1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - The container shipping index (European Line) showed weak performance, with the main 2510 contract closing at 1285.0 points, a decline of 3.31%, and an increase of 523 lots in positions; the second - main 2512 contract closed at 1571.0 points, a decline of 3.85%, and an increase of 1880 lots in positions [8]. - In the short - term, the futures price is oscillating downward due to the expected decline in spot prices. In the medium - term, if the loading rate further drops and FAK freight approaches the shipping companies' cash - flow cost line of 1300 - 1600 dollars/FEU, some shipping companies may increase the suspension of voyages, and the further downward space of freight may be limited [11]. - The strategy is to stop profit on short positions of 2510 at low prices, and pay attention to the opportunity of 12 - 04 positive spread entry in the next 1 - 2 weeks [13]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Data | Contract | Yesterday's Closing Price | Daily Change | Yesterday's Trading Volume | Yesterday's Open Interest | Change in Open Interest | Yesterday's Trading Volume/Open Interest | Previous Day's Trading Volume/Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2510 | 1285.0 | - 3.31% | 25330 | 54248 | 523 | 0.47 | 0.34 | | EC2512 | 1571.0 | - 3.85% | 8009 | 16197 | 1880 | 0.49 | 0.38 | | EC2602 | 1400.0 | - 3.79% | 1273 | 4668 | 110 | 0.27 | 0.17 | | EC2510 - EC2512 | - 286.0 | | | | | | | | EC2512 - EC2604 | | | | 355.0 | | | | [1] 3.1.2 Freight Rate Index - SCFIS: The European route was at 1990.20 points, a weekly decline of 8.7%; the US - West route was at 1041.38 points, a weekly decline of 5.9% [1]. - SCFI: The European route was at 1668 dollars/TEU, a bi - weekly decline of 8.4%; the US - West route was at 1644 dollars/FEU, a bi - weekly decline of 6.5% [1]. 3.1.3 Spot European Line Prices - Maersk: Departing from Shanghai on September 11, 2025, arriving in Rotterdam on October 20, 2025, with a voyage of 38 days, the price was 1930 dollars/40'GP and 1155 dollars/20'GP [1]. - MSC: Departing from Shanghai on September 14, 2025, arriving in Rotterdam on October 31, 2025, with a voyage of 47 days, the price was 2352 dollars/40'GP and 1406 dollars/20'GP [1]. - Other shipping companies also have corresponding price and schedule information [1]. 3.1.4 Exchange Rate - The US dollar index was 97.88, and the US dollar against the offshore RMB was 7.15 [1]. 3.2 Supply - Side Situation - In September, there were no undetermined voyages, and the number of empty voyages was 6. The PA Alliance transferred 2 ships from the US line to the European line. The weekly average capacity in September reached 298,000 TEU/week, a decline of about 5% compared with August, still significantly lower than the capacity decline in the same period in 2024 [10]. - In October, the number of undetermined voyages was 4, and the number of empty voyages was 5. Without considering undetermined voyages, the weekly average capacity was 296,000 TEU/week [10]. 3.3 Demand - Side and Market Situation - In late August, the overall market loading rate was close to 95%. Since the loading rate was still above the warning line and shipping companies' profit levels were still considerable, shipping companies had no action to increase the number of empty voyages [11]. - In September, the freight rate was in a downward trend. Considering the capacity distribution, the downward pressure on freight rates was still large due to the increase in capacity in the second half of the month and shipping companies' need to stock up for the National Day holiday [11]. 3.4 Historical Market Review - In 2024, the weighted index of the European line stopped falling on September 10. There was a short - term speculation on the US - West port strike in late September. After the strike was resolved during the National Day, the premium was given back. Then, shipping companies announced price increases, with Maersk announcing a price increase to 4500 dollars/FEU effective from November 4, and the actual price in early November was around 4000 dollars/FEU [12]. - In years when the Spring Festival was late, the December contract still had a certain premium over the October contract, but the February contract was not necessarily a weak contract [12].

Group 1 - Company reported a revenue of 1090.99 billion RMB, an increase of 7.78% year-on-year [1] - Shareholder profit attributable to the company was 17.528 billion RMB, up 3.9% year-on-year [1] - In Q2, the company's main revenue was 511.39 billion RMB, a decrease of 3.41% year-on-year [1] Group 2 - Net profit attributable to shareholders in Q2 was 5.842 billion RMB, down 42.25% year-on-year [1] - Basic earnings per share were 1.12 RMB, with an interim dividend proposed at 0.56 RMB per share [1] - Short-term demand for container shipping may depend on US-China tariff policies, while medium to long-term profitability remains under pressure due to weak economic performance in Europe and the US [1]

Group 1 - The core viewpoint of the article highlights that China COSCO Shipping Holdings (中远海控) experienced a decline of over 4% in its stock price following the release of its interim results, with a current price of 13.98 HKD and a trading volume of 415 million HKD [1] - The company reported a revenue of 109.099 billion RMB, an increase of 7.78% year-on-year, and a net profit attributable to shareholders of 17.528 billion RMB, up 3.9% year-on-year [1] - In the second quarter, the company's main revenue was 51.139 billion RMB, a decrease of 3.41% year-on-year, and the net profit attributable to shareholders was 5.842 billion RMB, down 42.25% year-on-year [1] Group 2 - The company announced a basic earnings per share of 1.12 RMB and proposed an interim dividend of 0.56 RMB per share [1] - According to Guosen Securities, the weakening cargo volume has led to a continuous decline in freight rates on routes to the US and Europe, with short-term demand for container shipping primarily dependent on US-China tariff policies [1] - In the medium to long term, considering the relatively weak economic performance in Europe and the US, ongoing trade risks, and the delivery of additional shipping capacity within the year, the profitability of container shipping companies is expected to remain under pressure [1]

2025年8月29日，中远海控(601919.SH)发布2025年中报。 公司摊薄每股收益为1.12元，在已披露的同业公司中排名第1，较去年同报告期摊薄每股收益增加0.07 元，实现2年连续上涨，同比较去年同期上涨6.67%。 公司最新总资产周转率为0.22次，在已披露的同业公司中排名第8，较去年同期总资产周转率持平，实 现2年连续上涨，同比较去年同期上涨0.64%。最新存货周转率为13.38次，较去年同期存货周转率增加 1.79次，实现2年连续上涨，同比较去年同期上涨15.43%。 公司最新资产负债率为43.25%，较去年同期资产负债率减少1.64个百分点。 公司最新毛利率为21.14%。最新ROE为7.56%，在已披露的同业公司中排名第2。 公司营业总收入为1090.99亿元，在已披露的同业公司中排名第1，较去年同报告期营业总收入增加78.75 亿元，实现2年连续上涨，同比较去年同期上涨7.78%。归母净利润为175.36亿元，在已披露的同业公司 中排名第1，较去年同报告期归母净利润增加6.66亿元，实现2年连续上涨，同比较去年同期上涨 3.95%。经营活动现金净流入为257.77亿元，在已披露的同业公司 ...

Core Viewpoint - The report highlights the resilience and growth of China COSCO Shipping Holdings Co., Ltd. in the face of global trade disruptions, showcasing its strategic focus on container shipping and digital supply chain integration [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 109.099 billion yuan, a year-on-year increase of 7.78% - The EBIT was 25.494 billion yuan, reflecting a growth of 3.40% - The EBIT margin reached 23.37% - The net profit attributable to shareholders was 17.536 billion yuan [1]. Business Strategy - The company continues to deepen its core container shipping business and digital supply chain operations, enhancing synergy between the two sectors to provide integrated logistics solutions [1]. - As of June 30, 2025, the self-owned container fleet comprised 557 vessels, with a total capacity exceeding 3.4 million TEUs [1]. - The company has demonstrated market sensitivity by dynamically adjusting capacity on key routes, including Far East to Northwest Europe and trans-Pacific routes, while expanding supply to emerging markets [1]. Port and Shipping Coordination - The company has strengthened its collaborative layout in global port hubs, enhancing its integrated service capabilities through effective "mainline + feeder" configurations at key ports like Qianhai and Piraeus [1]. Innovation and Sustainability - China COSCO Shipping is focused on customer needs, driving product innovation across the supply chain and integrating digital and green technologies to build a sustainable competitive advantage [2]. - The company has made significant strides in digital transformation and green low-carbon initiatives, including the order of 42 dual-fuel methanol-powered vessels with a total capacity of 780,000 TEUs [2]. Response to Global Trade Changes - The company is navigating profound adjustments in the global trade landscape, influenced by U.S. trade policies and geopolitical tensions, while also addressing the impacts of technological and green revolutions [2]. - The company aims to enhance its global digital supply chain operations and investment platform through core business upgrades, ecosystem development, and technological innovation [2].

Core Viewpoint - The company has proposed a cash dividend distribution plan for the first half of 2025, aiming to distribute RMB 0.5 per 10 shares, totaling approximately RMB 1.164 billion, subject to shareholder approval [4][34][36]. Group 1: Company Overview - The company is Shanghai International Port Group, with a total share capital of 23,281,365,262 shares as of June 30, 2025 [4][34]. - The company reported a net profit attributable to shareholders of RMB 8.04 billion for the first half of 2025, with the parent company achieving a net profit of RMB 4.12 billion [34][36]. Group 2: Profit Distribution Plan - The proposed profit distribution plan involves a cash dividend of RMB 0.5 per 10 shares, amounting to a total of RMB 1.164 billion based on the current total share capital [4][34][36]. - The plan is subject to approval at the upcoming shareholders' meeting [36][38]. Group 3: Board and Supervisory Committee Decisions - The board of directors unanimously approved the profit distribution plan with 10 votes in favor and no objections [5][37]. - The supervisory committee also reviewed and approved the profit distribution plan with 4 votes in favor [38]. Group 4: Related Transactions - The company has signed a three-year framework agreement with China COSCO Shipping Holdings for shipping and terminal services, with annual transaction limits set at RMB 35 billion for services provided to COSCO and RMB 5 billion for services received [11][19][20]. - The agreement is considered a normal business operation and is not expected to adversely affect the company's independence or ongoing operations [30].

智通财经APP讯，中远海控(601919.SH)披露2025年半年度报告，报告期公司实现营收1090.99亿元，同 比增长7.78%;归母净利润175.36亿元，同比增长3.95%;扣非净利润174.65亿元，同比增长3.84%;基本每 股收益1.12元。公司拟向全体股东每股派发现金红利人民币0.56元(含税)。 （原标题：中远海控(601919.SH)发布半年度业绩，归母净利润175.36亿元，同比增长3.95%） ...

Core Viewpoint - COSCO Shipping Holdings (01919.HK) reported a mid-year performance for the first half of 2025, showing a revenue increase and profit growth compared to the previous year [1] Financial Performance - The company's operating revenue for the first half of 2025 was RMB 109.10 billion, representing a year-on-year growth of 7.78% [1] - Profit attributable to equity holders was RMB 17.53 billion, an increase of 3.90% year-on-year, with basic earnings per share at RMB 1.12 [1] - The proposed interim dividend is RMB 0.56 per ordinary share [1] Business Segments - Container shipping business revenue reached RMB 104.80 billion, an increase of RMB 7.30 billion, or 7.49% year-on-year [1] - COSCO Shipping Lines achieved container shipping revenue of RMB 73.03 billion, up RMB 5.57 billion, or 8.26% year-on-year [1] - Terminal business revenue was RMB 5.84 billion, reflecting an increase of RMB 0.75 billion, or 14.75% year-on-year [1] Cash Position - As of June 30, 2025, cash and cash equivalents totaled RMB 169.14 billion, a decrease of RMB 15.05 billion, or 8.17% from the end of the previous year [1] - The group's cash and cash equivalents are primarily denominated in RMB and USD, with other currencies including Euro, HKD, and others [1]

Core Viewpoint - China COSCO Shipping Holdings Co., Ltd. reported a mid-year performance for 2025, showing a revenue increase of 7.78% year-on-year, reaching 109.099 billion RMB, and a net profit attributable to shareholders of 17.528 billion RMB, up 3.9% year-on-year [1] Financial Performance - Revenue for the reporting period was 109.099 billion RMB, reflecting a year-on-year increase of 7.78% [1] - Net profit attributable to shareholders was 17.528 billion RMB, representing a year-on-year growth of 3.9% [1] - Basic earnings per share were reported at 1.12 RMB, with an interim dividend proposed at 0.56 RMB per share [1] Business Operations - The container shipping business completed a total of 13.2809 million TEUs (Twenty-foot Equivalent Units), marking a year-on-year increase of 6.59% [1] - The terminal business achieved a total throughput of 74.296 million TEUs, which is a year-on-year increase of 6.35% [1] Fleet Development - The company is advancing its fleet's scale, structure, and modernization in line with global development trends, with a self-operated container fleet now comprising 557 vessels and a total capacity exceeding 3.4 million TEUs [1] - The company holds new ship orders with a capacity of 910,000 TEUs, maintaining a leading position in the industry [1] Green Initiatives - The company is accelerating the structural upgrade of its green fleet through new ship construction and technological retrofitting, having ordered 42 new methanol dual-fuel vessels with a capacity of 780,000 TEUs [1] - The first domestic methanol dual-fuel container ship, "COSCO Shipping Yangpu," has successfully completed its maiden voyage, marking a significant step in the full supply chain of methanol fuel from production to transportation and refueling [1]

Core Viewpoint - COSCO Shipping Holdings (中远海控) reported a mid-year performance for 2025, showing a revenue increase of 7.78% year-on-year, reaching 109.099 billion RMB, and a net profit attributable to shareholders of 17.528 billion RMB, up 3.9% year-on-year [1] Financial Performance - Revenue for the period was 109.099 billion RMB, reflecting a year-on-year growth of 7.78% [1] - Net profit attributable to shareholders was 17.528 billion RMB, representing a 3.9% increase compared to the previous year [1] - Basic earnings per share were reported at 1.12 RMB, with an interim dividend proposed at 0.56 RMB per share [1] Business Operations - The container shipping business achieved a total of 13.2809 million TEUs (Twenty-foot Equivalent Units) in bill of lading volume, marking a year-on-year increase of 6.59% [1] - The terminal business recorded a total throughput of 74.296 million TEUs, which is a 6.35% increase year-on-year [1] Fleet Development - The company is advancing its fleet's scale, structure, and modernization in line with global development trends, with a self-operated container fleet now comprising 557 vessels and a total capacity exceeding 3.4 million TEUs [1] - The company holds new ship orders with a capacity of 910,000 TEUs, maintaining a leading position in the industry [1] Green Initiatives - The company is accelerating the structural upgrade of its green fleet through both new ship construction and technological retrofitting, having ordered 42 new methanol dual-fuel vessels with a total capacity of 780,000 TEUs [1] - The first domestic methanol dual-fuel container ship, "COSCO Shipping Yangpu," has successfully completed its maiden voyage, marking a significant step in establishing a complete supply chain for methanol fuel from production to transportation and refueling [1]