报告要点 丨证券研究报告丨 [TaSummary] 今年以来，受资金风格切换等因素影响，交运板块核心红利资产标的均面临一定程度股价调整， 估值及股息率重回高性价比区间，显著领先十年期国债收益率，对于绝对收益资金吸引力逐步 提升。基于行业特征，我们重点推荐交运板块中具有低估值、高股息特征的垄断性资产，1）买 低波稳健+分红确定：优选高速公路龙头（招商公路以及宁沪高速等），以及大秦铁路与青岛港； 2）短期看，港股市场估值折价明显、股息率更具性价比，建议关注港股向上弹性。 行业研究丨行业周报丨运输 [Table_Title] 当前时点，如何看待交运红利资产配置价值？ 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 当前时点，如 ...

Group 1 - The "CM HONG KONG" vessel is the world's first 9300CEU methanol dual-fuel powered ro-ro ship, marking a significant advancement in shipping technology [1][3] - The vessel can switch between fuel oil and methanol, achieving over 70% emissions reduction when using green methanol [3][4] - The ship's maiden voyage will execute a route from China to Europe, highlighting its role in promoting green shipping practices [3][6] Group 2 - The Hong Kong government emphasizes the integration of technological innovation and environmental protection in shipping, aligning with national and local emission reduction goals [3][4] - Hong Kong has already supplied over 130,000 tons of green marine fuel from February to mid-September this year, supporting the development of a green fuel ecosystem [3][4] - The "CM HONG KONG" vessel is expected to make six round trips to Europe annually, transporting nearly 60,000 vehicles, and will also serve Southeast Asia routes, enhancing China's automotive exports [6]

Investment Rating - The report maintains a positive outlook on the shipping and shipbuilding sectors, recommending specific companies such as China Merchants Energy Shipping and China Shipbuilding Industry Corporation [4][5]. Core Insights - The report highlights a stabilization in second-hand ship prices, with VLCC (Very Large Crude Carrier) prices increasing by $1 million to $88 million and bulk carrier prices rising by $3.5 million to $50 million. The shipping sector is expected to recover, with a focus on companies like China Merchants Energy Shipping and China Shipbuilding Industry Corporation [4]. - The report emphasizes the resilience of VLCC freight rates, which have shown a 9% decline week-on-week but remain strong at around $81,884 per day. The demand for crude oil is expected to remain robust, supported by China's refinery operations and OPEC's production adjustments [4]. - The report notes that the logistics sector is entering a new phase of competition, with a focus on price stability and potential mergers and acquisitions in the express delivery industry. Companies like Shentong Express and YTO Express are highlighted for their competitive advantages [4][5]. Summary by Sections Shipping Sector - Second-hand ship prices have stabilized, with VLCC prices up by $1 million to $88 million and bulk carrier prices up by $3.5 million to $50 million. The shipping sector is expected to recover, with recommendations for China Merchants Energy Shipping and China Shipbuilding Industry Corporation [4]. - VLCC freight rates have shown resilience, currently at $81,884 per day, despite a 9% week-on-week decline. The demand for crude oil is expected to remain strong due to refinery operations in China and OPEC's production adjustments [4]. Logistics Sector - The express delivery industry is entering a new phase of competition, focusing on price stability and potential mergers and acquisitions. Companies like Shentong Express and YTO Express are highlighted for their competitive advantages [4][5]. Transportation Sector - The transportation index has decreased by 2.03%, underperforming the Shanghai Composite Index by 3.10 percentage points. The cross-border logistics sector showed the highest increase of 0.21%, while the road freight sector experienced the largest decline of 6.94% [5].

广东省深圳市福田区中心四路 1-1 号 嘉里建设广场第三座第 28 层 2803-04 室 邮编：518048 电话：（86-755）2587-0765 传真：（86-755）2587-0780 junhesz@junhe.com 北京市君合（深圳）律师事务所 关于招商局能源运输股份有限公司 二〇二五年第二次临时股东大会的法律意见书 致：招商局能源运输股份有限公司 北京市君合（深圳）律师事务所（以下简称"本所"）接受招商局能源运输股 份有限公司（以下简称"贵公司"）的委托，就贵公司二〇二五年第二次临时股东 大会（以下简称"本次股东大会"）召开的有关事宜，根据《中华人民共和国公司 法》（以下简称"《公司法》"）、中国证券监督管理委员会颁布的《上市公司股东会 规则》（以下简称"《股东会规则》"）等中华人民共和国（为出具本法律意见书之 目的，不包括香港特别行政区、澳门特别行政区及台湾地区，以下简称"中国"） 现行法律、法规、规章、规范性文件以及现行《招商局能源运输股份有限公司章 程》（以下简称"《公司章程》"）的有关规定，出具本法律意见书。 为出具本法律意见书之目的，本所委派律师（以下简称"本所律师"）列席了 贵公 ...

证券代码：601872 证券简称：招商轮船 公告编号：2025-051 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 26 日 (二)股东大会召开的地点：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）会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 582 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 5,814,564,360 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 72.0111 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 招商局能源运输股份有限公司 2025年第二次临时股东大会决议公告 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。 会议由公司董事会召集，采用现场会议、现场投票和网络投票相结合的方式 召开，公司董事长冯波鸣先生 ...

Core Viewpoint - The shipping rates for oil have been on the rise since late August, driven by increased cargo from the Middle East and the Americas, leading to tighter capacity in the Middle East region [1][2] Supply Side Analysis - Current shipping rates reflect a tight supply of oil tankers, with the ship-to-cargo ratio in the Middle East reaching a historical low. The supply of vessels is expected to become even tighter as already booked ships cannot return in the short term [2][3] Demand Side Analysis - The peak oil consumption season in the Middle East has passed, but the impact of OPEC+ production increases on exports will continue. OPEC+ is expected to slightly increase production in October, and historically, winter demand in the Northern Hemisphere lasts for about three months, suggesting that demand for cargo may continue to increase [2][3] Long-term Factors - Ongoing sanctions against black ships are seen as a long-term driver for improving oil shipping supply and demand dynamics. The cumulative impact of U.S. sanctions on Russian and Iranian oil exports is a significant variable pushing shipping rates higher [3] Investment Opportunities - The company maintains its profit forecasts, target prices, and valuations unchanged. Given the ongoing supply tightness and marginal demand improvement, there are favorable opportunities in the shipping sector, particularly for companies like COSCO Shipping Energy (01138), China Merchants Energy Shipping (601872.SH), and China Merchants Jinling Shipyard (601975.SH) [4]

Group 1: LNG Transportation Vessel Delivery - The company received a new 175,000 cubic meter LNG transportation vessel named "Haiyun" on September 24, 2025, marking the first delivery of two eco-friendly LNG vessels ordered in 2022 [1] - "Haiyun" is designed according to the latest international LNG transportation standards, featuring a new dual-fuel low-speed main engine and an ICER system, meeting the highest emission standards set by the International Maritime Organization [1] - The vessel's cargo tank utilizes the GTT Mark III Flex containment system, with a daily evaporation rate of only 0.085%, and is equipped with a re-liquefaction system for efficient handling of LNG vapor [1] Group 2: Strategic Development and Fleet Expansion - The delivery of "Haiyun" is a milestone in the company's strategy to develop its own LNG fleet, enhancing the stability and profitability of its oil and gas core business [2] - As of the announcement date, the company operates 27 LNG vessels (including those in joint ventures) and has 37 vessels on order, with three additional LNG vessels expected to be delivered in 2025 from a joint venture project [2] Group 3: Dry Bulk Carrier Delivery - On September 25, 2025, the company received a new 82,000 deadweight ton Kamsarmax dry bulk carrier named "Mingfu," which is the first of four new eco-friendly Kamsarmax vessels ordered in 2023 [4] - "Mingfu" features advanced energy-saving designs and equipment, significantly outperforming the company's existing fleet of 76,000 deadweight ton Panamax bulk carriers in terms of energy efficiency and environmental standards [4] - The new series of vessels will enhance the company's capacity for transporting various cargo types, particularly grain, and will improve the overall structure and competitiveness of its dry bulk fleet [5]

Core Viewpoint - *ST Tianmao's stock will be delisted from the Shenzhen Stock Exchange, with the decision effective immediately, and the stock will be removed within five trading days [1][2]. Group 1: Delisting Announcement - On September 25, *ST Tianmao received a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing [1]. - The stock will not enter a delisting transition period and will be delisted within five trading days from the announcement [2]. Group 2: Shareholder Meeting and Cash Option - On August 25, *ST Tianmao held an extraordinary general meeting where shareholders approved the decision to voluntarily terminate the stock listing [5]. - The company initiated a cash option mechanism to protect investors, allowing eligible A-share shareholders to exercise cash options at a price of 1.60 yuan per share, with a total of 1,442,279,537 cash options effectively declared during the application period [5]. - The total funding required for the cash options is approximately 2.3 billion yuan [5]. Group 3: Post-Delisting Arrangements - After delisting, *ST Tianmao's shares will be transferred to the National Equities Exchange and Quotations system for trading [6]. - The company has appointed Changcheng Guorui as the agency to manage the share transfer services [6].

Group 1: Strategic Restructuring - Pingmei Shenma and Shenneng Group announced plans for strategic restructuring by the controlling shareholders, which will not significantly impact their operations [1][1] - The restructuring will not change the controlling shareholders or the actual controllers of either company [1][1] Group 2: Capital Increase - Ganfeng Lithium plans to introduce investors for a capital increase of up to 2.5 billion yuan for its subsidiary, Ganfeng Lithium Technology [2] - The capital increase will be priced at 3 yuan per 1 yuan of registered capital, and the company will waive its preferential subscription rights [2] Group 3: Stock Trading Suspension - Upwei New Materials' stock has been suspended for verification due to multiple instances of abnormal trading fluctuations [3] - The company will conduct an investigation into the trading volatility and will resume trading after the verification process [3] Group 4: Earnings Forecast - Jihong Co. expects a net profit of 209 million to 222 million yuan for the first three quarters of 2025, representing a growth of 55% to 65% year-on-year [4] - The growth is attributed to significant increases in revenue and profit from cross-border social e-commerce and improved operational efficiency in the packaging business [4] Group 5: Fundraising and Projects - Hanyu Pharmaceutical plans to raise up to 968 million yuan through a private placement for various projects including peptide drug production and R&D upgrades [5] - Water Development Gas received acceptance for its securities issuance application from the Shanghai Stock Exchange [6] Group 6: Important Transactions - Tianqi Model's controlling shareholders signed a share transfer agreement to transfer 162 million shares, which will change the controlling shareholder to Jianfa Wanyu [7] - The transaction is expected to lead to a change in the actual controller to the Urumqi Economic and Technological Development Zone State-owned Assets Supervision and Administration Commission [7] Group 7: Investment Projects - Dongfang Yuhong signed an investment agreement to invest 600 million yuan in a new materials industry chain project in Nanning, Guangxi [9] - The project includes mining, processing, and product development [9] - Changqing Group plans to invest 571 million yuan in the second phase of its cogeneration project in Maoming [9]

Group 1: Investment and Fundraising - Hanyu Pharmaceutical plans to raise no more than 968 million yuan for the development of semaglutide and other projects [1] - Ganfeng Lithium intends to introduce investors for a capital increase of up to 2.5 billion yuan [9] Group 2: Strategic Restructuring - Pingmei Shenma Holdings is undergoing a strategic restructuring as directed by the Henan provincial government, which will not affect the company's operations significantly [2][8] - Shennong Holdings is also involved in a strategic restructuring with no change in control or significant impact on operations [7][8] Group 3: Clinical Trials and Approvals - XinNuoWei's subsidiary received approval for clinical trials of a drug for treating mild Alzheimer's disease, marking a significant milestone in the development of biosimilar drugs [3] - Tainkang's subsidiary has received approval for clinical trials of CKBA cream for rosacea, a first-class innovative drug in China [4] - Baili Tianheng's drug, iza-bren, has been included in the list of breakthrough therapies, indicating its potential in treating advanced urinary tract cancer [5] Group 4: Contracts and Projects - Zhongyou Engineering signed an EPC contract worth 2.524 billion USD for a seawater pipeline project in Iraq, expected to positively impact future revenues [6]