COSCO SHIP ENGY (01138) rose nearly 5% again. As of the time of writing, the stock was up 5.29%, trading at HKD 13.54, with a turnover of HKD 108 million. On the news front, on January 23 local time, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced a new round of sanctions targeting multiple entities and vessels related to Iran's energy and shipping systems, focusing on shipping and management networks that assist in the export of Iranian oil, energy, and related products. Caitong Securities released a research report stating that benefiting from their large-scale tanker fleets, China Merchants Energy Shipping and COSCO SHIP ENGY show significant earnings elasticity. Taking VLCCs as an example, for every USD 10,000 per day increase in TCE, the annualized net profit of China Merchants Energy Shipping and COSCO SHIP ENGY is expected to increase by approximately CNY 1.1 billion and CNY 950 million, respectively. The report pointed out that reviewing the peak periods of the tanker shipping market over the past decade, and based on iFinD consensus expectations, under the profit forecast metric, the PE ratio after earnings revisions generally reaches 13-15 times; currently, the valuation of A-share listed tanker shipping companies still has some room for improvement. If the supply and demand dynamics in the compliant market improve further, it is expected to further enhance the valuation of tanker shipping companies, while the discount opportunities for related targets in the Hong Kong stock market should also be noted.