Summary of Container Shipping Global Primer: 2026 Outlook Industry Overview - The report focuses on the container shipping industry, analyzing seven container shipping equities, with six rated as Underweight due to challenging supply and demand dynamics [2][11]. Key Points Supply and Demand Dynamics - **Capacity Adjustments**: The global container supply/demand model has been updated, with demand growth for 2026/27/28 revised down by -30/-100/-200 basis points to a 3.0% run rate, aligning closely with GDP growth expectations [4][9]. - **Supply Growth**: Effective supply growth is projected to increase from approximately 4% to 6% for 2026-2028 due to new orders. A return to Red Sea sailings in 1H26 is anticipated, but any earlier resumption could worsen overcapacity, potentially driving effective supply growth above 10% [5][119]. - **Freight Rates**: Freight rates are expected to decline further, following a temporary boost from General Rate Increases (GRI) attempts by carriers [5][11]. Long-term Trends - **Reshoring of Supply Chains**: The report highlights a shift towards reshoring, which is expected to reduce reliance on long-distance sea freight and increase demand for road freight as supply chains shorten [10][9]. - **Market Segmentation**: While some segments will continue to depend on global supply chains, the overall growth rate, particularly for long-distance shipping, is expected to slow, benefiting shorter-haul modes like trucks and rail [10][9]. Financial Outlook - **Equity Valuation**: Despite low price-to-book (P/B) multiples averaging 0.7x across the global container equity coverage, the report warns of downside risks to freight rates and earnings. The average price targets imply a -24% downside [11][134]. - **Company Ratings**: Six companies are rated Underweight (Maersk, COSCO Shipping Holding, Orient Overseas, Nippon Yusen, Mitsui OSK, Kawasaki Kisen), with one rated Equal-weight (SITC) [11][134]. Market Performance - **Container Trade Volumes**: Year-to-date global container trade volumes have increased by 4.7%, but growth rates are moderating, with a decline observed in Asia to North America routes, down -3.1% year-over-year [58][61]. - **Divergence in Trade Routes**: There is a notable divergence in container flows, with volumes from Asia to North America decreasing by -7% to -11%, while volumes to Europe have increased by over 10% [61][58]. Risks and Considerations - **Overcapacity**: The persistent oversupply in the market is a significant concern, with supply additions expected to outpace demand growth through 2027 [115][119]. - **Market Sentiment**: Investor sentiment remains cautious, with many equities already consensus underweights, reflecting the challenging fundamentals of the industry [9][11]. Conclusion - The container shipping industry faces significant challenges in the coming years, with supply growth outpacing demand and freight rates under pressure. The shift towards reshoring and changing trade routes may alter the landscape, but the overall outlook remains cautious due to persistent overcapacity and economic uncertainties.

Core Insights - China COSCO Shipping Technology Co., Ltd. was established on November 21, with a registered capital of 1 billion yuan [1] - The company's business scope includes software development, industrial internet data services, and biomass fuel processing [1] - The company is wholly owned by China COSCO Shipping Group Co., Ltd. [1]

Group 1 - As of November 21, nearly 40 companies in the Shanghai market announced share buybacks and positive operational news, with 32 of these being buyback announcements [1] - Huida Technology announced a new buyback plan of 200 million to 400 million yuan, with a buyback price ceiling of 124.15 yuan per share, representing approximately 0.35% to 0.69% of its total share capital [1] - Other companies like Yongyuan Tourism and Xiangyuan Cultural Tourism also initiated their first buybacks, with significant amounts being allocated for these plans [2] Group 2 - Xiangyuan Cultural Tourism plans to buy back between 80 million to 120 million yuan from November 18, 2025, to May 15, 2026, and has already repurchased 2.095 million shares for 15.63 million yuan [2] - Yongyuan Tourism began its buyback on November 10, 2025, repurchasing 1 million shares for 5.39 million yuan, while Xingdesheng repurchased 200,000 shares for 4.93 million yuan on the same day [2] - China National Shipping Holdings announced a buyback plan of 749 million to 1.498 billion yuan, having repurchased 40.53 million shares for a total of 607 million yuan by November 21 [2] Group 3 - China Jushi disclosed a buyback plan of up to 880 million yuan, having repurchased 34.18 million shares, which is 0.85% of its total share capital, with over 534 million yuan spent in one month [3] - Jiangsu Hengrui Medicine and Zhuzhou Qibin Group also reported their buyback activities, with Hengrui repurchasing 979,900 shares for 59.79 million yuan, totaling 889.87 million yuan in buybacks [3] - Zhuzhou Qibin Group repurchased 15.95 million shares for 112.36 million yuan, with total buybacks reaching 27.96 million shares and 195.96 million yuan spent [3] Group 4 - Seven companies, including Chengdu Bank and China Railway High-tech Industry, reported shareholder buyback progress, with Longi Green Energy's chairman completing a buyback of 6.13 million shares for 100.69 million yuan [4] - Sinopec announced that its controlling shareholder and related parties have increased their holdings by 34.56 million shares for approximately 194 million yuan since April 9, 2025, totaling over 294 million yuan in buybacks [4]

Core Viewpoint - China COSCO Shipping Holdings (中远海控) has been actively repurchasing its shares, with a total expenditure of HKD 601 million over the past 16 consecutive days, indicating a strong commitment to enhancing shareholder value [1]. Summary by Category Share Buyback Activity - The company repurchased 3 million shares on November 21 at prices ranging from HKD 13.430 to HKD 13.630, totaling HKD 40.59 million [1]. - Since October 31, the total shares repurchased amount to 43.188 million, with a cumulative expenditure of HKD 601 million [1]. - In 2023, the company has conducted 106 buybacks, acquiring a total of 423 million shares for a total of HKD 5.614 billion [1]. Stock Performance - On the day of the latest buyback, the stock closed at HKD 13.470, reflecting a decline of 2.04% with a total trading volume of HKD 332 million [1]. - During the buyback period since October 31, the stock has seen a slight increase of 0.67% [1]. Detailed Buyback Data - A detailed table of buyback activities shows consistent repurchases, with the highest buyback price recorded at HKD 15.040 and the lowest at HKD 11.400 [2]. - The buyback activities demonstrate a strategic approach to managing share price and investor confidence [1][2].

Summary of Key Points Core Viewpoint - China COSCO Shipping Holdings Co., Ltd. has been actively repurchasing its shares, indicating a strategy to enhance shareholder value and confidence in its stock performance. Group 1: Share Repurchase Details - On November 21, the company repurchased 3 million shares at a price range of HKD 13.430 to HKD 13.630, totaling HKD 40.5895 million [2] - Since October 31, the company has conducted share repurchases for 16 consecutive days, acquiring a total of 43.188 million shares for a cumulative amount of HKD 601 million [2] - The stock price increased by 0.67% during the repurchase period, despite a 2.04% decline on the day of the latest repurchase [2] Group 2: Year-to-Date Repurchase Activity - Year-to-date, the company has completed 106 repurchase transactions, acquiring a total of 423 million shares for a total expenditure of HKD 5.614 billion [2] - The repurchase activity reflects the company's commitment to returning capital to shareholders and managing its capital structure effectively [2] Group 3: Historical Repurchase Data - The detailed repurchase data shows consistent activity, with multiple transactions occurring daily, indicating a robust buyback program [3][4] - The highest repurchase price recorded during this period was HKD 15.040, while the lowest was HKD 11.440, showcasing the company's strategic pricing approach [3][4]

Core Points - China COSCO Shipping Holdings Co., Ltd. (中远海控) announced its first A-share buyback on November 5, 2025 [1] - As of November 21, 2025, the company has repurchased a total of 40,533,565 A-shares, representing 0.262% of the total share capital as of October 31, 2025 [1] - The highest purchase price was RMB 14.98 per share, while the lowest was RMB 14.86 per share, with a total expenditure of RMB 606,982,910.99 (excluding transaction fees) [1]

中遠海運控股股份有限公司 COSCO SHIPPING Holdings Co., Ltd.* 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。 证券代码：601919 证券简称：中远海控 公告编号：2025-059 （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二零二五年十一月二十一日在上海證券交 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以 集中競價交易方式回購A股股份的進展公告》。 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 二零二五年十一月二十一日 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 、余德先生 2 、馬時亨教授 3 、沈抖先生 ...

智通财经APP讯，中远海控(601919.SH)公告，公司截至2025年11月21日以集中竞价交易方式累计回购A 股股份4053.36万股，占公司截至2025年10月31日总股本的比例为0.262%，已支付的总金额为6.07亿元 (不含交易费用)。 ...

Group 1 - The company, COSCO SHIPPING Holdings Co., Ltd. (601919.SH), announced that it has repurchased a total of 40.53 million A-shares through centralized bidding transactions as of November 21, 2025 [1] - The repurchased shares account for 0.262% of the company's total share capital as of October 31, 2025 [1] - The total amount paid for the repurchased shares is 607 million yuan, excluding transaction fees [1]

Group 1 - Company announced a share buyback of approximately 40.53 million A-shares, representing 0.262% of the total share capital as of October 31, 2025 [1] - The maximum purchase price was RMB 14.98 per share, while the minimum was RMB 14.86 per share, with a total expenditure of approximately RMB 607 million [1] - As of the report date, the company's market capitalization stands at RMB 231.9 billion [1] Group 2 - For the first half of 2025, the company's revenue composition was as follows: container shipping and related businesses accounted for 96.06%, container terminal and related businesses for 5.35%, and internal offsets for -1.42% [1]