Group 1: Port Industry - Tianjin Port achieved a cargo throughput growth of 6.4% and a container throughput growth of 3.8% during the New Year period, indicating a strong start for 2026 [3] - Ningbo-Zhoushan Port is set to complete a cargo throughput of over 1.4 billion tons in 2025, aiming to maintain its position as the world's largest port for 17 consecutive years [3] - The Shanghai International Shipping Research Center reported that port enterprises are optimistic about industry development in 2026, with improved liquidity and reduced financing difficulties [3] Group 2: Shipping and Shipbuilding - China Merchants Energy Shipping announced a contract for two dynamic positioning shuttle tankers worth approximately 1.79 billion yuan, with 16 tankers scheduled for delivery between 2026 and 2028 [6] - COSCO Shipping Specialized Carriers plans to build four 40,000-ton multi-purpose heavy-lift vessels, with a total price of 1.492 billion yuan, enhancing fleet suitability for advanced manufacturing [6] - Hengli Heavy Industry set a global record by launching six 82,000-ton bulk carriers simultaneously, showcasing its advanced shipbuilding capabilities [7] Group 3: Aviation Industry - Shanghai Pudong Airport's fourth-phase expansion is underway, with the first phase expected to be operational in the first half of 2026, aiming to establish a comprehensive international aviation hub [8] - Hainan Airport is expanding its capacity, with the Sanya Phoenix International Airport's third-phase expansion project recently passing inspection, expected to handle 30 million passengers annually [8] - The Baiyun Airport's phase three expansion is projected to achieve an annual cargo throughput of 3.8 million tons by 2030, with future plans to increase capacity to over 6 million tons [8]

Core Viewpoint - The company, China Merchants Energy Shipping Company (招商轮船), announced the delivery of a new generation energy-efficient and environmentally friendly AFRAMAX tanker named "Kaiyi" on January 6, 2026, from Dalian Shipbuilding Industry Company [1] Group 1: Company Orders - As of the announcement date, the company has a total of 15+1 oil tanker orders, which includes 1+1 dynamic positioning shuttle tankers, 5 self-owned VLCC orders, 3 long-term chartered VLCC orders, and 6 self-owned AFRAMAX tanker orders [1] - The self-owned AFRAMAX tankers are scheduled for delivery between 2026 and 2028 [1]

Core Viewpoint - The company, China Merchants Energy Shipping Company (招商轮船), has signed a shipbuilding agreement for 1+1 DPST (Dynamic Positioning Shuttle Tanker) vessels with Dalian Shipbuilding Industry Group, totaling approximately 1.79 billion RMB [1] Group 1 - The agreement was signed on December 31, 2025, and includes one confirmed vessel and one optional vessel [1] - The total contract value for the shipbuilding agreement is approximately 1.79 billion RMB [1]

Core Insights - China's largest offshore gas field "Deep Sea No. 1" has completed its 100th oil export operation since production began, with an expected annual output of over 4.5 million tons of oil equivalent by 2025, comparable to that of a medium-sized onshore oil field, indicating that China's deep-sea gas field production and operation technology has reached world-class standards [1][7]. Production and Export Operations - "Deep Sea No. 1" produces 5 billion cubic meters of natural gas annually, along with over 400,000 tons of condensate oil as a byproduct [7]. - The condensate oil is stored in four pillars surrounding the platform, each equipped with a storage capacity of 5,000 cubic meters [7]. - The oil is temporarily stored in the pillars and then transported via a shuttle tanker to onshore refineries for further processing [7]. Export Logistics - The condensate oil export hose measures 220 meters in length, with a maximum export capacity of nearly 15,000 tons, and exports occur approximately every 12 days [9]. - The project team employs a shuttle tanker equipped with an advanced dynamic positioning system to ensure safe oil transport in complex sea conditions [11]. Technological Advancements - The "Beihai New Hope" shuttle tanker, designed specifically for the "Deep Sea No. 1" project, is the first domestic dynamic positioning shuttle tanker, measuring 137 meters in length and capable of carrying up to 15,000 tons [13][15]. - This vessel represents a breakthrough in China's capabilities in the design, construction, and operation of high-end special vessels, previously dominated by foreign companies [15]. Industry Impact - The successful construction and operation of the "Beihai New Hope" has enabled China to master core technologies related to dynamic positioning shuttle systems, which will facilitate the application of these technologies in domestic deep-water oil and gas projects and promote Chinese enterprises and technologies in the international market [17].

Core Viewpoint - The company held its 25th meeting of the 7th Board of Directors on December 5, 2025, where several proposals regarding expected related party transactions for 2026 were approved, which will be submitted for shareholder approval [1][2][3]. Summary by Sections Related Party Transactions - The company anticipates related party transactions for 2026, including: - Up to RMB 600 million for ship repairs with China Merchants Industry Holdings [2][3]. - Up to RMB 6 billion for oil transportation with Sinopec Group [3]. - Up to RMB 2 billion for material supply and equipment agency with China Merchants Haitong Trading [3]. - Up to RMB 400 million for crew management with Guangzhou Haishun Maritime Service [3]. - Up to RMB 200 million for freight and rental services with China Foreign Trade and Transportation Group [3]. - Up to RMB 1.8 billion for various services with other related parties [5][3]. Financial Transactions with China Merchants Bank - The company plans to engage in deposit and loan transactions with China Merchants Bank from January 1 to December 31, 2026, with a maximum deposit balance of RMB 5 billion and a maximum credit balance of RMB 7 billion [9][63]. Board and Independent Director Approval - The proposals were approved with unanimous votes from the board members present, with related directors abstaining from voting on their respective proposals [6][10][38]. - Independent directors held a special meeting prior to the board meeting to review and agree on the expected related party transactions [7][38]. Shareholder Meeting - The proposals will be presented at the upcoming shareholder meeting scheduled for December 29, 2025, where related shareholders will abstain from voting on relevant proposals [18][49].