Core Viewpoint - Morgan Stanley has downgraded its earnings forecasts for COSCO Shipping Holdings for 2025 to 2027 by 12%, 9%, and 9% respectively, reflecting a decline in container shipping profitability [1] Group 1: Earnings Forecasts - The earnings forecasts for COSCO Shipping Holdings have been reduced to account for lower profitability in the container shipping sector [1] - The target price for COSCO Shipping Holdings has been adjusted from HKD 9.6 to HKD 9.5, maintaining a "Reduce" rating [1] Group 2: Market Conditions - Supply pressure is expected to persist in 2025 and 2026 due to new ship deliveries, contributing to a downturn in the container shipping cycle [1]

Core Viewpoint - Morgan Stanley has slightly lowered the target price for China COSCO Shipping Holdings (01919) by 1% from HKD 9.6 to HKD 9.5, maintaining a "Underweight" rating [1] Summary by Relevant Categories Earnings Forecast - The earnings forecast for China COSCO Shipping Holdings for the first half of 2025 has led to a downward adjustment of profit predictions for 2025-2027 by 12%, 9%, and 9% respectively, primarily due to a decrease in container profits [1] Valuation Adjustments - Morgan Stanley has made slight adjustments to optimistic, baseline, and pessimistic assumptions regarding the company, noting that the book value per share (BPS) has increased following valuation extensions [1] Dividend and Currency Assumptions - The analysis now includes the cash dividend for 2025 and updates to currency assumptions, specifically anticipating a gradual appreciation of the Renminbi against the US dollar [1]

文 / 现代物流报记者 朱睿颖 2025上半年，受关税政策频繁调整影响，国际贸易形势不确定性持续提高，集运市场"抢出口"现象明 显，出货周期被打乱。 （图源：新华社） 作为国际贸易的关键枢纽，港口航运市场持续受影响。正值上市企业半年报公布节点，报表数字折射港 口经济发展新风向。 33家企业实现盈利 凤凰航运在半年报写到，上半年，干散货航运业继续呈现典型的周期性运行特征。受全球宏观经济波 动、能源结构调整及季节性气候因素交织影响，行业供需格局处于动态再平衡过程中，运价走势整体表 现出较强的波动性。面对行业市场价格较大的波动性，公司积极面对市场，主动减少运输亏损业务，提 高船效，挖潜降本，虽然货运量、货物周转量、收入出现了同比减少，但经营实现了盈利。 航运港口领域沪深A股33家上市企业营业总收入达2759.62亿元，同比增长3.9%；净利润476.06亿元，同 比下降1.2%。其中，32家企业实现净资产收益率增长。 中远海运控股股份有限公司（以下简称"中远海控"）上半年实现营业总收入1091亿元，净利润175.4亿 元，均位居33家企业首位。 | | 企业简称 | | 营业总收入 | 净利润 | | | --- ...

Group 1 - BlackRock reduced its stake in China COSCO Shipping Holdings (01919) by 14.259 million shares at a price of HKD 14.6731 per share, totaling approximately HKD 209 million [1] - After the reduction, BlackRock's remaining shareholding is approximately 162 million shares, representing a stake of 5.63% [1]

Group 1 - BlackRock reduced its stake in China COSCO Shipping Holdings (601919)(01919) by selling 14.259 million shares at a price of HKD 14.6731 per share, totaling approximately HKD 209 million [1] - After the reduction, BlackRock's remaining shareholding is approximately 162 million shares, representing a holding percentage of 5.63% [1]

Group 1 - The report details the changes in the registered capital and issued shares of China COSCO Shipping Holdings Co., Ltd. as of August 31, 2025 [1] - The total registered capital at the end of the month is RMB 15,634,172,345, with no changes from the previous month [1] - The number of issued shares (excluding treasury shares) remains unchanged at 2,879,819,500 for the stock code 01919 and 12,609,935,239 for the stock code 601919 [1] Group 2 - There were no changes in the number of stock options or treasury shares during the month [3] - The report confirms compliance with the relevant listing rules and regulations regarding the issuance and transfer of securities [3]

Group 1 - The core viewpoint of the report is that Huayuan Securities has given a "buy" rating to COSCO Shipping Holdings (601919.SH) with a latest price of 15.33 yuan [1] - The reasons for the rating include an increase in container shipping volume and profitability from terminal operations supporting the company's performance [1] - The report highlights that fluctuations in tariffs impact freight rates, while ongoing supply constraints and a stable market structure support industry profitability [1] - The company is noted for its stable mid-term dividends, emphasizing its dividend attributes [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company reported a year-on-year revenue growth of 7.78% in the first half of 2025, with a total revenue of 109.1 billion yuan, despite a slight decline of 3.39% in Q2 [8] - The growth in container shipping volume and profitability from port operations supported the company's performance [8] - The company plans to distribute a cash dividend of 0.56 yuan per share for the mid-term, reflecting a dividend payout ratio of approximately 50%, which is a 7.69% increase compared to the same period in 2024 [8] - The company is expected to maintain stable profits in the future due to a solid industry structure and its dividend attributes [8] Financial Summary - Revenue projections for the company are as follows: 2023: 175.448 billion yuan, 2024: 233.859 billion yuan, 2025E: 192.372 billion yuan, 2026E: 180.483 billion yuan, 2027E: 191.742 billion yuan [7] - The net profit attributable to the parent company is projected to be: 2023: 23.86 billion yuan, 2024: 49.1 billion yuan, 2025E: 25.525 billion yuan, 2026E: 19.036 billion yuan, 2027E: 20.09 billion yuan [7] - The company’s earnings per share (EPS) are expected to be: 2023: 1.54 yuan, 2024: 3.17 yuan, 2025E: 1.65 yuan, 2026E: 1.23 yuan, 2027E: 1.30 yuan [7] - The return on equity (ROE) is projected to be: 2023: 12.17%, 2024: 20.92%, 2025E: 10.32%, 2026E: 7.41%, 2027E: 7.52% [7]

FF301 致：香港交易及結算所有限公司 公司名稱: 中遠海運控股股份有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01919 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,971,819,500 | RMB | | 1 | RMB | | 2,971,819,500 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 2,971,819,500 | RMB | | 1 | RMB | | 2,971,819,500 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 | 2. ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中遠海運控股股份有限公司 呈交日期: 2025年9月2日 FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01919 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,971,819,500 | RMB | | 1 | RMB | | 2,971,819,500 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 2,971,819,500 | RMB | | 1 | RMB | | 2,971,819,500 | | 2. ...