证券代码：603162 证券简称：海通发展 公告编号：2025-130 福建海通发展股份有限公司 关于对外担保进展的公告 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： 担保对象及基本情况 | | 被担保人名称 本次担保金额 | 合计不超过 6,000 | | | 秦皇岛大招石油有限公司（以下简称"大招石油"） 万人民币。 | | | --- | --- | --- | --- | --- | --- | --- | | 担保 | 实际为其提供的担保 | 截至 月 | 年 2025 | 12 | 25 | 日，公司及子公司对大招石油 | | 对象 | 余额 | 提供的担保余额为 | | | 7,000 万人民币。 | | | | 是否在前期预计额度 内 | 是 | □否 | | □不适用：_________ | | | | 本次担保是否有反担 保 | 是 | ☑否 | | □不适用：_________ | | 累计担保情况 | 对外担保逾期的累计金额（万元） 无 | | | --- | --- | | 截至 ...

Investment Rating - Maintain "Buy" rating for the transportation sector [5] Core Views - The international passenger turnover for October and November 2025 is expected to grow by 12.9% and 14.3% year-on-year compared to the same months in 2019, indicating a recovery in demand [1][2] - The average economy class ticket price for the New Year holiday in 2026 is projected to be 597 RMB, reflecting a 1.1% decrease from 2024 and a 6.7% increase from 2025 [1][2] - The logistics sector is benefiting from explosive growth in overseas e-commerce, with TikTok Shop's GMV in Southeast Asia increasing by 2.7 times during the "12.12" promotion [1][3] Summary by Sections Weekly Insights and Market Review - The transportation sector index rose by 1.37%, underperforming the Shanghai Composite Index by 0.51 percentage points [1][19] - The top three performing sub-sectors were shipping, public transport, and logistics, with increases of 4.70%, 4.65%, and 1.96% respectively [1][19] Air Travel - From January to November 2025, civil aviation passenger turnover reached 12,865.80 billion person-kilometers, a 19.6% increase compared to the same period in 2019 [2][12] - Domestic routes saw a 25.6% increase, while international routes grew by 3.6% [2][12] - The aviation sector is expected to maintain a positive outlook due to low supply growth and recovering demand, with a focus on business travel and international flight recovery [2][12] Shipping and Ports - The oil and dry bulk freight rates are experiencing a decline, with VLCC rates significantly dropping due to seasonal factors and lower-than-expected January loading volumes [3][13] - The dry bulk shipping index continues to fall, with a focus on the impact of new iron ore production and geopolitical developments [3][14] - The LNG transportation market is anticipated to follow a different cycle compared to larger vessels, with new projects in hydrogen production [3][16] Logistics - The logistics sector is focusing on two investment themes: overseas expansion driven by e-commerce growth and internal competition management amid slowing industry growth [3][17] - The express delivery volume showed a modest increase of 1.6% year-on-year in December, indicating a competitive landscape where leading companies are expected to gain market share [3][17]

Group 1: Core Insights - The report highlights a positive outlook for the tanker and bulk shipping sectors in 2026, with a relatively favorable supply-demand balance for medium and large vessels, indicating potential for significant seasonal elasticity [1] - The shipping sector has shown relative outperformance against the transportation index, although it remains weaker than the CSI 300 index, with the shipping index rising by 8.8% year-to-date compared to a 16.1% increase in the CSI 300 [5][11] - The report emphasizes the impact of geopolitical factors and tariff policies on shipping performance, noting significant fluctuations in freight rates due to trade tensions, particularly between the US and China [11] Group 2: Container Shipping - In 2025, container shipping faced notable impacts from tariff policies, leading to a significant drop in cargo volumes on US-China routes, with a temporary surge in freight rates due to a "rush to ship" phenomenon [21] - The demand for container shipping remains resilient, with a year-on-year export growth of 5.4% in China for the first eleven months of 2025, despite challenges from tariff adjustments [25][30] - Supply forecasts indicate a steady increase in container fleet capacity, with expected growth rates of 4.7% and 6.4% for 2026 and 2027, respectively, while the demand growth is projected at 2.4% and 3.0% for the same years [49][55] Group 3: Oil Shipping - The oil shipping sector is expected to maintain a favorable supply-demand balance in 2026, driven by multiple positive factors, including increased production from the Middle East and rising demand for oil imports from Asia [60] - The report notes a significant increase in global oil exports starting from September 2025, with major oil-producing countries ramping up their output, contributing to a supply-demand imbalance that supports rising freight rates [63] - VLCC (Very Large Crude Carrier) rates have shown a substantial increase, with rates reaching $110,000 per day by December 2025, reflecting the strong demand and supply constraints in the oil shipping market [60][61] Group 4: Dry Bulk Shipping - The dry bulk shipping market is experiencing a recovery in the second half of 2025, with increased demand for iron ore and grain transportation, leading to a positive outlook for 2026 [60] - The report forecasts a growth rate of 0.9% and 0.7% for dry bulk shipping volumes in 2026 and 2027, respectively, driven by the demand for iron ore and grain [60] - Supply constraints are anticipated, particularly for Capesize vessels, with limited growth expected in their capacity, which may support freight rate increases in the upcoming years [60][55]

Core Viewpoint - The company, Haitong Development, is a leading player in the domestic private dry bulk shipping sector, primarily engaged in coastal and international shipping of dry bulk goods, with a significant portion of its revenue derived from overseas operations benefiting from the depreciation of the Renminbi. Company Overview - Haitong Development is located at 42nd Floor, Shenglong Global Building, No. 23 Changting Street, Taijiang District, Fuzhou, Fujian Province [2][3] - The company was established on March 19, 2009, and went public on March 29, 2023, focusing on dry bulk shipping services [8] - The main revenue sources are shipping income (90.84%) and other income (9.16%) [8] Financial Performance - For the period from January to September 2025, Haitong Development achieved an operating income of 3.009 billion yuan, representing a year-on-year increase of 16.32%, while the net profit attributable to shareholders decreased by 38.47% to 253 million yuan [8] - As of September 30, 2024, overseas revenue accounted for 65.04% of total revenue, benefiting from the depreciation of the Renminbi [4] Market Activity - On December 25, the stock price of Haitong Development fell by 1.69%, with a trading volume of 450 million yuan and a turnover rate of 12.55%, resulting in a total market capitalization of 11.862 billion yuan [1] - The stock has seen a net outflow of 79.76 million yuan from main funds, indicating a reduction in institutional holdings [5][6] Technical Analysis - The average trading cost of the stock is 12.78 yuan, with the current price approaching a resistance level of 13.08 yuan, suggesting potential for a price correction if this level is not surpassed [7]

Group 1 - The shipping and port sector increased by 0.39% on December 25, with Chongqing Port leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] - Key stocks in the shipping and port sector showed significant price increases, with Chongqing Port rising by 10.02% to a closing price of 5.82 [1] Group 2 - The shipping and port sector experienced a net outflow of 380 million yuan from main funds, while retail investors saw a net inflow of 279 million yuan [2] - The trading volume and turnover for key stocks varied, with An Tong Holdings seeing a closing price of 5.95 and a trading volume of 1.662 million shares [2] - The net inflow of funds for Chongqing Port was negative at -39.11 million yuan, indicating a shift in investor sentiment despite its price increase [3]

证券日报网讯12月24日，海通发展（603162）在互动平台回答投资者提问时表示，公司目前有涉及中国 台湾的航次，主要运输卷钢等货种。 ...

（文章来源：证券日报） 证券日报网讯 12月24日，海通发展在互动平台回答投资者提问时表示，公司注册地位于福建省平潭综 合实验区，主要业务为全球远洋干散货运输服务，依托平潭区位优势，通过不断拓展航线、扩充运力， 提升自身在国内外干散货运输市场的竞争力。 ...

证券日报网讯12月24日，海通发展（603162）在互动平台回答投资者提问时表示，公司会在定期报告中 披露股东的相关信息。 ...

Core Viewpoint - The company, Haitong Development, is a leading player in the domestic private dry bulk shipping sector, primarily engaged in coastal and international shipping of dry bulk cargoes, with a significant portion of its revenue derived from overseas operations benefiting from the depreciation of the Renminbi [2][4]. Company Overview - Haitong Development is located at 42nd Floor, Shenglong Global Building, 23 Changting Street, Taijiang District, Fuzhou, Fujian Province, and was established on March 19, 2009, with its shares listed on March 29, 2023 [3][8]. - The company’s main business activities include domestic coastal and international ocean dry bulk transportation, with shipping revenue accounting for 90.84% of total income [8]. Financial Performance - For the period from January to September 2025, Haitong Development reported a revenue of 3.009 billion yuan, representing a year-on-year increase of 16.32%, while the net profit attributable to shareholders decreased by 38.47% to 253 million yuan [8]. - As of September 30, 2024, the company’s overseas revenue accounted for 65.04% of total revenue, benefiting from the depreciation of the Renminbi [4]. Market Activity - On December 24, the stock price of Haitong Development remained unchanged at 0.00%, with a trading volume of 659 million yuan and a turnover rate of 18.24%, resulting in a total market capitalization of 12.066 billion yuan [1]. - The stock has seen a net outflow of 58.6863 million yuan from major investors today, with the industry ranking at 32 out of 35 [5][6]. Technical Analysis - The average trading cost of the stock is 12.75 yuan, with the current price approaching a resistance level of 13.08 yuan, indicating potential for a price correction if this level is not surpassed [7].

Group 1 - The report highlights the transition of China's outbound strategy from "product export" to "capital export," focusing on investments in overseas resource sectors such as mining and oil and gas, which will reshape global trade patterns [7][20][25] - The report recommends prioritizing investments in three sub-sectors of the shipping industry: dry bulk shipping, which is approaching a supply-demand inflection point; the tanker sector, which is entering a strong earnings period; and regional container shipping with favorable supply-demand structures [4][7][20] Group 2 - In the dry bulk shipping sector, iron ore is the largest single commodity, accounting for 27% of shipping volume in 2024. The West African Simandou iron ore project, with a projected annual capacity of 120 million tons by 2028, is expected to significantly alter China's iron ore import landscape and drive a 2.2% increase in global dry bulk shipping demand [8][44][48] - The tanker sector is experiencing a recovery as previous demand constraints are lifted, with a projected fleet growth of only 0.5% for VLCCs in 2026, indicating a tight supply environment. Factors such as increased oil production from South America and stricter sanctions on Russia are expected to boost demand [9][70] - The container shipping industry is entering a pressure testing phase due to the end of export rush effects from trade tensions and ongoing geopolitical conflicts. However, there are still structural growth opportunities in regional markets, particularly in Asia and emerging markets [10][70] Group 3 - The report provides forecasts for the shipping industry, predicting a demand growth rate of 3.5% in 2026 and 3.8% in 2027 for dry bulk shipping, while supply growth is expected to be 3.4% and 2.4% respectively, indicating a tightening market [8][62] - The report emphasizes the importance of the Simandou project and potential post-war reconstruction in Ukraine as key drivers for increased dry bulk shipping demand, with estimates suggesting an additional 1.3% demand growth from Ukraine's reconstruction efforts [52][54] - The report identifies key investment targets, including Haitong Development and China Merchants Energy, which are positioned to benefit from the anticipated recovery in the shipping market [62][70]