Core Viewpoint - The company has initiated a share buyback program, purchasing 55 million shares, which represents 1.15% of its total share capital [1] Summary by Relevant Sections Share Buyback Details - The company conducted its first share buyback on September 10, 2025, through centralized bidding [1] - The highest purchase price was 3.37 CNY per share, while the lowest was 3.27 CNY per share [1] - The total amount spent on the buyback was 183 million CNY, excluding transaction fees [1] - The cumulative shares repurchased account for 1.15% of the total share capital [1] - The expected total buyback amount ranges from 250 million CNY to 400 million CNY [1]

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 年第二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 年第二次临时股东会， 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 年第二次临时股东会，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 年第二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 8 月 25 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 年第二次临时股东会的通知》，将公司 2025 年第二次临时股 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 年第二次临时股东 ...

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 09 月 09 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 (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： 证券代码：601975 证券简称：招商南油 公告编号：2025-026 招商局南京油运股份有限公司 2025年第二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。 | 1、出席会议的股东和代理人人数 | 1,387 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,728,562,404 | | 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 | 35.9977 | | 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，采用现场会议和网络投票相结合的方式召开。经推 举，会议由董事简玉金先生主持，符合《公司法》及《公司章 ...

证券代码：601975 证券简称：招商南油 公告编号：2025-027 招商局南京油运股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：不低于人民币 25,000 万元，不超过人民币 40,000 万元。 ● 回购股份资金来源：公司自有资金 ● 回购股份用途：拟用于注销，以减少注册资本。 ● 回购股份价格：本次回购股份的价格不超过人民币 4.32 元/股（含 4.32 元/股）。 ● 回购股份方式：本次回购股份拟采用集中竞价交易方式。 ● 回购股份期限：自股东会审议通过本次回购方案之日起 12 个月内。 ● 相关股东是否存在减持计划：公司董事、高级管理人员、控股股东、实际 控制人在未来 3 个月、未来 6 个月内无减持计划，在回购期间内无增减持计划。 ● 相关风险提示： 1.本次回购存在回购期限内公司股票价格持续超出回购方案价格区间，导致 回购方案无法顺利实施的风险； 2.本次回购方案需征询债权人同意，存在债权人不同意而要求公司提前清 ...

根据《公司法》等相关法律、法规的规定，公司债权人自接到公司通知起 30 日内、未接到通知者自本公告披露之日起 45 日内，均有权凭有效债权文件及 相关凭证要求公司清偿债务或者提供相应担保，逾期未提出权利要求的，不会因 此影响其债权的有效性，相关债务（义务）将由公司根据原债权文件的约定继续 履行。 （一）债权申报所需材料 证券代码：601975 证券简称：招商南油 公告编号：临 2025-028 招商局南京油运股份有限公司 关于回购股份减少注册资本通知债权人的公告 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 9 月 9 日召开 2025 年第二次临时股东会，审议通过了《关于以集中竞价交易方式回购股份的 议案》，同意公司自股东会审议通过回购股份方案之日起 12 个月内，使用自有资 金，采用集中竞价交易方式，以不超过 4.32 元/股的价格回购股份，拟动用资金 总额不低于人民币 25,000 万元，不超过人民币 40,000 万元，本次拟回购的股 ...

机构评级来看，近5日共有1家机构评级买入。预计目标价最高的是国泰海通证券，9月5日国泰海通证券 发布的研报给予公司目标价位3.83元。（数据宝） 招商南油9月8日交易公开信息 招商南油(601975)今日涨停，全天换手率9.21%，成交额14.64亿元，振幅7.69%。龙虎榜数据显示，沪 股通净卖出5373.18万元，营业部席位合计净买入1.55亿元。 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | | | 元） | 元） | | | 国泰海通证券股份有限公司上海松江区中山东路证券营 | 6519.13 | | | | 业部 | | | | 买二 | 海通证券股份有限公司北京中关村南大街证券营业部 | 6192.52 | | | 买三 | 东北证券股份有限公司青岛分公司 | 4947.13 | | | 买四 | 方正证券股份有限公司杭州平澜路证券营业部 | 4693.55 | | | 买五 | 东方证券股份有限公司无锡新生路证券营业部 | 3934.92 | | | 卖一 | 沪股通专用 | | 5373.18 | | 卖 买一 | ...

从资金流向上来看，当日航运港口板块主力资金净流入7.91亿元，游资资金净流出5.15亿元，散户资金净 流出2.75亿元。航运港口板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601975 招商南油 | | 3.17 Z | 21.63% | -1.54 Z | -10.54% | -1.62 Z | -11.10% | | 600026 中远海能 | | 1.85 乙 | 8.22% | -1.99亿 | -8.85% | 1413.56万 | 0.63% | | 601872 招商轮船 | | 1.69 Z | 18.69% | -8027.34万 | -8.90% | -8826.52万 | -9.79% | | 601022 宁波远洋 | | 6540.71万 | 10.47% | -3770.31万 | -6.03% | -2770.40万 | -4.43% | | 600428 ...

Group 1 - Shipping concept stocks showed strong performance in early trading [1] - China Merchants Energy (招商南油) and China Merchants Industry (招商轮船) reached the daily limit up [1] - COSCO Shipping Energy (中远海能) increased by over 8% [1] - COSCO Shipping Special (中远海特) also experienced a rise [1]

Investment Rating - The report maintains a "Buy" recommendation for the oil tanker sector and dry bulk sector, highlighting potential opportunities in both areas [3][24]. Core Insights - The VLCC freight rates have continued to rise, with the Clarkson VLCC-TCE index reaching $56,000 on September 5, marking a week-on-week increase of 34% [1][10]. - The report emphasizes the elasticity of oil tanker rates as the market approaches the peak season, driven by expected OPEC+ production increases and recovering refinery utilization rates [19][20]. - The dry bulk market is anticipated to gradually recover, supported by low supply growth and potential demand increases from upcoming projects and economic factors [23]. Summary by Sections Focus on Oil Tankers and Dry Bulk Opportunities - VLCC freight rates have shown significant increases across various routes, with Middle East to China rates at $58,000/day, up 38% week-on-week [1][10]. - OPEC+ is expected to increase production by approximately 137,000 barrels per day in October, which may contribute to higher freight demand [19]. - Refinery utilization rates have improved, with major refineries operating at 81.59%, a 0.2 percentage point increase from the previous week [19]. Industry Data Tracking - The Baltic Dry Index (BDI) was reported at 1979 points, down 2.3% week-on-week, indicating a mixed performance in the dry bulk sector [23]. - The report notes that the supply side remains constrained, with only 10.4% of dry bulk vessels on order, suggesting limited capacity growth in the coming years [23]. Market Review - The transportation sector experienced a decline of 1.4% in the week, underperforming the CSI 300 index by 0.6 percentage points [64]. - Notable stock performances included significant gains for companies like China Merchants Energy and China Merchants Jinling, while others like Shentong Express saw declines [64]. Investment Recommendations - Continued recommendations for the oil tanker sector include China Merchants Energy, China Merchants Jinling, and China Merchants South Oil [24]. - For the dry bulk sector, recommendations include Haitong Development and China Merchants Jinling, with a suggestion to pay attention to Pacific Shipping [24].

Investment Rating - The report maintains an "Accumulate" rating for the oil transportation industry, particularly for VLCC (Very Large Crude Carrier) market [6]. Core Viewpoints - The VLCC freight rates have been continuously rising since August, driven by OPEC+ production increases and market demand, with rates for the CT1 route increasing from $17,971/day on August 1 to $51,664/day by September 5, and CT2 route rates rising from $26,931/day to $62,949/day in the same period [1][2]. - OPEC+ is expected to continue increasing production, which will likely shift towards exports, positively impacting VLCC demand. The actual production increase from OPEC+ was 427,000 barrels/day in June and 308,000 barrels/day in July, with a forecasted increase in exports as summer demand subsides [2]. - The fourth quarter is anticipated to be a peak season for crude oil demand in the Far East, with historical data showing that Q4 freight rates are generally higher than Q3 rates, except for 2020. The report suggests a high probability of rising freight rates in Q4 2025 due to OPEC+ production and seasonal demand [3]. - Increased sanctions on non-compliant markets by Western countries are expected to benefit compliant VLCC demand in the medium to long term. The report discusses two scenarios regarding sanctions on Iranian oil, indicating that if sanctions are enforced, demand may shift to compliant markets, enhancing VLCC demand [4]. Summary by Sections - **VLCC Freight Rates**: Continuous increase in VLCC freight rates since August due to OPEC+ production and market demand [1]. - **OPEC+ Production Impact**: OPEC+ production increases are expected to positively affect VLCC demand as summer demand wanes [2]. - **Seasonal Demand**: Anticipation of higher freight rates in Q4 due to seasonal demand patterns [3]. - **Sanctions and Market Dynamics**: Potential benefits for compliant markets due to increased sanctions on non-compliant oil exports [4]. - **Investment Recommendations**: The report suggests focusing on companies like China Merchants Energy and COSCO Shipping Energy, with expectations of significant earnings elasticity in the upcoming quarters [5].