-on-year increases of 23.4% and 9.2%, respectively, driven by rising commodity prices and geopolitical disturbances [2] Group 2: Dividend and Share Buyback - The company announced a year-end dividend of HKD 0.06 per share, maintaining a 100% payout ratio for the year [1] - Starting in 2026, the company will modify its dividend policy to 50% of annual net profit (excluding vessel disposal gains), with a potential increase to 100% if the year-end balance sheet shows net cash [1] - A new share buyback plan was announced, with a maximum budget of $40 million from March 4, 2026, to December 31, 2026, representing about 1.7% of the current total issued share capital [1] Group 3: Market Outlook - Concerns over global energy and trade supply chain disruptions due to the escalating geopolitical situation in the Middle East may lead to a significant increase in dry bulk freight rates, boosting the company's profitability in 2026 [1][2] - The average BDI index has increased by 107.7% year-to-date, indicating a strong recovery in freight rates [2] - The company has raised its net profit forecast for 2026 by 36% to $150 million, reflecting an adjustment in dry bulk freight rate assumptions [3]