中信建投表示，中国出口集装箱运输市场行情延续反弹走势，运输需求保持稳定，多数航线市场运价上 涨，带动综合指数上行。目前，包括MSK、MSC、达飞等多家船公司均已发布涨价通知，预计自11月1 日起，将对多条重要航线的运费进行上调。 华泰期货表示，同时关注近期中美谈判情况，若最终中美关税部分下调，将推动美线需求回暖，也将在 一定程度对欧洲航线价格形成一定支撑。 10月29日行情数据显示，欧线集运主力合约大涨超5%。 锦江航运：公司聚焦东南亚区域航线拓展，此前发布三季度业绩预告，预计三季报净利润11.70亿元至 12.00亿元，增长幅度为62.72%至66.89%。 宁波远洋：今年上半年，公司完成集装箱运输量311.7万TEU，同比增长21.8%；完成散货业务量1458万 吨，同比增长4.3%。公司三季报披露，净利润5.33亿元，同比去年增长31.61%。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 公司方面，据上市公司互动平台表示， ...

Group 1 - The core transaction of China COSCO Shipping Holdings occurred on October 29, with a volume of 1.3366 million shares and a transaction value of 17.7497 million yuan, at a price of 13.28 yuan, reflecting a discount of 10.51% compared to the closing price of the day [2][3] - The buyer was CITIC Securities Co., Ltd. Xi'an Weiyang Road Securities Business Department, while the seller was CITIC Jiantou Securities Co., Ltd. Yulin Fushi Road Securities Business Department [2][3] - Over the past three months, the stock has recorded a total of two block trades, with a cumulative transaction value of 129 million yuan [2] Group 2 - The closing price of China COSCO Shipping Holdings on the day of the transaction was 14.84 yuan, with an increase of 0.54%, and a turnover rate of 0.47% [2] - The total trading volume for the day was 886 million yuan, with a net inflow of main funds amounting to 84.5578 million yuan [2] - In the last five days, the stock has increased by 2.55%, with a total net inflow of funds amounting to 88.2984 million yuan [2] Group 3 - The latest margin financing balance for the stock is 4.435 billion yuan, which has decreased by 123 million yuan over the past five days, representing a decline of 2.70% [3]

1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - On Wednesday, the freight index (European line) futures prices rose significantly, with the main contract EC2512 up 5.08% and the far - month contracts up 1 - 4%. The latest SCFIS European line settlement freight index was 1312.71, up 172.33 points from last week, a 15.1% MoM increase. Spot index gains have expanded, potentially supporting short - term freight rate increases. Mainstream shipping companies have issued price increase notices for November, and Maersk's successful price support in mid - to - late October has boosted market confidence. The suspension of container handling at Rotterdam Port and the easing of the trade war situation, along with the substantial mitigation of geopolitical conflicts and the arrival of the fourth - quarter shipping peak season, have led to a rapid recovery in futures prices. However, the freight rate market is highly influenced by news, and futures prices are expected to fluctuate more severely. Investors are advised to be cautious, control risks, and track geopolitical, capacity, and cargo volume data [1]. 3. Summary by Relevant Catalogs 3.1 Futures Market Data - EC main contract closing price: 1871.000, up 90.5; EC second - main contract closing price: 1606, up 56.7 [1]. - EC2512 - EC2602 spread: 265.00, up 25.40; EC2512 - EC2604 spread: 676.60, up 51.00 [1]. - EC contract basis: - 558.29, down 82.70 [1]. - EC main contract open interest: 31906, up 3006 [1]. 3.2 Spot Market Data - SCFIS (European line) (weekly): 1312.71, up 172.33; SCFIS (US West Coast line) (weekly): 863.46, down 14.34 [1]. - SCFI (composite index) (weekly): 1403.46, up 93.14; Container ship capacity (10,000 TEUs): 1227.97, up 1.66 [1]. - CCFI (composite index) (weekly): 992.74, up 19.63; CCFI (European line) (weekly): 1293.12, up 25.21 [1]. - Baltic Dry Index (daily): 1950.00, up 26.00; Panamax Freight Index (daily): 1904.00, up 17.00 [1]. - Average charter price (Panamax ship): 17564.00, unchanged; Average charter price (Capesize ship): 23479.00, down 1512.00 [1]. 3.3 Industry News - The "15th Five - Year Plan" proposal was released, with economic growth in a reasonable range, improved total factor productivity, and other goals [1]. - On October 28, Japanese Prime Minister Kaoichi Sanae and US President Trump signed an agreement to promote Japan's $550 billion investment plan in the US, with $100 billion for Westinghouse Electric to build nuclear reactors [1]. - The US Senate failed to pass a procedural vote on the "2025 Fiscal Year Continuing Appropriations and Extension Act" for the 13th time, and the government shutdown will continue [1]. 3.4 Key Events to Watch - October 30, 02:00: US Fed interest rate decision (upper limit) as of October 29 [1]. - October 30, 14:30: France's preliminary Q3 GDP annual rate [1]. - October 30, 16:55: Germany's seasonally - adjusted unemployment rate in October [1]. - October 30, 17:00: Germany's preliminary unadjusted Q3 GDP annual rate [1]. - October 30, 18:00: Eurozone's preliminary Q3 GDP annual rate, September unemployment rate, and October industrial sentiment index [1]. - October 30, 21:00: Germany's preliminary October CPI monthly rate [1]. - October 30, 21:15: Eurozone's ECB deposit facility rate as of October 30 [1].

1. Market Analysis and Strategy Recommendations Market Analysis - The potential halving of Sino-US fentanyl tariffs boosted market sentiment, and the EC futures market continued to rise. On October 29, EC2512 closed at 1,871 points, up 4.62% from the previous day. The SCFI European line reported $1,246/TEU on October 24, up 8.8% month-on-month, and the latest SCFIS European line reported 1,312.71 points, up 15.11% month-on-month [5][6]. - Spot freight rates have risen significantly. The final settlement price of the EC2510 contract was 1,161.63 points. The Wall Street Journal reported that the US and China will discuss a trade framework to reduce US tariffs on Chinese goods, and the US may halve the fentanyl - related tariffs on China [6]. Logic Analysis - In terms of spot freight rates, the price difference among major shipping companies has widened again. Some shipping companies have lower SPOT prices due to cargo - collection pressure, but the spot price center is expected to gradually rise. For example, MSK's Shanghai - Rotterdam WK46 weekly quote decreased by $150 compared to last week, and it also released a PSS quote of $300/FEU for the Far East - Northern Europe route [7]. - Different shipping companies have different price quotes for November. It is expected that spot freight rates will gradually rise from November to December, and shipping companies may continue to raise prices. However, the implementation of price increases needs to be monitored [7]. - On the demand side, shipments are expected to improve from November to December, and the impact of possible tariff improvements on the shipment rhythm should be noted. On the supply side, the weekly average capacity of the Shanghai - Northern Europe 5 - port route will be 241,100/260,400/289,200 TEU in October, November, and December respectively, with a slight increase in December [7]. - Regarding Sino - US ship sanctions, there is an expectation of a reduction in port fees. The progress of the Palestine - Israel cease - fire agreement is tortuous and has recently escalated. The sentiment regarding fentanyl tariffs has eased, and the progress of subsequent negotiations should be followed [7]. Trading Strategy - Unilateral trading: For the EC2512 contract, long positions can be reduced and profits can be taken at high prices. The remaining positions can be rolled with a low - buying strategy. Attention should be paid to the Palestine - Israel negotiations, Sino - US tariff negotiations, and port congestion [8][10]. - Arbitrage: Hold a wait - and - see attitude [11]. 2. Industry News - The Wall Street Journal reported that if China takes action to cut the export of fentanyl chemicals, the US will halve the 20% fentanyl - related tariffs on Chinese goods (from 20% to 10%). The expected agreement may be adjusted depending on the meeting between the two sides [11]. - The Wall Street Journal reported that the US and China will lower the port fees imposed on each other [12]. - On October 28th, Hamas denied any connection with the attack on Israeli troops in Rafah, southern Gaza, and emphasized its commitment to the current cease - fire agreement. It also stated that the Israeli military's attacks violated the cease - fire agreement and called on mediators to pressure Israel to stop the violations [12]. - Market news reported that Israeli Prime Minister Netanyahu ordered the military to immediately launch an attack on Gaza [13]. 3. Market Data Futures Market - For different contracts such as EC2512, EC2602, etc., the report provides closing prices, price changes, price change percentages, trading volumes, trading volume change percentages, open interest, and open - interest change percentages [5]. - The report also presents the month - spread structure, including the price differences and their changes between different contracts [5]. Container Freight Rates - It provides the prices, month - on - month and year - on - year changes of various container freight rates, such as SCFIS European line, SCFIS US West line, SCFI comprehensive index, and container freight rates for different routes like Shanghai - West Africa, Shanghai - South Africa, etc. [5]. Fuel Costs - The prices, month - on - month and year - on - year changes of WTI and Brent crude oil near - month contracts are reported [5].

格隆汇10月29日丨招商轮船(601872.SH)发布三季报，2025年前三季度实现营业总收入193.1亿元，同比 增长0.07%；归属母公司股东净利润33亿元，同比下降2.06%；基本每股收益为0.41元。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 58.4 billion, a year-on-year increase of 27.9%, and a net profit attributable to shareholders of 5.0 billion, up 6.6% year-on-year, which is in line with expectations [1][3]. - The special ship transportation market in which the company operates has a characteristic of "small market, large leader," which mitigates the impact of single ship type market fluctuations on the company's operations [9]. - The company benefits from the expansion of Chinese industries overseas, leading to performance growth through capacity expansion, thus maintaining the "Buy" rating [1]. Summary by Sections Revenue and Profit Performance - In the first three quarters of 2025, the company recorded a revenue of 166.1 billion, a year-on-year increase of 37.9%, and a net profit of 13.3 billion, up 10.5% year-on-year. For the third quarter alone, revenue was 58.4 billion, with a year-on-year increase of 27.9%, and net profit was 5.0 billion, up 6.6%, which is basically in line with expectations [3][9]. Market Dynamics - The export volume of automobiles increased by 21.0% year-on-year, and excavator exports rose by 23.9%, indicating a sustained high prosperity in China's emerging industries going overseas. Despite a decline in freight rates for container and bulk shipping, the multi-purpose ship charter rates remained resilient, with a recorded rate of 21,100 USD/day for 21,000 dwt multi-purpose ships in the third quarter, unchanged year-on-year [9]. Financial Projections - The company plans to gradually exit the timber shipping market, leading to an asset impairment loss of 0.8 billion in the third quarter. This suggests that the actual operating performance may be better than reported. The projected net profits for 2025, 2026, and 2027 are 19.8 billion, 22.8 billion, and 23.5 billion, respectively, with corresponding PE ratios of 9.7, 8.4, and 8.2 times. Assuming a 50% dividend payout ratio, the expected dividend yields for 2025 to 2027 are 5.2%, 6.0%, and 6.1% [9].

现货价格：10月下旬马士基报价1800-1900，HPL报价1900、00CL报价2600，CMA报价2100，EMC报价2050、NSC报价 2050，YML提价1350，ONE报价1450; 11月上旬ISK排价2400，HEJ表价2500、CME提价2700，OOCJ报价降至2300，EMC 报价2700、MSC报价降至2250，YML报价2250，ONE报价2550，HMM报价1900。 投资咨询业务资格：证监许可【2012】31号 航运衍生品数据日报 国贸期货研究院 能源化工研究中心 投资咨询号: Z0021177 卢钉毅 2025/10/29 从业资格号: F03101843 数据来源：Clarksons、Wind 中国出口集装箱运价 上海H回集装箱运价 运价指数 SCFI-美西 SCFI-美东 SCFIS-美西 SCFI-西北欧 指数CCFI 综合指数SCFI 1107 1246 现值 1403 2153 3032 d 前值 1310 1145 1936 2853 973 862 涨跌幅 2.02% 6.27% 7.11% 11.21% 8.82% 28.42% SCFI-地中海 SCFIS-西 ...

招商轮船10月29日公告，2025年第三季度实现营业收入67.25亿元，同比增长10.95%；归属于上市公司 股东的净利润11.75亿元，同比增长34.75%；基本每股收益0.15元。前三季度实现营业收入193.1亿元， 同比增长0.07%；归属于上市公司股东的净利润33亿元，同比下降2.06%；基本每股收益0.41元。 ...

3Q25 业绩符合我们预期 公司公布前三季度业绩：实现收入42.68 亿元，同比-14.77%；归母净利润9.47 亿元，对应每股盈利0.20 元，同比-42.81%。 对应3Q25 公司实现收入14.97 亿元，同环比+1.10%/+7.05%，归母净利润3.77 亿元，同环 比-13.47%/+31.97%，公司三季度盈利符合我们预期。 三季度成品油运价环比上行，受益运价改善，3Q25 公司净利润率环比改善。2025 年6 月中旬-9 月中旬 （对应公司3Q25 区间盈利运价），TC7 航线运价均值为21,863 美元/天，同比-9.7%，环比+11.9%，MR 船太平洋航线综合运价均值为25,333 美元/天，同比+0.2%，环比+19.4%。受益于运价改善，3Q25 公司 净利润率实现25.2%，环比+4.8ppts，同比-4.2ppts。 盈利预测与估值 我们维持当前盈利预测和估值不变，当前股价对应11.4 倍/10.0倍2025 年/2026 年市盈率。维持跑赢行业 评级和3.7 元/股目标价，对应13.4 倍2025 年市盈率和11.7 倍2026 年市盈率，较当前股价有16.7%上涨空 间。 ...

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 3.009 billion yuan, a year-on-year increase of 16.32% [1] - The net profit attributable to shareholders was 253 million yuan, a year-on-year decrease of 38.47% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 250 million yuan, a year-on-year decrease of 33.23% [1] - The net cash flow from operating activities was 791 million yuan, a year-on-year increase of 2.84% [1] - In the third quarter of 2025, the company achieved operating revenue of 1.209 billion yuan, a year-on-year increase of 34.27% [1] - The net profit attributable to shareholders in Q3 was 166 million yuan, a year-on-year decrease of 1.49% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses in Q3 was 164 million yuan, a year-on-year decrease of 2.52% [1] Capital Raising and Stock Issuance - The company plans to issue up to 30 million shares at a price of 7.00 yuan per share, raising a total of no more than 210 million yuan, with net proceeds to be used for dry bulk carrier acquisition projects [2] - The investors in this issuance are related parties controlled by the company's actual controller [2] - The company was listed on the Shanghai Stock Exchange on March 29, 2023, with an initial issuance of 41,276,015 shares at a price of 37.25 yuan per share [2] Initial Public Offering (IPO) Details - On the first day of trading, the stock reached a peak price of 38.99 yuan, which is the highest price since its listing [3] - The total amount raised from the IPO was 1.537 billion yuan, with net proceeds of 1.428 billion yuan [3] - The funds raised are intended for the acquisition of ultra-flexible bulk carriers, information system upgrades, and working capital [3] Dividend Distribution - The company plans to distribute a cash dividend of 0.15 yuan per share (including tax) for the fiscal year 2023, totaling approximately 92.22 million yuan [3] - The cash dividend payout ratio for the year is 49.84% [3] - The company also plans to increase its capital stock by 4.80 shares for every 10 shares held, resulting in a total share capital of approximately 909.89 million shares after the increase [3]