Investment Rating - The report maintains a "Recommended" rating for the shipping and port sector [1][12] Core Insights - The report addresses key issues by tracking core high-frequency data in the shipping and port sector [5][18] - The overall performance of cargo throughput remains stable, with a notable recovery in iron ore throughput and steady growth in container throughput [12] Summary by Sections 1. Overview: National Import and Export Total and Cargo Throughput - In 2025, the national import and export total reached 45.47 trillion yuan, a year-on-year increase of 3.8%. The import total was 18.48 trillion yuan, up 0.5%, while the export total was 26.99 trillion yuan, up 6.1% [6][19] - Coastal major ports achieved a cargo throughput of 116.34 billion tons in 2025, a year-on-year increase of 3.7%, with foreign trade cargo throughput reaching 50.66 billion tons, up 4.7% [7][32] 2. Container: Shipping Rates and Container Throughput - As of February 6, 2026, the China Container Freight Index (CCFI) was at 1122.15 points, down 20.7% year-on-year and 4.55% month-on-month. The Shanghai Container Freight Index (SCFI) was at 1266.56 points, down 33.22% year-on-year and 3.81% month-on-month [9][36] - In 2025, the container throughput at coastal major ports reached 31.198 million TEUs, a year-on-year increase of 7% [9][41] 3. Liquid Bulk: Oil Shipping Rates and Crude Oil Throughput - The Baltic Dirty Tanker Index (BDTI) was at 1691 points on February 6, 2026, up 87.26% year-on-year and 4% month-on-month. The Baltic Clean Tanker Index (BCTI) was at 917 points, up 29.89% year-on-year and 7% month-on-month [10][42] - In 2025, crude oil imports totaled 578 million tons, a year-on-year increase of 4.4%, while the throughput at major crude oil receiving ports was 389 million tons, down 3.4% year-on-year [10][47] 4. Dry Bulk: Shipping Rates and Iron Ore, Coal Throughput - The Baltic Dry Index (BDI) was at 1923 points on February 6, 2026, up 135.95% year-on-year and 9.14% month-on-month [11][51] - In 2025, iron ore throughput at major receiving ports reached 1.399 billion tons, a year-on-year increase of 4.39%, while coal throughput was 688 million tons, down 1.07% year-on-year [11][64]