Core Viewpoint - The company is actively pursuing green and low-carbon development trends in the shipping industry by commissioning the construction of six Newcastle-type bulk carriers to enhance its operational capabilities and align with its strategic development plan [5][6][7]. Meeting Guidelines - The board of directors emphasizes the importance of protecting shareholders' rights and ensuring the orderly conduct of the meeting [1][2]. - A secretariat will be established to handle meeting affairs, and shareholders must register in advance to speak [2][3]. - Voting will be conducted through a combination of on-site and online methods, with specific time frames for participation [3][8]. Agenda Items - The first proposal involves the construction of six 210,000-ton Newcastle-type bulk carriers at a total cost of 316.8 million RMB, aimed at meeting customer demands and enhancing the company's asset scale and quality [5][6][7]. - The second proposal seeks to change the company's registered capital due to share buybacks, reducing it from 13,573,299,906 RMB to 13,356,617,112 RMB [9][10]. - The third proposal involves the cancellation of the supervisory board and amendments to the company's governance documents in accordance with new regulations [10]. - The fourth proposal is to revise the working guidelines for independent non-executive directors to align with updated legal requirements [10]. - The fifth proposal outlines a plan for the company to repurchase A-shares to enhance investor confidence, with a budget of 40 to 80 million RMB [11][12][13]. Financial Impact - The company plans to finance the construction of the new bulk carriers through its own funds and bank loans, with no significant short-term impact on its financial status anticipated [7][8]. - The share repurchase aims to align market price with intrinsic value, with a maximum repurchase price set at 3.81 RMB per share [12][13][14].

Group 1 - The company plans to provide a guarantee for its wholly-owned subsidiary Shanghai Huatai Shipping Co., Ltd. to secure a credit line of 10 million yuan from Bank of China [1][6] - The guarantee is necessary due to Shanghai Huatai's asset-liability ratio exceeding 70%, requiring approval from the shareholders' meeting [1][6] - The board believes that this guarantee will support the subsidiary's business operations and is within the company's risk control capabilities [6][7] Group 2 - Shanghai Huatai Shipping Co., Ltd. has a registered capital of 30 million yuan and reported a net asset of 63.61 million yuan with a revenue of 395.53 million yuan and a net loss of 44.28 million yuan for 2024 [2][6] - The company has a total external guarantee amount of 40 million yuan, which does not include this new guarantee, representing 10.9% of the latest audited net assets [7]

Meeting Information - The company will hold its first extraordinary general meeting of shareholders in 2025 on September 22, 2025, at 14:30 [2] - Network voting will be available from 9:15 to 15:00 on the same day through the Shenzhen Stock Exchange trading system and the internet voting system [2][3] Voting Procedures - Shareholders can choose either on-site voting or network voting, but not both [3] - The record date for shareholders eligible to attend the meeting is September 17, 2025 [3] - Shareholders must register to attend the meeting, either in person or via proxy [4][5] Meeting Agenda - The specific agenda items for the meeting will be detailed in the announcements published on September 5, 2025 [3] - The proposals will include significant matters affecting minority investors, and votes from these investors will be counted separately [4] Registration and Attendance - Shareholders attending the meeting must provide identification and proof of shareholding [5] - Corporate shareholders must present additional documentation, including a business license [5] Voting Process Details - Detailed instructions for participating in network voting are provided in an attachment [6] - Voting will be conducted in a manner where the first valid vote will be considered final [6][7]

Core Insights - The article highlights the innovative "On-time Container Shipping Cost Reduction" plan implemented by Ningbo-Zhoushan Port, which aims to enhance global port supply chain efficiency by breaking the traditional "first come, first served" model for ship docking [1][3]. Group 1: Challenges in the Shipping Industry - Ningbo-Zhoushan Port, located at a critical junction of maritime routes, faces operational efficiency demands due to its status as a major international hub [2]. - The default rule of "full speed ahead, first come, first served" leads to inefficiencies, causing ships to wait for docking due to berth shortages, resulting in wasted resources such as manpower and fuel [2]. - Lack of information sharing between ports and shipping companies creates barriers to efficient logistics, preventing the establishment of precise shipping schedules akin to high-speed rail [2]. Group 2: Solutions and Innovations - The "On-time Container Shipping Cost Reduction" plan involves cross-departmental and cross-port collaboration to streamline ship traffic management and improve operational efficiency [3][4]. - An information platform has been developed to connect major container ports, allowing for the advance scheduling of ship arrivals and departures, which enhances planning and reduces waiting times [3][4]. - The initiative aims to create a comprehensive shipping schedule that is precise to the minute, significantly improving the efficiency of port operations [3][4]. Group 3: Results and Impact - The plan has led to substantial cost savings for shipping companies, with significant reductions in fuel consumption and improved service reliability [5][6]. - Participating shipping companies have reported increased market share and customer satisfaction due to enhanced schedule stability and reduced waiting times [5][6]. - As of now, 11 major container ports and 14 shipping companies have joined the initiative, collectively saving over 17,000 hours of waiting time and reducing fuel consumption by 48,000 tons, which corresponds to a decrease in carbon emissions by 156,000 tons [6].

Core Viewpoint - The Yangtze River Maritime Safety Administration has made significant progress in preventing water pollution from vessels along the Yangtze River, achieving near-complete compliance in the collection of ship-generated pollutants [1][2] Group 1: Pollution Prevention Measures - Nearly 3,300 fixed reception facilities and 183 mobile reception vessels have been established along the Yangtze River, ensuring full coverage for pollutant reception at ports and anchorages [1] - The implementation of a "zero discharge" model has led to the electronic sealing of wastewater discharge pipelines for 35,447 vessels, achieving a sealing rate of 99.9% for departing vessels, effectively blocking illegal discharge channels [1] Group 2: Environmental and Economic Benefits - The "zero discharge" model has resulted in centralized onshore disposal of ship-generated pollutants, significantly reducing illegal discharges into the river [1] - This model has not only lowered the pollution control costs for vessels but also decreased fuel consumption and greenhouse gas emissions, creating a win-win situation for ecological, economic, and social benefits [1] Group 3: Regulatory Enhancements - The Yangtze River Maritime Safety Administration has launched a regulatory and service information system for hazardous chemical vessel washing operations, covering 12 washing stations, 214 shipping companies, and 219 cargo owner enterprises, effectively preventing the illegal discharge of washing water into the Yangtze River [2] - From January to August this year, a total of 52.6 million tons of ship-generated pollutants have been received, indicating that compliance in pollutant disposal has been largely achieved [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Spot freight rates are continuously falling, near - month contracts are declining, and the market is in the bottom - building process with large recent fluctuations. It is not recommended to increase positions, and stop - losses should be set [2]. - Amid geopolitical conflicts and tariff uncertainties, the game is difficult. It is recommended to participate with light positions or stay on the sidelines. [5] 3. Summary According to Relevant Content Freight Rate Index - On September 1, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1773.60 points, down 10.9% from the previous period; for the US West route, it was 1013.90 points, down 2.6% from the previous period [3]. - On August 29, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1098.17 points, up 6.02% from the previous period; the NCFI for the European route was 929.56 points, down 14.23% from the previous period; for the US West route, it was 1396.85 points, up 44.97% from the previous period [3]. - On August 29, the Shanghai Export Container Freight Index (SCFI) was 1445.06 points, up 29.70 points from the previous period; the SCFI for the European route was 1481 USD/TEU, down 11.21% from the previous period; for the US West route, it was 1923 USD/FEU, up 16.97% from the previous period [3]. - On August 29, the China Export Container Freight Index (CCFI) (composite index) was 1156.32 points, down 1.6% from the previous period; for the European route, it was 1685.80 points, down 4.1% from the previous period; for the US West route, it was 774.39 points, down 3.1% from the previous period [3]. Economic Data - The preliminary value of the Eurozone's manufacturing PMI in August was 50.5, the service PMI was 50.7, and the composite PMI was 51.1, with the composite PMI rising for three consecutive months and reaching the highest since May 2024 [3]. - China's manufacturing PMI in August was 49.4%, up 0.1 percentage points from the previous month; the composite PMI output index was 50.5%, up 0.3 percentage points from the previous month [4]. - The preliminary values of the US S&P Global manufacturing PMI and Markit manufacturing PMI in August were both 53.3, reaching a 39 - month high; the service PMI was 55.4 [4]. Market Strategy - Short - term strategy: For risk - takers, it is recommended to take a light - position trial long at around 1300 for the 2510 contract and increase positions at around 1600 for the 2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [5]. - Arbitrage strategy: Given the volatile international situation, it is recommended to stay on the sidelines or make light - position attempts [5]. - Long - term strategy: It is recommended to take profits when the contracts rise, wait for the correction to stabilize, and then judge the subsequent direction [5]. Contract Information - On September 4, the main contract 2510 closed at 1300.7, down 1.77%, with a trading volume of 25,800 lots and an open interest of 50,000 lots, a decrease of 1983 lots from the previous day [5]. - The daily limit for contracts from 2508 to 2606 is adjusted to 18%, the company's margin is adjusted to 28%, and the daily opening limit for all contracts from 2508 to 2606 is 100 lots [5]. Geopolitical Events - On September 4, the Houthi armed forces launched a military operation against Israel, targeting Ben - Gurion International Airport near Tel Aviv with a "Zulfiqar" ballistic missile, which hit the target [5]. - On September 3, the Israeli Defense Forces and the Shin Bet announced that they had killed a leader of the "Jihad Brigades" in the Gaza Strip [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Spot freight rates are continuously declining, near - month contracts are falling, and the market is in the bottom - building process with large recent fluctuations. It is not recommended to increase positions, and stop - losses should be set [2]. - Amid geopolitical conflicts and tariff uncertainties, the game is difficult. It is recommended to participate with light positions or stay on the sidelines [5]. 3. Summary by Related Content Market Data - On September 1, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1773.60 points, down 10.9% from the previous period; for the US - West route, it was 1013.90 points, down 2.6% from the previous period. On August 29, the Ningbo Export Container Freight Index (NCFI) composite index was 1098.17 points, up 6.02% from the previous period; the NCFI for the European route was 929.56 points, down 14.23% from the previous period; for the US - West route, it was 1396.85 points, up 44.97% from the previous period [3]. - On August 29, the Shanghai Export Container Freight Index (SCFI) announced price was 1445.06 points, up 29.70 points from the previous period; the SCFI European line price was 1481 USD/TEU, down 11.21% from the previous period; the SCFI US - West route was 1923 USD/FEU, up 16.97% from the previous period. The China Export Container Freight Index (CCFI) composite index was 1156.32 points, down 1.6% from the previous period; the CCFI for the European route was 1685.80 points, down 4.1% from the previous period; for the US - West route, it was 774.39 points, down 3.1% from the previous period [3]. - On September 4, the main contract 2510 closed at 1300.7, down 1.77%, with a trading volume of 25,800 lots and an open interest of 50,000 lots, a decrease of 1983 lots from the previous day [5]. Economic Indicators - The preliminary value of the Eurozone's manufacturing PMI in August was 50.5 (forecast 49.5, previous value 49.8), the preliminary value of the service PMI was 50.7 (forecast 50.8, previous value 51), and the preliminary value of the composite PMI rose to 51.1, higher than 50.9 in July, the highest since May 2024 and higher than the expected value of 50.7. The Eurozone's Sentix investor confidence index in August was - 3.7 (expected 8, previous value 4.5) [3]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, and the comprehensive PMI output index was 50.5%, up 0.3 percentage points from the previous month [4]. - The preliminary value of the US S&P Global manufacturing PMI in August was 53.3 (forecast 49.5, previous value 49.8), the preliminary value of the service PMI was 55.4 (forecast 54.2, previous value 55.7), and the preliminary value of the Markit manufacturing PMI was 53.3, the highest since May 2022 (expected 49.7, previous value 49.8) [4]. Trade and Geopolitical Situation - Sino - US tariffs are still extended, and there is no substantial progress in the negotiation. The tariff war has evolved into a trade negotiation issue between the US and other countries, and the spot price has slightly decreased [5]. - On September 4, the Houthi armed forces launched a military operation against Israel, targeting Ben - Gurion International Airport near Tel Aviv with a "Zulfiqar" ballistic missile, which hit the target. On September 3, the Israeli Defense Forces and the Shin Bet announced that they had killed a leader of the "Jihadist Brigade" in the Gaza Strip [5]. Trading Strategies - Short - term strategy: For risk - takers, it is recommended to lightly test long positions around 1300 for the 2510 contract and increase long positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [5]. - Arbitrage strategy: In the context of international situation turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to stay on the sidelines or try with light positions [5]. - Long - term strategy: It is recommended to take profits when the contracts rise and wait for the price to stabilize after a pull - back before judging the subsequent direction [5]. Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18%. - The company's margin for contracts 2508 - 2606 is adjusted to 28%. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [5].

II GERIK 投资咨询业务资格：证监许可【2012】31号 航运衍生品数据日报 | | | | | 二人八人 / / / / / / 00// 卢钊毅 | 投资咨询号： Z0021177 从业资格号:F03101843 | | 2025/9/5 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 数据来源：Clarksons、Wind | | | | | | | 运价指数 | 上海出口集装箱运价 | 中国出口集装箱运价 | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | | | 综合指数SCFI | 指数CCFI | | | | | | 를 | 现值 | 1445 | 1156 | 1923 | 1013 | 2866 | 1481 | | | 前値 | 1415 | 1175 | 1644 | 1041 | 2613 | 1668 | | 运 | 涨跌幅 | 2.10% | -1.58% | 16.97% | -2.69% | 9.68% | -11.21% | | 블 | | SCFIS-西北欧 ...

Report Industry Investment Rating No information provided regarding the report industry investment rating. Core Viewpoints - The freight rate center continues to decline, with the HMM price revised down to $1700/FEU. The 10 - month contract is under downward pressure, and short - allocation is relatively safe, but attention should be paid to the price level at which shipping companies try to stabilize prices. The 12 - month contract follows the off - peak and peak season pattern, but the risk lies in the bottom of the current freight rate decline. The main contract shows a weak and fluctuating trend, and it is advisable to short the 10 - month contract at high prices [1][4][5]. - 2025 is a major year for container ship deliveries, with 180 ships delivered so far, totaling 1.452 million TEU of capacity [7]. Summary by Directory 1. Futures Prices - As of September 4, 2025, the total open interest of all container shipping index European route futures contracts is 80,613 lots, and the daily trading volume is 37,244 lots. The closing prices of EC2602, EC2604, EC2606, EC2508, EC2510, and EC2512 contracts are $1518.70, $1247.80, $1443.00, $1607.40, $1300.70, and $1676.00 respectively [6]. 2. Spot Prices - Online quotes from various shipping companies show a general downward trend in freight rates. For example, Maersk's Shanghai - Rotterdam prices in weeks 37 and 38 have decreased, and many shipping companies' prices in September and October have also declined. The current 9 - month freight rate center has dropped to around $1900/FEU [1][4]. 3. Container Ship Capacity Supply - MSC and the Gemini Alliance have announced blank sailings during the Chinese Golden Week. In September, there are 3 blank sailings, and in October, there are 10 blank sailings and 7 TBNs. HPL has announced two additional ships in October, with a total capacity of about 11,500 TEU. As of August 31, 2025, 180 container ships have been delivered in 2025, with a total capacity of 1.452 million TEU [3][7]. 4. Supply Chain - Geopolitical factors, such as the Israeli military's actions in Gaza, may affect the shipping supply chain. The Israeli military is expanding its operations in Gaza, which may lead to potential impacts on shipping routes and trade [2]. 5. Demand and European Economy - The US NRF estimates that the demand for container imports in the US from September to December 2025 will decline by about 20% compared to the same period in 2024. The demand in the US line is weak, and if ships from the US line are transferred to the European line in the fourth quarter, it may put pressure on European line prices [5].

Report Summary 1. Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints - The overall pattern in September is loose, and the driving force is weak for at least the next two weeks. The decline in October depends on shipping companies' suspension of voyages, but the valuation is close to the annual low (1250 - 1300), with limited downside space. - The December contract follows the downward trend in the short - term, but considering the peak season and long - term contract negotiation season, investors can look for low - buying opportunities [1]. 3. Summary by Related Content EC Futures Contract Information | Contract | Yesterday's Closing Price | Change (%) | Basis | Yesterday's Trading Volume | Yesterday's Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | | EC2510 | 1300.7 | - | 472.9 | 25760 | 49963 | -1983 | | EC2512 | 1676.0 | -1.48 | 97.6 | 9231 | 16447 | 61 | | EC2602 | 1518.7 | -1.00 | 254.9 | 1479 | 5653 | -122 | | EC2604 | 1247.8 | -0.53 | 525.8 | 645 | 7306 | - | | EC2606 | 1443.0 | - | 330.6 | 87 | - | -15 | [1] Month - to - Month Spread Information | Month Spread | Previous Day | Two Days Ago | Three Days Ago | Day - on - Day Change | Week - on - Week Change | | --- | --- | --- | --- | --- | --- | | EC2510 - 2512 | -375.3 | -378.2 | -392.8 | - | -7.6 | | EC2512 - 2602 | 157.3 | 167.2 | 183.4 | - | 2.7 | [1] Index Information | Index | Update Frequency | Announcement Date | Unit | Current Period | Previous Period | Current Period Change | Previous Period Change | | --- | --- | --- | --- | --- | --- | --- | --- | | - | Weekly | 2025/9/1 | Points | 1773.6 | 1990.20 | -10.88% | -8.71% | | SCFI (European Line) | Weekly | 2025/8/29 | USD/TEU | 1481 | 1668 | -11.21% | -8.5% | | CCFI (European Line) | Weekly | 2025/8/29 | Points | 1685.8 | 1757.74 | -4.09% | -1.83% | | NCFI (European Line) | Weekly | 2025/8/29 | Points | 929.56 | 1083.74 | -14.23% | -8.83% | [1] Shipping Capacity Information - As of 9/4 update, during the National Day holiday (week40 - 41), the shipping capacity will be reduced to 310,000 and 237,000 TEU respectively. The weekly average in October is 289,000 TEU. After considering all TBN as suspended voyages, the shipping capacity in September and October is 296,000 and 260,000 TEU respectively [2]. Recent European Line Quotation Information - Week37: The average quotation is 2100 US dollars (equivalent to 1450 points). MSK quoted 1900 US dollars (later rose to 1950), PA 2100 - 2150, OA 2100 - 2300. - Week38: The average quotation is 1870 US dollars (equivalent to 1300 points). MSK quoted 1700 US dollars (later rose to 1740), PA&MSC 1800 - 2000, OA 1850 - 2020. - On Wednesday, YML quoted 1800 US dollars for the second half of September and the first half of October offline. - On Thursday, CMA reduced the price by 200 to 2220 US dollars, HPL by 200 to 1735, OOCL by 100 to 1850. EMC quoted 1900 US dollars offline, and HMM quoted 1900 (1700 for one route) [3].