Investment Rating - The report maintains a "Recommended" rating for the transportation industry [4]. Core Views - The transportation sector has shown a cumulative increase of 1.83% from November 10 to November 15, 2025, outperforming the Shanghai Composite Index, which decreased by 1.08% [14][15]. - The recovery rates for domestic and international passenger traffic in major airlines and airports have significantly improved compared to 2019 levels, indicating a positive trend in the aviation sector [24][32]. - The shipping and logistics sectors are experiencing mixed performance, with container shipping indices showing a decline year-on-year, while oil and product tanker indices have increased significantly [36][47]. Summary by Sections Industry Performance Overview - The transportation industry ranked 13th among 31 sectors with a cumulative increase of 1.83% during the week [14]. - Sub-sectors such as ports (+7.44%) and airports (+5.28%) performed particularly well, while cross-border logistics (-1.37%) and road freight (-0.68%) faced declines [15][23]. Aviation and Airports - Major airlines in China have seen recovery rates for domestic Available Seat Kilometers (ASK) in September 2025 reach as high as 176.49% compared to the same month in 2019 [24]. - Key airports like Baiyun, Shanghai, and Capital have also shown strong recovery in passenger throughput, with rates of 125.22% and 115.87% for international traffic [32]. Shipping and Ports - The Shanghai Containerized Freight Index (SCFI) has decreased by 35.55% year-on-year, while the China Containerized Freight Index (CCFI) has shown a 23.97% decline [36]. - The CCFI for the East America route reported a decrease of 18.31% year-on-year, while the Mediterranean route saw a decline of 28.56% [36]. Road and Rail - Rail passenger turnover increased by 0.4% year-on-year, while freight volume rose by 4.24% [61]. - Road passenger traffic decreased by 3.82%, but freight volume increased by 5.20% [67]. Logistics and Express Delivery - The express delivery sector achieved a revenue of 127.37 billion yuan in September 2025, marking a 7.20% increase year-on-year [10]. - The industry is witnessing a shift towards smaller packages driven by e-commerce, with a notable increase in business volume [8]. Investment Recommendations - The report suggests focusing on airlines such as China National Aviation (601111.SH), Southern Airlines (600029.SH), and logistics companies like Huamao Logistics (603128.SH) for potential investment opportunities [9][10].

Core Points - The stock price of China Merchants Jinling Shipping Company (招商南油) increased by 2.46% to 3.33 CNY as of November 14, 2025, with a market capitalization of 15.99 billion CNY [1] - The company held its third extraordinary general meeting on November 12, 2025, where it approved two key proposals, including the use of reserves to cover losses [2][4] - The company plans to utilize 3,193,890.66 CNY from surplus reserves and 1,570,911,748.21 CNY from capital reserves to offset cumulative losses as of December 31, 2024 [3][4] Company Announcements - The legal opinion from Shanghai Hai Fu Law Firm confirmed the legality of the procedures for the third extraordinary general meeting [2] - The meeting had 1,045 participants representing 36.7547% of the voting rights [2] - The second proposal regarding the financial service agreement with China Merchants International Financial Co., Ltd. was approved, with the related shareholder abstaining from voting [2][4]

Core Insights - The trading activity of industry and thematic ETFs has decreased, with only the Sci-Tech Chip ETF (588200) exceeding a transaction amount of 1 billion yuan, reaching 1.627 billion yuan [1][3] - The Hong Kong Innovative Drug ETF (513120) remains active in cross-border ETFs, with a half-day transaction amount exceeding 5 billion yuan, reaching 6.258 billion yuan [1][4] Industry and Thematic ETFs Summary - The Sci-Tech Chip ETF (588200) had a current price of 2.295 yuan, with a decline of 1.88%, and a total transaction amount of 1.627 billion yuan [3] - Other notable ETFs include: - Battery ETF (159755): 1.127 yuan, -2.51%, 0.891 billion yuan - Semiconductor ETF (512480): 1.416 yuan, -2.14%, 0.834 billion yuan - Securities ETF (512880): 1.241 yuan, -0.56%, 0.818 billion yuan - Communication ETF (515880): 2.567 yuan, -2.25%, 0.692 billion yuan [3] Cross-Border ETFs Summary - The Hong Kong Innovative Drug ETF (513120) had a current price of 1.42 yuan, with an increase of 0.35%, and a total transaction amount of 6.258 billion yuan [4] - Other significant cross-border ETFs include: - Hong Kong Securities ETF (513090): 2.195 yuan, -1.48%, 4.084 billion yuan - Hang Seng Technology ETF (513130): 0.778 yuan, -2.14%, 3.300 billion yuan - Hang Seng Technology Index ETF (513180): 0.793 yuan, -2.1%, 2.542 billion yuan [4] Oil and Gas Resource ETFs Summary - The Oil and Gas Resource ETF (563150) saw a half-day increase of 2.04%, with a current price of 1.1 yuan and a transaction amount of 2.884 million yuan [5][6] - The ETF tracks the China Securities Oil and Gas Resource Index, which includes companies involved in oil and gas extraction, services, equipment manufacturing, refining, processing, transportation, and sales [6][7] - Key stocks in the index include: - China Petroleum (601857): 9.85% weight - Sinopec (600028): 8.45% weight - Jereh Group (002353): 7.53% weight [7]

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 (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： ■ (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，会议由董事李增忠先生 主持，符合《公司法》及《公司章程》的有关规定。 (五)公司董事和董事会秘书的出席情况 表决情况： 1、公司在任董事9人，出席6人，董事长丁磊先生、董事刘钊先生和董事戴荣辉先生因工作原因未出席 本次会议； 2、公司总会计师、董事会秘书金敏先生出席会议，其他高管列席了本次会议。 二、议案审议情况 (一)非累积投票议案 1、议案名称 ...

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]