Core Viewpoint - The CEO of Mitsui O.S.K. Lines stated that the company's shipping operations in the Arabian Sea are continuing normally while closely monitoring the situation between Israel and Iran [1] Group 1: Shipping Operations - The company is maintaining normal shipping operations in the Arabian Sea despite regional tensions [1] - There are no alternative routes available, making it very difficult to reduce or halt transportation in the Arabian Gulf [1] Group 2: Regulatory Discussions - The company is in discussions with the European Union to lift certain sanctions on liquefied natural gas carriers [1]

Group 1 - The company emphasizes the integration of anti-corruption efforts with technological innovation to enhance the effectiveness of supervision and compliance [1][2] - A political supervision work plan for 2025 has been issued, focusing on the implementation of key directives from the Party's leadership and ensuring adherence to the principles of Xi Jinping's thought [1][3] - The company has conducted on-site inspections and discussions with relevant departments to ensure the practical application of political supervision [1] Group 2 - The company has developed 76 supervision models and enhanced its digital supervision platform to improve the detection and resolution of issues, successfully identifying 30 problem leads this year [2] - A blacklist system has been established for companies involved in previous violations of related party transactions, increasing the scrutiny of such transactions [2] - The company is committed to continuous updates and improvements in its digital supervision capabilities to ensure more effective oversight [2] Group 3 - A comprehensive educational initiative has been launched to reinforce the implementation of the Central Eight Regulations, with various platforms for learning and discussion [3] - The company has identified and addressed 85 violations of the Central Eight Regulations this year, demonstrating a commitment to maintaining high standards of conduct [3] - A focus on grassroots engagement has been established to assess the effectiveness of educational efforts and identify issues related to the "Four Winds" [3]

Investment Plan - The company plans to invest no more than 12.1 billion yuan (including tax) in building various types of containers, including 20GP, 20HQ, and 40HQ [1][3] - The investment will be financed through a combination of self-owned funds and bank financing, aimed at enhancing operational efficiency and service quality [3][4] Financial Health - The company has shown a steady decline in its debt ratio from 30.75% in 2021 to 21% in 2024, optimizing nearly 10 percentage points over three years [4][5] - As of the first quarter of 2025, the company had cash and cash equivalents of 2.474 billion yuan and trading financial assets of 2.427 billion yuan [4][5] Market Position - The company is a leading player in the domestic container industry, ranking among the top three in domestic container throughput at 1,580,120 TEU in 2024, a year-on-year increase of 14.99% [3][8] - By the end of 2024, the company established 43 shipping network points covering 161 business ports, with 34 main domestic shipping routes [2][7] Strategic Focus - Following the termination of a major asset restructuring plan, the company is shifting its strategic focus towards internal growth, optimizing capacity allocation, and enhancing core competitiveness [5][6] - The company is implementing a "Three Ports and One Shipping" strategy to accelerate logistics network layout and improve logistics efficiency [1][6] Revenue and Profitability - In 2024, the company achieved a revenue of 7.549 billion yuan, a year-on-year increase of 2.80%, with net profit reaching 610 million yuan, up 7.53% [8] - In the first quarter of 2025, the company reported total revenue of 2.042 billion yuan, a year-on-year growth of 26.35%, and net profit of 241 million yuan, a significant increase of 371.53% [9][10] Innovation and Efficiency - The company is enhancing its logistics efficiency through modernized fleets and digital networks, aiming to create efficient logistics channels between major ports [10]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [11]. Core Insights - The geopolitical tensions in the Middle East, particularly the recent conflict between Israel and Iran, have led to increased oil prices and heightened demand for oil transportation. The report anticipates that oil shipping rates will rise due to panic-driven stockpiling and disruptions in shipping efficiency [2][19]. - Historical analysis of the Iran-Iraq War indicates that oil shipping rates experienced fluctuations due to supply chain disruptions, high oil prices suppressing demand, and eventual recovery in demand leading to increased shipping rates [22][23]. - The report suggests that while short-term disruptions may benefit oil shipping, the long-term closure of the Strait of Hormuz is unlikely, with more focus on disruptions rather than complete closures, which will affect shipping efficiency [30][31]. Summary by Sections Oil Transportation - The report highlights that the geopolitical situation has led to a significant increase in oil prices, with prices rising from $66.87 per barrel to $74.23 per barrel within a few days. The forward freight agreements (FFA) for oil shipping have also seen a daily increase of 12% [19][30]. - It is recommended to focus on leading oil shipping companies such as COSCO Shipping Energy and China Merchants Energy due to their potential to benefit from the current market conditions [2][37]. Passenger Transportation - The report notes a seasonal decline in domestic passenger transport due to the examination period, with a 1% year-on-year increase in domestic passenger volume, while international passenger volume has increased by 14% [8][42]. - The report indicates that domestic ticket prices are under pressure, with a 5.6% decline in average ticket prices due to fuel surcharges and seasonal factors [48]. Shipping and Logistics - The report mentions that the average TCE for VLCC has increased by 51.8% to $32,000 per day, reflecting strong demand for oil shipping amid geopolitical tensions [9][25]. - The report also discusses the decline in container shipping rates, with the SCFI index dropping by 6.8% to 2,088 points, indicating a cooling demand in the container shipping market [9][10]. - The logistics sector shows a continued high growth rate in express delivery, with a 16.2% year-on-year increase in the volume of express deliveries [10].

"租船的物流公司已经接单，急着用船，可我的船舶融资租赁借款到期，要尽快办理所有权过户，只能 停航办证。"厦门良运船务有限公司总经理洪德贤进退两难。 5年前，为了开拓国内海运业务，该公司在上海的一家融资租赁公司办理了船舶融资租赁借款业务，用 于购买"新隆运85"轮，船舶产权归融资租赁公司所有。今年3月，该公司还清了所有应付款项，准备再 将船舶过户回来。 "办事快一天，企业就少受一点影响。法律法规和国际公约难以轻易修订，但办事工作流程能通过改革 优化提速。"陈鹭玲介绍，近两年，厦门船舶交易市场活跃，不少企业因转籍时间过长造成营运损失。 为此，厦门的海事、水运、船检3个部门联合中国（福建）自由贸易试验区厦门片区（厦门自贸片区） 管委会，在国际贸易单一窗口创新推出"海事、水运、船检联合办证平台"，实现船企一次提交，各部门 证书同步办理、同步出证。 根据窗口提供的材料清单，洪德贤备好材料来到厦门海事局政务中心。"考虑到该公司船舶靠岸维修时 间只有一周，中心加急为其办理了审核与流转手续。"陈鹭玲介绍。2天后，拿到新办理的证书，洪德贤 急忙联系租船的物流公司，"可以准时出航！"他说。 据介绍，"不停运办证"服务将办证时间压 ...

（以下简称《股权激励计划》） ，经测算，公司股票期权激励计 证券简称：中远海发 证券代码：601866 公告编号：2025-034 中远海运发展股份有限公司 关于股票期权激励计划股票期权注销完成的公告 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。 中远海运发展股份有限公司（以下简称"公司"、"中远海发"） 于 2025 年 5 月 29 日召开第七届董事会第二十八次会议及第七届监事 会第十四次会议，分别审议通过了注销股权激励计划股票期权的相关 议案，根据《中远海运发展股份有限公司股票期权激励计划（草案修 订稿）》 划首次授予及预留授予第三个行权期行权条件未成就，对应的股票期 权不得行权；公司股票期权激励计划首次授予第二个行权期、预留授 予第一个行权期及第二个行权期激励对象未行权失效。经审议决定对 该等人员已获授但未达生效条件及尚未行权已失效的合计 29,449,382 份股票期权进行注销。具体内容详见公司于 2025 年 5 月 30 日刊登于 上海证券交易所网站（www.sse.com.cn）、《中国证券报》《上海证 券报 ...

欧美运往亚洲的货物减少（资料图，reuters） 从美国运往亚洲的货物量以2013年的686万个为顶峰，是去程货物运输（1383万个）的50%。从2024年 的运输量来看，去程增加到2144万个，而返程仅为575万个，比例下降到27%…… 从日本海事中心汇总的年度运输量来看，从美国运往亚洲的货物量以2013年的686万个为顶 峰。2013年为去程货物运输（1383万个）的50%。从2024年的运输量来看，去程增加到 2144万个，而返程仅为575万个，比例下降到27%。 在中国全面禁止废纸进口的2021年以后，不平衡进一步扩大。日本神奈川大学的松田琢磨教 授表示，"一直面临着缺乏足够的返程货物来弥补废弃物运输减少的情况，很难想象短期内不 平衡会有所改善"。从美欧向亚洲运送集装箱的海运公司的成本负担增加。 亚洲方面也容易发生集装箱短缺。如果空集装箱因港口拥挤和航线变更等原因滞留在美欧， 亚洲方面的集装箱将变得供不应求，还将导致运费上涨。 内需低迷正在加速从欧美到中国的货物运输的减少。而美国特朗普政府的关税政策则可能进 一步拉低运输量。中国已对美国征收反制关税。运输量今后也可能持续低迷。 从事集装箱货物追踪服务的 ...

丨证券研究报告丨 行业研究丨行业周报丨运输 [Table_Title] 商用车辅助驾驶：安全降本，加速落地 报告要点 [Table_Summary] 当前智能驾驶重卡迎来里程碑式的突破，头部快递公司率先应用智能重卡。商用车智能辅助驾 驶解决传统干线运输中的安全和成本痛点：1）智能驾驶大幅提升安全性；2）自动驾驶显著提 升节油效果；3）降低司机身心疲劳度，节省人力成本。假设智能辅助驾驶系统单价为 15 万元， 参考中国中重卡销量，可替代车辆销量为 103 万辆，可替代市场空间达 1545 亿元。随着智能 辅助驾驶快速推广，率先应用的头部快递快运公司有望受益，优先推荐格局更优的顺丰控股， 头部快运公司安能物流、德邦股份竞争实力进一步提升，加盟快递也将受益于运输成本改善。 %% %% 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 请阅读最后评级说明和重要声明 %% %% ...

在国际贸易里，海运是中国与美国间货物运输的重要方式，其费用受多种因素左右。下面为你全面剖析。 • 附加费用：港口费用包括码头租金、装卸费等，每个集装箱200 - 500美元 ；燃油附加费随油价浮动，占 运费15% - 30% ；旺季附加费在旺季加收，每个集装箱300 - 800美元 ；特殊货物附加费，如危险品每个集 装箱500 - 1500美元 ；清关费用含报关费、文件费等 ；关税按货物种类、价值及美国政策征收。 发货前需与货代或船公司充分沟通，明确各项费用，综合考量货物情况、运输时间、预算等，选出最合适 的运输方案。 • 计费方式：按重量计费适用于高密度货物，运费=单位重量运费×货物总重量 ；按体积计费针对泡货，先 算体积，除以系数得体积吨，再乘以单位体积运费 ；按集装箱规格计费常用于整箱运输，20英尺标准集装 箱运费较低，40英尺标准集装箱和40英尺高柜运费更高 。 • 影响费用的关键因素：普通货物运输难度低，成本也低；重货对船舶要求高，运费增加 ；泡货按体积算 运费，单价较高 ；特殊货物运输成本高，像危险品运费是普通货物2 - 3倍 。不同起运港与目的港组合，运 费有差异，如上海港到洛杉矶港，20GP集 ...

Group 1: Stock Movements in Hong Kong Market - Youqu Holdings (02177) surged over 24% as it actively expands into the health sector with the launch of the Canadian anti-aging health food brand Vanpearl containing ergothioneine [1] - Longfly Fiber Optics (06869) rose nearly 10% following the commencement of mass production at its advanced Wuhan base, successfully producing its first 6-inch silicon carbide wafer [1] - SF Holding (06936) increased over 5% with a reported 19.1% year-on-year growth in express delivery volume in April 2025, reaching 16.32 billion parcels [1] Group 2: Notable Developments in Other Companies - Alibaba Pictures (01060) gained over 4% after announcing a name change to Damai Entertainment, indicating a focus on offline performances and IP derivatives [2] - Innovent Biologics (01801) rose over 4% after presenting promising results for its innovative drug IBI343 for treating advanced pancreatic cancer at the 2025 ASCO annual meeting [2] - Ideal Auto (02015) saw a rise of over 6% with May deliveries reaching 40,856 units, marking a 16.7% year-on-year increase [4] Group 3: U.S. Market Highlights - Ferguson (FERG.US) increased by 2.9% with Q3 sales of $7.621 billion, a 4.3% year-on-year growth, exceeding market expectations [5] - Credo Technology (CRDO.US) surged over 14% with Q4 revenue of $170.3 million, a 179.7% year-on-year increase [6] - Nvidia (NVDA.US) rose by 2.8% as UBS projected significant revenue from a new AI data center project in Texas [6]