（文章来源：证券日报） 证券日报网讯 1月5日，招商轮船在互动平台回答投资者提问时表示，截至2025年底，公司股东户数 （信用账户穿透后）为87106户。 ...

Core Viewpoint - The company, China Merchants Energy Shipping Company (招商轮船), has signed a shipbuilding agreement for 1+1 DPST (Dynamic Positioning Shuttle Tanker) vessels with Dalian Shipbuilding Industry Group, totaling approximately 1.79 billion RMB [1] Group 1 - The agreement was signed on December 31, 2025, and includes one confirmed vessel and one optional vessel [1] - The total contract value for the shipbuilding agreement is approximately 1.79 billion RMB [1]

Group 1 - Postal Savings Bank announced a cash dividend distribution of 14.772 billion yuan for the first half of 2025, with a dividend of 1.23 yuan per 10 shares [1] - Xinke Mobile plans to reduce its shareholding by up to 1%, amounting to a maximum of 34.1875 million shares, due to funding needs [1] - Defu Technology signed a cooperation letter with a leading domestic CCL company to supply high-end electronic circuit copper foil products, which is expected to positively impact the company's performance in 2026 [1] Group 2 - Sanxia New Materials intends to acquire 40% equity of Lingang New Materials for a transaction amount of 0 yuan, which constitutes a related party transaction [2] - Fulim Precision plans to invest a total of 87 billion yuan in projects for the production of high-end lithium iron phosphate for energy storage, with the main project estimated at 60 billion yuan [3] - Heng Rui Pharmaceutical received approval for clinical trials of HRS9531 injection in combination with HRS-5817 injection for treating obesity in adults [3] Group 3 - Quartz Co. was fined 2.7 million yuan for commercial secret infringement, with the company being the victim in this case [5] - ST Renfu received approval for clinical trials of HW221043 tablets for late-stage solid tumors, with no similar drugs approved domestically or internationally [6] - Tianchen Medical signed a strategic cooperation agreement with Inspur Digital Technology to promote innovation in medical robotics and smart manufacturing [6] Group 4 - Xusheng Group received a notification from a North American electric vehicle manufacturer for a project with an estimated total sales amount of approximately 7.8 billion yuan over its lifecycle [6] - Deyun Co. announced that its actual controller was arrested for illegal public deposit collection, but this does not significantly impact the company's operations [7] - Shengyang Technology's subsidiary is advancing a project with a global satellite operator in South America, focusing on software licensing and product delivery [7] Group 5 - Hefei China announced a 1% reduction in shares by its controlling shareholder, who terminated the reduction plan early to express confidence in the company's future [8] - Weigao Blood Purification plans to acquire 100% equity of Weigao Purui for 8.511 billion yuan, which will expand its business into drug delivery systems [10]

格隆汇1月5日丨招商轮船(601872.SH)公布，公司通过下属全资子公司海宏轮船（香港）有限公司 （称"海宏香港"）与大连船舶重工集团有限公司（称"大连造船"）于2025年12月31日签署《船舶订造协 议》，订造1+1艘DPST（动力定位穿梭油轮）（Suezmax级），协议价格总额合计约合17.9亿元人民 币，其中一艘为确定船，一艘为买方选择权船。 ...

格隆汇1月5日丨招商轮船(601872.SH)公布，公司通过下属全资子公司海宏轮船（香港）有限公司 （称"海宏香港"）与大连船舶重工集团有限公司（称"大连造船"）于2025年12月31日签署《船舶订造协 议》，订造1+1艘DPST（动力定位穿梭油轮）（Suezmax级），协议价格总额合计约合17.9亿元人民 币，其中一艘为确定船，一艘为买方选择权船。 ...

+证券代码：601872 证券简称：招商轮船 公告编号：2026-001 招商局能源运输股份有限公司 关于新建穿梭油轮的公告 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： 本次交易具体实施所涉及的公司境外投资事项，尚需在国家 相关部门备案。 一、交易概述 （一）本次交易的基本情况 上述交易未构成本公司的关联交易。 2 交易事项（可多选） □购买 □置换 其他，具体为： 订造 1 艘 DPST（动力定位穿梭油轮） 以及签署 1 艘 DPST 买方选择权协议 交易标的类型（可多选） 股权资产 非股权资产 交易标的名称 DPST（动力定位穿梭油轮） 是否涉及跨境交易 是 □否 是否属于产业整合 □是 否 2、本次交易的交易要素 1 招商局能源运输股份有限公司（下称"本公司"或"公司"）通 过下属全资子公司海宏轮船（香港）有限公司（下称"海宏 香港"）与大连船舶重工集团有限公司（下称"大连造船"） 于 2025 年 12 月 31 日签署《船舶订造协议》，订造 1+1 艘 DPST（动力定位穿梭油轮）（Suezmax ...

招商轮船公告称，为满足核心客户运力需求，公司拟投资新造船舶。2025年12月31日，其全资子公司海 宏香港与大连造船签署《船舶订造协议》，订造1+1艘DPST（动力定位穿梭油轮）（Suezmax级），协 议价格总额约17.9亿元，一艘为确定船，一艘为买方选择权船。资金拟用自有资金和银行借款，按造船 进度分批支付，交船期为2028年。该交易不构成关联交易和重大资产重组，未达股东会审议标准，境外 投资事项尚需国家相关部门备案。 ...

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [12] Core Insights - The geopolitical risks surrounding Venezuela are expected to support oil transportation during the off-peak season, with a recommendation for companies like China Merchants Energy and COSCO Shipping Energy [6][21] - The appreciation of the Renminbi is anticipated to benefit the transportation sector, particularly in three key areas: companies with significant dollar-denominated debt will gain from exchange rate benefits, increased purchasing power will boost outbound tourism and consumption, and lower dollar-denominated costs will improve profitability [7][35][42] Summary by Sections Geopolitical Risks and Oil Transportation - The U.S. has implemented significant sanctions against Venezuela, leading to a temporary halt in its oil exports, which are projected to be 700,000 barrels per day in 2024, accounting for 1.8% of global oil exports [6][21] - The sanctions may tighten heavy oil supply for China and the U.S., prompting increased imports from Middle Eastern and Latin American countries, thus raising compliant oil transportation demand [6][21] Renminbi Appreciation and Opportunities in Transportation - As of January 2, 2026, the Renminbi has appreciated by 1.4% against the U.S. dollar since December 2025, with expectations for continued appreciation due to anticipated interest rate cuts by the Federal Reserve [7][30][32] - The report categorizes beneficiaries into three tiers: companies with large dollar debts benefiting from exchange rate gains, increased outbound tourism boosting international flight revenues, and reduced costs for aviation fuel leading to improved profitability [7][35][42] Travel Demand and Market Performance - During the New Year holiday, domestic passenger traffic saw a 10% year-on-year increase, while international passenger traffic rose by 9% [8][57] - The average domestic passenger load factor improved by 6.0 percentage points year-on-year, and international load factors increased by 4.8 percentage points [8][63] Logistics and Freight Trends - The volume of express deliveries has shown a slight decline, with a 0.5% year-on-year decrease in the number of packages collected [9] - Despite the decline in express delivery growth, the logistics sector is expected to see a shift towards leading companies like ZTO Express and YTO Express due to a restructuring of the e-commerce ecosystem [9]

Summary of Conference Call on Venezuelan Oil Market Impact Industry Overview - The discussion centers around the impact of the recent political turmoil in Venezuela on the oil transportation market and the broader implications for the global oil supply chain [2][3][6]. Key Points and Arguments - **Venezuelan Oil Supply Chain Changes**: The U.S. military action on January 3, which involved the capture of Venezuelan President Guaido's wife, has significant implications for the oil supply chain, particularly affecting the cruise market [2]. - **Venezuela's Oil Reserves**: Venezuela holds approximately 20% of the world's known oil reserves, despite current production being only about 30% of its historical peak [3][4]. - **Potential for Increased Production**: If sanctions are lifted, international capital and technology could flow into Venezuela, potentially restoring its oil production capacity and significantly increasing global compliant oil supply [3][4]. - **Short-term vs Long-term Effects**: In the short term, the political situation may lead to export disruptions and inventory build-up, pushing demand towards other compliant markets. In the long term, U.S. companies' involvement could enhance Venezuela's oil production, altering the global energy supply landscape [4][6]. - **Impact on Global Oil Prices**: The potential increase in compliant oil supply from Venezuela could lead to an oversupply in the global market, particularly in the Atlantic basin, which may depress short-term oil prices [5][6]. - **Shipping Requirements**: If Venezuela's production returns to 2008 levels, compliant oil exports could rise from 800,000 barrels per day to 2.4 million barrels per day, necessitating 140 Very Large Crude Carriers (VLCCs) for transportation, which would represent 20% of global compliant shipping capacity [5][6]. Additional Important Insights - **Geopolitical Risks**: The instability in Iran and other geopolitical factors may shift the dynamics of black oil trade, potentially benefiting compliant markets [8]. - **VLCC Freight Rates**: Recent fluctuations in VLCC freight rates have been noted, with a long-term outlook remaining positive as rental rates are expected to stabilize above $60,000 per day [8]. - **Cruise Market Outlook**: The anticipated increase in compliant oil supply from Venezuela could significantly benefit the cruise market, especially in the latter half of 2025, as demand remains high and supply tightens [6][7]. This summary encapsulates the critical insights from the conference call regarding the Venezuelan oil market and its implications for the global oil transportation industry.

[Table_Page] 跟踪分析|航运港口 证券研究报告 [Table_Title] 航运港口行业 美委冲突背景下，油运配置价值凸显 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-01-04 [Table_PicQuote] 相对市场表现 -10% -2% 6% 14% 22% 30% 01/25 03/25 05/25 08/25 10/25 12/25 航运港口 沪深300 | [分析师： Table_Author]许可 | | --- | | SAC 执证号：S0260523120004 | | SFC CE No. BUY008 | | 0755-88285832 | | xuke@gf.com.cn | | 分析师： 李然 | | SAC 执证号：S0260523120009 | | 0755-82298505 | | liran@gf.com.cn | | 请注意，李然并非香港证券及期货事务监察委员会的注册 | 持牌人，不可在香港从事受监管活动。 | DocReport] [Table_ 相关研究： | | | --- ...