Group 1: Logistics and Shipping Developments - COSCO Shipping has established a normalized automotive parts intermodal transport corridor spanning four countries, facilitating a logistics chain from Mexico to Uzbekistan, covering approximately 21,800 kilometers [1] - The "Silk Road Maritime" route has surpassed a cumulative container throughput of 26 million TEUs, with a projected growth of 9.11% to over 5.4 million TEUs by 2025 [2] - Tianjin Port and COSCO Shipping have successfully launched their first "import-export" dual business, involving 28,000 tons of imported pulp and 33,000 tons of exported steel, enhancing shipping efficiency and reducing logistics costs [3][12] - Qingdao Port has opened four new container foreign trade routes in January, expanding its total to nearly 240 routes, connecting with over 700 ports globally [4][6] Group 2: Financial and Investment Activities - CITIC Bank plans to increase its investment in CITIC Financial Leasing by 2 billion RMB, raising its registered capital from 10 billion RMB to 12 billion RMB [4][5] - The capital ranking of domestic financial leasing companies places CITIC Financial Leasing at 8th with 12 billion RMB, following larger firms like ICBC Leasing and CMB Leasing [5][13] Group 3: Shipbuilding and Environmental Initiatives - Huangpu Wenchong has signed a contract with Evergreen Marine for 16 new 3,000 TEU container ships, incorporating advanced eco-friendly technologies to reduce fuel consumption and emissions [7][14] - Hapag-Lloyd has won a second ZEMBA tender for zero-emission fuel procurement, committing to use hydrogen-based e-methanol as marine fuel starting in 2027, aiming for significant CO2 emissions reduction [9][16] Group 4: Oil Market Dynamics - Venezuelan oil is flooding into the U.S. market, leading to challenges in absorption due to increased supply, which is putting pressure on oil prices [8][15] - Traders are facing difficulties in finding buyers for Venezuelan crude oil in the Gulf Coast, indicating a supply-demand imbalance [8][15]

Core Viewpoint - The Panama Supreme Court has annulled contracts for two ports operated by Cheung Kong Holdings near the Panama Canal, prompting China to escalate its response and consider countermeasures [1][4]. Group 1: China's Response - China is reportedly taking broad countermeasures against Panama, including instructing state-owned enterprises to suspend negotiations on new projects, which could block potential investments worth billions of dollars [1]. - Chinese customs have increased inspections of imports from Panama, affecting agricultural products like bananas and coffee [1]. - The Chinese government has emphasized its commitment to protecting the legitimate rights of its enterprises in Panama, indicating a strong stance against the court's ruling [4][6]. Group 2: Impact on Investments - Cheung Kong Holdings has initiated arbitration against the Panama Supreme Court's ruling, claiming it has suffered "serious and imminent losses" and will seek extensive compensation [5]. - The ongoing projects in Panama, including a $1.4 billion bridge project and a cruise terminal, may also be impacted by the recent developments [1]. - The valuation and actual returns of a previous deal involving the sale of 43 ports, including the two in Panama, may be lower than expected due to the court's ruling [6]. Group 3: Broader Implications - Analysts suggest that China may weigh various responses through trade and investment, potentially collaborating with other countries in the region to take similar actions against Panama [5]. - The situation reflects the increasing economic leverage China holds over Panama, having become its largest trading partner since 2019 [5]. - The U.S. policies in Latin America are seen as both a pressure point and an opportunity for China, potentially leading more Latin American countries to choose cooperation with China in the long term [5].

来源：新浪基金∞工作室 2月6日，万家中证港股通央企红利ETF（159333）收盘跌0.07%，成交额986.74万元。 港股央企红利ETF万家（159333）成立于2024年8月21日，基金全称为万家中证港股通央企红利交易型 开放式指数证券投资基金，基金简称为万家中证港股通央企红利ETF。该基金管理费率每年0.50%，托 管费率每年0.10%。港股央企红利ETF万家（159333）业绩比较基准为中证港股通央企红利指数收益率 (经估值汇率调整)。 规模方面，截止2月5日，港股央企红利ETF万家（159333）最新份额为3.34亿份，最新规模为4.87亿 元。回顾2025年12月31日，港股央企红利ETF万家（159333）份额为3.96亿份，规模为5.60亿元。即该 基金今年以来份额减少15.66%，规模减少13.01%。 流动性方面，截止2月6日，港股央企红利ETF万家（159333）近20个交易日累计成交金额4.13亿元，日 均成交金额2064.96万元；今年以来，25个交易日，累计成交金额4.72亿元，日均成交金额1889.26万 元。 港股央企红利ETF万家（159333）现任基金经理为杨坤。杨坤自2 ...

Core Viewpoint - The Invesco Great Wall National Index Hong Kong Stock Connect Dividend Low Volatility ETF (159569) experienced significant net redemptions recently, indicating a trend of outflows from this fund [1][2] Fund Performance - As of February 5, 2024, the fund's latest size is 480 million yuan, down from 482 million yuan the previous day, with a net outflow of 1.39 million yuan, representing 0.29% of the previous day's size [1] - Over the past five days, the fund faced net redemptions totaling 6.92 million yuan, ranking 40th out of 213 in cross-border ETF net outflows [1] - Year-to-date, the fund's shares decreased by 2.58%, while its size increased by 2.98% compared to December 31, 2023 [2] Liquidity Metrics - The cumulative trading volume over the last 20 trading days reached 871 million yuan, with an average daily trading amount of approximately 43.56 million yuan [2] - Year-to-date, the cumulative trading amount over 24 trading days is 997 million yuan, with an average daily trading amount of about 41.55 million yuan [2] Fund Management - The current fund managers are Gong Lili and Wang Yang, with Gong managing the fund since August 29, 2024, achieving a return of 46.52%, while Wang has managed it since August 13, 2025, with a return of 4.58% [2] Top Holdings - The fund's major holdings include: - COSCO Shipping Holdings (8.86%) - Orient Overseas International (7.48%) - Yanzhou Coal Mining (5.65%) - Seaspan Corporation (4.52%) - Yancoal Australia (4.46%) - WH Group (3.76%) - China Shenhua Energy (3.63%) - Far East Horizon (3.39%) - CNOOC (3.27%) - Sinopec (3.26%) [2]

2026 年 2 月 6 日 集运指数（欧线）：宣涨预期再起 郑玉洁 投资咨询从业资格号：Z0021502 zhengyujie@gtht.com 黄柳楠 投资咨询从业资格号：Z0015892 huangliunan@gtht.com 【基本面跟踪】 表 1：集运指数（欧线）基本面数据 | | | 昨日收盘价 | 日涨跌 | 昨日成交 | 昨日持仓 | 持仓变动 | 昨日成交/持仓 | 前日成交/持仓 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期 货 | EC2602 | 1,737.8 | 0.20% | 9 7 | 1,826 | -57 | 0.05 | 0.33 | | | EC2604 | 1,247.6 | 2.20% | 24,199 | 32,761 | -1,468 | 0.74 | 0.86 | | | EC2606 | 1,534.0 | 0.70% | 3,370 | 14,222 | 764 | 0.24 | 0.23 | | | | 本 期 | | 2026/2/2 | | 单 位 | | 周涨幅 | | ...

Core Viewpoint - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) experienced a slight decline of 0.39% in its closing price on February 5, with a trading volume of 67.03 million yuan [1]. Group 1: Fund Overview - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of February 4, 2025, the fund had a total of 344 million shares and a total size of 350 million yuan, showing a decrease of 2.82% in shares and a decrease of 0.01% in size since December 31, 2025 [1]. Group 2: Liquidity and Performance - Over the last 20 trading days, the Tianhong ETF recorded a cumulative trading amount of 1.084 billion yuan, with an average daily trading amount of 54.18 million yuan [1]. - The current fund manager, He Yuxuan, has managed the fund since its inception, achieving a return of 2.85% during the management period [1]. Group 3: Top Holdings - The top holdings of the Tianhong ETF include: - COSCO Shipping Holdings (4.11% holding, 1.441 million yuan market value) [2] - China Shenhua Energy (2.68% holding, 939.20 thousand yuan market value) [2] - CNOOC (2.56% holding, 898.44 thousand yuan market value) [2] - Sinopec Engineering (2.56% holding, 895.97 thousand yuan market value) [2] - China National Offshore Oil Corporation (2.52% holding, 882.26 thousand yuan market value) [2] - China Merchants Energy Shipping (2.45% holding, 857.72 thousand yuan market value) [2] - PetroChina (2.37% holding, 829.56 thousand yuan market value) [2] - China Coal Energy (2.37% holding, 829.50 thousand yuan market value) [2] - CITIC International (2.34% holding, 819.88 thousand yuan market value) [2] - China Construction Bank (2.28% holding, 797.37 thousand yuan market value) [2]

记者5日从中国石化获悉，近日，我国自主建造的首艘双燃料甲醇加注船——"大庆268"轮在深圳盐田港 码头正式启用，为"中远海运康乃馨"轮加注200吨绿色甲醇，将为粤港澳大湾区打造世界级绿色航运枢 纽奠定坚实基础。双燃料甲醇加注船"大庆268"轮由中国石化燃料油销售有限公司旗下合资公司运营， 采用甲醇与传统燃料双燃料动力系统，长109.9米，载重量7500吨，总舱容10362立方米，具备运输与加 注甲醇、生物柴油、燃料油等多元燃料能力，航线覆盖粤港澳大湾区海域。本次加注的绿色甲醇经 ISCC-EU认证，并经过了国际机构的碳追溯检测，全生命周期温室气体减排率超过85%。未来，"大庆 268"轮将在大湾区多个港口持续开展绿色甲醇加注工作，助力大湾区提升国际航运综合服务能级和绿色 港口竞争力。（国是直通车） ...

Group 1 - The Freedom Cash Flow ETF CSI All Index (561080) closed down 1.55% at 1.330 yuan with a trading volume of 8.4067 million yuan [1] - Major holdings in the ETF include China National Offshore Oil Corporation (CNOOC) down 1.12%, SAIC Motor up 0.14%, Gree Electric Appliances down 0.33%, COSCO Shipping Holdings up 0.07%, Muyuan Foods down 0.15%, Aluminum Corporation of China down 6.77%, TCL Technology down 0.61%, Baosteel down 1.52%, Great Wall Motors up 1.06%, and Chint Electric down 4.14% [1] - The ETF's performance benchmark is the CSI All Index Free Cash Flow Index, managed by Huaan Fund Management Co., Ltd. The fund has returned 35.06% since its inception on April 23, 2025, and 7.11% over the past month [1]

Ocean Alliance：CMA 上海-鹿特丹2月份上半月船期价格1359/2293，2月下半月船期报价1359/2293；EMC2月上 半月船期报价1615/2430，2月下半月船期1615/2430；OOCL 2月上半月船期价格介于2331-2631美元/FEU，2月下 半月船期报价介于2287-2631美元/FEU。 地缘端：自2026年2月中旬起，马士基ME11线路将实施结构调整，通过红海和苏伊士运河过渡。在可能的情况下， 马士基还将在后续阶段对AE12和AE15服务进行调整，以通过红海和苏伊士运河。 静态供给：交付现状层面，截至2026年1月31日。2026年至今交付集装箱船舶6艘，合计交付运力46950TEU。 12000-16999TEU船舶合计交付2艘，合计2.8万TEU；17000+TEU以上船舶交付1艘，合计17148TEU。交付预期层 面，12000-16999TEU船舶：2026年剩余月份交付73.74万TEU（50艘），2027年交付94.46万TEU（64艘），2028年交 付121.2万TEU（82艘），2029年交付41.54万TEU（29艘）。 FICC日报 | 2026 ...

投资咨询业务资格：证监许可【2012】31号 航运衍生品数据日报 国贸期货研究院 能源化工研究中心 卢钊毅 数据来源：Clarksons、Wind 投资咨询号: Z0021177 从业资格号: F03101843 2026/2/5 策略:短期做空性价比降低,关注低位做多06和反弹逢高做空淡季10。 免责 声明 本报告中的信息均源于公开可获得的资料， 国贸期货力求推确可靠，但不对上述信息的准确性及完整件做任何保证。 本报告不构成个人投资建议,也未针对个别投资者带殊的投资目标、财务状况或需要,投资看需自行判断本报告中的任何意见 或建议是否符合其特定状况，据此投资，责任自负。 本报告仅向特定客户推送，未经国贸期货授权许可，任何引用、转载以及向第三方传播的行为场构成对国贸联货的侵权，我 司将视情况追究法律责任。 ITG国贸期货 | | 运价指数 | 上海出口集装箱运价 综合指数SCFI | 中国出口集装箱运价 指数CCFI | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | --- | --- | --- | --- | --- | --- | --- | --- | | 集 ...