Investment Rating - The report maintains a "Recommended" rating for the transportation industry [1] Core Insights - The report highlights that U.S. sanctions against Iran are intensifying, and OPEC has reached a consensus to increase production, indicating upward potential for the oil tanker sector [2][7] - The express delivery business volume has shown significant year-on-year growth, with a reported increase of 21.5% in 2024 [3] Summary by Sections Weekly Focus - The U.S. government has announced additional sanctions against Iran, targeting several individuals, entities, and vessels involved in Iranian oil exports, including 10 VLCC supertankers, which constitutes about 20% of the global tanker fleet [7] - OPEC has agreed to gradually increase production starting April, aiming to release 2.2 million barrels per day [7] Industry Data Tracking (2025.03.09 – 03.15) Aviation Data - Domestic flight volume for the week was 84,029 flights, averaging 12,004 flights per day, a slight decrease of 0.10% week-on-week and 0.50% year-on-year [10] - Domestic passenger volume reached 11.43 million, a 0.05% increase week-on-week and a 2.12% increase year-on-year [11] - The average domestic ticket price decreased by 3.49% week-on-week and 6.31% year-on-year [11] Express Delivery Data - For the week of March 3-9, the average daily collection volume was approximately 555 million pieces, a 3.99% increase from the previous week [17] - Year-to-date, the average daily collection volume is about 495 million pieces, reflecting a 36.00% increase year-on-year [17] - In 2024, the express delivery business volume increased by 21.5% year-on-year, with revenue up by 13.8% [3] Shipping Data - The BDI index for dry bulk shipping was reported at 1,517 points, a 20% increase week-on-week [48] - The VLCC-TCE rate was $38,329 per day, a 3% decrease week-on-week [49] Recent Key Reports - The report recommends focusing on companies such as COSCO Shipping Energy, Shandong Highway, and China Eastern Airlines, among others, as part of the investment strategy [4]

Investment Rating - The report highlights the attractiveness of high dividend assets in the transportation industry under a low interest rate environment, suggesting a positive investment outlook for this sector [3][16]. Core Insights - The low interest rate environment enhances the value of dividend asset allocation, with transportation sector dividend yields exceeding current government bond yields as of February 28, 2024 [3][16]. - Policy guidance is encouraging long-term funds, such as insurance capital, to enter the market, increasing demand for high dividend assets [32]. - There is a valuation differentiation in the market, favoring companies in the highway and port sectors with stable earnings and high dividend ratios [48]. Summary by Sections Low Interest Rate Environment and Dividend Asset Allocation - The report emphasizes the significance of high dividend assets in a low interest rate context, with highway yields around 2%, shipping at approximately 2.7%, and ports at about 1.5% as of February 2024 [3][16]. - The report notes that the demand for high dividend assets is expected to rise due to the low interest rate cycle, which has led to a sustained low yield on ten-year government bonds [32]. Fund Flow Analysis - The report indicates that the scale of dividend products has significantly increased, with dividend ETFs showing the highest growth [36]. - The report mentions that the inflow of dividend ETFs has a positive impact on the stock prices of high dividend stocks in the transportation sector [37]. High Dividend Stocks in Transportation - The report lists key companies in the transportation sector with predicted dividend yields exceeding 3%, including Ninghu Expressway, Gansu Expressway, and Daqin Railway, among others [49][62]. - It highlights that the transportation sector's dividend ratios still have room for improvement compared to other industries [23].

长按即可免费加入哦 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：ArthasYe 来源：雪球 段永平指出买股票就是买垄断/护城河 。 在价值投资领域 ， " 护城河 " 是巴菲特提出的核心理念 ， 指企业抵御竞争 、 保持长期盈利能力的结构性优势 。 而垄断性优势则是护城河的最高形态 ， 表现为资源独占 、 技术壁垒或市场支配地位 。 3. 监管适应与战略调整 本文以我的持仓腾讯控股 （ 科技 ） 、 中远海控 （ 航运 ） 、 中国海洋石油 （ 能源 ） 为例 ， 解析如何通过垄断性护城河构建长期价值 ， 并探讨应如何评估这类企业的投资逻辑 。 一 、 腾讯控股 ： 从流量垄断到内容驱动的护城河重构 1. 传统护城河的瓦解与重构 腾讯曾以 " 流量+资本 " 构建垄断性护城河 ， 但反垄断政策导致其部分优势弱化 ： 无形资产削弱 ： 音乐独家版权解除 （ 如周杰伦IP ） ， 投资扩张受限 （ 减持京东 、 美团 ） ； 网络效应分流 ： 抖音 、 快手分流用户时长 ， 微信月活增速放缓至3% 。 2. 新护城河的构建 ： 内容与生态闭环 腾讯转向 " 长青战 ...

中金公司 红海复航不确定性增加，中国集运公司有望补涨 红海护航的不确定性对市场预期有何影响？ 红海护航的不确定性较高，从第二轮停火协议推进的曲折性以及胡塞武装组织 重新攻打以色列船舶等事件可以看出这一点。根据克拉克森的数据，截至 2 月 底，红海区域整体船舶和集装箱船舶通行量分别下降了 5 艘和 4 艘。红海不能 如期复航的概率在提升，因为胡塞武装组织态度才真正决定红海通行是否安全。 此外，从保险角度来看，需要联合战争险委员会将红海区域风险等级从当前高 风险地区下调，否则传动仍需面临较高保险成本。因此，我们认为红海复航会 面临很多不确定性，市场预期也会反复变化。 美国 301 调查可能带来哪些影响？ 20250312 摘要 Q&A 近期中国集运公司股价表现如何，与海外公司相比有何差异？ 自 1 月 19 日加沙停火协议生效以来，国内集运公司的股价普遍跑输于海外公司。 具体来看，海丰国际、中国远洋海控和东方海外的股价均出现个位数跌幅，而 马士基、ZIM 以及台湾和日韩的一些集运公司的股价则上涨了 10%到 20%。这种 • 红海护航不确定性增加，胡塞武装态度及保险成本制约复航，市场预期反 复。克拉克森数据显示， ...

Market Overview - The Shanghai Composite Index closed up 0.41% at 3379.83 points, while the Shenzhen Component rose 0.33% and the ChiNext Index increased by 0.19%[1] - The Hang Seng Index fell slightly by 0.01% to 23782.14 points, with the Hang Seng Tech Index up 1.39% and the Hang Seng China Enterprises Index up 0.35%[1] - The total market turnover in Hong Kong was 3070.34 million HKD[1] Economic Policies - The U.S. will impose a 25% tariff on all imported steel and aluminum, with no exemptions for trade partners[3] - Ukraine is prepared to accept a U.S. proposal for a 30-day ceasefire with Russia, contingent on military aid and intelligence sharing[3][8] Corporate Developments - Avatr Technology, a Chinese electric vehicle manufacturer, plans to raise 7.8 billion HKD through a Hong Kong IPO, with a potential launch in May[4] - China National Railway plans to issue 30 billion RMB in bonds, which was oversubscribed by 0.68 times[9] Economic Indicators - The U.S. non-farm payrolls increased by 151,000 in February, with an unemployment rate of 4.1%[11] - China's PPI year-on-year decreased by 2.2% in February, while CPI fell by 0.7%[11] Market Sentiment - Former U.S. Treasury Secretary Summers indicated a nearly 50% chance of a recession in the U.S. this year due to various policy measures undermining confidence[8]

证券代码：601919 证券简称：中远海控 公告编号：2025-006 中远海运控股股份有限公司 | 回购方案首次披露日 | 年 月 日 2024 10 21 | | --- | --- | | 回购方案实施期限 | 自股东大会批准本次回购股份方案之日起不超过 个 6 | | | 月，且受限于 2023 年年度股东大会、2024 年第一次 A | | | 股类别股东大会和 年第一次 股类别股东大会通 2024 H | | | 过的回购的一般性授权的授权期限（即不得超过下列两 | | | 者最早的日期：公司 2024 年年度股东大会结束时；或 | | | 公司任何股东大会及 股、A 股类别股东大会通过特别 H | | | 决议撤销或更改该等回购公司股份的一般性授权之 | | | 日）。 | | 预计回购金额 | 亿元 10 亿元~20 | | 回购用途 | √减少注册资本 | | | □用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 股 92,307,742 | | 累计已回购股数占总 | 0.58% | | 股本比例 | | | ...

公司名稱： 中遠海運控股股份有限公司 呈交日期： 2025年3月11日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | 於上海證券交易所上市（證券代號：601919） | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | | 事件 | | 佔有關事件前的現有已發 已發行股份（不包括 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights that the recent decline in oil prices is expected to elevate the profit margins for the aviation sector, with Brent oil prices dropping below $70 per barrel and WTI prices below $67 per barrel [8] - The report suggests that if oil prices remain low, it could lead to cost savings of approximately 4-5 billion yuan for major airlines, equivalent to a ticket price reduction of about 3%-4% [8] - The report emphasizes the importance of monitoring supply-demand dynamics and macroeconomic conditions to ensure that the benefits of lower oil prices translate into profits for the airlines [13] Summary by Sections Weekly Focus - The focus of the week is on the accelerated decline in oil prices, which is expected to enhance the profit margins for the aviation industry [6] Industry Data Tracking (2025.03.02 - 03.08) Aviation High-Frequency Data Tracking - Domestic flight volume for the period was 81,367 flights, with a daily average of 11,624 flights, down 10.07% week-on-week and 7.47% year-on-year [10] - Domestic passenger volume reached 11.0615 million, down 12.05% week-on-week and 4.17% year-on-year [11] - The average full ticket price decreased by 4.76% week-on-week and 3.39% year-on-year [11] - The domestic passenger load factor was 83.18%, an increase of 3.73 percentage points year-on-year [12] - International passenger volume reached 1.315 million, down 5.27% week-on-week but up 26.01% year-on-year [14] Express Delivery High-Frequency Data Tracking - For the week of February 24 to March 2, the average daily express delivery volume was approximately 534 million pieces, with a delivery volume of about 541 million pieces, showing a slight decrease of 0.56% and an increase of 0.05% respectively compared to the previous week [19] - Year-to-date (January 1 to March 2), the average daily express delivery volume was approximately 488 million pieces, up 37.41% year-on-year [20] Shipping High-Frequency Data Tracking - The BDI index for the international dry bulk market was 1,263 points, up 17% week-on-week [51] - The CCFI index for the international container shipping market decreased by 3% week-on-week, while the SCFI index fell by 5% [51] - The VLCC-TCE rate for oil shipping was $39,359 per day, down 1% week-on-week [52] Recent Key Reports - The report includes a recommended investment portfolio consisting of companies such as COSCO Shipping Energy, Shandong Hi-Speed, and China Eastern Airlines, among others [5]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中遠海運控股股份有限公司 呈交日期： 2025年3月10日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | | 於上海證券交易所上市（證券代號：601919） | | | | | A. 已發行股份或庫存股份變動 | | | | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | | 每股發行/出售價 (註4) | 已 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中遠海運控股股份有限公司 呈交日期： 2025年3月7日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | | 於上海證券交易所上市（證券代號：601919） | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | ...