<p>摩根大通在一份研究報告中表示，中遠海控 (01919.HK) +0.140 (+0.948%) 空頭頭寸為 3916 萬美元；比例為 28.748%。該公司在第一季度交出了穩健的業績，淨利潤為 60 億元人民幣，基本符合經紀商的預期。管理層在業績發佈會上對行業前景持積極態度，指出市場過於關注供應增長，而忽視了由於干擾，全球約 8% 至 9% 的運力已被吸收，使得有效供應比看起來要緊張得多。</p>
<p>此外，運費正在反彈。現貨和合同運費的結構已進行調整，使得燃料成本的有效傳遞成為可能。跨太平洋航線的合同運費在附加費之前同比上漲。海洋聯盟的穩定性和規模也提供了競爭優勢。結合公司的數字化轉型和航線網絡的擴展，這使其能夠捕捉新的貿易流並提高效率。</p>
<p>該經紀商認為，公司的業績反映了在旺季前的積極行業勢頭，同時也專注於提升股東回報。它維持了對中遠海控 H 股的增持評級，目標價為 21 港元，對中遠海運 (601919.SH) -0.240 (-1.671%) A 股的目標價為 22 元人民幣。（ss/da）（香港股票報價延遲至少 15 分鐘。空頭頭寸數據截至 2026-05-04 16:25。）（A 股報價延遲至少 15 分鐘。）</p>
<p>本文由 AI 自動翻譯，中文版本應視為權威版本。AASTOCKS.com Limited 不保證其準確性或完整性，並對因使用此翻譯而產生的任何損害或損失不承擔任何責任。</p>

中遠海控

<p>摩根大通報告稱，中遠海控在第一季度實現淨利潤 60 億元人民幣，符合預期。管理層強調，由於中斷吸收了全球運力的 8-9%，有效供應比看起來更緊張。運費率正在反彈，跨太平洋航線的合同運費同比增長。公司正在提升股東回報，並對 H 股給予增持評級，目標價為 21 港元，A 股目標價為 22 人民幣</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報告中表示，中遠海控 (01919.HK) +0.140 (+0.948%) 空頭頭寸為 3916 萬美元；比例為 28.748%。該公司在第一季度交出了穩健的業績，淨利潤為 60 億元人民幣，基本符合經紀商的預期。管理層在業績發佈會上對行業前景持積極態度，指出市場過於關注供應增長，而忽視了由於干擾，全球約 8% 至 9% 的運力已被吸收，使得有效供應比看起來要緊張得多。</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，運費正在反彈。現貨和合同運費的結構已進行調整，使得燃料成本的有效傳遞成為可能。跨太平洋航線的合同運費在附加費之前同比上漲。海洋聯盟的穩定性和規模也提供了競爭優勢。結合公司的數字化轉型和航線網絡的擴展，這使其能夠捕捉新的貿易流並提高效率。</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>該經紀商認為，公司的業績反映了在旺季前的積極行業勢頭，同時也專注於提升股東回報。它維持了對中遠海控 H 股的增持評級，目標價為 21 港元，對中遠海運 (601919.SH) -0.240 (-1.671%) A 股的目標價為 22 元人民幣。（ss/da）（香港股票報價延遲至少 15 分鐘。空頭頭寸數據截至 2026-05-04 16:25。）（A 股報價延遲至少 15 分鐘。）</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 自動翻譯，中文版本應視為權威版本。AASTOCKS.com Limited 不保證其準確性或完整性，並對因使用此翻譯而產生的任何損害或損失不承擔任何責任。</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：中遠海控第一季度淨利潤符合預期；管理層表示實際供應比表面上看起來要緊張得多