Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The report highlights a significant recovery in performance for Q3 2025, with strong port business results [4] - The company is facing pressure on shipping prices due to supply-demand imbalances, but its operational advantages have mitigated the impact [6] - The report maintains a positive outlook based on the company's solid market position and expected profit recovery in the coming years [6] Financial Summary - For 2025, the company is projected to achieve a revenue of 229.72 billion yuan, with a year-on-year decrease of 1.77% [5] - The net profit attributable to shareholders is expected to be 32.34 billion yuan in 2025, reflecting a year-on-year decline of 34.13% [5] - Earnings per share (EPS) is forecasted at 2.09 yuan for 2025, down from 3.17 yuan in 2024 [5] - The company’s return on equity (ROE) is projected to be 12.89% in 2025 [5] Market Performance - The company reported a Q3 2025 revenue of 58.50 billion yuan, a year-on-year decline of 20.42%, but a quarter-on-quarter increase of 63.18% [6] - The average shipping price for the company was 7,501.09 yuan/TEU, down 26.73% year-on-year [6] - The total throughput for the company's port business in Q3 2025 was 38.98 million TEU, showing a year-on-year increase of 4.20% [6] Profitability Forecast - The company’s net profit for 2025-2027 is projected to be 32.34 billion, 24.74 billion, and 21.65 billion yuan respectively [6] - The price-to-earnings (P/E) ratios for the same period are expected to be 7.19, 9.40, and 10.74 [6]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The EC is currently in a contradiction between weak reality and strong expectations, and fluctuates greatly under the influence of the Middle - East geopolitics and Sino - US relations policies. With high capacity in week 44, the implementation of price increases in the first half of November is expected to be poor, but there are still upward drivers at multiple price - increase announcement nodes later. The current valuation of December is not low, and it has returned to the stage mainly driven by spot (price increase announcements & implementation). In the case of repeated geopolitical situations, the upward space of far - month contracts is larger [1]. 3. Summary According to Related Catalogs 3.1 Futures Market - **Futures Prices and Changes**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 are 1100.1, 1682.0, 1522.0, 1155.1, and 1330.3 respectively, with daily increases of 0.29%, 1.65%, 3.40%, 2.77%, and 3.68%. The position of EC2510 decreased by 628, while that of EC2512 increased by 442 [1]. - **Month - to - Month Spreads**: The spreads of EC2510 - 2512, EC2512 - 2602 are - 581.9 and 160.0 respectively, with daily decreases of 24.1 and 22.7 [1]. 3.2 Shipping Indexes - **SCHIC**: Updated every Monday, the value on October 20, 2025, is 1140.38 points, with a 10.52% increase from the previous period [1]. - **SCFI (European Line)**: Updated every Friday, the value on October 17, 2025, is 1145 dollars/TEU, with a 7.21% increase from the previous period [1]. - **CCFI (European Line)**: Updated every Friday, the value on October 17, 2025, is 1267.91 points, with a 1.49% decrease from the previous period [1]. - **NCFI**: Updated every week, the value on October 17, 2025, is 803.21 points, with a 14.96% increase from the previous period [1]. 3.3 Shipping Supply and Demand - **Supply**: The average weekly capacities in October, November, and December are 269,000, 316,000, and 350,000 TEU respectively. After considering all TBN as suspended, they are 269,000, 300,000, and 330,000 TEU. The capacities in week 44 and 45 are 334,000 and 300,000 TEU respectively, indicating high supply pressure [1]. - **Demand**: Currently in the off - season, the cargo collection in week 42 was good, and that in week 43 of the OA alliance was good with a small amount of container use in the south. The cargo volume of PA and GEMINI was average. The supply - demand relationship maintained a weak balance. In week 44, with high capacity, the cargo - collection pressure increased significantly, especially for the PA alliance [1]. 3.4 Shipping Quotes - **Week 42**: The final offline prices of PA, GEMINI, and OA are 1500, 1600, and 1800 dollars respectively, with an average of 1640 dollars (equivalent to 1150 points on the futures market) [2]. - **Week 43**: The PA alliance continued to reduce the price by 100 dollars to 1400 dollars. The offline quotes of PA, GEMINI, and OA are 1400, 1600, and 1800 dollars respectively [8]. - **November Price Increase Announcements**: Shipping companies announced price increases mostly in the range of 2500 - 2700 dollars, with an average equivalent to about 1800 points on the futures market [8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The market still anticipates price increases in the second half of June. The 06 contract should focus on the final implementation of price increases, while the 08 contract faces a game of continued price - increase expectations. As the delivery deadline approaches, the 06 contract will gradually shift to "reality" - based trading. The 8 - month contract, being in the traditional peak season with relatively less capacity in July, still has price - increase expectations. It is recommended to conduct arbitrage operations for the 08 contract. The main contract is expected to fluctuate, and the recommended arbitrage strategy is to go long on the 08 contract and short on the 10 contract [1][3][5]. 3. Summary According to the Table of Contents 3.1 Futures Prices - As of May 29, 2025, the total open interest of all container shipping index European line futures contracts was 93,146 lots, and the single - day trading volume was 102,136 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1372.30, 1222.80, 1773.00, 1949.50, 1349.40, and 1526.00 respectively [4]. 3.2 Spot Prices - On May 23, the SCFI (Shanghai - Europe route) price was 1317.00 US dollars/TEU, the SCFI (Shanghai - US West route) price was 3275.00 US dollars/FEU, and the SCFI (Shanghai - US East) price was 4284.00 US dollars/FEU. On May 26, the SCFIS (Shanghai - Europe) was 1247.05 points, and the SCFIS (Shanghai - US West) was 1719.79 points [4][5]. 3.3 Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of May 25, 2025, 109 container ships had been delivered, with a total delivery capacity of 873,100 TEU. Among them, 34 ships with a capacity of 12,000 - 16,999 TEU were delivered, with a total capacity of 513,200 TEU; 4 ships with a capacity of over 17,000 TEU were delivered, with a total capacity of 94,864 TEU [5]. - In June, the shipping capacity on the European route remained relatively high, and the shipping capacity on the Shanghai - US East and West routes increased significantly compared to the previous month. The monthly average weekly capacity on the Shanghai - European route in June was about 280,000 TEU, and the capacity in weeks 23/24/25/26/27 was 292,400/267,500/301,800/275,000 TEU, an increase of over 20% compared to the same period last year. The monthly average weekly capacity in July was 261,000 TEU. The weekly average capacity on the Shanghai - US East and West routes in June was 334,000 TEU, 243,400 TEU in May, and 305,000 TEU in July [2]. 3.4 Supply Chain - No specific analysis content provided in the given text, only figure references such as global container ship capacity congestion ratio, global container ship congestion capacity, ship speeds of different tonnages, and the number of container ships passing through major canals [49][53][58]. 3.5 Demand and European Economy - No specific analysis content provided in the given text, only figure references such as port container throughput, EU 27 industrial production index, EU 27 imports from China, euro - area consumer confidence index, and China's export volume to the EU [69][70][77].