Core Viewpoint - The shipping and port sector experienced a rise of 1.07% on January 19, with Xiamen Port leading the gains, while the Shanghai Composite Index closed at 4114.0, up 0.29% [1]. Group 1: Stock Performance - Xiamen Port (000905) closed at 13.60, up 5.59% with a trading volume of 510,700 shares and a transaction value of 690 million [1]. - COSCO Shipping Energy (600026) closed at 14.57, up 3.85% with a trading volume of 506,900 shares and a transaction value of 737 million [1]. - Strait Holdings (002320) closed at 11.08, up 3.84% with a trading volume of 610,700 shares and a transaction value of 673 million [1]. - China Merchants South Oil (601975) closed at 3.33, up 2.78% with a trading volume of 1,418,400 shares and a transaction value of 469 million [1]. - Haitong Development (603162) closed at 12.60, up 2.69% with a trading volume of 139,900 shares and a transaction value of 177 million [1]. Group 2: Capital Flow - The shipping and port sector saw a net inflow of 176 million from institutional investors, while retail investors experienced a net outflow of 1.08 billion [2]. - Major stocks like COSCO Shipping Energy and Strait Holdings attracted significant net inflows of 78.63 million and 58.81 million respectively from institutional investors [3]. - Conversely, retail investors withdrew 38.70 million from COSCO Shipping Energy and 56.58 million from Strait Holdings, indicating a divergence in investor sentiment [3].

中国国际金融股份有限公司 关于上海中谷物流股份有限公司募投项目延期的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）担任上海中谷物流 股份有限公司（以下简称"中谷物流"或"公司"）非公开发行股票的保荐机构，根据《证券 发行上市保荐业务管理办法》《上市公司募集资金监管规则》《上海证券交易所上市公司 自律监管指引第 11 号——持续督导》等相关法律法规的要求，就中谷物流募投项目延期 事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2021]2355 号文核准，公司向特定投资者非公开 发行人民币普通股（A 股）股票 92,091,141 股，发行价为每股人民币 29.84 元，募集资金 总 额 为 人 民 币 2,747,999,647.44 元 ， 扣 除 发 行 费 用 后 ， 募 集 资 金 净 额 为 人 民 币 2,728,115,477.41 元。上述募集资金到位情况已经天健会计师事务所（特殊普通合伙）审 验并出具了天健验[2021]6-84 号《验资报告》，并已全部存放于募集资金专户管理。 二、募集资金使用情况 截至 2025 年 1 ...

上海中谷物流股份有限公司（以下简称"公司"）于 2025 年 3 月 28 日召开第 四届董事会第四次会议，并于 2025 年 4 月 21 日召开 2024 年年度股东大会审议 通过了《关于续聘 2025 年度审计机构的议案》，公司续聘天健会计师事务所（特 殊普通合伙）（以下简称"天健会计师事务所"）担任公司 2025 年度审计机构。具 体内容详见公司于 2025 年 4 月 1 日披露的《关于续聘会计师事务所的公告》（公 告编号：2025-003）。 近日，公司收到天健会计师事务所出具的《关于变更签字注册会计师的函》。 现将有关情况公告如下： 一、签字注册会计师变更情况 证券代码：603565 证券简称：中谷物流 公告编号：2025-040 上海中谷物流股份有限公司 关于变更签字注册会计师的公告 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。 陈红霞 2020 年 3 月成为中国注册会计师，自 2020 年 3 月开始在天健会计师 事务所执业。陈红霞不存在违反《中国注册会计师职业道德守则》有关独立性要 求的情形，最近三年未 ...

证券代码：603565 证券简称：中谷物流 公告编号：2025-039 上海中谷物流股份有限公司 关于募投项目延期的公告 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。 根据中国证券监督管理委员会《关于核准上海中谷物流股份有限公司非公开 发行股票的批复》（证监许可〔2021〕2355 号），公司向特定对象非公开发行 人民币普通股（A 股）股票共计募集资金 274,799.96 万元，募集资金净额为 272,811.55 万元。 二、募集资金使用情况 截至 2025 年 11 月 30 日，公司非公开发行股票募集资金投入情况如下： 三、公司募投项目延期的情况说明 1、公司募投项目延期的情况及原因 公司集装箱智能运输信息化平台建设项目在前期虽经过充分的可行性论证， 但受外部环境变化、投入规划等影响，该项目所涉及的信息化系统部署、机房建 1 单位：万元 序 号 募投项目名称 项目投资 总金额 拟使用募集资 金投资金额 募集资金累计实 际投入金额 备注 1 集装箱船舶 购置项目 395,140.00 122,811.55 71,146 ...

Core Viewpoint - The company announced a net fundraising amount of 2.728 billion yuan from a previous private placement of shares, with ongoing projects and a delay in the completion of a key initiative [1] Group 1: Fundraising and Financials - The net amount raised from the private placement of shares is 2.728 billion yuan [1] Group 2: Project Updates - As of November 30, 2025, the projects for the purchase of container ships and the replenishment of working capital have been completed [1] - The project for the construction of the intelligent transportation information platform for containers has not been completed [1] - The timeline for the intelligent transportation information platform project has been extended from December 2025 to the end of December 2026 due to changes in the external environment [1]

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]

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]

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]

Summary of Zhonggu Logistics Conference Call Company Overview - Zhonggu Logistics allocates approximately 60% of its capacity to the foreign trade market, utilizing time-chartered vessels to ensure revenue stability [2][4] - The company has a total capacity of 3.3 million tons, with 2.1 million tons for foreign trade leasing and 1.2 million tons for domestic trade [9] Key Points and Arguments Foreign Trade Performance - In Q3 2025, foreign trade profits were approximately 400 million RMB, but overall profitability fell short of expectations due to a domestic trade off-season and capacity adjustments [2][4] - The fourth quarter is expected to be a traditional peak season with rising freight rates, although the extent of the increase remains to be observed [5] - Approximately 33% to 40% of the capacity will need to be renegotiated in 2026, with 17 vessels (90,000 tons each) being crucial for foreign trade revenue [6][10] Domestic Trade Performance - Domestic capacity reduction has led to a 20%-30% decline in transport volume, but the market remains oligopolistic, with major competitors adopting similar strategies [7][16] - The domestic container transport market is closely tied to macroeconomic conditions, particularly influenced by the real estate sector [16] - Despite a reduction in domestic capacity, the company maintains a stable market position due to the oligopolistic structure [7] Cost and Revenue Structure - Domestic trade incurs higher costs due to increased terminal handling fees and other operational expenses, leading to a slight loss in Q3 2025 despite overall profitability [3][11] - The company’s foreign trade operations contribute approximately 400 million RMB in net profit each quarter, with lower costs compared to domestic operations [10][18] Market Dynamics - Current market demand is average, with supply contraction leading to decreased terminal operations and increased handling costs [8] - The PDCA index indicates that price levels are comparable to or slightly better than last year, but the impact of late-season price increases on overall performance needs further observation [7][8] Future Outlook - The company plans no new vessel construction, focusing instead on strategic capacity reduction and potential investments in logistics parks [22] - The global container shipping market is expected to face an oversupply of large vessels by 2027-2028, potentially increasing demand for smaller vessels in niche markets [12][13][19] Shareholder Returns - The company has a high dividend payout ratio, with plans to distribute at least 60% of the cumulative distributable profits over the past three years in cash by the end of 2025 [25] Additional Important Information - The company’s operational strategy includes balancing domestic and foreign trade to maximize overall profitability [4][18] - The domestic container transport market is relatively stable, with price fluctuations being less severe compared to foreign trade [17] - The company maintains a strong cash position, with over 12 billion RMB available to cover all borrowings, despite a relatively high debt-to-asset ratio [22]

Group 1 - The core point of the announcement is that Shanghai Zhonggu Logistics Co., Ltd. has received a notification from its shareholder, Ningbo Guyang Investment Management Partnership (Limited Partnership), regarding a reduction in shareholding that has triggered a change in ownership percentage by touching the 5% integer threshold [2][3] - The shareholder, Guyang Investment, reduced its holdings by 439,400 shares, which accounts for 0.02% of the company's total share capital, bringing the total shareholding of the information disclosure obligor and its concerted parties from 60.02% to 60.00% [2][3] - This reduction in shareholding is part of a previously disclosed plan and does not trigger a mandatory takeover bid, nor does it lead to a change in the company's controlling shareholder or actual controller [3][4] Group 2 - The announcement emphasizes that the information disclosure obligor and its concerted parties have guaranteed the accuracy and completeness of the information provided, ensuring there are no false records or misleading statements [1] - The company will disclose a simplified report on the equity change as required by relevant regulations, which will be available on the Shanghai Stock Exchange website and other designated media [3]