Core Insights - The article highlights a trend of decreasing shareholder accounts among 514 companies, indicating a concentration of shares, with 101 companies experiencing a decline for more than three consecutive periods [1][2] Group 1: Shareholder Account Trends - 101 companies have seen their shareholder accounts decrease for over three consecutive periods, with some like Fengshang Culture and Xinlian Electronics experiencing declines for nine periods, with reductions of 43.74% and 28.68% respectively [1] - Companies with significant recent declines in shareholder accounts include Lingpai Technology, Kehua Data, and Yiyi Shares, with decreases of 7.18%, 6.45%, and 4.61% respectively [1][2] Group 2: Market Performance - Among the companies with declining shareholder accounts, 21 have seen their stock prices rise, while 80 have experienced declines, with notable increases for Zhaoshang Shipping (33.90%), Yiyi Shares (28.65%), and Lijun Thermal Energy (25.28%) [2] - 17 companies outperformed the Shanghai Composite Index during this period, with Zhaoshang Shipping, Yiyi Shares, and Lijun Thermal Energy achieving relative returns of 34.37%, 27.92%, and 19.65% respectively [2] Group 3: Industry and Institutional Activity - The industries with the highest concentration of companies experiencing declining shareholder accounts include machinery, computers, and basic chemicals, with 15, 11, and 10 companies respectively [2] - In terms of institutional interest, seven companies with declining shareholder accounts were subject to institutional research in the past month, with notable frequency for Zhongse Shares, Taishan Petroleum, and Feilong Shares, each receiving two rounds of institutional research [2] Group 4: Earnings Forecasts - Only two companies have released earnings forecasts for the first three quarters, both projecting profit increases, with Tongxing Technology expecting a net profit median of 57.33 million, representing a year-on-year increase of 194.04% [2]

Core Viewpoint - The company announced a cash dividend distribution plan for the first half of 2025, indicating a commitment to returning value to shareholders [1] Summary by Categories Dividend Announcement - The company will distribute a cash dividend of 0.07 yuan per share (including tax) for A-shares [1] - The record date for the dividend is set for October 23, 2025, and the ex-dividend date is October 24, 2025 [1]

证券代码：601872 证券简称：招商轮船 公告编号：2025-052 招商局能源运输股份有限公司 2025年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.07元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放 | | --- | --- | --- | --- | --- | | | | | | 日 | | Ａ股 | 2025/10/23 | － | 2025/10/24 | 2025/10/24 | 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 4 月 29 日的2024年年度股东会授权，由 2025 年 8 月 26 日召开的公司第七届董事会第二十三次会议审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 1. 发放年度：2025年半年度 2. 分派对象： 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全 ...

Core Viewpoint - The continuous decline in the number of shareholders for certain companies indicates a trend of increasing concentration of shares, with 467 companies reporting their latest shareholder numbers as of October 10, and 95 companies experiencing a decline for more than three consecutive periods [1][2]. Group 1: Shareholder Trends - 95 companies have seen their shareholder numbers decrease for more than three consecutive periods, with some like Fengshang Culture and Xinlian Electronics experiencing declines for up to nine periods, with reductions of 43.74% and 28.68% respectively [1]. - Companies with significant recent declines in shareholder numbers include Lingpai Technology, Kehua Data, and Yiyi Co., with decreases of 7.18%, 6.45%, and 4.61% respectively [1][2]. Group 2: Market Performance - Among the companies with declining shareholder numbers, 27 have seen their stock prices rise, while 68 have experienced declines, with notable increases for companies like China Merchants Energy (up 36.52%), Hongming Co. (up 30.34%), and Yiyi Co. (up 28.65%) [2]. - 18 companies, representing 18.95% of those with declining shareholder numbers, outperformed the Shanghai Composite Index, with excess returns led by China Merchants Energy (35.01%), Yiyi Co. (25.92%), and Lijure Energy (20.10%) [2]. Group 3: Institutional Interest - In the past month, seven companies with declining shareholder numbers have been subject to institutional research, with frequent inquiries for companies like China Nonferrous Metals, Feilong Co., and Taishan Petroleum, each receiving two rounds of institutional research [2]. - The most heavily researched companies by institutions include Feilong Co. (18 institutions), China Nonferrous Metals (10 institutions), and Taishan Petroleum (6 institutions) [2]. Group 4: Earnings Forecasts - Two companies have released earnings forecasts for the first three quarters, both projecting increases in net profit, with Tongxing Technology expecting a median net profit of 57.33 million, representing a year-on-year increase of 194.04% [2].

Core Points - The stock price of China Merchants Energy Shipping Co., Ltd. dropped by 5.08% to 8.60 CNY per share, with a trading volume of 377 million CNY and a turnover rate of 0.53%, resulting in a total market capitalization of 69.441 billion CNY [1] Company Overview - China Merchants Energy Shipping Co., Ltd. is located at No. 9 Zhongshan East Road, Shanghai, and was established on December 31, 2004, with its listing date on December 1, 2006 [1] - The company primarily engages in international crude oil, domestic and international dry bulk, domestic roll-on/roll-off, and domestic and international general cargo shipping [1] - The revenue composition of the company includes: 86.38% from transportation services, 6.75% from other income, 4.77% from merchandise sales, and 2.10% from shipping support services [1] Shareholder Information - E Fund's Hu Shen 300 ETF (510310) is among the top ten circulating shareholders of China Merchants Energy Shipping, having increased its holdings by 3.7813 million shares in Q2, totaling 41.0064 million shares, which represents 0.51% of the circulating shares [2] - The fund has a current scale of 266.516 billion CNY and has achieved a year-to-date return of 17.99%, ranking 2762 out of 4220 in its category [2] - The fund manager, Yu Haiyan, has a tenure of 14 years and 314 days, with a total asset scale of 385.764 billion CNY, achieving a best return of 159.9% during the tenure [2]

国信证券近日发布交通运输行业10月投资策略：由于国庆假期结束，上周整体和国内客 运航班量环比有所下降，整体/国内客运航班量环比分别为-0.6%/-0.6%，整体/国内客运航班 量分别相当于2019年同期的111.2%/116.3%，国际客运航班量环比下降0.4%，相当于2019年 同期的88.3%，近期国际油价略低于去年同期水平。 顺丰控股虽然短期业绩表现承压，但是公司强调"先有后优"的战略，我们预计公司四季 度的业绩有望实现改善且回归正规，明年公司的盈利能力将继续实现提升，明年公司业绩有 望实现15-20%的较快增长，2025年PE估值约18倍，维持推荐；2）在"反内卷"政策指导下， 通达系价格开始企稳回升，公司下半年盈利将确定性改善，建议紧密跟踪行业"反内卷"政策 的持续性及竞争格局变化，推荐中通快递、圆通速递、申通快递、韵达股份。 投资建议：建议配置具有长期价值的稳健标的，看好经营稳健、风险可控且有望带来稳 定收益的价值龙头。推荐顺丰控股、中通快递、圆通速递、申通快递、韵达股份、春秋航 空、南方航空、中远海能、招商轮船、德邦股份。 风险提示：宏观经济复苏不及预期，油价汇率剧烈波动。（国信证券 罗丹） 【 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - The report highlights a slowdown in holiday shipments and a decline in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded [3][14] - Shenzhen has introduced detailed policies to support low-altitude economic development, and international flight routes have resumed during the 2025 National Day and Mid-Autumn Festival holidays [3][16] - China's express delivery volume reached 150 billion packages ahead of schedule, with strategic cooperation agreements signed between YTO Express and Huizhou [3][23] Summary by Sections Industry Hotspot Events - Holiday shipments have slowed, leading to a drop in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded. The China Import Crude Oil Comprehensive Index (CTFI) was reported at 1407.48 points, down 26.2% from September 25 [3][14] - Shenzhen's transportation bureau released measures to support low-altitude economic development, effective from October 9, 2025, to December 31, 2026. During the holiday, civil aviation transported 19.138 million passengers, with an average of 2.392 million passengers per day, a year-on-year increase of 3.2% [3][16][18] - As of October 11, 2025, China's express delivery volume surpassed 150 billion packages, achieving this goal 37 days ahead of schedule compared to 2024. A strategic cooperation agreement was signed between the Huizhou government and YTO Express [3][23][24] Industry High-Frequency Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was reported at 4621.00 points, down 5.3% year-on-year but up 1.3% month-on-month [28] - In September 2025, domestic cargo flights increased by 3.05% year-on-year, while international flights rose by 15.86% year-on-year [33] - The SCFI index for container shipping was reported at 1160.42 points, up 4.12% week-on-week but down 43.74% year-on-year [40] Investment Recommendations - The report suggests focusing on the equipment and manufacturing industrial product export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - It also highlights investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [4] - The report advises attention to the road and rail sector, recommending companies like Gansu Expressway, Beijing-Shanghai High-Speed Railway, and Anhui Expressway [4][5]

证 券 研 究 报 告 交通运输行业周报（20251006-20251012） 聚焦：中国对美船舶港口征费反制，关注中美 推荐（维持） 摩擦背景下航运股投资机会 我们建议关注中美贸易摩擦航运股投资机会，油轮、干散运费有望受益于短期 混乱风险溢价，推荐中远海能、招商轮船、招商南油、海通发展，同时建议关 注中美谈判进展。 行业研究 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 交通运输 2025 年 10 月 13 日 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 证券分析师：李清影 邮箱：liqingying@hcyjs.com 执业编号：S0360525080004 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Views - The shipping and shipbuilding industry is poised for historical opportunities due to China's countermeasures against the U.S. shipping fees, which may lead to non-linear price increases in the short term and a reduction in available vessels in the medium term [19][20] - The report highlights the potential for a surge in shipbuilding orders if U.S. investments in Chinese shipbuilding are exempted from tariffs, and the implications of U.S.-China negotiations on the industry [19][20] Summary by Sections 1. Industry Market Performance - The transportation index increased by 1.09%, outperforming the CSI 300 index by 1.60 percentage points, with the road freight sector showing the highest increase of 3.04% [4][5] - Shipping data indicates that the coastal dry bulk freight index in China remained stable, while the Shanghai export container freight index rose by 4.12% [4][5] 2. Sub-industry Weekly Insights - The shipping and shipbuilding sector is expected to benefit from China's recent regulatory changes, which impose special port fees on U.S. vessels, potentially leading to increased operational costs for U.S. shipping companies [20][21] - The report identifies key companies to watch, including China Shipping and China State Shipbuilding, as they may benefit from these developments [19] 3. High Dividend Stocks in Transportation - The report lists high dividend stocks in the transportation sector, including China Shipping (603167.SH) with a projected dividend yield of 10.92% and Daqin Railway (601006.SH) with a yield of 3.75% [17] - The report emphasizes the importance of dividend yields as a factor for investment decisions in the transportation sector [17] 4. ETF Size Changes - The report provides data on the changes in the size of various ETFs related to the transportation sector, indicating a general trend of growth in assets under management [13][14] 5. Potential Investment Opportunities - The report suggests that the shipping sector, particularly oil tankers and dry bulk carriers, may present significant investment opportunities due to the ongoing geopolitical tensions and regulatory changes [19][20] - Companies such as China Shipping and China State Shipbuilding are highlighted as potential beneficiaries of these market dynamics [19]

交通运输/ 航运港口 2025 年 10 月 12 日 当及立儿 中国对美船舶征收港口费, i 乱加剧或迎机会,关注中国 TSEAS 中国反制美国 301 法案，对美船舶收取港口费点评 相关研究 《落地力度减弱，利好小型船舶，造船市 场情绪有望修复——美国海事船舶 301 法 案点评》 2025/04/19 证券分析师 张慧 A0230524100001 zhanghui@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 研究支持 张慧 A0230524100001 zhanghui@swsresearch.com 联系人 张慧 (8621)23297818× zhanghui@swsresearch.com 申万宏源研究微信服务号 一、事件：9月29日，国务院公布关于修改《中华人民共和国国际海运条例》的决定。 修改后的条例明确提出：任何国家或者地区对中国船东、运营商、船舶或者船员采取或者 协助、支持采取歧视性的禁止、限制或者其他类似措施的，中国政府根据实际情况采取必 要的反制措施。这是对美国此前公布的港口费计划的强势反击。 10 月 10 日， ...