1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - In November, the freight rate did not reach the announced increase, and there was a long - short game in the market. It is recommended to pre - layout the 02 contract and focus on the freight rate support logic in December [1] - The tariff issue has shown a marginal effect. The core is the trend of spot freight rates, and the main contract may be in the bottom - building process. It is recommended to participate lightly or wait and see [2] - With frequent long - short information and no obvious recovery of November freight rates, the market has strong wait - and - see sentiment, and the market fluctuates in a wide range. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [3] 3. Summary by Related Contents Freight Rate Index - On November 14, the Ningbo Export Container Freight Index (NCFI, composite index) was 999.69 points, a 5.12% decrease from the previous period; the Shanghai Export Container Settlement Freight Index (SCFIS, European route) was 1504.80 points, a 24.5% increase; the NCFI (European route) was 979.34 points, a 7.42% increase; the SCFIS (US West route) was 1329.71 points, a 4.9% increase; the NCFI (US West route) was 1052.43 points, a 21.99% decrease [1] - On November 14, the Shanghai Export Container Freight Index (SCFI) was 1451.38 points, a decrease of 43.72 points from the previous period; the China Export Container Freight Index (CCFI, composite index) was 1094.03 points, a 3.4% increase; the SCFI European line price was 1417 USD/TEU, a 7.1% increase; the CCFI (European route) was 1403.64 points, a 2.7% increase; the SCFI US West route was 1823 USD/FEU, a 17.59% decrease; the CCFI (US West route) was 846.24 points, a 3.9% increase [1] Economic Data of Different Regions - In the Eurozone, the preliminary manufacturing PMI in October was 45.9 (expected 45.1, previous value 45), the preliminary service PMI was 51.2 (expected 51.5, previous value 51.4), the preliminary composite PMI was 49.7 (expected 49.7, previous value 49.6), and the Sentix investor confidence index in October had a previous value of - 9.2 and a forecast value of - 8.5 [2] - In October in China, the manufacturing PMI was 49.0%, a 0.8 - percentage - point decrease from the previous month, and the comprehensive PMI output index was 50.0%, a 0.6 - percentage - point decrease from the previous month, indicating overall stable business activities of Chinese enterprises [2] - In the US in October, the preliminary S&P Global service PMI was 55.2 (expected 53.5, previous value 54.2), the preliminary manufacturing PMI was 52.2 (expected 52), and the preliminary composite PMI was 54.8 (expected 53.1, previous value 53.9) [2] Main Contract Information - On November 14, the main contract 2602 closed at 1605.0, with a decline of 1.16%, a trading volume of 20,000 lots, and an open interest of 38,000 lots, an increase of 759 lots from the previous day [3] Strategy Recommendations - Short - term strategy: For risk - preferring investors, it is recommended to lightly test long in the range of 1550 - 1600 for the EC2602 contract, pay attention to the spot trend, not hold positions stubbornly, and set stop - losses [4] - Arbitrage strategy: In the context of international situation turmoil, it is recommended to wait and see temporarily or try lightly due to large fluctuations in each contract [4] - Long - term strategy: It is recommended to take profits when each contract rises, wait for the callback to stabilize, and then judge the subsequent direction [4] Contract Adjustments - The daily price limit for contracts 2508 - 2606 is adjusted to 18% [4] - The margin of the company for contracts 2508 - 2606 is adjusted to 28% [4] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [4] Geopolitical Information - On November 16, Israeli Defense Minister Katz stated that Israel's policy is that "a Palestinian state will not be established", the IDF will garrison the Hermon mountain peak and its security zone, the Gaza Strip will be demilitarized, and the IDF will continue operations until the last tunnel is demolished [5] - On November 10, the Houthi rebels warned that if the cease - fire agreement in the Gaza Strip is broken and Israel resumes its offensive, they will resume attacks on Israel and ban Israeli ships from sailing in the Red Sea and the Arabian Sea [5]

Group 1 - The total amount of gold futures in the Shanghai Futures Exchange's designated delivery warehouse is 90,426 kilograms, with no change from the previous day [1][2] - On November 14, gold futures opened at 967.20 CNY per gram, reaching a high of 967.96 CNY and a low of 952.00 CNY, closing at 953.20 CNY, reflecting a decrease of 0.29% [1] - The trading volume for the day was 307,687 contracts, with open interest at 113,597 contracts, showing a reduction of 10,642 contracts in daily open interest [1] Group 2 - Global political and economic instability continues to drive demand for gold as a safe-haven asset, although the sentiment can change rapidly [2] - Potential increases in U.S. tariffs could heighten economic and employment pressures, indirectly prompting the Federal Reserve to accelerate interest rate cuts, which would positively impact gold and silver prices [2] - Long-term bullish factors for gold remain intact, including a weaker U.S. dollar and central bank purchases driven by global economic uncertainties [2]

Core Insights - China is the largest consumer and importer of lobsters globally, with significant sources being Australia and New Zealand, but the U.S. is also an important market for lobster imports to China. However, due to trade tensions, U.S. fishermen are missing out on sales opportunities to China, and as China shifts towards suppliers in the Asia-Pacific region, regaining market share may be challenging for the U.S. [1] Group 1: Trade Dynamics - Earlier this year, U.S. lobster exports to China were halted due to tariff issues, with rates reaching triple digits. Although tariffs were reduced to 25% in May, U.S. exporters still face disadvantages compared to global competitors [3] - Maine accounts for approximately 90% of U.S. lobster supply, and due to ongoing trade uncertainties, fishermen are turning to the domestic market. However, domestic buyers cannot fully compensate for international demand, particularly from China [3] - Following a recent agreement between China and the U.S., China has agreed to suspend most tariffs on U.S. goods, retaining only a 10% tariff, which may benefit U.S. lobster exporters, although competition from Asia-Pacific remains [3] Group 2: Import Statistics - In the first three quarters of 2025, China imported 26,757 tons of lobsters, a significant increase from 11,770 tons in the same period last year. The top three sources of imports are Vietnam, Australia, and New Zealand [3] - The improvement in China-Australia relations has led to the resumption of live lobster exports from Australia to China starting December 2024, following the lifting of a nearly four-year import ban [3] Group 3: Competitive Challenges - U.S. fishermen are facing ongoing domestic and international demand softness amid fierce competition and uncertain U.S.-China relations. In the first seven months of this year, Maine's total lobster catch decreased by 37.8% to 15.5 million pounds (7,031 tons) [6] - The decline in catch volume has led to increased local lobster prices, with the average price per pound in Maine rising by 24.1% to $6.14 in 2024, making U.S. lobsters less competitive on price [6] - Some fishermen are diversifying into aquaculture or tourism projects to offset losses, but these measures are unlikely to reverse the situation in the short term [6]

Report Industry Investment Rating - No relevant information provided Core Views of the Report - The market's bullish sentiment has weakened, some long positions have continued to reduce their holdings, and the market has continued to decline. It is necessary to pay attention to tariff policies, the Middle East situation, and spot freight rates [3] - The core issue is the direction of spot freight rates. The main contract may be in the process of bottoming out. It is recommended to participate lightly or wait and see [3] Summary According to Related Catalogs Market Conditions - On November 3, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1208.71 points, a 7.9% decrease from the previous period; the SCFIS for the US West route was 1267.15 points, a 14.4% increase from the previous period [2] - On November 7, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1053.62 points, a 4.24% decrease from the previous period; the NCFI for the European route was 911.73 points, a 5.58% decrease from the previous period; the NCFI for the US West route was 1349.1 points, a 7.14% decrease from the previous period [2] - On November 7, the Shanghai Export Container Freight Index (SCFI) announced a price of 1495.10 points, a decrease of 3.6 points from the previous period; the SCFI European route price was 1323 USD/TEU, a 1.6% decrease from the previous period; the SCFI US West route was 2212 USD/FEU, a 16.4% decrease from the previous period [2] - On November 7, the China Export Container Freight Index (CCFI) (composite index) was 1058.17 points, a 3.6% increase from the previous period; the CCFI for the European route was 1366.85 points, a 3.3% increase from the previous period; the CCFI for the US West route was 814.14 points, a 5.4% increase from the previous period [2] - The preliminary value of the Eurozone's manufacturing PMI in October was 45.9, the expected value was 45.1, and the previous value was 45; the preliminary value of the service PMI was 51.2, the expected value was 51.5, and the previous value was 51.4; the preliminary value of the composite PMI was 49.7, the expected value was 49.7, and the previous value was 49.6; the Sentix investor confidence index in October was -9.2, and the predicted value was -8.5 [2] - In October, China's manufacturing PMI was 49.0%, a decrease of 0.8 percentage points from the previous month; the composite PMI output index was 50.0%, a decrease of 0.6 percentage points from the previous month [2] - The preliminary value of the US S&P Global service PMI in October was 55.2, the expected value was 53.5, and the previous value was 54.2; the preliminary value of the manufacturing PMI was 52.2, the expected value was 52; the preliminary value of the composite PMI was 54.8, the expected value was 53.1, and the previous value was 53.9 [3] - The Sino-US tariff extension negotiation has not made substantial progress. The tariff war has gradually evolved into a trade negotiation issue between the US and other countries. Currently, the spot price has slightly decreased [3] - On November 7, the main contract 2512 closed at 1812.0, a decrease of 1.79%, with a trading volume of 17,100 lots and an open interest of 25,900 lots, a decrease of 2525 lots from the previous day [3] Strategies - Short-term strategy: The main contract remains weak, and the far-month contracts are relatively strong, which is in line with the bottoming-out judgment. Risk-takers have been advised to try to build positions in the EC2512 contract below 1500 (with a profit margin of over 300 points), and all positions have been advised to take profits. Pay attention to the subsequent market trend, do not hold losing positions, and set stop-losses [4] - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try lightly [4] - Long-term strategy: All contracts have been advised to take profits when the price rises, wait for the price to stabilize after the correction, and then judge the subsequent direction [4] - The daily price limit for contracts 2508 - 2606 has been adjusted to 18% [4] - The margin of the company for contracts 2508 - 2606 has been adjusted to 28% [4] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [4]

Core Viewpoint - The market performance in the first year of Trump's second term closely mirrors that of his first term, with significant gains in risk assets like Bitcoin, emerging markets outperforming U.S. stocks, and a weakening dollar [1][2][5][6]. Market Performance Comparison - The past 12 months have shown similarities to 2017, with emerging markets, particularly China and Japan, outperforming U.S. stocks, while European markets lagged [7]. - Both periods experienced a decline in the dollar [8]. Notable Differences - Gold prices surged significantly in the current term, contrasting with a muted response during Trump's first term, while oil prices have dropped sharply, unlike their strong performance in 2016-2017 [8]. - There is a marked sector divergence in the current market, with technology stocks leading in the U.S., while materials, real estate, and energy sectors have declined. In Europe, financials and utilities performed well, but healthcare, real estate, and materials saw declines [8]. Historical Warning - Historical data indicates that the second year of a presidential term is typically the worst for U.S. stocks, with the average and median returns for the S&P 500 being the lowest [11][12]. - Trump's first term exemplified this trend, as strong performers like Bitcoin and emerging markets turned negative in the second year, with a significant increase in market volatility, evidenced by a 71% rise in the VIX index in 2018 [14].

Financial Data and Key Metrics Changes - For Q3 2025, the company generated net investment income and adjusted net investment income of $0.57 per share, slightly below public guidance of approximately $0.58 and $0.57 per share respectively [8] - The net asset value increased to $21.99 per share from $21.93 at the end of Q2 2025 [26] - Total investment income was $373 million, a decrease of $25 million compared to Q2 2025, primarily due to lower interest income [23] Business Line Data and Key Metrics Changes - The company originated approximately $1.1 billion of new investments in Q3 2025, with 60% focused on add-on financings to existing portfolio companies [16] - New investments consisted of 65% in first lien loans, 7% in subordinated debt, 15% in asset-based finance investments, and 12% in capital calls to the joint venture [16] - The weighted average yield on accruing debt investments was 10.5%, a decrease of 10 basis points from the previous quarter [22] Market Data and Key Metrics Changes - The number of deals evaluated in Q3 increased by approximately 30% year over year, indicating a building momentum in M&A activity [12] - The portfolio companies reported a weighted average year-on-year EBITDA growth rate of approximately 4% [17] - Non-accruals represented 5% of the portfolio on a cost basis, down from 5.3% in Q2 2025 [19] Company Strategy and Development Direction - The company plans to implement a forward dividend strategy starting in Q1 2026, targeting an annualized yield of approximately 10% on net asset value [10] - The focus remains on U.S.-based direct lending and top-of-the-capital structure risk, with asset-based finance investments as a complementary part of the portfolio [14] - The company is actively monitoring tariff-related exposures and has low single-digit exposure to U.S. government-related borrowers [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the BDC industry, noting that many companies successfully navigated previous periods of volatility [5] - The expectation is that the Federal Reserve will continue to reduce rates, which will be beneficial for portfolio companies and likely generate additional M&A activity [6] - Management acknowledged pockets of weakness in economic indicators but noted a healthy labor market supported by solid corporate earnings [12] Other Important Information - The company issued $400 million of unsecured notes due 2031, which were swapped to floating rate [28] - As of September 30, available liquidity was $3.7 billion, with gross and net debt-to-equity levels at 120% and 116% respectively [28] Q&A Session Summary Question: Improvement on legacy names and exit strategy - Management noted progress in restructuring efforts and expressed optimism about monetizing certain investments [33] Question: Progress on spillover and potential special distributions - Management indicated they expect to clean out a little over $100 million of spillover by year-end and may consider a one-time distribution in the first half of next year [35] Question: Dividend policy and resilience in various economic cycles - Management confirmed confidence in the base distribution level, considering various economic factors and forward curves [52] Question: Competitive factors in asset-based finance due to recent defaults - Management stated that recent defaults have not significantly impacted their competitive position, as they have avoided heavy cyclical businesses [74]

加拿大总理卡尼称已就反关税广告向特朗普致歉 来源：中国新闻网 编辑：董湘依 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 中新网11月1日电 据法新社1日报道，加拿大总理卡尼证实，他就反关税广告向美国总统特朗普致歉。 据报道，卡尼对记者表示："我确实向总统(特朗普)道歉了。"他还补充说，贸易谈判将在美国"准备好时 重启"。 据此前报道，今年以来，美加经贸关系因关税问题持续紧张。特朗普10月23日宣布，中止与加拿大的贸 易谈判，原因是他对安大略省政府赞助的一条广告不满。特朗普指责加拿大"欺骗性地"声称美国前总统 里根反对关税。 据报道，特朗普25日还称，由于加拿大安大略省投放针对美国上调关税的电视广告，他打算对进口自加 拿大的商品在现有关税基础上再加征10%关税。 ...

Report Overview - Report Date: October 29, 2025 - Report Type: Container Shipping Daily Report - Research Group: Shipping Research Team 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Although SCFIS rebounded significantly again, due to strong wait - and - see sentiment, the implementation of price increases in November is uncertain, and the market is in a weak and volatile state. The core is the trend of spot freight rates, and the main contract may be in the bottom - building process. It is recommended to participate lightly or wait and see [5]. - The tariff issue has a marginal effect, and the current focus is on the direction of spot freight rates. The main contract may be at the bottom - building stage, suggesting light - position participation or waiting and seeing [5]. 3. Summary by Relevant Content 3.1 SCFIS and NCFI Freight Rate Indexes - On October 27, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1312.71 points, up 15.1% from the previous period; for the US West route, it was 1107.32 points, up 28.2% from the previous period [2]. - On October 24, the Shanghai Export Container Freight Index (SCFI) was 1403.46 points, up 93.14 points from the previous period. The SCFI price for the European route was 1246 USD/TEU, up 8.8% from the previous period; for the US West route, it was 2153 USD/FEU, up 11.2% from the previous period [3]. - On October 24, the Ningbo Export Container Freight Index (NCFI) composite index was 977.21 points, up 2.17% from the previous period. The NCFI for the European route was 822.3 points, up 2.38% from the previous period; for the US West route, it was 1293.75 points, up 3.13% from the previous period [4]. - On October 24, the China Export Container Freight Index (CCFI) composite index was 992.74 points, up 2.0% from the previous period. The CCFI for the European route was 1293.12 points, up 2.0% from the previous period; for the US West route, it was 736.23 points, up 1.5% from the previous period [4]. 3.2 Economic Data of Different Regions - In the Eurozone, the preliminary manufacturing PMI in September was 49.5, falling below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The preliminary services PMI rose from 50.5 to 51.4, exceeding the expected 50.5. The preliminary composite PMI was 51.2, exceeding analysts' expectations. The Sentix investor confidence index in September was - 9.2, with an expected - 2 and a previous value of - 3.7 [5]. - In China, in August, the manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, with the manufacturing prosperity level improving. The composite PMI output index was 50.5%, up 0.3 percentage points from the previous month, remaining above the critical point, indicating that the overall expansion of enterprises' production and operation activities has accelerated [5]. - In the US, the preliminary S&P Global manufacturing PMI in September was 52 (the final value in August was 53); the preliminary services PMI was 53.9 (the final value in August was 54.5); the preliminary composite PMI was 53.6 (the final value in August was 54.6) [5]. 3.3 Trading Strategies - **Short - term Strategy**: The main contract is weak, and the far - month contracts are strong, which is in line with the bottom - building judgment. Risk - preferring investors are advised to try to build positions below 1500 for the EC2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses. The main contract may be in the bottom - building process, suggesting light - position participation or waiting and seeing [5]. - **Arbitrage Strategy**: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see temporarily or try with a light position [5]. - **Long - term Strategy**: For each contract, it is recommended to take profits when the price rises, wait for the price to pull back and stabilize, and then judge the subsequent trend [5]. 3.4 Contract Information - On October 28, the main contract 2512 closed at 1788.3, with a decline of 0.66%, a trading volume of 26,000 lots, and an open interest of 28,900 lots, an increase of 905 lots from the previous day [5]. - The daily limit for contracts 2508 - 2606 is adjusted to 18%. The company's margin for contracts 2508 - 2606 is adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 is 100 lots [5].

Core Points - President Trump accused Canada of disseminating a "forged" video of former President Reagan, claiming it misleads the public and constitutes fraud [1] - The Reagan Foundation stated that Canada did not have authorization to use or edit Reagan's speech, and they are considering legal action [1] - Trump announced an additional 10% tariff on Canada in response to what he described as serious distortion of facts and hostile actions [2] - White House economic advisor Hassett indicated that trade negotiations between the U.S. and Canada are progressing poorly, reflecting Trump's disappointment with Canada [3] - Hassett expressed growing frustration over Canada's lack of flexibility in trade discussions [4] - Trump declared that all trade negotiations with Canada are immediately terminated due to their actions [4] - Canadian Prime Minister Carney stated that the close economic relationship with the U.S. has ended and will never return to previous levels [5]

Group 1 - The core viewpoint of the article is that President Trump announced a 10% additional tariff on Canada in response to perceived misleading advertising that misrepresented former President Reagan's stance on tariffs [1][3]. - Trump accused Canada of using a "forged" video of Reagan's speech to mislead the public and influence the U.S. Supreme Court's decision on tariff issues [1][3]. - The Canadian government, represented by Prime Minister Carney, expressed readiness to resume trade negotiations with the U.S. but stated it cannot control U.S. trade policies [3].