海南实现船舶证书文书"一件事一次办" 服务自贸港航运业 中新网海口12月1日电(刘海玉 效溪蔓)12月1日，海南海事局成功为海口某企业一次性同步办结船舶名称 预留、船舶所有权登记证书、船舶国籍证书、船舶电台执照和海上移动通信业务标识码证书等多项证书 文书，标志着船舶证书文书"一件事一次办"改革在海南辖区正式落地实施，政务服务集成化改革迈出关 键一步。 船舶证书文书办理是海事政务服务的高频事项，以往申请人需逐项申请、重复提交材料，存在环节多、 流程长等问题。为深入贯彻落实国务院关于"高效办成一件事"的决策部署，服务海南自由贸易港航运高 质量发展，海南海事局系统推进船舶证书文书办理流程再造与模式优化。 本次改革突破传统审批壁垒，将船舶所涉及的17项证书文书整合为"一件事"，通过"一次申报、一表申 请、一套材料、同步办理"机制，实现申请材料精简40%以上，大幅压减办理环节和时间。 海南海事局相关负责人介绍，船舶证书文书"一件事一次办"是深化"放管服"改革、优化营商环境的重要 举措，也是对接海南自贸港封关运作、推进海事政务服务现代化的具体实践。本次改革分阶段推进，第 一阶段在游艇类船舶实施，后续将逐步推广至其他船型。 ...

Market Overview - The Hong Kong stock market showed a slight upward trend, with the Hang Seng Index rising by 0.67% to close at 26,033.26 points, and the Hang Seng Tech Index increasing by 0.82% to 5,644.76 points [1] - Major technology stocks mostly rose, with Alibaba up 2.24%, Tencent up 1.31%, and JD Group up 0.52%. However, Xiaomi fell by 1.76% and Meituan dropped by 2.88% [1] - The metals sector saw significant gains, with China Nonferrous Mining rising over 13% [1] - Cryptocurrency-related stocks generally declined, with New Fire Technology Holdings down over 9% [1] Company News - Meituan reported Q3 revenue of 95.5 billion yuan, a year-on-year increase of 2%, but its core local business operating profit turned negative, resulting in a loss of 14.1 billion yuan [2] - China Gas reported revenue of 34.481 billion HKD and a profit of 1.334 billion HKD for the six months ending September 30, 2025 [3] - Yingtong Holdings reported a revenue of 1.028 billion RMB, a year-on-year decrease of 3.42%, but net profit increased by 15.4% to 133 million RMB [3] - Jihai Resources reported a revenue of 450 million RMB, a year-on-year increase of 23.41%, with a net profit of 88.127 million RMB, up 2.98% [3] - Yuhua Education reported annual revenue of 2.497 billion RMB, a year-on-year increase of 5.4%, and a net profit of 930 million RMB, up 133.2% [3] - Huitai Textile reported mid-term revenue of 2.524 billion HKD, a year-on-year decrease of 6.72%, and a net profit of 79.322 million HKD, down 25.77% [3] - Huaxin Handbag International reported revenue of 432 million HKD, a year-on-year increase of 22.55%, and a profit of 48.262 million HKD, up 78.88% [4] Institutional Insights - GF Securities noted that the foundation for a bull market in Hong Kong stocks remains intact, but the evolution may present a "volatile upward, gradually rising" characteristic rather than a rapid increase [12] - Dongwu Securities indicated that short-term risk factors in Hong Kong stocks are decreasing, but a catalyst is needed for confirmation of a rebound [12] - Everbright Securities suggested that compared to previous bull markets, there is still significant room for index growth, but the duration of the bull market may be more important than the magnitude of the increase [12] - CICC highlighted that dividends have become a preferred choice in the current market environment, with the banking sector rebounding nearly 10% since the end of September [13]

Group 1 - The company announced a replacement agreement for shipbuilding contracts with Jiangsu Dajin Heavy Industry Co., Ltd., involving the transfer of all rights and obligations under the contracts for six vessels, with a total consideration of approximately $12.3 million [1] - The replacement aligns with the company's ongoing strategy to maintain a balanced fleet composition, optimizing its fleet and improving working capital and liquidity [1] - The board believes this replacement presents an opportunity to acquire shipbuilding contracts at a reasonable price, which will enhance the company's financial position and provide funds for fleet optimization [1] Group 2 - Additionally, the company's indirect wholly-owned subsidiary, SG XINDE INVESTMENT (HK) LIMITED, has contracted to acquire a 40% stake in CIMC Xinde Leasing (Shenzhen) Co., Ltd., which is wholly owned by the buyer [2] - Through the replacement of shipbuilding contracts, the buyer's dry bulk transportation capacity will increase, allowing better fulfillment of market demand for dry bulk shipping services, expected to generate additional economic benefits for the group [2] - The company will continue to monitor the current market conditions in the shipping industry and adjust its fleet composition as necessary [2]

Group 1 - The company, Intercontinental Shipping (02409), announced a replacement agreement on November 28, 2025, where the previous buyer agreed to transfer all rights and obligations under the shipbuilding contracts to the new buyer, Jiangsu Dajin Heavy Industry Co., Ltd. The total consideration for the replacement is approximately $12.3 million, which reflects the total amount paid by the previous buyer up to the date of the replacement agreements [1] - The replacement aligns with the company's ongoing strategy to maintain a balanced fleet composition, optimizing its fleet. The board believes this replacement presents an opportunity to acquire shipbuilding contracts at a reasonable price, improving the company's working capital and liquidity, and providing funds for vessel acquisitions to optimize the fleet [1] Group 2 - Additionally, on September 29, 2025, the company's indirect wholly-owned subsidiary, SG XINDE INVESTMENT (HK) LIMITED, entered into an agreement to acquire a 40% stake in China International Marine Containers (Shenzhen) Co., Ltd., which is wholly owned by the buyer. This replacement of shipbuilding contracts will increase the dry bulk transportation capacity of the buyer, enabling better fulfillment of market demand for dry bulk shipping services, and is expected to generate additional economic benefits for the group [2] - The company will continue to monitor the current market conditions in the shipping industry and adjust its fleet composition as necessary [2]

Group 1 - The company, COSCO Shipping Holdings (中远海控), announced a share buyback plan on November 28, 2025, involving an expenditure of HKD 39.7825 million to repurchase 3 million shares at a price range of HKD 13.22 to HKD 13.37 per share [1]

Summary of Key Points from Conference Call Records Industry Overview - **Transportation Industry**: The report focuses on the transportation sector, particularly the aviation and shipping industries, with a positive outlook for 2026 [1][2][3]. Core Insights and Arguments Aviation Industry - **Optimistic Outlook**: The aviation sector is expected to perform well in 2026, with passenger load factors reaching historical highs (e.g., 87% for major airlines like China Southern and China Eastern, and over 90% for Spring Airlines) [3][4]. - **Profit Potential**: A 10% increase in ticket prices for airlines with revenues around 100 billion can lead to a profit increase of approximately 10 billion [1][3]. - **Supply Chain Constraints**: The global aircraft supply chain is anticipated to remain tight due to limited participants in the manufacturing market and challenges in scaling production [4]. - **Demand Drivers**: Increased consumer policies and travel demand are expected to significantly boost service consumption, particularly in cultural and tourism sectors [4]. Shipping Industry - **Market Segments to Watch**: Focus on cruise, bulk cargo, and container shipping markets, with cruise rates exceeding $100,000 per day, driven by oil production cycles and sanctions [5][6]. - **Capacity Constraints**: The shipping industry faces limited capacity growth due to low order backlogs since 2022, leading to a strong growth outlook [5][6]. - **Oil Tanker Market**: High percentage of aging vessels (20 years or older) necessitates increased scrapping, with every $10,000 rise in rates potentially adding over 1 billion in profits for companies like COSCO Shipping Energy [8]. - **Dry Bulk Market**: The Simandou iron ore project is expected to significantly increase transportation demand, with production projected to reach 20 million tons by 2026 and 80 million tons by 2028 [8]. Dividend Assets - **Return Expectations**: Dividend assets are projected to revert to mean returns around 10% in 2026, driven by 5% earnings growth and a 4-5% dividend yield [9][10]. - **Highway Sector Stability**: The highway sector is expected to maintain stable operations, with dividend yields projected between 4.5-5% for companies like Sichuan Chengyu and Shandong Highway, and potentially over 6% for Hong Kong-listed firms [10]. Port Sector - **Strategic Importance**: Ports are highlighted as strategic global assets, with companies like China Merchants Port showing upward momentum due to their current undervaluation [11]. Express Delivery Industry - **Market Adjustments**: The express delivery sector, particularly the Tongda system, is positioned for growth following adjustments and the "anti-involution" policy, which is expected to enhance industry quality and profitability [12]. Additional Important Insights - **Investment Recommendations**: Key companies to watch include major airlines (Air China, China Eastern, China Southern), and shipping firms like COSCO Shipping and China Merchants Energy, as well as express delivery leaders like YTO Express and ZTO Express [6][12]. - **Overall Investment Focus**: The report emphasizes the importance of sectors with upward performance potential, such as aviation, shipping, and express delivery, alongside dividend assets that are expected to recover in the economic recovery context [13].

Core Viewpoint - The global shipping industry, responsible for over 80% of goods transport, faces significant challenges in reducing greenhouse gas emissions, which currently account for about 2%-3% of global emissions. The International Maritime Organization warns that emissions could rise to 1.5-3.5 times the 2008 levels by 2050, necessitating a systemic transformation in fuel alternatives, energy efficiency, and infrastructure connectivity [1][3]. International Progress and Policy Landscape - The EU has introduced the FuelEU Maritime initiative under the "Fit for 55" framework, aiming to progressively tighten greenhouse gas intensity limits for marine fuels, targeting a 2% reduction by 2025 and an 80% reduction by 2050 compared to 2020 levels. This encourages investments in renewable fuels and low-carbon technologies [3]. - The EU Emissions Trading System (EU ETS) includes shipping, providing a carbon price signal to enhance marginal abatement costs, prompting companies to balance energy efficiency improvements, fuel alternatives, and operational optimizations [3]. - Over 60 green shipping corridor projects have been announced or planned globally, although only one-third have progressed to feasibility studies or pilot phases due to high initial investment costs and lack of standardization [3]. China's Policy and Engineering Practices - Since the 14th Five-Year Plan, China has been enhancing its top-level design for green and low-carbon transformation in transportation, with a focus on the shipping industry's green and digital development [4]. - Approximately 60 automated terminals have been established, with significant advancements in shore power usage, reaching nearly 200 million kilowatt-hours. Shanghai is a leader in LNG and methanol dual-fuel refueling [4]. - The "Green Development Action Plan for Shipbuilding Industry (2024-2030)" aims to integrate green and low-carbon improvements across the entire lifecycle of ships, promoting collaboration across the industry [4]. Insights from the International Green Shipping Corridor Cooperation Initiative - The initiative emphasizes voluntary and open collaboration among governments, ports, shipping companies, and fuel suppliers, proposing seven measures to enhance clean fuel application and infrastructure development [5][6]. - It aims to create a closed-loop mechanism linking policy, technology, infrastructure, and market dynamics to facilitate the transition from demonstration projects to large-scale implementation [6]. - The initiative advocates for a collaborative supply chain for clean fuels, addressing the current fragmentation and promoting long-term contracts and joint investments [6]. Technological and Standardization Collaboration - The initiative highlights the need for technological and standardization collaboration to reduce systemic costs and support large-scale replication of clean fuel technologies [7]. - It calls for the establishment of a mutual recognition certification system for sustainable shipping fuels, which would streamline regulatory processes and reduce compliance costs [7]. Fair Transition and Global Cooperation - The initiative stresses the importance of equitable transition principles, supporting developing countries in upgrading port infrastructure and localizing green fuel production [8]. - It suggests exploring demonstration projects in emerging shipping routes and enhancing multilateral financing and technical cooperation to ensure broader participation in the global corridor network [8]. - By operationalizing fairness through funding, technology, and institutional arrangements, the initiative aims to ensure that the benefits of green transformation are widely distributed, promoting sustainable and equitable progress in the global shipping industry [8].

12逐步走向交割逻辑, 跟随现货, P1大约在1600点左右，P2和P3对标12月下半月，观察船司宣涨与落地情况 ગઢ | | | | | | | 研究中心能化团队 | | | 2025/11/26 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 台钓 | | 昨日收卷公 | 涨跌 | 募 | 昨日成交量 | | 昨日持仓量 | 持合变动 | | 期货 | FC2512 | | 1650.0 | -7.29% | -10.6 | 6884 | | 6454 | -403 | | | EC2602 | | 1453.5 | -7.34% | 185.9 | 51412 | | 48279 | 4946 | | | EC2604 | | 1126.4 | -1.37% | 513.0 | 5004 | | 17016 | 920 | | | EC2606 | | 1338.0 | -1.49% | 301.4 | 272 | | 1629 | 95 | | | EC2608 | | 1464.0 | -1.62% | 175. ...

二、散运：西芒杜项目如期投产，有望推动市场继续复苏 智通财经APP获悉，华创证券发布研报称，2026年航运行业投资逻辑仍将沿着供需缺口方向展开，即供 给增速低位、需求有望迎来边际变化的板块，1)油运：全球原油增产周期、制裁改善贸易结构、油轮供 给约束三大因素具备可持续性，有望共同推动合规市场景气继续向上。2)散运：供给端与油运具备相似 的低增特征，需求端西芒杜铁矿投产、降息背景构成核心催化，市场有望继续复苏。3)集运：集运干线 市场需综合考虑增量供给、红海复航、及国际贸易摩擦等不确定性因素。亚洲区域内集运市场供需仍然 紧张，即期及期租市场均保持较高景气。 华创证券主要观点如下： 一、油运：增产+制裁+供给约束，驱动合规市场景气向上 25年下半年以来油运行业景气度进一步提升，8月VLCC运价淡季提前反弹，之后运价表现强劲，TD3C 航线11月13日录得12.6万美元/天，11月平均运价达10.4万美元/天，25Q4平均运价8.8万美元/天，即单日 值、月均值、季均值都超过了2022年以来的最高值。 该行看好此轮油运景气周期持续性：1)全球原油增产周期提振运输需求，25年4月开始OPEC+转向增产 周期，并在9月 ...

集运指数（欧线）：弱势震荡；02 观望，04 空单 持有 2025 年 11 月 26 日 郑玉洁 投资咨询从业资格号：Z0021502 zhengyujie@gtht.com 【基本面跟踪】 表 1：集运指数（欧线）基本面数据 | | | 昨日收盘价 | 日涨跌 | 昨日成交 | 昨日持仓 | 持仓变动 | 昨日成交/持仓 | 前日成交/持仓 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期 货 | EC2512 | 1,779.7 | 0.69% | 1,541 | 6,862 | -461 | 0.22 | 0.27 | | | EC2602 | 1,568.6 | -0.54% | 17,415 | 43,333 | -100 | 0.40 | 0.66 | | | EC2604 | 1,142.1 | -0.45% | 1,676 | 16,096 | 135 | 0.10 | 0.17 | | | EC2512 - EC2604 | 637.6 | | | EC2602-EC2604 | | | 426.5 | | | | ...