Core Viewpoint - The company held its third extraordinary general meeting of shareholders on November 12, 2025, where it approved the use of reserve funds to cover losses and signed a financial services agreement with China Merchants International Financial Co., Ltd [2][4][9]. Group 1: Meeting Details - The extraordinary general meeting was held on November 12, 2025, at the company's headquarters in Nanjing [2]. - The meeting was conducted in accordance with the Company Law and the company's articles of association, combining in-person attendance and online voting [2][3]. - Six out of nine directors attended the meeting, with the chairman and two other directors absent due to work commitments [3]. Group 2: Resolutions Passed - The first resolution approved the use of reserve funds to cover losses, which was passed by a majority of the voting rights held by attending shareholders [4][5]. - The second resolution involved signing a financial services agreement with China Merchants International Financial Co., Ltd, which was also approved [4][5]. Group 3: Financial Information - As of December 31, 2024, the company reported an accumulated loss of approximately 1.57 billion yuan, with a surplus reserve of about 3.19 million yuan and a capital reserve of approximately 4.28 billion yuan [9]. - The company plans to use 3.19 million yuan from the surplus reserve and approximately 1.57 billion yuan from the capital reserve to cover the accumulated losses [9]. Group 4: Legal Compliance - The meeting was witnessed by lawyers from Shanghai Hai Fu Law Firm, confirming that the meeting's procedures complied with legal and regulatory requirements [6].

Core Viewpoint - The company, China Merchants Jinling Shipping Company, held its third extraordinary general meeting on November 12, 2025, where it approved two key resolutions regarding the use of reserve funds to cover losses and a financial service agreement with China Merchants International Financial Co., Ltd [2][4]. Trading Information Summary - As of November 12, 2025, the stock price of China Merchants Jinling Shipping Company closed at 3.3 yuan, with an increase of 0.92%. The turnover rate was 2.67%, with a trading volume of 1.28 million shares and a total transaction value of 420 million yuan [1]. - On the same day, the net inflow of main funds was 17.88 million yuan, accounting for 4.26% of the total transaction value. In contrast, retail investors experienced a net outflow of 9.26 million yuan, representing 2.21% of the total transaction value [1][4]. Company Announcement Summary - The third extraordinary general meeting of China Merchants Jinling Shipping Company was legally convened, with 1,045 shareholders and proxies present, representing 36.7547% of the voting rights [2]. - The meeting approved the proposal to use reserve funds to cover losses, utilizing 3,193,890.66 yuan from surplus reserves and 1,570,911,748.21 yuan from capital reserves to offset cumulative losses as of December 31, 2024 [3]. - The second proposal regarding the signing of a financial service agreement with China Merchants International Financial Co., Ltd. was also approved, although the related shareholder, China Yangtze Shipping Group Co., Ltd., did not participate in the voting [2].

1 证券代码：601975 证券简称：招商南油 公告编号：临 2025-040 招商局南京油运股份有限公司 关于使用公积金弥补亏损通知债权人的公告 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。 一、通知债权人的原由 招商局南京油运股份有限公司（以下称"公司"）于 2025 年 10 月 24 日召开 第十一届董事会第十四次会议、于 11 月 12 日召开 2025 年第三次临时股东会， 分别审议通过了《关于使用公积金弥补亏损的议案》。具体内容详见公司于 2025 年 10 月 28 日在《上海证券报》《中国证券报》《证券时报》及上海证券交易所网 站（www.sse.com.cn）披露的《招商南油关于使用公积金弥补亏损的公告》（临 2025-034）。 根据毕马威华振会计师事务所（特殊普通合伙）出具的审计报告，截至 2024 年 12 月 31 日，招商南油母公司未分配利润-1,574,105,638.87 元、盈余公积 3,193,890.66 元、资本公积 4,281,222,452.10 元。根据《公司法》、财政部《关 ...

上海海复律师事务所 关于招商局南京油运股份有限公司 2025 年第三次临时股东会法律意见书 致：招商局南京油运股份有限公司 根据《中华人民共和国证券法》、《中华人民共和国公司法》以及中国证券监 督管理委员会的相关规定，本所接受贵公司的聘请，指派张伶轶、赵一帆律师出 席招商局南京油运股份有限公司（以下简称"公司"）2025 年第三次临时股东会， 并就公司本次股东会出具法律意见书。为出具本法律意见书，本所律师出席了公 司 2025 年第三次临时股东会，并审查了公司提供的有关文件。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对公司 2025 年第三次临时股东会的召集及召开的相关法律问题提供如下意见： 一、本次股东会的召集、召开程序 1. 公司于 2025 年 10 月 28 日在中国证券报、上海证券报、证券时报和上海 证券交易所网站(http://www.sse.com.cn/)上发布了《招商局南京油运股份有限 公司关于召开 2025 年第三次临时股东会的通知》，将公司 2025 年第三次临时股 东会的通知的召开方式、会议时间、地点、内容和程序予以公告、通知。 2. 公司 2025 年第三次临时股 ...

证券代码：601975 证券简称：招商南油 公告编号：2025-039 招商局南京油运股份有限公司 2025年第三次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 11 月 12 日 (二)股东会召开的地点：南京市中山北路 324 号油运大厦 16 楼会议室 (一)非累积投票议案 1、 议案名称：关于使用公积金弥补亏损的议案 审议结果：通过 表决情况： (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,045 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,764,909,322 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 36.7547 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 会议由公司董事会召集，采用 ...

Core Insights - The shipping and port sector experienced a slight decline of 0.09% on November 11, with Hainan Airlines leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance Summary - Hainan Technology (600751) saw an increase of 3.06% with a closing price of 5.05 and a trading volume of 2.71 million shares, totaling 1.393 billion yuan [1] - An Tong Holdings (600179) rose by 1.33% to 4.58, with a trading volume of 1.4718 million shares and a total transaction value of 687 million yuan [1] - China Ocean Shipping (601975) increased by 0.93% to 3.27, with a trading volume of 973,000 shares and a transaction value of 318 million yuan [1] - The biggest decline was seen in Haixia Co. (002320), which fell by 5.89% to 13.74, with a trading volume of 1.0327 million shares and a transaction value of 1.435 billion yuan [2] - Nanjing Port (002040) decreased by 2.32% to 10.97, with a trading volume of 218,700 shares and a transaction value of 241 million yuan [2] Capital Flow Analysis - The shipping and port sector experienced a net outflow of 622 million yuan from main funds, while retail investors contributed a net inflow of 617 million yuan [2]

Investment Rating - The report maintains a "Recommendation" rating for the transportation industry [3] Core Insights - The transportation industry is experiencing a recovery, with various segments showing potential for growth, particularly in shipping, infrastructure, aviation, and express delivery [7][19][22][20] Shipping - The shipping sector is seeing mixed price movements, with the SCFI for the US East route down 17.2% and the Southeast Asia route up 6.4% [11] - The report highlights the importance of monitoring the price increases in container shipping and the potential recovery in oil tanker rates due to improved US-China trade relations [16][12] Infrastructure - Key metrics indicate a decline in truck traffic and railway cargo, while port throughput has increased significantly, suggesting a shift in market dynamics [17][18] - The report emphasizes the potential for dividend stocks in the infrastructure sector, particularly in ports, which are currently undervalued [19] Aviation - The aviation sector shows a positive trend with a 7.2% year-on-year increase in passenger volume, driven by improved demand and a low base effect [22] - The report suggests that the industry is poised for profitability in 2026, with a focus on valuation recovery and potential investment opportunities in major airlines [22] Express Delivery - The express delivery sector is benefiting from a reduction in price competition, with a notable increase in business volume and revenue [20] - The report indicates that the "anti-involution" policies are helping to stabilize prices and improve profitability in the sector [20] Logistics - The logistics segment is experiencing stable performance, with cross-border air freight prices showing a week-on-week increase [23] - The report notes the importance of monitoring the daily traffic at key ports and the implications for logistics operations [23]

Group 1 - The core viewpoint indicates that the National Petroleum and Natural Gas Index (399439) has shown a positive trend, with a 0.53% increase, and several component stocks have also risen significantly, such as Lanstone Heavy Industry (603169) up by 10.05% [1] - Engie CEO's statement highlights that European gas power plants are increasingly utilized to compensate for renewable energy supply gaps, with the load factor reaching 20% this year compared to 15% last year [1] - Dongwu Securities projects a favorable outlook for 2025, citing supply easing, cost optimization for gas companies, and a continued adjustment of pricing mechanisms alongside increasing demand [1] Group 2 - As of October 31, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index (399439) include major companies such as China National Petroleum (601857) and China Petroleum & Chemical (600028), collectively accounting for 65.09% of the index [2] - The Oil and Gas ETF (159697) closely tracks the National Petroleum and Natural Gas Index, reflecting the price changes of publicly listed companies in the oil and gas sector [1][3]

Core Viewpoint - The company, China Merchants Jinling, confirmed that any share reduction by its shareholder, China Construction Bank Jiangsu Branch, is a decision made autonomously while adhering to relevant laws and regulations, and the company's production and operational status remains normal [2] Group 1 - The company responded to investor inquiries regarding potential share reduction by a major shareholder [2] - The company emphasized that its current production and operational conditions are stable [2]

Core Viewpoint - The stock of China Merchants Nanjing Tanker Corporation (招商南油) has experienced fluctuations, with a recent decline of 2.15% on November 4, 2023, reflecting a total market capitalization of 15.27 billion yuan [1]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 4.268 billion yuan, representing a year-on-year decrease of 14.77%. The net profit attributable to shareholders was 947 million yuan, down 42.81% compared to the previous year [2]. - Year-to-date, the stock price has increased by 1.60%, with a 0.63% decline over the last five trading days, a 4.26% increase over the last 20 days, and an 11.97% increase over the last 60 days [1]. Shareholder Information - As of October 31, 2025, the number of shareholders decreased by 4.83% to 121,500, while the average circulating shares per person increased by 5.08% to 39,508 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 84.7742 million shares, an increase of 20.639 million shares from the previous period [2]. Business Overview - The company, established in September 1993 and listed in January 2019, primarily engages in coastal and international oil transportation. Its revenue composition includes 57.92% from refined oil transport, 28.82% from crude oil transport, 7.20% from chemical transport, and smaller percentages from other services [2]. - The company operates within the transportation industry, specifically in the shipping sector, and is associated with concepts such as low pricing, port transportation, state-owned enterprise reform, and the Belt and Road Initiative [2].