Core Viewpoint - The article discusses the recent developments in the shipping industry, particularly focusing on the VLCC (Very Large Crude Carrier) transportation index and its fluctuations due to geopolitical tensions in the Middle East [1]. Shipping Sector Summary - The VLCC transportation index for West Africa to Ningbo, China, has increased by 3.23% to 150.09 WS, despite a monthly decrease of 6.52%, indicating a significant annual increase of 24.85% [5]. - Key players in the core oil transportation sector include COSCO Shipping Energy and China Merchants Energy Shipping [5]. - The article highlights various shipping segments, including: - **Product Tankers and MR Fleet**: China Merchants Jinling Shipyard [5]. - **Container Shipping**: Major companies include COSCO Shipping Holdings, COSCO Shipping Development, and Jinjing Shipping [5]. - **Dry Bulk Shipping**: Notable firms are China National Offshore Oil Corporation and Haitong Development [5]. - **Special/Chemical/Roll-on Roll-off Shipping**: Key players include COSCO Shipping Special, Xingtong Co., and Shenghang Co. [5]. Port Operations Summary - The article outlines significant port operations in various regions: - **Yangtze River Delta Hub**: Includes Nanjing Port, Lianyungang, Shanghai Port Group, and Ningbo Port [5]. - **Bohai Rim Hub**: Notable ports are Tangshan Port, Tianjin Port, and Qinhuangdao Port [5]. - **Southwest Hub**: Key ports include Guangzhou Port and Zhuhai Port [5]. - **Yangtze River Inland Ports**: Chongqing Port is highlighted [5]. Shipping Equipment and Logistics Summary - The core equipment manufacturing sector features companies like CIMC (China International Marine Containers), East China Heavy Machinery, Weichai Heavy Machinery, and Hangzhou Advance Gearbox Group [5]. - The energy and special equipment sector includes firms like Furui Special Equipment and Xizhuang Co. [5].

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： 2026年3月24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 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件 ...

Group 1 - The company, COSCO Shipping Holdings (01919), announced a share buyback on March 24, 2026, costing HKD 33.49 million for 2.2 million shares [1]

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： 2026年3月24日 第 2 頁 共 7 頁 v 1.3.0 FF305 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 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | ...

Group 1 - The central enterprise dividend ETF, Fu Guo (159332), opened at 1.234 yuan with an increase of 0.98% on March 24 [1][2] - Major holdings of the ETF include China Merchants Industry Holdings, which rose by 0.72%, and China Shenhua Energy, which fell by 1.76% [1] - The ETF's performance benchmark is the China Central Enterprises Dividend Index return rate, managed by Fu Guo Fund Management Co., Ltd., with a return of 26.33% since its establishment on July 16, 2024, and a monthly return of 2.08% [2] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [3]

Group 1 - The Hongli State-Owned Enterprise ETF Galaxy (530880) opened at 1.062 yuan, with an increase of 0.66% on March 24 [1][2] - Major holdings in the ETF include China Merchants Industry Holdings, which rose by 0.72%, while Shanxi Coal International, Lu'an Environmental Energy, Pingmei Shenma Energy, Hengyuan Coal Power, Shaanxi Coal and Chemical Industry, Yanzhou Coal Mining, and China Shenhua Energy experienced declines ranging from 1.14% to 2.50% [1] - The ETF's performance benchmark is the Shanghai Stock Exchange State-Owned Enterprises Dividend Index, managed by Galaxy Fund Management Co., Ltd., with a return of 9.24% since its establishment on October 30, 2024, and a return of 2.91% over the past month [2] Group 2 - A MACD golden cross signal has formed, indicating positive momentum for certain stocks [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of RMB 18.80 and HKD 18.00 [7]. Core Views - The company reported a revenue of RMB 219.5 billion for 2025, a year-on-year decrease of 6.1%, and a net profit of RMB 30.87 billion, down 37.1% year-on-year, primarily due to increased new ship supply and weak cargo demand leading to a significant drop in freight rates [1][2]. - The outlook for 2026 suggests a potential rebound in freight rates due to disruptions in global trade supply chains caused by the current Middle East situation, which may significantly boost the company's profitability [1][3]. - The company announced a dividend of RMB 0.44 per share, corresponding to an annual payout ratio of 50% [1]. Summary by Sections Financial Performance - In 2025, the company handled a total of 27.43 million TEUs, representing a year-on-year growth of 5.8%. However, freight rates across various routes saw significant declines, with the Pacific route down 17.8% and the European route down 22.7% [2]. - The company expects a rebound in freight rates in 2026 due to increased risks in the Red Sea and Middle East routes, which have led to longer shipping times and decreased vessel turnover efficiency [3]. Market Conditions - The global supply of new container ships is projected to grow by 3.8% in 2026, indicating relatively low supply pressure. This is expected to create a tight market for effective shipping capacity, potentially driving up freight rates [4]. - As of March 20, 2026, the Shanghai Export Container Freight Index (SCFI) has increased by 28.0% compared to February 27, indicating a positive trend in freight rates [3]. Profit Forecasts - The profit forecast for 2026 has been revised upward by 85% to RMB 28.87 billion, with net profit estimates for 2027 and 2028 set at RMB 23.65 billion and RMB 26.02 billion, respectively [5]. - The target price has been adjusted upwards by 6% to RMB 18.80 and by 16% to HKD 18.00, reflecting the anticipated recovery in freight rates and the impact of geopolitical events on the market [5].

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： 2026年3月23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 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存 ...

Group 1 - The core viewpoint of the report is that Bank of America Securities maintains a "underperform" rating for China COSCO Shipping Holdings (1919.HK) while adjusting the target price based on a price-to-book ratio increase from 0.65x to 0.75x, keeping the target price at HKD 13.5 [1] - The earnings per share forecast for China COSCO Shipping Holdings for 2026 to 2028 has been slightly adjusted upwards by less than 1% to reflect the performance in the second half of 2025 [1] - The net profit forecast for 2026 is set at RMB 17 billion [1]

Group 1 - The company, COSCO Shipping Holdings (01919), repurchased 730,000 shares at a cost of approximately HKD 10.94 million on March 23, 2026 [1]