Summary of Conference Call on Oil Shipping Industry Industry Overview - The oil shipping market is expected to face pressure in the second half of 2024 but is projected to recover significantly in the first half of 2025 due to a drop in oil prices, increased refinery operating rates, and enhanced sanctions by the U.S. against Iran, improving supply-demand dynamics in the compliant market [1][8] - Starting from August 2025, the oil shipping market is anticipated to experience rapid growth, with VLCC TCE rates doubling to over $100,000, driven by OPEC+ increasing production, significant output from Venezuela, and U.S. sanctions on Russia and India [1][9] Key Points and Arguments - **Market Recovery**: The oil shipping market is expected to see a significant recovery in 2025, particularly in Q4, with rates reaching over $100,000, despite a challenging period in late 2024 [2][19] - **Investment Opportunities**: The oil shipping sector is projected to have good investment opportunities in 2026, with a steady increase in oil production benefiting shipping demand, while compliant market supply growth remains limited [3][15] - **Super Bull Market Logic**: The anticipated "super bull market" is based on two phases: the first driven by geopolitical conflicts leading to longer shipping distances and increased demand, and the second starting in 2025, driven by global oil production increases [4][18] - **Impact of Gray Market**: Changes in the gray market, characterized by non-compliant trade channels, are expected to positively influence the compliant market by reducing operational efficiency of shadow fleets, thus enhancing demand for compliant shipping [5][10][12] Additional Important Insights - **Geopolitical Influence**: Future changes in U.S. sanctions on countries like Venezuela, Russia, and Iran could significantly impact the oil shipping industry by potentially converting gray market exports to compliant market shipments, increasing overall shipping volumes [14][19] - **Market Sensitivity**: The compliant market's sensitivity to supply-demand changes is expected to increase, with capacity utilization rates remaining high, which could drive prices above $60,000 per day in 2026 [3][16] - **Investment Recommendations**: Investors are advised to focus on companies like COSCO Shipping Energy, China Merchants Energy Shipping, and China Shipbuilding Leasing, which are expected to benefit from the upcoming super bull market [7][17] Conclusion - The outlook for the oil shipping industry remains optimistic, with significant recovery expected in 2025 and continued growth into 2026, driven by geopolitical factors and oil production increases. Investors are encouraged to take advantage of current market conditions and consider strategic investments in key shipping companies [19]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [2] Core Insights - The shipping sector is experiencing a recovery in oil transportation due to improved demand post-holidays and geopolitical tensions [6][16] - The aviation industry aims to achieve a passenger volume of 810 million in 2026, reflecting a growth rate of 5.2% [23][24] - The express delivery sector is expected to see a gradual recovery in competition and profitability, with a focus on major players like SF Express [20] Shipping - The oil shipping sector is rebounding due to increased cargo availability from the Middle East and geopolitical sanctions affecting supply [6][16] - Container shipping rates are showing slight increases, with strong pricing power among shipowners before long-term contract negotiations [11][12] - Key stocks to watch include COSCO Shipping Energy, China Merchants Energy, and Pacific Shipping [16] Infrastructure - Weekly data indicates a decline in truck traffic and rail freight, with road truck traffic at 46.964 million vehicles, down 14.9% week-on-week [17][18] - Port throughput for the first week of 2026 was 25.4953 million tons, showing a slight decrease but a year-on-year increase of 7.7% in container throughput [18] - Recommended stock for infrastructure investment is Anhui Expressway [18] Express Delivery - In November 2025, express delivery volume reached 18.06 billion pieces, a year-on-year increase of 5%, while revenue decreased by 3.7% [19][20] - The competitive landscape is expected to stabilize, with major companies like SF Express anticipated to see profit growth in 2026 [20] - Recommended stocks include SF Express, ZTO Express, YTO Express, and Yunda Express [20] Aviation - The aviation sector is entering a critical period with the Spring Festival approaching, and passenger volume is projected to grow by 5.2% in 2026 [23][24] - Recent data shows a year-on-year increase in domestic passenger volume of 1.5% and a decrease in ticket prices [21][24] - Recommended stocks include Air China, China Southern Airlines, and Spring Airlines [24] Logistics - The cross-border air freight price index has decreased by 19.9% week-on-week, indicating a significant drop in logistics costs [25]

证券日报网讯 1月8日，招商南油（601975）在互动平台回答投资者提问时表示，公司股价走势受宏观 经济环境、行业周期变化、市场资金偏好以及公司自身经营情况等多重因素的综合影响，具有不确定 性。 ...

证券日报网讯 1月8日，招商南油在互动平台回答投资者提问时表示，根据航运市场情况、公司资金状 况及整体发展战略，公司制定了中长期运力发展计划，将持续优化公司船队运力结构，满足客户的需 求，进一步提高公司在运输市场上的竞争力。公司严格遵守《证券法》及相关规定，所有法定信息披露 请以正式公告为准。E互动等平台旨在提供补充交流，其信息不能替代或构成公司公告。 （文章来源：证券日报） ...

证券之星消息，1月8日航运港口板块较上一交易日上涨0.56%，招商轮船领涨。当日上证指数报收于 4082.98，下跌0.07%。深证成指报收于13959.48，下跌0.51%。航运港口板块个股涨跌见下表： 从资金流向上来看，当日航运港口板块主力资金净流出3.09亿元，游资资金净流出3544.58万元，散户资 金净流入3.44亿元。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 | | 1.4216 | 16.67% | -6638.73万 | -7.78% | -7585.02万 | -8.89% | | 600026 中远海能 | | 2411.87万 | 2.48% | -3703.21万 | -3.81% | 1291.35万 | 1.33% | | 601298 | 青岛港 | 2127.80万 | 14.18% | -2043.30万 | -13. ...

Group 1 - The core viewpoint of the news is that China Merchants Nanjing Tanker Corporation (招商南油) experienced a stock price increase of 5.18%, reaching 3.25 CNY per share, with a trading volume of 310 million CNY and a turnover rate of 2.07%, resulting in a total market capitalization of 15.211 billion CNY [1] - The company, established on September 8, 1993, and listed on January 8, 2019, primarily engages in oil transportation along coastal and international routes, with revenue composition as follows: refined oil transportation 57.92%, crude oil transportation 28.82%, chemical transportation 7.20%, ethylene transportation 3.07%, crew leasing 2.28%, others 0.67%, and ship management fees and others 0.04% [1] Group 2 - From the perspective of major fund holdings, Guotai Fund has one fund heavily invested in China Merchants Nanjing Tanker, specifically the Guotai CSI Oil and Gas Industry ETF (国泰中证油气产业ETF), which reduced its holdings by 584,600 shares to 1.0747 million shares, accounting for 2.52% of the fund's net value, ranking as the ninth largest holding [2] - The Guotai CSI Oil and Gas Industry ETF was established on October 23, 2023, with a current size of 130 million CNY, yielding 0.84% this year, ranking 5159 out of 5493 in its category; over the past year, it achieved a return of 19.33%, ranking 3376 out of 4197; and since inception, it has returned 24.22% [2]

证券日报网讯 1月6日，招商南油在互动平台回答投资者提问时表示，公司将密切关注政策细则，寻求 相关发展机遇。 （文章来源：证券日报） ...

证券日报网讯 1月6日，招商南油在互动平台回答投资者提问时表示，公司股价表现受不同细分市场周 期、资金偏好等多重因素影响。公司当前正聚焦于强化自身经营与成本管控，夯实基本面，推动内在价 值稳步提升。公司将继续努力，争取以更好的业绩回报投资者信任。 （编辑 姚尧） ...

Group 1 - The core viewpoint of the news is that the geopolitical situation is driving oil prices higher, with the Venezuelan oil supply being significantly disrupted, leading to a potential short-term increase in oil prices [1] - The China Securities report indicates that Venezuela's oil exports have essentially halted, creating a supply disruption in the global market, with a potential shortfall of around 1 million barrels per day [1] - The current global oil market remains in a supply surplus, with expectations that oil prices will fluctuate between $60 to $70 per barrel despite short-term upward pressure [1] Group 2 - The National Oil and Gas Index (399439) has seen a strong increase of 1.45%, with significant gains in constituent stocks such as Intercontinental Oil and Gas (600759) up 9.21% and Shanghai Petrochemical (600688) up 4.36% [1] - The top ten weighted stocks in the National Oil and Gas Index as of December 31, 2025, include major companies like China National Petroleum (601857) and China Petroleum & Chemical (600028), collectively accounting for 67.11% of the index [2] - The Oil and Gas ETF (159697) closely tracks the National Oil and Gas Index, reflecting the price changes of publicly listed companies in the oil and gas sector [2][3]

证券日报网讯1月5日，招商南油（601975）在互动平台回答投资者提问时表示，截至2025年12月末，公 司股东总数为119595户。 ...