Core Points - The China Securities Index High Dividend Index (SHS High Dividend Index) experienced a slight decline of 0.06%, closing at 5774.59 points with a trading volume of 45.453 billion yuan [1] - Over the past month, the SHS High Dividend Index has increased by 4.31%, 12.14% over the last three months, and 7.42% year-to-date [1] - The index comprises 100 highly liquid, consistently dividend-paying stocks from both mainland and Hong Kong markets, weighted by dividend yield [1] Index Composition - The top ten weighted stocks in the SHS High Dividend Index include: COSCO Shipping Holdings (2.63%), Orient Overseas International (2.05%), Yancoal Australia (1.94%), Minsheng Bank (1.91%), Seaspan Corporation (1.83%), CITIC Bank (1.62%), Guotai Junan Securities (1.58%), Far East Horizon (1.55%), Shougang Resources (1.53%), and Jizhong Energy (1.41%) [1] - The index's market composition shows that 60.37% of the holdings are from the Hong Kong Stock Exchange, 30.43% from the Shanghai Stock Exchange, and 9.20% from the Shenzhen Stock Exchange [1] Industry Breakdown - The industry distribution of the index holdings is as follows: Financials (26.57%), Industrials (18.48%), Energy (18.00%), Consumer Discretionary (8.17%), Real Estate (7.75%), Materials (5.26%), Consumer Staples (4.66%), Utilities (3.39%), Communication Services (3.18%), Information Technology (3.02%), and Healthcare (1.53%) [2] - The index samples are adjusted annually, with changes implemented on the next trading day following the second Friday of December [2] Fund Tracking - Public funds tracking the SHS High Dividend Index include: Galaxy CSI Hong Kong-Shanghai-Deep High Dividend A and Galaxy CSI Hong Kong-Shanghai-Deep High Dividend C [3]

Group 1 - The top three companies with the highest short positions are WuXi AppTec (22.57%), CATL (17.76%), and COSCO Shipping Holdings (14.27%) [1][2] - The companies with the largest absolute increase in short positions are Alibaba Health (4.45%), China Liansu (2.54%), and Hong Kong Travel (2.02%) [1][2] - The companies with the largest absolute decrease in short positions are Far East Horizon (-1.62%), ZhongAn Online (-1.55%), and Rongchang Biologics (-1.32%) [1][3] Group 2 - The latest short position data shows that WuXi AppTec has 87.35 million shares, CATL has 27.69 million shares, and COSCO Shipping Holdings has 411 million shares [2] - Alibaba Health's short position increased from 6.97% to 11.42%, while China Liansu's increased from 0.61% to 3.15% [2] - Far East Horizon's short position decreased from 4.43% to 2.82%, and ZhongAn Online's decreased from 7.43% to 5.88% [3][4]

Group 1 - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) closed up 1.05% on July 10, with a trading volume of 163 million yuan [1] - The fund was established on June 26, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of July 9, 2024, the fund's latest share count was 4.955 billion, with a total size of 4.699 billion yuan, reflecting a year-to-date share increase of 32.27% and a size increase of 34.20% [1] Group 2 - The current fund managers are Zhang Xiaonan and Gong Lili, with Zhang managing since June 26, 2024, yielding a return of -1.91%, while Gong has managed since July 25, 2024, with a return of 10.03% [2] - The fund's top holdings include China Mobile, China Petroleum, COSCO Shipping, CNOOC, China Shenhua, Sinopec, China Telecom, China Unicom, China Coal Energy, and China Merchants Bank, with respective holding percentages [2] Group 3 - The top holdings and their respective percentages are as follows: - China Mobile: 11.04% - China Petroleum: 10.43% - COSCO Shipping: 10.25% - CNOOC: 10.01% - China Shenhua: 8.89% - Sinopec: 8.21% - China Telecom: 5.39% - China Unicom: 3.65% - China Coal Energy: 2.38% - China Merchants Bank: 2.33% [3]

Core Viewpoint - The sinking of the "Morning Midas" car carrier has highlighted the risks associated with transporting electric vehicles by sea, particularly regarding lithium battery fires, and has raised concerns about the adequacy of current shipping practices and regulations in the industry [1][8][11]. Group 1: Incident Overview - The "Morning Midas" car carrier sank on June 23 after a fire led to flooding, carrying approximately 3,159 vehicles, including 65 electric vehicles and 681 hybrid vehicles [1][3]. - The vessel had departed from Yantai Port on May 26 and was scheduled to arrive in Mexico on June 15 [1]. Group 2: Industry Context - Roll-on/roll-off (RoRo) ships like the "Morning Midas" are specialized for transporting vehicles, but they have been involved in multiple fire incidents in recent years, raising concerns about safety [2]. - The shipping industry is currently facing a mismatch between the rapid growth of electric vehicle exports and the availability of suitable vessels for their transport [11][22]. Group 3: Technical Aspects of Transporting Electric Vehicles - Two primary methods exist for transporting electric vehicles: using containers or specialized RoRo ships. The latter allows for easier loading but poses higher risks if a fire occurs [4][5]. - The design of RoRo ships may not adequately account for the unique risks posed by lithium batteries, which can ignite under certain conditions, leading to severe fires that are difficult to extinguish [10][12]. Group 4: Market Dynamics - The current shipping market is characterized by a lack of vessels designed for the safe transport of electric vehicles, leading to increased risks and potential losses for shipping companies and manufacturers [11][22]. - The incident reflects broader issues in the shipping industry, including the dominance of British firms in maritime insurance and ship classification, which may complicate claims and liability processes for Chinese companies involved [14][26][28]. Group 5: Future Opportunities - The rise of Chinese companies in the shipping industry, particularly in shipbuilding and logistics, presents an opportunity to address the current inadequacies in the market and improve safety standards for transporting electric vehicles [22][25]. - Recent developments, such as the launch of advanced car carriers by Chinese firms, indicate a shift towards better-equipped vessels that can mitigate the risks associated with transporting electric vehicles [23][24].

智通财经APP获悉，截止6月27日，未平仓空单比位列前三位为药明康德（02359）、宁德时代 （03750）、中远海控（01919），空仓比分别为22.52%、16.88%、14.10%。 前10大未平仓空仓比 未平仓空单比（绝对值）较上一次增加最多为国泰君安国际（01788）、顺丰控股（06936）、中远海能 （01138），分别增加3.47%、3.26%、2.55%。 | 股票名称 | 前次空仓数 | 本次空仓数 | 最新空仓比↓ | | --- | --- | --- | --- | | 药明康德(02359) | 8501.16 万股 | 8717.47 万股 | 22.52% | | 宁德时代(03750) | 2489.86 万股 | 2631.99 万股 | 16.88% | | 中远海控(01919) | 4.02 亿股 | 4.06 亿股 | 14.10% | | 山东黄金(01787) | 1.07 亿股 | 1.09 亿股 | 12.73% | | 万科企业(02202) | 2.96 亿股 | 2.80 亿股 | 12.69% | | 赣锋锂业(01772) | 5155.94 万股 ...

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The freight rate has likely reached its peak as Maersk and MSC have kept their freight rates unchanged in the second half of July. The EC2510 contract can be sold for hedging at high prices during the freight rate decline [4][5]. - The supply of the US - bound routes has rapidly recovered, and the freight rates from Shanghai to the East and West coasts of the US have dropped from their highs. The freight rates on the Shanghai - Europe route are still uncertain as to when they will peak, and the settlement price of the EC2508 contract is the arithmetic average of SCFIS on August 11th, 18th, and 25th [2][4]. 3. Summary by Relevant Catalogs I. Futures Prices - As of July 4, 2025, the total open interest of all container shipping index European route futures contracts was 83,240 lots, and the single - day trading volume was 39,157 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1338.70, 1172.90, 1319.90, 1896.90, 1363.90, and 1538.70 respectively [6]. II. Spot Prices - Online quotes for different shipping companies on the Shanghai - Rotterdam route vary. For example, Maersk's price for the 29th week from Shanghai to Rotterdam is 1785/2990. The SCFI (Shanghai - Europe) price announced on June 27th was 2030.00 US dollars/TEU, and the SCFIS (Shanghai - Europe) on July 1st was 2123.24 points [1][6]. III. Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of now, 135 container ships have been delivered, with a total capacity of 1.069 million TEU. The weekly average capacity on the Shanghai - European base port route in July was 261,900 TEU, and in August it was 269,900 TEU. There were 8 blank sailings in July and 2 in August [3][7]. IV. Supply Chain - Geopolitical events in Israel may affect the shipping market. The supply and demand of the US - bound routes have both increased, and the capacity has been rapidly restored. The congestion situation of container ships globally and the passage of ships through major canals such as the Suez, Panama, and around the Cape of Good Hope are also factors affecting the supply chain [2]. V. Demand and European Economy - The demand on the China - US route has increased rapidly after the reduction of Sino - US tariffs. The industrial production index, import and export data, consumer confidence index, and retail sales data of the EU 27 countries are important factors affecting the demand for shipping [2].

Market Overview - The FTSE China A50 Index components showed a mixed performance with banking, liquor, semiconductor, and logistics sectors rising, while non-ferrous metals and chemical pharmaceuticals sectors weakened [1] - BYD's stock price fell over 1% [1] Sector Performance Banking Sector - Major banks like China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 382.98 billion, 357.30 billion, and 1,030.15 billion respectively, with trading volumes of 9.81 million, 36.96 million, and 7.85 million [3] Liquor Industry - Key players such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,786.59 billion, 214.35 billion, and 467.31 billion respectively, with trading volumes of 40.87 million, 10.51 million, and 20.49 million [3] Semiconductor Sector - Companies like Northern Huachuang, Cambricon Technologies, and Haiguang Information had market capitalizations of 241.84 billion, 229.03 billion, and 315.09 billion respectively, with trading volumes of 24.36 million, 31.12 million, and 15.15 million [3] Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of 1,818.73 billion, 186.84 billion, and 278.88 billion respectively, with trading volumes of 34.54 million, 4.39 million, and 5.94 million [3] Oil Industry - China Petroleum, Sinopec, and COSCO Shipping had market capitalizations of 239.78 billion, 688.67 billion, and 1,573.98 billion respectively, with trading volumes of 8.63 million, 6.43 million, and 7.64 million [3] Coal Industry - Major companies like China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 187.79 billion and 815.60 billion respectively, with trading volumes of 12.39 million and 6.45 million [3] Power Industry - Key players such as Yangtze Power and China Nuclear Power had market capitalizations of 360.33 billion and 737.96 billion respectively, with trading volumes of 20.49 million and 8.29 million [4] Food and Beverage Sector - Companies like Citic Securities, Guotai Junan, and Haitian Flavoring had market capitalizations of 409.94 billion, 340.96 billion, and 226.93 billion respectively, with trading volumes of 28.30 million, 3.94 million, and 16.84 million [4] Consumer Electronics - Industrial Fulian, Luxshare Precision, and Gree Electric Appliances had market capitalizations of 472.85 billion, 255.90 billion, and 242.55 billion respectively, with trading volumes of 30.57 million, 77.50 million, and 25.48 million [4] Chemical Products - Companies like Wanhua Chemical and SF Holding had market capitalizations of 239.20 billion and 271.34 billion respectively, with trading volumes of 12.28 million and 8.32 million [4] Construction and Engineering - China State Construction and Zijin Mining had market capitalizations of 532.88 billion and 166.95 billion respectively, with trading volumes of 27.26 million and 8.53 million [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The top of the freight rate has likely been reached, as Maersk's freight rate for the first week of the second half of July remained unchanged, and MSC's freight rate for the second half of July also remained the same as the first half. It is necessary to monitor the freight rate follow - up of other shipping companies, especially the PA Alliance [4]. - During the off - season, the EC2510 contract can be sold on rallies for hedging when the freight rate is falling [5]. 3. Summary by Directory I. Market Analysis - **European Routes**: Different shipping companies have different price quotes for the Shanghai - Rotterdam route. For example, Gemini Cooperation's Maersk Shanghai - Rotterdam price in week 29 is 1780/2980; HPL's quotes vary for different shipping periods. MSC + Premier Alliance and Ocean Alliance also have their own price quotes [1]. - **US Routes**: Earlier, the supply and demand of the US routes both increased, and the supply recovered rapidly. The freight rates on the US East and West routes have fallen from their highs. The weekly average capacity of the Shanghai - US East and West routes in June was 350,000 TEU, 243,400 TEU in May, 359,000 TEU in July, and 299,000 TEU in August. Maersk's Shanghai - Los Angeles price in week 29 is 1456/1820 (compared to 4296/5360 in the first half of June), and the Shanghai - New York price in week 28 is 3625 dollars/FEU (compared to 6410 dollars/FEU in the first half of June) [2]. II. Geopolitical Impact - Geopolitical events such as the Israeli air strikes in Gaza, the situation of the cease - fire agreement draft, and the US and Iran's statements may have an impact on the shipping market, but the specific impact is not elaborated in detail [2]. III. Shipping Capacity - **European Routes**: The monthly average weekly capacity of the Shanghai - European base ports was 261,900 TEU in July and 269,900 TEU in August. There were 8 blank sailings in July (5 by the OA Alliance and 3 by the MSC/PA Alliance) and 2 in August (both by the OA Alliance). The decrease in capacity in July was mainly due to the skipping of Shanghai ports by MSC's ALBATROS route from week 28 to week 31, with a reduction of about 15,000 TEU of allocated shipping capacity [3]. IV. Freight Rate Analysis - **European Routes**: The freight rate top has likely emerged. Historically, the Shanghai - European base port freight rate generally peaked around week 34. In 2024, it peaked in mid - July, and there is a strong game between the August contract expectations and reality. The delivery settlement price of the EC2508 contract is the arithmetic average of SCFIS on August 11th, 18th, and 25th [4]. V. Futures and Spot Prices - **Futures Prices**: As of July 3, 2025, the total open interest of all container shipping index European line futures contracts was 83,654 lots, and the single - day trading volume was 63,574 lots. The closing prices of different contracts are as follows: EC2602 at 1325.20, EC2604 at 1174.20, EC2506 at 1310.00, EC2508 at 1883.50, EC2510 at 1367.90, and EC2512 at 1528.00 [5][6]. - **Spot Prices**: On June 27th, the SCFI (Shanghai - Europe route) price was 2030 dollars/TEU, the SCFI (Shanghai - US West route) was 2578 dollars/FEU, and the SCFI (Shanghai - US East) was 4717 dollars/FEU. On July 1st, the SCFIS (Shanghai - Europe) was 2123.24 points, and the SCFIS (Shanghai - US West) was 1619.19 points [6]. VI. Container Ship Delivery - In 2025, it is still a big year for container ship delivery. As of June 28, 2025, 135 container ships have been delivered, with a total capacity of 1.069 million TEU. Among them, 41 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 615,000 TEU, and 6 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 142,400 TEU [7]. VII. Strategy - **Unilateral Strategy**: The main contract fluctuates. - **Arbitrage Strategy**: Go long on the December contract and short on the October contract [7].

Core Viewpoint - The first methanol dual-fuel container ship in China, "COSCO Shipping Yangpu," has successfully docked at Yangpu Port and completed its first green methanol refueling, marking a significant step towards low-carbon transformation in the shipping industry [1][2] Group 1: Industry Impact - The successful refueling of 200 tons of domestic green methanol on the "COSCO Shipping Yangpu" is expected to reduce carbon dioxide emissions by approximately 325 tons, showcasing the potential of green methanol in achieving low-carbon development in the shipping sector [1] - The application of green methanol is highlighted as an important choice for low-carbon development in the shipping industry, emphasizing the strategic position of Hainan Free Trade Port in logistics and green shipping [2] Group 2: Company Developments - "COSCO Shipping Yangpu" is the first domestically built methanol dual-fuel container ship, measuring 366 meters in length and 51 meters in width, with a maximum capacity of 16,000 TEUs, demonstrating the feasibility of "Chinese ships + Chinese green fuel" [2] - The ship's construction and operation reflect COSCO Shipping Group's comprehensive capabilities from ship design and construction to green fuel supply, contributing to the development of an international shipping hub at Yangpu Port [2]

Core Points - The Hainan Shipping Environmental Base has officially opened, addressing the historical challenge of shipping waste disposal in Hainan and completing the "ship-port-factory" pollution management loop [2][3] - The base, constructed by China COSCO Shipping Group's Hainan COSCO Shipping Environmental Technology Co., covers an area of approximately 40 acres and utilizes existing resources to provide reception services for ship waste [2] - The first phase of the project has a processing capacity of 30,000 tons per year and includes facilities for storage, wastewater treatment, and service areas, with plans to expand capabilities for handling various pollutants [2][3] Industry Impact - The establishment of the Hainan Shipping Environmental Base will support the implementation of the Hainan Province Ship Pollution Prevention Regulations and serve as a model for innovative cooperation between central and local governments [3] - Future initiatives include the development of a "decarbonized shipping corridor" in collaboration with upstream and downstream enterprises, and the creation of a ship environmental database with maritime authorities [3] - The project aims to leverage the carbon capture and storage (CCUS) potential in the Fushan depression area of Chengmai County, positioning Hainan as a leader in green and low-carbon shipping development [3]