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。 证券代码：601872 证券简称：招商轮船 公告编号：2025[024] 招商局能源运输股份有限公司 关于股份回购实施结果暨股份变动的公告 重要内容提示： | 回购方案首次披露日 | 2024/10/18，由公司第七届董事会第十四次会议提 | | --- | --- | | | 议 | | 回购方案实施期限 | 待公司股东大会审议通过后 个月 12 | | 预计回购金额 | 2.22亿元~4.43亿元 | | 回购价格上限 | 10.85元/股 | | 回购用途 | √减少注册资本 □为维护公司价值及股东权益 | | 实际回购股数 | 6,926.7851万股 | | 实际回购股数占总股本比例 | 0.85% | | 实际回购金额 | 44,297.66万元 | | 实际回购价格区间 | 5.74元/股~7.05元/股 | 一、 回购审批情况和回购方案内容 招商局能源运输股份有限公司（以下简称"公司"）于 2024 年 10 月 17 日召开第七届董事会第十四次临时会议，并于 ...

证券代码：601872 证券简称：招商轮船 公告编号：2025[025] 会议召开方式：上证路演中心网络文字互动 投资者可于 2025 年 5 月 22 日（星期四）至 5 月 28 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投 资者关系邮箱 ir@cmhk.com 进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 招商局能源运输股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 本公司董事会及董事保证本公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性负个别及连带责任。 重要内容提示： 会议召开时间：2025 年 5 月 29 日(星期四)下午 14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） （三）会议召开方式：网络文字互动 三、本公司参加人员 公司董事、总经理王永新先生，董事余志良先生，独立董事邓黄君先 生，财务总监娄东阳先生，董事会秘书孔康先生及相关人员将参加本次业 绩说明会。 四、投资者参加方式 （一）投资者可在 202 ...

证券代码：601872 证券简称：招商轮船 公告编号：2025[023] 招商局能源运输股份有限公司 关于高管辞职的公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、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。 招商局能源运输股份有限公司（下称"公司"）董事会于2025年5 月21日收到公司总法律顾问、首席合规官史秀丽女士书面辞职报告。 史秀丽女士因工作调整变动原因，申请辞去其担任的公司总法律顾问、 首席合规官职务。 | | 离任职务 | | 原定任期 | | 是否继续在上 | 具体职 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | | 离任时间 | 到期日 | 离任原因 | 市公司及其控 股子公司任职 | 务（如 适用） | 毕的公开 承诺 | | 史秀丽 | 总法律顾问、 | 2025-05-21 | 2026-07-28 | 工作调整 | 否 | 无 | 无 | | | 首席合规官 | | | 变动 | | | | 一、提前离任的基本情况 二、离任对公司的影响 根据《公司 ...

招商轮船（601872）公告，公司总法律顾问、首席合规官史秀丽因工作调整变动，于2025年5月21日辞 职。史秀丽辞职后不再担任公司任何职务。公司将尽快完成相关职位的补选工作。史秀丽已按公司离职 管理制度完成交接工作。 ...

Group 1: Aviation Industry - The aviation industry in China is expected to benefit from the easing of US-China trade tensions and improving supply-demand dynamics, leading to enhanced pricing power [2][1] - Recommended stocks include China National Aviation (00753), Eastern Airlines (00670), Southern Airlines (01055), and Spring Airlines (601021.SH) [2] - Guangzhou Baiyun Airport (600004.SH) is favored as a defensive choice due to its lower exposure to duty-free business and high dividend yield amid consumer pressure [2][1] Group 2: Shipping Industry - Geopolitical factors are impacting freight rates, but oversupply of capacity remains a primary concern for the next 12 to 24 months [3] - The oil tanker segment is expected to benefit from OPEC+ production increases and tighter regulations on "shadow fleets," with recommendations to increase holdings in China Merchants Energy (601872.SH) and COSCO Shipping Energy (01138) [3] - For dry bulk shipping, Pacific Basin Shipping (02343) is recommended for its stable shareholder returns, while container shipping stocks like COSCO Shipping Holdings (01919) and Orient Overseas International (00316) are advised to be reduced [3] Group 3: Express Delivery Industry - The express delivery sector is anticipated to face intensified price competition and ongoing industry consolidation from 2025 onwards [4] - ZTO Express (ZTO.US) is viewed as the most promising stock in the next 12 to 24 months, while SF Express (002352.SZ) shows strong profit growth potential [4] - Companies leveraging artificial intelligence, such as ZTO, SF Express, and YTO Express (600233.SH), are also highlighted for their growth prospects [4]

Summary of Conference Call for China Merchants Energy Shipping Company Industry Overview - The oil transportation market has shown a lackluster performance over the past three years, but the average VLCC (Very Large Crude Carrier) earnings have exceeded pre-pandemic levels, currently averaging around $44,000, although with significant volatility [2][20] - OPEC's decision to maintain production increases and negotiations regarding the Iran nuclear deal are favorable for the VLCC market, while U.S. tariffs primarily impact large container shipping companies [2][4] - The container shipping sector has seen stable rates in the Southeast Asian market post U.S.-China tariff negotiations, with significant year-on-year growth in Q1 2025 [2][6] - LNG (Liquefied Natural Gas) transportation is expected to benefit from the launch of two to three self-operated LNG vessels in 2025, while the roll-on/roll-off (RoRo) business is gaining a competitive edge through the introduction of new vessels [2][7] Key Points and Arguments - The oil tanker market is expected to experience reduced volatility in 2025, with strong resilience in median pricing. Factors such as OPEC's production increases and unexpected demand from the Middle East are beneficial for VLCC supply and demand dynamics [2][8] - The company has paused its U.S. oil loading operations for nearly a month, but the impact on long-haul operations is limited due to optimization of customer and cargo structures [4][5] - The bulk shipping sector is projected to perform relatively weakly in 2025, with the BDI (Baltic Dry Index) showing a year-on-year decline, necessitating close monitoring of market dynamics for potential growth opportunities [4][9] - The company anticipates that the container shipping business will remain a significant contributor in 2025, with a notable increase in Q1 performance despite no significant changes in overall supply chain routes [6][2] - The roll-on/roll-off business is gradually replacing older vessels with new ones, which will help meet IMO carbon emission regulations and provide cost advantages [7][2] Additional Important Insights - The oil transportation market's performance has been weaker than expected due to factors such as slower-than-anticipated retirement of older vessels and the emergence of non-compliant fleets, which hinder market efficiency [11][20] - Saudi Arabia increased oil production by 400,000 barrels in May 2025, but this increase may not be sustained, with market speculation about further production increases pending official announcements [12][4] - The anticipated rise in freight rates from late May to June 2025 may be tempered by seasonal factors such as refinery maintenance [13][4] - U.S. sanctions on Chinese ports and companies have reduced direct Iranian oil shipments to China, leading to increased transshipment operations through Malaysia [14][4] - The overall sentiment in the industry remains optimistic, with current average earnings exceeding pre-pandemic levels despite significant fluctuations [20][2]

金融界5月20日消息，上证指数上涨0.38%，中证油气产业指数 (油气产业，H30198)上涨0.31%，报 1752.45点，成交额116.65亿元。 数据统计显示，中证油气产业指数近一个月上涨3.53%，近三个月下跌1.60%，年至今下跌5.61%。 据了解，中证油气产业指数从沪深市场中选取业务涉及石油与天然气的开采、设备制造、运输、销售、 炼制加工，以及初级石油化工产品生产等领域的上市公司证券作为指数样本，以反映油气产业相关上市 公司证券的整体表现。该指数以2004年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证油气产业指数十大权重分别为：中国石油（10.4%）、中国海油（9.84%）、中 国石化（9.41%）、广汇能源（5.08%）、杰瑞股份（3.87%）、招商轮船（3.74%）、恒力石化 （3.22%）、卫星化学（3.08%）、东方盛虹（2.91%）、中远海能（2.75%）。 从中证油气产业指数持仓的市场板块来看，上海证券交易所占比70.84%、深圳证券交易所占比 29.16%。 从中证油气产业指数持仓样本的行业来看，能源占比61.28%、原材料占比20.68%、工业占比15.1 ...

Group 1 - The National Petroleum and Natural Gas Index (399439) has shown a slight increase of 0.30% as of May 19, 2025, with notable gains in constituent stocks such as Huajin Co. (000059) up by 3.62% and Lansi Heavy Industry (603169) up by 2.22% [1] - The Oil and Gas ETF (159697) has risen by 0.52%, currently priced at 0.97 yuan, indicating a positive trend in the oil and gas sector [2] - Recent innovations in key technologies for oil and gas exploration and development have positioned shale gas as a significant area for sustainable resource development in China, with major shale gas demonstration zones established in the Sichuan Basin [2] Group 2 - The Sichuan Basin has identified eight shale gas fields with a total resource volume of 16.5 trillion cubic meters, contributing to national energy security through the localization of critical equipment and tools [2] - East China Securities anticipates a recovery in trade, which will positively impact oil demand, predicting that oil prices may bottom out in the second quarter and recover thereafter, benefiting upstream resource companies [2] - Guoxin Securities highlights the vast potential for deep-sea oil and gas development in China's northern and central southern South China Sea, supported by relevant technological policies [2][3] Group 3 - As of April 30, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index account for 66.65% of the index, with major players including China National Petroleum (601857) and China Petroleum & Chemical (600028) [3]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The shipping industry is experiencing a surge in demand due to a recent temporary reduction in tariffs between China and the US, leading to a significant increase in shipping volumes on the US route. The average booking volume surged by 277% compared to the previous week [5] - The Shanghai Export Container Freight Index (SCFI) rose by 10.0% week-on-week, indicating a strong recovery in shipping rates, particularly for routes to the US [6] - The logistics sector is showing resilience, with express delivery volumes in April increasing by 19.1% year-on-year, reflecting robust demand across various sectors [9] - The airline industry is expected to benefit from macroeconomic recovery, with a long-term supply-demand imbalance favoring growth in the sector [12] Summary by Sections Shipping Vessels - The recent tariff reductions have led to a surge in demand for shipping services, particularly on the US route, with a projected increase in freight rates over the next 2-3 months due to supply constraints [5] - The average weekly capacity for the US route is expected to be 500,000 TEU, down 6% from last year [5] - The oil tanker market is facing supply tightness due to limited new orders and an aging fleet, which is expected to sustain high demand in the coming years [12] Express Logistics - In April, the express delivery industry in China saw a business volume of 16.32 billion pieces, a year-on-year increase of 19.1%, with revenue reaching 121.28 billion yuan, up 10.8% [9] - The concentration index for express delivery brands (CR8) was 86.7, indicating a stable competitive landscape [9] Aviation and Airports - The airline industry is poised for growth due to low supply growth and recovering demand, with key companies to watch including China Southern Airlines and Air China [12] - The passenger transport volume in March was approximately 59 million, reflecting a year-on-year increase of 3.5% [50] Overall Market Performance - From May 12 to May 16, the transportation index rose by 2.12%, outperforming the Shanghai Composite Index [17] - The shipping sector saw the highest increase at 7.42%, indicating strong market performance [17]

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [2]. Core Insights - The aviation sector is expected to see improvements in both volume and pricing, with optimistic expectations continuing to develop. High passenger load factors are anticipated to drive ticket prices upward, supported by regulatory measures from the Civil Aviation Administration [4][5]. - The shipping industry is poised for a dual increase in volume and pricing due to multiple catalysts, including replenishment demand and seasonal peaks. The report highlights the potential for significant price increases in the shipping sector [5][6]. Summary by Sections Investment Highlights - Key companies recommended for investment include Spring Airlines, China Eastern Airlines, and China Southern Airlines, which are expected to show strong performance due to their operational resilience and market positioning [11]. - The report emphasizes the importance of infrastructure improvements and policy changes that could benefit the transportation sector, particularly in aviation and shipping [4][5]. Operational Tracking - Data from major airlines shows a positive trend in passenger traffic and load factors, with Southern Airlines reporting a 4.91% increase in available seat kilometers (ASK) in Q1 2025 compared to the previous year [14]. - The report tracks significant increases in cargo volumes across various transportation modes, indicating a robust recovery in logistics and freight services [5][6]. Aviation Data Tracking - The report provides detailed metrics on airline performance, including ASK and revenue passenger kilometers (RPK), showing growth across major carriers. For instance, China Eastern Airlines reported a 10.89% increase in RPK in Q1 2025 [14]. - The average ticket price for economy class during the Dragon Boat Festival is projected to rise, reflecting a strong demand environment [4]. Shipping Data Tracking - The report notes a 9.98% week-on-week increase in the SCFI index, indicating a positive trend in shipping rates, despite a year-on-year decline of 41.31% [5]. - The report highlights the impact of tariff changes on shipping demand, particularly in the US-China trade context, which is expected to stimulate replenishment and seasonal demand [5]. Logistics Data Tracking - The report tracks significant growth in express delivery volumes, with a 15.83% year-on-year increase in the number of packages collected during early May 2025 [5]. - The logistics sector is benefiting from improved cross-border trade conditions, which are expected to enhance the performance of logistics companies [5].