Shipping Derivatives Data Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The EC spot and futures market is in a game pattern intertwined with policies and geopolitical factors. The futures end is driven by short - term sentiment and then experiences a callback due to weakened spot support and calmed emotions. The spot market is in a balance of shipping company quotation adjustment and supply - demand game. The market core logic revolves around three variables: short - term rush - shipping expectations from photovoltaic export tax - refund policy adjustment, Red Sea re - navigation expectations from geopolitical easing, and the differentiated economic recovery in the eurozone. Currently, the market has no clear trend, with short - term being dominated by policy news and sentiment, and long - term depending on global foreign trade recovery, capacity adjustment, and terminal demand improvement [8] 3. Summary by Relevant Catalogs 3.1 Shipping Rate Index - **Current Values**: The current values of SCFI, CCFI, SCFI - US West, SCFIS - US West, SCFI - US East, SCFI - Northwest Europe, SCFIS - Northwest Europe, and SCFI - Mediterranean are 1458, 1209, 2084, 1294, 2896, 1595, 1859, and 2756 respectively [5] - **Previous Values**: The previous values of the above - mentioned indices are 1574, 1210, 2194, 1305, 3163, 1676, 1954, and 2983 respectively [5] - **Percentage Changes**: The percentage changes of the above - mentioned indices are - 7.39%, - 0.09%, - 5.01%, - 0.84%, - 8.44%, - 4.83%, - 4.86%, and - 7.61% respectively [5] 3.2 Shipping Schedule - **FAL1**: The last east - bound return ship passing through the Suez Canal is CMA CGM BENJAMIN FRANKLIN, expected to pass on February 1st with an OMIT detour. The first ship CMA CGM VASCO DE GAMA will resume east - bound return through the Suez on April 6th, corresponding to the Ocean Alliance's Day10 tenth - year route plan starting in April [5] - **FAL3**: The last east - bound return ship is CMA CGM SEINE, expected to pass through the Suez on January 25th, with no resumption plan currently [6] - **MEX**: The last east - bound return ship is CMA CGM GRACE BAY, expected to pass through the Suez on January 22nd, with no resumption plan currently [6] 3.3 Spot Price - **Current Situation**: For the European line 40 - foot container freight, GEMINI Alliance's Maersk Week5 quotes 2430 US dollars, Hapag - Lloyd quotes 2300 - 2500 US dollars; OA Alliance quotes about 2500 - 2650 US dollars, CMA CGM quotes 2793 US dollars, others are about 2600 US dollars; PA Alliance quotes about 2400 US dollars, Yang Ming quotes as low as 2200 - 2435 US dollars; N.SC quotes 2640 US dollars [7] - **Future Outlook**: In the next one or two weeks (end of January - early February), Maersk Week6's opening price drops to 2000 - 2100 US dollars, Hapag - Lloyd maintains 2300 - 2500 US dollars; OA Alliance may slightly drop to around 2500 US dollars; PA Alliance may fluctuate in the range of 2200 - 2400 US dollars; MSC may slightly adjust downward with the market, showing a pre - holiday decline due to the pre - Spring Festival cargo volume vacuum [7] 3.4 Strategy - Short - term short - selling has lower cost - effectiveness. Pay attention to going long on the 06 contract at low levels and short - selling the off - season 10 contract on rebounds [9]

Core Viewpoint - Yantian Port (000088.SZ) reported a solid performance in Q3 2025, with total revenue of 616 million yuan and net profit of 1.071 billion yuan, reflecting a year-on-year growth of 0.49% and 6.66% respectively, showcasing strong profitability resilience [1] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved total revenue of 616 million yuan, a year-on-year increase of 0.49% [1] - The net profit attributable to the parent company reached 1.071 billion yuan, marking a year-on-year growth of 6.66% [1] - Q3 performance was particularly strong, with revenue of 228 million yuan, a year-on-year increase of 10.29%, and net profit of 418 million yuan, up 10.97% year-on-year, indicating a significant acceleration in growth [1] Group 2: Market and Operational Advantages - The company's performance is supported by the recovery of foreign trade and its core advantages, with China's total import and export value reaching 33.61 trillion yuan in the first three quarters, a year-on-year increase of 4% [2] - Yantian Port handles over 25% of China's exports to the U.S. and over one-third of Guangdong's foreign trade cargo, benefiting from its deep-water channel and wide navigation area [2] - In 2025, Yantian Port added 14 new international routes, bringing the total to over 100 weekly routes, enhancing its global connectivity [2] Group 3: Regional Collaboration and Growth - Yantian Port has strengthened collaboration with Hong Kong's Kwai Tsing Port, achieving a nearly 30% year-on-year increase in container throughput in 2024, continuing into 2025 [3] - The "Yantian-Kwai Tsing" collaboration allows for flexible service options for inland cargo owners, covering over 200 countries and regions globally [3] - The "Yuyun Port - Shenzhen Port" scheduled train service has seen a 1.6-fold increase in cargo volume year-on-year, contributing to the economic synergy between the Chengdu-Chongqing area and the Guangdong-Hong Kong-Macao Greater Bay Area [3] Group 4: Policy Support and Future Outlook - Continuous policy support, such as the "Shenzhen Yantian - Hong Kong Kwai Tsing" port cooperation outlined in the Guangdong Province transportation development plan, is expected to further enhance collaboration [4] - Yantian Port was recognized as the "Best Container Terminal in Asia" for handling over 4 million TEUs, reflecting its operational strength and collaborative value [4] - The port is well-positioned to leverage its deep-water hub advantages and dense route network to support high-quality development of China's foreign trade [4]

Core Insights - The issuance of certificates of origin is a key indicator of foreign trade, with a significant increase in the number of certificates issued in July 2025, reflecting a strong recovery in China's foreign trade [1][2] Group 1: Certificate Issuance Data - In July 2025, the total number of various certificates issued by the national trade promotion system reached 741,700, a year-on-year increase of 10.82% [1] - The non-preferential certificates of origin had a total value of $30.953 billion, with 398,100 certificates issued, marking a 5.13% increase year-on-year [1] - The preferential certificates of origin saw a total value of $8.756 billion, with 276,300 certificates issued, reflecting a substantial year-on-year growth of 39.66% in value and 49.42% in quantity [1] Group 2: Factors Driving Growth - The rapid growth in the issuance of preferential certificates is attributed to companies' efforts to control costs and expand markets, seeking tariff reductions to enhance competitiveness [2] - The favorable policy environment, including the expansion of free trade zones and reduced tariffs with various countries, has also contributed to the increase in the use of preferential certificates [2] - The digitalization and convenience of the online certificate issuance process have further encouraged companies to apply for these certificates [2] Group 3: RCEP Impact - In July, the issuance of RCEP certificates of origin amounted to $747 million, with a year-on-year increase of 26.90%, and the number of certificates issued was 27,065, up 29.73% [3] - The growth in RCEP certificate issuance indicates that trade benefits from RCEP are being realized, providing tangible advantages to foreign trade enterprises [3] - Companies are encouraged to enhance cooperation within the RCEP region, participate in training, and adapt strategies to leverage RCEP policy benefits [3]

Core Insights - China's goods trade maintained a positive momentum in the first seven months of the year, with a total import and export value of 25.7 trillion yuan, a year-on-year increase of 3.5% [1] - In July alone, the import and export value reached 3.91 trillion yuan, growing by 6.7%, marking the highest growth rate of the year [1] - The increase in imports of key raw materials such as metal ores and crude oil indicates robust domestic production activity and rising demand [1] Trade Performance - General trade accounted for 64% of China's total foreign trade, with a value of 16.44 trillion yuan, growing by 2.1% [2] - Trade with ASEAN countries reached 4.29 trillion yuan, a growth of 9.4%, making ASEAN China's largest trading partner [2] - Trade with countries involved in the Belt and Road Initiative totaled 13.29 trillion yuan, increasing by 5.5%, showcasing a diversified trade partnership [2] Company and Sector Contributions - Private enterprises contributed 14.68 trillion yuan to imports and exports, a growth of 7.4%, representing 57.1% of the total [3] - Foreign-invested enterprises had a total trade value of 7.46 trillion yuan, growing by 2.6%, accounting for 29% of foreign trade [3] Structural Optimization - The export of mechanical and electrical products reached 9.18 trillion yuan, growing by 9.3%, and accounted for 60% of total exports [4] - High-tech product exports exceeded 5 trillion yuan, with significant growth in sectors such as high-end machine tools (23.4%) and industrial robots (62.2%) [4] - Labor-intensive product exports decreased by 0.8%, indicating a shift towards high-value and high-tech industries [5] Future Outlook - The expansion of domestic demand is expected to drive import growth, supported by ongoing economic stabilization policies [5] - Despite uncertainties in the external environment, closer economic ties with Belt and Road countries provide strategic depth for stabilizing external demand [5]