1. Report Industry Investment Rating No information regarding the report industry investment rating is provided in the given content. 2. Core View of the Report - The pre - holiday freight rate drive is weak, and the near - term 04 contract is expected to fluctuate. Attention should be paid to whether the shipping companies' price - holding measures are implemented after the holiday. The cancellation of VAT export tax rebates for products such as photovoltaics may disrupt the shipping rhythm and the pricing strategies of shipping companies. It is necessary to monitor whether the freight volume from the Far East to Europe in February and March can increase significantly and whether the actual freight rate will be firmer than in normal years. The 04 contract's volatility is expected to increase, and investors are advised to participate with caution. Shipping companies usually issue price - increase letters in March and April to stabilize prices. As of now, it is still unclear whether the price increase in March will succeed. If the price increase is successful in early March, the valuation bottom of the EC2604 contract may rise. The long - term contracts face intense speculation on the resumption time, and the volatility is expected to remain high. The resumption of the Suez Canal is expected to be a gradual process. If it does not resume in the first half of 2026, the pressure on the shipping capacity in the first half of the year will be relatively controllable, and higher freight rates can be expected. Investors can consider the arbitrage opportunity of going long on EC2606 and short on EC2610 [5][6][7]. 3. Summary by Relevant Catalogs I. Futures Prices - As of February 12, 2026, the total open interest of all container shipping index European line futures contracts is 54,481.00 lots, and the daily trading volume is 42,518.00 lots. The closing prices of EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1258.90, 1566.10, 1632.00, 1131.10, and 1425.40 respectively [8]. II. Spot Prices - On February 6, the SCFI (Shanghai - Europe route) price was 1403 US dollars/TEU, the SCFI (Shanghai - West Coast of the United States) price was 1801 US dollars/FEU, and the SCFI (Shanghai - East Coast of the United States) price was 2530 US dollars/FEU. On February 9, the SCFIS (Shanghai - Europe) was 1657.94 points, and the SCFIS (Shanghai - West Coast of the United States) was 1155.66 points [8]. III. Container Ship Capacity Supply - **Static Supply**: As of January 31, 2026, 6 container ships with a total capacity of 46,950 TEU have been delivered in 2026. Among them, 2 ships with a capacity of 12,000 - 16,999 TEU and 1 ship with a capacity of over 17,000 TEU have been delivered. In terms of delivery expectations, for ships with a capacity of 12,000 - 16,999 TEU, 737,400 TEU (50 ships) are expected to be delivered in the remaining months of 2026, 944,600 TEU (64 ships) in 2027, 1,212,000 TEU (82 ships) in 2028, and 415,400 TEU (29 ships) in 2029. For ships with a capacity of over 17,000 TEU, 192,900 TEU (8 ships) are expected to be delivered in the remaining months of 2026, 862,800 TEU (40 ships) in 2027, 1,603,000 TEU (80 ships) in 2028, and 1,261,500 TEU (77 ships) in 2029. The delivery pressure of ultra - large ships in 2026 is relatively small, and only 4 ships with a capacity of over 17,000 TEU will be delivered in the first half of 2026 [3]. - **Dynamic Supply**: In the remaining three weeks of February, the average weekly capacity is 271,600 TEU, with capacities of 366,600 TEU, 259,800 TEU, and 188,300 TEU in Weeks 7, 8, and 9 respectively. In March, the average weekly capacity is 288,400 TEU, with capacities of 158,300 TEU, 365,200 TEU, 304,700 TEU, 320,400 TEU, and 293,500 TEU in Weeks 10 - 14 respectively. In April, the average weekly capacity is 274,700 TEU, with capacities of 295,500 TEU, 294,400 TEU, 263,500 TEU, and 245,400 TEU in Weeks 15 - 18 respectively. There are 13 blank sailings in February (6 by the OA Alliance, 6 by the PA Alliance, and 1 by the Gemini Alliance), 7 blank sailings and 3 TBNs in March, and 1 blank sailing and 4 TBNs in April [4]. IV. Supply Chain - The resumption of the Suez Canal is expected to be a gradual process. COSCO management indicates that there is still no clear schedule for the full resumption of the Red Sea route. It may take 3 - 5 months from the attempt to full resumption. Multiple conditions need to be met for the resumption of the Red Sea route, including industry association assessment, insurance premium reduction, customer recognition of safety, and internal consensus within the alliance. Currently, the detour has become the new normal for the customer supply chain, and COSCO is cautious about returning to the Red Sea. Since mid - February 2026, Maersk's ME11 route will be structurally adjusted to transit through the Red Sea and the Suez Canal. If possible, Maersk will also adjust the AE12 and AE15 services in the subsequent stage to pass through the Red Sea and the Suez Canal [7]. V. Demand and European Economy No specific content related to demand and European economy is provided in the given text other than the figures mentioned in the catalog.

Group 1 - The core viewpoint indicates that the shipping rates are expected to remain weak before the holiday, with the April and October months typically being the lowest for shipping rates in a normal year [2][9] - The Ministry of Finance and the State Administration of Taxation announced the cancellation of VAT export rebates for photovoltaic products on January 8, 2026, which may disrupt the shipping schedule and pricing strategies of shipping companies [2][9] - Shipping companies are expected to issue price increase notices in March and April, with MSC's March rate rising to $1800/3000, CMA's to $1750/3100, HPL's to $1835/2935, and ONE's to $1620/2535 [2][9] Group 2 - The resumption of the Suez Canal is expected to be gradual, with COSCO management indicating that a full resumption in the Red Sea lacks a clear timetable, potentially taking 3-5 months [3][10] - The current detour has become a new normal for customer supply chains, and COSCO is cautious about returning to the Red Sea [3][10] - In the first half of 2026, only four ultra-large vessels over 17,000 TEU are expected to be delivered, suggesting manageable capacity pressure if the Suez Canal does not resume operations [3][10] Group 3 - There are opportunities for arbitrage between EC2606 and EC2610 contracts, with historical data indicating that the highest shipping rates typically occur in July or August [4][10] - The adjustment of contract months will be implemented starting February 10, 2026, with new contracts EC2605, EC2607, and EC2609 being added [4][10] - The market is expected to trade with July as the peak for annual shipping rates based on historical trends [4][10]

Group 1 - The 800 Cash Flow ETF managed by Huatai-PineBridge opened at 1.317 yuan, experiencing a decline of 1.42% [1] - Major holdings in the ETF include China National Offshore Oil Corporation (CNOOC) down 2.93%, SAIC Motor Corporation down 0.14%, and China Aluminum Corporation down 1.82% [1] - The ETF's performance benchmark is the CSI 800 Free Cash Flow Index, with a return of 33.50% since its inception on April 30, 2025, and a return of 5.17% over the past month [1]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The current valuation of the 04 contract is neutral. In the medium term, the recommended strategy is to short on rallies [3]. - For far - month contracts, it's difficult to anchor the valuation of peak - season contracts, and it's hard to predict shipping companies' price - adjustment behavior. So, cautious operation is advised. The 10 - contract valuation is moderately high, and the strategy of shorting on rallies should be maintained [3]. - For new contracts, referring to historical seasonality and the valuation of old contracts, the reasonable valuation ranges of the 09 and 07 contracts are 1100 - 1300 and 1600 - 1800 points respectively. The subsequent strategy is mainly to short the 09 contract and long the 07 contract, but the valuation given by the market is already relatively reasonable. The 05 contract is at the off - peak to peak season transition point, and attention should be paid to the 4 - 5 reverse spread form [3]. - Before the Spring Festival holiday, frequent position - closing operations by funds are expected to cause large market fluctuations. Prudent operation is advised this week [3]. Group 3: Summary of Related Catalogs Futures Contract Information - EC2604 closed at 1179.0 with a - 4.77% change, EC2605 at 1273.0, EC2606 at 1499.8 with a - 3.43% change, EC2608 at 1576.3 with a - 2.38% change, EC2610 at 1110.9 with a - 1.35% change, and EC2612 at 1380.0 with a - 3.19% change [2]. - The trading volume of EC2604 and EC2605 combined was 29560, and the open interest was 33899 with a change of 2767. The trading volume of EC2606 was 4155, and the open interest was 14740 with a change of 14. The trading volume of EC2608 was 340, and the open interest was 1416 with a change of 2. The trading volume of EC2610 was 1093, and the open interest was 8071 with a change of 178. The trading volume of EC2612 was 38, and the open interest was 127 with a change of - 11 [2]. - The month - spread of EC2604 - 2606 was - 320.8 (day - on - day change: - 5.8, week - on - week change: - 34.4), and the month - spread of EC2606 - 2610 was 388.9 (day - on - day change: - 38.0, week - on - week change: 5.8) [2]. Spot Market Information - The spot price (European line) on 2026/2/9 was 1657.94 points, a - 7.49% change from the previous period [2]. - The SCFI (European line) on 2026/2/6 was 1403 dollars/TEU, a - 1.06% change from the previous period [2]. - In Week 7, MSK's opening price was 1950 dollars (a decrease of 100 dollars compared to the previous period), PA was around 2000 dollars, MSC was 2140 dollars, OA was 2300 dollars. The central price was 2130 dollars, equivalent to 1500 points on the futures market. In Week 8 - 9, MSK's opening price remained at 1950 dollars. In March, MSC led a price - increase notice, followed by CMA, COSCO, and HPL, with the European line price expected to rise to 3000 - 3100 dollars. On Tuesday, MSK's opening price for Week 10 remained at 1950 dollars [4]. Related News - On February 10, Israel's Defense Forces were formulating a plan to launch a new offensive in the Gaza Strip to disarm Hamas [5]. - On February 11, the US military in Qatar loaded missiles onto mobile platforms. Since January, as the tension between the US and Iran escalated, the US military at the Al - Udeid Air Base in Qatar loaded missiles onto mobile launch platforms this month [5].

Group 1 - The core point of the article highlights the collaboration between Ghana Manganese Company, Ghana Ports and Harbours Authority, and COSCO Shipping Group to enhance mineral exports and shipping efficiency in Ghana [1] - The bulk carrier named MVCBSYears, with a deadweight tonnage of 300,000 tons, docked on January 27, 2026, marking a significant step towards the company's plan to increase production and export volume to 10 million tons in 2026 [1] - Prior to this event, Ghana Manganese Company sponsored maritime operations personnel from Ghana Ports and Harbours Authority, including pilots, to receive advanced simulation and berthing training for Cape-sized vessels in China [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The pre - holiday freight rate drive is weak, and the recent EC2604 contract is expected to fluctuate. Attention should be paid to the implementation of shipping companies' price - holding measures in March after the holiday. The 04 contract's volatility is expected to increase, and investors are advised to participate with caution. In normal years, shipping companies issue price - increase letters in March and April to stabilize prices. Before the Spring Festival, the overall drive is estimated to be bearish, and the short - selling direction has an advantage [4][5]. - For far - month contracts, the game over the resumption time is intense, and the volatility is expected to remain high. The resumption of the Suez Canal is expected to be a gradual process. If it does not resume in the first half of 2026, the pressure on the capacity side is expected to be relatively controllable, and the freight rate may still reach a high level. Investors can pay attention to the arbitrage opportunity of going long on EC2606 and shorting on EC2610 [6]. Summary According to the Directory 1. Futures Price - As of February 9, 2026, the total open interest of all container shipping index European line futures contracts is 56,740.00 lots, and the single - day trading volume is 17,605.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1756.00, 1238.00, 1553.00, 1614.80, 1126.10, and 1425.50 respectively [7]. 2. Spot Price - On February 6, the SCFI (Shanghai - Europe route) price is 1403 US dollars/TEU, the SCFI (Shanghai - US West route) price is 1801 US dollars/FEU, and the SCFI (Shanghai - US East) price is 2530 US dollars/FEU. On February 9, the SCFIS (Shanghai - Europe) is 1657.94 points, and the SCFIS (Shanghai - US West) is 1155.66 points [7]. 3. Container Ship Capacity Supply - **Static Supply**: As of January 31, 2026, 6 container ships have been delivered in 2026, with a total capacity of 46,950 TEU. 2 ships with a capacity of 12,000 - 16,999 TEU and 1 ship with a capacity of over 17,000 TEU have been delivered. In terms of delivery expectations, for 12,000 - 16,999 TEU ships, 737,400 TEU (50 ships) will be delivered in the remaining months of 2026, 944,600 TEU (64 ships) in 2027, 1,212,000 TEU (82 ships) in 2028, and 415,400 TEU (29 ships) in 2029. For ships with a capacity of over 17,000 TEU, 192,900 TEU (8 ships) will be delivered in the remaining months of 2026, 862,800 TEU (40 ships) in 2027, 1,603,000 TEU (80 ships) in 2028, and 1,261,500 TEU (77 ships) in 2029. The delivery pressure of ultra - large ships in 2026 is relatively small [2][3]. - **Dynamic Supply**: In the remaining three weeks of February, the average weekly capacity is 271,600 TEU, with the capacities in WEEK7/8/9 being 366,600/259,800/188,300 TEU respectively. In March, the average weekly capacity is 288,400 TEU, and in April, it is 274,700 TEU. There are 13 blank sailings in February, 7 blank sailings and 3 TBNs in March, and 1 blank sailing and 4 TBNs in April [3]. 4. Supply Chain - The resumption of the Suez Canal is expected to be a gradual process. COSCO management points out that there is still no clear schedule for the full resumption of the Red Sea. The Red Sea resumption needs to meet multiple conditions. Since mid - February 2026, Maersk's ME11 route will implement structural adjustments through the Red Sea and the Suez Canal [6]. 5. Demand and European Economy - The cancellation of the VAT export tax rebate for products such as photovoltaics by the Ministry of Finance and the State Taxation Administration on January 8, 2026, may disrupt the shipping rhythm of relevant industries and further affect the pricing strategies of shipping companies. Attention should be paid to whether the freight volume from the Far East to Europe in February and March can increase significantly and whether the actual freight rate will be stronger than in normal years [4].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 中遠海運控股股份有限公司 COSCO SHIPPING Holdings Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） 中華人民共和國，上海 二零二六年二月九日 （股份代號：1919） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 於本公告日期，本公司董事為萬敏先生（董事長）、張峰先生 1 （副董事長）、 1 陶衛東先生 1 、朱濤先生 1 、徐飛攀先生 1 、馬時亨教授 2 、沈抖先生 2 及奚治月女士 2 。 1 執行董事 2 獨立非執行董事 * 僅供識別 以中文隨附之海外監管公告乃本公司於二零二六年二月九日在上海證券交易所的 網站( www.sse.com.cn )上以中文發佈的《中遠海運控股股份有限公司關於股票期權 激勵計劃限制行權期間的提示性公告》。 承董事會命 中遠海運控股股份有限公司 公司秘書 肖俊光 中远海运控股股份有限公司 ...

中远海运控股股份有限公司（以下简称"公司"）股票期权激励 计划首次授予期权第三个行权期为 2023 年 6 月 5 日至 2026 年 6 月 2 日，预留授予期权第三个行权期为 2024 年 5 月 29 日至 2027 年 5 月 28 日。 根据公司《股票期权激励计划（二次修订稿）》和中国证券登记 结算有限责任公司上海分公司关于股票期权自主行权的相关规定，结 合公司 2025 年年度报告、2026 年第一季度报告披露计划等安排，公 司股票期权激励计划本次限制行权期间为： 1、2026 年 2 月 13 日（周五）至 2026 年 3 月 18 日（周三）， 在此期间全部激励对象限制行权；2026 年 3 月 19 日（周四）将恢复 行权。 2、2026 年 4 月 20 日（周一）至 2026 年 4 月 29 日（周三）， 在此期间全部激励对象限制行权；2026 年 4 月 30 日（周四）将恢复 行权。 特此公告。 中远海运控股股份有限公司董事会 证券代码：601919 证券简称：中远海控 公告编号：2026-008 中远海运控股股份有限公司 关于股票期权激励计划限制行权期间的提示性公告 本公司董事 ...

Core Insights - China COSCO Shipping Group and Anjun Logistics have secured a 15-year operating right for the Lima International Airport's "airside warehouse," marking a significant step in enhancing China's cross-border e-commerce capabilities in the South American market [3][4] Group 1: Project Overview - The "airside warehouse" is strategically located close to the aircraft, allowing for shorter transfer paths, fewer handover steps, and faster handling of exceptions, making it a critical resource for time-sensitive logistics [4] - The project spans approximately 11,885 square meters with an additional 5,000 square meters of reserve land, providing a long-term operational advantage over short-term leases [4] Group 2: Importance for E-commerce - Lima International Airport is Peru's only international air hub, handling about 90% of the country's air cargo, making it a vital node for cross-border e-commerce logistics [5] - Securing the airside warehouse effectively gives control over a key "distribution gateway" in South America, crucial for e-commerce, fast-moving consumer goods, and high-turnover products [5] Group 3: Operational Strategy - The winning proposal from China COSCO Shipping and Anjun Logistics leverages a "sea-air intermodal" strategy, combining the cost advantages of sea transport with the speed of air transport, aligning with e-commerce logistics needs [6] - This model significantly reduces costs compared to pure air transport while enhancing delivery speed compared to direct sea shipments, allowing for more predictable delivery schedules [6] Group 4: Integrated Logistics Network - China COSCO Shipping plans to establish an e-commerce goods distribution center at QianKai Port, utilizing the newly acquired airport warehouse for air distribution and delivery across South America [8] - The logistics chain integrates sea transport to efficiently deliver large volumes to hub ports, followed by distribution through the airport warehouse, enhancing control over logistics nodes and multi-modal transport capabilities [8] Group 5: Market Context - The global supply chain is shifting focus from "extreme efficiency" to "resilience and predictability" due to geopolitical, climatic, and logistical disruptions [8] - By securing the airside warehouse and investing in South American port infrastructure, China COSCO Shipping aims to reduce supply chain uncertainties and provide more reliable logistics services, establishing a competitive edge for Chinese enterprises in global markets [8]

Group 1: Development Goals and Framework - The State-owned Assets Supervision and Administration Commission (SASAC) has set the annual development goals centered on "two guarantees and two strives" for 2026, marking a shift towards quality and efficiency in state-owned enterprises (SOEs) [4] - The total assets of central enterprises have surpassed 95 trillion yuan, with R&D investment exceeding 1 trillion yuan for four consecutive years, indicating a focus on quality-driven growth [8] - The framework aims to guide state capital towards strategic security, public welfare, and emerging industries, providing a clear action plan for reform and development [4] Group 2: Industry Integration and Collaboration - In 2025, the restructuring of central enterprises will follow a dual-track approach, focusing on strategic formation of new central enterprises and multi-field professional integration [13] - The establishment of new central enterprises, such as China Yajiang Group and China Chang'an Automobile Group, aims to serve national macro strategies and enhance industry collaboration [14] - A total of 17 units signed agreements in key areas like artificial intelligence and new materials, creating a multi-party collaborative model involving central enterprises, private enterprises, and local governments [16] Group 3: Capital Investment and Fund Management - The total scale of the China Chengtong fund system reached 710 billion yuan, with 97.99% allocated to strategic emerging industries, demonstrating a strong focus on high-tech sectors [18] - The National Investment Group manages 61 funds with a total scale of 345.1 billion yuan, having invested in 1,249 projects and facilitated 293 companies going public [20] - The investment strategy emphasizes long-term support for innovative enterprises, with over two-thirds of funds directed towards private enterprises [20] Group 4: Resource Integration and Security - Central enterprises are undergoing intensive integration in key mineral sectors, such as iron ore and rare earths, to enhance resource control and pricing power [24] - The integration aims to create a closed-loop industry chain, improving domestic supply security and reducing reliance on imports [25] - This strategic move is seen as a vital step in ensuring national resource security and enhancing the global influence of China's mineral resources [24]