Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The shipping derivatives market shows a mixed performance with some indices rising and others falling. The spot market for shipping is showing signs of price increases in late June, and the futures market is experiencing upward fluctuations, especially in the near - month contracts. A 12 - 4 positive spread strategy is recommended to be held [2][8]. 3. Summary by Related Content 3.1 Shipping Rate Index - **Current and Previous Values and Changes**: The Shanghai Export Container Freight Index (SCFI) has a current value of 2240, up 8.09% from the previous value of 2073. The China Export Container Freight Index (CCFI) is currently 1155, a 3.34% increase from 1118. Other routes like SCFI - West US, SCFIS - West US, SCFI - East US, and SCFI - Northwest Europe also show significant increases, with the SCFIS - Northwest Europe having the highest increase of 29.62% from 1252 to 1623 [2]. 3.2 Forward Contracts (EC) - **Price and Position Changes**: For forward contracts such as EC2506, EC2508, etc., prices show mixed trends. For example, EC2506 has a current value of 1932.0, down 0.85% from 1948.6. In terms of positions, EC2508's position has increased by 1367 to 45494, while EC2506's position has decreased by 535 to 7268 [2]. 3.3 Market News - **Tariff Adjustments**: China will reduce tariffs on US goods from 125% to 10% for 90 days, and the US will cut tariffs on Chinese goods from 145% to 30% for 190 days [6]. - **Export Data**: In May, China's exports in US dollars increased by 4.8% year - on - year. Exports to the US were 28.819 billion US dollars, a 34.5% year - on - year decrease with a larger decline than in April. Exports to ASEAN and the EU increased by 14.8% and 12% respectively [6]. - **Sino - US Trade Talks**: The first meeting of the Sino - US economic and trade consultation mechanism was held in London on June 9. Both sides expressed that the talks were going well, and the international community hopes that the talks can resolve differences and strengthen cooperation [7]. 3.4 Market Analysis - **Spot Market**: In late June, shipping companies are eager to raise prices. The market average transaction price in the first week of June was 23508 US dollars/FEU, and the high - end (75th percentile) transaction price was 27000 US dollars/FEU. Although the Far - East to Nordic route is not directly affected by Sino - US tariffs, market sentiment can push up freight rates due to potential capacity shortages [8]. - **Futures Market**: The price increases in the spot market have stimulated the futures market to fluctuate upward. Near - month contracts (June and August) are more affected, with the August contract having greater elasticity, while more distant contracts follow fundamental logic [8][14].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - Container throughput growth is steady, while bulk cargo throughput is gradually stabilizing [2] - Overall throughput performance is stable, maintaining a "Positive" rating for the shipping and port sector [7] Summary by Sections Overview: National Import and Export Total and Cargo Throughput Situation - In the first four months of 2025, the national import and export total reached 14.14 trillion yuan, a year-on-year increase of 2.4%. The import total was 5.75 trillion yuan, down 4.2%, while the export total was 8.39 trillion yuan, up 7.5% [4][14] - Coastal major ports' cargo throughput reached 3.702 billion tons, a year-on-year increase of 1.9% [4][31] Container: Shipping Rates and Container Throughput Situation - From January to April 2025, coastal major ports' container throughput reached 9.88 million TEUs, a year-on-year increase of 8.1% [4][41] - As of June 6, 2025, the China Container Freight Index (CCFI) was 1154.98 points, down 22.79% year-on-year, while the Shanghai Container Freight Index (SCFI) was 2240.35 points, down 26.42% year-on-year [35][36] Liquid Bulk: Oil Shipping Rates and Crude Oil Throughput Situation - As of June 6, 2025, the Baltic Dirty Tanker Index (BDTI) was 951 points, down 24.94% year-on-year [43] - From January to April 2025, crude oil imports reached 183 million tons, a year-on-year increase of 0.5% [51] Dry Bulk: Shipping Rates and Iron Ore, Coal Throughput Situation - As of June 6, 2025, the Baltic Dry Index (BDI) was 1633 points, down 13.18% year-on-year [59] - From January to April 2025, iron ore throughput at major ports reached 450 million tons, a year-on-year increase of 0.07% [65] Monthly Throughput Situation of Key Port Listed Companies - In April 2025, Shanghai Port's cargo throughput was 0.51 billion tons, with container throughput of 450.10 thousand TEUs, reflecting a year-on-year increase of 3.40% and 7.65% respectively [76]

Group 1 - The core viewpoint is that the demand for container orders is increasing due to the easing of US-China tariffs, leading to a full order book in the industry [1] - The long-term demand for containers is linked to global trade volume, with growth in global trade expected to drive an increase in container inventory [1] - Trends such as slower green shipping and supply chain diversification are expected to reduce turnover speed, further supporting demand [1] Group 2 - CIMC Yangshan has been undergoing intelligent transformation since 2019 to reduce reliance on manual labor and enhance production efficiency [1] - The company aims to capitalize on industry peaks by significantly improving manufacturing capacity and generating more revenue [1] - CIMC Yangshan is focusing on energy transition and low-carbon industries, developing modular integrated equipment and new energy equipment, including autonomous design and integration capabilities for battery swap stations and modular green hydrogen equipment solutions [1]

证券研究报告 2025 年 6 月 11 日 星期三 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 美容护理 | 1.10% | 国防军工 | -1.97% | 转基因 | 3.15% | EDR 概念 | -2.63% | | 银行 | 0.48% | 计算机 | -1.87% | 中韩自贸区 | 2.30% | MLOps 概念 | -2.56% | | 医药生物 | 0.33% | 电子 | -1.65% | 毛发医疗 | 2.25% | 兵装重组概念 | -2.43% | | 交通运输 | 0.17% | 通信 | -1.43% | 玉米 | 2.18% | 华为盘古 | -2.40% | | 传媒 | 0.15% | 非银金融 | -1.11% | 航运概念 | 2.00% | 华为昇腾 | -2.34% | 资料来源：东莞证券研究所，iFinD 数据 后市展望： 周二，市场全 ...

大宗商品研究所 航运研发报告 航运日报 2025 年 06 月 10 日 | | | | 航运日报 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一部分 | | | 集装箱航运——集运指数（欧线） | | | | | | | | 银河期货集运指数（欧线） | 日报 | | | | | | | | | 期货盘面 | | | | | 期货合约 | 收盘价 | 涨跌 | 涨跌幅 | 成交量（手） | 增减幅 | 持仓量(手) | 增减幅 | | EC2506 | 1,932.0 | -16.6 | -0.85% | 1,848.0 | 40.11% | 7,268.0 | -6.86% | | EC2508 | 2,042.1 | -23.5 | -1.14% | 59,708.0 | 7.19% | 45,494.0 | 3.10% | | EC2510 | 1,351.9 | 8.2 | 0.61% | 9,827.0 | 23.69% | 24,183.0 | -0.25% | | EC2512 | 1,545.6 | 24. ...

近日，环世国际物流控股有限公司(下称"环世物流")向香港资本市场发起了冲刺，在港交所递交了招股书，中信证券及招银国际为联席保荐人。 作为国内民营跨境物流的头部企业，环世物流获得了包括阿里系菜鸟和中远海运(00517.HK)等机构的投资，且与菜鸟成立了合资公司。但航运业受周期影响 极强，公司业绩如"过山车"般起伏，全球经贸波动仍是其最大风险点。 民营跨境物流综合服务行业一哥 环世物流成立于2003年，是国家5A级物流企业，拥有国际海运集装箱整箱及拼箱、件杂货、大宗散货、集运、国际空运、国际陆运、化工物流、工程项目 物流、跨境电商物流等产品线，可为全球客户提供端到端的国际物流履约服务。 该公司提供的端到端综合服务涵盖国际物流流程的各个阶段，包括港前拖车、报关和仓储，运输，清关、目的港拖车和仓储，以及终端配送。目前，公司全 球物流网络涵盖超过6000条跨境航线，覆盖约200个国家及地区。 环世物流在市场中占据重要地位，弗若斯特沙利文数据显示，2024年，以网络覆盖的国家及地区数量及支持跨境航线数量两项核心指标来计，环世物流位列 中国民营跨境综合物流服务商第一，并以集装箱吞吐量位列全球综合物流服务商第八位；此外，在" ...

Group 1 - The concept of China-South Korea Free Trade Zone has seen a rise of 2.30%, ranking second among concept sectors, with 8 stocks increasing in value, including Lianyungang which hit the daily limit, and Huaguang Yuanhai, Qingdao Jinwang, and Rizhao Port showing notable gains of 26.88%, 3.41%, and 1.87% respectively [1][2] - The main inflow of funds into the China-South Korea Free Trade Zone concept sector amounted to 147 million yuan, with Lianyungang leading the net inflow at 180 million yuan, followed by Qingdao Jinwang, Qingdao Shuangxing, and Langzi Co., which received net inflows of 68.51 million yuan, 15.67 million yuan, and 14.28 million yuan respectively [2][3] - In terms of fund inflow ratios, Lianyungang, Chunxue Food, and Liaogang Co. had the highest net inflow rates of 11.08%, 5.63%, and 3.36% respectively [3] Group 2 - The stocks with the largest declines included Xinhua Jin, Haicheng Bangda, and Haodangjia, which fell by 9.34%, 3.27%, and 0.85% respectively [1][4] - The trading volume and turnover rates for the stocks in the China-South Korea Free Trade Zone concept varied, with Lianyungang showing a turnover rate of 18.09% and Qingdao Jinwang at 35.94% [3]

Core Viewpoint - The shipping sector has shown a positive performance with a 2.00% increase, ranking fifth among concept sectors, driven by significant gains in several stocks [1][2]. Group 1: Stock Performance - 43 stocks within the shipping sector experienced gains, with notable performers including: - China National Aviation Holding (国航远洋) reaching a 30% limit up - HNA Technology (海航科技) up by 10.12% - Ningbo Maritime (宁波海运) up by 10.05% - Nanjing Port (南京港) up by 10.02% [1][3] - The top gainers in the sector also included Huaguang Source Sea (华光源海) and Feilida (飞力达), which rose by 26.88% and 9.63% respectively [1]. Group 2: Capital Inflow - The shipping sector attracted a net inflow of 534 million yuan, with 32 stocks receiving net inflows, and 6 stocks exceeding 50 million yuan in net inflow [2][3]. - Leading the net inflow was Lianyungang (连云港) with 180 million yuan, followed by Nanjing Port (南京港) with 149 million yuan, and COSCO Shipping Holdings (中远海控) with 140 million yuan [2]. Group 3: Capital Flow Ratios - The top stocks by net inflow ratio included: - Nanjing Port (南京港) at 17.40% - Ningbo Maritime (宁波海运) at 15.08% - COSCO Shipping Holdings (中远海控) at 11.16% [3]. - Other notable stocks with significant net inflow ratios included HNA Technology (海航科技) at 6.43% and Ningbo Port (宁波港) at 8.00% [3].

II GERIK 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 | | 投资咨询号： Z0021177 | | 2025/6/10 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 数据来源：Clarksons、Wind | | 从业资格号:F03101843 | | | | | 运价指数 | 上海出口集装箱运价 | 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 | | | | 综合指数SCFI | | | | | | | '三三 | 现值 | 2240 | 1155 | 5606 | 2185 | ୧ | 1667 | | Alle | 前值 | 2073 | 1118 | 5172 | 1718 | 6243 | 1587 | | 运 | 涨跌幅 | 8.09% | 3.34% | 8.39% | 27.19% | 11.15% | 5.04% | | ਵਿ | | SCFIS-西北欧 | ...

Core Viewpoint - The Tianjin Shipping Index (TSI) reflects the price fluctuations in the shipping market of Tianjin and northern regions, showing significant increases in container and dry bulk freight rates, indicating a robust shipping market recovery [2][3]. Group 1: Container Shipping Market - The Northern International Container Freight Index (TCI) has seen a substantial increase, with freight rates on routes to Europe, the Mediterranean, the United States, South America, and India rising sharply. Specifically, freight rates from Tianjin to the U.S. West and East coasts increased by 30.77% and 20.56% respectively, leading to a TCI closing at 1494.25 points, up 168.78 points or 12.73% since May 30 [2]. - The TCI's growth is attributed to high shipping volumes from U.S. shippers, reflecting strong demand in the container shipping sector [2]. Group 2: Dry Bulk Shipping Market - The Northern International Dry Bulk Freight Index (TBI) has continued to rise, with coal prices slightly increasing, while grain prices have decreased. However, metal ore prices have surged, particularly iron ore, driven by increased shipping activity from Australian miners and rising demand from Brazil, resulting in a TBI closing at 1063.67 points, up 46.80 points or 4.60% since May 30 [2]. - The overall increase in the TBI indicates a positive trend in the dry bulk shipping market, despite mixed performance across different commodities [2]. Group 3: Coastal Container Shipping Market - The Coastal Container Freight Index (TDI) remained stable, with the outbound freight index steady and the inbound freight index showing a slight recovery before stabilizing. The TDI closed at 1125.97 points, with a marginal increase of 0.54 points or 0.05% since May 30 [3]. - The TDI reflects the stability in the coastal shipping segment, indicating a balanced supply and demand situation [3].