Core Viewpoint - The Chinese shipping industry has demonstrated strong resilience and vitality over the past year, achieving new results in high-quality development amidst complex environments [3]. Shipping Economic Performance - The maritime connectivity of China has maintained the world's highest ranking for 19 consecutive years, with the international shipping volume expected to account for 31.3% of global shipping volume in 2024. The port cargo throughput and container throughput have ranked first globally for several years [4]. - In the first eight months of this year, the national waterway freight volume reached 6.56 billion tons, a year-on-year increase of 3.8%. The total cargo throughput at ports was 12.03 billion tons, up 4.4%, and container throughput was approximately 23 million TEUs, increasing by 6.3% [4]. Shipping Infrastructure Development - Major waterway infrastructure projects are advancing, with the construction progress of the Xiaoyangshan North Container Terminal exceeding 50% and the Pinglu Canal over 80% [5]. - In the first eight months, national waterway construction investment reached 143.27 billion yuan, a year-on-year increase of 3.6%, providing strong support for domestic demand expansion and stable growth [5]. Smart Port Construction - China has built 60 automated terminals, leading global smart port construction. The national electronic navigation chart has surpassed 10,000 kilometers in published mileage [7]. - The use of shore power for vessels has become normalized, with annual usage expected to exceed 200 million kilowatt-hours [7]. Regulatory and Policy Framework - The revision of the "International Shipping Regulations" provides a solid legal guarantee for national maritime safety and development. A comprehensive policy system for high-quality inland waterway shipping development has been established [8]. International Cooperation - China has signed maritime agreements with Kuwait and has reached 70 countries and regions for bilateral and multilateral maritime agreements. The Shanghai International Shipping Center ranks among the top three globally [9]. Shanghai International Shipping Center Development - The Shanghai International Shipping Center has transitioned from "basically completed" to "fully completed" during the 14th Five-Year Plan, maintaining a top-three global ranking [10]. Port and Airport Development - Shanghai Port's container throughput is expected to reach 51.506 million TEUs in 2024, maintaining its position as the world's largest port for 15 consecutive years [12]. - In the first nine months, Shanghai's airport handled 1 billion passengers and 3.2869 million tons of cargo, with respective year-on-year growth of 8.04% and 6.72% [12]. Cruise Port Development - The first domestically produced large cruise ship, "Aida·Magic City," will commence commercial operations in January 2024. In the first nine months, Shanghai's cruise port received 225 international cruise calls, with passenger throughput increasing by nearly 45% [13]. Shipping Service Enhancement - Shanghai has established a multi-level, full-chain temporary arbitration system for maritime disputes, filling a domestic gap. The first foreign-related maritime temporary arbitration case was adjudicated in Shanghai in August 2024 [14]. Green and Smart Shipping Transition - Shanghai Port's LNG refueling capacity is increasing, and it has become one of the few ports globally capable of both LNG and methanol refueling. The Shanghai International Shipping Carbon Footprint Labeling Association has been established [15]. - The Yangshan Deepwater Port's fully automated terminal is now operational, and a digital trade platform has been launched [15][16]. 2025 North Bund International Shipping Forum - The forum, co-hosted by the Ministry of Transport and the Shanghai Municipal Government, will take place from October 19 to 21, 2025, focusing on global shipping sustainable development [17][19]. - The forum will include various sub-forums and activities, with an expected attendance of 4,000 participants from over 50 countries and regions [19].

Core Viewpoint - The collaboration between Veolia China, Shanghai Port Group Energy Co., Ltd., and VENEX aims to establish a comprehensive green methanol supply and distribution network, promoting a sustainable fuel solution for the shipping industry and reducing reliance on traditional fossil fuels [1] Group 1: Partnership Details - The three parties signed a "Green Fuel Supply Strategic Cooperation Agreement" to leverage their respective strengths in decarbonization, port energy infrastructure, and green methanol production [1] - Veolia China will contribute its local decarbonization energy solutions expertise and global decarbonization experience [1] - Shanghai Port Group will provide its leading advantages in port energy infrastructure [1] - VENEX will bring its specialized knowledge in green methanol production and operations [1] Group 2: Industry Impact - The collaboration aims to create an end-to-end green fuel supply ecosystem from production to marine refueling [1] - It will provide sustainable fuel solutions for port and shipping enterprises, gradually reducing the industry's dependence on traditional fossil fuels [1] - The initiative is expected to drive the shipping industry towards a low-carbon transformation, contributing to the formation of a green and low-carbon industrial ecosystem in the transportation sector [1]

Core Insights - Hong Kong and Fuan Energy Group have established a joint venture, VENEX Company Limited, to develop a comprehensive green methanol supply and distribution network in response to national carbon neutrality goals and the green transformation of the port and shipping industry [1][6] Group 1: Partnership and Collaboration - VENEX has signed a strategic cooperation agreement with Veolia China and Shanghai Port Group Energy to leverage their expertise in green methanol production, local decarbonization solutions, and port energy infrastructure [6][7] - The collaboration aims to create an end-to-end green fuel supply ecosystem, providing sustainable fuel solutions for the port and shipping sectors, thereby reducing reliance on traditional fossil fuels [6][7] Group 2: Industry Impact and Goals - The partnership is expected to facilitate the transition of the port and shipping industry towards low-carbon development, contributing to the establishment of a green low-carbon industrial ecosystem in the transportation sector [6][7] - The initiative aligns with the broader goal of achieving carbon neutrality in the port and shipping industry, with a focus on integrating global environmental resources and local port infrastructure advantages [7]

Core Viewpoint - The article highlights the strategic initiatives and partnerships of Shanghai Port Energy in promoting green methanol as a key fuel for reducing emissions in the shipping industry, emphasizing the establishment of a comprehensive supply chain for green fuels [2][4][6]. Group 1: Strategic Partnerships - Shanghai Port Energy has signed a strategic cooperation agreement with Veolia China and Hong Kong VENEX to build a complete ecosystem for green methanol fuel production, storage, and supply [2][4]. - The collaboration aims to leverage the strengths of each partner, including Shanghai Port's operational capabilities, Veolia's global environmental management experience, and VENEX's expertise in green methanol production [4][6]. Group 2: Industry Developments - In September 2023, Shanghai Port Energy signed a memorandum of cooperation with COSCO Shipping and State Power Investment Corporation to establish a green methanol supply chain, marking a significant step in enhancing its green methanol refueling capabilities [6][7]. - The company has been actively expanding its business and partnerships, including contracts with Shanghai Electric and CMA CGM for green methanol supply and refueling services, with initial collaborations set to last until 2030 [7][9]. Group 3: Operational Achievements - Shanghai Port Energy's vessel "Haigang Zhiyuan" successfully completed its first bonded green methanol refueling in April 2024, showcasing its operational capabilities in the green fuel sector [6][8]. - The company has been involved in multiple refueling operations, including significant quantities of green methanol for various shipping companies, demonstrating its commitment to advancing green fuel usage in maritime transport [9].

Investment Rating - The report maintains a "Positive" investment rating for the shipping and port sector [2][8] Core Insights - The total import and export volume in China from January to August 2025 reached 29.57 trillion yuan, a year-on-year increase of 3.5%, with imports at 11.96 trillion yuan (down 1.2%) and exports at 17.61 trillion yuan (up 6.9%) [16][19] - Coastal major ports handled a total cargo throughput of 7.688 billion tons from January to August 2025, reflecting a year-on-year growth of 3.1% [3][34] - Container throughput at coastal major ports reached 20.646 million TEUs, marking a year-on-year increase of 6.5% [4][43] - The Baltic Dirty Tanker Index (BDTI) was reported at 1078 points on October 8, 2025, showing a year-on-year increase of 5.27% [5][45] - The Baltic Dry Index (BDI) stood at 1963 points on October 8, 2025, indicating a year-on-year growth of 9.12% [7][60] Summary by Sections 1. Overview: National Import and Export Volume and Cargo Throughput - The national import and export volume for January to August 2025 was 29.57 trillion yuan, with imports at 11.96 trillion yuan (down 1.2%) and exports at 17.61 trillion yuan (up 6.9%) [16][19] 2. Container: Shipping Rates and Container Throughput - The China Container Freight Index (CCFI) was at 1087.41 points on September 26, 2025, down 37.58% year-on-year [4][37] - Container throughput at coastal major ports was 20.646 million TEUs from January to August 2025, up 6.5% year-on-year [4][43] 3. Liquid Bulk: Oil Shipping Rates and Crude Oil Throughput - The BDTI was at 1078 points on October 8, 2025, reflecting a year-on-year increase of 5.27% [5][45] - Crude oil imports from January to August 2025 totaled 376 million tons, a year-on-year increase of 2.5% [6][54] 4. Dry Bulk: Shipping Rates and Iron Ore, Coal Throughput - The BDI was reported at 1963 points on October 8, 2025, indicating a year-on-year growth of 9.12% [7][60] - Iron ore throughput from January to August 2025 reached 921 million tons, up 2.57% year-on-year [7][66] 5. Key Port Listed Companies Monthly Throughput - Major port companies reported various throughput figures, with Shanghai Port handling 0.55 billion tons in August 2025, a 10.25% increase year-on-year [78]

Market Overview - The shipping and port sector increased by 0.09% on October 9, with China COSCO Shipping Development leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - China COSCO Shipping Development (601866) closed at 2.61, up 2.76% with a trading volume of 1.2492 million shares and a transaction value of 323 million yuan [1] - Other notable performers included Zhaogang Co. (601326) at 3.45, up 1.77%, and Liaoning Port Co. (601880) at 1.77, up 1.72% [1] - Conversely, China Merchants Energy Shipping (601872) saw a significant decline of 6.19%, closing at 8.33 with a trading volume of 1.7642 million shares and a transaction value of 1.459 billion yuan [2] Capital Flow - The shipping and port sector experienced a net outflow of 438 million yuan from institutional investors, while retail investors saw a net inflow of 360 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2][3] Individual Stock Capital Flow - Haixia Co. (002320) had a net inflow of 24.0174 million yuan from institutional investors, but a net outflow of 32.3391 million yuan from retail investors [3] - Ningbo Port (601018) experienced a net inflow of 20.6151 million yuan from institutional investors, while retail investors had a net outflow of 2.18956 million yuan [3] - Dayang Port (600017) saw a net inflow of 13.2714 million yuan from institutional investors, with retail investors also experiencing a net outflow of 4.7366 million yuan [3]

证券代码：600018 证券简称：上港集团 编号：临 2025-044 上海国际港务（集团）股份有限公司 关于控股子公司对外出借资金的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、资金出借概述 1 二、资金出借进展情况 借款人（丙方）：浙江省海港投资运营集团有限公司 （二）出借资金用途：流动资金周转。 公司下属控股子公司盛东公司与借款人浙海港集团签署了《委托贷款借款合 同》，盛东公司于 2025 年 10 月 9 日向浙海港集团出借资金人民币 3.22 亿元。 本次合同主要内容如下： （三）出借资金金额：3.22 亿元人民币。 （四）出借资金利率：2%。 上海国际港务（集团）股份有限公司（以下简称："上港集团"或"公司"） 于 2025 年 1 月 16 日召开了第三届董事会第五十三次会议，审议通过了《关于 2025 年对外出借资金的议案》，董事会同意上港集团及下属控股子公司在 2025 年向借款方民生轮船股份有限公司、马士基供应链管理有限公司、上海中远海运 港口投资有限公司、盐田国际集装箱码头有限公司、厦门远 ...

Core Points - The Shanghai Port Group's board approved a loan of up to 1.792 billion yuan to multiple companies this year, excluding related parties [1] - Shengdong Company has signed a loan agreement with Zhejiang Haigang Group for a loan of up to 322 million yuan, with a term until October 9, 2026, and an interest rate of 2% [1] - After this loan, the total amount of external loans by the company is 290 million yuan, accounting for 0.22% of the latest audited net assets [1] - The total balance of loans by the company and its subsidiaries is 2.654 billion yuan, representing 1.99% of the total net assets, with no overdue amounts [1]

Core Insights - The establishment of a 100,000-ton green methanol production capacity in Shanghai is significant for promoting the green transformation of the Shanghai International Shipping Center [1][5] Group 1: Project Overview - The project is located in the Songlin building of the modern agricultural park in Langxia Town, Jinshan District, which is the largest scale pig farming facility in Shanghai, with an annual stock of over 45,000 pigs [1] - The biogas purification project, which converts pig manure into biogas, is the first of its kind in Shanghai and will provide raw materials for the green methanol project [3][5] - The green methanol project is a collaboration among four state-owned enterprises: Sheneng Group, Chengtou Group, Huayi Group, and Shanghai Port Group [5] Group 2: Economic and Environmental Impact - The project is expected to be operational by the end of 2023, with the first green methanol fueling at Shanghai Port anticipated in early 2026 [5] - The project has received ISCC EU and PLUS certifications, indicating that its average carbon emission intensity is reduced by over 80% compared to fossil fuel-derived methanol [5] - The green methanol market is currently characterized by a significant supply-demand imbalance, with green methanol prices ranging from $900 to $1,000 per ton, approximately three times the price of gray methanol [7] Group 3: Market Context - Global green methanol production is still in its infancy, with an estimated capacity of only 700,000 tons by 2024, leading to a mismatch in supply and demand [9] - China holds a 55% share of global project reserves for green methanol, with many projects expected to be operational between 2026 and 2028 [9]

Core Viewpoint - The article highlights the strategic collaboration between Shanghai Electric, Shanghai Port Energy, and CMA CGM Group to establish a green methanol supply chain, marking a significant step towards low-carbon development in international shipping [2][4]. Group 1: Contracts and Collaborations - On September 22, Shanghai Port Energy signed a "Green Methanol Procurement Supply Contract" with Shanghai Electric Taonan Green Source Fuel Co., Ltd. [2] - On September 18, Shanghai Port Energy entered into a "Green Methanol Bunkering Service Contract" with CMA CGM Group, indicating a milestone in their collaboration [2]. - These contracts are part of the long-term supply cooperation framework agreement signed by the three parties on March 20, with initial cooperation expected to last until 2030 [4]. Group 2: Project Details - Shanghai Electric will provide stable green methanol production capacity based on its self-built green methanol project in Taonan, Jilin [6]. - Shanghai Port Energy will leverage its expertise in port services and green energy bunkering to safely and efficiently deliver green methanol fuel at Shanghai Port for CMA CGM Group [6]. - The green methanol project by Shanghai Electric officially commenced production on July 15, with the first phase successfully producing green methanol through wind power coupled with biomass gasification [6].