截至发稿，张圣贤累计任职时间10年103天，现任基金资产总规模196.42亿元，任职期间最佳基金回报 103.4%， 任职期间最差基金回报-89.6%。 数据显示，富国基金旗下1只基金重仓招商轮船。富国中证现代物流ETF（516910）二季度增持1.56万 股，持有股数31.48万股，占基金净值比例为3.78%，位居第六大重仓股。根据测算，今日浮盈赚取约 16.05万元。 富国中证现代物流ETF（516910）成立日期2021年6月3日，最新规模5217.81万。今年以来收益9.62%， 同类排名3698/4222；近一年收益30.87%，同类排名3291/3800；成立以来收益14.2%。 富国中证现代物流ETF（516910）基金经理为张圣贤。 9月12日，招商轮船涨6.3%，截至发稿，报8.60元/股，成交4.81亿元，换手率0.70%，总市值694.41亿 元。 资料显示，招商局能源运输股份有限公司位于上海市中山东一路9号轮船招商总局大楼;香港干诺道中 168-200号信德中心招商局大厦32楼;广东省深圳市南山区招商街道五湾社区邮轮大道5号太子湾海纳仓 (招商积余大厦)，成立日期2004年12月31日 ...

招商轮船 20250911 摘要 招商轮船在油运和散货业务方面表现出色，尤其是在过去几年中体现了其多板 块运营的优势。尽管各个子板块的周期不同，但招商轮船整体业绩保持稳健。 例如，2024 年下半年油运市场承压，但公司全年业绩仍小幅增长，这主要得 益于集装箱船队的优异表现。招商轮船通过多元化布局，在行业周期波动中展 现出相对稳定的经营能力。 招商轮船在集装箱业务方面有哪些发展？ 招商轮船目前以小仓为主，运营区域集中在东南亚和东北亚等近洋区域。近期， 公司开发了墨西哥航线进行扩张。此外，公司还拥有滚装轮团队，并参股 LNG 业务。到明后年，招商轮船将独立运营 LNG 船舶。这些举措显示出公司在集装 箱业务上的积极拓展和多元化发展策略。 招商轮船 2025 年上半年净利润 21.2 亿元，其中油运板块表现突出，集 装箱业务通过扩大控制规模同比增长 15%，多板块经营使得业绩稳健。 展望未来，油运、铁矿石增产及景气上行趋势将支持招商轮船发展，同 时供给端刚性凸显，预计未来两年行业景气将持续，公司作为全球第一 大船东将充分受益。 近年来全球油运市场的发展情况如何？ 自 2022 年俄乌冲突爆发以来，全球油运市场经历了 ...

公司发布的半年报数据显示，上半年公司共实现营业收入125.85亿元，同比下降4.91%，实现净利润 21.25亿元，同比下降14.91%，基本每股收益为0.2600元，加权平均净资产收益率5.28%。 机构评级来看，近一个月该股获10家机构买入评级。预计目标价最高的是国泰海通，9月9日国泰海通发 布的研报给予公司目标价9.71元。（数据宝） 招商轮船9月11日披露，截至9月10日公司股东户数为97691户，较上期（8月31日）减少7743户，环比降 幅为7.34%。 证券时报·数据宝统计，截至发稿，招商轮船收盘价为8.09元，下跌0.12%，本期筹码集中以来股价累计 上涨24.65%。具体到各交易日，7次上涨，2次下跌，其中，涨停1次。 （文章来源：证券时报网） ...

Group 1 - The stock price of China Merchants Energy Shipping Co., Ltd. (招商轮船) increased by 5.29% on September 9, reaching 8.36 CNY per share, with a trading volume of 9.65 billion CNY and a turnover rate of 1.48%, resulting in a total market capitalization of 675.03 billion CNY [1] - The stock has experienced a continuous rise for six days, accumulating a total increase of 22.34% during this period [1] - The company's main business involves international crude oil, domestic and international dry bulk, domestic roll-on/roll-off, and domestic and international general cargo shipping, with transportation services accounting for 86.38% of its revenue [1] Group 2 - According to data from the top ten heavy stocks of funds, Qianhai Kaiyuan Fund has a significant holding in China Merchants Energy Shipping, with its Qianhai Kaiyuan Value Strategy Stock Fund (005328) increasing its holdings by 28.43 thousand shares in the second quarter, totaling 65.94 thousand shares, which represents 8.29% of the fund's net value [2] - The fund has generated a floating profit of approximately 276,900 CNY today, and during the six-day rising period, the floating profit reached 956,100 CNY [2] - The Qianhai Kaiyuan Value Strategy Stock Fund was established on December 22, 2017, with a current scale of 49.7753 million CNY, yielding 14.58% this year and 35.94% over the past year [2]

Group 1 - Shipping concept stocks showed strong performance in early trading [1] - China Merchants Energy (招商南油) and China Merchants Industry (招商轮船) reached the daily limit up [1] - COSCO Shipping Energy (中远海能) increased by over 8% [1] - COSCO Shipping Special (中远海特) also experienced a rise [1]

Investment Rating - The report maintains a "Buy" recommendation for the oil tanker sector and dry bulk sector, highlighting potential opportunities in both areas [3][24]. Core Insights - The VLCC freight rates have continued to rise, with the Clarkson VLCC-TCE index reaching $56,000 on September 5, marking a week-on-week increase of 34% [1][10]. - The report emphasizes the elasticity of oil tanker rates as the market approaches the peak season, driven by expected OPEC+ production increases and recovering refinery utilization rates [19][20]. - The dry bulk market is anticipated to gradually recover, supported by low supply growth and potential demand increases from upcoming projects and economic factors [23]. Summary by Sections Focus on Oil Tankers and Dry Bulk Opportunities - VLCC freight rates have shown significant increases across various routes, with Middle East to China rates at $58,000/day, up 38% week-on-week [1][10]. - OPEC+ is expected to increase production by approximately 137,000 barrels per day in October, which may contribute to higher freight demand [19]. - Refinery utilization rates have improved, with major refineries operating at 81.59%, a 0.2 percentage point increase from the previous week [19]. Industry Data Tracking - The Baltic Dry Index (BDI) was reported at 1979 points, down 2.3% week-on-week, indicating a mixed performance in the dry bulk sector [23]. - The report notes that the supply side remains constrained, with only 10.4% of dry bulk vessels on order, suggesting limited capacity growth in the coming years [23]. Market Review - The transportation sector experienced a decline of 1.4% in the week, underperforming the CSI 300 index by 0.6 percentage points [64]. - Notable stock performances included significant gains for companies like China Merchants Energy and China Merchants Jinling, while others like Shentong Express saw declines [64]. Investment Recommendations - Continued recommendations for the oil tanker sector include China Merchants Energy, China Merchants Jinling, and China Merchants South Oil [24]. - For the dry bulk sector, recommendations include Haitong Development and China Merchants Jinling, with a suggestion to pay attention to Pacific Shipping [24].

Core Viewpoint - The shipping and port sector is experiencing significant activity, with multiple stocks reaching their daily limit up, driven by advancements in green transformation and smart upgrades in the Yangtze River shipping industry [1][2]. Group 1: Stock Performance - Stocks such as China Merchants Energy (招商南油) and China Merchants Shipping (招商轮船) have hit the daily limit up, while COSCO Shipping Energy (中远海能) rose over 8% [1]. - Other notable performers include China National Offshore Oil Corporation (国航远洋) up over 7%, Ningbo Ocean Shipping (宁波远洋) up over 6%, and Nanjing Port (南京港) up over 5% [1][2]. Group 2: Industry Developments - The Yangtze River shipping sector has made significant progress in green transformation, with over 1,000 new energy inland vessels already in operation [2]. - The construction of 132 new energy vessels on the Sichuan to Anhui section of the Yangtze River has been completed, with an additional 406 expected by 2025 [2]. - The use of shore power for vessels has become routine, with an expected electricity consumption of 190 million kilowatt-hours in 2024, effectively reducing carbon emissions [2]. Group 3: Market Opportunities - The demand for new energy vessels is rapidly increasing, including various power types such as lithium batteries and green methanol, which will drive the transformation and upgrade of shipbuilding enterprises [3]. - The push for smart port construction is increasing the demand for automation and intelligent upgrades in port facilities, creating new market opportunities for equipment manufacturers [3]. - The establishment of a smart shipping system is enhancing operational efficiency, significantly reducing time in processes such as vessel passage and anchoring, while green technologies are lowering operational costs and improving overall industry competitiveness [3]. Group 4: Key Listed Companies - COSCO Shipping Energy (中远海能) is a leading shipping company in China, heavily investing in the transformation towards new energy vessels [4]. - China Merchants Shipping (招商轮船) has a diversified fleet and is actively investing in new energy vessels and smart shipping, enhancing its market competitiveness [4]. - Ningbo Ocean Shipping (宁波远洋) has a strong presence in the Yangtze River Delta and excels in the smart upgrade of ports [4]. - Nanjing Port (南京港) is a crucial port in the lower Yangtze River, leading in smart and green port transformation, showcasing strong development potential [4].

Investment Rating - The report maintains an "Accumulate" rating for the oil transportation industry, particularly for VLCC (Very Large Crude Carrier) market [6]. Core Viewpoints - The VLCC freight rates have been continuously rising since August, driven by OPEC+ production increases and market demand, with rates for the CT1 route increasing from $17,971/day on August 1 to $51,664/day by September 5, and CT2 route rates rising from $26,931/day to $62,949/day in the same period [1][2]. - OPEC+ is expected to continue increasing production, which will likely shift towards exports, positively impacting VLCC demand. The actual production increase from OPEC+ was 427,000 barrels/day in June and 308,000 barrels/day in July, with a forecasted increase in exports as summer demand subsides [2]. - The fourth quarter is anticipated to be a peak season for crude oil demand in the Far East, with historical data showing that Q4 freight rates are generally higher than Q3 rates, except for 2020. The report suggests a high probability of rising freight rates in Q4 2025 due to OPEC+ production and seasonal demand [3]. - Increased sanctions on non-compliant markets by Western countries are expected to benefit compliant VLCC demand in the medium to long term. The report discusses two scenarios regarding sanctions on Iranian oil, indicating that if sanctions are enforced, demand may shift to compliant markets, enhancing VLCC demand [4]. Summary by Sections - **VLCC Freight Rates**: Continuous increase in VLCC freight rates since August due to OPEC+ production and market demand [1]. - **OPEC+ Production Impact**: OPEC+ production increases are expected to positively affect VLCC demand as summer demand wanes [2]. - **Seasonal Demand**: Anticipation of higher freight rates in Q4 due to seasonal demand patterns [3]. - **Sanctions and Market Dynamics**: Potential benefits for compliant markets due to increased sanctions on non-compliant oil exports [4]. - **Investment Recommendations**: The report suggests focusing on companies like China Merchants Energy and COSCO Shipping Energy, with expectations of significant earnings elasticity in the upcoming quarters [5].

Core Insights - The shipping and port sector experienced a rise of 0.55% on September 5, with China Merchants Energy leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Sector Performance - The top performers in the shipping and port sector included: - China Merchants Tire (601872) with a closing price of 7.22, up 5.87%, and a trading volume of 1.6672 million shares, totaling 1.193 billion yuan [1] - COSCO Shipping Energy (600026) closed at 11.08, up 4.73%, with a trading volume of 1.1022 million shares, totaling 1.206 billion yuan [1] - HNA Technology (600751) closed at 4.26, up 3.90%, with a trading volume of 535,300 shares, totaling 224 million yuan [1] Market Capital Flow - The shipping and port sector saw a net inflow of 186 million yuan from main funds, while retail investors experienced a net outflow of 89.98 million yuan [2] - The sector's overall trading activity indicated a mixed sentiment among different investor types, with institutional investors showing a positive trend [2]

Group 1 - The company, China Merchants Energy Shipping Company (招商轮船), announced that it will hold its second extraordinary general meeting of shareholders for 2025 on September 26, 2025 [1] - The agenda for the meeting includes the proposal to change the company's registered capital [1]