Group 1 - The China Securities Index for Hong Kong, Shanghai, and Shenzhen interconnection logistics shows a recent performance with a 1.53% increase over the past month, a 3.20% decrease over the past three months, and a year-to-date decline of 3.20% [1] - The index is based on the comprehensive index samples and the China Securities 500 Index samples, reflecting the overall performance of securities listed in the interconnection range across the three markets [1] - The index's top ten holdings include companies such as Beijing-Shanghai High-Speed Railway (9.37%), SF Holding (6.77%), and COSCO Shipping Holdings (5.95%) [1] Group 2 - The industry composition of the index shows that railway transportation accounts for 18.28%, shipping for 17.98%, and express delivery for 16.64% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In case of special circumstances, temporary adjustments to the index samples may occur, including the removal of companies that are delisted or undergo significant corporate changes [2]

内容概要：作为战略性支柱产业，中国船舶工业发展在政策指引下不断提速。进入21世纪后，船舶工业 的战略地位进一步提升，并且在强力的产业政策支持下进行自主化和产业转型升级。近年来，随着我国 航运业的稳步发展，国内各大造船企业发展持续向好，造船完工量、承接新船订单、手持船舶订单等总 体上也保持增长态势。2024年，我国船舶工业保持稳定向好的发展态势，造船三大指标全面增长。全国 造船完工量4818万载重吨，同比增长13.8%；新接订单量11305万载重吨，同比增长58.8%；手持订单量 20872万载重吨，同比增长49.7%。 相关上市企业：中国船舶（600150）、中远海控（601919）、天海防务（300008）、中船防务 （00317）、江龙船艇（300589）、中国重工（601989）、中国动力（600482）、亚光科技 （300123）、中远海特（600428）、锦江航运（601083）等。 相关企业：中国船舶集团有限公司、常熟市国瑞科技股份有限公司、智慧航海（青岛）科技有限公司、 中远海运重工有限公司、江南造船（集团）有限责任公司、江苏扬子江船业集团有限公司、武汉船用机 械有限责任公司、大连船舶重工集团有 ...

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The report highlights that the company's profit is expected to significantly increase in 2024, driven by structural factors such as the Red Sea detour and extended North American inventory replenishment cycles, which may support price resilience in 2025 [2][3] - The company is focusing on enhancing its container shipping and port operations, with strategic developments in key locations such as Peru and Abu Dhabi, which will diversify its revenue structure [2] - The company has a strong financial position with a cash balance of 185.1 billion and a price-to-book ratio of only 0.99, indicating sustained investment value [3] Financial Summary - The company achieved a revenue of 233.9 billion in 2024, representing a year-on-year increase of 33.29%, and a net profit of 49.1 billion, up 105.78% [4][8] - Forecasted revenues for 2025, 2026, and 2027 are 226.9 billion, 211.5 billion, and 202.3 billion respectively, with expected net profits of 41.1 billion, 25.2 billion, and 12.6 billion [4] - The earnings per share (EPS) for 2024 is projected at 3.08, decreasing to 2.57 in 2025 and further to 1.58 in 2026 [4] Operational Performance - The company maintains a leading position in global shipping capacity with a self-operated fleet exceeding 3.3 million TEU, and has extended its ocean alliance cooperation until 2032 [8] - The average revenue per container increased by 30.3% to 1,375 USD/TEU due to rising shipping rates following the Red Sea events [8] - The company has implemented a high dividend and share buyback strategy, distributing 1.03 per share in dividends with a payout ratio of 50% [8]

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company reported a significant increase in profit, with net profit doubling year-on-year, and a high dividend payout to shareholders [3][4] - The shipping and port operations are the two main segments of the company, with container shipping showing a 10.1% increase in cargo volume and a 34.4% increase in revenue [4] - The company has a strong order book with 43 new ships, including 24 methanol dual-fuel engine vessels, which will enhance fleet structure and meet emerging market demands [5] Financial Performance - Total revenue for 2024 reached RMB 233.86 billion, a year-on-year increase of 33.29% - Net profit attributable to shareholders was RMB 49.1 billion, up 105.78% year-on-year, with a basic earnings per share of RMB 3.08 [3] - The company plans to distribute a total cash dividend of approximately RMB 24.43 billion for the year, representing 50% of the net profit attributable to shareholders [3] Operational Highlights - The container shipping business achieved a cargo volume of approximately 25.94 million TEUs, reflecting a growth of 10.1% - The port operations recorded a total throughput of about 144 million TEUs, a 6.1% increase year-on-year [4] - The average CCFI (China Containerized Freight Index) increased by 65% during the reporting period, significantly outpacing the 11% increase in shipping costs [4]

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28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 | H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01919 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 佔有關事件前的現有已發 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 ...

Core Viewpoint - The company reported a strong performance for 2024, with revenue and net profit significantly increasing year-on-year, indicating robust operational growth despite potential industry challenges [1] Financial Performance - In 2024, the company achieved revenue of 233.859 billion yuan, a year-on-year increase of 33.3%, and a net profit attributable to shareholders of 49.1 billion yuan, up 105.78% year-on-year, resulting in earnings per share of 3.08 yuan [1] - For Q4 2024, the company recorded revenue of 59.122 billion yuan, a year-on-year increase of 44.6%, but a quarter-on-quarter decline of 19.6%. The net profit for Q4 was 10.976 billion yuan, reflecting a year-on-year increase of 513.5% and a quarter-on-quarter decrease of 48.4% [1] Operational Metrics - The company’s container freight volume improved year-on-year, reaching 25.94 million TEUs, an increase of 10.12%. The trans-Pacific route benefited from a 13% increase in cargo volume due to rising U.S. import demand, while the Asia-Europe route saw a 13.3% decrease in cargo volume due to reduced effective capacity from the Red Sea detour [1] - The average SCFI composite index for container shipping rates in 2024 was 2506 points, representing a significant year-on-year increase of 149.2% [1] Industry Trends - The container shipping industry is expected to face supply pressures, with spot rates potentially continuing to decline. The SCFI rates for European and U.S. West Coast routes have decreased by 54.2% and 41.4% respectively since the beginning of the year [2] - Supply growth is projected at 6.2% for 2025 and 3.3% for 2026, while demand growth is forecasted at 0.0% for 2025 and -4.7% for 2026, indicating ongoing supply-demand pressures [2] - The recovery of the Red Sea route and U.S. tariff policies are critical variables affecting industry supply and spot rates. The current low number of vessels transiting the Red Sea suggests a challenging recovery ahead [2] Profit Forecast and Valuation - Due to better-than-expected long-term contract signing prices, the company has raised its 2025 net profit forecast by 13.7% to 27.1 billion yuan and introduced a net profit estimate of 20.5 billion yuan for 2026 [3] - The current A-share price corresponds to 8.5 times and 11.3 times the 2025 and 2026 price-to-earnings ratios, while the H-share price corresponds to 6.8 times and 8.8 times for the same periods [3] - The target prices for A-shares and H-shares remain unchanged at 16.30 yuan and 14.50 HKD respectively, indicating potential upside of 12.5% and 18.9% from current prices [3]

FF305 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 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) 呈交日期： 2025年3月27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 | H 股份類別 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01919 | 說明 | | | | | | 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 | | | | | | | 佔有關事件前的現有已發 | | 每股發行/出售價 (註4) | 已發行股份總數 | | | 事件 | 已發行股份（不 ...

COSCO Shipping Holdings Ltd | 2024 Annual Results Briefing Summary Industry Overview - **Industry**: Transportation & Infrastructure - **Company**: COSCO Shipping Holdings Ltd (1919.HK, 601919.SS) Key Takeaways Market Outlook - Demand recovery post Chinese New Year (CNY) has been faster than in 2024, with improved volumes and load factors expected in 2025 [2] - Management anticipates a healthy market in 2025, with industry supply growth projected at approximately 5% year-over-year and demand growth slightly slower at 2-3% year-over-year compared to 2024 [9] Trade Dynamics - Management believes that tariffs will not eliminate US demand but may create a more segmented and potentially fragile global supply chain [2] Capital Expenditure - Total capital expenditure (capex) is projected at Rmb42.3 billion, with allocations of Rmb11 billion in 2025, Rmb9 billion in 2026, and Rmb14.8 billion in 2027, primarily focused on vessels, boxes, and supply-chain infrastructure [2] Share Repurchase Strategy - Management views the stock as undervalued when trading below book value and may consider updating the share repurchase plan based on share price performance, capital requirements, and cash liquidity [3][9] Emerging Markets Strategy - COSCO Shipping Holdings plans to increase capacity in Latin American markets, expecting fewer demand disruptions from geopolitical tensions. The company has already expanded its presence in Mexico and Southeast Asia and aims to enhance operations in Abu Dhabi, a key global hub port [3] Financial Performance - For fiscal year ending December 2024, net revenue is projected at Rmb234.36 billion, with net income expected at Rmb49.28 billion, resulting in an EPS of Rmb3.09 [6] - The company’s price-to-earnings (P/E) ratio is forecasted to be 3.9 for 2024, with a price-to-book (P/B) ratio of 0.8 [6] Risks and Considerations - Potential risks include global trade drops amid macroeconomic headwinds, significant increases in fuel prices, and failure to maintain segment capacity discipline [13][14] - Upside risks may arise from a spot market turnaround, better-than-expected earnings distribution, and prolonged disruptions in the Red Sea [13][14] Stock Rating and Valuation - Current stock rating is Underweight with a price target of HK$8.50, indicating a downside of approximately 29% from the closing price of HK$11.98 on March 21, 2025 [6] Additional Insights - Management's focus on share repurchase and capital allocation reflects a strategy to enhance shareholder value amidst market fluctuations [3][9] - The company’s expansion into emerging markets is a strategic move to mitigate risks associated with geopolitical tensions and supply chain disruptions [3] This summary encapsulates the critical insights from the COSCO Shipping Holdings Ltd annual results briefing, highlighting the company's strategic outlook, financial performance, and market dynamics.

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 | H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01919 | 說明 | | | | | | | 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 | | | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 | 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | | | | 於下列日期開始時的結存(註1) | 2025年3月25日 | | 3,199,780,000 | | 0 | | 3,199,780,000 | | 1). 其他 (請註明) | | | | % | ...

Summary of COSCO Shipping Holdings Conference Call Company Overview - **Company**: COSCO Shipping Holdings Ltd (1919.HK) - **Industry**: Transportation & Infrastructure - **Market Cap**: Rmb219,403 million as of March 21, 2025 - **Stock Rating**: Underweight - **Price Target**: HK$8.50, representing a downside of 29% from the closing price of HK$11.98 Key Financial Highlights - **2024 Net Profit**: Rmb49 billion, consistent with preliminary results and estimates [1] - **Operating Cash Inflow**: Rmb69.3 billion in 2024 [2] - **Capital Expenditures**: Rmb26 billion and lease payments of Rmb13.1 billion in 2024 [2] - **Share Repurchases**: Rmb2 billion in A and H shares, representing 4% of 2024 net profit [2] - **Segment Net Profit**: Rmb50 billion in 2024, up from Rmb22 billion in 2023 [8] - **Volume Growth**: Increased by 10.1% YoY to 25.9 million TEUs in 2024 [8] Revenue Breakdown - **Total Revenue**: Rmb233.9 billion in 2024, a 33.3% increase YoY [9] - **Container Shipping Revenue**: Rmb225.97 billion, up 34.4% YoY [9] - **Container Terminals and Related Businesses**: Rmb10.81 billion, up 4.0% YoY [9] - **Operating Profit**: Rmb59.02 billion, a 139.4% increase YoY [9] - **Net Margin**: 21.0%, up from 13.6% in 2023 [9] Dividend Policy - **Dividend Payout Ratio**: Expected to remain at 30-50% for 2025-2027 [8] - **Implied Dividend Yield**: 9% on H-shares and 7% on A-shares for 2H24 [8] Market Outlook and Risks - **Market Sentiment**: Soft sentiment in the container shipping market, with uncertain export momentum due to potential trade tariffs [8] - **Down-Cycle Continuation**: Anticipated continuation of the container shipping down-cycle through 2025-2026 [8] - **Risks**: Include global trade drops amid macro headwinds, significant fuel price increases, and failure of segment capacity discipline [13][14] Valuation Methodology - **Target P/B Ratios**: - Bull Case: 0.9x - Base Case: 0.5x - Bear Case: 0.2x [10][11] - **Upside and Downside Risks**: Equal probabilities of upside from global trade recovery and downside from unfavorable supply-demand outlook [10][11] Conclusion COSCO Shipping Holdings has shown strong financial performance in 2024, with significant increases in net profit and revenue. However, the company faces challenges in the current market environment, including soft demand and potential trade issues, leading to a cautious outlook for the coming years. The stock is rated as underweight, reflecting concerns over future performance amidst ongoing industry headwinds.