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]

文 | 刘慧华 来源 | 大地期货研究院 编辑 | 杨兰 审核 | 浦电路交易员 观点小结 01 美国港口简介 美国的海上运输基础设施 备注： 水坝包括所有最低高度为100英尺的水坝。2016年总吨位在1000万及以上的主要港口均被标记。 水坝和船闸是美国内河运输系统的两个主要基础设施。 以下文章来源于大地期货研究院 ，作者大地期货研究院 大地期货研究院 . 大地期货研究院官方订阅号 欢迎加入交易理想国知识星球 水运船驳是美国国际货物贸易的主要运输方式，在2023年运输了美国全球贸易价值的41.5%，即 2.1万亿 美元，其中出口占35.5%，进 口占64.5%。 美国港口分类：港口分为沿海港口、 五大湖 /圣劳伦斯航道港口以及 内河港口 。美国的沿海港口包括 东海岸 （大西洋沿岸）、 西海岸 （太平洋沿岸）和 墨西哥湾 沿岸的港口，以及阿拉斯加、夏威夷和波多黎各的港口。 水运货物主要有五类：集装箱、干散货、液体散装、拆装、滚装。一般将 集装箱和干散货 列为统计类别。干散货包括未包装且成分单一 的商品，如谷物、铁矿石和煤炭。 干散货分布：美湾占比42%，美西10%，美东12%，内陆18%，五大湖16%。集装箱 ...