Core Viewpoint - The oil ETF (561360) opened down by 1.17% at 1.185 yuan, reflecting a mixed performance among its major holdings [1] Group 1: ETF Performance - The oil ETF (561360) has a performance benchmark of the CSI Oil and Gas Industry Index return rate [1] - Since its establishment on October 23, 2023, the fund has achieved a return of 19.63% [1] - The fund's return over the past month is reported at 7.61% [1] Group 2: Major Holdings Performance - China National Offshore Oil Corporation (CNOOC) opened down by 0.34% [1] - China Petroleum opened down by 0.10% [1] - China Petrochemical remained unchanged at 0.00% [1] - Jereh Group opened down by 1.55% [1] - China Merchants Energy opened up by 0.33% [1] - Guanghui Energy opened down by 0.39% [1] - COSCO Shipping Energy opened up by 0.79% [1] - Hengli Petrochemical opened down by 1.15% [1] - China Merchants South Oil opened down by 0.31% [1] - CNOOC Engineering opened down by 0.53% [1]

该轮为公司2023年订造的4艘62000载重吨超灵便型重吊多用途船中的第3艘，为新一代节能环保型船 舶，配备3台单吊150吨的吊机。"明简"轮系列船适货性强，承运货种广泛，该系列船陆续交付营运，将 进一步提升公司多用途船队的规模和服务客户的实力，在全球干散货船队日益老化、运力结构欠佳的情 况下，为公司在细分市场进一步提升承运能力和市场竞争力继续夯实基础，有利于提升公司干散货船板 块的核心竞争力和持续盈利能力。 截至本公告发布之日，公司干散货船板块拥有营运中的船舶105艘（不含租入船），其中VLOC37艘 （含参股及代管），好望角型（Capesize）散货船16艘，巴拿马型散货船8艘，灵便型散货船37艘，重 吊多用途船7艘；在手订单13艘，其中1艘与"明简"轮同型多用途船将于2026年下半年交付. 格隆汇11月21日丨招商轮船(601872.SH)公布，2025年11月21日，公司通过下属全资单船公司在扬州仪 征接收了1艘62000载重吨的超灵便型重吊多用途船 "PACIFICSERENITY"轮。 ...

关于重吊多用途船新船交付的公告 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。 2025 年 11 月 21 日，招商局能源运输股份有限公司（下称"公 司"）通过下属全资单船公司在扬州仪征接收了 1 艘 62,000 载重吨 的超灵便型重吊多用途船 "PACIFIC SERENITY"轮（"明简"） 轮。 证券代码：601872 证券简称：招商轮船 公告编号：2025[058] 招商局能源运输股份有限公司 截至本公告发布之日，公司干散货船板块拥有营运中的船舶 105 艘（不含租入船），其中 VLOC 37 艘（含参股及代管），好望角型 （Capesize）散货船 16 艘，巴拿马型散货船 8 艘，灵便型散货船 37 艘，重吊多用途船 7 艘；在手订单 13 艘，其中 1 艘与"明简"轮同 型多用途船将于 2026 年下半年交付。 特此公告。 招商局能源运输股份有限公司董事会 2025 年 11 月 22 日 该轮为公司 2023 年订造的 4 艘 62,000 载重吨超灵便型重吊多用 途船中的第 3 艘，为新一代节能环保型船舶， ...

Core Viewpoint - The company announced a stock reduction plan by senior executives, which involves a total of up to 475,600 shares being sold through block trading, representing a maximum of 0.005890% of the company's total share capital [1] Group 1: Stock Reduction Plan - The company's vice presidents Xu Hui and Hu Bin, along with the board secretary Kong Kang, plan to reduce their holdings by a total of no more than 475,600 shares [1] - Each executive's planned reduction will not exceed 25% of their total personal holdings [1] - By the end of the reduction period on November 19, 2025, the three executives had collectively reduced approximately 430,000 shares, accounting for 0.005313% of the company's total shares [1] Group 2: Revenue Composition - For the year 2024, the company's revenue composition is as follows: - Oil tanker transportation: 35.68% - Bulk cargo transportation: 30.78% - Container transportation: 21.06% - Roll-on/roll-off transportation: 7.12% - Others: 5.36% [1] Group 3: Market Capitalization - As of the report, the company's market capitalization stands at 72.4 billion yuan [2]

重要内容提示： 大股东及董监高持股的基本情况 证券代码：601872 证券简称：招商轮船 公告编号：2025[057] 本次减持计划实施前，招商轮船董事和高级管理人员合计持有本公司 股份 3,023,410 股，占公司总股本比例为 0.037444%。 招商局能源运输股份有限公司 高级管理人员股权激励所获股票减持结果的公告 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。 | 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、监事和高级管理人员 | | √是□否 | | | 其他：不适用 | | | | 持股数量 | 866,490股 | | | | 持股比例 | 0.010731% | | | | 当前持股股份来源 | 股权激励取得：866,490股 | | | | 股东名称 | 胡斌 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人 ...

招商轮船公告，公司副总经理徐晖、胡斌及董秘孔康减持期为2025年8月20日至2025年11月19日，计划 减持不超47.56万股，占公司总股本0.005890%；期满累计减持42.9万股，占0.005313%，与计划一致。 减持前高管合计持股302.34万股，占0.037444%。徐晖减持21.6万股，胡斌减持71000股，孔康减持14.2 万股。 ...

Core Points - The shipping and port sector experienced a decline of 0.88% on November 20, with Haitong Development leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Sector Performance - The following companies in the shipping and port sector showed notable performance: - Haixia Co., Ltd. (002320) closed at 13.53, up 1.96% with a trading volume of 614,700 shares and a transaction value of 832 million [1] - Antong Holdings (600179) closed at 4.33, up 1.88% with a trading volume of 893,300 shares and a transaction value of 388 million [1] - Bohai Ferry (603167) closed at 10.09, up 0.90% with a trading volume of 40,900 shares and a transaction value of 41.2 million [1] - Shanghai Port Group (600018) closed at 5.60, up 0.36% with a trading volume of 1,265,100 shares and a transaction value of 149 million [1] Declining Stocks - Haitong Development (603162) saw a significant decline of 6.31%, closing at 11.13 with a trading volume of 286,300 shares [2] - China COSCO Shipping Energy Transportation (600026) decreased by 4.15%, closing at 12.69 with a trading volume of 437,600 shares [2] - Zhi Shang Shipping (601872) fell by 3.34%, closing at 8.97 with a trading volume of 740,200 shares [2] Capital Flow - The shipping and port sector experienced a net outflow of 235 million from major funds, while retail investors saw a net inflow of 147 million [2] - Speculative funds had a net inflow of 87.8 million into the sector [2]

Core Insights - The shipping and port sector saw a slight increase of 0.33% on November 19, with China Merchants Energy leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - China Merchants Energy (601872) closed at 9.28, up 4.86% with a trading volume of 1.1235 million shares and a turnover of 1.033 billion [1] - Other notable performers included COSCO Shipping Energy (600026) at 13.24, up 2.32%, and COSCO Shipping Holdings (616109) at 15.25, up 1.87% [1] - Conversely, stocks like Antong Holdings (600179) and Haixia Co. (002320) experienced declines of 6.59% and 6.09% respectively [2] Capital Flow - The shipping and port sector experienced a net outflow of 146 million in institutional funds, while retail investors saw a net inflow of 116 million [2] - The data indicates that speculative funds had a net inflow of approximately 29.38 million [2] Individual Stock Capital Flow - COSCO Shipping Holdings (616109) had a net inflow of 75.16 million from institutional investors, while retail investors had a net outflow of 18.93 million [3] - China Merchants Energy (601872) saw a net inflow of 64.91 million from institutional investors, with retail investors experiencing a net outflow of 66.10 million [3] - Other stocks like COSCO Shipping Special (600428) and COSCO Shipping Energy (600026) also showed varied capital flows, with institutional inflows and retail outflows [3]

Core Insights - The shipping and port sector experienced a decline of 1.97% on November 18, with Haitong Development leading the drop at -10.02% [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Haitong Development (603162) closed at 11.77, down 10.02% with a trading volume of 512,000 shares and a transaction value of 621 million yuan [1] - Xiamen Port Authority (000905) closed at 11.58, down 8.53% with a trading volume of 1,003,100 shares and a transaction value of 1.207 billion yuan [1] - Other notable declines include: - Guohang Ocean (920571) down 6.37% to 10.44 - Antong Holdings (600179) down 5.41% to 4.55 - HNA Technology (600751) down 5.15% to 4.60 [1] Capital Flow - The shipping and port sector saw a net outflow of 481 million yuan from institutional investors, while retail investors contributed a net inflow of 219 million yuan [1] - Notable capital flows include: - GIGIO9 with a net inflow of 50.12 million yuan from institutional investors [2] - Haixia Co. (002320) with a net inflow of 37.15 million yuan from institutional investors [2] - Saltian Port (000088) with a net inflow of 7.46 million yuan from institutional investors [2]

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - Crude oil freight rates initially declined but then increased, with a divergence in container shipping rates on long-distance routes. The China Import Crude Oil Composite Index (CTFI) rose to 2231.96 points, up 9.5% from November 6 [2][13] - Volant Aviation completed a multi-hundred million yuan Series B financing round, and the C919 aircraft made its debut at the Dubai Airshow [2][15] - Jitu Express reported over 100 million packages on "Double Eleven," marking a 9% year-on-year increase, with an average daily package volume of 94.59 million during the peak season [2][23] Summary by Sections Industry Hot Events - Crude oil freight rates fluctuated, with the CTFI at 2231.96 points, a 9.5% increase from November 6. The VLCC market is optimistic about future rates due to tight vessel availability [2][13] - Volant Aviation's Series B financing was led by Huaying Capital, with existing shareholders also increasing their investments. The C919 aircraft is set to showcase its capabilities at the 2025 Dubai Airshow [2][15] - Jitu Express achieved a record-breaking package volume during "Double Eleven," with a total of 1.3938 billion packages collected nationwide from October 21 to November 11, reflecting a 17.8% increase in daily average volume [2][25] High-Frequency Dynamic 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 5356.00 points, down 2.5% year-on-year [27][28] - Domestic freight flights increased by 0.32% year-on-year, while international flights rose by 11.12% [28] - The SCFI index reported a decrease of 2.92% week-on-week, while the CCFI index increased by 3.39% week-on-week [35] Investment Recommendations - Focus on the equipment and manufacturing industrial products export chain, recommending companies like COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to the transportation demand increase driven by the construction of hydropower stations in the Yarlung Tsangpo River downstream [4] - Investment opportunities in the low-altitude economy, with a recommendation for CITIC Offshore Helicopter [4] - Recommendations for highway and railway sectors, including Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Straits Shares [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, and Spring Airlines [4]