Group 1 - Company COSCO Shipping Holdings (SH 601919) announced the convening of its 26th meeting of the 7th Board of Directors on March 19, 2026, in Shanghai, where it reviewed the proposal for appointing domestic and international auditors for the year 2026 [1] Group 2 - The article highlights that since the beginning of the year, there has been a net inflow of global active funds into China, indicating a positive trend for Chinese assets amidst Middle Eastern turmoil [1]

证券代码：601919 证券简称：中远海控 公告编号：2026-011 中远海运控股股份有限公司 第七届董事会第二十六次会议决议公告 本公司董事会及全体董事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。 一、董事会会议召开情况 中远海运控股股份有限公司（以下简称"中远海控"、"公司"）第七届 董事会第二十六次会议（以下简称"本次会议"）于2026年3月19日以现场及视 频会议形式在上海市浦东新区滨江大道5299号会议室召开。会议通知和议案材 料等已按《公司章程》规定及时送达各位董事审阅。应出席会议的董事8人，实 际出席会议的董事8人(含独立董事3人)。公司部分高级管理人员列席了本次会 议。会议由公司董事长万敏先生主持。会议的召开符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事认真审议，投票表决通过了如下议案： （一）审议批准了以企业会计准则及香港财务报告准则分别编制的中远海 控2025年度财务报告及审计报告，同意将该项议案提交公司2025年年度股东会 审议。 表决结果：同意8票，反对0票， ...

证券代码：601919 证券简称：中远海控 公告编号：2026-012 中远海运控股股份有限公司 2025 年末期利润分配方案的公告 一、利润分配方案内容 （一）利润分配方案的具体内容 根据按企业会计准则编制并经信永中和会计师事务所（特殊普通合伙）审计 的中远海运控股股份有限公司（简称"中远海控"或"公司"）2025 年度财务 报告，公司 2025 年度实现归属于上市公司股东的净利润约人民币 308.68 亿元， 截至 2025 年 12 月 31 日母公司报表未分配利润约人民币 192.66 亿元。经董事会 审议一致通过，公司 2025 年末期以实施权益分派股权登记日登记的总股本扣除 公司回购专用账户股份数余额（如有）后的股本为基数分配利润。具体为： 拟向全体股东每股派发现金红利人民币 0.44 元（含税）。 1 本公司董事会及全体董事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： 公司 2025 年末期利润分配方案：拟向全体股东每股派发现金红利人民币 0.44 元（含税）。在实施权益分派的股权登记日前公司总股本发生变动的，拟 维 ...

中远海控公告，2025年营业收入2195.04亿元，同比下降6.14%；归属于上市公司股东的净利润308.68亿 元，同比下降37.13%。公司拟向全体股东每股派发现金红利人民币0.44元（含税）。 （文章来源：第一财经） ...

Financial Performance - COSCO SHIPPING Holdings Co., Ltd. achieved a net profit attributable to shareholders of approximately RMB 30.868 billion for the year 2025, with undistributed profits of about RMB 19.266 billion as of December 31, 2025[6]. - The company plans to distribute a cash dividend of RMB 0.44 per share, totaling approximately RMB 6.738 billion based on the total share capital of 15,312,687,586 shares, which represents about 50% of the annual net profit attributable to shareholders[6]. - The total cash dividends expected to be distributed for the year 2025, including the mid-year distribution, is approximately RMB 15.412 billion[6]. - Total revenue for 2025 was approximately ¥219.50 billion, a decrease of 6.14% compared to ¥233.86 billion in 2024[24]. - Net profit attributable to shareholders for 2025 was approximately ¥30.87 billion, down 37.13% from ¥49.10 billion in 2024[24]. - Basic earnings per share for 2025 decreased by 35.39% to ¥1.99 from ¥3.08 in 2024[25]. - The weighted average return on equity for 2025 was 13.17%, a decrease of 9.43 percentage points from 22.60% in 2024[25]. - Cash flow from operating activities for 2025 was approximately ¥45.55 billion, down 34.29% from ¥69.31 billion in 2024[24]. - The company's total assets at the end of 2025 were approximately ¥483.76 billion, a decrease of 2.76% from ¥497.47 billion at the end of 2024[24]. Operational Highlights - The total throughput of the company reached 152,994,965 TEUs in 2025, representing a year-on-year growth of 6.2%, with domestic terminals increasing by 4.6% and overseas terminals by 11.5%[46]. - The company received 12 vessels of 16,000 TEU capacity in 2025, increasing its fleet capacity to 3.6 million TEUs, maintaining a leading position in the industry[50]. - The company launched a global trailer product covering 56 countries and regions with nearly 170,000 routes, and its global railway products cover 26 countries with nearly 2,000 routes[53]. - The company operates 308 international routes and 62 coastal routes in China, with a total of 654 ports globally[58]. - The total cargo volume for the group was 27.43 million TEUs, an increase of 5.76% compared to the previous year[87]. Market Trends and Challenges - In 2025, the container shipping market demand is expected to grow by 4%, with a significant decline in market freight rates, as the SCFI and CCFI composite freight indices are projected to drop by 37% and 23% year-on-year, respectively[39]. - The Shanghai Export Container Freight Index (SCFI) indicates a volatile pricing environment in 2025, with significant fluctuations expected due to geopolitical uncertainties and tariff policies[44]. - The global container fleet capacity is expected to grow by approximately 7% in 2025, with significant delivery pressures lower than in 2024, but the order backlog remains high[43]. - The company anticipates challenges from geopolitical risks that may affect its operations and will strengthen its risk management strategies to mitigate these impacts[114]. Strategic Initiatives - The company is focused on integrating digital supply chain services with container shipping and related logistics[37]. - The operational model emphasizes a dual focus on digital supply chain and green low-carbon development[38]. - The company is committed to a green and smart transformation, with ongoing investments in clean energy and automation technologies to drive operational efficiency[47]. - The company aims to enhance its core competitiveness and focus on technological innovation to build a world-class digital supply chain enterprise centered on container shipping[109]. - The company plans to maintain its position in the industry’s top tier by optimizing its capacity structure and expanding its global route network, with strategic hubs in Peru, Greece, and Abu Dhabi[110]. Governance and Management - The company guarantees the independence of its operations and will not allow the controlling shareholder to interfere with its management decisions[135]. - The company maintains a clear separation in assets, personnel, finance, and operations from its controlling shareholder, ensuring compliance with regulatory requirements[134]. - The company completed the reform of the supervisory board, replacing it with an audit committee that will exercise the powers previously held by the supervisory board[128]. - The board of directors held 11 meetings during the reporting period, focusing on maintaining the rights of minority shareholders and ensuring compliance with governance standards[131]. - The company has a strong leadership team with extensive experience in shipping and logistics management, including executives with backgrounds in international business and digital operations[139]. Sustainability and Corporate Social Responsibility - The company is committed to sustainable development and has published a separate sustainability report for 2025[186]. - The company has invested a total of 30.98 million yuan in poverty alleviation and rural revitalization projects during the reporting period[190]. - Approximately 15,306 individuals benefited from the company's poverty alleviation efforts, which included various project assistance and community support initiatives[190]. - The company aims to enhance its logistics capabilities and reduce overall logistics costs while promoting high-quality development in the western region of China[191]. - Future guidance indicates a commitment to sustainability, with plans to reduce carbon emissions by 25% over the next five years[140]. Shareholder Engagement - The total pre-tax compensation for executives during the reporting period amounted to 2,853.91 million yuan[137]. - The company has a cash dividend policy that includes a cash dividend amount of 154.12 million RMB, which represents 49.93% of the net profit attributable to ordinary shareholders[172]. - The total amount of cash dividends, including share buybacks, is 176.79 million RMB, accounting for 57.27% of the net profit attributable to ordinary shareholders[172]. - The company repurchased 518,166,214 shares during the reporting period, with a total repurchase amount of 6.561 billion RMB[172]. - The company has established key performance indicators to measure the success of its strategic initiatives and operational improvements[139].

Group 1 - The report highlights the potential decline in efficiency and effective capacity loss if the Middle East conflict persists, with adjustments in shipping routes from the Middle East/Indian subcontinent [1] - Following a significant decrease in traffic through the Strait of Hormuz, many shipping companies have ceased pickups to the Persian Gulf, with alternative routes including detours around Africa's Cape of Good Hope to ports in the Red Sea, such as Jeddah in Saudi Arabia, followed by land transport into Gulf countries [1] - There is a concern about potential congestion at transshipment ports, as goods originally destined for the Persian Gulf may be redirected to international transshipment ports, with a focus on monitoring congestion at ports like Singapore and Port Klang, and the subsequent impact on capacity [1] Group 2 - The land transportation and shipping operations may be affected by fuel supply issues, with the report indicating that if oil and refined product trade from the Middle East continues to be disrupted, countries with high import dependence may experience rising gasoline and diesel prices or supply constraints, impacting land transport systems [1] - The potential shortage of marine fuel could lead to reduced speeds for vessels, and in such scenarios, global demand may also face a decline [1] - The report expresses a positive outlook on leading global companies such as COSCO Shipping Holdings, regional leader Seaspan Corporation, and companies benefiting from container ship leasing like Sinotrans Limited, due to their strong balance sheets and dividend yields [1]

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [7] Core Insights - The report emphasizes the impact of the escalating situation in the Middle East on global transportation systems, suggesting a reconfiguration of shipping capacities and a reassessment of freight rates due to increased uncertainty in key shipping routes like the Strait of Hormuz and the Red Sea [1] - It recommends focusing on companies with pricing power and those benefiting from supply chain restructuring, highlighting potential increases in freight rates due to war risk premiums and supply chain disruptions [1] - The report identifies specific companies to invest in, including COSCO Shipping Holdings, SITC International Holdings, and Daqin Railway, among others, based on their favorable positioning in the current market environment [9] Summary by Sections Aviation - The report notes a significant increase in passenger traffic during the Spring Festival, with a 4.6% year-on-year growth in passenger volume and a 3.9% increase in average ticket prices [13][15] - It highlights the potential for improved profitability for airlines due to their ability to pass on fuel costs to consumers through fuel surcharges [22] - The report anticipates a positive outlook for the aviation sector driven by recovering business travel and outbound tourism [28] Shipping - The report indicates that oil shipping rates have strengthened due to increased demand amid geopolitical tensions, with significant year-on-year increases in rates for various tanker types [43] - It warns of rising insurance costs and the need for shipping companies to adjust routes due to safety concerns in the Middle East, which may lead to further increases in freight rates [46] - The report also notes a mixed performance in container shipping rates, with a decline in rates during the Spring Festival season but potential recovery expected as demand rebounds [45] Logistics - The report suggests that the e-commerce and express delivery sectors are likely to see improved profitability, driven by regulatory changes and a focus on compliance [5] - It highlights the positive outlook for hazardous materials logistics due to increased demand and improved rental rates for storage facilities [5] - The report emphasizes the overall optimism for the logistics sector, particularly in the context of supply chain disruptions and rising costs [5] Rail and Road - The report notes a significant increase in freight traffic on highways post-Spring Festival, with a 9.7% year-on-year growth attributed to coal replenishment needs [4] - It highlights the potential benefits for rail transport from rising coal prices and increased demand for "west coal to east transport" [4] - The report indicates that rising oil prices may disrupt road transport volumes, pushing some freight to rail [4]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The battery swapping model is achieving "time-saving, labor-saving, worry-free, and more profitable" results, with Cao Cao Mobility planning to deploy 100,000 Robotaxi vehicles by 2030 [3][13] - EHang Intelligent expects to achieve full-year GAAP profitability in 2026, with order volume, production capacity, and profitability milestones validating the commercialization of eVTOL [3][15] - The U.S. Department of Transportation and FAA have launched an eVTOL integration pilot program, with eight projects selected to commence real operational testing in the summer of 2026 [3][16] - Cathay Pacific has raised fuel surcharges, reflecting the transmission of oil price shocks to ticket prices [3][18] - Shipping traffic through the Strait of Hormuz is nearly stagnant due to escalating U.S.-Iran conflicts, increasing shipping risks and oil prices [3][29] Industry Dynamics Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year [4][31] - The shipping and port sector shows an increase in container shipping rates and dry bulk freight rates, while oil shipping rates have decreased [4][43] - In express logistics, the volume of express deliveries increased by 2.30% year-on-year in December 2025, with revenue up by 0.70% [4] - In aviation, the average daily international flights in the second week of March 2026 were 1,750.29, down 2.92% month-on-month but up 7.12% year-on-year [4] - The number of trucks passing through national highways increased by 40.64% week-on-week from March 2 to March 8 [4] Investment Recommendations - Focus on low-altitude economy and autonomous driving trends, recommending companies like CITIC Heli and Cao Cao Mobility [5] - Monitor opportunities in the shipping sector, particularly in oil, dry bulk, and container shipping, recommending companies like China Merchants Energy and COSCO Shipping [5] - Explore international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Keep an eye on investment opportunities in high-speed rail and highways, recommending Beijing-Shanghai High-Speed Railway [5] - Dynamic monitoring of aviation investment opportunities, recommending China Southern Airlines and China Eastern Airlines [5]

Investment Rating - The report maintains a recommendation for the transportation industry, indicating a positive outlook for investment opportunities in shipping, infrastructure, express delivery, and aviation sectors [2]. Core Insights - The report highlights the increasing demand for dividend assets due to high oil prices, which enhances their defensive value in the current economic climate [6][20]. - It emphasizes the mid-term positive logic for the shipping industry, particularly in oil transportation, while also noting the potential for valuation recovery in the express delivery sector [6][22]. Shipping Sector Summary - Shipping rates are experiencing fluctuations, with oil transportation rates remaining high. The report suggests monitoring the actual passage conditions in the Strait of Hormuz, which could impact future rates [6][12]. - The report notes significant increases in shipping rates for routes to the Middle East and India due to regional tensions and rising fuel costs, while also indicating a potential decline in rates for oil tankers due to reduced cargo volumes [6][10]. - Recommended stocks in the shipping sector include COSCO Shipping Energy, COSCO Shipping Holdings, and others [6][18]. Infrastructure Sector Summary - High oil prices are leading to inflationary expectations, making dividend assets more attractive for investment. The report provides weekly data showing a 40.6% increase in truck traffic compared to the previous week, although year-on-year figures show a decline [20][18]. - The report suggests that ports, as stable cash flow assets, are currently undervalued and recommends stocks such as Anhui Expressway and Qingdao Port for investment [20][19]. Express Delivery Sector Summary - The express delivery sector is showing signs of recovery, with a projected increase in demand growth. The report indicates that the overall valuation of the sector is low, and the recovery of demand could lead to price support [22][21]. - Key players in the express delivery market include SF Express and YTO Express, with expectations for improved profitability due to operational optimizations [22][21]. Aviation Sector Summary - The aviation industry is witnessing a steady increase in demand, but there are concerns regarding the impact of rising oil prices on profitability. The report highlights a slight year-on-year increase in passenger traffic, with domestic ticket prices showing a decline [27][24]. - The report advises caution regarding the potential for short-term spikes in oil prices and their long-term effects on airline profits [27][24]. Logistics Sector Summary - The logistics sector is experiencing fluctuations in air freight prices, with a noted decrease in the Shanghai outbound air freight price index. The report also mentions a significant increase in the chemical price index [28][28].

Group 1: Core Insights - Recent geopolitical conflicts in the Middle East have significantly impacted the global shipping industry, leading to a suspension of new bookings for routes in the region by COSCO Shipping Holdings as of March 5, 2026, due to traffic restrictions in the Strait of Hormuz [1] - The complete shutdown of Iraqi oil ports has further driven up shipping prices, with container freight rates experiencing a substantial increase, particularly on the Persian Gulf/Red Sea routes [1] - COSCO Shipping Holdings is celebrating its 10th anniversary of restructuring in March 2026, emphasizing its achievements in green transformation and global expansion, with an ESG rating upgrade to AA [1] Group 2: Stock Performance - COSCO Shipping Holdings' A-shares (601919.SH) showed a volatile performance, closing at 15.94 CNY on March 12, 2026, with a daily increase of 1.21% and a trading volume of 2.016 billion CNY [2] - The Hong Kong shares (01919.HK) closed at 15.90 HKD on the same day, up by 0.76% [2] - Over the past week, the stock price experienced a fluctuation range of 6.18%, reaching a high of 16.24 CNY on March 9, 2026 [2] Group 3: Financial Analysis - The company's Q3 2025 report indicated a revenue of 167.599 billion CNY for the first three quarters, a year-on-year decrease of 4.09%, with a net profit attributable to shareholders of 27.070 billion CNY, down 29.0% [3] - In Q3 alone, revenue was 58.499 billion CNY, reflecting a 20.42% year-on-year decline, while net profit fell by 55.14% to 9.533 billion CNY [3] - The decline in performance is primarily attributed to weakened global trade demand and fluctuations in freight rates, with the CCFI index average down by 21.99% year-on-year [3] Group 4: Institutional Perspectives - A report from China Merchants Securities in November 2025 noted a significant quarter-on-quarter recovery in COSCO Shipping Holdings' performance, with a 63% increase in net profit for the quarter [4] - Analysts suggest that the easing of US-China trade relations and the suspension of port fees may alleviate cost pressures, with a commitment to maintain a dividend payout ratio of 50%, projecting a dividend yield of 6.9% for 2025 [4] - However, potential risks from macroeconomic downturns and navigation issues in the Red Sea could impact the company's long-term performance [4]