南财智讯10月24日电，兴通股份公告，2025年前三季度公司实现营业收入11.83亿元，同比增长1.80%； 归属于上市公司股东的净利润1.94亿元，同比下降30.31%。基本每股收益0.65元，同比下降35.64%。 ...

Core Viewpoint - Xingtong Co., Ltd. announced the convening of its 30th meeting of the second board of directors on October 24, 2025, to discuss the cancellation of the supervisory board and amendments to the company's articles of association [1] Company Summary - For the first half of 2025, Xingtong's revenue composition is as follows: self-owned vessels in time charter accounted for 71.66%, period charter accounted for 22.78%, and externally rented vessels in time charter accounted for 5.56% [1] - As of the report date, Xingtong's market capitalization is 4.8 billion yuan [1]

行业 金融期货周报 日期 2025 年 10 月 24 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ |  股指 | - 3 | - | | --- | --- | --- | | 一、市场回顾 - | 3 | - | | 二、成交持仓分析 - | 5 | - | | 三、基差、跨期价差及跨品种价差分析 | - 5 | - | | 四、行业板块概况 - | 7 | - | | 五、估值比较 - | 9 | - | |  国债 - | 10 | - | | 一、本周市场回顾 - 二、市场分析 - | 10 20 | - - | | 三、下周公开市场到期与重要经济日 ...

Group 1 - Antong Holdings reported a revenue of approximately 6.537 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 22.65% [1] - The net profit attributable to shareholders of the listed company was approximately 664 million yuan, showing a significant year-on-year increase of 311.77% [1] - Basic earnings per share reached 0.1569 yuan, which is an increase of 311.81% compared to the previous year [1] Group 2 - As of the report, Antong Holdings has a market capitalization of 17.9 billion yuan [2]

上周原油运输市场表现尤为强劲，各细分板块全面上涨。超大型油轮（VLCC）平均日收益增长10%至9万美元，中型油 轮（MR）平均日收益则飙升44%至2.5万美元/日。 克拉克森研究分析师指出，以运力占比计算，目前全球约2%-7%的货运吨位（以船队数量计算，约为1%至3%）停靠中 国港口可能受到该费用影响。从整体来看，航运公司可通过调整船舶部署来应对费用影响，但这一规模足以引发短期市 场动荡，并导致租船偏好变化及市场效率下降。克拉克森在最新周报中表示，上述因素在当前供需紧张的市场环境中可 能 "总体起到支撑作用"。 9月29日，国务院公布关于修改《中华人民共和国国际海运条例》的决定。条例明确提出：任何国家或者地区对中国船 东、运营商、船舶或者船员采取或者协助、支持采取歧视性的禁止、限制或者其他类似措施的，中国政府根据实际情况 采取必要的反制措施。这是对美国此前公布的同样于10月14日生效的港口费计划的强势反击。 10月14日起，中美两国开始报复性地相互征收港口附加费，由此引发的市场动荡已推动航运收益攀升至历史高位。 中国于10月14日正式开始对美国所有、运营、建造或悬挂美国国旗的船舶征收每吨净吨400 元人民币（ ...

Core Insights - Antong Holdings (600179) reported a significant increase in both revenue and net profit for Q3 2025, with revenue reaching 2.152 billion yuan, a year-on-year growth of 18.85%, and net profit at 152 million yuan, reflecting a staggering year-on-year increase of 2155.18% [1] - For the first three quarters of 2025, the company achieved a total revenue of 6.537 billion yuan, marking a year-on-year growth of 22.65%, while net profit reached 664 million yuan, which is a year-on-year increase of 311.77% [1] Financial Performance - Q3 2025 revenue: 2.152 billion yuan, up 18.85% year-on-year [1] - Q3 2025 net profit: 152 million yuan, up 2155.18% year-on-year [1] - Year-to-date revenue (first three quarters): 6.537 billion yuan, up 22.65% year-on-year [1] - Year-to-date net profit (first three quarters): 664 million yuan, up 311.77% year-on-year [1]

Core Viewpoint - A-share listed companies are increasingly implementing mid-term dividends, with a total of nearly 660 billion yuan distributed, approaching last year's total mid-term dividends [1][2] Group 1: Company Dividends - China Merchants Industry Holdings (中远海控) announced a cash dividend of 0.56 yuan per share, totaling nearly 8.7 billion yuan [1] - Changsha Bank plans to distribute over 800 million yuan in cash dividends, the highest among listed companies in Hunan [1][2] - Foxconn Industrial Internet and Beijing Yanjing Beer announced their first mid-term dividends of 6.551 billion yuan and 282 million yuan, respectively [2] Group 2: Company Performance - China Merchants Industry Holdings reported earnings per share of 1.12 yuan and a net profit of approximately 1.75 billion yuan, with a year-on-year growth rate of 3.95% [1] - Kefu Medical reported earnings per share of 0.82 yuan and a net profit of approximately 167 million yuan, with a year-on-year decline of 9.51% [3] - Changsha Bank reported earnings per share of 1.08 yuan and a net profit of approximately 4.33 billion yuan, with a year-on-year growth rate of 5.05% [3] Group 3: Industry Trends - Over 850 A-share listed companies have announced or implemented mid-term dividend plans, with over 442 companies having a total market value exceeding 10 billion yuan, accounting for over 50% of the total [2] - The trend of companies practicing multiple dividends a year is expected to attract long-term investment and enhance market resilience [3]

Core Viewpoint - Bohai Ferry (603167.SH) reported a positive financial performance for the third quarter, indicating growth in both revenue and net profit compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 700 million yuan, representing an 8.30% year-on-year increase [1] - The net profit attributable to shareholders of the listed company was 170 million yuan, reflecting an 11.61% year-on-year growth [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 168 million yuan, which is a 12.90% increase year-on-year [1] - Basic earnings per share stood at 0.36 yuan [1]

Core Viewpoint - Bohai Ferry (603167) reported its Q3 2025 financial results, showing positive growth in both revenue and net profit compared to the previous year [1] Financial Performance - In Q3 2025, the company achieved an operating revenue of 700 million yuan, representing an 8.3% year-on-year increase [1] - The net profit for Q3 2025 was 170 million yuan, reflecting an 11.61% year-on-year growth [1] - For the first three quarters of 2025, the total operating revenue reached 1.428 billion yuan, which is a 1.07% increase compared to the same period last year [1] - The net profit for the first three quarters was 272 million yuan, showing a 5.68% year-on-year increase [1] - The basic earnings per share (EPS) for the company stood at 0.58 yuan [1]

Investment Rating - The report maintains a "Recommendation" rating for COSCO SHIPPING Specialized (600428) [1] Core Views - The company shows steady growth in Q3 performance, with a focus on the potential demand in the automotive and wind power sectors [1][6] - The company is expected to benefit from the expansion of its fleet and stable freight rates, leading to robust profitability growth in the short term [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved total revenue of 16.6 billion yuan, a year-on-year increase of 37.9%, and a net profit attributable to shareholders of 1.33 billion yuan, up 10.5% year-on-year [6] - In Q3 2025, the company reported revenue of 5.84 billion yuan, a 27.9% increase year-on-year, and a net profit of 500 million yuan, a 6.6% increase year-on-year [6] - The company plans to deliver 53 new ships in 2025, increasing its capacity to 9.16 million deadweight tons, a 49% year-on-year growth [6] Revenue and Profit Forecast - Projected total revenue for 2024A is 16.78 billion yuan, with expected growth rates of 39.8% in 2024, 29.7% in 2025, 14.5% in 2026, and 6.8% in 2027 [2] - The forecasted net profit attributable to shareholders for 2024A is 1.53 billion yuan, with growth rates of 43.8% in 2024, 22.1% in 2025, 14.5% in 2026, and 9.3% in 2027 [2] Market Position and Demand Drivers - The company is positioned as a leader in specialized shipping, benefiting from the growth in marine economy and structural demand in downstream sectors such as new energy vehicles and wind power [6] - The report highlights the expected CAGR of 8.8% for global wind power installations from 2024 to 2030, with even higher growth rates for offshore wind [6] Valuation and Target Price - The target price for the company is set at 8.84 yuan, representing a potential upside of 22% from the current price of 7.22 yuan [2][6] - The report maintains profit forecasts for 2025-2027 at 1.87 billion yuan, 2.14 billion yuan, and 2.34 billion yuan respectively, corresponding to PE ratios of 11, 9, and 8 times [6]