1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Overseas: The US macro - fundamentals are stable, but political pressure on the Fed has pushed up market expectations of interest - rate cuts. There are still tail risks such as sticky service inflation, tariff shocks, and concerns about Fed independence. The overseas liquidity is expected to expand in the next 1 - 2 quarters, entering a "loose expectation + weak dollar" repair channel, which may support the recovery of total demand [7]. - Domestic: Market expectations for corporate profit margins have improved, and the "anti - involution" has promoted the continued improvement of mid - stream profits in July. Real - estate policies in first - tier cities have been relaxed, with a relatively weak overall intensity, aiming to support developer liquidity. After important events in early September, China may enter the verification period of the seasonal peak of fixed - asset investment and consumption, and the fundamentals may have a greater impact on asset pricing, especially for short - duration commodity assets [7]. 3. Summary by Directory 3.1 Macro Highlights - Overseas Macro: The US macro - fundamentals are stable, but political pressure on the Fed has reached a new high, pushing up market expectations of interest - rate cuts. The willingness of US consumers to buy real estate, cars, and household durables fluctuates widely at a low level, and real salary growth is flat. There are still tail risks [7]. - Domestic Macro: Market expectations for corporate profit margins have improved, and the "anti - involution" has affected the profit distribution among industries. In the real - estate sector, first - tier cities have introduced policies to relax restrictions, with a relatively weak overall intensity and more relaxation in suburban new homes in core cities [7]. - Asset Views: Short - term market volatility may increase in early September in China. After important events, the fundamentals may play a more important role in asset pricing. Overseas, liquidity will expand in the next 1 - 2 quarters, and non - US dollar assets are worth attention [7]. 3.2 Viewpoint Highlights 3.2.1 Financial - Stock Index Futures: Market sentiment is ebbing, and it is expected to fluctuate upwards, with attention paid to the decline of incremental funds [8]. - Stock Index Options: Continue the hedging and defensive strategy, and the market is expected to be volatile, with attention paid to the deterioration of option market liquidity [8]. - Treasury Bond Futures: The stock - bond seesaw is playing out again, and the market is expected to be volatile, with attention paid to factors such as unexpected tariffs, supply, and monetary easing [8]. 3.2.2 Precious Metals - Gold/Silver: The US interest - rate cut cycle may restart in September, and the market is expected to fluctuate upwards, with attention paid to the US fundamentals, Fed monetary policy, and global equity market trends [8]. 3.2.3 Shipping - Container Shipping to Europe: The peak season in the third quarter is fading, and the market is expected to be volatile, with attention paid to the rate of freight - rate decline in September [8]. 3.2.4 Black Building Materials - Steel: The market is weak, and it is expected to be volatile, with attention paid to the issuance progress of special bonds, steel exports, and hot - metal production [8]. - Iron Ore: The hot - metal production is decreasing, and the price is expected to fluctuate, with attention paid to overseas mine production and shipment, domestic hot - metal production, weather, port inventory, and policy dynamics [8]. - Coke: The bearish sentiment is growing, and the market is expected to be volatile, with attention paid to steel - mill production, coking costs, and macro - sentiment [8]. - Coking Coal: Many coal mines stopped production yesterday, and the market is expected to be volatile, with attention paid to steel - mill production, coal - mine safety inspections, and macro - sentiment [8]. - Ferrosilicon: The futures price is at a low level, and it is expected to be volatile, with attention paid to raw - material costs and steel tenders [8]. - Manganese Silicon: The cost support is insufficient, and the futures price is expected to be weak, with attention paid to cost prices and overseas quotes [8]. - Glass: The mid - stream inventory is high, and the price is expected to fluctuate, with attention paid to spot sales [8]. - Soda Ash: The production is increasing, and the inventory may accumulate again, and the market is expected to be volatile, with attention paid to soda - ash inventory [8]. - Copper: China and the US have extended the tariff suspension, and the copper price is expected to fluctuate at a high level, with attention paid to supply disruptions, domestic policies, Fed policies, and domestic demand recovery [8]. - Alumina: The spot market is weakly stable, and the warehouse receipts are increasing, and the market is expected to be under pressure, with attention paid to ore复产, electrolytic - aluminum复产, and extreme market trends [8]. - Aluminum: The social inventory is slightly accumulating, and the aluminum price is expected to fluctuate at a high level, with attention paid to macro - risks, supply disruptions, and demand [8]. 3.2.5 Non - ferrous Metals and New Materials - Zinc: The prices of black - series products have fallen, and the zinc price is expected to decline while fluctuating, with attention paid to macro - risks and zinc - ore supply [8]. - Lead: The consumption situation is unclear, and the lead price is expected to decline while fluctuating, with attention paid to supply - side disruptions and battery exports [8]. - Nickel: Market sentiment is fluctuating, and the nickel price is expected to fluctuate widely, with attention paid to macro and geopolitical changes, Indonesian policies, and supply release [8]. - Stainless Steel: The price of ferronickel is rising, and the stainless - steel futures price is expected to decline, with attention paid to Indonesian policies and demand growth [8]. - Tin: The raw - material supply is still tight, and the tin price is expected to fluctuate at a high level, with attention paid to the复产 expectations in Wa State and demand improvement [8]. - Industrial Silicon: Coal prices are fluctuating, and the silicon price is expected to rise while fluctuating, with attention paid to supply - side production cuts and photovoltaic installations [8]. - Lithium Carbonate: The multi - empty game continues, and the price is expected to fluctuate widely, with attention paid to demand, supply disruptions, and new technological breakthroughs [8]. 3.2.6 Energy and Chemicals - Crude Oil: Concerns about production increases have resurfaced, and the oil price is expected to decline while fluctuating, with attention paid to OPEC+ production policies and the Middle - East geopolitical situation [10]. - LPG: The valuation repair is over, and the market is expected to be volatile, with attention paid to cost - end developments such as crude oil and overseas propane [10]. - Asphalt: Crude - oil prices are fluctuating, and the upward trend of asphalt has slowed down, and the market is expected to decline, with attention paid to sanctions and supply disruptions [10]. - High - Sulfur Fuel Oil: The futures price is fluctuating, and the market is expected to be volatile, with attention paid to geopolitics and crude - oil prices [10]. - Low - Sulfur Fuel Oil: It follows the crude - oil market, and the price is expected to decline while fluctuating, with attention paid to crude - oil prices [10]. - Methanol: Port inventory is accumulating, and the olefin market is declining, and the market is expected to be volatile, with attention paid to macro - energy and upstream - downstream device dynamics [10]. - Urea: The domestic supply - demand is relatively loose, waiting for the recovery of autumn demand and export release, and the market is expected to be volatile, with attention paid to actual export implementation [10]. - Ethylene Glycol: The low - inventory fundamentals and macro - sentiment are in a game, and the downward support is strong, and the market is expected to be volatile, with attention paid to coal and oil prices, port - inventory rhythm, and unexpected device shutdowns [10]. - PX: The market atmosphere has cooled, and the upward support is insufficient, and the market is expected to be volatile, with attention paid to crude - oil fluctuations, macro - changes, and the peak - season demand [10]. - PTA: The terminal market atmosphere has cooled slightly, but the tight supply - demand still supports the price, and the market is expected to be volatile, with attention paid to crude - oil fluctuations, macro - changes, and the peak - season demand [10]. - Short - Fiber: The downstream is观望, and the peak - season performance needs to be verified, and the market is expected to be volatile, with attention paid to downstream yarn - mill purchasing and unexpected device production cuts [10]. - Bottle Chip: Mainstream large - scale manufacturers continue to reduce production, and the market is expected to be volatile, with attention paid to unexpected production increases and overseas export orders [10]. - Propylene: It follows the PP market in the short term, and the market is expected to be volatile, with attention paid to oil prices and domestic macro - situation [10]. - PP: The pressure of new production capacity is increasing, and the market is expected to be weakly volatile, with attention paid to oil prices and domestic and overseas macro - situations [10]. - Plastic: The oil price is falling, and the plastic price is expected to decline while fluctuating, with attention paid to oil prices and domestic and overseas macro - situations [10]. - Styrene: The commodity sentiment has improved, and the market is expected to be volatile, with attention paid to oil prices, macro - policies, and device dynamics [10]. - PVC: The weak reality suppresses the market, and the PVC price is expected to be weakly volatile, with attention paid to expectations, costs, and supply [10]. - Caustic Soda: The spot rebound has slowed down, and the market is expected to be volatile, with attention paid to market sentiment, production, and demand [10]. 3.2.7 Agriculture - Oils and Fats: The market is continuously adjusting, and it is expected to be volatile, with attention paid to US soybean weather and Malaysian palm - oil production and demand data [10]. - Protein Meal: The protein - meal price is fluctuating narrowly, and it is expected to be volatile, with attention paid to US soybean weather, domestic demand, macro - situation, and trade wars [10]. - Corn/Starch: The replenishment is over, and the market is expected to be weak, with attention paid to demand, macro - situation, and weather [10]. - Live Pigs: The demand support is insufficient, and the price is expected to remain low, with attention paid to breeding sentiment, epidemics, and policies [10]. - Rubber: The short - term driving force is not obvious, and the market is expected to be range - bound, with attention paid to production - area weather, raw - material prices, and macro - changes [10]. - Synthetic Rubber: The market is expected to be range - bound, with attention paid to crude - oil fluctuations [10]. - Pulp: The spot trading is light, and the core driving force of pulp futures is difficult to determine, and the market is expected to be volatile, with attention paid to macro - economic changes and US - dollar - based quotes [10]. - Cotton: The cotton price has support, but the upward driving force is insufficient, and the market is expected to be volatile, with attention paid to demand and inventory [10]. - Sugar: The sugar price continues to decline, and the market is expected to be volatile, with attention paid to imports [10]. - Logs: The spot price is falling, and the market is expected to be weakly volatile, with attention paid to shipment volume and transportation volume [10].

9月5日，记者从海南国际船舶登记管理局获悉，该局已完成"祥泰口" 轮光船租赁登记及临时国籍登记，标志着全国首艘享受"零关税"光租进口政策的船 舶正式入列"中国洋浦港"，海南自贸港航运政策红利实现再升级。 此次"祥泰口"轮的成功登记，为境外高端运力"引进来"提供了新的示范样本，进一步丰富了"中国洋浦港"船队高端船型结构，提升了海南自贸港在国际航 运市场的影响力。海南国际船舶登记管理局相关负责人表示，未来将持续锚定"服务便利化、管理法治化、发展国际化"的战略目标"，对标国际先进航运 管理经验，不断优化船舶登记服务流程，深化跨部门协同合作，确保"中国洋浦港"船籍港政策精准落地，持续吸引更多国际船舶集聚，为海南自贸港航运 产业高质量发展赋能，助力海南加快建成国际航运枢纽。 来源：中国水运网 作者：全媒记者 龙巍 通讯员 李芳草 责编：缪世雄 作为此次政策落地的"首航者"，"祥泰口"轮为无限航区自航半潜船，总长231.8米、总吨4.71万，配备先进双电力推进系统，主机功率达12000千瓦，可运 载超大重量、超大尺寸的海上大型平台、工程结构物、模块化装备及各类船舶，是深海工程与远洋运输领域的关键装备。该轮从利比里亚光船租 ...

Group 1 - The core viewpoint of the article highlights that COSCO Shipping Energy (01138) has seen a significant stock price increase of 6.34%, reaching HKD 7.71, with a trading volume of HKD 80.81 million [1] - Eight OPEC+ countries are set to hold an online meeting to decide on oil production for October, with potential plans to withdraw approximately 1.65 million barrels per day from production cuts, which represents 1.6% of global demand, ahead of the original schedule by over a year [1] - Huayuan Securities anticipates a notable improvement in the oil transportation market's outlook by Q4 2025 due to the accelerated increase in OPEC+ production [1] Group 2 - Bank of America Securities reports that COSCO Shipping Energy's operational performance in the first half of the year met expectations, with net profit exceeding forecasts primarily due to one-time gains [1] - The bank has raised its profit forecasts for 2025 to 2027, reflecting the favorable conditions for the crude oil tanker market resulting from OPEC+ production increases and tightening U.S. sanctions [1] - The bank maintains a "Buy" rating on the company, viewing it as a major beneficiary of the tanker market recovery, and believes that the current valuation does not fully reflect the expected return on equity for shareholders in 2025 to 2026 [1]

Group 1 - Zhongyuan Shipping (01138) saw a stock increase of over 6%, reaching HKD 7.71 with a trading volume of HKD 80.81 million [1] - Eight OPEC+ countries are set to hold an online meeting to decide on October's oil production, with potential plans to withdraw approximately 1.65 million barrels per day from current cuts, equating to 1.6% of global demand, ahead of the original schedule by over a year [1] - Huayuan Securities anticipates a significant improvement in the oil shipping market's outlook by Q4 2025 due to the acceleration of OPEC+ production increases [1] Group 2 - Bank of America reported that Zhongyuan Shipping's operational performance in the first half of the year met expectations, with net profit exceeding forecasts primarily due to one-time gains [1] - The bank has raised its profit forecasts for 2025 to 2027, reflecting favorable conditions for the crude oil tanker market due to OPEC+ production increases and tightening U.S. sanctions [1] - The bank maintains a "buy" rating, suggesting that Zhongyuan Shipping will be a major beneficiary of the tanker market recovery, and believes that the current valuation does not fully reflect the expected shareholder return rates for 2025 to 2026 [1]

Core Insights - Wah Kwong Shipping and NatPower Marine have formed a joint venture, Wah Kwong NatPower Holdings, to develop and operate shore power networks in Asia, aiming to accelerate the decarbonization of the shipping industry [1][2][4] Joint Venture Goals and Layout - The joint venture will focus on the electrification of Hong Kong waters and gradually expand to the Greater China market, ultimately covering major ports across Asia with shore power networks [2][6] - WK NatPower will provide integrated shore power solutions for vessels, including power supply during port stays and charging services for nearshore electric vessels, facilitating the shipping industry's transition to electrification and decarbonization [2][6] Leadership Insights and Industry Outlook - Wah Kwong's Executive Chairman emphasized the importance of diversifying decarbonization solutions to meet industry needs, while NatPower Marine's CEO highlighted the significance of Asian ports in global trade and climate change response [4][6] - NatPower's CEO stated that the collaboration aims to develop systems powered by renewable energy to drive decarbonization in the global shipping industry [4][6] Development of Clean Charging Corridors in Asia - The first project of WK NatPower is set to launch in 2026, focusing on ferry hubs, container terminals, and cruise markets in Asia, with plans to establish shore power infrastructure in over 30 ports by 2030 [6][7] - The initiative aims to create Asia's first clean charging corridor network at sea, integrating with a global network over time [6][7] Global Clean Energy Investment Plan - NatPower Marine has initiated a £10 billion (approximately HKD 104 billion) global clean energy investment plan, targeting the deployment of shore power systems and large-capacity charging infrastructure in 120 ports worldwide by 2030 [7] - This plan supports the shipping industry's compliance with stringent regulations from the International Maritime Organization regarding carbon intensity and emissions control [7] Company Background - Wah Kwong Shipping, established in 1952 and headquartered in Hong Kong, is a prominent shipowner with a global presence, actively promoting decarbonization and technological innovation [8][9] - Wah Kwong NatPower aims to integrate Wah Kwong's shipping resources with NatPower's renewable energy expertise to invest in and develop electrification infrastructure in Asia [9]

Meeting Information - The second extraordinary general meeting of shareholders for 2025 will be held on September 26, 2025, at 10:30 AM [1] - The meeting will take place at Taiziwan Haina Warehouse, No. 5, Cruise Avenue, Wuwan Community, Nanshan District, Shenzhen [1] - Shareholders can vote through the Shanghai Stock Exchange's online voting system from 9:15 AM to 3:00 PM on the same day [1][2] Voting Procedures - Voting will be conducted via both on-site and online methods [3] - Shareholders must register to vote, with registration open from September 5 to September 25, 2025 [5] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts [4] Agenda Items - The meeting will review several proposals, including amendments to the company's articles of association and various governance rules [2][3] - Specific proposals were disclosed on August 28, 2025, and include the 2025 revised version of the company's articles of association [2][3] Attendance Requirements - Only shareholders registered by the close of trading on the record date of September 19, 2025, are eligible to attend [4] - Shareholders may appoint proxies to attend and vote on their behalf [5][6] Contact Information - For inquiries, shareholders can contact the board office at 0755-88237361 [6]

Core Viewpoint - The companies are focusing on their respective market segments and do not plan to integrate their operations despite investor inquiries about potential consolidation [1] Group 1: Company Performance - In the first half of 2025, China Merchants Energy Shipping achieved a revenue of 2.772 billion yuan, a year-on-year decrease of 21.43%, and a net profit attributable to shareholders of 570 million yuan, down 53.28% [1] - The decline in performance is attributed to a significant drop in international refined oil freight rates and a decrease in asset disposal income [1][2] Group 2: Strategic Initiatives - China Merchants Energy Shipping plans to focus on building a global fleet primarily consisting of MR (Medium Range) vessels, with LR (Long Range) vessels as a supplement, to enhance its operational capabilities [2] - The company aims to consolidate its presence in the Far East and upgrade its fleet while establishing a global operational base to withstand cyclical fluctuations [2] Group 3: Shareholder Returns - The company announced a share repurchase plan, intending to buy back shares worth no less than 250 million yuan and no more than 400 million yuan, to reduce registered capital [2] - Due to historical losses and a negative retained earnings situation, the company is currently unable to distribute cash dividends, leading to the decision to repurchase shares instead [2] - Since 2020, the company has executed share buybacks three times, totaling 222 million shares and utilizing 550 million yuan in repurchase funds [2]

Summary of Haitong Development Conference Call Company Overview - Haitong Development is a leading private shipping company in China, ranked 7th in terms of carrying capacity, with 4.84 million deadweight tons as of the end of May 2025 [2][3] - The founder, Zeng Erbin, directly and indirectly controls nearly 70% of the company's shares [2] Core Business Insights - The company has experienced rapid growth in carrying capacity, with a compound annual growth rate (CAGR) of 30% from 2019 to 2024 [2][4] - Haitong Development is expanding its fleet to include Panamax and Capesize bulk carriers, which now account for approximately 30% of its capacity [2][4] - The company's route network covers domestic routes in the Bohai Sea and Yangtze River Delta, as well as over 300 ports in more than 180 countries globally [2][5] - In 2024, overseas business revenue accounted for 65% of total revenue, with a gross profit margin of 92.5% [2][5] Financial Performance - The company's performance is highly correlated with the dry bulk market's conditions, achieving a peak profit of 670 million yuan in 2022 [2][6] - In the first half of 2025, profits significantly declined due to a 30% drop in the Baltic Dry Index (BDI) and costs associated with concentrated maintenance [2][6] - The company implements equity incentive plans and shareholder return plans, distributing at least 30% of distributable profits in cash over the next three years [6] Market Trends - The dry bulk market is transitioning from a recession to a recovery phase, with the average BDI from 2020 to the first half of 2025 increasing by 38% compared to the 2010-2019 average [2][7] - Supply growth is limited, with a significant decline in order volume since 2014, and only 10.4% of orders currently on hand [7] - Demand is closely linked to macroeconomic conditions, with potential growth driven by global mining capacity expansion and factors such as the Federal Reserve's interest rate cuts [8] Future Outlook - The dry bulk market is expected to recover, and Haitong Development's capacity expansion positions it for higher profit elasticity [9] - The company is projected to achieve net profits of 330 million yuan, 600 million yuan, and 750 million yuan from 2025 to 2027 [9] - Risks include macroeconomic downturns and supply excess, which could negatively impact performance [9]

近日，海南国际船舶登记管理局顺利完成"祥泰口"轮光船租赁登记及临时国籍登记， 标志着全国首艘享受"零关税"光租进口政策的船舶正式入列"中国洋 浦港"，海南自贸港航运政策红利实现再升级。 "祥泰口"轮为无限航区自航半潜船，总长231.8米、总吨4.71万，配备先进双电力推进系统，主机功率达1.2万千瓦，可运载超大重量、超大尺寸的海上大 型平台、工程结构物、模块化装备及各类船舶，是深海工程与远洋运输领域的关键装备。 据了解，该轮从利比里亚光船租赁进境后选择落户"中国洋浦港"，核心驱动力正是海南自贸港极具竞争力的航运政策。根据《海南自由贸易港"零关税"交 通工具及游艇管理办法》，该轮可免征船舶租金的进口关税及进口环节增值税，直接为企业节约成本超1000万元，大幅减轻运营压力，凸显海南自贸港对 国际航运资源的吸引力。 编辑：黄燕 来源：海南日报 监制：傅光锴 审核：刘晓香 高效服务是此次登记的另一大亮点。海南国际船舶登记管理局以企业需求为核心，创新推出"全流程提速"服务模式：第一时间指派"服务专员"对接，提前 开展"跨前服务"，量身定制转籍方案，逐项梳理政务办理事项、流程及要求；通过多轮沟通答疑，精准指导企业准备申请 ...

Core Viewpoint - The Yangpu Maritime Bureau has introduced 17 specific service measures to support the construction of an international shipping hub at Yangpu Port, focusing on enhancing the efficiency and safety of container shipping services [1][3]. Group 1: Service Measures - The measures target four core areas: navigation efficiency, port pool effectiveness, vessel operations, and emergency support [1]. - A 24-hour duty station has been established for navigation channel expansion projects to respond in real-time to construction and navigation needs [1]. - Continuous improvement of navigation aids is being implemented to enhance nighttime navigation safety and facilitate two-way navigation [1]. Group 2: Port Efficiency Enhancements - Regular clean-up operations for fishing vessels are being conducted to create "safe passages" for key container vessels [3]. - A "comprehensive service station" for crew members has been set up to address practical issues such as difficulties in disembarking and shopping [3]. - An innovative "one-on-one" dynamic tracking mechanism for container vessels has been introduced to ensure controllable navigation and berthing throughout the entire process [3]. Group 3: New Cargo Transport Guidelines - A service guide for the transportation of "new three types" of goods (new energy vehicles, lithium batteries, and photovoltaic products) has been developed, establishing a green channel for declarations [3]. - The government is implementing reforms such as "front window advancement + deficiency handling" to help enterprises reduce logistics costs and improve transportation efficiency [3]. Group 4: Port Expansion Capacity - The first phase of the Yangpu International Container Hub Port expansion project has completed 1,188 meters of berthing conditions, which will add a throughput capacity of 3 million standard containers upon completion [3].