PACIFIC SECURITIES(SH:601099) Di Yi Cai Jing·2025-08-29 08:35Group 1 - The U.S. tariff policy is reshaping global e-commerce parcel and air-sea freight markets, affecting trade flows, supply chain strategies, and corporate cost structures [1] - There has been a significant increase in freight volume on non-U.S. routes, particularly from China to ASEAN, the Middle East, and Africa, while exports from China to the U.S. decreased by 9.9% in the first half of the year [1] - The Shanghai Containerized Freight Index has seen a continuous decline for nine weeks, and a decrease in trans-Pacific shipping prices is expected due to weakened trade demand from the U.S. in the second half of the year [1] Group 2 - Air freight demand showed a slight year-on-year increase of 0.8% in June, with significant regional disparities; U.S. freight volume decreased by 8.3%, while Asia-Pacific saw a 9.0% increase [2] - E-commerce demand has declined, leading to a decrease in air freight prices, despite a projected 14% year-on-year growth in China's e-commerce export volume for 2024 [2] - High-value sectors such as batteries and new energy vehicles continue to see growth in export volumes, with wind turbine exports increasing by 43.2% and lithium battery exports by 18.8% in the first half of the year [2] Group 3 - The expansion of Chinese biotech companies into overseas markets has increased the demand for high-value logistics, particularly for vaccine exports to Africa and pharmaceuticals to Brazil, which require strict temperature control [3]