Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates are rising while ocean freight rates are declining. The China Import Crude Oil Comprehensive Index (CTFI) reached 2325.40 points on November 20, up 4.2% from November 13. VLCC market activity remains strong, but overall market activity is expected to decline without actual cargo support [3][14] - Changlong Airlines has initiated its IPO process, and VOLANT has signed a confirmation order for the VE25-100 eVTOL aircraft with a state-owned investment group, with the order amount exceeding 100 million yuan [3][16] - The China-Europe Railway Express has surpassed 3500 trips this year, marking a historical high. A new "passenger-cargo-mail integration" model has been launched in cooperation between Rizhao Public Transport and SF Express [3][22] Summary by Sections Industry Hot Events - Crude oil freight rates are high while ocean freight rates are declining. The Shanghai port export price to Europe was $1367/TEU, down 3.5%, and to the US West and East Coast was $1645/FEU and $2384/FEU, down 9.8% and 8.3% respectively [3][15] - Changlong Airlines is preparing for its IPO, with a focus on expanding its operational capacity and market reach [3][16] - The China-Europe Railway Express has achieved a record of over 3500 trips this year, with a focus on high-value goods transportation [3][23] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased both month-on-month and year-on-year, indicating a positive trend in air freight pricing [4][28] - Domestic express delivery volume increased by 7.90% year-on-year in October 2025, with total express delivery volume reaching 176 billion pieces [4][50] - The national highway freight truck traffic increased by 2.57% week-on-week, indicating a recovery in road logistics [4][18] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the low-altitude economy sector, with recommendations for CITIC Offshore Helicopter [5] - Investment opportunities in the road and rail sectors, recommending companies such as Gansu Expressway and Beijing-Shanghai High-Speed Railway [5]

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 "de-involution" trend driving up express prices, enhancing corporate profit elasticity, and creating favorable competition opportunities in the medium to long term [15] - The shipping market is expected to benefit from the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market's outlook for Q4 2025 [15] - The shipping market is anticipated to recover, supported by environmental regulations limiting the operation of older fleets and the upcoming production of the West Manganese iron ore by the end of 2025 [15] Summary by Sections Express Logistics - In October 2025, the express delivery industry achieved a business volume of 17.6 billion pieces, a year-on-year increase of 7.9%, with revenue reaching 131.67 billion yuan, up 4.7% year-on-year [4][24] - Major players like YTO, Shentong, and Yunda showed varied growth rates, with YTO's volume increasing by 12.78% and Shentong by 3.97%, while Yunda's volume decreased by 5.11% [4][30] - The industry is transitioning towards high-quality development, with significant improvements in single-ticket revenue due to price increases driven by the de-involution trend [4] Shipping and Ports - VLCC freight rates reached a new high of $136,843 per day, the highest since Q2 2020, driven by tight available capacity and stable inquiry rhythms [8] - The Capesize bulk carrier spot freight rates surpassed $30,000 per day, reflecting a 20% increase over the past week, supported by seasonal demand recovery and strong import demand from China [8] - The BDI index increased by 7.1% to 2225 points, indicating a robust recovery in the bulk shipping market [9] Aviation - In October 2025, civil aviation transported approximately 68 million passengers, a year-on-year increase of 5.8%, and cargo/mail transport reached 917,000 tons, up 13.3% [58] - The overall passenger load factor for major airlines was 86.88%, showing a slight increase from the previous month [62] Road and Rail - From November 10 to November 16, 2025, national freight logistics operated smoothly, with rail freight reaching 81.8 million tons, a 0.17% increase week-on-week [14] - In October 2025, road freight volume was 3.706 billion tons, a year-on-year increase of 0.08% [64] Supply Chain Logistics - The logistics landscape is evolving, with companies like Shenzhen International expected to benefit from the transformation of logistics parks, providing performance elasticity [15] - The industry is witnessing a slowdown in competition, with companies like Debang and Aneng Logistics showing significant profit improvements due to strategic transformations [15]

Core Insights - The report highlights a significant increase in VLCC (Very Large Crude Carrier) freight rates, reaching a new high, driven by a notable decline in Russian oil exports, which has created additional demand for oil transportation from the Middle East to India and China [3][4] - The report suggests a positive outlook for the transportation sector, particularly in shipping and aviation, with recommendations for specific companies such as China Merchants Energy and COSCO Shipping Energy [3][4] - The report emphasizes the importance of monitoring seasonal trends in freight rates, particularly the potential for a "not-so-dull" off-season from December to February [3] Industry Overview - The transportation index has decreased by 5.00%, underperforming the CSI 300 index by 1.23 percentage points, with the express delivery sector showing the smallest decline at -2.75% and the public transport sector experiencing the largest drop at -9.35% [4][11] - The shipping sector has shown mixed performance, with the Baltic Dry Index increasing by 5.67% while the coastal dry bulk freight index fell by 3.47% [4][11] - The report notes that the average freight rate for VLCCs has risen by 5% week-on-week, reaching $126,371 per day, with the Middle East to Far East route hitting a new high of $138,144 per day [3][4] Shipping Sector Insights - The report indicates that the average freight rate for the fourth quarter is approaching $99,000 per day, marking it as one of the highest quarterly averages in history [3] - The decline in Russian oil exports has been significant, dropping from nearly 4 million barrels per day to around 3 million barrels per day, which has increased demand for oil from the Middle East [3][4] - The report also highlights the recovery of chartering activities following the Bahri conference, with shipowners beginning to control capacity due to tightening supply [3] Aviation Sector Insights - The report discusses the unprecedented challenges in the aircraft manufacturing supply chain, with an aging fleet expected to persist over the next 5-10 years, leading to constrained supply [3] - It anticipates a significant improvement in airline profitability as capacity is allocated to international routes, suggesting a potential golden era for airlines [3] - Recommendations include major airlines such as China Eastern Airlines and Spring Airlines, which are expected to benefit from these trends [3] Express Delivery Sector Insights - The express delivery industry is entering a new phase of competition, with three potential scenarios outlined: price recovery leading to utility-like profitability, continued competitive pressure, or higher-level consolidation [3] - Companies such as Shentong Express and YTO Express are highlighted as having strong potential due to their competitive advantages and market positioning [3] High Dividend Stocks in Transportation - The report lists high dividend yield stocks in the transportation sector, including Bohai Ferry with a yield of 8.08% and China Railway with a yield of 3.95% [21] - The focus on high dividend stocks is seen as a stable investment strategy amidst market fluctuations [21]

招商轮船（601872）11月21日披露，截至11月20日公司股东户数为87117户，较上期（11月10日）减少 5593户，环比降幅为6.03%。 证券时报 数据宝统计，截至发稿，招商轮船收盘价为8.77元，下跌2.23%，本期筹码集中以来股价累计 上涨2.93%。具体到各交易日，5次上涨，4次下跌。 融资融券数据显示，该股最新（11月20日）两融余额为13.59亿元，其中，融资余额为13.52亿元，本期 筹码集中以来融资余额合计增加1.12亿元，增幅为9.07%。 公司发布的三季报数据显示，前三季公司共实现营业收入193.10亿元，同比增长0.07%，实现净利润 33.00亿元，同比下降2.06%，基本每股收益为0.4100元，加权平均净资产收益率8.11%。 机构评级来看，近一个月该股获9家机构买入评级。预计目标价最高的是中金公司（601995），11月2日 中金公司发布的研报给予公司目标价12.00元。 ...

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。 ...