Core Viewpoint - China Merchants Energy (01138) has seen its stock price increase by over 60% year-to-date, with a recent rise of 5.04% to HKD 16.06, supported by a trading volume of HKD 235 million [1] Group 1: Company Overview - China Merchants Energy has undergone years of business restructuring, establishing an integrated operational model encompassing oil, gas, chemicals, and storage [1] - The core business of oil transportation has consistently contributed over 80% of the company's revenue for the past decade, with foreign trade crude oil and refined oil transportation being the main profit drivers [1] - The company’s capacity distribution by type of vessel as of September 2025 is projected to be 83.2% for oil tankers, 16.5% for LNG carriers, 0.3% for chemical tankers, and 0.1% for LPG carriers [1] Group 2: Industry Insights - According to Guotai Junan Securities, the oil transportation sector is experiencing a "super bull market" in two phases: the first phase driven by geopolitical conflicts restructuring global crude oil trade, and the second phase initiated by increased global crude oil production, which continues to drive demand for oil transportation [1] - Oil transportation rates have surged since September and are expected to remain high, with tanker profits projected to reach a ten-year high in Q4 2025 and for the entire year [1] - The outlook for 2026 suggests that the oil transportation market will continue to exceed expectations, with potential benefits from falling oil prices [1]