Market Overview - The FTSE China A50 Index component stocks showed a mixed performance with bank stocks rising in the afternoon while insurance stocks continued to decline [1][5]. Banking Sector - Bank stocks generally performed well, contributing to the positive movement in the FTSE China A50 Index [1]. Insurance Sector - Major insurance companies such as China Pacific Insurance, China Life Insurance, and Ping An Insurance experienced declines in their stock prices, with China Pacific Insurance down by 1.05%, China Life down by 0.52%, and Ping An down by 1.42% [3]. Alcohol Industry - In the alcohol sector, Kweichow Moutai saw a slight increase of 0.48%, while Shanxi Fenjiu and Wuliangye experienced declines of 0.37% and 0.83% respectively [3]. Semiconductor Industry - The semiconductor companies showed varied results, with North Huachuang increasing by 2.72%, while Cambrian and Haiguang Information saw minor declines [3]. Automotive Sector - In the automotive sector, BYD's stock fell by 3.39%, while Great Wall Motors and China Railway High-speed experienced minor declines and increases respectively [3]. Shipping and Oil Industry - China COSCO Shipping saw a slight increase of 0.53%, while Sinopec and PetroChina experienced minor declines [3]. Coal and Battery Industry - China Shenhua's stock decreased by 0.27%, while Ningde Times (CATL) saw a decline of 0.83% [3]. Power and Financial Sector - Longyuan Power and China Nuclear Power had mixed results, with Longyuan Power increasing by 0.74% and China Nuclear Power declining by 3.63% [4]. Food and Beverage Sector - The food and beverage sector showed declines, with companies like Haitian Flavor Industry and Zhongtai Securities experiencing notable decreases [4]. Consumer Electronics and Pharmaceutical Sector - The consumer electronics sector saw a slight increase in stocks like Luxshare Precision, while pharmaceutical companies like Hengrui Medicine experienced a decline [4]. Logistics and Medical Equipment - The logistics sector, represented by SF Holding, saw a minor decline, while medical equipment company Mindray Medical also experienced a decrease [4]. Non-ferrous Metals and Communication Services - Zijin Mining and China Communications Construction had mixed performances, with Zijin Mining showing a slight decline [4].

Core Viewpoint - HSBC has downgraded the rating of China COSCO Shipping Holdings (01919.HK) from Hold to Reduce, citing concerns over tariff uncertainties impacting shipping demand in the second half of the year [1] Shipping Industry Summary - The average increase in shipping stocks covered by HSBC this year is 12% [1] - Concerns over tariffs have led to early shipments, which supported first-quarter earnings [1] - The Shanghai Export Container Freight Index (SFCI) rose by 73% in the second quarter due to tariff delays, but has since fallen by 17% from its peak due to weakening bookings [1] - The uncertainty surrounding tariffs is expected to pressure shipping demand in the latter half of the year, with a focus shifting back to overcapacity and declining profitability [1] Company Summary - HSBC has lowered the target price for China COSCO Shipping Holdings from 14 HKD to 11 HKD [1] - The benefits of tariff delays are believed to be already reflected in the stock price, but uncertainties and overcapacity may exert pressure on profitability [1]

Core Insights - The Wanjiac ZHONGZHENG Hong Kong Stock Connect Central Enterprise Dividend ETF (159333) closed up 1.35% on June 24, with a trading volume of 36.7761 million yuan [1] - The ETF was established on August 21, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of June 23, 2024, the ETF had 441 million shares outstanding and a total size of 589 million yuan, reflecting a 2.32% increase in shares and a 14.75% increase in size year-to-date [1] Fund Performance - The ETF's manager, Yang Kun, has achieved a return of 33.64% since taking over management on August 21, 2024 [1] - Over the last 20 trading days, the ETF recorded a cumulative trading amount of 684 million yuan, with an average daily trading amount of 34.1891 million yuan [1] Top Holdings - The ETF's top holdings include: - COSCO Shipping Holdings (7.71% holding, 3.6175 million shares, market value of 40.8613 million yuan) [2] - Orient Overseas International (3.06% holding, 152,500 shares, market value of 16.2264 million yuan) [2] - CNOOC (2.77% holding, 860,000 shares, market value of 14.6981 million yuan) [2] - CITIC Bank (2.76% holding, 2.606 million shares, market value of 14.6458 million yuan) [2] - China National Petroleum Corporation (2.65% holding, 2.422 million shares, market value of 14.0587 million yuan) [2] - China National Foreign Trade Transportation Group (2.62% holding, 4.019 million shares, market value of 13.9082 million yuan) [2] - Bank of China (2.54% holding, 3.109 million shares, market value of 13.4560 million yuan) [2] - China Shenhua Energy (2.47% holding, 450,500 shares, market value of 13.1164 million yuan) [2] - Bank of Communications (2.36% holding, 1.947 million shares, market value of 12.5054 million yuan) [2] - China Unicom (2.34% holding, 1.546 million shares, market value of 12.3980 million yuan) [2]

Core Viewpoint - The China Securities Index ESG Sustainable Development 40 Index (ESG 40) has shown a slight increase of 0.22% to 1623.73 points, despite experiencing declines of 1.72% over the past month, 1.44% over the past three months, and 4.16% year-to-date [1]. Group 1: Index Performance - The ESG 40 Index's trading volume reached 27.232 billion yuan [1]. - The index is based on the ECPI ESG rating method, selecting 40 high ESG-rated companies from the Shanghai Stock Exchange 180 Corporate Governance Index [1]. - The index was established on June 30, 2010, with a base value of 1000.0 points [1]. Group 2: Index Holdings - The top ten weighted stocks in the ESG 40 Index include: Industrial Bank (3.45%), Daqin Railway (3.34%), Shengyi Technology (3.19%), New China Life Insurance (3.1%), and Hengrui Medicine (2.88%) [1]. - The index is exclusively composed of stocks listed on the Shanghai Stock Exchange, with a 100% representation [1]. Group 3: Industry Composition - The industry composition of the ESG 40 Index is as follows: Industrial (34.49%), Utilities (12.09%), Financials (12.07%), Materials (9.40%), Consumer Staples (7.11%), Consumer Discretionary (6.82%), Healthcare (5.35%), Energy (4.50%), Information Technology (3.19%), Communication Services (2.66%), and Real Estate (2.31%) [2]. Group 4: Sample Adjustment Process - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of January and July [3]. - Sample adjustments typically do not exceed 10%, unless more than 10% of the old samples are removed from the sample space [3]. - In cases of significant temporary changes in the ECPI ESG ratings, the index will undergo immediate adjustments [3].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Shipping companies are attempting to increase freight rates in the first half of July, and attention should be paid to the final implementation. The US - China trade route has seen a simultaneous increase in supply and demand, with freight rates in the East and West of the US reaching a high and potentially peaking. The European route has a downward pressure on capacity in June, and there is an expectation of price increases in August. Ship delays have a negative impact on the SCFIS, and the Israel - Iran conflict has a relatively small direct impact on container shipping [1][3][4][7]. - The recommended strategy is for the main contract to fluctuate, and for arbitrage, go long on the 08 contract and short on the 10 contract, and go long on the 12 contract and short on the 10 contract [9]. Summary by Directory Market Analysis - Online quotes show that multiple shipping companies have reported higher freight rates for July. For example, Maersk's Shanghai - Rotterdam price in week 26 was 1705/2870, and in the first week of July it was 2040/3400 [1]. - Geopolitically, US Vice - President Pence said Trump might take action against Iran's nuclear program, but no specific details were given [2]. - The US - China trade route has seen a rapid increase in demand due to the reduction of Sino - US tariffs. Carriers are actively restoring capacity, with the average weekly capacity in the remaining two weeks of June being 321,000 TEU, 243,400 TEU in May, and 350,000 TEU in July. However, freight rates in the East and West of the US may have peaked [3]. - In June, the capacity pressure on the European route decreased. The average weekly capacity in the remaining two weeks of June was about 236,500 TEU, and there were 5 blank sailings in July and 1 in August [4]. - Ship delays have dragged down the SCFIS on June 16th and are expected to continue to have an impact on June 23rd. The 06 contract's delivery settlement price is expected to be around 1940 points [5]. - The conflict between Israel and Iran may affect the passage of the Strait of Hormuz, which has a greater impact on oil transportation and a relatively small direct impact on container shipping [6]. - There is an expectation of price increases in August as it is a traditional peak season and the statistical capacity in July is relatively low. It is recommended to focus on the peak time of European route freight rates in 2025 and the subsequent downward slope of freight rates. Currently, shipping companies are trying to increase freight rates in July and August [7]. Futures Prices - As of June 18, 2025, the total open interest of all container shipping index European route futures contracts was 88,862 lots, and the single - day trading volume was 93,114 lots. The closing prices of different contracts varied, such as the EC2602 contract at 1430.20, the EC2604 contract at 1243.80, etc. [8] Spot Prices - On June 13, the SCFI (Shanghai - Europe route) price was 1844.00 US dollars/TEU, the SCFI (Shanghai - US West route) was 4120.00 US dollars/FEU, and the SCFI (Shanghai - US East) was 6745.00 US dollars/FEU. On June 16, the SCFIS (Shanghai - Europe) was 1697.63 points, and the SCFIS (Shanghai - US West) was 2908.68 points [8] Container Ship Capacity Supply - 2025 is still a major year for container ship deliveries. As of June 15, 2025, 126 container ships with a total capacity of 1.004 million TEU have been delivered. Among them, 37 ships in the 12,000 - 16,999 TEU range with a total capacity of 557,200 TEU and 6 ships above 17,000 TEU with a total capacity of 142,400 TEU have been delivered [8] Supply Chain - Ship delays have affected the SCFIS, and the conflict between Israel and Iran may have an impact on shipping routes, but the direct impact on container shipping is relatively small [5][6] Demand and European Economy - No specific analysis of demand and European economy is provided in the content other than the potential impact on shipping demand and freight rates due to geopolitical and trade factors [2][3]

Group 1 - The Shanghai Midstream Industry Index rose by 0.39% to 2851.61 points, with a trading volume of 87.133 billion yuan [1] - Over the past month, the Shanghai Midstream Industry Index has decreased by 1.31%, down 8.06% over the last three months, and down 4.06% year-to-date [1] - The index is composed of three parts: the upstream, midstream, and downstream industry indices, reflecting the overall performance of related listed companies in the Shanghai market [1] Group 2 - The top ten weighted stocks in the Shanghai Midstream Industry Index include: SMIC (3.23%), Haiguang Information (2.48%), Cambricon (2.36%), China State Construction (2.34%), Sany Heavy Industry (2.11%), Weir Shares (2.1%), COSCO Shipping Holdings (2.03%), Wanhua Chemical (2.0%), Zhongke Shuguang (1.96%), and Fuyao Glass (1.8%) [1] - The index's holdings are entirely composed of stocks listed on the Shanghai Stock Exchange, with a 100% allocation [1] Group 3 - The industry composition of the index shows that 46.09% is in industrials, 36.38% in information technology, 10.18% in materials, 5.30% in consumer discretionary, and 2.06% in communication services [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In special circumstances, the index may undergo temporary adjustments, including the removal of companies that are delisted or undergo mergers, acquisitions, or spin-offs [2]

Core Viewpoint - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) has shown significant growth in both share count and asset size in 2024, indicating strong investor interest and market performance [1][2]. Fund Overview - The fund was established on June 26, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1]. - As of June 17, 2024, the fund's total shares stood at 4.891 billion, with a total asset size of 4.895 billion yuan [1]. - Year-to-date, the fund's shares have increased by 30.56%, and its asset size has grown by 39.80% compared to December 31, 2023 [1]. Liquidity Metrics - Over the last 20 trading days, the fund has recorded a cumulative trading volume of 1.455 billion yuan, with an average daily trading volume of 72.73 million yuan [1]. Fund Management - The current fund managers are Zhang Xiaonan and Gong Lili, with respective returns of 0.05% and 12.22% during their management periods [2]. Top Holdings - The fund's major holdings include: - China Mobile: 11.04% of the portfolio, valued at 529 million yuan - China Petroleum: 10.43%, valued at 499 million yuan - COSCO Shipping: 10.25%, valued at 491 million yuan - CNOOC: 10.01%, valued at 479 million yuan - China Shenhua: 8.89%, valued at 426 million yuan - Sinopec: 8.21%, valued at 393 million yuan - China Telecom: 5.39%, valued at 258 million yuan - China Unicom: 3.65%, valued at 175 million yuan - China Coal Energy: 2.38%, valued at 114 million yuan - China Merchants Bank: 2.33%, valued at 112 million yuan [3].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Ship companies are attempting to increase freight rates in the first half of July, and attention should be paid to the final implementation [1]. - The supply and demand of the US route have both increased, and the freight rates on the US East and West routes have declined from their highs and may have peaked [3]. - The capacity pressure on the European route decreased in June, and there is an expectation of a price increase in August [4][7]. - The conflict between Israel and Iran may affect the passage of the Strait of Hormuz, but the direct impact on container transportation is relatively small [6]. - In 2025, it is still a big year for container ship deliveries [8]. - The strategy suggests a sideways movement for the main contract and arbitrage opportunities such as going long on the 08 contract and short on the 10 contract, and going long on the 12 contract and short on the 10 contract [9]. Summary by Directory 1. Futures Prices - As of June 18, 2025, the total open interest of all container shipping index European line futures contracts was 90,975 lots, and the daily trading volume was 73,550 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1431.50, 1240.40, 1901.80, 2038.00, 1416.10, and 1611.00 respectively [8]. 2. Spot Prices - On June 13, the SCFI (Shanghai - Europe route) price was 1844.00 US dollars/TEU, the SCFI (Shanghai - US West route) price was 4120.00 US dollars/FEU, and the SCFI (Shanghai - US East) price was 6745.00 US dollars/FEU. On June 16, the SCFIS (Shanghai - Europe) was 1697.63 points, and the SCFIS (Shanghai - US West) was 2908.68 points [8]. 3. Container Ship Capacity Supply - In 2025, 126 container ships have been delivered, with a total capacity of 1.004 million TEU. As of June 15, 2025, 37 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 557,200 TEU, and 6 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 142,400 TEU [8]. - The weekly average capacity of the Shanghai - Europe route in the remaining two weeks of June was about 236,500 TEU, and the weekly average capacity in July was 279,400 TEU [4]. - The weekly average capacity of the Shanghai - US East and West routes in the remaining two weeks of June was 321,000 TEU, the monthly weekly average capacity in May was 243,400 TEU, and the weekly average capacity in July was 350,000 TEU [3]. 4. Supply Chain - The conflict between Israel and Iran may affect the passage of the Strait of Hormuz, which has a significant impact on oil transportation but a relatively small direct impact on container transportation [6]. - Ship delays dragged down the SCFIS on June 16, and it is expected that the SCFIS on June 23 will still be affected [5]. 5. Demand and European Economy - The demand on the US route has increased rapidly due to the reduction of Sino - US tariffs, but the freight rates on the US East and West routes have declined from their highs and may have peaked [3]. - The 8 - month period is a traditional peak season, and there is an expectation of a price increase, but attention should be paid to the peak time of the European route freight rates in 2025 and the subsequent downward slope of the freight rates [7].

Core Viewpoint - The successful completion of autonomous navigation and remote control tests for the world's first intelligent research and training dual-use vessel marks a significant technological breakthrough in smart navigation [1][10]. Group 1: Vessel Specifications and Capabilities - The intelligent vessel, built by China COSCO Shipping Heavy Industry for Dalian Maritime University, measures approximately 70 meters in length and has a displacement of 1,480 tons [1]. - It is equipped with six major intelligent systems, achieving comprehensive smart capabilities that are internationally leading [1][8]. Group 2: Testing and Performance - The vessel has successfully completed various critical tests, including autonomous berthing, open water navigation, multi-vessel intelligent collision avoidance, and remote control from shore [8]. - The successful navigation through narrow waterways is a key indicator of the vessel's intelligent system performance, showcasing its ability to handle complex conditions [3][5]. Group 3: Technological Advancements - The vessel's intelligent systems have undergone continuous upgrades, particularly in AI algorithms and decision-making capabilities, allowing for full journey autonomous navigation [6][10]. - Compared to typical intelligent vessels domestically and internationally, this vessel has achieved breakthroughs in intelligent system expansion and AI model algorithms for vessel control [8]. Group 4: Future Applications and Initiatives - The vessel commenced a cultural tour along the Maritime Silk Road, covering nearly 2,000 miles and conducting various experiments in busy waterways and remote control [12]. - A new intelligent ship shore-based control center has been established at Dalian Maritime University, enabling remote control testing of vessels docked over ten kilometers away [12][13]. - The "Yuhai Zhizhi" intelligent ship training center was inaugurated, focusing on practical training in intelligent navigation and remote control for students and researchers [13].

FICC日报 | 2025-06-17 美西运价下行斜率较高，关注欧线7月份涨价实际落地情况 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹26周价格1700/2840；HPL 6月下半月船期报价1835/2935，7月上半月船期 报价2635/4435。 MSC+Premier Alliance：MSC 上海-鹿特丹6月下半月船期报价1940/3240；ONE上海-鹿特丹6月下半月船期报价 2571/2937,7月上半月船期报价I 3474/4043；HMM6月下半月上海-鹿特丹价格1717/3004。 Ocean Alliance：COSCO上海-鹿特丹 6月下半月船期报价2625/4225；CMA 6月上海-鹿特丹6月下半月船期报价 1861/3297，7月份船期报价2635/4645；EMC6月下半月船期报价2555/3610；OOCL 6月下半月报价1850/3100. 部分船司宣布6月份下半月涨价函，MSC 6月份下半月涨价函价格2340/3900（前期6月上半月涨价函价格 1920/3200）。目前HPL、CMA以及ONE均报出7月份船期报价。 地缘端：中东和 ...