Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry is experiencing resilient demand, with a shift towards "quality over quantity" leading to price increases, which will enhance corporate profitability. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost reduction [4][13] - The shipping sector is anticipated to benefit from the OPEC+ production cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market expected in Q4 2025 [13] - The aviation industry is projected to see long-term demand growth due to macroeconomic recovery, with short-term ticket booking data indicating a rebound [13] Summary by Sections Express Delivery - The express delivery sector is witnessing a significant price increase, with over 90% of regions in China experiencing price hikes, which is expected to improve profitability for companies [4] - Key companies to watch include YTO Express, Shentong Express, Zhongtong Express, and SF Express, all of which are positioned to benefit from the industry's positive trends [13] Shipping and Shipbuilding - The shipping sector is expected to see a cyclical recovery, particularly in oil transportation due to OPEC+ production increases and geopolitical uncertainties enhancing VLCC rate elasticity [13] - The shipbuilding market is in a green transition phase, with new orders expected to improve as market conditions stabilize [13] Aviation - The aviation sector is experiencing low supply growth with increasing demand, leading to a favorable long-term outlook. Companies like China Southern Airlines and Air China are highlighted for their potential [13][14] Logistics and Ports - The logistics sector is seeing a positive trend with companies like Shenzhen International and Debon Logistics expected to benefit from improved competition and operational efficiencies [13] - Port operations are stable, with a focus on cash flow and growth potential in hub ports like China Merchants Port and Qingdao Port [13]

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 ...

智通财经APP获悉，中金发布研报称，8月下旬以来，油运运价持续上行，一方面因中东货盘增加，另 外美洲货盘增加进一步带动中东区域运力紧张。供给端看，当前运价已经反映油运船舶紧张，中东地区 船货比近期达到历史低位，而考虑到已定载船舶短期内无法返回，后续船舶供给或更加紧张；需求端 看，中东用油旺季已过，OPEC+增产对于出口的传导仍会持续，且十月份OPEC+仍有小幅增产，而参 考历史年份运价表现，北半球冬季对油品需求往往持续三个月，因此后续旺季带来的货盘需求有望持续 或增加。 风险因素 向后看，四季度旺季有望延续当前景气行情：1)供给端看，当前运价已经反映油运船舶紧张，中东地区 船货比近期达到历史低位，而考虑到已定载船舶短期内无法返回，后续船舶供给或更加紧张；2)需求端 看，中东用油旺季已过，OPEC+增产对于出口的传导仍会持续，且十月份OPEC+仍有小幅增产，而参 考历史年份运价表现，北半球冬季对油品需求往往持续三个月，因此后续旺季带来的货盘需求有望持续 或增加。 持续的黑船制裁是油运供需改善的长期推动因素 中金认为，制裁对于油运影响并非一蹴而就，而是风险收益比降低后逐步体现的结果，今年美国对于俄 罗斯、伊朗原油 ...

证券代码：601872 证券简称：招商轮船 公告编号：2025[049] 招商局能源运输股份有限公司 关于17.5万立方米液化天然气（LNG） 该轮为公司2022年第一批订造的2艘同型节能环保LNG运输船的第1艘。具体请参见公司2022年9月26日 发布的《招商轮船关于行使2艘LNG造船选择权并签署2+2艘LNG船舶订造意向书的公告》，公告编 号：2022[056]号。 "海韵"轮符合国际最新LNG运输船设计理念，具备卓越的适港性和船岸兼容性。船舶配备新型LNG双燃 料低速主机，集成ICER系统，在燃油和燃气模式下均满足国际海事组织最高排放标准。液货舱采用 GTT Mark III Flex型围护系统方案，日蒸发率仅0.085%；同时配置再液化装置，可高效处理LNG蒸发 气。 "海韵"轮交付运营是招商轮船坚持LNG运输业务"双轮驱动"发展策略，抢抓战略机遇期打造自有LNG船 队的里程碑。自有LNG船队的发展，有助于公司油气、干散双核心业务的持续稳定发展和稳定盈利底 盘的进一步增厚，将进一步巩固公司的核心竞争力和持续盈利能力，有助于实现公司打造"弱周期成长 型航运平台"的战略目标。 截至本公告发布之日，公司LN ...

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]