Financial Performance - The operating revenue for the first quarter reached CNY 57.96 billion, representing a year-on-year increase of 20.05% compared to CNY 48.27 billion in the same period last year[9]. - Net profit attributable to shareholders of the listed company was CNY 11.69 billion, a significant increase of 73.12% from CNY 6.76 billion in the previous year[9]. - The net cash flow generated from operating activities was CNY 15.06 billion, reflecting a 69.49% increase from CNY 8.86 billion year-on-year[9]. - Basic earnings per share rose to CNY 0.74, marking a 76.19% increase compared to CNY 0.42 in the same period last year[9]. - The company reported a net profit from non-recurring gains and losses of CNY 11.64 billion, reflecting a 73.14% increase from CNY 6.72 billion in the previous year[9]. - Total operating revenue for Q1 2025 reached ¥57.96 billion, a significant increase from ¥48.28 billion in Q1 2024, representing a growth of approximately 20.5%[43]. - Net profit for Q1 2025 was ¥13.23 billion, compared to ¥7.68 billion in Q1 2024, reflecting a growth of approximately 72.5%[44]. - Total comprehensive income for Q1 2025 reached CNY 13.24 billion, compared to CNY 7.78 billion in Q1 2024, representing a 70.5% increase[46]. Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 509.61 billion, an increase of 2.44% from CNY 497.47 billion at the end of the previous year[9]. - Total liabilities as of March 31, 2025, were ¥213.87 billion, slightly up from ¥212.41 billion at the end of 2024, indicating a marginal increase of 0.7%[39]. - The total non-current assets increased to ¥298.70 billion as of March 31, 2025, from ¥291.36 billion at the end of 2024, marking a growth of approximately 2.5%[37]. - The total assets as of March 31, 2025, amounted to ¥509.61 billion, an increase from ¥497.47 billion as of December 31, 2024, showing a growth of about 2.3%[40]. Shareholder Information - Equity attributable to shareholders of the listed company increased to CNY 244.13 billion, up 4.03% from CNY 234.67 billion at the end of the previous year[9]. - The total shareholding of China Ocean Shipping Group, including direct and indirect holdings, is approximately 44.84% of the total share capital as of March 31, 2025[21]. - The company plans to repurchase between 50 million to 100 million A-shares at a price not exceeding RMB 14.83 per share[22]. - The company has completed the cancellation of 99,999,943 A-shares and 227,960,500 H-shares that were repurchased[22]. Operational Metrics - The container shipping business experienced growth in both cargo volume and revenue per container compared to the previous year[17]. - The total cargo volume for Q1 2025 was 6.4815 million TEUs, up 7.53% compared to the same period last year[26]. - The cargo volume on the Trans-Pacific route increased by 16.20% year-on-year, reaching 1,254,671 TEUs[26]. - The cargo volume on the Asia-Europe route decreased by 3.09% year-on-year, totaling 929,700 TEUs[26]. - The cargo volume within Asia, including Australia, increased by 4.25% year-on-year, amounting to 2,205,341 TEUs[26]. - The cargo volume from mainland China rose by 12.85% year-on-year, reaching 1,321,764 TEUs[26]. - The total container shipping volume for the group reached 4,518,055 TEUs, representing a year-on-year increase of 6.81%[27]. - Revenue from the group's container shipping business amounted to RMB 55,882,731,000, an increase of 9,339,222,000 compared to the previous year[30]. - The total throughput of the group's ports reached 35,748,931 TEUs, up 7.48% year-on-year[34]. Cash Flow and Expenses - The company's EBIT for Q1 2025 was RMB 16.578 billion, an increase of RMB 6.602 billion, representing a growth of 66.17% year-on-year[24]. - The company reported a financial expense of -¥1.24 billion in Q1 2025, compared to -¥909 million in Q1 2024, indicating an increase in financial costs[43]. - Net cash flow from investing activities for Q1 2025 was -CNY 6.86 billion, worsening from -CNY 3.92 billion in Q1 2024[52]. - Net cash flow from financing activities for Q1 2025 was -CNY 5.69 billion, compared to -CNY 13.11 billion in Q1 2024, showing an improvement[53]. - The company reported a net increase in cash and cash equivalents of CNY 2.51 billion for Q1 2025, contrasting with a decrease of CNY 8.04 billion in Q1 2024[53]. - Cash received from sales of goods and services in Q1 2025 was CNY 56.55 billion, compared to CNY 47.26 billion in Q1 2024, marking a 19.6% increase[49]. - Cash paid for goods and services in Q1 2025 was CNY 35.96 billion, up from CNY 33.43 billion in Q1 2024, a 7.5% increase[51].

Core Viewpoint - 中远海运 reported strong financial performance for Q1 2025, with significant increases in revenue and net profit, indicating robust growth in the container shipping sector [1][2]. Financial Performance - The company achieved operating revenue of 57.96 billion yuan, a year-on-year increase of 20.05% [1]. - Net profit attributable to shareholders was 11.695 billion yuan, reflecting a 73.12% year-on-year growth [1]. - Earnings per share rose to 0.74 yuan, up 76.19% compared to the previous year [1]. - The asset-liability ratio decreased to 41.97% as of March 31, 2025 [1]. - Net cash flow from operating activities was 15.062 billion yuan, an increase of 69.49% year-on-year [1]. - Cash and cash equivalents reached 186.699 billion yuan [1]. Shipping and Terminal Operations - Container shipping business completed a total of 6.4815 million TEUs, a year-on-year increase of 7.53% [1]. - Revenue from shipping operations was 55.883 billion yuan, up 20.07% year-on-year [1]. - Terminal operations achieved a total throughput of 35.7489 million TEUs, reflecting a 7.48% increase [1]. - Revenue from terminal operations was 2.767 billion yuan, a year-on-year growth of 16.06% [1]. Share Buyback - In April 2025, 中远海控 announced a new round of share repurchase, having repurchased 43.2444 million A-shares at a cost of approximately 600 million yuan [1]. - From October 2024 to April 2025, the company repurchased A and H shares totaling about 3.894 billion yuan, with all repurchased shares being canceled [1]. Industry Outlook - The container shipping industry is expected to face a complex and changing market environment due to geopolitical factors, the situation in the Red Sea, and uncertainties in U.S. trade policies [2]. - New environmental regulations will also impact the shipping industry [2]. - The company aims to focus on global digital supply chain operations and investment platforms, optimizing resource allocation and enhancing service quality to create greater value for shareholders [2].

中远海控（601919）公告，2025年第一季度营业收入为579.6亿元，同比增长20.05%；净利润为116.95 亿元，同比增长73.12%。 ...

2025 年 04 月 29 日 与传统风格相关性更低，A 股资产配置 新方向：大成中证全指自由现金流 ETF （159235）投资价值分析 ——指数基金产品研究系列报告之二百四十七 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 方思齐 A0230123090003 fangsq@swsresearch.com 联系人 方思齐 (8621)23297818× fangsq@swsresearch.com 益 量 化 研 究 权 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共25页 简单金融 成就梦想 股 票 基 金 证券分析师 邓虎 A0230520070003 denghu@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 现金流 ETF 已经成为海外市场热门产品，国内产品申报火热。国内自由现金流产品目前 处于起步阶段，而海外现金流产品已经取得了丰硕的发展成果。其中规模领先的 COWZ 规模已超 200 亿美元。近期国内现金流 ETF 迎来集中申报浪潮， ...

金融界4月29日消息，上证指数低开震荡，中证中国内地企业全球工业综合指数 (CN工业综合， H30377)报2294.50点。 数据统计显示，中证中国内地企业全球工业综合指数近一个月下跌6.62%，近三个月下跌1.10%，年至 今下跌4.09%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数进行临时调整。当中证中国内地企业全球综合指数调整样本时，指数样本 将相应调整。当样本公司有特殊事件发生，导致其行业归属发生变更时，将对指数进行相应调整。当样 本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆、停牌等情形的处理，参照计算与 维护细则处理。 从指数持仓来看，中证中国内地企业全球工业综合指数十大权重分别为：宁德时代（6.24%）、京沪高 铁（1.71%）、汇川技术（1.4%）、中国建筑（1.15%）、三一重工（1.13%）、顺丰控股（1.04%）、 国电南瑞（0.92%）、中远海控（0.92%）、隆基绿能（0.9%）、满帮集团（0.85%）。 从中证中国内地企业全球工业综合指数持仓的市场板块来看，深圳证券交易所占比47.02% ...

Core Points - Guangzhou Port has launched its first direct shipping route to the west coast of South America, connecting Nansha Port with ports in Peru, Mexico, and Chile, enhancing logistics between the Guangdong-Hong Kong-Macao Greater Bay Area and Latin America [1][3] - The new route, operated by COSCO Shipping Ports, reduces maritime transport time from Peru to China to 23 days, saving over 20% in logistics costs [3] - The WSA3 route will facilitate the export of Chinese manufactured goods such as home appliances, electronics, furniture, and toys, while also allowing for the import of high-quality tropical fruits, seafood, wine, and other products from Latin America [3] - Nansha Port has the highest number of African routes among mainland ports, and the WSA3 route connects it to the new land-sea corridor [3] - The Nansha International Cold Chain project has built three multi-layer cold storage facilities with a total capacity of 227,000 tons, enabling a seamless cold chain service for frozen goods [3] - Future shipments of refrigerated goods from South America, including various meats and fruits, will be more accessible to consumers in China through Nansha Port [3]

Core Insights - The transportation sector, represented by the CSI All Share Transportation Index, has shown a slight increase of 0.13% as of April 29, 2025, with notable gains from stocks like Longjiang Transportation and Wuchan Zhongda [3][4] - The Transportation ETF (159666) has experienced a 4.07% increase over the past year, with a current price of 0.95 yuan [3][4] - The ETF's net asset value has risen by 4.32% in the last year, with a maximum monthly return of 15.82% since its inception [3][4] Performance Metrics - The Transportation ETF has a year-to-date maximum drawdown of 7.56%, with a tracking error of 0.006% over the past three months [4] - The management fee for the ETF is 0.50%, and the custody fee is 0.10% [4] - The current price-to-earnings ratio (PE-TTM) for the index is 15.13, indicating a valuation lower than 93.56% of the time over the past year [4] Top Holdings - As of March 31, 2025, the top ten weighted stocks in the CSI All Share Transportation Index account for 49.96% of the index, with SF Express and Beijing-Shanghai High-Speed Railway being the largest components [5][7] - The top ten stocks include major players in logistics, rail, and aviation sectors, reflecting the overall performance of the transportation industry [5][7]

Core Points - The China A-shares market showed mixed performance with the CN Industrial Comprehensive Index closing at 2306.63 points, reflecting a decline of 7.42% over the past month, 1.74% over the past three months, and 3.58% year-to-date [1] Group 1: Index Overview - The CN Industrial Comprehensive Index is designed to reflect the overall performance of different industry securities from mainland Chinese enterprises, classified according to the China Securities Index industry classification standard [1] - The index is based on a starting point of 1000.0 points as of December 31, 2004 [1] Group 2: Index Holdings - The top ten weighted stocks in the CN Industrial Comprehensive Index include CATL (6.13%), Beijing-Shanghai High-Speed Railway (1.72%), and others such as Huichuan Technology (1.38%) and Sany Heavy Industry (1.14%) [1] - The index's market segment distribution shows that the Shenzhen Stock Exchange accounts for 47.03%, while the Shanghai Stock Exchange accounts for 45.33% [2] Group 3: Industry Composition - The industry composition of the CN Industrial Comprehensive Index indicates that machinery manufacturing constitutes 29.03%, followed by electric power equipment at 28.24% and transportation at 14.11% [2] - Other notable sectors include construction decoration (9.83%), aerospace and defense (8.17%), and environmental protection (3.82%) [2] Group 4: Sample Adjustment - The index samples are adjusted biannually, specifically on the second Friday of June and December, with provisions for temporary adjustments under special circumstances [3] - Adjustments occur when there are changes in the industry classification of sample companies or when companies are delisted [3]

Dividend and Profit Distribution - The company plans to distribute a final dividend of RMB 1.03 per share for the fiscal year 2024, subject to shareholder approval[4] - The company plans to distribute a final cash dividend of RMB 1.03 per share, which, combined with the interim dividend, represents 50% of the net profit attributable to shareholders[71] - The proposed cash dividend for the fiscal year 2024 is RMB 1.03 per share, totaling approximately RMB 16.131 billion, which represents about 50% of the net profit attributable to shareholders for the fiscal year 2024[176] - For the fiscal year 2023, the total cash dividend distributed was approximately RMB 11.867 billion, also around 50% of the net profit attributable to shareholders for that year[177] - The company declared a total annual dividend of RMB 1.55 per share, compared to RMB 0.74 per share in the previous year, marking an increase of 109.46%[83] Financial Performance - The company achieved a revenue of RMB 233.86 billion, a year-on-year increase of 33.29%[70] - EBIT reached RMB 70.15 billion, reflecting a year-on-year growth of 91.27%[70] - Net profit amounted to RMB 55.59 billion, up 95.77% year-on-year[70] - The net profit attributable to shareholders was RMB 49.17 billion, representing a 106.09% increase compared to the previous year[70] - The return on equity (ROE) improved to 22.63%, an increase of 10.83 percentage points year-on-year[70] - Basic earnings per share rose to RMB 3.08, marking an increase of 108.11% year-on-year[70] - The profit attributable to equity holders of the company was RMB 49,172,465 thousand, an increase of RMB 25,312,296 thousand from the previous year[86] - The gross profit margin improved to 28.94%, an increase of 13.21 percentage points compared to the previous year[83] - Operating profit for the year was RMB 59,023,154 thousand, an increase of RMB 34,372,608 thousand, representing a growth of 139.48%[85] - The net cash flow from operating activities was RMB 69,312,919 thousand, a significant increase of 206.91% from RMB 22,583,829 thousand in the previous year[88] Fleet and Operational Expansion - The company signed contracts for the dual-fuel retrofitting of four existing container ships, marking a global first for simultaneous MAN and WARTSILA dual-fuel retrofitting projects[21] - The company signed contracts for the construction of 12 methanol dual-fuel container ships, enhancing its fleet capabilities[65] - The company received 12 new vessels with a total capacity of 230,000 TEU, including several next-generation eco-friendly ships, bringing its self-operated fleet capacity to over 3.3 million TEU[73] - The self-operated container fleet consists of 538 vessels with a capacity of about 3.32 million TEUs, maintaining a leading position in the industry[147] - The company has ordered a total of 43 new vessels, with a combined capacity of nearly 750,000 TEUs[147] Digital and Green Initiatives - The company introduced three new digital supply chain products: "Flexible Distribution," "Sea-Rail Link," and "Global Easy," along with solutions for the automotive export and cross-border e-commerce logistics sectors[25] - The company collaborated with GSBN to launch the Hi-ECO green blockchain shipping product, completing a pilot program for issuing traceable and verifiable green certificates[27] - The company is committed to green and low-carbon development, exploring new energy fuel supply chains, including green methanol, to support its transition[186] - The company is actively developing green digital supply chain products to meet the growing demand for sustainability from customers[135] - The company aims to enhance operational efficiency and customer satisfaction through lean management and technological innovation, focusing on "digital intelligence" and "green low-carbon" initiatives[188] Market and Strategic Outlook - The global container shipping market is expected to see a demand growth of approximately 5%-7% in 2024, driven by improved global production activities and active service trade[134] - The company plans to accelerate globalization and digital transformation while focusing on high-quality development to address uncertainties in the container shipping industry[81] - The company aims to enhance global supply chain resilience through digital innovation and green low-carbon development strategies[140] - The company is focused on building a world-class digital supply chain enterprise centered on container shipping, integrating investment, construction, and operation[183] - The company anticipates that the global trade landscape will shift towards more resilient and diversified supply chain strategies[180] Risk Management - The company faces risks from geopolitical changes and international trade dynamics, which could impact its global operational goals[189][191] - Strategies to mitigate geopolitical risks include enhancing dynamic management and risk assessment mechanisms for key regions and clients[192] - Economic fluctuations pose a risk to trade demand in operational regions, influenced by global supply chain restructuring and inflation[195] Investment and Partnerships - The company strategically invested in Midea Group and Anji Logistics, increasing its stake in the logistics supply chain to 19%, enhancing strategic cooperation across the industry chain[80] - The company is actively pursuing investment opportunities in emerging markets and third-country markets to enhance its comprehensive service capabilities[144] - The company will continue to invest in and acquire resources along the supply chain to enhance its global service capabilities and operational efficiency[187]

金十图示：2025年04月23日（周三）富时中国A50指数成分股今日收盘行情一览：银行、半导体行业午后延续跌势 保险 中国太保 中国人保 中国平安 电机 3175.28亿市值 2972.69亿市值 9232.59亿市值 6.46亿成交额 15.15亿成交额 3.17亿成交额 50.70 7.18 30.90 -0.07(-0.23%) +0.13(+0.26%) +0.03(+0.42%) 酸酒行业 贵州茅台 五粮液 山西汾酒 19496.19亿市值 2620.00亿市值 5044.93亿市值 28.95亿成交额 12.47亿成交额 9.73亿成交额 1552.00 129.97 214.76 -3.19(-1.46%) +3.20(+0.21%) -0.13(-0.10%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2433.47亿市值 2860.46亿市值 3463.26亿市值 21.92亿成交额 19.14亿成交额 37.76亿成交额 455.79 685.21 149.00 -3.10(-2.04%) -6.06(-1.31%) -9.77(-1.41%) 汽车整车 铁路公路 比亚迪 长城汽 ...