Core Viewpoint - The company, COSCO Shipping Holdings, announced a share buyback of 730,000 shares on March 23, 2026, representing 0.0265% of the existing issued shares prior to the event [1] Group 1: Share Buyback Details - The buyback price ranged from 14.83 HKD to 15.14 HKD per share [1] - The total amount paid for the buyback was 10,940,065 HKD, approximately 10.94 million HKD [1] - The company received authorization on May 28, 2025, to repurchase a total of 287,981,950 shares [1] Group 2: Future Actions - Following this buyback, the company will temporarily halt the issuance of new shares or the sale of treasury shares until April 22, 2026 [1]

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 year-end 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 container volume of 27.43 million TEUs, representing a year-on-year increase of 5.8% [2]. - Freight rates for major routes saw significant declines: Trans-Pacific rates dropped by 17.8%, European rates by 22.7%, and intra-Asia rates by 3.5% [2]. Market Outlook - The escalation of the Middle East situation has increased risks in the Red Sea and surrounding areas, leading to longer shipping routes and decreased vessel turnover efficiency [3]. - As of March 20, 2026, the Shanghai Containerized Freight Index (SCFI) and other indices have shown increases of 28.0% and 7.3% respectively compared to February 27, 2026, indicating a potential recovery in freight rates [3]. Supply and Demand Dynamics - Global new ship supply is expected to grow by 3.8% in 2026, with the effective capacity potentially tightening due to the current geopolitical situation, which may support freight rate increases [4]. - The report anticipates a rebound in freight rates for Middle East, India-Pakistan, and European routes, with a chain reaction expected across other global routes [5]. Earnings Forecast - The net profit forecast for 2026 has been raised by 85% to RMB 28.87 billion, with 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 a valuation premium due to current market conditions [5].

格隆汇3月23日丨中远海控(01919.HK)发布公告，2025年3月23日耗资1094万港元回购73万股，回购价格 每股14.83-15.14港元。 ...

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 ...

Core Viewpoint - The current situation in the Middle East is highly uncertain, which may impact the operations of China Merchants Energy Shipping Company (中远海控) if disruptions persist [1] Group 1: Company Insights - China Merchants Energy Shipping Company's management indicated that while the spillover effects are currently limited, prolonged disruptions could exacerbate the situation [1] - The company sources most of its fuel from the spot market and anticipates an increase in fuel costs by $10 per ton, which will cumulatively add $78 million to expenses [1] - The company is negotiating fuel surcharges with clients to mitigate the impact of rising fuel costs [1] Group 2: Financial Forecasts - Daiwa has revised the company's earnings forecast for 2026 to 2027 down by 2% to 13% [1] - The target price for the company has been raised from HKD 14 to HKD 15, while maintaining a "Hold" rating [1]

智通财经APP获悉，美银证券发布研报称，维持中远海控(01919)"跑输大市"评级，目标价由原来基于 0.65倍市账率上调至0.75倍;目标价仍维持于13.5港元不变。美银证券轻微调整中远海控2026至2028年每 股盈利预测，上调幅度少于1%，以反映2025年下半年业绩。另对2026年净利润的预测为170亿元人民 币。 报告中称，中远海控2025年下半年业绩略逊预期，第四季实现运价及终端利润表现较弱，但股东回报策 略未变，公司宣派末期息，派息比率为50%。该行表示，霍尔木兹海峡为前景增添不确定性，但认为相 关干扰的影响远细于红海事件，而中远海控目前估值已接近红海事件高峰时的0.9倍市账率。 ...

报告中称，中远海控2025年下半年业绩略逊预期，第四季实现运价及终端利润表现较弱，但股东回报策 略未变，公司宣派末期息，派息比率为50%。该行表示，霍尔木兹海峡为前景增添不确定性，但认为相 关干扰的影响远细于红海事件，而中远海控目前估值已接近红海事件高峰时的0.9倍市账率。 智通财经APP获悉，美银证券发布研报称，维持中远海控(01919)"跑输大市"评级，目标价由原来基于 0.65倍市账率上调至0.75倍;目标价仍维持于13.5港元不变。美银证券轻微调整中远海控2026至2028年每 股盈利预测，上调幅度少于1%，以反映2025年下半年业绩。另对2026年净利润的预测为170亿元人民 币。 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The geopolitical sentiment remains the dominant factor, and the spot exposure of the PA alliance has become a focus. The freight rates of the European container shipping line are expected to enter a wide - range oscillation pattern after a geopolitical impulse upward movement. The operation should adopt an interval oscillation approach, focusing on the core fluctuation range of 1900 - 2100 points, and avoid blind chasing of high prices. [3][4] 3. Summary According to Relevant Catalogs 3.1 Main Viewpoints and Strategy Overview - **Spot Quotations**: In early April, the spot quotations of the European container shipping line were driven by factors such as the cost transmission of the Red Sea detour and the surcharge of fuel surcharges, showing a generally strong trend. The quotations of the four major alliances were significantly differentiated, with the Gemini Alliance leading the increase, the OA Alliance rising steadily, the PA Alliance relatively low, and MSC's independent quotation being strong. [4] - **Political and Economic Factors**: Political and economic factors are bullish. There are multiple geopolitical events, such as Trump's statement about the Strait of Hormuz, reports of oil tanker operators paying for passage rights, and potential military actions and counter - actions in the region. [4] - **Capacity Supply**: The overall supply level shows a monthly upward trend. The supply side needs to focus on two core variables: the redeployment of idle capacity on the Middle East route and the adjustment of route layouts by leading shipping companies under the long - term Red Sea conflict. [4] - **Demand**: The demand for the European container shipping line this week shows a pattern of "rigid demand as the base and structural differentiation". The overall demand is moderately recovering but with limited increments, mainly affected by cargo type structure, regional differences, and geopolitical factors. The supply - demand relationship is in a weak balance. [4] - **Summary and Investment Strategy**: This week, the geopolitical sentiment disturbance and supply - demand game dominate the wide - range oscillation. In the short term, there is no clear unilateral trend. It is recommended to adopt an interval oscillation approach, focus on the 1900 - 2100 point core fluctuation range, and pay attention to the filling progress of the PA alliance, the evolution of the geopolitical situation, and oil price fluctuations. [4] 3.2 Price - The report presents the price trends of various container shipping line indices, including the European line index, the US West line index, and the US East line index, but no specific analysis is provided in the text. [8] 3.3 Static Capacity - **Order Volume**: The report shows the order volume of container ships with different loading capacities over the years, including the proportion of the order book to the fleet for different types of container ships. [11] - **Delivery Volume**: It presents the delivery volume of container ships with different loading capacities over the years, including feeder container ships, intermediate container ships, and large - scale container ships. [14][16] - **Demolition Volume**: The demolition volume of container ships with different loading capacities over the years is shown, including feeder container ships, intermediate container ships, and large - scale container ships. [15][17] - **Future Delivery**: The future delivery volume of container ships with different loading capacities is presented, including the quarterly and annual distribution of future deliveries. [20][22][23] - **Ship - Breaking Price**: The ship - breaking prices of container ships with different loading capacities over the years are shown, as well as the new - building price index and second - hand ship price index. [27][33] - **Existing Capacity**: Information about the existing capacity of container ships is provided, including the total capacity, capacity by loading capacity, the proportion of ships over 25 years old, the idle and retrofit ratio, the average age, and the average age of ship - breaking. [42][45][49] 3.4 Dynamic Capacity - **Ship Schedule**: The report shows the total capacity deployment of container ships from Shanghai to European basic ports, as well as the capacity deployment of different alliances (PA + MSC, GEMINI, OCEAN, MSC) in different weeks. [57][59][61] - **Desulfurization Tower Installation**: Information about the container ships with installed and being - installed desulfurization towers is presented, including the capacity and the number of ships, as well as the average age and duration of desulfurization tower installation and the average speed of container ships. [67][68][71] - **Idle Capacity**: The idle capacity of container ships is shown, including the total idle capacity, idle capacity by loading capacity, and the proportion of idle capacity. [75][76][79]

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The disruption of navigation in the Hormuz Strait has led VLCCs to reroute to the Yanbu Red Sea passage, with West African routes compensating for the export gap [3][12] - The escalation of the Middle East situation has caused tight air cargo capacity between Asia and Europe, with Cathay Pacific canceling flights to Dubai and Riyadh until March 31 and increasing capacity to Europe [3][16] - NVIDIA announced an expansion of its collaboration with Uber and Lyft, launching the Robotaxi plan in multiple U.S. cities starting in 2027, which has positively impacted related stocks [3][25] - WoFei ChangKong held a supply chain conference in Chengdu, unveiling a 10 billion opportunity list and receiving a 10 billion yuan credit support from ICBC [3][27] - The first "road-air integration" automotive test site in China has commenced operations, marking a significant step in low-altitude vehicle testing infrastructure [3][28] Industry Dynamics Shipping and Logistics - The Baltic Air Freight Price Index increased by 2.6% month-on-month but decreased by 0.7% year-on-year [30] - The container shipping price index (SCFI) rose by 29.38% year-on-year, while dry bulk freight rates increased by 25.75% year-on-year [41] - In February 2026, the express delivery volume decreased by 10.90% year-on-year, while revenue remained relatively stable with a slight decrease of 0.01% [53] Investment Recommendations - Focus on opportunities in oil transportation, dry bulk shipping, and container shipping sectors due to the evolving Middle East situation, recommending companies like China Merchants Energy and COSCO Shipping [4][15] - Attention to coal transportation-related stocks such as Daqin Railway and Jiayou International [4] - Investment opportunities in high-speed rail and highways, recommending companies like Beijing-Shanghai High-Speed Railway [4] - Emphasize low-altitude economy and autonomous driving trends, recommending companies like CITIC Offshore Helicopter [4] - Monitor international market expansion opportunities in express logistics, recommending SF Holding and Jitu Express [4]

Group 1: Strategic Development and Fleet Expansion - The company maintains strategic focus amidst the restructuring of the container shipping alliance, promoting significant growth in capacity and green fleet upgrades [1] - By 2025, the company will receive 12 vessels of 16,000 TEU capacity, totaling approximately 200,000 TEU, with a self-operated fleet reaching 3.6 million TEU, maintaining a 75% share of owned and chartered capacity [1] - The company has successfully delivered 3 green methanol vessels and has ordered 14 additional methanol dual-fuel container ships, totaling 42 green vessels in operation and under construction, enhancing core competitiveness [1] Group 2: Global Network and Service Integration - The company actively promotes marine alliance cooperation, leveraging the DAY9 series route products to provide high punctuality and fast delivery services, significantly improving cargo turnover efficiency and reducing logistics costs [2] - The company has established a comprehensive network integrating "hub + channel + network" to support projects like the Hainan Free Trade Port and the New Era Yala Land-Sea New Corridor, enhancing connectivity across regions [2] - Successful operations at the Thailand Laem Chabang and Egypt Sokhna Red Sea ports, along with new establishments in Kazakhstan, Saudi Arabia, and Brazil, indicate deeper participation in emerging markets [2] Group 3: Supply Chain and Product Diversification - The company accelerates the construction of global supply chain resources, enriching the product matrix and building a comprehensive business system covering "full-chain products, sales, operations, and customer service" [3] - The newly launched global trucking products cover 56 countries with nearly 170,000 routes, while global rail products span 26 countries with about 2,000 routes, enhancing service diversity [3] - By 2025, the container shipping segment aims for supply chain revenue of RMB 44.888 billion, a 9.64% increase, with steady growth in digital supply chain product transaction volume [3] Group 4: Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue of RMB 2,195.04 billion, a decrease of 6.14% year-on-year, with a profit attributable to equity holders of RMB 30.86 billion, down 37.24% [4] - Basic earnings per share were RMB 1.99, with a proposed final dividend of RMB 0.44 per share [4]