Core Viewpoint - China COSCO Shipping Group has established its Hainan regional headquarters to enhance strategic cooperation with the Hainan provincial government, aiming to support the development of the Hainan Free Trade Port and expand services to Southeast Asia [1] Group 1: Strategic Cooperation - The Hainan regional headquarters will coordinate resources from China COSCO Shipping Group to explore regional market and industrial development opportunities [1] - A strategic cooperation agreement was signed between the Hainan provincial government and China COSCO Shipping Group, focusing on international hub port construction, digital supply chains, and green low-carbon development [1] Group 2: Local Integration - The new headquarters aims to integrate China COSCO Shipping Group's business with local industrial planning [1] - A strategic cooperation framework agreement was also signed between Haikou city government and China COSCO Shipping Group [1]

Investment Rating - The report maintains an "Overweight" rating for the transportation industry, indicating a positive outlook compared to the overall market performance [12]. Core Insights - The report highlights a recovery in profits for the express delivery sector driven by anti-competition policies, with an expected increase in prices leading to improved profitability for companies like Shentong Express and YTO Express [5][6]. - The shipping sector is experiencing strong demand, particularly for oil tankers, with historical high freight rates observed in August and September 2025. The report anticipates continued demand growth due to OPEC+ production increases and a release of pent-up inventory demand [5]. - The shipbuilding industry is in a phase of profit release as high-priced orders are being delivered, with a strong demand for replacing old vessels. The report notes that the implementation of the 301 policy is expected to stimulate order volumes and ship prices [5]. - The airline sector is projected to see significant improvements in operational performance due to increased capacity and a recovery in international travel, with major airlines like China Eastern Airlines and Southern Airlines expected to benefit [5][6]. - The report also indicates that the highway and railway sectors are likely to maintain growth in traffic volumes, with improvements in railway freight performance anticipated due to the retraction of previous freight rate reductions [5]. Summary by Sections Shipping - Oil tanker freight rates reached historical highs in August and September 2025, with a projected 14% decline in VLCC market rates for Q3, while Cape-sized bulk carriers are expected to see a 19% increase in rates [5]. - The report recommends companies such as China Merchants Energy Shipping and China Merchants Heavy Industry, highlighting the strong demand and supply constraints in the sector [5]. Shipbuilding - The shipbuilding industry is characterized by a tight supply-demand balance, with ongoing demand for replacing old vessels. The report suggests that the implementation of the 301 policy will positively impact order volumes and ship prices [5]. - Recommended companies include China Shipbuilding Industry Corporation and China State Shipbuilding Corporation, which are expected to benefit from the current market dynamics [5]. Airlines - The airline sector is entering a peak travel season with increased capacity and improved passenger flow. The report anticipates significant operational improvements for major airlines due to favorable external factors such as lower oil prices [5][6]. - Companies like China Eastern Airlines and Spring Airlines are highlighted as key beneficiaries of this trend [5]. Express Delivery - The express delivery sector is expected to see a recovery in profits due to rising prices and reduced competition. The report notes a 12.3% year-on-year growth in express delivery volume in August 2025 [5]. - Recommended companies include Shentong Express and YTO Express, which are expected to benefit from the ongoing price increases [5]. Highway and Railway - The report forecasts growth in highway traffic and railway passenger and freight volumes, with a notable increase in railway freight performance expected in Q3 2025 [5]. - Recommended companies include Zhejiang Huhangyong and Beijing-Shanghai High-Speed Railway, which are expected to perform well in the current environment [5].

Core Points - The U.S. is set to implement the "301 tariff" measures against Chinese vessels starting October 14, 2025, with the announcement made by the U.S. Customs and Border Protection (CBP) [1] - The new fees will significantly impact global shipping, particularly affecting major players like COSCO and international giants such as Maersk and Mediterranean Shipping Company [7] Fee Structure - Starting October 14, 2025, vessels owned or operated by Chinese entities will incur a fee of $50 per net ton [4] - Vessels built in China will be charged either $18 per net ton or $120 per unloaded container, whichever is higher [4] - Car carriers or roll-on/roll-off vessels will face a fee of $14 per net ton [4] - Payments must be made through the U.S. Treasury's official secure payment platform, Pay.gov, prior to the vessel's arrival [4][5] Compliance Requirements - Vessel operators are responsible for determining whether fees are applicable, and it is recommended to complete payment at least three business days before arrival [3] - The required information for the "301 Fee Payment Form" includes vessel name, arrival port, expected arrival date, IMO or official number, voyage number, operator name, tax ID or CBP number, payer's contact details, and payment method [5] Impact on Shipping Costs - A large cargo ship may incur additional costs amounting to millions of dollars, potentially exceeding the profit from two round trips [7] - The new regulations are expected to increase shipping costs by approximately $1,000 starting October 15, 2025, which could equate to a 4% increase in tariffs, exacerbating inflationary pressures in the U.S. [7][11] Chinese Response - In response to the U.S. measures, China announced modifications to its international shipping regulations, allowing for countermeasures against countries imposing discriminatory fees [8] - The Chinese government may impose special fees on vessels from countries that enact such measures and restrict access to Chinese ports [8] Industry Adjustments - Companies like COSCO are optimizing their fleets and shifting routes to mitigate the impact of the new fees, including transferring vessels to other trade routes [9] - Exporters are exploring diversification strategies to reduce reliance on U.S. markets, with some opting to reroute through Canadian or Mexican ports to avoid additional fees [9]

Core Viewpoint - The recent U.S. measures to impose new port service fees on Chinese-owned, operated, or built vessels are expected to significantly impact the operational costs of Chinese shipping companies and shipyards, but the overall situation may not be as dire as anticipated [1][2][3] Impact on Shipping Costs and Rates - The new fee structure includes three categories: $50 per net ton for Chinese-owned or operated vessels, a minimum of $18 per net ton or $120 per container for Chinese-built vessels, and $14 per net ton for car carriers [2] - If strictly enforced, the measures could lead to substantial cost increases for Chinese shipping companies and may prompt some international shipping firms to relocate their headquarters away from regions like Hong Kong and Macau [2][3] - Alphaliner estimates that the U.S. measures could add $3.2 billion in costs for the top ten global shipping companies by 2026, with COSCO and OOCL bearing nearly half of this burden [3] Global Shipping Landscape - China's shipbuilding industry continues to dominate globally, holding over 40% of the market share, while the U.S. accounts for less than 1% [6] - The U.S. actions may inadvertently benefit shipyards in Japan and South Korea, as they could attract orders that might have gone to Chinese shipbuilders [6][7] - Despite concerns about new orders, China's strong supply chain and technological advantages are expected to maintain its leading position in shipbuilding [7] China's Response Strategies - China has enacted a revised International Shipping Regulations that allows for reciprocal measures against countries implementing discriminatory practices [8] - The Ministry of Commerce plans to collaborate with the EU, Japan, and South Korea to challenge the U.S. measures at the WTO, while the China Shipowners Association is working to establish an "International Shipping Fairness Alliance" [9] Industry Adjustments - Shipping companies are optimizing their fleets to mitigate the impact of the new fees, with some already implementing additional charges to offset rising costs [10][11] - The industry is also focusing on green ship technology development and expanding into markets along the Belt and Road Initiative to counterbalance the effects of reduced exports to the U.S. [11]

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 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 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月九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股票期權激勵 計劃2025年第三季度自主行權結果暨股份變動公告》。 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 二零二五年十月九日 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 ...

证券代码：601919 证券简称：中远海控 公告编号：2025-047 中远海运控股股份有限公司 股票期权激励计划2025年第三季度自主行权结果 暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 1、本次行权股票数量：2025年第三季度，公司股票期权激励计 划无激励对象行权，激励对象行权且完成股份过户登记的行权股票 数量合计为0股。 2、本次行权股票上市流通时间：2025年第三季度，公司股票期 权激励计划无激励对象行权，不涉及行权股票上市流通事项。 2025 年第三季度，中远海运控股股份有限公司（简称"公 司"）股票期权激励计划无激励对象行权，激励对象行权且完 成股份过户登记的行权股票数量合计为 0 股。具体说明如下： 一、股票期权激励计划已履行的决策程序及相关信息披露 2018年12月至2020年7月期间，按照《中华人民共和国公司法》、 《上海证券交易所股票上市规则》等法律法规的有关规定，公司董 事会、监事会及股东大会分别审议通过了公司《股票期权激励计划》 并实施了股票期权激励计划首次授予及预留 ...

Core Insights - The shipping industry is undergoing a digital transformation driven by technologies such as big data, cloud computing, and the Internet of Things, leading to the emergence of smart shipping as a key driver for industry upgrade [1][11] - China's smart shipping market is projected to grow from 48.41 billion yuan in 2018 to 68.78 billion yuan in 2024, with a compound annual growth rate (CAGR) of 6.03% [1][12] - The development of smart shipping in China is supported by various government policies aimed at promoting innovation and high-quality growth in the shipping sector [6][7] Smart Shipping Industry Overview - Smart shipping integrates modern information and artificial intelligence technologies with shipping elements to enhance operational efficiency, reduce costs, and improve service quality [4][11] - The main components of smart shipping include intelligent vessels, smart ports, shipping assurance, regulatory services, and smart shipping services [4] Government Policies - Recent policies emphasize the importance of smart shipping as a key engine for high-quality development in the shipping industry, including initiatives for green and intelligent transformation [6][7] - The government is promoting pilot applications of autonomous navigation and smart shipping technologies [6] Industry Chain - The smart shipping industry chain consists of upstream technologies such as autonomous navigation and environmental sensing, midstream operations focusing on intelligent vessels and ports, and downstream applications in various transportation sectors [8] Market Growth - The smart port market in China is expected to grow from 1.334 billion yuan in 2018 to 5.3 billion yuan in 2024, with a CAGR of 25.85% [15][16] - The intelligent vessel market is projected to increase from 38.99 billion yuan in 2018 to 52.02 billion yuan in 2024, with a CAGR of 4.92% [13][14] Competitive Landscape - The smart shipping industry in China features a multi-layered competitive landscape with participation from state-owned enterprises, local companies, and private firms, focusing on intelligent technology applications and digital platform development [17] - Key players include COSCO Shipping Holdings, COSCO Shipping Energy Transportation, and others, each specializing in various segments of the shipping industry [17][18][19] Development Trends - The smart shipping industry is moving towards enhanced efficiency through digitalization and automation, aiming to improve operational efficiency and international competitiveness [20] - Green initiatives are being adopted, promoting the use of low-carbon fuels and technologies to reduce emissions [21] - Safety is a fundamental aspect of sustainable development, with the industry leveraging IoT and AI for comprehensive monitoring and risk management [22][23]

Core Viewpoint - The new port fee policy imposed by the U.S. on Chinese shipowners and shipyards, effective from October 14, 2025, is expected to create significant financial burdens for Chinese shipping companies, potentially altering the global shipping landscape [1] Summary by Sections U.S. Port Fee Policy Details - The U.S. Customs and Border Protection (CBP) has outlined a complex and stringent fee structure for Chinese entities operating or owning vessels arriving at U.S. ports, with fees set at $50 per net ton for vessels and varying rates for container and roll-on/roll-off ships [3][4] - Payment responsibility lies entirely with the vessel operators, who must pay fees before entering U.S. ports, adding operational complexity and costs for Chinese shipping companies [4] Financial Impact on Chinese Shipping Companies - The implementation of the port fee policy is projected to impose an additional financial burden of up to $3.2 billion (approximately 22.78 billion RMB) on the top ten major container shipping companies by 2026, with China COSCO Shipping Group being the most affected [6] - China COSCO Shipping faces port fees of $2,121 (approximately 15,100 RMB) per TEU on U.S. routes, significantly higher than the $26 per TEU charged to Maersk, leading to an estimated total of $1.53 billion (approximately 10.89 billion RMB) in port fees for the company [6][7] Responses from Chinese Shipping Companies - Chinese shipping companies, including China COSCO Shipping and Orient Overseas, have expressed their commitment to maintaining service quality and adapting to the new market conditions despite the increased operational challenges posed by the new fees [8] - Both companies reaffirm their long-term commitment to the U.S. market and emphasize the importance of providing reliable logistics solutions [8] Chinese Government and Industry Support - In response to the U.S. policy, the Chinese government has enacted measures to protect its shipping interests, including amendments to the International Maritime Regulations to counter discriminatory practices [9][11] - The China Shipowners' Association has voiced strong support for these regulatory changes, emphasizing the importance of fair treatment in international shipping and the commitment of Chinese shipowners to uphold global trade stability [11]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中遠海運控股股份有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01919 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,971,819,500 | RMB | | | 1 RMB | | 2,971,819,500 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 2,971,819,500 | RMB | | | 1 RMB | | 2,971,819,500 | | 2 ...

Core Points - China COSCO Shipping Group has established a new company, COSCO Shipping (Central Asia) Co., Ltd., in Almaty, Kazakhstan, to enhance logistics services in the region [2] - The new company aims to create an efficient, intelligent, and green logistics channel, focusing on core services such as container yards, warehousing, international multimodal transport, and engineering logistics [2] - The establishment of this company leverages the group's global shipping network and digital platform, along with the European company's comprehensive management capabilities [2] Summary by Categories - **Company Formation** - COSCO Shipping (Central Asia) Co., Ltd. was officially launched in Almaty, Kazakhstan, with key representatives from COSCO Shipping and local partners in attendance [2] - **Strategic Objectives** - The company aims to enhance end-to-end logistics service capabilities across the Eurasian continent by establishing a new logistics channel [2] - **Core Business Focus** - The core business areas include container yards, warehousing services, international multimodal transport, and engineering logistics [2]