"航运安全，人才是核心支撑。'共享船员'机制不仅是对周期性运力高峰的前瞻应对，更是跨企业资源优化配置的创新实践，实现船员资源的'削峰填 谷'。"海峡股份相关负责人表示，该机制有效缓解了春运等高峰期专业船员紧张的局面，为封关后首个春运的客滚运输提供了稳定保障。 随着海南自由贸易港全岛封关运作正式启动，琼州海峡的客货运量已呈现"预热式"增长。据预测，2026年春运期间，琼州海峡的旅客量预计将达到497万 人次，车辆116万台，较往年显著增长。面对封关后的首场春运"大考"，海峡股份与中远海运船员管理有限公司持续深化"共享船员"合作机制，为春运期 间船舶运力保障夯实人才基础。 据了解，"共享船员"机制是一种船员资源优化配置模式，通过整合跨区域船员资源，提升运输效率与服务保障能力。该机制依托中国远洋海运集团有限公 司内部船员力量统筹调配，实现对琼州海峡航运高峰期的应急支援，是提升琼州海峡滚装运输能力的重要举措之一。 2025年春运期间，海峡股份已成功调配145名"共享船员"，构建动态补给网络，实现"人休船不休"的高效运转。在总结去年经验的基础上，2025年6月，海 峡股份结合交通运输部相关专项行动方案中对船舶配员的要求 ...

每经AI快讯，中远海特12月31日晚间发布公告称，为满足日常经营及业务发展的需求，公司拟为持股 65%的子公司中远海运广州打捞局半潜船运输有限公司（简称"半潜船合资公司"）提供不超过4058.74万 美元的担保，具体的担保期限根据项目实际执行情况，以最终签订的合同约定为准。截至2025年12月31 日，公司对外担保余额约为30.79亿元人民币，占公司2024年末净资产的比例为22.33%。 每经头条（nbdtoutiao）——最高返现60%！惠民保年末销售乱象调查：业务员"贴钱"冲考核，谁在"赔 本赚吆喝"？ （记者 贾运可） ...

Core Viewpoint - China COSCO Shipping Specialized Carriers Co., Ltd. (中远海特) is advancing its strategic transformation by investing in the construction of four 40,000-ton multi-purpose heavy-lift vessels, with a total investment of 1.492 billion RMB [1] Group 1 - The investment will be executed through the wholly-owned subsidiary, COSCO Shipping (Hong Kong) Investment Development Co., Ltd. [1] - The construction will take place at China Shipbuilding Chengxi Shipyard Co., Ltd. [1] - The decision was approved during the fifth meeting of the ninth board of directors [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - Festival stocking demand is conducive to the recovery of futures prices, but due to the failure of the announced price increase to materialize, leading shipping companies have successively lowered the prices of a new round of containers, causing the previous increase in freight rates to be partially reversed. However, the overall sentiment has improved, and future attention should be focused on the price increase announcements of shipping companies [9][42] - Although trade relations are gradually improving, China's exports to the US are still under pressure with a tax rate of nearly 40%. The boosting effect of the traditional peak season may be weaker than expected. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping capacity and cargo volume data in a timely manner [9][42] 3. Summary by Directory 3.1. Market Review - The futures price of the container shipping index (European line) fluctuated slightly this week. The main contract EC2602 closed down 0.32%, and the far - month contracts had a decline ranging from 1% to 4%, with a relatively small range of increase or decrease [8] - The latest SCFIS European line settlement freight rate index was 1742.64, up 153.44 points from last week, a month - on - month increase of 9.7%. On December 26, the latest SCFI rose again, continuing to increase by 6.7% month - on - month to 1656.32 points, with varying degrees of increase in major routes. The SCFI European line freight rate increased by 10.2% month - on - month to $1690/TEU, reflecting the price increase announced by leading shipping companies in early January, which drove up the futures price [8][41] - In November, China's manufacturing PMI data showed a slight recovery, generally in line with seasonal patterns. The new export order index rebounded to 47.9, indicating that terminal transportation demand recovered before Christmas [8][41] - In terms of spot freight rates, Maersk announced on December 24 that it would levy an additional PSS on the European line from January 6, 2026, raising it from the previous 100/300 to 400/800. Follow - up on the price increase progress of other shipping companies is required [8][41] - Geopolitically, Zelensky said that the delegation would submit negotiation details to him. The two sides had completed all key work in the draft stage of the 20 - point "peace plan", and the overall plan was formulated. Although it was not perfect, the core promotion goal was achieved, and the expectation of resuming navigation in the Red Sea improved [8][41] - The economic sentiment in the eurozone continued to pick up. Boosted by large - scale fiscal stimulus policies, the service industry in Germany continued to recover strongly. The composite PMI remained stable above 50, and the inflation sub - item continued the downward trend, creating conditions for the European Central Bank to maintain a "patient wait - and - see" attitude. The eurozone economy is expected to continue the relative strength accumulated since the third quarter [8][41] 3.2. News Review and Analysis - The State Council Tariff and Tax Commission issued the "2026 Tariff Adjustment Plan", which will be implemented from January 1, 2026. Next year, China will implement temporary import tax rates lower than the most - favored - nation tax rates on 935 commodities, and the total number of tariff items will increase to 8972, which is a positive factor [20] - A new convention reshaping global trade rules, the "United Nations Convention on Negotiable Transport Documents", was officially passed at the 80th United Nations General Assembly, filling a century - old legal gap in land trade. It is a neutral - to - positive factor [20] - US President Trump met with Ukrainian President Zelensky. Although both sides said the talks "made great progress", no major announcements were made. Trump said they discussed "almost all topics" and were "very close to reaching an agreement". Zelensky emphasized that the territorial issue was still difficult, and the final decision must be made by the Ukrainian people, which is a positive factor [20] - The Ministry of Commerce held a regular press conference, firmly opposing the US imposition of Section 301 tariffs on Chinese semiconductor products, and has made solemn representations to the US through the China - US economic and trade consultation mechanism. Regarding the export restrictions on rare - earth magnets, China actively promotes and facilitates compliant trade. For the agreement between TikTok and investors, the Chinese government hopes that the enterprise can reach a solution that complies with Chinese laws and regulations and balances interests, which is a neutral factor [20] 3.3. Weekly Market Data - The basis and spread of the container shipping index (European line) futures contracts both contracted this week [26] - The export container freight rate index rebounded slightly this week [29] - Global container shipping capacity continued to grow, and the shipping capacity on the European line rebounded slightly. This week, the BDI and BPI declined, and the freight rates fluctuated slightly [33] - The charter price of Panamax ships declined this week, and the spread between the offshore and on - shore RMB against the US dollar converged [35] 3.4. Market Outlook and Strategy - This week, the futures price of the container shipping index (European line) rose slightly. The main contract EC2602 closed up 6.03%, and the far - month contracts rose between 1% and 2%, with a relatively small range of increase or decrease [41] - The latest SCFIS European line settlement freight rate index was 1742.64, up 153.44 points from last week, a month - on - month increase of 9.7%. On December 26, the latest SCFI rose again, continuing to increase by 6.7% month - on - month to 1656.32 points, with varying degrees of increase in major routes. The SCFI European line freight rate increased by 10.2% month - on - month to $1690/TEU, reflecting the price increase announced by leading shipping companies in early January, which drove up the futures price [41] - In November, China's manufacturing PMI data showed a slight recovery, generally in line with seasonal patterns. The new export order index rebounded to 47.9, indicating that terminal transportation demand recovered before Christmas [41] - In terms of spot freight rates, Maersk announced on December 24 that it would levy an additional PSS on the European line from January 6, 2026, raising it from the previous 100/300 to 400/800. Follow - up on the price increase progress of other shipping companies is required [41] - Geopolitically, Zelensky said that the delegation would submit negotiation details to him. The two sides had completed all key work in the draft stage of the 20 - point "peace plan", and the overall plan was formulated. Although it was not perfect, the core promotion goal was achieved, and the expectation of resuming navigation in the Red Sea improved [41] - The economic sentiment in the eurozone continued to pick up. Boosted by large - scale fiscal stimulus policies, the service industry in Germany continued to recover strongly. The composite PMI remained stable above 50, and the inflation sub - item continued the downward trend, creating conditions for the European Central Bank to maintain a "patient wait - and - see" attitude. The eurozone economy is expected to continue the relative strength accumulated since the third quarter [41] - Overall, festival stocking demand is conducive to the recovery of futures prices, but due to the failure of the announced price increase to materialize, leading shipping companies have successively lowered the prices of a new round of containers, causing the previous increase in freight rates to be partially reversed. However, the overall sentiment has improved, and future attention should be focused on the price increase announcements of shipping companies [42] - Although trade relations are gradually improving, China's exports to the US are still under pressure with a tax rate of nearly 40%. The boosting effect of the traditional peak season may be weaker than expected. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping capacity and cargo volume data in a timely manner [42]

来源：新浪证券-红岸工作室 12月31日，海通发展跌2.03%，成交额1.93亿元，换手率5.74%，总市值111.75亿元。 异动分析 海峡两岸+福建自贸区+航运概念+统一大市场+人民币贬值受益 1、公司位于福建省福州市台江区长汀街23号升龙环球大厦42层。公司主要从事国内沿海以及国际远洋 的干散货运输业务。公司主要产品和服务为境内航区运输业务、境外航区运输业务。经过多年的积累， 公司已发展成为国内民营干散货航运领域的龙头企业之一。 2、公司办公地址处于福建省福州市台江区长汀街23号升龙环球大厦42层 区间今日近3日近5日近10日近20日主力净流入-636.27万-2175.96万-1.22亿-7159.87万-1.48亿 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额1.38亿，占总成交额的6.59%。 技术面：筹码平均交易成本为12.70元 3、公司主要从事国内沿海以及国际远洋的干散货运输业务。公司主要产品和服务为境内航区运输业 务、境外航区运输业务。 4、公司2023年半年报公告：公司主要从事国内沿海以及国际远洋的干散货运输业务。经过多年的积 累，公司已发展成为国内民营干散货航运领域的龙头企业之 ...

Investment Rating - The report indicates a positive investment outlook for the cross-border logistics sector, with a noted increase in the sector's performance by 1.16% this week [7][55]. Core Insights - The shipping sector shows a rise in various indices: the China Export Container Freight Index (CCFI) is at 1146.67 points, up by 1.95% week-on-week; the Shanghai Container Freight Index (SCFI) is at 1,656.32 points, up by 6.66%; and the Ningbo Container Freight Index (NCFI) is at 1060.86 points, up by 10.23% [5]. - In air freight, the global air cargo index (BAI) reports a decline, with BAI at 2495 points, down by 3.33%, and BAI80 at 5821 points, down by 8.60% [5]. - Significant developments include MSC's order for six 11,400 TEU container ships at a Chinese shipyard and the opening of new shipping routes to enhance trade efficiency [5][17]. Summary by Sections 1. Global Cross-Border Logistics News - Thailand and Laos postal services have signed a cooperation agreement to enhance e-commerce and cross-border trade [13]. - Amazon has terminated its drone delivery project in Italy due to regulatory challenges [13]. - China plans to adjust certain import tariff rates starting January 1, 2026, to enhance market dynamics [13]. 2. Cross-Border Logistics Data Changes - The shipping sector's weekly leading data shows an increase in freight rates, with the CCFI and SCFI indices reflecting positive trends [5][9]. - Air freight volumes are experiencing a decline, as indicated by the BAI index [5][10]. 3. Capital Market Perspective on Cross-Border Logistics - The cross-border logistics sector has seen a 1.16% increase this week, with a cumulative increase of 2.53% since the beginning of the year [7][55]. - Individual stock performance in the cross-border logistics sector has remained stable overall [7].

Economic Performance - Hong Kong's GDP has recorded year-on-year growth for 11 consecutive quarters, with a notable increase of 3.8% in the third quarter, marking the best performance in over a year and a half [4] - The economic growth forecast for 2025 is set at 3.2%, slightly above earlier predictions, maintaining a growth trend for the third consecutive year [5] - The total financing amount from initial public offerings (IPOs) in Hong Kong reached 274.6 billion HKD, ranking first globally [5] Financial Market Activity - As of November, the total market capitalization of the securities market was approximately 48 trillion HKD, reflecting a year-on-year increase of 41% [5] - The average daily trading volume for the first 11 months of the year surged by 95% compared to the previous year, reaching 255.8 billion HKD [5] - Hong Kong has maintained its position as the fourth largest international shipping center for six consecutive years, receiving international recognition [5] Innovation and Technology Development - The Hong Kong-Shenzhen Innovation and Technology Cooperation Zone officially opened, positioning itself as a hub for innovation and technology development in the Greater Bay Area [2] - The establishment of the "Northern Metropolis Development Committee" aims to accelerate the development of the Northern Metropolis, which is expected to contribute at least 350 billion HKD to Hong Kong's GDP annually and create over 400,000 jobs [19] International Relations and Trade - Hong Kong continues to strengthen its role as a financial, trade, and shipping center, with significant international cooperation agreements being established, including 59 memorandums of understanding during trade missions [16] - The implementation of the "Yue Car South" policy facilitates smoother cross-border travel and trade between Hong Kong and mainland China, enhancing regional integration [16] Social and Community Development - The government has initiated various community support programs, including the establishment of "Care Teams" that have provided services to approximately 610,000 households in need [10] - The introduction of "simple public housing" projects aims to reduce waiting times for public housing to a record low of 5.1 years, addressing housing issues for residents [12] Cultural and Tourism Growth - Hong Kong's tourism sector has seen a resurgence, with approximately 45 million visitors recorded in the first 11 months, surpassing the total for the entire previous year [6] - The retail sector has shown signs of recovery, with total sales value increasing for six consecutive months, indicating a positive trend in consumer spending [6]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - The pre - holiday sentiment is cautious, with the market fluctuating. After suggesting taking profits, short - term investors are advised to wait and see. The tariff issue has a marginal effect, and the current focus is on the direction of spot freight rates. The main contract has shown a seasonal rebound, and it is recommended to participate with a light position or wait and see. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [1][5][6]. 3. Summary by Related Content a. Freight Index - On December 29, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1742.64 points, up 9.7% from the previous period; for the US - West route, it was 1301.41 points, up 35.3% from the previous period [2]. - On December 26, the Shanghai Export Container Freight Index (SCFI) was 1656.32 points, up 103.4 points from the previous period. The SCFI price for the European route was 1690 USD/TEU, up 10.24% from the previous period; for the US - West route, it was 2188 USD/FEU, up 9.84% from the previous period [3]. - On December 26, the Ningbo Export Container Freight Index (NCFI) composite index was 1094.77 points, up 7.24% from the previous period. The NCFI for the European route was 1144.37 points, up 7.22% from the previous period; for the US - West route, it was 1254.91 points, up 2.16% from the previous period. The China Export Container Freight Index (CCFI) composite index was 1124.73 points, up 0.6% from the previous period. The CCFI for the European route was 1473.90 points, up 0.2% from the previous period; for the US - West route, it was 792.06 points, down 0.9% from the previous period [4]. b. Economic Data - The eurozone's November composite PMI preliminary value was 52.4, slightly lower than October's 52.5, remaining above the boom - bust line of 50. The service sector PMI preliminary value was 53.1, higher than the previous value and the expected value, achieving the best monthly performance in a year and a half. The eurozone's December Sentix investor confidence index was - 6.2, better than the expected - 7 and the previous - 7.4 [5]. - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month. In October, the composite PMI output index was 49.7, down 0.3 percentage points from the previous month, falling below the boom - bust line for the first time since 2023 [5]. - The US November S&P Global services PMI preliminary value was 55, higher than the expected 54.6 and the previous 54.8. The US November S&P Global composite PMI preliminary value was 54.8, rising for the second consecutive month, with an expected 54.6 and a previous 54.6 [5]. c. Futures Market - On December 30, the main contract 2602 closed at 1795.1, down 2.08%. The trading volume was 24,800 lots, and the open interest was 27,900 lots, a decrease of 2582 lots from the previous day. Due to strong pre - holiday caution and some long - position funds leaving the market, the main contract fluctuated downward [6]. d. Investment Strategies - Short - term strategy: After the main contract reached a new high, it was recommended to take full profits. Short - term investors are advised to wait and see and not to add more positions [7]. - Arbitrage strategy: In the context of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [7]. - Long - term strategy: It was recommended to take profits when each contract reached a high and wait for the price to stabilize after a pullback before making further judgments [7]. e. Contract Adjustments - The daily price limit for contracts 2508 - 2606 was adjusted to 18%. The company's margin for contracts 2508 - 2606 was adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 was 100 lots [7]. f. Geopolitical Event - On December 28 (local time), the Israeli Defense Forces confirmed that last week, its delegation signed the 2026 tri - military cooperation work plan with the military representatives of Greece and Cyprus in Cyprus, as well as bilateral military cooperation plans between Israel and Greece and between Israel and Cyprus [8].

Core Viewpoint - Hainan Strait Shipping Co., Ltd. has experienced significant stock price fluctuations, with an 88.33% increase year-to-date, but a recent decline of 7.12% over the last five trading days [1] Group 1: Stock Performance - As of December 31, the stock price of Hainan Strait is 12.26 CNY per share, with a market capitalization of 27.397 billion CNY [1] - The stock has seen a trading volume of 4.75 billion CNY and a turnover rate of 1.77% [1] - The company has appeared on the stock market's "龙虎榜" six times this year, with the latest appearance on December 23 [1] Group 2: Financial Performance - For the period from January to September 2025, Hainan Strait reported a revenue of 3.923 billion CNY, reflecting a year-on-year growth of 21.84% [2] - The net profit attributable to shareholders for the same period was 190 million CNY, which represents a decrease of 24.99% year-on-year [2] Group 3: Business Operations - The company's main business segments include shipping services, with revenue contributions from various routes: 72.21% from Hainan to Anqing, 10.48% from Yantai to Dalian, and 6.17% from Xisha [1] - The company is involved in several concept sectors, including Hainan Free Trade Zone, tourism and hotels, and central enterprise reform [2] Group 4: Shareholder Information - As of December 19, the number of shareholders increased to 109,000, a rise of 7.92% [2] - The average number of circulating shares per shareholder decreased by 7.34% to 20,501 shares [2] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in their holdings [3]

Report Summary 1. Report Industry Investment Rating - The investment strategy for the shipping industry is to wait and see [9] 2. Core Viewpoint - The European container shipping market shows a trend of "simultaneous strengthening of futures and spot". Freight rates have rebounded for multiple consecutive weeks, with both spot and futures prices rising steadily. Shipping companies are strongly willing to control cabins and support prices. The demand side benefits from pre - Spring Festival stocking and restocking needs, and the cabin loading rate has improved. On the supply side, empty sailings have decreased, and effective capacity has tightened. The Red Sea situation has marginally eased, and some airlines are tentatively resuming flights, but overall they remain cautious. Freight rates may peak in early January, and the market faces adjustment pressure depending on demand sustainability and flight resumption progress [8] 3. Summary by Relevant Content 3.1 Shipping Freight Index - The current values of the Shanghai Export Container Freight Index (SCFI), China Export Container Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, SCFI - Northwest Europe, SCFIS - Northwest Europe, and SCFI - Mediterranean are 1656, 1147, 2188, 962, 3033, 1690, 1589, and 3143 respectively. Their previous values were 1553, 1125, 1992, 924, 2846, 1533, 1510, and 2833 respectively, with corresponding increases of 6.66%, 1.95%, 9.84%, 4.11%, 6.57%, 10.24%, 5.23%, and 10.94% [4] 3.2 Spot Price - For the Gemini Alliance (MSK, HPL), MSK's freight rate in the second week of January rose to $2540/FEU, a $40 increase compared to the previous sailing. HPL - SPOT's price decreased from $3535/FEU in the first half of January to $3035/FEU, with an expected increase back to $3535/FEU in the second half of January. - For the OCEAN Alliance (OOCL, CMA), OOCL's freight rate in the first half of January remained flat at $3180 - 3230/FEU, and CMA's freight rate increased slightly from $3245/FEU to $3293/FEU. - For the MSG&PA Alliance (ONE, YML), ONE has an expected online increase to $2836/FEU in the second half of January, consistent with the announced increase in the first half. YML's offline quote is $2800/FEU, with special offers for larger volumes [7] 3.3 Market Information - Houthi movement leader Abdul - Malik al - Houthi warned that a new round of conflict with Israel is "certain and inevitable". Ukrainian President Volodymyr Zelensky hopes to reach a framework agreement to end the war when meeting with US President Trump. Trump plans to announce multiple major measures on the Gaza issue in early January, depending on his meeting with Israeli Prime Minister Netanyahu [5] 3.4 Market Trend - The market is in a volatile state [6]