Core Viewpoint - The company, China Merchants Energy Transportation Co., Ltd., has approved a proposal for its wholly-owned subsidiary, Sinotrans Container Transportation Co., Ltd., to acquire shares of Antong Holdings Co., Ltd. for a maximum of 1.8 billion RMB [1] Group 1: Investment Details - Sinotrans Container Transportation plans to acquire a total of 333,742,322 shares of Antong Holdings, representing 7.89% of its total share capital [2] - The acquisition includes shares purchased through block trading and agreements with various asset management companies, including 33,333,334 shares from China Orient Asset Management and 82,908,988 shares from Sinochem Asset Management [2] - The completion of the share transfer agreements is subject to approval from the State-owned Assets Supervision and Administration Commission and compliance confirmation from the Shanghai Stock Exchange [2] Group 2: Future Plans - Sinotrans Container Transportation intends to increase its stake in Antong Holdings by investing between 360 million RMB and 720 million RMB within 12 months, with a maximum purchase price of 3.20 RMB per share [3] - As of the announcement date, the company has already acquired 50,876,231 shares, amounting to approximately 159 million RMB [3] - Due to the current share price exceeding the set limit, the company will adjust its strategy based on market conditions as authorized by the board [3]

Core Viewpoint - The company, China Merchants Energy Transportation Co., Ltd. (招商轮船), has approved a significant investment through its wholly-owned subsidiary, China Merchants Container Transportation Co., Ltd. (中外运集运), to acquire shares in Antong Holdings Co., Ltd. (安通控股) for up to 1.8 billion RMB [1][3]. Investment Details - The subsidiary plans to acquire a total of 333,742,322 shares of Antong Holdings, representing 7.89% of its total share capital [3]. - The acquisition includes shares purchased through bulk trading and agreements with various asset management companies, including: - 33,333,334 shares from China Orient Asset Management Co., Ltd. (0.79%) [3] - 82,908,988 shares from China National Chemical Corporation Asset Management Co., Ltd. (1.96%) [3] - 39,000,000 shares from China Merchants Port Group Co., Ltd. (0.92%) [3] - 178,500,000 shares from Guoxin Securities Co., Ltd. (4.22%) [3]. Additional Investment Plans - The subsidiary intends to further increase its stake in Antong Holdings with an additional investment ranging from 360 million RMB to 720 million RMB, with a maximum purchase price of 3.20 RMB per share [4]. - As of the announcement date, the subsidiary has already acquired 50,876,231 shares (1.20%) for approximately 159 million RMB [5]. - Due to the current market price exceeding 3.20 RMB per share, the company will adjust its investment strategy based on market conditions [5].

证券代码：601872 证券简称：招商轮船 公告编号：2025[037] 招商局能源运输股份有限公司 关于子公司对外投资暨关联交易进展的公告 本公司董事会、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（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"）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]）。 上述增持事项正在推进中，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， ...

Investment Rating - The report maintains a "Positive" outlook on the shipping sector, particularly highlighting the potential for VLCC (Very Large Crude Carrier) rates to strengthen in the upcoming months [4]. Core Insights - The report indicates that tanker rates have exceeded expectations during the off-season, with VLCC rates expected to perform strongly from September to December due to reduced exports from Iran and increased production in the Middle East [4]. - The report recommends specific companies such as China Merchants Energy Shipping and highlights the potential for consolidation in the Chinese shipping industry [4]. - The report emphasizes the resilience of freight volumes in rail and highway transport, suggesting steady growth in these sectors [4]. Summary by Sections Shipping Sector - VLCC rates increased by 32% this week, reaching $45,800 per day, driven by limited supply and increased demand from the Atlantic market [4]. - The report notes that the average export volume from Iran has decreased to 1.3-1.5 million barrels per day, down from 1.7-1.9 million barrels per day in July [4]. - The Suez crude oil tanker rates rose by 15% to $59,563 per day, supported by strong demand from the West African market [4]. Dry Bulk Shipping - The Baltic Dry Index (BDI) fell by 4.9% to 1,944 points, primarily due to a decline in large vessel rates, while smaller vessels showed stronger performance [5]. - The report remains optimistic about the Capesize bulk carrier market in the second half of the year, citing expected increases in shipments from major miners [4]. Air Transport - The report suggests that the "anti-involution" policy from the Civil Aviation Administration is likely to optimize competition in the airline industry, benefiting airline profitability in the long term [4]. - Recommended airlines include China Eastern Airlines, Spring Airlines, and China Southern Airlines, with a focus on the potential for improved earnings due to supply constraints and demand recovery [4]. Express Delivery - The report anticipates a price increase in the express delivery sector driven by the "anti-involution" policy, with expectations for sustained profitability in the e-commerce delivery segment [4]. - Companies such as Shentong Express and YTO Express are highlighted as having strong potential for recovery and valuation improvement [4]. Rail and Highway Transport - Data from the Ministry of Transport indicates that rail freight volume increased by 1.22% week-on-week, while highway freight traffic rose by 3.06% [4]. - The report identifies two main investment themes in the highway sector: high dividend yield stocks and potential value recovery in undervalued stocks [4].

截至2025年8月22日收盘，招商轮船股价报6.59元，较前一交易日上涨6.12%。当日成交量为226.94万 手，成交金额达14.85亿元。 资金流向方面，招商轮船当日主力资金净流入9400.13万元，近五日累计净流入1.03亿元。当前市盈率为 15.37倍，市净率1.35倍。 风险提示：航运行业具有周期性特征，受全球经济形势、油价波动等因素影响较大，投资者需注意相关 风险。 来源:金融界 招商轮船主要从事国际原油、国际干散货、国内沿海干散货以及LNG运输业务。公司拥有全球领先的 VLCC油轮船队和VLOC矿砂船队，业务覆盖全球主要航线。 从技术面来看，招商轮船当日股价突破年线位置，最新收盘价较年线高出2.77%，显示中长期趋势向 好。该股当日振幅达到5.80%，盘中最高触及6.64元。 ...

Core Insights - The shipping and port sector experienced a rise of 0.67% on August 22, with China Merchants Energy leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Sector Performance - China Merchants Energy (601872) closed at 6.59, with a gain of 6.12% and a trading volume of 2.27 million shares, amounting to a transaction value of 1.485 billion [1] - COSCO Shipping Energy (600026) closed at 10.79, up 5.58%, with a trading volume of 1.39 million shares [1] - Tianjin Port Development (600717) closed at 5.25, gaining 3.75% with a trading volume of 1.04 million shares [1] - Other notable performers include China Merchants South Oil (601975) with a 2.75% increase and Guangzhou Port (601228) with a 1.48% increase [1] Fund Flow Analysis - The shipping and port sector saw a net inflow of 71.94 million in institutional funds, while retail funds experienced a net inflow of 146 million [2] - However, speculative funds recorded a net outflow of 218 million [2]

Market Overview - The Shanghai Composite Index closed at 3825.76 points, above the annual line, with an increase of 1.45% [1] - The total trading volume of A-shares reached 25,788.42 billion yuan [1] Stocks Breaking Annual Line - A total of 24 A-shares have surpassed the annual line today, with notable stocks including NovaStar, Nasda, and Zhaoshengwei, showing significant deviation rates of 7.19%, 4.59%, and 4.07% respectively [1] - Stocks with smaller deviation rates that just crossed the annual line include China National Materials, Kweichow Moutai, and Ruisi Kanda [1] Top Stocks by Deviation Rate - The top three stocks with the highest deviation rates are: - NovaStar (7.19% deviation, latest price 174.84 yuan) [1] - Nasda (4.59% deviation, latest price 26.55 yuan) [1] - Zhaoshengwei (4.07% deviation, latest price 84.73 yuan) [1] Additional Notable Stocks - Other notable stocks with significant performance include: - Jin Yu Medical (3.28% deviation, latest price 31.57 yuan) [1] - China Merchants Heavy Industry (3.08% deviation, latest price 6.59 yuan) [1] - BOE Technology Group (2.18% deviation, latest price 4.18 yuan) [1]

Core Points - The Shanghai Composite Index closed at 3806.05 points, above the annual line, with a gain of 0.93% [1] - The total trading volume of A-shares reached 20258.59 billion yuan [1] - A total of 17 A-shares have surpassed the annual line, with notable stocks including Nova Star Cloud, Zhaosheng Micro, and Nasda, showing significant deviation rates [1] Summary by Category Stock Performance - Nova Star Cloud (301589) had a price increase of 8.61% with a deviation rate of 6.98% [2] - Zhaosheng Micro (300782) rose by 5.47% with a deviation rate of 3.66% [2] - Nasda (002180) increased by 5.87% with a deviation rate of 3.06% [2] Trading Metrics - The trading turnover rate for Nova Star Cloud was 7.53% [2] - Zhaosheng Micro had a turnover rate of 5.60% [2] - The turnover rate for Nasda was 2.21% [2] Other Notable Stocks - Other stocks that recently crossed the annual line include: - China Communications (688009) with a deviation rate of 0.10% [2] - Yilian Network (300628) with a deviation rate of 0.12% [2] - Ruisi Kanda (603803) with a deviation rate of 0.05% [2]

Core Points - The Shanghai Composite Index closed at 3796.36 points, above the annual line, with a change of 0.67% [1] - The total trading volume of A-shares reached 15,306.58 billion yuan [1] - Thirteen A-shares have broken through the annual line today, with notable divergence rates for stocks like Nova Star Cloud, China Merchants Energy, and Zhaosheng Microelectronics [1] Summary by Category Market Performance - The Shanghai Composite Index is currently at 3796.36 points, reflecting a 0.67% increase [1] - Total A-share trading volume is reported at 15,306.58 billion yuan [1] Stocks Breaking Through Annual Line - Notable stocks that have surpassed the annual line include: - Nova Star Cloud (Code: 301589) with a divergence rate of 8.66% and a daily increase of 10.32% [1] - China Merchants Energy (Code: 601872) with a divergence rate of 2.92% and a daily increase of 5.96% [1] - Zhaosheng Microelectronics (Code: 300782) with a divergence rate of 2.43% and a daily increase of 4.21% [1] Additional Stocks with Minor Divergence - Other stocks that have recently crossed the annual line with smaller divergence rates include: - Wanli Stone (Code: 002785) with a divergence rate of 1.20% [1] - Wanhua Chemical (Code: 600309) with a divergence rate of 1.18% [1] - Weisheng Information (Code: 688100) with a divergence rate of 1.11% [1] - Others include Tongwei Co., Newpoint Software, Renfu Pharmaceutical, and Yilian Network with minor divergence rates [1]

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index above the annual line, indicating a potential bullish trend in the market [1] Group 1: Market Performance - As of 10:31 AM today, the Shanghai Composite Index is at 3784.84 points, with a change of 0.36% [1] - The total trading volume of A-shares today is 1,091.82 billion yuan [1] Group 2: Stocks Breaking Annual Line - Thirteen A-shares have surpassed the annual line today, with notable stocks including Nova Star Cloud, Zhaosheng Micro, and China Merchants Energy, showing significant deviation rates of 7.63%, 3.61%, and 2.46% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Wanhua Chemical, Ruisi Kanda, and Renfu Pharmaceutical [1] Group 3: Individual Stock Performance - Nova Star Cloud (301589) has a daily increase of 9.27% and a trading turnover rate of 5.25%, with a latest price of 175.57 yuan and a deviation rate of 7.63% [1] - Zhaosheng Micro (300782) increased by 5.42% with a turnover rate of 3.90%, latest price at 84.36 yuan and a deviation rate of 3.61% [1] - China Merchants Energy (601872) rose by 5.48%, with a turnover rate of 1.84%, latest price at 6.55 yuan and a deviation rate of 2.46% [1]