Core Viewpoint - The stock of China COSCO Shipping Holdings Co., Ltd. (中远海控) has shown a positive performance with a 1.21% increase on March 12, 2023, reaching a total market capitalization of 244.08 billion yuan [10]. Group 1: Company Overview - China COSCO Shipping Holdings Co., Ltd. was established on January 5, 2007, and listed on June 26, 2007. The company primarily engages in international and domestic container shipping services, with container shipping accounting for 96.06% of its revenue and terminal operations for 5.35% [18]. - The company operates under the transportation and shipping industry, with significant involvement in the "Belt and Road" initiative, having invested in approximately 180 container ships, representing 62% of its total container fleet capacity [12][18]. Group 2: Financial Performance - For the period from January to September 2025, the company reported a revenue of 167.60 billion yuan, a year-on-year decrease of 4.09%, and a net profit attributable to shareholders of 27.07 billion yuan, down 29.00% compared to the previous year [8][18]. - The company has a history of dividend payments, with a total of 119.28 billion yuan distributed since its A-share listing, and 67.27 billion yuan in the last three years [19]. Group 3: Market Dynamics - The company is affected by the ongoing Russia-Ukraine conflict, which may lead to shifts in import and export trade patterns, potentially increasing transportation costs [2][11]. - The stock has experienced a net outflow of 9.84 million yuan from major investors today, with a total industry net outflow of 363 million yuan over the past two days, indicating a trend of reduced investment [3][14]. Group 4: Technical Analysis - The average trading cost of the stock is 14.57 yuan, with recent trends indicating a rapid exit of investors. The current stock price is fluctuating between resistance at 16.98 yuan and support at 15.12 yuan, suggesting potential for short-term trading strategies [6][17].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The main shipping companies have announced emergency fuel surcharges, and attention should be paid to the freight rate correction in the second half of March. The EFS will increase the valuation of near - month contracts to some extent [1][6]. - For the EC2604 contract approaching delivery, consider the shipping company's price - holding intention and actual price adjustment. Due to high geopolitical risks and weak off - season cargo volume, the contract's volatility will be amplified. It is recommended that investors follow the spot market and operate flexibly [6][7]. - The 6, 7, and 8 - month contracts in the peak season have strong expectations. The reasons include the low probability of the Suez Canal's resumption in the first half of the year, relatively small delivery pressure of ultra - large container ships in the first half of 2026, and relatively high year - on - year growth in the demand side of Asia - Europe trade. However, the actual freight rates in the future are still uncertain, and investors need to respond flexibly [8]. - The strategy is to have no unilateral operation and conduct an arbitrage of going long on EC2606 and shorting on EC2610 [10]. 3. Summary by Directory 3.1 Market Analysis - Online quotes: Different shipping alliances and companies have different quotes for the Shanghai - Rotterdam route. For example, Gemini Cooperation's Maersk quotes 1400/2240 for WEEK13; HPL's quotes for the second half of March range from 2735 - 4035 dollars/FEU, and 2735/4535 for the first half of April [1]. - Geopolitical situation: Iraqi oil ports are "completely shut down", but commercial ports are operating normally [4]. - Static supply: As of February 28, 2026, 27 container ships with a total capacity of 174,232 TEU have been delivered in 2026. The delivery pressure of ultra - large ships in 2026 is relatively small, while in 2027, 2028, and 2029, the annual delivery volume of 17000 + TEU ships exceeds 40 [4]. - Dynamic supply: The average weekly capacity from China to European base ports in the remaining 4 weeks of March is 320,700 TEU, and 324,900 TEU in April. There are 8 blank sailings in March and 2 TBNs in April [5]. 3.2 Futures and Spot Prices - Futures prices: As of March 11, 2026, the total open interest of all contracts of the container shipping index European line futures is 60,489.00 lots, and the daily trading volume is 93,131.00 lots. The closing prices of different contracts are as follows: EC2604 is 1992.70, EC2605 is 2050.00, EC2606 is 2329.40, EC2607 is 2434.90, EC2608 is 2295.50, EC2609 is 1684.10, EC2610 is 1536.00, and EC2512 is 1838.50 [9]. - Spot prices: On March 6, the SCFI (Shanghai - Europe route) price is 1452 dollars/TEU, SCFI (Shanghai - US West route) is 1940 dollars/FEU, and SCFI (Shanghai - US East) is 2717 dollars/FEU. On March 9, the SCFIS (Shanghai - Europe) is 1545.46 points, and SCFIS (Shanghai - US West) is 1121.22 points [9]. 3.3 Strategy - Unilateral: None [10]. - Arbitrage: Go long on EC2606 and short on EC2610 [10].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For the near - term contract EC2604, as it approaches delivery, the volatility is expected to be magnified due to the game between shipping companies' price - holding expectations under high geopolitical risks and the actual prices under weak off - season cargo volume. It is recommended that investors closely follow the spot market and operate flexibly [6][7]. - For the relatively peak - season contracts in June, July, and August, the current expectations are strong. The reasons include the low probability of the Suez Canal's resumption in the first half of 2026, relatively small delivery pressure of ultra - large container ships in the first half of 2026, and relatively high year - on - year growth in the demand side of Asia - Europe trade. However, the actual freight rates in the future are still uncertain, and investors need to respond flexibly [8]. - The strategy suggests no unilateral operation for now and recommends a long EC2606 and short EC2610 arbitrage [10]. 3. Summary by Relevant Catalogs 3.1 Futures Prices - As of March 10, 2026, the total open interest of all container shipping index European line futures contracts is 59,241.00 lots, and the single - day trading volume is 91,438.00 lots. The closing prices of different contracts are as follows: EC2604 is 1848.90, EC2605 is 1908.00, EC2606 is 2170.00, EC2607 is 2277.70, EC2608 is 2157.60, EC2609 is 1587.10, EC2610 is 1459.20, and EC2512 is 1782.90 [9]. 3.2 Spot Prices - On March 6, the SCFI (Shanghai - Europe route) price is 1452 US dollars/TEU, the SCFI (Shanghai - US West route) price is 1940 US dollars/FEU, and the SCFI (Shanghai - US East) price is 2717 US dollars/FEU. On March 9, the SCFIS (Shanghai - Europe) is 1545.46 points, and the SCFIS (Shanghai - US West) is 1121.22 points [9]. 3.3 Container Ship Capacity Supply - **Static Supply**: As of February 28, 2026, 27 container ships have been delivered in 2026, with a total capacity of 174,232 TEU. Among them, 6 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 86,000 TEU, and 1 ship with a capacity of over 17,000 TEU has been delivered, with a capacity of 17,148 TEU. In terms of delivery expectations, for 12,000 - 16,999 TEU ships, 679,000 TEU (46 ships) will be delivered in the remaining months of 2026, 944,600 TEU (64 ships) in 2027, 1,224,000 TEU (84 ships) in 2028, and 415,400 TEU (29 ships) in 2029. For ships with a capacity of over 17,000 TEU, 192,900 TEU (8 ships) will be delivered in the remaining months of 2026, 862,800 TEU (40 ships) in 2027, 1,603,000 TEU (80 ships) in 2028, and 1,636,000 TEU (81 ships) in 2029. The delivery pressure of ultra - large ships in 2026 is relatively small, and the annual delivery volume of ships with a capacity of over 17,000 TEU in 2027, 2028, and 2029 exceeds 40 ships. Only 4 ships with a capacity of over 17,000 TEU were delivered in the first half of 2026 [4][5]. - **Dynamic Supply**: The average weekly capacity of the China - European base port in the remaining 4 weeks of March is 320,700 TEU, and the capacities in weeks 11, 12, 13, and 14 are 362,300, 341,900, 293,100, and 285,400 TEU respectively. The average weekly capacity in April is 324,900 TEU, and the capacities in weeks 15, 16, 17, and 18 are 361,400, 239,900, 404,500, and 294,000 TEU respectively. There were 8 blank sailings in March (3 by the OA Alliance, 1 by the Gemini Alliance, and 4 by the MSC/PA Alliance) and 1 TBN (by the OA Alliance). There are 2 TBNs in April [5]. 3.4 Supply Chain - After the Israel - Iran conflict, shipping companies tried to hold prices in the off - season. Maersk set the price for the second week of the second half of March at 2200 - 2300 US dollars/FEU (equivalent to 1600 - 1700 points in SCFIS), and MSC's online quote for the second half of March is 2740 US dollars/FEU (100 US dollars/FEU higher than the first half). YML updated its price for the first week of the second half of March to 2700 US dollars/FEU. CMA announced an emergency fuel surcharge (EFS) of about 150 US dollars/TEU (equivalent to about 200 points on the futures market) for European routes starting from March 23. Two large ships were transferred from the Middle East route to the Asia - Europe route, increasing the supply - side pressure and potentially affecting European line freight rates. Maersk's quote for the last week of the second half of March is 2200 - 2300 US dollars/FEU, the same as the previous week [6]. 3.5 Demand and European Economy - The year - on - year growth rate of the demand side of Asia - Europe trade is relatively high, with the container trade volume in most months having a year - on - year growth rate of over 10%. After the Israel - Iran conflict, new expectations have emerged for peak - season contracts. It is necessary to pay attention to whether developed countries in Europe and the United States will increase imports due to concerns about future inflation, which could drive up China's export demand. At the same time, it is also necessary to guard against the expectation of a global economic recession caused by a large increase in oil prices [8].

Investment Rating - The report maintains an "Overweight" rating for the transportation sector, specifically recommending "Buy" for COSCO Shipping Holdings and "Add" for Daqin Railway [5]. Core Insights - The report highlights the significant impact of geopolitical tensions on global transportation systems, particularly through rising oil prices and disruptions in shipping routes. It emphasizes that if the situation persists, it could lead to a permanent restructuring of global trade routes and increased transportation costs [6][11]. - The report identifies specific companies that may benefit from these changes, including COSCO Shipping, which is expected to see short-term increases in freight rates and potential long-term shifts in global trade routes [6][11]. Summary by Sections Oil Transportation - The report notes that approximately 31% of global oil exports are affected by disruptions in the Strait of Hormuz, leading to a significant increase in shipping rates. VLCC rates have surged to historical highs, with rates from the Middle East to China reaching $475,000 per day, a 118.2% increase from late February [20][67]. Air Transportation - Rising oil prices are expected to increase airline operating costs, with a projected increase of 7.3% to 14.7% in fuel costs depending on oil price scenarios. However, Chinese airlines may benefit from increased demand on European routes as a result of geopolitical shifts [7][72][73]. Rail Transportation - The China-Europe Railway Express is anticipated to see a rise in both volume and pricing due to the increased value of rail transport as an alternative to maritime shipping. The report suggests that rail transport could attract more high-value, time-sensitive goods as oil prices rise [8][9]. Road Transportation - The report indicates that rising fuel costs will pressure road freight rates, with potential shifts from road to rail for price-sensitive goods. The impact of high oil prices may also accelerate the adoption of new energy logistics vehicles in the long term [9][11]. Container Shipping - The report predicts a reversal in market expectations for container shipping, with rates expected to rebound due to disruptions in Middle Eastern routes. The Shanghai Containerized Freight Index (SCFI) has already seen an increase of 11.7% since late February [39][40]. Bulk Shipping - The report anticipates a moderate increase in bulk shipping rates due to rising demand for iron ore and coal as China resumes operations post-holiday. The Baltic Dry Index (BDI) is expected to reflect these changes, with a potential increase in rates [48].

Investment Rating - The report maintains a recommendation for the transportation industry, indicating a positive outlook for specific sectors within the industry [3]. Core Insights - Geopolitical risk premiums are embedded in tanker freight rates, with a focus on the defensive value of dividend assets [1]. - The shipping market is under pressure due to escalating conflicts in the Middle East, leading to a tightening of the tanker market and increased freight rates [16]. - Infrastructure assets are expected to see valuation recovery, with a recommendation to select stocks that offer dividend benefits [19]. - The air travel sector is experiencing a growth trend in demand, but caution is advised regarding the impact of rising oil prices on profitability [25]. - The express delivery sector is showing signs of recovery in demand growth, with potential for valuation improvement as competition stabilizes [21]. Shipping Sector Summary - The shipping industry is experiencing a rise in freight rates due to geopolitical tensions, particularly in the Middle East, with specific routes seeing significant price increases [12][16]. - The SCFI index shows a weekly increase, with notable rises in rates for routes to the US and Europe [32]. - The report suggests focusing on shipping stocks such as COSCO Shipping Energy, COSCO Shipping Holdings, and others for potential investment opportunities [16]. Infrastructure Sector Summary - Weekly data indicates a significant increase in truck traffic, with a 229.7% week-on-week growth, although year-on-year comparisons show a decline [17][19]. - Port throughput has increased by 25.2% week-on-week, indicating a recovery trend despite a year-on-year decline [19]. - Recommended stocks in the infrastructure sector include Anhui Expressway, Tangshan Port, and Qingdao Port, which are seen as stable cash flow assets [19]. Express Delivery Sector Summary - The express delivery sector is witnessing a rebound in demand, with a 424.9% increase in collection volume week-on-week [21]. - The report highlights the competitive landscape, suggesting that regulatory support may enhance price stability and improve stock performance for leading companies [21]. - Recommended stocks include Shentong Express, Yunda Express, and SF Express, which are expected to benefit from operational optimizations [21]. Aviation Sector Summary - The aviation sector is experiencing a growth in passenger volume, with a year-on-year increase of 27.5% during the Spring Festival period [25]. - However, rising oil prices due to geopolitical tensions pose a risk to profitability, necessitating caution [25]. - The report emphasizes the importance of monitoring oil price trends and their potential impact on airline stocks [25].

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Insights - The report highlights the upward trend in freight rates, particularly in oil shipping, and recommends focusing on highway investments as a safe haven [1][4] - The aviation sector is expected to benefit from a recovery in international routes and a favorable demand environment, with a focus on major airlines and low-cost carriers [4][5] - The logistics and express delivery sectors are seeing improvements in operational quality due to anti-competitive measures and technological advancements [6][7] Summary by Sections Aviation Data Tracking - Daily flight operations from March 2 to March 6 showed a decrease in flight numbers for major airlines, but year-on-year comparisons indicate growth [4][5] - Average aircraft utilization rates also declined week-on-week, but showed positive year-on-year growth [4][5] - The report notes a significant increase in Brent crude oil prices, impacting airline stock prices negatively, but anticipates recovery as geopolitical tensions ease [4][5] Shipping Data Tracking - The report indicates a clear upward trend in shipping rates, particularly in oil shipping, with significant increases in relevant indices [6][7] - The BDTI index for oil shipping rose by 54.14% week-on-week and 248.35% year-on-year, indicating strong demand and limited supply [6][7] - The report suggests that geopolitical conflicts may reshape global shipping dynamics, presenting investment opportunities in oil and bulk shipping [6][7] Logistics Data Tracking - The report tracks significant increases in freight traffic across highways, railways, and ports, indicating a recovery in logistics activity [6][7] - The express delivery sector is expected to see continued growth driven by anti-competitive policies and advancements in automation [6][7] - The report emphasizes the importance of focusing on companies with strong operational performance and growth potential in the logistics sector [6][7] Infrastructure Investment Insights - The report recommends investing in highway infrastructure due to rising demand and favorable economic conditions [6][7] - It highlights specific companies in the highway sector that are expected to benefit from ongoing infrastructure projects and stable cash flows [6][7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 中遠海運控股股份有限公司 COSCO SHIPPING Holdings Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1919） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 以中文隨附之海外監管公告乃本公司於二零二六年三月六日在上海證券交易所的 網站( www.sse.com.cn )上以中文發佈的《中遠海運控股股份有限公司關於股票期權 激勵計劃限制行權期間延長的提示性公告》。 承董事會命 中遠海運控股股份有限公司 公司秘書 肖俊光 中華人民共和國，上海 二零二六年三月六日 於本公告日期，本公司董事為萬敏先生（董事長）、張峰先生 1 （副董事長）、 1 陶衛東先生 1 、朱濤先生 1 、徐飛攀先生 1 、馬時亨教授 2 、沈抖先生 2 及奚治月女士 2 。 1 執行董事 2 獨立非執行董事 * 僅供識別 证券代码：60191 ...

中远海运控股股份有限公司（以下简称"公司"）于 2026 年 2 月 10 日披露了《中远海运控股股份有限公司关于股票期权激励计划 限制行权期间的提示性公告》（公告编号：2026-008）。根据《中远 海运控股股份有限公司股票期权激励计划（二次修订稿）》（以下简 称"公司股票期权激励计划"）和中国证券登记结算有限责任公司上 海分公司关于股票期权自主行权的相关规定，并结合公司 2025 年年 度报告、2026 年第一季度报告披露计划等最新安排，现对公司股票 期权激励计划本次限制行权期间进行调整，具体如下： 1、公司股票期权激励计划首次授予期权第三个行权期为 2023 年 6 月 5 日至 2026 年 6 月 2 日，预留授予期权第三个行权期为 2024 年 5 月 29 日至 2027 年 5 月 28 日。 2、原定"2026 年 2 月 13 日（周五）至 2026 年 3 月 18 日（周 三）"的限制行权期间延长为"2026 年 2 月 13 日（周五）至 2026 年 3 月 19 日（周四）"，在此期间全部激励对象限制行权；2026 年 3 月 20 日（周五）将恢复行权。 3、以下限制行权期间维 ...

Core Viewpoint - China COSCO Shipping Holdings Co., Ltd. (中远海控) will hold a board meeting on March 19, 2026, to consider and approve the announcement of the company's and its subsidiaries' annual performance for the year ending December 31, 2025, and to consider the payment of a final dividend, if any [1] Group 1 - The board meeting is scheduled for March 19, 2026 [1] - The meeting will focus on the annual performance announcement for the year ending December 31, 2025 [1] - The board will also consider the payment of a final dividend [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 中遠海運控股股份有限公司 COSCO SHIPPING Holdings Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1919） 董事會會議通知 承董事會命 中遠海運控股股份有限公司 公司秘書 肖俊光 中華人民共和國，上海 二零二六年三月六日 於本公告日期，本公司董事為萬敏先生（董事長）、張峰先生 1 （副董事長）、陶衛東 1 先生 1 、朱濤先生 1 、徐飛攀先生 1 、馬時亨教授 2 、沈抖先生 2 及奚治月女士 2 。 1 執行董事 2 獨立非執行董事 * 僅供識別 中遠海運控股股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，將於二零 二六年三月十九日（星期四）舉行董事會會議，以考慮及通過（其中包括）公佈本公 司及其附屬公司截至二零二五年十二月三十一日止年度的全年業績公告及考慮派 付末期股息（如有）。 ...