1 证券代码：601872 证券简称：招商轮船 公告编号：2026[006] 招商局能源运输股份有限公司 第七届董事会第二十六次会议决议公告 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（下称"公司"、"本公司"及"招 商轮船"）2026 年 1 月 13 日以电子邮件、书面送达等方式向公司全 体董事和高级管理人员书面发出《公司第七届董事会第二十六次会议 通知》。2026 年 1 月 20 日，公司第七届董事会第二十六次会议（下 称"本次会议"）以书面会议方式召开。本次会议应出席董事 12 名， 实际出席董事 12 名。本次会议召开的时间、方式符合《公司法》等 法律、行政法规和部门规章以及《公司章程》的有关规定，形成的会 议决议合法、有效。 本次会议以投票表决方式审议通过了以下议案： 一、关于在关联方新建 3,000TEU 型集装箱船舶的关联交易议案 董事会同意公司下属全资子公司在关联方招商局工业集团有限 公司下属公司订造 4 艘 3,000TEU 型集装箱船舶，投资总金额不超过 人民币 13.24 ...

Core Viewpoint - The company, China Merchants Energy Shipping Company (招商轮船), plans to sign a shipbuilding agreement to construct four 3000 TEU traditional fuel container ships equipped with desulfurization towers, with a total investment not exceeding 1.324 billion yuan, and delivery expected between 2027 and 2028 [1]. Group 1 - The company will establish a single-ship company through its wholly-owned subsidiary [1]. - The shipbuilding agreement will be signed with a subsidiary of China Merchants Industry Group (招商局工业集团) [1]. - The total investment for the project is estimated to be no more than 1.324 billion yuan [1].

Group 1 - The company, China Merchants Energy Shipping Company (招商轮船), announced plans to sign a shipbuilding agreement for four 3000TEU traditional fuel container ships equipped with desulfurization towers [1] - The total investment for the project is expected to be no more than 1.324 billion yuan [1] - The delivery period for the ships is set for 2027-2028 [1] Group 2 - The transaction constitutes a related party transaction and will require approval from the shareholders' meeting [1]

Group 1 - The overall performance of the US dollar is weak, with the dollar index falling to around 99, leading to decreased investor confidence in dollar assets due to regional tensions [1] - Key variables affecting oil prices in 2026 include OPEC+ production cuts, macroeconomic policy shifts such as potential Federal Reserve interest rate cuts, and escalating regional political risks that could trigger short-term oil price spikes [1] - The projected core price range for Brent crude oil in 2026 is $55-75 per barrel, while WTI is expected to be $50-70 per barrel, with volatility expected to narrow compared to 2025 [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index (399439) include major companies such as China National Petroleum, Sinopec, and CNOOC, collectively accounting for 67.11% of the index [2] - The Penghua Oil ETF (159697) closely tracks the National Petroleum and Natural Gas Index, reflecting the price changes of listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [1][2]

Core Viewpoint - The A-share market is experiencing a rebound, with the oil and gas ETF Huatai-PineBridge (159309) showing a strong performance, gaining 1.72% and attracting over 6 million yuan in investment [1][3]. Group 1: Market Performance - The oil and gas ETF Huatai-PineBridge (159309) has seen most of its constituent stocks rise, with notable increases from companies such as Jereh Group and COSCO Shipping Energy, both exceeding 3% [3]. - As of 14:37, the top ten constituent stocks of the oil and gas ETF are listed, showcasing significant price changes and industry classifications [4]. Group 2: Geopolitical Factors - Recent geopolitical tensions are highlighted as a potential risk for oil production and exports, particularly concerning Iran's average monthly oil production of 3.26 million barrels per day for 2025 [5]. - The ongoing geopolitical uncertainties are expected to support oil price stability in the long term, as indicated by the analysis from Guangda Securities [5]. Group 3: Investment Logic - Four key investment logic points are identified for the oil sector: 1. Geopolitical conflicts may boost oil prices, with the Russian geopolitical outlook being a core factor influencing supply expectations [5]. 2. The commodity cycle suggests that the oil sector is worth monitoring during the current economic conditions, with a potential super cycle for commodities [5]. 3. The supply-demand dynamics are expected to improve, with historical low inventory levels and reduced capital expenditure in oil supply over the past decade [9]. 4. The oil sector offers high dividend advantages, with the oil and gas ETF Huatai-PineBridge (159309) showing a 12-month dividend yield of 3.83% and a payout ratio exceeding 50% for 2023-2024 [5][9]. Group 4: Long-term Value - The oil and gas sector is positioned as a long-term investment opportunity, with the ETF focusing on the oil and gas industry chain, highlighting its importance as a national pillar industry [5].

Investment Rating - The report maintains a "Positive" investment rating for the oil shipping sector [10]. Core Insights - Since the beginning of the year, VLCC freight rates have rebounded significantly due to the release of cargo and an increase in floating storage, leading to a tight supply-demand situation that drives up rates. The oil shipping industry is characterized as cyclical, with a focus on the marginal effects of industry cycle changes [2][5]. - Looking ahead to 2026, geopolitical fluctuations are expected to create "demand surprises," alongside a global crude oil production increase that will boost oil shipping demand and alleviate supply concerns. The U.S. crackdown on Venezuela's oil exports has led to a phase of compliance for Venezuelan oil exports, while increased geopolitical tensions in Iran also present bullish options [2][5]. - The report emphasizes the importance of the supply-demand balance, with a projected increase in oil tanker supply of 1.5% in 2025 and 4.0% in 2026, indicating that the combination of "demand surprises" and inventory replenishment will mitigate supply concerns. The report reaffirms recommendations for COSCO Shipping Energy and China Merchants Energy Shipping [2][5]. Summary by Sections Oil Shipping - VLCC freight rates have surged by 86.7% to $111,000 per day, driven by geopolitical developments and increased cargo availability. The sentiment among shipowners has improved significantly due to these factors [7][16]. - The report notes that the oil shipping sector is experiencing a recovery after a period of stagnation, with demand driven by increased oil production from South America and OPEC, as well as a rebound in Chinese imports [20][22]. - The compliance of Venezuelan oil exports is projected to increase oil shipping turnover by 1.3%, while Iranian compliance could lead to a 4.4% increase in demand [26][34]. Logistics and Transportation - The report highlights a decline in domestic and international passenger traffic due to the timing of the Spring Festival, with domestic passenger volume down 3% year-on-year [6][46]. - The logistics sector is facing challenges with a 5.7% year-on-year decline in express delivery volume, attributed to seasonal factors and changes in demand structure [8]. Market Dynamics - The report discusses the cyclical nature of the oil shipping industry, emphasizing the need to monitor geopolitical developments and production cycles that can significantly impact demand and supply dynamics [20][36]. - The anticipated increase in global crude oil inventories and the potential for a replenishment cycle are seen as critical factors that could drive demand for oil shipping in the near future [36][38].

Core Viewpoint - The oil and gas ETF Huatai Fuhua (159309) opened down by 1.69% at 1.220 yuan, reflecting a mixed performance among its major holdings [1] Group 1: ETF Performance - The performance benchmark for the oil and gas ETF Huatai Fuhua (159309) is the CSI Oil and Gas Resource Index return rate [1] - Since its establishment on May 31, 2024, the fund has achieved a return of 24.34%, with a monthly return of 11.03% [1] Group 2: Major Holdings Performance - Major holdings include: - Jereh Group opened up by 1.04% - China National Offshore Oil Corporation (CNOOC) down by 1.46% - China Petroleum down by 0.70% - China Petrochemical down by 0.34% - China Merchants Energy down by 2.02% - Guanghui Energy unchanged at 0.00% - COSCO Shipping Energy down by 2.03% - China Merchants South Oil down by 0.89% - CNOOC Engineering down by 1.30% - Intercontinental Oil and Gas down by 1.97% [1]

Group 1 - The core viewpoint is that the geopolitical landscape is shifting due to renewed U.S. sanctions on Iran and Venezuela, which could impact oil trade dynamics and increase demand for compliant oil transportation [1][2][3] - In the short term, if internal unrest in Iran escalates, oil trade demand may shift towards compliant supplies in the Middle East, equivalent to a demand for 38 VLCCs [1][3] - If the U.S. or Israel attacks Iran, the geopolitical risk premium for oil transportation may rise, further affecting the oil market [1][3] Group 2 - Venezuela's oil exports are currently constrained by U.S. military actions, which may push the oil trade towards compliance, representing a demand for 19 VLCCs in the short term [2] - If U.S. sanctions on Venezuela are lifted, the oil shipping demand could increase to 46 VLCCs, and with continued investment in infrastructure, exports could reach historical peaks of 240,000 barrels per day, equivalent to 141 VLCCs [2] - The shadow fleet established by Russia has allowed it to maintain oil exports despite sanctions, with potential impacts on 150,000 barrels per day of Russian oil exports if sanctions are intensified [4] Group 3 - The report suggests that companies such as China Merchants Energy Shipping Company (601872.SH), COSCO Shipping Energy Transportation (600026.SH), and China Merchants Jinling Shipyard (601975.SH) should be monitored for potential investment opportunities [5]

Group 1 - The oil sector is experiencing a capital inflow despite market conditions, with the Penghua Oil ETF (159697) seeing a net subscription of 10 million units, marking five consecutive days of net inflow [1] - Political tensions in Venezuela and Iran are increasing, contributing to a rise in regional political risk premiums for oil prices, while OPEC+ has decided to temporarily halt its production growth plan for the first quarter of 2026 [1] - As of January 15, 2026, the National Securities Oil and Gas Index (399439) shows mixed performance among its constituent stocks, with Hengtong Co. leading at a 3.61% increase, while Jiufeng Energy is down 4.45% [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the National Securities Oil and Gas Index (399439) include major companies such as China National Petroleum, Sinopec, and CNOOC, collectively accounting for 67.11% of the index [2]

Core Viewpoint - The shipping and port sector experienced a decline of 0.89% on January 14, with Xiamen Port leading the drop, while the Shanghai Composite Index closed at 4126.09, down 0.31%, and the Shenzhen Component Index rose 0.56% to 14248.6 [1]. Group 1: Market Performance - The shipping and port sector saw a significant drop, with Xiamen Port's stock closing at 13.45, down 3.45%, and a trading volume of 594,600 shares, resulting in a transaction value of 810 million yuan [2]. - Major stocks in the sector included Haitong Development, which rose by 4.47% to 12.61, and China Merchants South Oil, which increased by 2.15% to 3.33 [1][2]. - The overall trading volume in the shipping and port sector was notable, with a net outflow of 816 million yuan from main funds, while retail investors contributed a net inflow of 638 million yuan [2]. Group 2: Individual Stock Analysis - China Merchants Shipping saw a net inflow of 25.19 million yuan from main funds, despite a net outflow of 10.26 million yuan from retail investors [3]. - Saltian Port had a net inflow of 18.52 million yuan from main funds, with retail investors experiencing a net outflow of 21.26 million yuan [3]. - The stock of China Merchants South Oil had a net inflow of 5.13 million yuan from main funds, while retail investors faced a net outflow of 26.77 million yuan [3].