一、董事会会议召开情况 中远海运控股股份有限公司（以下简称"中远海控"、"公司"）第七届董 事会第二十五次会议（以下简称"本次会议"）于2026年1月13日以现场及视频 会议形式在上海市浦东新区滨江大道5299号会议室召开。会议通知和议案材料等 已按《公司章程》规定及时送达各位董事审阅。应出席会议的董事8人，实际出 席会议的董事8人，其中独立董事3人，公司部分高级管理人员列席了本次会议。 会议由张峰副董事长主持。会议的召开符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的有关规定。 二、董事会会议审议情况 证券代码：601919 证券简称：中远海控 公告编号：2026-004 中远海运控股股份有限公司 第七届董事会第二十五次会议决议公告 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。 经与会董事认真审议投票表决通过了如下议案： （一）审议批准了关于中远海控附属公司订造12艘18000TEU型LNG双燃料动 力新船项目的议案 表决结果：同意 8 票，反对 0 票，弃权 0 票。 详见《关于订造十二艘 18000TEU ...

每经AI快讯，中远海控1月13日晚间发布公告称，公司第七届第二十五次董事会会议于2026年1月13日 在上海市浦东新区滨江大道5299号会议室召开。会议审议了《关于中远海控附属公司订造12艘 18000TEU型LNG双燃料动力新船项目的议案》等文件。 （记者 曾健辉） 每经头条（nbdtoutiao）——"春节也要加班，抢在4月1日前交货"！有光伏企业在抢出口，也有企业很 纠结：白银等原材料成本激增，决策困难 ...

Group 1 - The company announced that its wholly-owned subsidiary, COSCO Asset, signed a total of twelve shipbuilding agreements with Jiangnan Shipyard and China Shipbuilding Trading to order twelve 18,000 TEU LNG dual-fuel container ships, with a contract price of 1.399 billion yuan per ship, totaling 16.788 billion yuan for the entire transaction [2] - The newly ordered ships are planned to be deployed on major east-west trade routes to enhance service quality on these routes [2] - Additionally, COSCO Asset signed six shipbuilding agreements with Zhoushan Shipbuilding to order six 3,000 TEU container ships, with a total price of 1.98 billion yuan, which will be used for international regional feeder operations to provide stable capacity support for related routes [2]

Core Viewpoint - The company has signed contracts for the construction of six 3,000 TEU container ships with Zhoushan Shipbuilding, totaling a contract value of RMB 1.98 billion [1] Group 1: Transaction Details - The contracts involve the construction of six vessels at a price of RMB 330 million each [1] - The total transaction value amounts to RMB 1.98 billion [1] - This transaction is classified as a related party transaction and has been approved by the company's board of directors without the need for shareholder approval [1] Group 2: Regulatory Compliance - The transaction does not constitute a major asset restructuring as defined by the "Measures for the Administration of Major Asset Restructuring of Listed Companies" [1]

Investment Rating - The report maintains an "Overweight" rating for the transportation industry, indicating a positive outlook for the sector's performance relative to the overall market [12]. Core Insights - The shipping market is expected to see significant growth in Q4 2025, driven by strong VLCC freight rates and structural changes in trade dynamics, including new refinery capacities and geopolitical shifts [4]. - The aviation sector is projected to enter a golden era, with passenger transport expected to reach 770 million in 2025, marking a 5.5% increase from 2024 and a 16.7% increase from 2019 [4]. - The report highlights a shift in the shipping industry from supply-driven to demand-driven dynamics, particularly in shipbuilding, as older vessels are replaced [4]. - The logistics and freight forwarding sectors are facing challenges due to trade tensions, impacting profit margins and demand [4]. Summary by Sections Shipping - Q4 2025 VLCC freight rates are expected to average around $95,500 per day, with a projected demand increase of 1.7% from new refinery capacities and a 2.1% increase from compliance changes in Venezuelan oil [4]. - The dry bulk market is also showing strong performance, with Cape-sized vessel rates expected to rise by 20% to $27,600 per day [4]. - The report estimates that COSCO Shipping Energy's Q4 earnings will be approximately 1.9 billion RMB, while China Merchants Energy's will be around 2.9 billion RMB [4]. Shipbuilding - The shipbuilding sector is experiencing a tight supply-demand balance, with second-hand ship prices rising for 11 consecutive months, indicating a positive outlook for the industry [4]. Freight Forwarding - The freight forwarding sector is facing profit margin compression due to trade frictions, with the CCFI index expected to decline by 26% in Q4 2025 [4]. Aviation - The Chinese aviation market is expected to achieve a profit of 6.5 billion RMB in 2025, with major airlines like China Eastern Airlines anticipated to see significant performance improvements [4]. - The report emphasizes the importance of international routes as passenger volumes are expected to grow, driven by a recovery in outbound travel [4]. Express Delivery - The express delivery sector is projected to see a 5% year-on-year growth in Q4, driven by price increases and seasonal demand, despite challenges from trade policies [4]. Road and Rail - The report notes a slowdown in highway traffic growth, while rail passenger and freight volumes continue to increase, with recommendations for specific companies in the sector [4].

Group 1 - The core viewpoint of the article highlights the annual market value changes of shipping, port, and shipbuilding companies in China, revealing that the overall performance of the shipping industry was weaker than the market average in 2025 [1][5] - As of December 31, 2025, the total market value of stocks in the Shanghai, Shenzhen, and Beijing markets was approximately 118.88 trillion yuan, a year-on-year increase of 26.99%. In contrast, the total market value of 73 listed Chinese shipping companies was about 2.16 trillion yuan, reflecting a year-on-year growth of 8.68% [5][6] - The China Maritime Enterprises Index (CMEI) closed at 1944.75 points, up 1.34% year-on-year, with the China Shipping Enterprises Index (CSII) rising 2.44%, while the China Port Enterprises Index (CPII) fell by 1.87% [5][6] Group 2 - The largest listed company in the Chinese shipping sector is China Shipbuilding, with a total market value of 250.31 billion yuan, followed by COSCO Shipping Holdings at 227.19 billion yuan, and Shanghai International Port Group at 126.18 billion yuan [2][6] - The market performance of shipping companies is closely linked to their industry fundamentals, with varying market conditions across different shipping segments in 2025. Container shipping showed resilience, while bulk shipping attracted capital for smaller vessels, and oil transportation outperformed in terms of market value [2][6] - The valuation logic in the capital market is shifting towards "value investing," with factors such as stable profitability, cost control, dividend policies, and green transformation strategies becoming core influences on market value [2][6]

Core Viewpoint - The report highlights a significant outflow of main capital from various stocks in the Shanghai and Shenzhen markets, with 387 stocks experiencing net outflows for five consecutive days or more, indicating potential investment risks in these companies [1][2][3][4]. Group 1: Main Capital Outflow Statistics - The stock with the longest continuous net outflow is Dameng Data, with 23 days of outflows [1]. - Daqin Railway follows with 20 days of net outflows, totaling 2.711 billion yuan [1]. - The total net outflow for Daqin Railway over 20 days is the highest at 2.711 billion yuan, while Xiechuang Data has a net outflow of 1.914 billion yuan over five days [1][2]. Group 2: Stocks with Significant Outflows - The top stocks by net outflow duration include: - Daqin Railway: 20 days, 2.711 billion yuan, 18.68% of trading volume, -6.22% cumulative change [1]. - Dameng Data: 23 days, 0.503 billion yuan, 7.58% of trading volume, 14.15% cumulative change [2]. - Haima Automobile: 12 days, 1.626 billion yuan, 8.26% of trading volume, -18.59% cumulative change [1]. Group 3: Other Notable Stocks - Other stocks with notable outflows include: - Wuzhou Xinchun: 5 days, 1.574 billion yuan, 5.24% of trading volume, 11.62% cumulative change [1]. - Dongshan Precision: 6 days, 1.512 billion yuan, 6.91% of trading volume, -6.80% cumulative change [1]. - Shengtai Electronics: 10 days, 1.377 billion yuan, 8.47% of trading volume, -8.71% cumulative change [1].

Core Viewpoint - The A-share market in 2025 shows a positive trend, with the Shanghai Composite Index returning to 4000 points and nearly 80% of listed companies experiencing stock price increases, supported by significant capital repurchases and increases by industry players [1][2] Group 1: Market Performance - In 2025, the total transaction volume of the A-share market reached a historic record of 420 trillion yuan [1] - A total of 1494 listed companies implemented share repurchases, with a total amount of 142.736 billion yuan [1] - 534 companies announced shareholding increases, with a maximum proposed increase amount of 83.922 billion yuan [1] Group 2: Capital Support - The trend of repurchases and increases is supported by a special loan program, with 522 companies or their shareholders disclosing repurchase and increase loan situations, amounting to a maximum of 111.165 billion yuan [1] - As of January 8, 2026, the number of disclosed repurchase and increase loans reached 789, with a total maximum loan amount of 160.62 billion yuan [1] Group 3: Leading Companies - In 2025, 293 companies repurchased over 100 million yuan, with 15 companies repurchasing over 1 billion yuan, and one company exceeding 10 billion yuan [3] - Midea Group led with a total repurchase amount of 11.545 billion yuan, being the only company to exceed 10 billion yuan in repurchases for the year [3] - Guizhou Moutai repurchased a total of 6 billion yuan in 2025, marking its first-ever cancellation-style repurchase since its listing [4] Group 4: Loan Policy Changes - The People's Bank of China optimized the stock repurchase and increase loan policy, reducing the self-funding ratio requirement from 30% to 10% and extending the maximum loan term from 1 year to 3 years [6] - The total quota for the combined tools of 500 billion yuan for securities, funds, and insurance companies and 300 billion yuan for stock repurchase and increase loans was raised to 800 billion yuan [6] Group 5: Economic Impact - The stock repurchase and increase loans provide low-cost funding for companies, facilitating effective market value management and enhancing investor confidence [7] - Recommendations for future loan programs include expanding coverage to more quality enterprises and optimizing pricing mechanisms [7]

Core Viewpoint - China COSCO Shipping Group is expanding its logistics operations in Germany by planning to acquire 80% of the logistics company Konrad Zippel through its newly established Dutch subsidiary, Goldlead Supply Chain Development (Europe) B.V. [1][11] Group 1: Acquisition Details - The acquisition has been submitted for approval to the German Federal Cartel Office [2][12] - Goldlead is a wholly-owned platform company established by COSCO to advance its terminal and hinterland business in Europe [2][12] - COSCO has been involved in the operation of the Hamburg Container Terminal Tollerort (CTT) for several years, holding a 24.99% stake in the terminal [2][12] Group 2: Company Background - Konrad Zippel is a core operating entity under the Zippel Group, which has diverse business segments including Z-Liner Road, Z-Liner Rail, and Zippel Logistik [2][12] - Zippel Group was established in 1876 and has an annual revenue of approximately €75 million (about 600 million RMB) [5][15] - The company specializes in container transportation between Hamburg port and other locations via road, rail, and inland waterways [5][15] Group 3: Strategic Importance - The acquisition is part of COSCO's strategy to enhance its control over container hinterland logistics, which is drawing significant attention in Germany, particularly in Hamburg [6][18] - COSCO's strategy in European ports involves a differentiated approach, including full control of selected hub ports, strategic minority stakes in politically or commercially restricted ports, and establishing purely commercial partnerships without equity involvement [8][18] - The acquisition aligns with COSCO's long-term plan to expand its intermodal transport business, particularly through rail networks connecting Central and Western Europe [6][16]

Group 1 - The report highlights a significant increase in stock buybacks and dividend commitments among listed companies, with A-share buyback amounts rising by 97% and buyback proposals increasing by 50% in December 2025 compared to November 2025 [5][10]. - In December 2025, the total amount of buyback transactions in A-shares reached approximately 232.6 billion, with 88 transactions recorded, marking a substantial increase from the previous month [10][11]. - The report identifies the top three companies with the largest proposed buyback amounts: China Metallurgical Group, ZTE Corporation, and Zhongju Hi-Tech, with proposed amounts of 10-20 billion, 10-12 billion, and 3-6 billion respectively [10][11]. Group 2 - The report notes that the total amount of buyback and increase loans applied for in December 2025 was approximately 1604.5 billion, with 788 transactions recorded, indicating a structural preference for buybacks over increases [8][9]. - The A-share market saw a 58% increase in actual buybacks by controlling shareholders in December 2025, with a total of 38.9 billion in buybacks, although the number of new buyback proposals dropped significantly by 82% [17]. - The report also provides insights into the Hong Kong stock market, where buyback amounts reached approximately 219.3 billion HKD in December 2025, a rise of 87% from the previous month, driven by stock price corrections [23][24]. Group 3 - The report emphasizes the importance of dividend commitments as a key component of shareholder returns, tracking new dividend commitments from listed companies, with notable companies listed for December 2025 [30][31]. - The report suggests a focus on companies with significant buyback and increase announcements, providing a list of companies for investor reference based on their fundamentals and current valuations [27][28].