Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - A recent trade agreement between the US and India is expected to boost compliance oil transportation demand, as India will cease purchasing Russian oil and increase imports from the US [4] - Following the imposition of punitive tariffs by the US, India's imports of Russian oil have decreased significantly, with a total of 26 million tons imported from September 2025 to January 2026, reflecting an 11.6% year-on-year decline [4] - The cessation of Russian oil imports by India is anticipated to further support compliance market freight rates, with potential increases in demand for oil from the Americas [4] - The current high demand in the foreign trade oil transportation sector presents an opportunity for oil transport companies to release performance potential, with expectations of rising freight rates due to upstream expansion and geopolitical events [4] Summary by Sections Recent Market Performance - The shipping and port sector has shown a performance of -8% compared to the Shanghai and Shenzhen 300 index [2] Analyst Information - The report is authored by analyst Zhu Yubo, with contact information provided for further inquiries [3] Related Reports - The report references previous analyses on geopolitical events and oil transportation market opportunities [3]

Group 1 - The core viewpoint of the article highlights the performance of the Oil ETF (561360), which opened with a gain of 1.42% at 1.431 yuan on February 4 [1] - Major holdings of the Oil ETF include China National Petroleum Corporation, which rose by 2.01%, China National Offshore Oil Corporation by 1.98%, and Sinopec by 0.79% [1] - The Oil ETF's performance benchmark is the CSI Oil and Gas Industry Index return, managed by Guotai Fund Management Co., Ltd., with a return of 41.01% since its establishment on October 23, 2023, and a return of 14.47% over the past month [1] Group 2 - The article lists other notable stocks within the Oil ETF, including Jereh Group (up 0.98%), China Merchants Energy Shipping (up 1.56%), Guanghui Energy (up 1.30%), COSCO Shipping Energy (up 0.82%), Hengli Petrochemical (up 1.82%), Rongsheng Petrochemical (up 0.79%), and Intercontinental Oil and Gas (up 2.24%) [1]

智通财经APP获悉，财通证券发布研报称，在当前外贸原油运输行业高景气背景下，油运公司迎来一轮 业绩释放机遇。且中期来看，伴随上游扩产&地缘事件&制裁收紧利好供需，运价中枢有望保持上涨， 从而给予油运企业更大的业绩弹性空间。建议关注：招商轮船(601872.SH)、中远海能(01138)。 财通证券主要观点如下： 事件 新协议下印度停止俄油进口，或将加速提振合规油运需求 2026年1月印度自俄罗斯原油海运进口量为370万吨，约合日均90万桶，占比2025年全球日均原油海运量 约2.3%。后续伴随政策落地，印度将停止购买俄油，国内需求转向合规原油，有望进一步支撑合规市 场运价。此外印度潜在的美洲原油进口需求，将一定程度抵消委内瑞拉军事行动后，石油转向近距离出 口美国所引发的运距缩减影响。 风险提示：原油需求大幅下降，OPEC+增产不及预期或转向减产，制裁落地不及预期，战争风险等。 自美国对印加征惩罚性关税，印度已逐步减少俄油海运进口 2025年8月6日，美国总统特朗普签署行政令，以印度"通过直接或间接方式进口俄罗斯石油"为由，对印 度输美产品征收额外的25%关税。此后印度开始寻求俄油替代，据彭博数据，印度自俄罗斯 ...

格隆汇2月4日丨招商轮船(601872.SH)涨1.82%，报11.730元，股价创历史新高，总市值947.14亿元。 ...

Group 1 - The oil and gas ETF Huatai-PB (561570) opened with a gain of 1.22%, priced at 1.331 yuan [1] - Major holdings in the ETF saw positive movements: CNOOC rose by 1.98%, PetroChina by 2.01%, Sinopec by 0.79%, and others like Jereh, COSCO Shipping, and Guanghui Energy also experienced gains [1] - The ETF's performance benchmark is the CSI Oil and Gas Industry Index, managed by Huatai-PB Fund Management Co., with a return of 31.70% since its inception on October 9, 2024, and a monthly return of 14.01% [1]

记 者丨 谭 咏 编 辑丨张 星 重吨,同比增长11.4%,占全球市场总量的 56.1%。在全球航运市场周期性波动、新船订单增 速放缓的背景下,中国造船完工量仍实现11%增 长,这说明中国船企的订单执行、生产效率和供应 链管理能力强,能有效应对外部不确定性。 新接订单量10782万载重吨,占全球市场总量 的69%。也就是说,2025年全球近7成的新船需求 都流向了中国的船厂。 截至12月末,手持订单量27442万载重吨,同 比增长31.5%,占全球市场总量的66.8%,手持订 单量再创历史新高。 中国不仅是全球最大造船国,更是全球船东最 大供应商。中国船舶工业行业协会最新数据显示, 2025年1~12月，出口船舶占全国造船完工量、新 接订单量、手持订单量的比重为89.3%、88.2%和 92.4%。这组数据证明中国造船在技术、质量、交 付周期以及成本等方面受到国际船东的广泛认可。 2025年我国造船业 指标领跑全球 (单位:万载重吨) 占世界总量比重 27442 10782 5369 造船完工量 新接订单量 手持订单量 (截至12月底) 56.1% 69.0% 66.8% 数据来源:工信部 2025年 我国船 ...

证券日报网讯2月3日，招商轮船（601872）在互动平台回答投资者提问时表示，截至2026年1月30日， 公司股东总户数是84672户。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002040 | 南京港 | 10.14 | -1.36% | 20.35万 | 2.06亿 | | 601326 | 奏港股份 | 3.48 | -1.14% | 35.40万 | 1.24亿 | | 001872 | 指商港口 | 19.37 | -0.62% | 2.57万 | 4984.80万 | | 000520 | 凤凰航运 | 4.30 | -0.23% | 1 21.27万 | 9055.01万 | | 920571 | 国航远洋 | 9.42 | -0.21% | 15.88万 | 1.49 Z | | 600798 | 宁波海运 | 3.65 | 0.00% | 26.06万 | 9480.23万 | | 603209 | 兴通股份 | 15.42 | 0.00% | 4.32万 | 6648.45万 | | 601008 | 连云港 | 5.22 | 0.00% | 15.24万 | 7931.76万 | | 600279 | ...

Core Insights - The report emphasizes the historical positioning of silver indicators, noting that 93% of historical dates are below 200%, while the current level exceeds 1800%, indicating potential price adjustments during the decline phase of silver [11] - It highlights the macroeconomic narratives, including geopolitical tensions and the impact of the new Federal Reserve chair, suggesting that the current market is less influenced by overseas factors [3][12] - The investment strategy focuses on three main areas: core growth assets, global competitive advantages, and emerging growth sectors, with specific recommendations for companies in these categories [14] Company Summaries TCL Electronics (01070) - TCL Electronics is forming a joint venture with Sony, where TCL will hold 51% and Sony 49%, aiming to leverage cost and technology advantages in the large-size and mini LED sectors [15] - The joint venture is expected to enhance TCL's high-end product series capabilities [15] Mao Geping (01318) - The brand is expanding its global presence with a new store in Hong Kong and a focus on integrating Eastern aesthetics with modern art, enhancing its international brand narrative [16] Anjuke Food (603345) - The company is shifting from a reliance on large B2B clients to a selective supermarket customization strategy, collaborating with major retailers to launch tailored products, resulting in a 28.1% year-on-year revenue increase in the supermarket channel [17] Chengda Pharmaceutical (301201) - Chengda is transitioning towards biocell therapy, developing innovative drug pipelines and forming strategic partnerships, including a significant collaboration with Chiron Pharma, which has led to clinical advancements [19] Xinquan Co., Ltd. (603179) - The company has established strong partnerships with major domestic truck manufacturers and is focused on expanding its automotive component offerings, leveraging over 20 years of industry experience [20] Jianghuai Automobile (600418) - Jianghuai is developing a new generation of high-end intelligent electric vehicles, integrating advanced technologies from partnerships with high-tech companies like Huawei [21] Chip Origin (688521) - The company reported significant growth in its chip design and mass production businesses, with a 290.82% quarter-on-quarter increase in design revenue and a 132.77% increase in mass production revenue [22] Tencent Holdings (00700) - Tencent's performance exceeded expectations with a 15.4% year-on-year revenue growth, driven by strong sales and R&D efficiency, leading to a notable increase in net profit [23] China Resources Land (01109) - The company is transitioning its real estate service platform to offer comprehensive lifecycle services, enhancing customer engagement through a new digital platform [24] China Merchants Energy Shipping (601872) - The company is benefiting from rising oil shipping rates, with Q4 2025 VLCC average rates reaching $94,000 per day, marking a significant increase in operational profits [26]

Group 1 - Trump announced that Mexico will stop supplying oil to Cuba as part of increased pressure on the country, although he did not provide specific details on this decision [1] - As of January, WTI crude oil prices increased by 14% month-on-month but decreased by 11% year-on-year. OPEC+ is adjusting its production strategy between market share and price stability, with an increase in production expected starting in 2025, but facing challenges from weak demand and oversupply [1] - By early 2026, geopolitical risks affecting oil prices are expected to rise, leading to potential supply constraints [1] Group 2 - As of January 30, 2026, the National Petroleum and Natural Gas Index (399439) had its top ten weighted stocks, including China National Petroleum, China National Offshore Oil, and Sinopec, which collectively account for 66.76% of the index [2] - The Petroleum ETF Penghua 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 [2]