集运指数（欧线）：震荡市，区间思路对待 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 2026 年 2 月 24 日 所 请务必阅读正文之后的免责条款部分 1 期货研究 41 商 品 研 究 研 究 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 EC2604 1,269.8 3.38% 25,064 25,845 -5,176 0.97 1.17 EC2606 1,636.0 6.25% 5,648 13,960 573 0.40 0.32 ec2610 1,137.2 0.99% 1,729 7,931 -159 0.22 0.15 单位 SCFIS：欧洲航线 点 SCFIS：美西航线 点 单位 SCFI：欧洲航线 $/TEU SCFI：美西航线 $/FEU $/40'GP $/20'GP Maersk 38 1950 1225 MSC 45 2340 1400 OOCL 50 3030 178 ...

Group 1 - During the Spring Festival, overseas precious metals and crude oil prices collectively rose, with spot gold touching $5200 per ounce and WTI crude oil futures for March contracts increasing by 1.9%, while Brent crude oil futures for April contracts rose by 1.86% [1] - The current oil market is driven by geopolitical risks rather than supply and demand, with expectations of high volatility in prices over the next month due to the unclear situation between the US and Iran [1] - Companies with oil and gas resources and those in the offshore oil and gas service engineering sector are recommended for attention as they may benefit from the high industry prosperity [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the CSI All Share Free Cash Flow Index (932365) include China National Offshore Oil Corporation, Gree Electric Appliances, SAIC Motor, China Aluminum, COSCO Shipping Holdings, TCL Technology, Muyuan Foods, Silver Nonferrous Metals, Baosteel, and Chint Group, collectively accounting for 51.19% of the index [2]

自由现金流ETF紧密跟踪国证自由现金流指数，国证自由现金流指数反映沪深北交易所自由现金流水平 较高且稳定性较好的上市公司证券价格变化情况。截至2026年1月30日，国证自由现金流指数(980092) 前十大权重股分别为中国海油、格力电器、上汽集团、中国铝业、中远海控、潍柴动力、白银有色、宝 钢股份、正泰电器、长城汽车，前十大权重股合计占比50.3%。（以上所列股票仅为指数成份股，无特 定推荐之意） 自由现金流ETF(159201)，场外联接(华夏国证自由现金流ETF发起式联接A：023917；华夏国证自由现 金流ETF发起式联接C：023918)。费率方面，自由现金流ETF管理费率为0.15%，托管费率为0.05%，费 率在可比基金中最低。 从资金净流入方面来看，自由现金流ETF近9天获得连续资金净流入，合计"吸金"17.32亿元，日均净流 入达1.92亿元。份额方面，自由现金流ETF最新份额达106.27亿份，最新规模达138.39亿元。杠杆资金 持续布局中。自由现金流ETF最新融资买入额达3788.03万元，最新融资余额达1.75亿元。 从收益能力看，截至2026年2月13日，自由现金流ETF自成立以来， ...

责任编辑：山上 股票频道更多独家策划、专家专栏，免费查阅>> 航运概念集体高开，中远海能、招商轮船涨停价开盘，招商南油、中远海控、宁波远洋、中远海发跟 涨。消息面上，2026年2月23日 波罗的海干散货指数(BDI)报 2112 点，创2026年2月2日以来新高水平。 此外，上期所欧线集运主力合约大涨7%，报1326点。 ...

2月20日（大年初四），港股迎来马年春节后的首个交易日。当日上午，港股市场呈现出结构性行情， 机器人、港口航运等板块表现活跃。 在中央广播电视总台2026年春晚，多家公司机器人的"炸场"表演，引发关注。2月20日开盘后，港股机 器人概念股集体大涨。截至午间收盘，越疆上涨19.2%，报47.56港元/股；速腾聚创报37.64港元/股，上 涨9.42%；禾赛-W上涨6.64%，报215.2港元/股；优必选上涨6.74%，报147.3港元/股。 速腾聚创19日发布盈利预告显示，公司2025年全年净亏损同比大幅收窄。同时，公司在2025年第四季度 利润净额不少于6000万元人民币，首次实现单季度盈利。 近日，东吴证券机械研究团队发布观点表示，机器人核心能力进步，是机器人在央视春晚再度出圈的关 键，也是机器人能够真正从实验室走向工厂的关键。2021年—2025年，机器人产业链已完成从0到1的发 如何抓住"黄金牛市"波段机会？升级投资账户，一键配置金+银>> 展。展望2026年，特斯拉、国内头部企业将同时开启大规模量产，开启机器人从1到10的新篇章。在投 资上，建议关注真正具备量产能力、以及进链的头部标的。 港股港口运输 ...

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of safety and service during the Spring Festival holiday, urging central enterprises to ensure a peaceful and safe celebration for the public [1][2] - SASAC leaders, including Zhang Yuzhuo and Tan Zuojun, conducted inspections and communicated with staff to understand the arrangements for duty and safety during the holiday period [1][2] - Central enterprises are reminded to strengthen risk assessments in key areas and maintain efficient operations to support public festivities [1][2] Group 2 - Tan Zuojun, on behalf of Zhang Yuzhuo, connected with 11 central enterprises via video to check on energy, power supply, major project operations, and communication services [2] - The focus is on tightening the safety production responsibility chain to ensure the stability of essential services such as energy, communication, and transportation during the holiday [2] - The implementation of the Central Eight Regulations is emphasized to ensure a frugal and civilized holiday atmosphere [2]

Core Viewpoint - The article discusses the increasing tensions between the United States and China regarding influence in Latin America, particularly focusing on the U.S. concerns over Chinese investments in critical infrastructure, such as ports, which are perceived as threats to national sovereignty and security in the region [1][2]. Group 1: U.S. Concerns and Actions - The U.S. State Department expressed concerns over Peru potentially losing control of the Chancay port to a "predatory" Chinese owner, emphasizing support for Peru's sovereignty over critical infrastructure [1]. - The U.S. has escalated its rhetoric against Chinese investments in Latin America, framing them as a threat to regional security and sovereignty, and has proposed high tariffs on Chinese goods entering through these ports [2]. - U.S. Southern Command officials have continuously highlighted the dangers posed by Chinese infrastructure projects in Latin America, aiming to create a political and legal environment to hinder Chinese operations [2]. Group 2: Strategic Responses and Political Dynamics - The U.S. has been actively promoting alternative investments in Peruvian ports to counterbalance China's growing presence, particularly in strategic areas like the Panama Canal [2]. - The U.S. strategy has included legal actions against Chinese interests in ports, as seen in Panama, where the government sought to revoke port concessions amid U.S. pressure [3]. - The rise of conservative forces in Latin America, influenced by U.S. narratives against China, has not fully translated into a complete shift away from Chinese economic partnerships, indicating a complex political landscape [5]. Group 3: China's Position and Influence - Despite U.S. efforts, China has solidified its position as a key trade partner for countries like Venezuela, providing substantial loans without political conditions, which contrasts with U.S. strategies that often involve sanctions and pressure [9]. - China's support for countries facing U.S. sanctions, such as Cuba and Venezuela, highlights its role as a reliable partner in the region, countering U.S. narratives of Chinese predation [7][9]. - The article argues that the U.S. framing of Chinese investments as a geopolitical threat is misleading, as these relationships are based on mutual agreements rather than coercion [10].

Core Insights - The article highlights the increasing trade volume between China and Germany, particularly through the Hamburg port, which serves as a crucial logistics hub for this trade [1][6] - The partnership between China’s COSCO Shipping and Hamburg port is emphasized, showcasing mutual benefits such as stable cargo flow and enhanced operational efficiency [2][6] Trade and Logistics - Hamburg port handles approximately 40% of Germany's trade with China by tonnage, with a reported 7.9% year-on-year increase in container trade between China and Hamburg, reaching 1.8 million TEUs in the first nine months of 2025 [1] - COSCO Shipping's acquisition of a 24.99% stake in the Fuhai terminal in Hamburg is noted as a strategic move to ensure reliable docking resources and improve supply chain resilience [2][6] Shipping Operations - The article describes the operations at the Fuhai terminal, where various goods, including lithium batteries and automotive parts, are transported between China and Europe [3] - The introduction of a direct rail service from Zeebrugge, Belgium, to Mannheim, Germany, is highlighted, aiming to enhance logistics efficiency by reducing delivery times from 5-6 days to 13 hours [4] Service Expansion - COSCO Shipping is expanding its service offerings to include end-to-end logistics solutions, moving beyond traditional shipping to provide comprehensive transportation services [5] - The company is also focusing on developing cold chain logistics for transporting perishable goods, indicating a diversification of its service portfolio [4][5] Strategic Partnerships - The collaboration between COSCO Shipping and Hamburg port is seen as a way to strengthen Hamburg's position as an international shipping hub, enhancing regional competitiveness [6] - The article mentions the cultural exchange and relationship-building aspects of the partnership, which are viewed as valuable in the current global context [7]

福地码头副总裁陆洲即将度过在这里的第二个春节。"春节期间照常工作，主要是围绕码头资源为相关 船舶公司做好服务，以及仓库区管理、揽货等。"陆洲说，这里60%的货物由中远海运运输。 中国农历春节在即，德国汉堡港福地码头一派繁忙景象。"春节前后将有一批从中国发出的货船陆续抵 达，货船基本都是满载。这也是一个货运小高峰。"中远海运集运德国公司总经理林峥曦对本报记者 说。 作为连接中国与欧洲腹地最重要的物流门户之一，汉堡港是德国对华贸易的核心门户，约40%的德国对 华贸易（按吨位计）经由汉堡港完成。"中国是汉堡港最大和最重要的贸易伙伴。"汉堡港营销协会媒体 总监马蒂亚斯·舒尔茨对本报记者表示，德中贸易近年来持续增长，2025年前9个月，汉堡港德中间集装 箱贸易同比增长7.9%，达到180万标箱。 "在海上过春节，心里也很踏实" 作为汉堡港四大码头之一，福地码头是汉堡和中远海运合作的起点。1982年，第一艘来自中国的班轮就 停泊在这里。40多年来，码头见证着中德双方长期稳固的互信合作。2023年，中远海运集运德国公司正 式收购福地码头24.99%的股权。在舒尔茨看来，码头层面的股权合作实现了典型的互利结构：汉堡港 获得稳 ...

Group 1 - The core viewpoint of the news is the performance and characteristics of the Guangfa CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520900), which has seen a decrease in shares but an increase in scale this year [1][2]. - As of February 12, 2025, the ETF had a total of 1.834 billion shares and a scale of 2.038 billion yuan, reflecting a 2.16% decrease in shares and a 4.83% increase in scale compared to the end of 2024 [1]. - The ETF's management fee is 0.50% annually, and the custody fee is 0.10% annually, with its performance benchmark being the yield of the CSI National New Hong Kong Stock Connect Central Enterprise Dividend Index [1]. Group 2 - The current fund managers are Huo Huaming and Lü Xin, with Huo managing since June 26, 2024, achieving a return of 11.32%, while Lü has managed since April 30, 2025, with a return of 25.23% [2]. - The ETF's top holdings include China National Offshore Oil Corporation (10.05%), China Shenhua Energy (9.99%), and China Petroleum & Chemical Corporation (9.83%), among others, with significant market values [2][3]. - The ETF has seen a total trading volume of 1.926 billion yuan over the last 20 trading days, averaging 96.28 million yuan per day [1].