Core Viewpoint - The article discusses the recent developments in the shipping industry, particularly focusing on the VLCC (Very Large Crude Carrier) transportation index and its fluctuations due to geopolitical tensions in the Middle East [1]. Shipping Sector Summary - The VLCC transportation index for West Africa to Ningbo, China, has increased by 3.23% to 150.09 WS, despite a monthly decrease of 6.52%, indicating a significant annual increase of 24.85% [5]. - Key players in the core oil transportation sector include COSCO Shipping Energy and China Merchants Energy Shipping [5]. - The article highlights various shipping segments, including: - **Product Tankers and MR Fleet**: China Merchants Jinling Shipyard [5]. - **Container Shipping**: Major companies include COSCO Shipping Holdings, COSCO Shipping Development, and Jinjing Shipping [5]. - **Dry Bulk Shipping**: Notable firms are China National Offshore Oil Corporation and Haitong Development [5]. - **Special/Chemical/Roll-on Roll-off Shipping**: Key players include COSCO Shipping Special, Xingtong Co., and Shenghang Co. [5]. Port Operations Summary - The article outlines significant port operations in various regions: - **Yangtze River Delta Hub**: Includes Nanjing Port, Lianyungang, Shanghai Port Group, and Ningbo Port [5]. - **Bohai Rim Hub**: Notable ports are Tangshan Port, Tianjin Port, and Qinhuangdao Port [5]. - **Southwest Hub**: Key ports include Guangzhou Port and Zhuhai Port [5]. - **Yangtze River Inland Ports**: Chongqing Port is highlighted [5]. Shipping Equipment and Logistics Summary - The core equipment manufacturing sector features companies like CIMC (China International Marine Containers), East China Heavy Machinery, Weichai Heavy Machinery, and Hangzhou Advance Gearbox Group [5]. - The energy and special equipment sector includes firms like Furui Special Equipment and Xizhuang Co. [5].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report The report analyzes the impact of the US-Iran conflict on various financial and commodity markets. Trump's indication that the war against Iran will end soon has led to a recovery in market risk appetite and a weakening of the US dollar index. The conflict has also affected inflation, stock markets, and commodity prices, with different sectors showing varying degrees of response and trends. Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - Trump believes the war is almost over, and gold is in a volatile consolidation phase. The market risk appetite has recovered, and the pressure on precious metals from rising interest rates has weakened. [11] - Investment advice: Gold and silver are expected to move in a volatile manner. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump's statement that the war against Iran will end soon leads to a recovery in market risk appetite and a weakening of the US dollar index. [13] - Investment advice: The US dollar index is expected to decline. 1.3 Macro Strategy (US Stock Index Futures) - US short - term inflation and wage expectations have decreased. Trump says the war is almost over, and the G7 has not announced an immediate release of oil reserves. [15][16] - Investment advice: Short - term market volatility remains high, and it is recommended to wait and see. 1.4 Macro Strategy (Stock Index Futures) - China's inflation in February exceeded expectations. The A - share market shows resilience, but short - term risk aversion is recommended. [19] - Investment advice: The stock index arbitrage strategy is preferred, with a long IC and short IM combination. 1.5 Macro Strategy (Treasury Bond Futures) - February inflation data exceeded expectations, and the central bank conducted a 48.5 - billion - yuan 7 - day reverse repurchase operation. The probability of a quick end to the US - Iran conflict is decreasing, and the bond market may experience short - term fluctuations and potential long - term upward trends. [22][23] - Investment advice: Consider mid - line long positions in treasury bond futures when the price is low. 2. Commodity News and Comments 2.1 Black Metal (Rebar/Hot - Rolled Coil) - In February, excavator sales decreased year - on - year, and the passenger car market sales in January also declined. Steel prices have rebounded due to rising energy prices, but the fundamentals of the finished product end remain under pressure. [25][26] - Investment advice: Steel prices are expected to be volatile in the short term, and attention should be paid to geopolitical events. 2.2 Black Metal (Steam Coal) - On March 9, the imported steam coal market was in a state of continuous game. Overseas coal prices have risen, while domestic coal prices are relatively stable. The duration of the Middle East conflict is the biggest uncertainty. [29] - Investment advice: Pay attention to the development of the Middle East conflict. Coal prices are expected to be in a volatile market in the short term and have upward risks in the long term. 2.3 Black Metal (Iron Ore) - A Canadian mining company is re - evaluating an iron ore project. Iron ore prices are in a volatile market, with potential upward cost pressure and uncertain demand. [31] - Investment advice: It is recommended to wait and see. 2.4 Black Metal (Coking Coal/Coke) - The coking coal market in Lvliang is oscillating. The price increase is mainly due to the rise in crude oil prices. The supply is increasing, and the demand is gradually recovering. [33] - Investment advice: Pay attention to the downstream inventory replenishment situation. 2.5 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Indonesia may resume the B50 biodiesel mixing plan. The price of edible oils has fluctuated greatly, mainly following the trend of crude oil. [35][36] - Investment advice: If international oil prices remain high, palm oil prices may rise, but beware of price drops due to geopolitical uncertainties. 2.6 Agricultural Products (Corn) - Brazil's corn exports in February increased year - on - year. The supply of corn is gradually increasing, and the demand has support. [37][38] - Investment advice: In the short term, the market is in a multi - factor game. In the long term, prices are expected to stabilize and rise, but the increase is limited. 2.7 Agricultural Products (Soybean Meal) - Last week, the inventory of soybean meal in oil mills increased, and the production of soybeans in Argentina is expected to be stable. The supply and demand of soybean meal are weak, but it may be strong in the short term. [40][42] - Investment advice: Pay close attention to the Middle East situation, crude oil, and CBOT soybean futures prices. Be cautious when chasing up. 2.8 Non - Ferrous Metals (Lithium Carbonate) - CATL's performance in 2025 was excellent. The supply of lithium carbonate has disturbances, and the demand has short - term support. [43][44] - Investment advice: In the short term, it is advisable to be bullish. In the long term, there is support from the new energy narrative. Look for opportunities to go long at low prices. 2.9 Non - Ferrous Metals (Lead) - The LME lead has a large discount, and the domestic social inventory has increased. The lead price is expected to be in a low - level oscillation. [45][46] - Investment advice: Look for mid - line callback buying opportunities on the long side. Wait and see for arbitrage. 2.10 Non - Ferrous Metals (Zinc) - The LME zinc has a discount, and the domestic inventory has increased. The zinc price may rise first and then fall, and it is recommended to wait and see. [48][49] - Investment advice: Wait and see in the short term. Take profit on long positions at high prices. Consider mid - line positive arbitrage. 2.11 Non - Ferrous Metals (Copper) - Citi is optimistic about Zijin Mining's production growth. The IEA suggests using aluminum to replace copper. The copper price may be in a high - level oscillation in the short term. [50][52] - Investment advice: Wait and see in the short term. Observe positive arbitrage opportunities. 2.12 Non - Ferrous Metals (Platinum) - Some companies are increasing platinum production. The global platinum market will be in short supply in 2026. The platinum price is expected to be in a short - term oscillation. [53][54][56] - Investment advice: Wait and see in the short term. Consider mid - line reverse arbitrage for the month spread. Look for opportunities to go long platinum and short palladium. 2.13 Non - Ferrous Metals (Tin) - The LME tin has a discount. The supply of tin may increase in the short term, and the demand is weak. The tin price is expected to be in a wide - range oscillation. [57][58] - Investment advice: The short - term supply - demand pattern is weak, and the price is expected to oscillate with limited downward space. 2.14 Energy Chemicals (Crude Oil) - Trump says the military action against Iran will end soon, and the oil price has fluctuated sharply. [59][60] - Investment advice: The risk premium will be reversed after the market sentiment reaches its peak. 2.15 Energy Chemicals (Liquefied Petroleum Gas) - The price of LPG has fluctuated due to market panic and subsequent news. The situation in the Strait of Hormuz remains uncertain. [62] - Investment advice: Wait and see and track the situation in the Strait of Hormuz. 2.16 Energy Chemicals (Asphalt) - The inventory of asphalt has decreased. The asphalt price may decline due to the fall in international oil prices. [63] - Investment advice: The asphalt price will be volatile in the short term. 2.17 Energy Chemicals (LLDPE) - The inventory of LLDPE has increased, and the price is expected to rise due to rising oil prices. [66] - Investment advice: Buy on dips and expand the 5 - 9 spread. 2.18 Energy Chemicals (Urea) - The price of urea in Shandong has increased. The Iran conflict has affected the overseas urea market, and the domestic market may see a pulse - type upward movement. [67][68] - Investment advice: Do not be overly aggressive in going long. Focus on potential reverse arbitrage opportunities for the 5 - 9 spread. 2.19 Energy Chemicals (Styrene) - The inventory of styrene in East China ports has decreased. The trading logic of styrene has evolved, and it is still recommended to be bullish. [70][71] - Investment advice: Maintain a bullish view. 2.20 Energy Chemicals (Soda Ash) - The soda ash market in North China is firm. The soda ash price is supported by cost and supply disturbances. [73] - Investment advice: The soda ash price has short - term support. 2.21 Energy Chemicals (Float Glass) - The price of float glass in Guangdong is stable. The glass price may be volatile due to the rise in oil prices. [74][75] - Investment advice: The glass price may be volatile in the short term. 2.22 Shipping Index (Container Freight Rate) - Ningbo Port's container throughput in February increased year - on - year. The shipping market is affected by geopolitical factors, and the price is in a high - level oscillation. [76][77] - Investment advice: Pay attention to the opening of MSK W13 and the price adjustment of other shipping companies.

证券代码：601018 证券简称：宁波港 编号：临 2026-006 债券代码：175812 债券简称：21 宁港 01 宁波舟山港股份有限公司 关于全资子公司向关联方续借款项 暨关联交易的公告 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。 重要内容提示： 为满足生产经营需求，宁波舟山港股份有限公司（以下简称"公 司"）全资子公司明城国际有限公司（以下简称"明城国际"）拟向 公司间接控股股东浙江省海港投资运营集团有限公司（以下简称"省 海港集团"）的全资孙公司浙江海港国际有限公司（以下简称"海港 国际"）续借款项 6.1625 亿港元等值人民币，期限 5 年（可提前还 款），借款年利率 2.6%，每半年结息一次，到期一次性还本； 由于交易对方为公司间接控股股东省海港集团的全资孙公司， 本次借款构成关联交易，但不构成《上市公司重大资产重组管理办法》 规定的重大资产重组，亦不构成重组上市； 截至本公告披露日，除日常关联交易外，过去 12 个月，公司 与同一关联人进行的交易以及与不同关联人进行的与本次交易相同 类别下标的相关的关 ...

证券代码：601018 证券简称：宁波港 编号：临 2026-005 债券代码：175812 债券简称：21 宁港 01 宁波舟山港股份有限公司 2026 年 2 月份主要生产数据提示性公告 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。 2026年2月份，宁波舟山港股份有限公司预计完成集装箱吞吐量 432万标准箱，同比增长28.42%；预计完成货物吞吐量9500万吨， 同比增长18.35%。 本公告所载2026年2月份的业务数据属于快速统计数据，与最终 实际数据可能存在差异，请投资者注意投资风险。 特此公告。 宁波舟山港股份有限公司董事会 2026 年 3 月 4 日 ...

Core Viewpoint - The article highlights the bustling activity at the Meishan Port area of Ningbo-Zhoushan Port during the Lunar New Year, showcasing the transformation of port operations through digitalization and automation, as well as the dedication of workers like Wu Qifei who have adapted to new technologies [1][10]. Group 1: Port Operations and Automation - Meishan Port has become the largest automated operation equipment cluster globally, featuring 38 remote-controlled bridge cranes, 116 remote-controlled gantry cranes, and 130 intelligent container trucks, achieving full-process collaborative operations [8][9]. - The port's container throughput has significantly increased, with a reported annual throughput of 13.19 million standard containers, marking a year-on-year growth of 17.9% [9]. - In January, Meishan Port set a record for single-month container operations, surpassing 1.3 million standard containers, reflecting the port's growing capacity and efficiency [9]. Group 2: Worker Transformation and Experience - Wu Qifei, a crane operator, transitioned from traditional high-altitude operations to remote control, enhancing safety and efficiency while reducing physical strain [4][8]. - The digital transformation initiated in 2016 involved the introduction of remote control equipment, which initially faced challenges but ultimately led to the development of a new operational method that improved performance [5][6]. - The commitment of workers during peak times, such as the Lunar New Year, emphasizes the importance of continuous operations in maintaining the flow of goods and supporting China's foreign trade [10].

Investment Rating - The report indicates a stable outlook for the port industry, with a focus on infrastructure and domestic demand supporting the industry fundamentals [7][8]. Core Insights - The growth rate of cargo and container throughput in Chinese ports is slowing down, influenced by GDP and import-export growth deceleration. Coastal ports dominate in terms of throughput, with significant differentiation in growth rates among major ports [8][9]. - Since 2018, investment in inland waterway transportation has consistently exceeded that of coastal ports, leading to structural overcapacity in coastal ports. However, there remains a demand for terminal upgrades, optimization of port layouts, and channel construction, with a clear trend towards larger and more specialized port berths [8][9]. - The overall revenue of sampled port enterprises is steadily increasing, with strong operational cash flow capabilities. Future capital expenditures are expected to remain substantial due to increased financing driven by port-related project investments [8][9]. - The report anticipates that global economic growth will remain low, with uncertainties surrounding trade policies potentially impacting China's foreign trade. However, domestic demand is expected to expand, providing some support for port throughput [8][9]. Industry Overview Macroeconomic Environment - In 2025, China's economy is projected to stabilize, with domestic demand expected to support cargo throughput at ports. The economic policies are characterized by a multi-dimensional collaborative approach, focusing on stabilizing growth and enhancing domestic consumption [9][10]. - The port industry is highly sensitive to macroeconomic cycles, with the performance of cargo and container throughput closely linked to economic conditions and foreign trade developments [10][11]. Industry Policies and Regulatory Environment - The government has introduced various policies to guide the development of smart, green, safe, and efficient ports, aiming to enhance the competitive capabilities of ports through a market-oriented pricing system [11][12]. - Recent policies emphasize the integration of rail-water transport and the construction of a modern comprehensive transportation system, with significant investments expected in port infrastructure [11][12]. Industry Operating Conditions - The throughput growth of Chinese ports has shown signs of slowing down, with a notable differentiation in growth rates among major coastal ports. In 2024, the total cargo throughput reached 1,759.5 million tons, growing by 3.7% [16][20]. - Container throughput growth has also slowed, with a total of 33.2 million TEUs in 2024, reflecting a 7.0% increase [17][20]. Financial Performance - Sampled port enterprises have shown steady revenue growth, with total revenue reaching 643.36 billion yuan in the first nine months of 2025, maintaining a stable operational performance [34][36]. - The cash flow from operating activities has been strong, with a cash income ratio exceeding 100%, indicating that cash flow can meet capital expenditure needs [36][39]. Debt Levels - The total debt of sampled port enterprises has increased, with a total debt of 1,162.86 billion yuan by September 2025, primarily for new terminal construction and upgrades [41][43]. - The short-term debt ratio is moderate, with a significant portion of financing coming from bank loans and bond issuances [41][43]. Debt Repayment Capacity - Most sampled port enterprises face manageable short-term repayment pressures, with strong long-term repayment capabilities. However, some enterprises have heavier debt burdens and historical personnel liabilities that require attention [44][45]. Bond Market Performance - The report notes a decrease in bond issuance rates for port enterprises, with a total of 180 bonds issued in 2025, reflecting a 7.57% increase in issuance scale [48][49].

Core Viewpoint - The operational data from various ports in January indicates a steady growth in key metrics such as container throughput and cargo throughput, reflecting the resilience of China's foreign trade and the high-quality development of the port industry [1][2]. Group 1: Port Performance Data - Guangzhou Port is expected to achieve a container throughput of 2.438 million TEUs in January, a year-on-year increase of 14.5%, and a cargo throughput of 50.782 million tons, up 12.7% [1]. - Shenzhen Port reported a container throughput of 3.298 million TEUs in January, marking an 8.9% year-on-year increase, setting a new monthly record [1]. - Shanghai International Port Group anticipates a container throughput of 5.063 million TEUs, a 1.3% increase year-on-year, and a cargo throughput of 53.847 million tons, up 3.2% [1]. - Ningbo-Zhoushan Port expects to complete a container throughput of 5.03 million TEUs, a 9.5% year-on-year increase, and a cargo throughput of 112 million tons, up 4.8% [2]. Group 2: Industry Outlook - The strong performance of ports in January is seen as a reflection of the ongoing resilience in China's foreign trade and the effective high-quality development of the port sector [2]. - The port industry is entering a new phase of "system competitiveness," aiming to secure a core position in the global supply chain [2]. - Future advancements in port operations are expected to focus on intelligent and green transformations, with breakthroughs in automated terminals and clean energy applications [2]. Group 3: Operational Challenges - Many ports, including Guangzhou and Ningbo, are experiencing high operational volumes, leading to tight space in container yards and difficulties in scheduling shipments [3]. - Ports are implementing tailored strategies to ensure smooth operations and logistics during the peak shipping season before the Spring Festival [3]. - Guangzhou Port has established a 24-hour emergency response team and is conducting daily production scheduling meetings to optimize resource allocation and maintain efficient operations [3].

Group 1 - The core announcement is regarding the appointment of Mr. Wu Changpan as the Vice General Manager of Ningbo Zhoushan Port Co., Ltd. [2] - The decision was made during the 24th meeting of the sixth board of directors, held on February 4, 2026, through written consent [2] - All directors unanimously agreed to the appointment, which will be effective from the date of the board's approval until the end of the current term of senior management, with the possibility of reappointment [2]

证券代码：601018 证券简称：宁波港 编号：临 2026-004 债券代码：175812 债券简称：21 宁港 01 宁波舟山港股份有限公司 关于聘任公司副总经理的公告 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。 表决结果：16 票同意，0 票反对，0 票弃权。 2026 年 2 月 4 日，宁波舟山港股份有限公司（以下简称"公司"） 以书面传签方式召开了第六届董事会第二十四次会议，本次会议于 2026 年 1 月 30 日以书面方式通知了全体董事。 公司董事长陶成波、董事金星、丁送平、任小波、滕亚辉、李文 波、柳长满、陈志昂、胡绍德、刘士霞、于永生、赵永清、潘士远、 肖汉斌、肖英杰、刘杰参加了本次会议。本次会议符合《公司董事会 议事规则》规定的召开方式，且达到了《中华人民共和国公司法》和 《公司章程》规定的召开董事会会议法定董事人数。 本次会议审议并通过了《关于聘任宁波舟山港股份有限公司副总 经理的议案》，全体董事一致同意聘任吴昌攀先生为公司副总经理， 任期自本次董事会审议通过之日起至公司第六届高级管理人员任期 届 ...

Group 1 - Ningbo Port announced the appointment of Mr. Wu Changpan as the Deputy General Manager, with unanimous approval from the board of directors [1] - The term of the new appointment can be renewed upon expiration [1] Group 2 - The article discusses Kevin Warsh's proposed economic policies, which include a dual approach of monetary easing and tightening [1] - Warsh aims to utilize AI to manage inflation and has expressed reluctance to be a major buyer of U.S. Treasury bonds [1]