Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The geopolitical changes are expected to usher in an "Oil Shipping Era" [3] - The U.S. military action against Venezuela may promote the compliance of Venezuelan oil trade, with short-term impacts limiting exports and shifting demand to compliant regions, equivalent to a demand for 19 VLCCs [4] - If U.S. sanctions on Venezuela are lifted, oil exports could reach 2.4 million barrels per day, requiring 141 VLCCs [4] - Iran's oil exports face dual pressures from domestic unrest and U.S. threats, with potential demand shifts to compliant markets equating to a need for 38 VLCCs [4] - Russia's oil exports are maintained through shadow fleets, with potential sanctions impacting 1.5 million barrels per day, equivalent to 36 VLCCs [4] - The new geopolitical landscape highlights the strategic value of oil shipping, with demand expected to improve in the short to medium term [4] Summary by Sections Geopolitical Impact on Oil Shipping - The geopolitical situation is reshaping global oil trade flows, expanding the compliant oil shipping market [4] - Short-term supply changes due to geopolitical conflicts may support shipping rates [4] - The dual logic of trade flow restructuring and compliance transformation is expected to drive demand in the oil shipping industry [4] Demand Projections - Venezuela: - Short-term demand shift due to transport restrictions: 19 VLCCs - Medium-term demand if sanctions are lifted: 46 VLCCs - Long-term potential peak exports: 141 VLCCs [4] - Iran: - Short-term demand shift due to unrest: 38 VLCCs - Long-term potential peak exports: 57 VLCCs [4] - Russia: - Potential sanctions impact: 36 VLCCs - If sanctions are lifted, demand could increase significantly [4]

Summary of Conference Call Notes Industry Overview - **Industry Focus**: Hong Kong/China Transportation and Infrastructure - **2026 Outlook**: More opportunities than risks, with a focus on supply-side opportunities in airlines, tanker shipping, and express delivery, while container shipping faces oversupply concerns [1][2][3] Airlines - **Pricing Trends**: Pricing inflation resumed since October 2025, supported by supply-side constraints and demand recovery from business travel, outbound travel growth, and inbound travel [2][11] - **Demand Drivers**: Business travel recovery positively correlated with capital expenditure, and inbound travel expected to grow, benefiting airlines [2][21] - **Airlines' Up-Cycle**: Chinese airlines are in a multi-year supply-driven up-cycle, with margin upside if pricing performance exceeds expectations [2][11] - **Key Stocks**: Overweight ratings on Air China (0753.HK), China Eastern Airlines (0670.HK), China Southern Airlines (1055.HK), and Spring Airlines (601021.SS) [9][10] Shipping - **Tanker Market**: Increasing demand for compliant tankers due to geopolitical tensions, with limited new supply additions due to low capital expenditure over the past decade [3] - **Container Shipping Risks**: Remains conservative on container shipping due to oversupply concerns [3] - **Key Stocks**: Overweight on COSCO Shipping (1138.HK) and China Merchants Energy Shipping (601872.SS), underweight on COSCO Shipping Holdings (1919.HK) and Orient Overseas (0316.HK) [3] Airports - **Bargaining Power**: Airports are regaining bargaining power through duty-free contract renewals, breaking monopoly dynamics, and increasing shareholdings in duty-free operators [4][54] - **Duty-Free Spending**: Expected upside in duty-free spending with expanded product categories and higher offline sales [4][58] - **Key Stocks**: Equal-weight ratings on Shanghai International Airport (600009.SS), Hainan Meilan Airport (0357.HK), and Guangzhou Baiyun International Airport (600004.SS), underweight on Beijing Capital International Airport (0694.HK) [53] Express Delivery - **Market Consolidation**: ZTO (ZTO.N) and YTO (600233.SS) are consolidating market share, leading to cost-efficiency gains and margin expansion [5] - **International Expansion**: J&T (1519.HK) expected to consolidate market share in overseas markets through e-commerce partnerships [5] Key Risks and Considerations - **Airlines**: Risks include faster-than-expected aircraft delivery, deterioration in travel demand, unfavorable RMB depreciation, and surging oil prices [52][51] - **Airports**: Continued underperformance in duty-free business due to weak consumption and competition from other channels [54][55] Conclusion - The transportation sector in Hong Kong/China is poised for growth in 2026, driven by supply-side opportunities in airlines and shipping, while airports are regaining power in duty-free operations. However, risks remain, particularly in container shipping and overall economic conditions.

Group 1: Share Buybacks and Increases - Prolo Pharmaceutical's controlling shareholder plans to increase its stake by 60 million to 120 million yuan [3] - BAIC Blue Valley and some directors and executives plan to increase their holdings by 14.5 million to 16.4 million yuan [3] - Zhongju High-tech has obtained a commitment letter for a stock repurchase loan of 540 million yuan from a financial institution [3] - Haojiang Intelligent plans to use its own funds to repurchase shares for equity incentives or employee stock ownership plans [3] - Huazhi Jie intends to repurchase shares worth 30 million to 50 million yuan [3] - Nanshan Aluminum plans to repurchase shares worth 300 million to 600 million yuan for cancellation [3] Group 2: Share Reductions - New Work Group, a shareholder of Zhongxin Group, plans to reduce its stake by no more than 3% [3] - Hongqi Technology's shareholders plan to reduce their holdings by no more than 4.68% [3] - Zhejiang Yongqiang's shareholder, Xie Jianqiang, plans to reduce his stake by no more than 1.13% [3] - Xiangyu Medical's shareholder, Anyang Qixu, plans to reduce his stake by no more than 3% [3] - Shuyuan Pingmin's shareholder, Ali Health, plans to reduce his stake by no more than 2% [3] - Hongqiang Co., Ltd.'s actual controller plans to reduce no more than 2.1161 million shares, not exceeding 1% of the total share capital [3] - China Merchants Shipping's directors and executives plan to collectively reduce their holdings by no more than 648,600 shares [3] - Zhang Yijie, a shareholder of Jixin Technology, plans to reduce his stake by no more than 1% [3] - Dingjie Smart's major shareholder, Industrial Fulian, reduced its stake by 1.14% from January 9 to January 12 [3] - Zhongli Co., Ltd.'s shareholders plan to reduce their holdings by no more than 0.75% [3]

Group 1 - The company, China Merchants Energy Shipping Company, announced that as of the date of the announcement, its directors and senior management collectively hold approximately 2.59 million shares, accounting for 0.032131% of the total share capital [1] - Four directors and senior management members plan to reduce their holdings by a total of no more than approximately 650,000 shares within three months after the announcement, which represents no more than 0.008033% of the total share capital [1] - Each individual plans to reduce their holdings by no more than 25% of their total personal shareholdings, with the reduction price to be determined based on the market price at the time of the reduction [1] Group 2 - The industry is experiencing challenges with rising raw material costs, such as silver, leading to difficult decision-making for companies [1] - Some companies in the solar energy sector are rushing to export products before the April 1 deadline, indicating a competitive market environment [1]

格隆汇1月13日丨招商轮船(601872.SH)公布，根据上海证券交易所发布的《上海证券交易所上市公司自 律监管指引第15号——股东及董事、高级管理人员减持股份（2025年3月修订）》的规定，王永新先 生、徐晖先生、胡斌先生、孔康先生四位董事、高级管理人员计划自本公告发布之日起的十五个交易日 后至未来3个月内，拟通过集中竞价方式合计减持不超过648,612股，减持股份占公司总股本比例不超过 0.008033%，每人计划减持比例不超过其个人持股总额的25%，减持价格将按照减持实施时的市场价格 确定。 ...

格隆汇1月13日丨招商轮船(601872.SH)公布，根据上海证券交易所发布的《上海证券交易所上市公司自 律监管指引第15号——股东及董事、高级管理人员减持股份（2025年3月修订）》的规定，王永新先 生、徐晖先生、胡斌先生、孔康先生四位董事、高级管理人员计划自本公告发布之日起的十五个交易日 后至未来3个月内，拟通过集中竞价方式合计减持不超过648,612股，减持股份占公司总股本比例不超过 0.008033%，每人计划减持比例不超过其个人持股总额的25%，减持价格将按照减持实施时的市场价格 确定。 ...

| 一、减持主体的基本情况 | | --- | | 股东名称 | 王永新 | | | | --- | --- | --- | --- | | 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、高级管理人员 | √是 | □否 | | | 其他：/ | | | | 持股数量 | 1,121,000股 | | | | 持股比例 | 0.013883% | | | | 当前持股股份来源 | 股权激励取得：1,121,000股 | | | 证券代码：601872 证券简称：招商轮船 公告编号：2026[005] 招商局能源运输股份有限公司 董事、高管股权激励所获股票减持计划的公告 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。 重要内容提示： 1 董事及高管持股的基本情况：截至本公告披露日，招商轮船董事和高 级管理人员合计持有本公司股份 2,594,450 股，占公司总股本比例为 0.032131%。 减持计划的主要内容：根据上海证券交易 ...

招商轮船公告称，截至公告披露日，公司董事和高管合计持股2,594,450股，占总股本0.032131%。王永 新、徐晖、胡斌、孔康四位董高计划自公告发布之日起十五个交易日后至未来2个月内（2026年2月4日 - 2026年4月30日），通过集中竞价合计减持不超648,612股，占总股本比例不超0.008033%，每人减持不 超个人持股总额25%，减持价格按市场价格定，减持原因为个人资金需求。本次减持计划实施存在不确 定性，不会对公司治理及经营产生重大影响。 ...

证券之星消息，1月13日航运港口板块较上一交易日上涨0.2%，招商轮船领涨。当日上证指数报收于 4138.76，下跌0.64%。深证成指报收于14169.4，下跌1.37%。航运港口板块个股涨跌见下表： 从资金流向上来看，当日航运港口板块主力资金净流出1.2亿元，游资资金净流入2764.12万元，散户资金 净流入9275.05万元。航运港口板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601872 | 招商轮船 | 11.21 | 4.77% | 148.55万 | 16.43亿 | | 002040 | 南京港 | 10.33 | 1.77% | 26.80万 | 2.76亿 | | 600798 | 宁波海运 | 3.71 | 1.37% | 40.35万 | 1.49亿 | | 600026 | 中远海能 | 13.81 | 1.32% | 1 73.36万 | 10.09亿 | | 601228 | 广州港 | 3.60 | 1.12% | 108.52万 | ...

证券代码：601872 证券简称：招商轮船 公告编号：2026[004] 择机增持安通控股股份，其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，敬请广大投资者 注意投资风险。 特此公告。 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"）的 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]），于 2025 年 8 月 25 日发布 的《关于子公司对外投资暨关联交易进展的公告》（公告编号： 2025[037]）以及于 2025 年 9 月 1 ...