Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights a recovery in dry bulk throughput and a positive year-on-year change in crude oil throughput for June [1][3] - Overall cargo throughput performance remains stable, maintaining a "Positive" rating for the shipping and port sector [6] Summary by Sections Overview: National Import and Export Volume and Cargo Throughput - In the first half of 2025, the national import and export total reached 21.79 trillion yuan, a year-on-year increase of 2.9%. The import total was 8.79 trillion yuan, down 2.7%, while the export total was 13 trillion yuan, up 7.2% [5][13] - Coastal major ports achieved a cargo throughput of 5.703 billion tons, a year-on-year increase of 2.5% [5][30] Container: Shipping Rates and Container Throughput - As of August 1, 2025, the China Container Freight Index (CCFI) was at 1232.29 points, down 43.49% year-on-year [5][34] - Container throughput for the first half of 2025 reached 15.227 million TEUs, a year-on-year increase of 7.1% [5][40] Liquid Bulk: Oil Shipping Rates and Crude Oil Throughput - The Baltic Dirty Tanker Index (BDTI) was at 965 points on August 4, 2025, a year-on-year increase of 2.66% [6][42] - Crude oil imports for the first half of 2025 totaled 279 million tons, a year-on-year increase of 1.4% [6][50] Dry Bulk: Shipping Rates and Iron Ore, Coal Throughput - The Baltic Dry Index (BDI) was at 1970 points on August 4, 2025, a year-on-year increase of 17.47% [6][57] - Iron ore throughput for the first half of 2025 was 686 million tons, a year-on-year increase of 1.56% [6][63] Monthly Throughput of Key Port Listed Companies - In June 2025, Shanghai Port Group's cargo throughput was 0.52 billion tons, down 1.57% year-on-year, while Ningbo Port's cargo throughput was 1.01 billion tons, up 11.63% year-on-year [6][75]

1. Report Industry Investment Rating - The investment rating for the shipping and port industry is "Positive" [2] 2. Core View of the Report - The overall performance of throughput is stable, so the "Positive" rating for the shipping and port sector is maintained [7] 3. Summary by Relevant Catalog 3.1 Overview: National Import - Export Volume and Cargo Throughput - **Import - Export Volume**: In May 2025, the national import - export volume reached 3.81 trillion yuan, a year - on - year increase of 2.75%. From January to May 2025, it reached 17.94 trillion yuan, a year - on - year increase of 2.5%. The import volume in May was 1.53 trillion yuan, a year - on - year decrease of 1.76%, and from January to May it was 7.28 trillion yuan, a year - on - year decrease of 3.8%. The export volume in May was 2.28 trillion yuan, a year - on - year increase of 6.04%, and from January to May it was 10.67 trillion yuan, a year - on - year increase of 7.2% [14] - **Cargo Throughput**: In May 2025, the cargo throughput of national coastal ports was 10.07 billion tons, a year - on - year increase of 3.65%. From January to May 2025, it was 47.10 billion tons, a year - on - year increase of 2.3%. The foreign - trade cargo throughput in May was 4.28 billion tons, a year - on - year increase of 1.27%, and from January to May it was 20.30 billion tons, a year - on - year increase of 1.5% [30] 3.2 Container: Container Shipping Freight Rates and Container Throughput - **Freight Rates**: On June 27, 2025, CCFI closed at 1369.34 points, a year - on - year decrease of 25.14% and a month - on - month increase of 2% compared to June 20, 2025. SCFI closed at 1861.51 points, a year - on - year decrease of 46.44% and a month - on - month decrease of 0.43% compared to June 20, 2025. The PDCI on June 20, 2025, was 1105 points, a year - on - year increase of 24.16% and a month - on - month decrease of 1.78% compared to June 13, 2025 [36][38] - **Throughput**: From January to May 2025, the container throughput of national coastal ports was 125.52 million TEUs, a year - on - year increase of 7.7% [42] 3.3 Liquid Bulk: Oil Shipping Freight Rates and Crude Oil Throughput - **Freight Rates**: On June 27, 2025, BDTI closed at 1002 points, a year - on - year decrease of 12.87% and a month - on - month decrease of 4.93% compared to June 20, 2025. BCTI closed at 613 points, a year - on - year decrease of 26.5% and a month - on - month decrease of 13.42% compared to June 20, 2025 [44] - **Crude Oil Import and Throughput**: From January to May 2025, the crude oil import volume was 230 million tons, a year - on - year increase of 0.3%. The throughput of major crude oil receiving port enterprises was 164 million tons, a year - on - year decrease of 7.15% [52][59] 3.4 Dry Bulk: Bulk Shipping Freight Rates and Iron Ore, Coal Throughput - **Freight Rates**: On June 27, 2025, BDI closed at 1521 points, a year - on - year decrease of 25.8% and a month - on - month decrease of 9.95% compared to June 20, 2025 [61] - **Iron Ore**: On June 25, 2025, the port iron ore inventory was 132 million tons, a year - on - year decrease of 6.86%. From January to May 2025, the iron ore throughput of major iron ore receiving port enterprises was 569 million tons, a year - on - year increase of 0.91% [63][67] - **Coal**: On June 27, 2025, the coal inventory in northern ports was 28 million tons, a year - on - year increase of 4.36%. From January to May 2025, the coal throughput of major northern coal - shipping port enterprises was 272 million tons, a year - on - year decrease of 4.19% [68][76] 3.5 Key Port Listed Companies' Monthly Throughput - **Performance**: In May 2025 and from January to May 2025, the cargo and container throughputs of companies such as Shanghai Port Group, Ningbo Port, China Merchants Port, Beibu Gulf Port, and Guangzhou Port are presented showing different growth rates [80]