金融界消息 截至2025年7月31日收盘，招商轮船（601872）报收于6.06元，下跌1.78%，换手率0.67%， 成交量53.84万手，成交金额3.28亿元。 天眼查商业履历信息显示，招商局能源运输股份有限公司，成立于2004年，位于上海市，是一家以从事 水上运输业为主的企业。企业注册资本814380.6353万人民币，实缴资本549467.2274万人民币。公司法 定代表人为冯波鸣。 通过天眼查大数据分析，招商局能源运输股份有限公司共对外投资了6家企业，参与招投标项目143次， 知识产权方面有商标信息1条，专利信息11条，此外企业还拥有行政许可4个。 来源：金融界 资金流向方面，今日主力资金净流出3109.87万元，占比成交额9.49%。其中，超大单净流出1153.06万 元、占成交额3.52%，大单净流出1956.81万元、占成交额5.97%，中单净流出流入3006.26万元、占成交 额9.17%，小单净流入103.62万元、占成交额0.32%。 招商轮船最新一期业绩显示，截至2025一季报，公司营业总收入55.95亿元、同比减少10.53%，归属净 利润8.65亿元，同比减少37.07%，扣非净利 ...

Core Insights - The report highlights the emergence of a commodity bull market driven by anti-involution policies and increased infrastructure investment, which are expected to positively impact upstream supply chains and commodity prices [5][15][61] - The transportation sector has shown mixed performance, with the public transport sub-sector leading with an 11.1% increase, while the aviation sub-sector lagged with a -6.7% decline [5][13] - The report emphasizes the growing concentration in the bulk supply chain market, with the CR4 market share rising from 1.21% in 2016 to 4.18% in 2022, indicating a trend towards larger, more stable companies benefiting from the anti-involution policies [5][33] Market Overview - As of July 28, 2025, the Shanghai Composite Index closed at 4135.82, up 5.1% year-to-date, while the CITIC Transportation Index underperformed at 2061.14, up only 1.1% [7][9] - The report notes that the overall market for bulk supply chain services in China was approximately 55 trillion yuan in 2022, with a significant increase in market concentration observed [5][25][33] Investment Recommendations - The report suggests focusing on midstream logistics and warehousing companies like Wuchan Zhongda (600704.SH) to capitalize on the anticipated recovery in commodity prices and demand [5][61] - It also recommends monitoring leading dry bulk shipping companies such as China Merchants Energy Shipping (601872.SH) and Haitong Development (603162.SH) as shipping demand is expected to rebound [5][61] Commodity Price Trends - Since July 1, 2025, major commodity prices have rebounded significantly, with DCE coking coal prices rising by 54.6%, iron ore by 13.3%, and soda ash by 23.6% [22][23] - The report indicates that the anti-involution policies are likely to stabilize commodity prices and improve profitability for leading supply chain companies [22][38] Supply Chain Dynamics - The report highlights the increasing importance of long-distance transportation for iron ore imports, particularly from Brazil and Guinea, which is expected to drive up shipping demand due to longer transport distances [44][52] - The growth trend in aluminum ore imports is also noted, with a significant increase in dependency on foreign sources, particularly from Guinea [56][59] Company Performance and Projections - Wuchan Zhongda is projected to achieve a revenue of approximately 620.4 billion yuan in 2025, with a net profit of around 3.67 billion yuan, reflecting a strong growth trajectory [66][68] - China Merchants Energy Shipping is expected to benefit from a recovering market, with projected net profits of 5.9 billion yuan in 2025, indicating a robust operational capacity [70][72] - Haitong Development is anticipated to see a rebound in profits as market conditions improve, with projections of 263.66 million yuan in net profit for 2025 [73][76]

从沪深300运输业指数持仓的市场板块来看，上海证券交易所占比81.19%、深圳证券交易所占比 18.81%。 从沪深300运输业指数持仓样本的行业来看，铁路运输占比37.59%、快递占比21.94%、航运占比 20.99%、航空运输占比19.48%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对沪深300行业指数 样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的 处理，参照计算与维护细则处理。 金融界7月30日消息，A股三大指数收盘涨跌不一，沪深300运输业指数 (300运输业，L11618)报3806.99 点。 数据统计显示，沪深300运输业指数近一个月下跌1.40%，近三个月上涨2.14%，年至今下跌1.91%。 据了解，为反映沪深300指数样本中不同行 ...

截至2025年7月30日 13:30，国证石油天然气指数(399439)强势上涨1.27%，成分股潜能恒信(300191)上涨 5.17%，东华能源(002221)上涨4.36%，东方环宇(603706)上涨3.37%，中国石化(600028)，海默科技 (300084)等个股跟涨。油气ETF(159697)上涨1.27%，最新价报1.04元。 数据显示，截至2025年6月30日，国证石油天然气指数(399439)前十大权重股分别为中国石油(601857)、 中国石化(600028)、中国海油(600938)、广汇能源(600256)、杰瑞股份(002353)、招商轮船(601872)、新 奥股份(600803)、中远海能(600026)、海油工程(600583)、招商南油(601975)，前十大权重股合计占比 65.74%。 油气ETF(159697)，场外联接A：019827；联接C：019828；联接I：022861。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 消息面上，因需求旺盛，俄罗斯到8月31日之前禁止生产商出口汽油。俄政府称，这一举措旨在在季节 性需求旺盛的时期保持 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 据统计，7月29日，盘后巨星农牧、安通控股、盐湖股份披露增持情况。包括奥赛康、瑞松科技、上海 汽配、赛微电子、华业香料、苏州规划、奥特维、通鼎互联、安记食品、海伦哲、麦克奥迪、拉卡拉、 蓝海华腾、蓝丰生化、嘉和美康、招商轮船、景旺电子、科博达、君禾股份、漫步者、宇晶股份在内的 21家A股上市公司披露减持情况。 | | | 7.29上市公司盘后增持情况 | | --- | --- | --- | | 1 | 巨星农牧 | 控股股东获得增持资金贷款支持 贷款2500万元 | | 2 | 安通控股 | 中外运集运及其一致行动人持股比例增至15% | | 3 | 盐湖股份 | 实际控制人中国五矿增持公司股份达1% | | | | 7.29上市公司盘后减得情况 | | 1 | 奥塞康 | 股东拟减持不超过1.5%公司股份 | | 2 | 瑞松科技 | 股东拟合计减持不超过3.0013%公司股份 | | 3 | 上海汽配 | 股东格洛利与迪之凯拟减持不超过1.75%股份 | | 4 | 苏州规划 | 股东拟合计减持不超过4.5%公司股份 | | 5 ...

（文章来源：每日经济新闻） 徐晖先生、胡斌先生、孔康先生三位高级管理人员计划自本公告发布之日起的十五个交易日后至未来3 个月内，拟通过集中竞价方式合计减持不超过约48万股，减持股份占公司总股本比例不超过 0.00589%，每人计划减持比例不超过其个人持股总额的25%，减持价格将按照减持实施时的市场价格确 定。 2024年1至12月份，招商轮船的营业收入构成为：油轮运输占比35.68%，散货船运输占比30.78%，集装 箱运输占比21.06%，滚装船运输占比7.12%，其他占比5.36%。 招商轮船（SH 601872，收盘价：6.14元）7月29日晚间发布公告称，截至本公告披露日，招商轮船董事 和高级管理人员合计持有公司股份约302万股，占公司总股本比例为0.037444%。 ...

格隆汇7月29日丨招商轮船(601872.SH)公布，徐晖先生、胡斌先生、孔康先生三位高级管理人员计划自 本公告发布之日起的十五个交易日后至未来3个月内，拟通过集中竞价方式合计减持不超过47.56万股， 减持股份占公司总股本比例不超过0.005890%，每人计划减持比例不超过其个人持股总额的25%，减持 价格将按照减持实施时的市场价格确定。 ...

证券代码：601872 证券简称：招商轮船 公告编号：2025-036 招商局能源运输股份有限公司 董事、高管股权激励所获股票减持计划的公告 | 股东名称 | 徐晖 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 | √否 | | | 直接持股 5%以上股东 | □是 | √否 | 1 董监高持股的基本情况：截至本公告披露日，招商轮船董事和高级管 理人员合计持有本公司股份 3,023,410 股，占公司总股本比例为 0.037444%。 减持计划的主要内容：根据上海证券交易所发布的《上海证券交易所 上市公司自律监管指引第 15 号——股东及董事、高级管理人员减持股 份（2025 年 3 月修订）》的规定，徐晖先生、胡斌先生、孔康先生三 位高级管理人员计划自本公告发布之日起的十五个交易日后至未来 3 个月内，拟通过集中竞价方式合计减持不超过 475,602 股，减持股份占 公司总股本比例不超过 0.005890%，每人计划减持比例不超过其个人持 股总额的 25%，减持价格将按照减持实施时的市场价格确定。 公司董事总经理王永新先生承诺 20 ...

招商轮船（601872）公告，徐晖、胡斌、孔康三位高级管理人员计划自2025年8月20日至2025年11月19 日，通过集中竞价方式合计减持不超过47.56万股，减持股份占公司总股本比例不超过0.005890%，每人 减持不超过其个人持股总额的25%(徐晖不超过216,622股，胡斌不超过71,390股，孔康不超过187,590 股)。截至公告披露日，三人合计持有公司股份302.34万股，占公司总股本比例0.037444%。公司董事总 经理王永新承诺2025年度内不减持公司股票。 ...

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [4][6][7]. Core Views - The "anti-involution" policy in the express delivery sector is expected to ease competition, with Shentong Express planning to acquire Dan Niao Logistics [3][54]. - The shipping industry is anticipated to see a bottoming out of oil transportation rates during the summer, with potential upward pressure on rates due to supply constraints and demand changes [1][22][23]. - The aviation sector is experiencing a decline in flight volumes, but the domestic passenger market is expected to continue optimizing supply and demand dynamics through 2025 [2][37][46]. Summary by Sections Shipping Sector - In July, crude oil entered the off-season, leading to a softening of oil freight rates, with expectations for a bottoming out during the summer [1]. - The current supply situation is relatively tight, and marginal changes in demand could significantly impact freight rates [1][22]. - Recommendations include China Merchants Energy and China Merchants Shipping, with a focus on China Merchants South Oil [1]. Aviation Sector - The overall and domestic passenger flight volumes have decreased by 1.5% and 1.4% respectively compared to the previous week, but remain above 2019 levels [2][37]. - The average ticket price for domestic routes has dropped by 8.0% year-on-year, while passenger load factors have improved slightly [2][37]. - Investment recommendations include closely monitoring ticket price performance during the peak summer season, with a focus on China National Aviation, Eastern Airlines, Southern Airlines, and Spring Airlines [2][46]. Express Delivery Sector - The "anti-involution" policy has been implemented to combat excessive competition, with price increases already observed in regions like Yiwu [3][53]. - The introduction of unmanned logistics vehicles is expected to reduce costs significantly for leading companies like SF Express and Zhongtong Express [3][61]. - Investment suggestions include SF Express, Zhongtong Express, YTO Express, and Shentong Express, with a focus on the impact of the "anti-involution" policy [3][63]. Key Company Earnings Forecasts and Investment Ratings - China Merchants Energy, China Merchants Shipping, SF Express, Zhongtong Express, and YTO Express are all rated as "Outperform" [7]. - SF Express is expected to maintain a growth rate of 15-20% over the next two years, with a PE ratio of approximately 20 times in 2025 [3][63]. - China Merchants Shipping reported a 20.1% year-on-year increase in revenue for Q1 2025, indicating strong performance [27].