证券代码：601975 证券简称：招商南油 公告编号：2025-032 招商局南京油运股份有限公司 关于股份回购进展公告 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： | 回购方案首次披露日 | 2025/8/25 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 9 9 月 8 日 | 9 | 月 | 日~2026 | 年 | | 预计回购金额 | 25,000万元~40,000万元 | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | | | | | □用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 75,037,600股 | | | | | | 累计已回购股数占总股本比例 | 1.56% | | | | | | 累计已回购金额 | 250,043,007.43元 | | | | | | 实际回购价格区间 | ...

招商局南京油运股份有限公司发布股份回购进展公告。该公司于2025年8月22日、9月9日分别经董事会 和临时股东会审议通过回购议案，自9月9日起12个月内，以不超4.32元/股价格回购，拟动用资金2.5亿 - 4亿元用于减少注册资本。截至9月底，公司已累计回购75,037,600股，占总股本1.56%，支付金额 250,043,007.43元，回购价格区间为3.27 - 3.38元/股。公司将依规择机回购并及时披露信息，提醒投资者 注意风险。 ...

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]

Group 1: Oil Shipping - The fourth quarter is a traditional peak season for oil shipping, with freight rates expected to rise starting in October [2][3] - Current freight rates reflect tight supply levels, and the demand for oil products in the Northern Hemisphere winter typically lasts for three months [1][2] - OPEC+ is expected to continue small production increases in October, contributing to sustained demand for shipping [1][2] Group 2: Near Coastal and Domestic Shipping - After the National Day holiday, freight rates for near coastal and domestic shipping are anticipated to gradually increase [3] - The near coastal shipping market has improved supply-demand dynamics this year, with no new supply of small vessels and aging fleets causing efficiency losses [3] - Increased cargo volumes between Southeast Asia and China, Japan, and South Korea are expected to support demand growth [3] Group 3: Dry Bulk Shipping - Historical data suggests that the BDI index typically rises in September and early October due to increased demand for grain shipments [4] - The post-holiday rush effect is likely to drive freight rates up after the National Day holiday, although rates may decline after the peak grain shipping period [4] - Winter energy demand is expected to boost transportation needs for coal and iron ore, leading to a potential rise in freight rates in late November [4] Group 4: Investment Opportunities - The company sees potential investment opportunities in the shipping sector due to ongoing supply tightness and marginal demand improvements [5] - Specific companies highlighted for potential growth include COSCO Shipping Energy (600026), China Merchants Energy Shipping (601872), China Merchants Jinling Shipyard (601975), Seaspan Corporation (01308), and Zhonggu Logistics (603565) [5]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry is experiencing resilient demand, with a shift towards "quality over quantity" leading to price increases, which will enhance corporate profitability. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost reduction [4][13] - The shipping sector is anticipated to benefit from the OPEC+ production cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market expected in Q4 2025 [13] - The aviation industry is projected to see long-term demand growth due to macroeconomic recovery, with short-term ticket booking data indicating a rebound [13] Summary by Sections Express Delivery - The express delivery sector is witnessing a significant price increase, with over 90% of regions in China experiencing price hikes, which is expected to improve profitability for companies [4] - Key companies to watch include YTO Express, Shentong Express, Zhongtong Express, and SF Express, all of which are positioned to benefit from the industry's positive trends [13] Shipping and Shipbuilding - The shipping sector is expected to see a cyclical recovery, particularly in oil transportation due to OPEC+ production increases and geopolitical uncertainties enhancing VLCC rate elasticity [13] - The shipbuilding market is in a green transition phase, with new orders expected to improve as market conditions stabilize [13] Aviation - The aviation sector is experiencing low supply growth with increasing demand, leading to a favorable long-term outlook. Companies like China Southern Airlines and Air China are highlighted for their potential [13][14] Logistics and Ports - The logistics sector is seeing a positive trend with companies like Shenzhen International and Debon Logistics expected to benefit from improved competition and operational efficiencies [13] - Port operations are stable, with a focus on cash flow and growth potential in hub ports like China Merchants Port and Qingdao Port [13]

智通财经APP获悉，中金发布研报称，8月下旬以来，油运运价持续上行，一方面因中东货盘增加，另 外美洲货盘增加进一步带动中东区域运力紧张。供给端看，当前运价已经反映油运船舶紧张，中东地区 船货比近期达到历史低位，而考虑到已定载船舶短期内无法返回，后续船舶供给或更加紧张；需求端 看，中东用油旺季已过，OPEC+增产对于出口的传导仍会持续，且十月份OPEC+仍有小幅增产，而参 考历史年份运价表现，北半球冬季对油品需求往往持续三个月，因此后续旺季带来的货盘需求有望持续 或增加。 风险因素 向后看，四季度旺季有望延续当前景气行情：1)供给端看，当前运价已经反映油运船舶紧张，中东地区 船货比近期达到历史低位，而考虑到已定载船舶短期内无法返回，后续船舶供给或更加紧张；2)需求端 看，中东用油旺季已过，OPEC+增产对于出口的传导仍会持续，且十月份OPEC+仍有小幅增产，而参 考历史年份运价表现，北半球冬季对油品需求往往持续三个月，因此后续旺季带来的货盘需求有望持续 或增加。 持续的黑船制裁是油运供需改善的长期推动因素 中金认为，制裁对于油运影响并非一蹴而就，而是风险收益比降低后逐步体现的结果，今年美国对于俄 罗斯、伊朗原油 ...

Market Performance - The shipping and port sector increased by 0.67% on September 24, with Nanjing Port leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Nanjing Port (002040) saw a significant rise of 10.01%, closing at 11.98 with a trading volume of 437,200 shares and a turnover of 506 million yuan [1] - Other notable performers included: - China Merchants Heavy Industry (601872) up 2.87% to 8.96 with a turnover of 934 million yuan [1] - HNA Technology (600751) up 1.94% to 4.74 with a turnover of 238 million yuan [1] - COSCO Shipping Energy (600026) up 1.49% to 12.27 with a turnover of 654 million yuan [1] Declining Stocks - Ningbo Port (601018) decreased by 2.36% to 3.73 with a trading volume of 2,439,400 shares and a turnover of 909 million yuan [2] - Other declining stocks included: - Ningbo Ocean Shipping (601022) down 2.24% to 10.91 [2] - COSCO Shipping Specialized (600428) down 1.05% to 6.62 [2] Capital Flow Analysis - The shipping and port sector experienced a net outflow of 187 million yuan from main funds, while retail investors saw a net inflow of 105 million yuan [2] - Notable capital flows included: - China Merchants Heavy Industry (601872) had a main fund net inflow of 11.3 million yuan [3] - Nanjing Port (002040) saw a main fund net inflow of 31.56 million yuan [3] - COSCO Shipping Energy (600026) had a main fund net inflow of 39.95 million yuan [3]

证券代码：601975 证券简称：招商南油 公告编号：临2025-030 招商局南京油运股份有限公司 第十一届董事会第十三次会议决议公告 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。 一、董事会会议召开情况 公司于2025年9月18日以电子邮件的方式发出召开第十一届董事会第十三次会议的通知，会议于2025年9 月23日以通讯表决的方式召开。会议应参与表决董事9人，实际参与表决董事9人。会议由董事长丁磊先 生主持。本次会议的召开符合《公司法》和《公司章程》的规定，会议决议合法、有效。 二、董事会会议审议情况 会议表决通过了如下决议： （一）通过《关于新建两艘6.5万吨级PANAMAX油轮的议案》 为优化公司原油船队运力结构，改善船队运营能力，提升公司原油运输市场竞争力，进一步增强公司可 持续发展能力，公司董事会同意投资不超过97,606万元人民币（含税），在非关联方大连船舶重工集团 有限公司新建两艘6.5万吨级PANAMAX油轮。新船为新一代小巴拿马船型，满足IMO Tier III排放标 准，采用甲醇双燃料预留设计，并新增艏 ...

每经AI快讯，招商南油9月23日晚间发布公告称，公司第十一届第十三次董事会会议于2025年9月23日 以通讯表决的方式召开。会议审议了《关于新建两艘6.5万吨级PANAMAX油轮的议案》等文件。 每经头条（nbdtoutiao）——报价太低遭严防，投标企业还得"解释清楚"，一场国家组织的大型采购， 为何引发全行业关注 （记者 张明双） ...

证券代码：601975 证券简称：招商南油 公告编号：临 2025-030 招商局南京油运股份有限公司 （一）通过《关于新建两艘 6.5 万吨级 PANAMAX 油轮的议案》 为优化公司原油船队运力结构，改善船队运营能力，提升公司原油运输市场 竞争力，进一步增强公司可持续发展能力，公司董事会同意投资不超过 97,606 万元人民币（含税），在非关联方大连船舶重工集团有限公司新建两艘 6.5 万吨 级 PANAMAX 油轮。新船为新一代小巴拿马船型，满足 IMO Tier III 排放标准， 采用甲醇双燃料预留设计，并新增艏装载系统。上述两艘船舶预计 2028 年下半 年交付。 第十一届董事会第十三次会议决议公告 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。 一、董事会会议召开情况 公司于 2025 年 9 月 18 日以电子邮件的方式发出召开第十一届董事会第十三 次会议的通知，会议于 2025 年 9 月 23 日以通讯表决的方式召开。会议应参与表 决董事 9 人，实际参与表决董事 9 人。会议由董事长丁磊先生主持。本次会议 ...