<p>摩根大通在一份研究报告中表示，中远海控 (01919.HK) +0.140 (+0.948%) 空头头寸为 3916 万美元；比例为 28.748%。该公司在第一季度交出了稳健的业绩，净利润为 60 亿元人民币，基本符合经纪商的预期。管理层在业绩发布会上对行业前景持积极态度，指出市场过于关注供应增长，而忽视了由于干扰，全球约 8% 至 9% 的运力已被吸收，使得有效供应比看起来要紧张得多。</p>
<p>此外，运费正在反弹。现货和合同运费的结构已进行调整，使得燃料成本的有效传递成为可能。跨太平洋航线的合同运费在附加费之前同比上涨。海洋联盟的稳定性和规模也提供了竞争优势。结合公司的数字化转型和航线网络的扩展，这使其能够捕捉新的贸易流并提高效率。</p>
<p>该经纪商认为，公司的业绩反映了在旺季前的积极行业势头，同时也专注于提升股东回报。它维持了对中远海控 H 股的增持评级，目标价为 21 港元，对中远海运 (601919.SH) -0.240 (-1.671%) A 股的目标价为 22 元人民币。（ss/da）（香港股票报价延迟至少 15 分钟。空头头寸数据截至 2026-05-04 16:25。）（A 股报价延迟至少 15 分钟。）</p>
<p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>

中远海控

<p>摩根大通报告称，中远海控在第一季度实现净利润 60 亿元人民币，符合预期。管理层强调，由于中断吸收了全球运力的 8-9%，有效供应比看起来更紧张。运费率正在反弹，跨太平洋航线的合同运费同比增长。公司正在提升股东回报，并对 H 股给予增持评级，目标价为 21 港元，A 股目标价为 22 人民币</p>

<p>JPMorgan said in a research report that COSCO SHIP HOLD (01919.HK) +0.140 (+0.948%)  Short selling $39.16M; Ratio 28.748%  delivered solid results in 1Q, with net profit of RMB6 billion, broadly in line with the brokers expectations. Management struck a positive tone on the industry outlook at the results briefing, noting that the market has overly focused on supply growth while overlooking that about 8% to 9% of global capacity has been absorbed due to disruptions, making effective supply much tighter than it appears.</p>
<div class="lb-trans"><p>摩根大通在一份研究报告中表示，中远海控 (01919.HK) +0.140 (+0.948%) 空头头寸为 3916 万美元；比例为 28.748%。该公司在第一季度交出了稳健的业绩，净利润为 60 亿元人民币，基本符合经纪商的预期。管理层在业绩发布会上对行业前景持积极态度，指出市场过于关注供应增长，而忽视了由于干扰，全球约 8% 至 9% 的运力已被吸收，使得有效供应比看起来要紧张得多。</p>
</div><p>In addition, freight rates are rebounding. The structure of spot and contract rates has been adjusted, enabling effective pass-through of fuel costs. Contract rates on trans-Pacific routes have risen YoY before surcharges. The stability and scale of the Ocean Alliance also provide competitive advantages. Together with the companys digital transformation and expansion of its route network, this has enabled it to capture new trade flows and improve efficiency.</p>
<div class="lb-trans"><p>此外，运费正在反弹。现货和合同运费的结构已进行调整，使得燃料成本的有效传递成为可能。跨太平洋航线的合同运费在附加费之前同比上涨。海洋联盟的稳定性和规模也提供了竞争优势。结合公司的数字化转型和航线网络的扩展，这使其能够捕捉新的贸易流并提高效率。</p>
</div><p>The broker believes the companys performance reflects positive industry momentum ahead of the peak season, while it is also focused on enhancing shareholder returns. It maintained an Overweight rating, with a TP of HKD21 for COSCO SHIP HOLD H shares and a TP of RMB22 for COSCO SHIPPING (601919.SH) -0.240 (-1.671%)  A shares. (ss/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-04 16:25.) (A Shares quote is delayed for at least 15 mins.)</p>
<div class="lb-trans"><p>该经纪商认为，公司的业绩反映了在旺季前的积极行业势头，同时也专注于提升股东回报。它维持了对中远海控 H 股的增持评级，目标价为 21 港元，对中远海运 (601919.SH) -0.240 (-1.671%) A 股的目标价为 22 元人民币。（ss/da）（香港股票报价延迟至少 15 分钟。空头头寸数据截至 2026-05-04 16:25。）（A 股报价延迟至少 15 分钟。）</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>
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JPM: COSCO SHIP HOLD  1Q Net Profit In Line; Mgmt Says Effective Supply Much Tighter Than It Appears

AASTOCKS News

摩根大通

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

摩根大通：中远海控第一季度净利润符合预期；管理层表示实际供应比表面上看起来要紧张得多