Core Viewpoint - Bank of America Securities has raised the earnings per share forecast for Pacific Basin Shipping (02343) by an average of 7% for 2025 to 2027, reflecting strong performance in the spot market in Q4 this year, while maintaining a "Neutral" rating due to reasonable valuation levels and uncertain prospects for the dry bulk market in 2026 [1] Group 1: Earnings Forecast and Valuation - The average earnings per share forecast for Pacific Basin Shipping has been increased by 7% for the years 2025 to 2027 [1] - The target price has been raised from HKD 2.4 to HKD 2.75 [1] - The company's Q3 performance was generally in line with expectations, with slightly weak freight rates, but an improvement in locked-in freight rates for Q4 [1] Group 2: Regulatory Environment - The company believes it should be exempt from paying port fees in the US and China [1] - However, there remains uncertainty in the regulatory environment, and further discussions with regulatory bodies are needed to assess whether this risk has been eliminated [1]

Group 1: Company Performance and Forecast - Daiwa has raised the earnings per share forecast for Pacific Basin Shipping (02343) by 5% to 13% for the next two years, maintaining a "Buy" rating due to low valuation and ongoing share buybacks [1] - The 12-month target price has been increased to HKD 3 from HKD 2.65, based on a price-to-book ratio of 1 times (previously 0.9 times) [1] - In Q3 2025, the average net charter rate for Handysize vessels decreased by 15% year-on-year to USD 11,680 per day, while Supramax vessels saw a 10% increase to USD 13,410 per day [1] Group 2: Market Trends and External Factors - Daiwa views the increase in port fees for US-related vessels announced by China on October 10 as a significant potential impact on the dry bulk market, given that China accounts for 40% of global dry bulk imports in 2024 [2] - The increase in port fees is seen as a positive factor for driving up dry bulk freight rates, and the company acknowledges the proactive measures taken by Pacific Basin Shipping in response to the uncertain operating environment [2]

大和看好公司小灵便型干散货船及超灵便型船只，在2025年第四季日均净租金按季度分别提升至每日 12,380及14,060美元(分别已有72%及87%的营运日被锁定);2025年前九个月次要散货及谷物运输需求改 善，同比分别增长4%及下降9%(对比2025年上半年的同比增长3%及下降13%)。对于2026年，其小灵便 型干散货船及超灵便型船只营运日合约分别只有8%及24%被锁定，相关合约日均净租金为每日9,790及 13,200美元。 大和表示，中国于10月10日宣布对美国相关船只增加港口费用，认为干散货市场将面对来自中国港口费 用增加的最大潜在影响，因为中国于2024年占全球干散货进口40%(受影响船只范围尚未明确，因美国 相关船只定义不明)。总体而言，大和视中国港口费用增加，为推动干散货运价上升的积极推动因素， 并认同公司在应对不确定营运环境的积极主动性。 智通财经APP获悉，大和发布研报称，上调太平洋航运(02343)今明两年每股盈利预测5%至13%，重 申"买入"评级，因估值不高且持续回购股份;并基于今明两年1倍市净率(原本0.9倍)，上调12个月目标价 至3港元，原本目标价为2.65港元。 太平洋航运 ...

大和上调太平洋航运今明两年每股盈利预测5%至13%，重申"买入"评级，因估值不高且持续回购股 份；并基于今明两年1倍市净率(原本0.9倍)，12个月目标价从2.65港元上调至3港元。 大和发表研报指，太平洋航运公布2025年第三季营运数据，主要亮点包括：公司的小灵便型干散货船日 均净租金(TCE)按年下降15%至每日11680美元，而超灵便型则按年增长10%，至每日13410美元。 大和看好公司小灵便型干散货船及超灵便型船只，在2025年第四季日均净租金按季度分别提升至每日 12380及14060美元(分别已有72%及87%的营运日被锁定)。另外，大和视中国港口费用增加为推动干散 货运价上升的积极推动因素，并认同公司在应对不确定营运环境的积极主动性。 ...

Core Viewpoint - Bank of America Securities reports that Pacific Shipping's third-quarter performance was generally in line with expectations, with slightly weak freight rates, but an improvement in locked-in freight rates for the fourth quarter [1] Group 1: Financial Performance - The company is expected to be exempt from paying port fees in the US and China, but regulatory uncertainty remains until further discussions with regulatory bodies occur [1] - The average earnings per share forecast for Pacific Shipping from 2025 to 2027 has been raised by 7% to reflect strong performance in the spot market for the fourth quarter of this year [1] Group 2: Ratings and Valuation - The rating remains "Neutral" due to reasonable current valuation levels, despite the target price being raised from HKD 2.4 to HKD 2.75 [1] - The outlook for the dry bulk market in 2026 remains unclear, contributing to the cautious stance on the company's rating [1]

（文章来源：每日经济新闻） 每经AI快讯，太平洋航运(02343.HK)涨超4%，截至发稿，涨4.03%，报2.58港元，成交额2295.66万港 元。 ...

此外，华泰证券表示，针对10月14日生效的中美互征港口费的规定，管理层表示，截至目前，公司未有 25%或以上股权由美国或中国实体或个人直接或间接持有，因为管理层认为中美港口费规定均不适用于 太平洋航运，公司经营情况正常。展望4Q，该行认为中美贸易摩擦及港口费或将影响全球船舶运力部 署和港口挂靠，造成供应链扰动，推升市场运价。预计公司4Q日均收入环比将进一步上涨，维持"买 入"。 消息面上，太平洋航运近日公告，2025年第三季度，集团的核心业务取得小灵便型及超灵便型干散货船 按期租合约对等基准的日均收入分别为11680美元及13410美元，其按年变动分别为减少15%及增加 10%，与上半年的按期租合约对等基准日均收入相比则分别为增加6%及增加10%。汇丰环球研究指，公 司在即期费率上涨时通常落后，基于租船合约与航程执行滞后效应。该行曾对潜在产能过剩持谨慎态 度，但即期费率因小型散货贸易韧性反弹，该贸易在今年首三季按年升4%。供应中断及船速减缓进一 步抵销船队增长影响。公司第四季更高的合约覆盖率，意味下半年盈利将强于上半年。 太平洋航运(02343)涨超4%，截至发稿，涨4.03%，报2.58港元，成交额2295 ...

此外，华泰证券表示，针对10月14日生效的中美互征港口费的规定，管理层表示，截至目前，公司未有 25%或以上股权由美国或中国实体或个人直接或间接持有，因为管理层认为中美港口费规定均不适用于 太平洋航运，公司经营情况正常。展望4Q，该行认为中美贸易摩擦及港口费或将影响全球船舶运力部 署和港口挂靠，造成供应链扰动，推升市场运价。预计公司4Q日均收入环比将进一步上涨，维持"买 入"。 智通财经APP获悉，太平洋航运(02343)涨超4%，截至发稿，涨4.03%，报2.58港元，成交额2295.66万港 元。 消息面上，太平洋航运近日公告，2025年第三季度，集团的核心业务取得小灵便型及超灵便型干散货船 按期租合约对等基准的日均收入分别为11680美元及13410美元，其按年变动分别为减少15%及增加 10%，与上半年的按期租合约对等基准日均收入相比则分别为增加6%及增加10%。汇丰环球研究指，公 司在即期费率上涨时通常落后，基于租船合约与航程执行滞后效应。该行曾对潜在产能过剩持谨慎态 度，但即期费率因小型散货贸易韧性反弹，该贸易在今年首三季按年升4%。供应中断及船速减缓进一 步抵销船队增长影响。公司第四季更高的合约 ...

Group 1 - The core viewpoint of the report is that Guobang Pharmaceutical (605507.SH) is rated as "Buy" due to its accelerating profit growth and improved profitability in Q3 [1] - The market share of its animal health products continues to increase, supported by the introduction of Zhejiang state-owned capital to drive strategic development [1] - The company is actively repurchasing shares, demonstrating confidence in its future growth [1] Group 2 - The report highlights the risks associated with industry policy changes, intensified market competition, potential product price declines, and foreign exchange rate fluctuations [1]

Core Viewpoint - Japan's "ghost fleet" is leaking approximately 4,000 liters of fuel daily into the Pacific Ocean, revealing an 80-year-old crisis that could lead to a large-scale ecological disaster within the next five years if not addressed promptly [1] Group 1 - The daily fuel leakage from the ghost fleet amounts to around 4,000 liters [1] - The crisis has been ongoing for 80 years, indicating a long-term environmental issue [1] - There is a potential risk that leaked oil may have already entered the food chain, affecting human health [1]