Core Viewpoint - The company, Xingtong Co., Ltd. (603209), is primarily engaged in the maritime transportation of global bulk liquid hazardous goods, with a focus on optimizing its international operations and fleet development [1] Group 1: Business Operations - The company operates foreign trade routes covering regions such as Europe, Northeast Asia, Southeast Asia, the Middle East, the Mediterranean, and South America [1] - The company aims to enhance its global operational capabilities and market competitiveness through strategic planning [1] Group 2: Strategic Planning - The company will continue to follow its "1+2+1" strategic plan to guide its future development [1] - The focus will be on steadily advancing the construction of its international fleet [1]

Core Insights - The report highlights the potential for recovery in the domestic demand for liquid chemical transportation, driven by a rebound in the downstream refining industry, which is expected to improve in the second half of the year [6][8] - The company, Xingtong Co., is positioned as a leader in the coastal liquid chemical transportation sector, with a fleet of 40 vessels, including 34 chemical tankers, and has established a global water transportation network [6][7] - The company has maintained a strong competitive edge through superior safety management, resulting in a significant increase in its domestic market share from 5.3% in 2019 to 16.0% in 2024 [6][7] Company Overview - Xingtong Co. has a modern fleet characterized by high-end, large, young, green, and intelligent vessels, with an average age of less than 8 years for its chemical tankers [7] - The company has been gradually entering international markets while maintaining its domestic advantages, capitalizing on the aging global chemical tanker fleet [7] - The company's profitability metrics, including ROE and ROA, are above industry averages, reflecting effective service quality and cost control [7] Market Outlook - The report anticipates a gradual recovery in the domestic market's economic conditions, with supply-side growth expected to slow down due to a decrease in newly approved shipping capacity [8] - The company is projected to achieve net profits of 285 million, 351 million, and 429 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.02, 1.25, and 1.53 yuan [8] - The current stock price corresponds to PE ratios of 15.7, 12.7, and 10.4 for the years 2025 to 2027, indicating a favorable investment opportunity [8]

Core Viewpoint - The shipping and port sector experienced a slight decline of 0.07% on January 15, with Xiamen Port leading the drop. The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index rose by 0.41% to 14306.73 [1]. Group 1: Market Performance - The shipping and port sector saw a mixed performance among individual stocks, with notable gainers including: - Xingtong Co., Ltd. (603209) at 15.57, up 2.17% with a trading volume of 81,800 shares and a turnover of 127 million yuan [1]. - COSCO Shipping Energy (600026) at 14.29, up 2.07% with a trading volume of 639,900 shares and a turnover of 92.36 million yuan [1]. - Nanjing Port (002040) at 10.38, up 1.76% with a trading volume of 242,800 shares and a turnover of 253 million yuan [1]. - Conversely, Xiamen Port (000905) led the decline at 12.91, down 4.01% with a trading volume of 383,400 shares and a turnover of 500 million yuan [2]. Group 2: Capital Flow - The shipping and port sector experienced a net outflow of 168 million yuan from institutional investors, while retail investors saw a net inflow of 36.77 million yuan [2]. - Notable capital flows among individual stocks included: - China Merchants Energy (601872) with a net inflow of 69.47 million yuan from institutional investors, but a net outflow of 80.39 million yuan from retail investors [3]. - Nanjing Port (002040) had a net inflow of 26.04 million yuan from institutional investors, but also saw a net outflow of 22.99 million yuan from retail investors [3].

Economic News - The Ministry of Commerce stated that multiple rounds of consultations have been held between China and the EU to address the EU's case against Chinese electric vehicles, agreeing to provide general guidance on price commitments for Chinese exporters [1] - The U.S. has escalated sanctions against Iran, imposing a 25% tariff on any country conducting business with Iran [1] - The National Development and Reform Commission issued guidelines to strengthen government investment fund planning, focusing on supporting emerging industries such as new information technology and new energy [1] - The Ministry of Agriculture aims to increase soybean oil production capacity and self-sufficiency, promoting higher yields in grain and oil crops [1] - The U.S. Federal Reserve chair candidates are being interviewed, with Rick Rieder from BlackRock being a notable candidate [1] - Tianjin's housing authority has mandated that new home prices cannot fluctuate more than 10% from the registered price to prevent rapid price declines [1] - The official confirmation of the J-10CE fighter jet achieving combat success, marking a significant milestone for China's export aircraft [1] - The Ministry of Health and other departments released regulations on the management of deceased patients' services, emphasizing that medical institutions should not engage in funeral services [1] - The Ministry of Industry and Information Technology plans to enhance the role of enterprises in technological innovation and implement new policies to support high-quality development of specialized small and medium-sized enterprises [1] - The State Administration for Market Regulation released 160 national standard samples to improve product quality and promote technological advancement [1] Company Insights - WuXi AppTec expects to achieve a revenue of 45.456 billion yuan in 2025, a year-on-year increase of 15.84%, with a net profit of 19.151 billion yuan, up 102.65% [4] - Zhitex New Materials' stock has seen a continuous rise, with a 198.57% increase over six trading days, leading to a temporary suspension of trading [4] - Jinlongyu plans to invest approximately 1.2 billion yuan in a new solid-state battery production line in Shenzhen [4] - Yonghui Supermarket anticipates a negative net profit for 2025, indicating a potential operational loss [4] - Blue Arrow Electronics intends to acquire at least 51% of Chengdu Xinyi Technology Co., with a valuation not exceeding 675 million yuan [4] Industry Analysis - The securities industry is expected to see improved performance in 2026 due to supportive policies and accelerated consolidation, despite challenges from global geopolitical events and trade issues [5][6] - The average daily trading volume has increased since early 2025, indicating improved market activity and investor engagement [6] - Regulatory support for technology growth companies has led to increased IPO and financing activities, benefiting brokerage revenues [7] - The stability and sustainability of proprietary investments are crucial for brokerage performance, with a focus on balancing high returns and risk management [8] - The securities industry is likely to experience further consolidation, with notable mergers already occurring among major firms [10]

Investment Rating - The report maintains an "Overweight" rating for the transportation industry, indicating a positive outlook for the sector's performance relative to the overall market [12]. Core Insights - The shipping market is expected to see significant growth in Q4 2025, driven by strong VLCC freight rates and structural changes in trade dynamics, including new refinery capacities and geopolitical shifts [4]. - The aviation sector is projected to enter a golden era, with passenger transport expected to reach 770 million in 2025, marking a 5.5% increase from 2024 and a 16.7% increase from 2019 [4]. - The report highlights a shift in the shipping industry from supply-driven to demand-driven dynamics, particularly in shipbuilding, as older vessels are replaced [4]. - The logistics and freight forwarding sectors are facing challenges due to trade tensions, impacting profit margins and demand [4]. Summary by Sections Shipping - Q4 2025 VLCC freight rates are expected to average around $95,500 per day, with a projected demand increase of 1.7% from new refinery capacities and a 2.1% increase from compliance changes in Venezuelan oil [4]. - The dry bulk market is also showing strong performance, with Cape-sized vessel rates expected to rise by 20% to $27,600 per day [4]. - The report estimates that COSCO Shipping Energy's Q4 earnings will be approximately 1.9 billion RMB, while China Merchants Energy's will be around 2.9 billion RMB [4]. Shipbuilding - The shipbuilding sector is experiencing a tight supply-demand balance, with second-hand ship prices rising for 11 consecutive months, indicating a positive outlook for the industry [4]. Freight Forwarding - The freight forwarding sector is facing profit margin compression due to trade frictions, with the CCFI index expected to decline by 26% in Q4 2025 [4]. Aviation - The Chinese aviation market is expected to achieve a profit of 6.5 billion RMB in 2025, with major airlines like China Eastern Airlines anticipated to see significant performance improvements [4]. - The report emphasizes the importance of international routes as passenger volumes are expected to grow, driven by a recovery in outbound travel [4]. Express Delivery - The express delivery sector is projected to see a 5% year-on-year growth in Q4, driven by price increases and seasonal demand, despite challenges from trade policies [4]. Road and Rail - The report notes a slowdown in highway traffic growth, while rail passenger and freight volumes continue to increase, with recommendations for specific companies in the sector [4].

证券代码：603209 证券简称：兴通股份 公告编号：2026-004 兴通海运股份有限公司 关于聘任荣誉董事长及高级顾问的公告 兴通海运股份有限公司董事会 2026 年 1 月 13 日 2 荣誉董事长、高级顾问不属于董事会成员及高级管理人员，不参与公司日常 经营决策和管理，不享有董事及高级管理人员的相关权利，也不承担董事及高级 管理人员相关义务。 作为荣誉董事长及高级顾问，陈兴明先生、张文进先生和王良华先生将继续 在公司战略规划、企业文化建设等方面提供指导与支持，助力公司实现高质量发 展，以更好地回报广大股东。 1 特此公告。 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。 兴通海运股份有限公司（以下简称"公司"）于 2026 年 1 月 12 日召开第三 届董事会第一次会议，审议通过了《兴通海运股份有限公司关于聘任荣誉董事长、 高级顾问的议案》及《兴通海运股份有限公司关于聘任高级顾问的议案》，同意 聘任陈兴明先生为公司荣誉董事长、高级顾问，聘任张文进先生和王良华先生为 公司高级顾问。 陈兴明先生作为公司创始股东、控股股东 ...

证券代码：603209 证券简称：兴通股份 公告编号：2026-002 2、董事会成员： （1）非独立董事：陈其龙先生、柯文理先生（职工代表董事）、陈其德先 生、陈其凤女士 （2）独立董事：廖益新先生、李茂良先生、周德全先生 公司第三届董事会成员均符合相关法律法规、规范性文件规定的上市公司董 事任职资格，任期自公司 2026 年第一次临时股东会审议通过之日起三年。公司 第三届董事会成员中兼任公司高级管理人员以及由职工代表担任的董事人数总 计未超过公司董事总数的二分之一；独立董事占董事会成员的比例不低于三分之 一，且包括一名会计专业人士，独立董事的任职资格和独立性已经上海证券交易 兴通海运股份有限公司 关于完成董事会换届选举并聘任高级管理人员 及证券事务代表的公告 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。 兴通海运股份有限公司（以下简称"公司"）于 2026 年 1 月 12 日召开 2026 年第一次临时股东会，会议选举第三届董事会 3 名非独立董事和 3 名独立董事， 与职工代表大会选举的 1 名职工代表董事，共同组成 ...

证券代码：603209 证券简称：兴通股份 公告编号：2026-005 1 附件：第三届董事会职工代表董事简历 兴通海运股份有限公司 关于选举第三届董事会职工代表董事的公告 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。 兴通海运股份有限公司（以下简称"公司"）第二届董事会于 2026 年 1 月 12 日任期届满，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《兴通海运股份有限公司章程》（以下简称"《公司章程》"） 等相关法律法规及规范性文件的规定，公司于 2026 年 1 月 12 日召开职工代表大 会，选举第三届董事会职工代表董事。经全体职工代表民主讨论与表决，选举柯 文理先生（简历见附件）为公司第三届董事会职工代表董事，与公司 2026 年第 一次临时股东会选举产生的 6 名董事共同组成公司第三届董事会，任期自本次职 工代表大会决议通过之日起至第三届董事会任期届满之日止。 柯文理先生符合《公司法》等法律法规及《公司章程 ...

兴通海运股份有限公司（以下简称"公司"）于 2026 年 1 月 12 日召开第三 届董事会第一次会议，审议通过了《兴通海运股份有限公司关于选举第三届董事 会董事长暨变更法定代表人的议案》，同意选举陈其龙先生（简历见附件）为公 司第三届董事会董事长，任期自公司第三届董事会第一次会议审议通过之日起至 第三届董事会任期届满之日止。 证券代码：603209 证券简称：兴通股份 公告编号：2026-003 兴通海运股份有限公司 关于选举第三届董事会董事长暨 变更法定代表人的公告 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。 1 附件：第三届董事会董事长简历 陈其龙先生简历 陈其龙，男，1979 年 7 月出生，中国国籍，无境外居留权，硕士研究生学 历，交通运输部"水路运输管理专家库"入库专家，入选"2020 中国航运名人 榜"，福建省企业与企业家联合会第十六届福建省优秀企业家、第九届理事会常 务理事，中国物流与采购联合会危化品物流分会副会长。2002 年 7 月至 2003 年 4 月，任宁波长江船务代理有限公司船务部副经理；200 ...

上海市锦天城律师事务所 关于兴通海运股份有限公司 2026 年第一次临时股东会 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于兴通海运股份有限公司 2026 年第一次临时股东会 法律意见书 兴通海运股份有限公司： 上海市锦天城律师事务所（以下简称"本所"）接受兴通海运股份有限公司（以下 简称"贵司"或"公司"）委托，就贵司召开 2026 年第一次临时股东会有关事宜，根据 《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股东会规则》等法律、 法规、规章和其他规范性文件以及《兴通海运股份有限公司章程》（以下简称"《公司 章程》"）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务管理办 法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行了法定职责， 遵循了勤勉尽责和诚实信用原则，对本次股东会所涉及的相关事项进行了必要的核查和 验证，核查了本所认为出具该法律意 ...