Core Viewpoint - The company has approved the grant of reserved stock options and restricted stocks as part of its 2025 stock option and restricted stock incentive plan, with specific details on the number of options, grant prices, and conditions for the grants [2][8][24]. Summary by Relevant Sections Incentive Plan Details - Reserved authorization date and grant date: September 22, 2025 [8] - Number of reserved stock options granted: 1.015 million [8] - Number of reserved restricted stocks granted: 2.03 million [8] - Exercise price for stock options: 7.05 yuan per option [9] - Grant price for restricted stocks: 4.41 yuan per share [9] Decision-Making Process - The board of directors and supervisory board held meetings to review and approve the incentive plan and its implementation [3][4]. - The plan was publicly disclosed and no objections were raised during the internal announcement period [3]. Conditions for Granting - The company has confirmed that it has not encountered any disqualifying events in the past year that would prevent the granting of options or stocks [6][7]. - The incentive plan aligns with the conditions set forth in the approved plan from the shareholders' meeting [7][8]. Financial Impact - The company will account for the stock options and restricted stocks according to relevant accounting standards, using the Black-Scholes model for valuation [20][21]. - The estimated fair value of the restricted stocks is calculated based on the market price minus the grant price, resulting in a value of 4.43 yuan per share [22]. Legal and Advisory Opinions - Legal opinions confirm that the granting of options and stocks complies with regulations and that all necessary approvals have been obtained [24]. - An independent financial advisor has also validated the conditions and details of the incentive plan [24].

Core Points - The Shanghai Composite Index is currently at 3791.74 points, with a decline of 0.96%, and the total trading volume of A-shares is 20,625.52 billion yuan [1] - A total of 17 A-shares have surpassed their annual line today, with notable stocks showing significant deviation rates, including Jinfu Technology, Xinhua Jin, and Nanjing Bank, with deviation rates of 7.49%, 3.74%, and 3.17% respectively [1] Summary by Category Stock Performance - Jinfu Technology (300128) has increased by 8.01% with a turnover rate of 12.11%, latest price at 5.80 yuan, and a deviation rate of 7.49% [1] - Xinhua Jin (600735) has risen by 10.07% with a turnover rate of 10.26%, latest price at 6.23 yuan, and a deviation rate of 3.74% [1] - Nanjing Bank (601009) has seen a 4.78% increase with a turnover rate of 1.09%, latest price at 10.96 yuan, and a deviation rate of 3.17% [1] Other Notable Stocks - Tiancheng Automation (603085) has increased by 4.33% with a turnover rate of 8.71%, latest price at 11.08 yuan, and a deviation rate of 2.39% [1] - Shanghai Lingang (600848) has risen by 2.74% with a turnover rate of 0.98%, latest price at 9.74 yuan, and a deviation rate of 2.04% [1] - Qilu Bank (601665) has increased by 2.84% with a turnover rate of 2.25%, latest price at 5.80 yuan, and a deviation rate of 1.68% [1]

证券代码：603162 证券简称：海通发展 公告编号：2025-106 福建海通发展股份有限公司 关于向 2025 年股票期权与限制性股票激励计划激励 对象授予预留部分股票期权与限制性股票的公告 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。 重要内容提示： 预留行权/授予价格：预留授予的股票期权行权价格为 7.05 元/份，预留 授予的限制性股票授予价格为 4.41 元/股 福建海通发展股份有限公司（以下简称"公司"）于 2025 年 9 月 22 日召开 了第四届董事会第三十次会议，会议审议通过了《关于向 2025 年股票期权与限 制性股票激励计划激励对象授予预留部分股票期权与限制性股票的议案》，根据 2025 年第二次临时股东大会授权，公司董事会认为公司 2025 年股票期权与限制 性股票激励计划（以下简称"本次激励计划"）的预留授予条件已经成就，同意 以 2025 年 9 月 22 日为预留授权日、预留授予日，向符合条件的 33 名激励对象 授予股票期权 101.50 万份，行权价格为 7.05 元/份；向符合条件的 ...

福建海通发展股份有限公司 示： | | 获授的股票 | 占预留授 | 占当前公司股 | | --- | --- | --- | --- | | 类别 | 期权数量 （万份） | 予股票期 权总量的 | 本总额的比例 | | | | 比例 | | | 董事会认为需要激励的其他人员（33 人） | 101.50 | 100.00% | 0.11% | | 人） 预留授予股票期权数量合计（33 | 101.50 | 100.00% | 0.11% | 注：1、上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司股票均未超过公司总 股本的 1.00%。公司全部在有效期内的激励计划所涉及的标的股票总数累计不超过本计划公告时公司股本 总额的 10.00%。 2、本激励计划激励对象不包括独立董事，也不包括单独或合计持有公司 5%以上股份的股东或实际控 制人及其配偶、父母、子女。 3、上表中数值若出现总数与各分项数值之和尾数不符，均为四舍五入原因所致。 2025 年股票期权与限制性股票激励计划预留授予激励对象名单 （预留授权日、授予日） （二）本激励计划预留授予的限制性股票在各激励对象间的分配情况如下表 一、总体 ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.: 010-50867666 传真/Fax: 010-56916450 网址/Website: www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所 关于福建海通发展股份有限公司 2025 年股票期权与限制性股票激励计划授予事项的 法 律 意 见 书 康达法意字【2025】第 0479 号 $$\Xi{\cal O}\,{\underline{{{-\,}}}}\,{\underline{{{\mp\,}}}}\,\hbar\,\mathbb{F}$$ 法律意见书 北京市康达律师事务所 关于福建海通发展股份有限公司 2025 年股票期权与限制性股票激励计划授予事项的法律 ...

证券代码：603162 公司简称：海通发展 上海荣正企业咨询服务（集团）股份有限公司 关于 福建海通发展股份有限公司 2025 年股票期权与限制性股票激励计划 预留授予相关事项 之 独立财务顾问报告 2025 年 9 月 | 一、释义 | 3 | | --- | --- | | 二、声明 | 5 | | 三、基本假设 | 6 | | 四、独立财务顾问意见 | 7 | | （一）本激励计划已履行的相关审批程序 7 | | | （二）本激励计划授予条件成就情况的说明 8 | | | （三）本激励计划的预留授予情况 9 | | | （四）本次授予对相关年度财务状况和经营成果影响的说明 14 | | | （五）独立财务的结论性意见 14 | | 一、释义 本独立财务顾问报告中，除非文义载明，下列简称具有如下含义： | 海通发展、本公司、公司、上市公 | 指 | 福建海通发展股份有限公司（含分公司及控股子公 | | --- | --- | --- | | 司 | | 司） | | 本激励计划、股权激励计划 | 指 | 福建海通发展股份有限公司 2025 年股票期权与限 | | | | 制性股票激励计划 | | 股票期权 ...

(1) 最近 12 个月内被证券交易所认定为不适当人选; 福建海通发展股份有限公司董事会薪酬与考核委员会 关于公司 2025 年股票期权与限制性股票激励计划预留授予 激励对象名单（预留授权日、授予日）的核查意见 福建海通发展股份有限公司(以下简称"公司")董事会薪酬与考核委员会 依据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和国证券 法》(以下简称"《证券法》")、《上市公司股权激励管理办法》(以下简称"《管理 办法》"）等有关规定，对福建海通发展股份有限公司 2025 年股票期权与限制性 股票激励计划（以下简称"本次激励计划"）预留授予激励对象名单（预留授权 日、授予日）进行了核查,发表核查意见如下: 1、获授权益的激励对象不存在《管理办法》规定的不得成为激励对象的情 形: (6)中国证监会认定的其他情形。 2、预留授予激励对象符合《激励计划》规定的激励对象条件,其中不包括 独立董事、单独或合计持有公司 5%以上股份的股东或实际控制人及其配偶、父 母、子女。 3、公司和本次授予权益的激励对象均未发生不得授予权益的情形，公司本 次激励计划的预留授予条件已成就。 综上所述,董事会薪酬与考核 ...

Core Viewpoint - VLCC freight rates have reached the highest level for September since 1990, with VLCCTD3cTCE hitting $96,000/day on September 16, 2025, and expected to maintain high levels in the following days [1][2] Group 1: VLCC Freight Rates - VLCCTD3cTCE reached $96,000/day on September 16, 2025, marking the best September freight rate since 1990, matching the peak from September 2004 [2] - The upcoming week is the last full working week before China's National Day holiday, with a concentration of Middle Eastern cargoes expected for October, alongside the lowest available VLCC capacity in the past year [2] Group 2: Iron Ore Market - The Ximangdu iron ore project officially commenced operations on September 14, 2025, with the first batch of shipments expected in November 2025, potentially supporting the bulk shipping market from Q4 [3] - The project has iron ore reserves exceeding 2.25 billion tons, with an annual production capacity of 120 million tons, requiring at least 155 Capesize vessels for transportation, which is about 7.6% of the current Capesize fleet [3] Group 3: Investment Recommendations - With OPEC+ increasing oil production and the Ximangdu iron ore project coming online, combined with potential interest rate cuts by the Federal Reserve boosting global commodity demand, the oil and bulk shipping markets are expected to experience a positive cycle starting from Q4 2025 [4] - Companies to watch include China Merchants Energy Shipping (601872), COSCO Shipping Energy Transportation (600026), Haitong Development (603162), HNA Technology (600751), and Air China Ocean Shipping (833171) [4]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [13] Core Insights - The transportation industry is expected to see improvements in profitability across various sub-sectors in Q3 2025, driven by domestic demand recovery and resilient international demand [2][6][7][8][9][10][11][12] Summary by Sub-Sector Aviation - The aviation sector is experiencing subdued demand but is benefiting from reduced costs, leading to an overall improvement in profitability for Q3 2025. The international flight recovery remains strong, and oil prices have significantly decreased [6][19][24] Airports - Domestic airport traffic is recovering, with international flights also increasing. Revenue is expected to improve steadily, with key airports benefiting from both domestic and international demand growth [2][6][24][26] Express Delivery - The "anti-involution" policy is driving price increases in the express delivery sector, leading to improved profitability for e-commerce deliveries. However, operational costs are temporarily pressuring profit margins [2][6][28][30] Logistics - The logistics sector is stabilizing, with major players expected to see profit growth due to improved supply chain performance and resilient cross-border logistics profitability [2][6][7][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different shipping types. While container shipping faces challenges, oil tanker profits are improving due to favorable market conditions [2][6][8][33][37] Ports - Port operations are expected to see improved profitability in bulk cargo handling, while container throughput remains resilient despite external pressures [2][6][9][39] Highways - Highway traffic is relatively stable, with a slight increase in profitability anticipated for Q3 2025, supported by steady freight and passenger traffic [2][10][41] Railways - Railway passenger and freight volumes are showing mixed trends, with a focus on opportunities arising from high-speed rail transformations. Overall, passenger transport is expected to grow, while freight transport is improving [2][11][43][44]

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Viewpoints - VLCC freight rates have reached the highest level for September since 1990, with the VLCC TD3c TCE reaching $96,000 per day on September 16, 2025, and expected to rise further due to tight capacity [6] - The commencement of the West Simandou iron ore project is anticipated to support the bulk shipping market starting from Q4 2025, with an expected shipment volume of 2-3 million tons in 2025 [6] - Potential trade agreements between China and the U.S. could provide additional demand for oil and bulk shipping in Q4 2025 [6] - The combination of OPEC+ oil production increases and the West Simandou project, along with the Federal Reserve's interest rate cuts, is expected to create a favorable environment for both oil and bulk shipping markets starting from Q4 2025 [6] Summary by Sections Shipping Market Performance - VLCC freight rates are at a historical high for September, indicating strong demand and tight supply conditions [6] - The upcoming release of Middle Eastern cargoes and the lowest available VLCC capacity in the past year may lead to further increases in freight rates [6] West Simandou Project - The West Simandou iron ore project has officially commenced operations, with the first batch of shipments expected in November 2025 [6] - The project has significant iron ore reserves exceeding 2.25 billion tons and an annual production capacity of 120 million tons, requiring at least 155 Capesize vessels for transportation [6] Trade Relations Impact - Recent discussions between Chinese President Xi Jinping and U.S. President Donald Trump may pave the way for a trade agreement, potentially increasing oil and agricultural imports from the U.S. [6] - The reduction in tariffs could enhance shipping demand, particularly in the oil and bulk sectors [6] Investment Recommendations - The report suggests focusing on companies such as China Merchants Energy Shipping, COSCO Shipping Energy Transportation, Haitong Development, HNA Technology, and China National Offshore Oil Corporation [6]