格隆汇1月13日丨招商轮船(601872.SH)公布，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，王永新先 生、徐晖先生、胡斌先生、孔康先生四位董事、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648,612股，减持股份占公司总股本比例不超过 0.008033%，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。 ...

Core Viewpoint - China Merchants Energy Shipping Company (招商轮船) announced that four directors and senior executives plan to reduce their holdings of shares in the company within the next three months, following the guidelines set by the Shanghai Stock Exchange [1] Group 1: Share Reduction Plan - Four directors and senior executives, including Mr. Wang Yongxin, Mr. Xu Hui, Mr. Hu Bin, and Mr. Kong Kang, plan to collectively reduce their holdings by no more than 648,612 shares [1] - The total shares to be reduced represent approximately 0.008033% of the company's total share capital [1] - Each individual plans to reduce their holdings by no more than 25% of their total personal shareholdings [1]

| 一、减持主体的基本情况 | | --- | | 股东名称 | 王永新 | | | | --- | --- | --- | --- | | 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 | | | 董事、高级管理人员 | √是 | □否 | | | 其他：/ | | | | 持股数量 | 1,121,000股 | | | | 持股比例 | 0.013883% | | | | 当前持股股份来源 | 股权激励取得：1,121,000股 | | | 证券代码：601872 证券简称：招商轮船 公告编号：2026[005] 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 本公司董事会、全体董事及相关股东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： 1 董事及高管持股的基本情况：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 2,594,450 股，占公司总股本比例为 0.032131%。 减持计划的主要内容：根据上海证券交易 ...

招商轮船公告称，截至公告披露日，公司董事和高管合计持股2,594,450股，占总股本0.032131%。王永 新、徐晖、胡斌、孔康四位董高计划自公告发布之日起十五个交易日后至未来2个月内（2026年2月4日 - 2026年4月30日），通过集中竞价合计减持不超648,612股，占总股本比例不超0.008033%，每人减持不 超个人持股总额25%，减持价格按市场价格定，减持原因为个人资金需求。本次减持计划实施存在不确 定性，不会对公司治理及经营产生重大影响。 ...

证券之星消息，1月13日航运港口板块较上一交易日上涨0.2%，招商轮船领涨。当日上证指数报收于 4138.76，下跌0.64%。深证成指报收于14169.4，下跌1.37%。航运港口板块个股涨跌见下表： 从资金流向上来看，当日航运港口板块主力资金净流出1.2亿元，游资资金净流入2764.12万元，散户资金 净流入9275.05万元。航运港口板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601872 | 招商轮船 | 11.21 | 4.77% | 148.55万 | 16.43亿 | | 002040 | 南京港 | 10.33 | 1.77% | 26.80万 | 2.76亿 | | 600798 | 宁波海运 | 3.71 | 1.37% | 40.35万 | 1.49亿 | | 600026 | 中远海能 | 13.81 | 1.32% | 1 73.36万 | 10.09亿 | | 601228 | 广州港 | 3.60 | 1.12% | 108.52万 | ...

证券代码：601872 证券简称：招商轮船 公告编号：2026[004] 择机增持安通控股股份，其中可能存在资本市场情况发生变化或目前 尚无法预判的其他风险因素，存在一定的不确定性，敬请广大投资者 注意投资风险。 特此公告。 招商局能源运输股份有限公司（以下简称"招商轮船"或"公司"） 于 2025 年 7 月 11 日召开第七届董事会第二十二次会议，审议通过了 《关于子公司对外投资暨关联交易的议案》，同意由公司全资子公司 中外运集装箱运输有限公司（以下简称"中外运集运"）通过包括但 不限于大宗交易、集中竞价或协议转让等方式，以不超过 18 亿元人 民币为上限收购安通控股股份有限公司（以下简称"安通控股"）的 股份，并授权公司董事长及其书面授权人开展具体交易。具体情况详 见公司于 2025 年 7 月 12 日发布的《第七届董事会第二十二次会议决 议公告》（公告编号：2025[033]）、《关于子公司对外投资暨关联 交易的公告》（公告编号：2025[035]），于 2025 年 8 月 25 日发布 的《关于子公司对外投资暨关联交易进展的公告》（公告编号： 2025[037]）以及于 2025 年 9 月 1 ...

招商轮船公告称，2025年公司同意全资子公司中外运集运以不超一定金额收购安通控股股份。截至公告 发布日，中外运集运已通过大宗交易及协议转让受让安通控股333,742,322股股份，占其总股本7.89%， 还通过集中竞价增持93,844,500股，占比2.22%。其中，与中化资管的协议转让已获批并完成过户。此 外，中外运集运拟继续择机增持安通控股股份，但存在不确定性。 ...

Group 1: Industry Overview - According to Raytad Energy, global upstream exploration and development spending is expected to be around $600 billion in 2025, a decrease of 4% year-on-year, with deepwater investments projected to decline by 6% [1] - China's crude oil production has rebounded since 2019 due to a long-term strategy for increasing reserves and production, with a CAGR of 2.2% from 2019 to 2024, while natural gas production has a CAGR of 7.3% during the same period [1] - The "Big Three" oil companies in China have significantly increased capital expenditures from 2020 to 2023 and are expected to maintain high levels in 2024 and 2025, which will support upstream reserve growth and benefit their oil service subsidiaries [1] Group 2: Company Performance - In the first half of 2025, major oil service companies benefited from the ongoing domestic "increase reserves and production" initiative and the gradual release of overseas business performance, leading to improved operational quality despite falling oil prices [2] - CNOOC's oil service subsidiary reported a 23.3% year-on-year increase in net profit attributable to shareholders, while other companies like Haiyou Development and Haiyou Engineering saw net profit changes of +13.1% and -8.2% respectively, with the latter experiencing a 27% increase in gross profit [2] - The annualized ROE for CNOOC's oil service companies in the first half of 2025 showed resilience, with CNOOC at +1.5 percentage points compared to the full year of 2024, indicating a potential improvement in international competitiveness [2] Group 3: Market Performance - As of January 13, 2026, the National Petroleum and Natural Gas Index (399439) rose by 0.81%, with significant increases in stocks such as CNOOC's oil service (+6.03%) and China National Petroleum (+3.57%) [3] - The oil and gas ETF (159697) increased by 1.15%, reflecting a four-day consecutive rise, with the latest price reported at 1.23 yuan and a net subscription of 15 million units [3] - The top ten weighted stocks in the National Petroleum and Natural Gas Index account for 67.11% of the index, including major players like China National Petroleum, Sinopec, and CNOOC [3]

Investment Rating - The report maintains an "Overweight" rating for the transportation industry, indicating a positive outlook for the sector's performance relative to the overall market [12]. Core Insights - The shipping market is expected to see significant growth in Q4 2025, driven by strong VLCC freight rates and structural changes in trade dynamics, including new refinery capacities and geopolitical shifts [4]. - The aviation sector is projected to enter a golden era, with passenger transport expected to reach 770 million in 2025, marking a 5.5% increase from 2024 and a 16.7% increase from 2019 [4]. - The report highlights a shift in the shipping industry from supply-driven to demand-driven dynamics, particularly in shipbuilding, as older vessels are replaced [4]. - The logistics and freight forwarding sectors are facing challenges due to trade tensions, impacting profit margins and demand [4]. Summary by Sections Shipping - Q4 2025 VLCC freight rates are expected to average around $95,500 per day, with a projected demand increase of 1.7% from new refinery capacities and a 2.1% increase from compliance changes in Venezuelan oil [4]. - The dry bulk market is also showing strong performance, with Cape-sized vessel rates expected to rise by 20% to $27,600 per day [4]. - The report estimates that COSCO Shipping Energy's Q4 earnings will be approximately 1.9 billion RMB, while China Merchants Energy's will be around 2.9 billion RMB [4]. Shipbuilding - The shipbuilding sector is experiencing a tight supply-demand balance, with second-hand ship prices rising for 11 consecutive months, indicating a positive outlook for the industry [4]. Freight Forwarding - The freight forwarding sector is facing profit margin compression due to trade frictions, with the CCFI index expected to decline by 26% in Q4 2025 [4]. Aviation - The Chinese aviation market is expected to achieve a profit of 6.5 billion RMB in 2025, with major airlines like China Eastern Airlines anticipated to see significant performance improvements [4]. - The report emphasizes the importance of international routes as passenger volumes are expected to grow, driven by a recovery in outbound travel [4]. Express Delivery - The express delivery sector is projected to see a 5% year-on-year growth in Q4, driven by price increases and seasonal demand, despite challenges from trade policies [4]. Road and Rail - The report notes a slowdown in highway traffic growth, while rail passenger and freight volumes continue to increase, with recommendations for specific companies in the sector [4].

Core Viewpoint - The A-share market shows a mixed trend with the oil and gas sector experiencing significant inflows and price increases, particularly in the oil and gas ETF Huatai (159309), which reached a new high since its listing [1] Group 1: Market Performance - As of 13:38, the oil and gas ETF Huatai (159309) rose by 1.98%, hitting a new intraday high and attracting over 3.6 million yuan in capital [1] - The oil and gas sector saw most component stocks rise, with China National Offshore Oil Corporation (CNOOC) increasing over 3% and China Petroleum & Chemical Corporation (Sinopec) rising over 1% [5] Group 2: Geopolitical Factors - Concerns over the situation in Iran are supporting oil prices, with crude oil futures stabilizing near a one-month high [2] - Citic Futures indicates that geopolitical disturbances are likely to drive oil prices higher in the short term, despite a current oversupply in the global oil market [3] Group 3: Supply and Demand Dynamics - The OPEC+ group has decided to maintain its oil production levels, reflecting a desire to balance oil prices amid geopolitical tensions [4] - The International Energy Agency (IEA) projects a global oil demand increase of 860,000 barrels per day in 2026, with chemical feedstock demand expected to dominate this growth [6] Group 4: Investment Insights - The oil and gas sector is showing signs of recovery, with high dividend characteristics making it attractive for investors [6] - The oil and gas ETF Huatai (159309) focuses on the oil and gas industry chain, presenting long-term investment value amid external uncertainties [7]