记者 王力 同时，上海将构建起"液化天然气+绿色甲醇+生物燃料"统筹协调发展的绿色燃料供给体系，政策 法规、标准规范、认证规则与管理机制基本健全，真正实现从"单一燃料供应"向"多元绿色服务"的跨越 式升级。 近日，交通运输部与国家发展改革委等十部门联合印发《关于支持上海国际航运绿色燃料加注中心 和交易中心建设的实施方案》（以下简称《实施方案》），这一重磅政策的出台，不仅是落实党中央、 国务院支持上海加快"五个中心"建设战略部署的关键举措，更标志着我国以实际行动引领全球航运业绿 色低碳转型，为上海打造全球领先国际航运中心注入"绿色新引擎"。 "十部委联合发文支持一个城市做一件事，从侧面反映了重要性。"上海市交通委员会科技信息处副 处长王大军说。 当下，全球航运业绿色转型已是历史必然，上海做强绿色燃料供给、加注、交易等新服务，不仅有 助于上海国际航运中心补齐高端航运服务业短板、增强全球资源配置能力，而且能借机打造面向未来的 核心竞争力，增强中国在全球航运业转型发展中的影响力和话语权。 首次明确2030年初步建成"双中心" 此次发布的《实施方案》在总体目标中首次明确：到2030年，上海将初步建成国际绿色燃料加注中 ...

编号：2025-040)和《上港集团第三届董事会第六十五次会议决议公告》（公告编 号：2026-004）。 公司于 2026 年 2 月 6 日完成了"上海国际港务（集团）股份有限公司 2026 年度第四期中期票据"的发行。具体中期票据发行结果如下： 1 证券代码：600018 证券简称：上港集团 公告编号：2026-011 上海国际港务（集团）股份有限公司 关于 2026 年度第四期中期票据发行及 第三期中期票据取消发行的公告 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。 上海国际港务（集团）股份有限公司（以下简称："上港集团"或"公司"） 于 2025 年 3 月 28 日召开了第三届董事会第五十四次会议，审议通过了《上港集 团关于申请注册及发行中国银行间市场交易商协会债务融资工具的议案》，于 2025 年 5 月 30 日召开了 2024 年年度股东大会，审议通过了《关于申请注册及发行中 国银行间市场交易商协会债务融资工具的议案》,本次注册与发行相关事宜的决议 自股东会审议通过之日起生效，有效期至中国银行间市场交易商协 ...

Group 1: Fund Overview - As of the end of 2025, there are 255 amortized cost bond funds with a total net asset value of approximately CNY 2.04 trillion, an increase of about CNY 612 billion from Q3 2025[4] - The total asset value of these funds is around CNY 2.78 trillion[4] - The average duration of bonds held by these funds is typically less than their closed period, which ranges from 3 to over 5 years[4] Group 2: Credit Bond Allocation - By the end of 2025, the allocation to credit bonds in amortized cost bond funds significantly increased, with non-financial credit bonds rising from 1% to 24%[17] - The market value of policy financial bonds decreased from 74% to 54% of the total allocation[17] - The core allocation among non-financial credit bonds is mid-term notes, which account for 14% of the total bond investment, with a market value of CNY 3,755.77 billion, an increase of CNY 3,675.85 billion from 2024[17] Group 3: Future Expectations - In Q1 2026, the cumulative opening scale of amortized cost bond funds is expected to reach approximately CNY 3,739.7 billion, with a peak in openings anticipated[10] - The ongoing opening of these funds is expected to provide continuous incremental demand for the credit bond market, potentially leading to differentiated performance among various credit bond types[4] - The strategy should focus on 3-5 year high-grade credit bonds, particularly those rated AA+ and above, to capitalize on the upcoming market opportunities[27]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On February 6, the overall capital situation was loose, with major repurchase rates declining; the bond market continued its positive trend; the main indices of the convertible bond market closed higher, and most convertible bond issues rose; yields on U.S. Treasuries of various maturities generally increased, and the yields on 10-year government bonds of major European economies showed divergent trends [2] Summary by Directory I. Bond Market News (1) Domestic News - Premier Li Qiang chaired the tenth plenary meeting of the State Council, emphasizing promoting effective investment, using various funds and tools, and promoting major projects in key areas [4] - As of the end of January 2026, China's foreign exchange reserves increased for the 6th consecutive month to $3399.1 billion, and gold reserves increased for 15 consecutive months to 74.19 million ounces. The increase in foreign exchange reserves was due to factors such as exchange rate conversion and asset price changes [5] - Eight departments jointly re - emphasized the ban on virtual currency in China and put forward policy requirements for related businesses [5] - The China Securities Regulatory Commission issued a regulatory guideline for the overseas issuance of asset - backed security tokens of domestic assets to prevent speculation risks [6][7] - The first meeting of the China - UK Financial Working Group was held in Beijing, reaching many practical cooperation results [7] (2) International News - In February 2026, the preliminary reading of the U.S. consumer confidence index was 57.3, higher than the January final value. The short - term inflation expectation dropped to 3.5%, while the long - term inflation expectation rose slightly to 3.4% [8] - The U.S. and India reached a temporary trade framework. The U.S. will impose a 18% tariff on Indian goods, and India will purchase $500 billion of U.S. products in five years [9] - On February 6, international crude oil futures prices rose, with WTI March crude oil futures up 0.41% and Brent April crude oil futures up 0.74%. COMEX gold futures rose 1.96%. The NYMEX natural gas price fell 3.16% [10] II. Capital Situation (1) Open Market Operations - On February 6, the central bank conducted 7 - day reverse repurchase operations of 31.5 billion yuan at an interest rate of 1.40% and 14 - day reverse repurchase operations of 300 billion yuan. With 477.5 billion yuan of reverse repurchases maturing, the net capital withdrawal was 146 billion yuan [12] (2) Capital Interest Rates - On February 6, the capital situation was loose, and major repurchase rates declined. DR001 dropped 4.41bp to 1.275%, and DR007 dropped 2.08bp to 1.461% [13] III. Bond Market Dynamics (1) Interest - rate Bonds - Spot Bond Yield Trends: On February 6, the bond market continued its positive trend. As of 20:00, the yield of the 10 - year Treasury bond active issue 250016 dropped 0.60bp to 1.8020%, and the yield of the 10 - year CDB bond active issue 250220 dropped 1.55bp to 1.9625% [15] - Bond Tendering Situation: The 3 - year 25Jinchujin13 (Increment 10), 1 - year 26Fuxiguozhai01 (Re - issue), and 30 - year 26Fuxiguozhai02 (Re - issue) were issued, with their respective issuance scales, winning bid yields, full - field multiples, and marginal multiples provided [16] (2) Credit Bonds - Secondary Market Transaction Anomalies: On February 6, the trading price of one industrial bond, "23Chanrong11", deviated by more than 10%, falling more than 17% [16] - Credit Bond Events: Multiple companies announced events such as debt repayment issues, mergers and reorganizations, and bond issuance cancellations [19] (3) Convertible Bonds - Equity and Convertible Bond Indices: On February 6, the three major A - share indices fell, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index down 0.25%, 0.33%, and 0.73% respectively. The convertible bond market rose, with the CSI Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index up 0.75%, 0.56%, and 1.02% respectively [18][20] - Convertible Bond Tracking: On February 7, Shenergy Co., Ltd.'s convertible bond issuance was approved by the exchange. On February 6, some convertible bonds announced adjustments to conversion prices, early redemptions, or approaching redemption conditions [24] (4) Overseas Bond Markets - U.S. Bond Market: On February 6, yields on U.S. Treasuries of various maturities generally increased. The 2 - year yield rose 3bp to 3.50%, and the 10 - year yield rose 1bp to 4.22%. The 2/10 - year and 5/30 - year yield spreads narrowed by 2bp. The 10 - year inflation - protected Treasury (TIPS) break - even inflation rate rose 2bp to 2.34% [23][25][26] - European Bond Market: On February 6, the yields on 10 - year government bonds of major European economies showed divergent trends. The German, French, and Italian yields rose 1bp, the Spanish yield remained unchanged, and the British yield dropped 5bp [27] - Daily Price Changes of Chinese - funded U.S. Dollar Bonds: As of the close on February 6, the prices of some Chinese - funded U.S. dollar bonds rose or fell, with details on the daily and monthly changes, credit subjects, bond balances, and yields provided [29]

Group 1: Domestic News - The State Council, led by Premier Li Qiang, emphasized the importance of promoting effective investment to stabilize economic growth and enhance development momentum during the 10th plenary meeting on February 6 [2] - The meeting discussed innovative policy measures to optimize the use of central budget investments, ultra-long special bonds, and local government special bonds, focusing on key areas such as infrastructure and emerging industries [2] Group 2: Foreign Exchange and Monetary Policy - As of January 2026, China's foreign exchange reserves increased to $339.91 billion, up by $41.2 billion from December 2025, while gold reserves rose to 74.19 million ounces, an increase of 40,000 ounces [3] - The People's Bank of China conducted a 7-day reverse repo operation of 31.5 billion yuan at a rate of 1.40% and a 14-day reverse repo operation of 300 billion yuan, resulting in a net withdrawal of 146 billion yuan on February 6 [8][9] Group 3: Bond Market Dynamics - The bond market showed positive sentiment with a decline in yields; the 10-year government bond yield fell by 0.60 basis points to 1.8020% and the 10-year policy bank bond yield decreased by 1.55 basis points to 1.9625% [10][11] - The secondary market for credit bonds experienced significant price deviations, with one industrial bond, "23产融11," dropping over 17% [12] Group 4: Equity and Convertible Bond Market - The convertible bond market saw major indices rise, with the China Convertible Bond Index increasing by 0.75% and trading volume reaching 88.755 billion yuan, up by 14.689 billion yuan from the previous trading day [20][21] - Notable individual convertible bonds included 泰瑞转债, which rose over 10%, while 新致转债 fell over 9% [21] Group 5: International Trade Developments - The U.S. and India reached a temporary trade framework, reducing tariffs on Indian goods to 18% and committing to a $500 billion purchase of U.S. products over five years [6] - The U.S. consumer confidence index slightly increased to 57.3 in February 2026, while long-term inflation expectations rose marginally to 3.4% [5]

Group 1 - The report highlights that the recent concentration of open-ended amortized cost bond funds may support the credit bond market, with a total net asset value of approximately 2.04 trillion yuan as of the end of 2025, reflecting an increase of about 61.2 billion yuan from the previous quarter [4][9][10] - The report indicates a significant shift in the asset allocation of these funds from primarily interest rate bonds to credit bonds due to limited options in a low-interest-rate environment, with a notable increase in credit bond allocation expected in 2024-2025 [4][9][17] - The anticipated peak of open-ended amortized cost bond funds in the first quarter of 2026 is projected to reach approximately 3739.7 billion yuan, with a focus on bonds with maturities of over five years in January and February, and shorter maturities in March [10][4] Group 2 - The report details that the market share of policy financial bonds decreased from 74% at the end of 2024 to 54% by the end of 2025, while the share of non-financial credit bonds surged from 1% to 24%, indicating a significant reallocation towards credit bonds [17][18] - The core asset in the credit bond allocation is medium-term notes, which accounted for 14.11% of the total bond investment market value, with a holding value of approximately 375.6 billion yuan, marking an increase of 3675.85 billion yuan compared to the previous year [17][18] - The report emphasizes that the open-ended amortized cost bond funds are likely to continue influencing the credit bond market, with a focus on 3-5 year maturity credit bonds, particularly those rated AA+ and above, as they seek to manage duration mismatch risks [27][4][9]

Core Viewpoint - The company has disclosed its preliminary performance report for the year 2025 and is currently undergoing an audit of its financial statements for that year [1] Group 1 - The company aims to focus on its core business and continuously enhance its intrinsic value and core competitiveness [1] - The company is committed to effectively conveying its development value [1] - The company strives to achieve long-term and stable returns for its investors [1]

CCXI 2026中国港口行业展望： 作者：钟 婷、何瑞婷 2025年以来，多波抢出口、新兴市场需求增长及高附加值产品出口增加使得集装箱吞吐量实现较高增长；同期内贸运输和大宗商品进口需求平稳增长带动 全国港口货物吞吐量实现较好增长且增速高于上年同期。我国水运建设投资仍保持较高规模，股权类投资高峰期已过但仍有内部整合和海外投资需求。港 口企业仍保持较好的盈利获现能力，财务杠杆仅小幅上升且偿债能力仍维持在较好水平。未来全球经济及贸易增长乏力且外贸环境仍具不确定性，但我国 产业链竞争力提升与贸易多元化布局使外贸仍具有很强韧性，内贸和进口需求亦对港口吞吐量形成一定支撑，预计我国港口未来货物吞吐量及集装箱吞吐 量将实现低速增长，港口行业信用水平仍将表现稳健。 ● 短期来看，全球经济及贸易增长乏力，且单边主义、保护主义抬头及地缘冲突使外贸环境尚具不确定性，但我国产业链竞争力提升与贸易多元化布局使 外贸仍具有很强韧性；同时，国内财政、货币政策双发力下，产业升级及流通效率提升将有效带动内贸及进口运输需求增长，对港口吞吐量形成稳固支 撑，预计我国港口未来货物吞吐量及集装箱吞吐量仍将实现低速增长。 ● 2025年以来我国水运建设 ...

2、上海国际港务（集团）股份有限公司 2026 年度第二期中期票据 上海国际港务（集团）股份有限公司（以下简称："上港集团"或"公司"） 于 2025 年 3 月 28 日召开了第三届董事会第五十四次会议，审议通过了《上港集 团关于申请注册及发行中国银行间市场交易商协会债务融资工具的议案》，于 2025 年 5 月 30 日召开了 2024 年年度股东大会，审议通过了《关于申请注册及发行中 国银行间市场交易商协会债务融资工具的议案》,本次注册与发行相关事宜的决议 自股东会审议通过之日起生效，有效期至中国银行间市场交易商协会的注册批文 有效期为止。根据公司收到的中国银行间市场交易商协会（以下简称："交易商 协会"）于 2025 年 8 月 29 日发出的《接受注册通知书》（中市协注[2025]DFI52 号），交易商协会决定接受公司债务融资工具注册，公司债务融资工具注册自《接 受注册通知书》落款之日起 2 年内有效。2026 年 1 月 30 日，公司召开了第三届董 事会第六十五次会议，审议通过了《关于申请 2026 年度境内新增债务融资额度的 议案》，董事会同意公司 2026 年境内新增债务融资额度人民币 4 ...

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].