| | 原编号 | 原条款内容 | 现编号 现条款内容 修订依据 | | | --- | --- | --- | --- | --- | | 类型 | | | | | | | | | 外部监管规定 | | | 修订 | - | 全文中所有"股东大会" | - 统一修订为："股东会" | | | | | | 与《公司章程》 | | | | | | 独立董事必须保持独立性。下列人员不得担任独立董事： | | | | | | （一）在公司或者公司附属企业任职的人员及其直系亲 | | | | | | 属、主要社会关系（直系亲属是指配偶、父母、子女等； | | | | | | 主要社会关系是指兄弟姐妹、岳父母、儿媳女婿、兄弟 | | | | | | 姐妹的配偶、配偶的兄弟姐妹等）； | | | | | | （二）直接或间接持有公司已发行股份 1%以上或者是公 | | | | | 第二章第 | 司前十名股东中的自然人股东及其直系亲属； | 外部监管 | | 规定 | | | | | | 新增 | - | - | | | | | | 六条 | （三）在直接或间接持有本公司已发行股份 5%以上的股 | 与《公 | | 司章程 ...

证券日报网讯海峡股份（002320）9月2日在互动平台回答投资者提问时表示，根据前期公告披露，"棒 棰岛"轮拟按照二手船转让方式进行评估并进场交易，目前进场交易结束，棒棰岛轮于8月29日完成交 船。公司将综合考虑市场需求等因素推进船舶更新工作。 ...

General Principles - The rules are established to standardize company behavior and ensure shareholders can exercise their rights according to the Company Law, Securities Law, and the company's articles of association [1] - The company must strictly follow legal and regulatory requirements when convening shareholder meetings [1][2] - Shareholder meetings are categorized into annual and extraordinary meetings, with specific timelines for their convening [1][2] Convening Shareholder Meetings - The board of directors is responsible for convening shareholder meetings within the stipulated timeframes [2][5] - Independent directors can propose extraordinary meetings, and the board must respond within 10 days [2][5] - Shareholders holding more than 10% of shares can request the board to convene an extraordinary meeting, with similar response requirements [5][7] Proposals and Notifications - Proposals must fall within the scope of shareholder meeting authority and comply with legal requirements [8][9] - Shareholders holding at least 1% of shares can submit temporary proposals 10 days before the meeting [8][9] - Notifications for annual meetings must be sent 20 days in advance, while notifications for extraordinary meetings must be sent 15 days in advance [9][10] Conducting Shareholder Meetings - Meetings should be held at the company's registered address or another designated location [11] - Shareholders can attend in person or via authorized representatives, and the company must facilitate participation through various means [11][12] - The meeting must maintain order, and any disruptions should be reported to relevant authorities [12][13] Voting and Resolutions - Voting can be conducted through various methods, including online systems, and results must be announced immediately [24][25] - Resolutions require a majority or supermajority depending on the type of resolution, with specific rules for related party transactions [39][41] - The company must disclose the voting results and resolutions promptly after the meeting [25][26] Execution of Resolutions - The board of directors is responsible for executing the resolutions passed during the shareholder meetings [59][60] - The chairman of the board oversees the execution of resolutions and can convene temporary board meetings if necessary [61] Record Keeping - Detailed records of the meetings must be maintained, including attendance, proposals, and voting results [58][27] - Records should be preserved for at least ten years to ensure compliance and transparency [27]

Group 1: Commodity Market Overview - The domestic commodity futures market showed mixed results on September 2, with polysilicon and the European shipping index rising over 3% [1][2] - The China Securities Commodity Futures Price Index closed at 1436.21 points, up 7.06 points or 0.49% from the previous trading day [1] - The China Securities Commodity Index closed at 1983.90 points, up 9.75 points or 0.49% from the previous trading day [1] Group 2: Geopolitical Impact on Shipping and Oil Prices - The escalation of the Red Sea situation, following Israeli airstrikes and missile attacks on Israeli oil tankers, led to a near 9% increase in the European shipping index [2] - Despite the initial surge, analysts suggest that the geopolitical-driven rise in shipping may not be sustainable due to oversupply in the shipping market [2] - Oil prices have been supported by expectations of OPEC+ maintaining production levels and ongoing geopolitical tensions in the Middle East [3] Group 3: Lithium and Ethylene Glycol Market Trends - Lithium carbonate prices fell over 4% due to increased supply and reduced market sentiment, with the price index at 77,386 yuan per ton [4] - Ethylene glycol prices dropped 2.23% as domestic production increased and port inventories rose, with expectations of higher import volumes in the coming months [5]

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]

Group 1 - The core viewpoint of the report is that Huayuan Securities has given a "buy" rating for COSCO Shipping Energy Transportation Co., Ltd. (600026.SH) with a latest price of 10.64 yuan [1] - The reasons for the rating include a short-term performance pressure due to a year-on-year decline in tanker route revenue, while the contribution from LNG business is increasing [1] - The report highlights that OPEC+ production increase is beneficial for VLCC, and freight rates are expected to remain strong [1] - The company has received approval from the CSRC for its private placement application [1]

【文/观察者网 熊超然】在航运领域，随着美国今年10月即将启动新的高额港口收费，中国航运公司正 同全球合作伙伴合作，减少在美国的业务，并探索更多区域市场机会。 今年早些时候，特朗普政府计划对进入美国港口的中国船只收取"附加服务费"，妄图遏制中国在全球造 船业中的主导地位。 报道称，中国航运企业已开始通过调整船队等措施，应对美方收费，同时降低在美国市场的运营风险。 业内分析人士指出，如果承运人持续减少在美国航线上部署中国制造船舶，那么在旺季时运力供应可能 变得不稳定，并可能逐步出现结构性运力短缺。 "集装箱航运业正经历一场前所未有的历史性变革。"中国远洋海运集团旗下在上海和香港上市的中远海 运控股股份有限公司上周发布的中期报告没有提及美国港口收费一事，但指出，作为对市场变化的前瞻 性应对举措，其正专注于拓展新兴市场和区域市场。 资料图：美国加利福尼亚州长滩港集装箱码头视觉中国 今年上半年，中远海运在中国大陆航线上的业务同比增长9.5%，亚洲内部航线增长5.2%，其他国际航 线（包括非洲和拉丁美洲）增长11.9%，其跨太平洋航线在同期也上升了4.7%。 中远海运子公司东方海外国际有限公司（OOIL）在其旗下东方海 ...

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - In Q2, the company achieved operating revenue of 2.77 billion yuan, a year-on-year decrease of 6.3%, while net profit attributable to shareholders was 520 million yuan, an increase of 42.5%. The non-recurring net profit was 380 million yuan, up 172.9% year-on-year. The high demand for external chartered ships has led to a tightening of domestic supply, improving both supply and pricing [5][11]. - The company has proposed a mid-term dividend for the first time, with a payout ratio of 84.3% and an annualized dividend yield of 8.2%, emphasizing shareholder returns [11]. Summary by Sections Financial Performance - In the first half of 2025, the company reported operating revenue of 5.34 billion yuan, down 7.0% year-on-year, and a net profit of 1.07 billion yuan, up 41.6%. The non-recurring net profit was 820 million yuan, an increase of 94.3% [5]. - In Q2, the company recorded a gross margin of 21.0%, an increase of 12.0 percentage points year-on-year, primarily due to the contribution from external chartered ships [11]. Market Dynamics - The external chartered ship market remains robust, with charter rates for 4,400 TEU vessels averaging 54.6k USD/day in Q2, a year-on-year increase of 57.7%. This has allowed the company to enhance its capacity deployment in the foreign trade market [11]. - Domestic shipping demand has shown signs of improvement, with container throughput in the first two quarters recording year-on-year changes of +2.1% and -2.1%, respectively. The domestic shipping price index has also improved significantly [11]. Future Outlook - The company anticipates a strong domestic shipping peak season in Q4, which is expected to release performance elasticity. Forecasted net profits for 2025-2027 are 2.14 billion, 2.43 billion, and 2.50 billion yuan, respectively, with corresponding P/E ratios of 10.3, 9.0, and 8.8 times [11].

证券之星消息，9月2日航运港口板块较上一交易日上涨0.3%，南 京 港领涨。当日上证指数报收于 3858.13，下跌0.45%。深证成指报收于12553.84，下跌2.14%。航运港口板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002040 | 南京港 | 10.03 | 3.62% | 30.02万 | | 3.01亿 | | 833171 | 国航证注 | 10.61 | 2.61% | 25.61万 | | 2.78亿 | | 600798 | 宁波海运 | 4.01 | 2.56% | 58.76万 | | 2.37亿 | | 601022 | 宁波远洋 | 9.88 | 2.49% | 51.39万 | | 5.16亿 | | 603162 | 海通发展 | 66'8 | 2.28% | 12.87万 | | 1.15亿 | | 601326 | 秦港股份 | 3.48 | 2.05% | 38.54万 | | 1.33亿 | | 601298 ...

Core Insights - The company, China Merchants Energy Shipping Company (招商轮船), reported a decline in revenue and net profit for the first half of 2025, with a slight recovery in Q2 [2][3]. Revenue Performance - For H1 2025, the company achieved a revenue of 12.585 billion yuan, a year-on-year decrease of 4.91%, while Q2 2025 revenue was 6.989 billion yuan, showing a slight increase of 0.13% [2]. - The revenue from oil tanker transportation in H1 2025 was 4.443 billion yuan, down 10.46% year-on-year, with Q2 revenue at 2.306 billion yuan, a decrease of 4.28% [4][5]. - The dry bulk shipping segment generated 3.701 billion yuan in H1 2025, a decline of 6.50%, with Q2 revenue at 2.021 billion yuan, down 2.00% [7][8]. - The container shipping segment saw a revenue increase to 3.020 billion yuan in H1 2025, up 10.93%, with Q2 revenue at 1.882 billion yuan, an increase of 11.73% [9]. Profitability Analysis - The net profit attributable to shareholders for H1 2025 was 2.125 billion yuan, a decrease of 14.91%, while Q2 net profit was 1.259 billion yuan, an increase of 12.25% [3]. - The non-recurring net profit for H1 2025 was 1.906 billion yuan, down 22.03%, with Q2 showing a decline of 3.04% to 1.053 billion yuan [3]. - The oil tanker segment's net profit for H1 2025 was 1.293 billion yuan, down 22.77%, while Q2 net profit was 806 million yuan, a slight increase of 0.22% [4][5]. - The dry bulk segment's net profit for H1 2025 was 422 million yuan, down 47.27%, with Q2 net profit at 263 million yuan, a decrease of 40.66% [7][8]. - The container segment's net profit for H1 2025 was 628 million yuan, a significant increase of 161.50%, with Q2 net profit at 293 million yuan, up 115.15% [9]. Fleet Overview - As of mid-2025, the company maintained the world's largest VLCC fleet with 52 vessels (16.11 million deadweight tons) and 7 Aframax vessels (770,000 deadweight tons) [4]. - The dry bulk fleet also remained the largest globally, comprising 93 vessels (18.56 million deadweight tons), including 34 VLOCs (13.13 million deadweight tons) [6]. Future Outlook - The company forecasts revenues of 25.592 billion yuan, 26.874 billion yuan, and 27.703 billion yuan for 2025 to 2027, with year-on-year growth rates of -0.80%, 5.01%, and 3.08% respectively [9]. - Expected net profits for the same period are projected at 5.243 billion yuan, 6.044 billion yuan, and 6.356 billion yuan, with growth rates of 2.66%, 15.26%, and 5.17% respectively [9].