Report Industry Investment Rating - Not provided Core Viewpoints - On Tuesday, the freight index (European line) futures prices fluctuated slightly, with the main contract EC2602 closing down 2.08% and the far - month contracts down between -1% and -1%. The latest SCFIS European line settlement freight rate index rebounded by 153.44 points from last week, a 9.7% increase. On December 26, SCFI continued to rise, with a 6.7% increase to 1656.32 points. The freight rate of the European line of SCFI increased by 10.2% to 1690 US dollars/TEU, driving up the futures prices. The manufacturing PMI in China in November showed a slight recovery, and the new export order index rose to 47.9, indicating a pre - Christmas recovery in terminal transportation demand. Maersk announced an increase in the PSS for European lines from January 6, 2026. The expectation of resuming navigation in the Red Sea has improved, and the euro - zone economy continues to pick up. Overall, the improvement in the trade - war situation and the arrival of the shipping peak season are conducive to the recovery of futures prices, while the short - term impact of the geopolitical situation on freight rates is weakened. The freight rate market is mainly affected by seasonal demand, and investors are advised to be cautious [1] Summary by Relevant Catalogs Futures Market Data - EC main contract closing price: 1795.100, down 38.2; EC secondary main contract closing price: down 4.40. The spread of EC2602 - EC2604 is 634.90, down 18.10; the spread of EC2602 - EC2606 is 425.10, down 23.80. The EC contract basis is - 52.46, up 181.24. The main contract position of EC is 27855 hands, down 2582 [1] Spot Market Data - SCFIS (European line) (weekly): 1742.64, up 153.44; SCFIS (US West line) (weekly): 1301.41, up 339.31. SCFI (composite index) (weekly): 1656.32, up 103.40. Container ship capacity: up 0.21 (in ten thousand TEUs). CCFI (composite index) (weekly): 1146.67, up 21.94; CCFI (European line) (weekly): 1519.06, up 45.16. Baltic Dry Bulk Index (daily): 1877.00, up 12.00; Panama - type freight index (daily): 1267.00, down 1.00. The average charter price of Panama - type ships is up 0.00; the average charter price of Cape - type ships is 22415.00, up 295.00 [1] Industry News - China will implement import provisional tax rates lower than the most - favored - nation tax rates on 935 commodities from January 1, 2026, and the total number of tariff items will increase to 8972. US President Trump met with Ukrainian President Zelensky, and both sides said the talks "made great progress". The minutes of the Bank of Japan's December policy meeting showed that many members believed that the real interest rate in Japan was still at a very low level, implying a continued interest - rate hike [1] Key Events to Watch - China's official manufacturing PMI for December on December 31 at 09:30; the number of initial jobless claims in the US for the week ending December 27 (in ten thousand) on December 31 at 21:30 [1]

为持续引导投资者树立股东意识，积极行使股东权利，提升上市公司投资者关系管理水平，营造理性投资、价值投资、长期投资的市场氛围，9月17日，东 方证券联合上海证券交易所、上海市证券同业公会联合开展"我是股东"——走进沪市上市公司招商轮船（601872）活动顺利举行。东方证券投资者教育基地 组织高净值个人及机构投资者等30余位，实地参观了轮船招商总局，并与公司高管进行了深度交流。 "我是股东"走进上市公司活动自2013年启动以来，已陪伴投资者走过十余年历程，累计组织投资者走进沪市上市公司超过2000家次，仅2024年就达到450家 次，成为资本市场促进投资者与上市公司双向沟通、增强投资者获得感的重要品牌。 在投资者交流会现场，招商轮船董事会秘书孔康，董事会办公室总经理李漫、董事会办公室副总经理刘宇丰、ESG总监蔡晓华等出席活动。招商轮船董秘孔 康先生在致辞中向投资者重点介绍了公司近期在航运主业和ESG工作中取得的亮眼成绩，并强调公司始终将投资者回报和持股体验放在公司价值创造的核心 位置，让广大股东切实分享公司发展的成果。 据了解，招商轮船作为招商局旗下重点发展远洋运输的航运企业，经营和管理着大中华地区历史最悠久、最 ...

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints - SCFIS and SCFI indices have significantly increased, boosting bullish sentiment, but the market pulled back after reaching a high due to pre - holiday caution about funds. The focus should be on tariff policies, the Middle East situation, and spot freight rates [5][6]. - The tariff issue has a marginal effect, and the current core is 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 [5]. 3. Summary by Related Content 3.1 Freight Rate 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 European line price was 1690 USD/TEU, up 10.24% from the previous period; the US - West route 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 European route was 1144.37 points, up 7.22% from the previous period; the US - West route 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 European route was 1473.90 points, up 0.2% from the previous period; the US - West route was 792.06 points, down 0.9% from the previous period [4]. 3.2 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 services PMI preliminary value was 53.1, better than both 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 value of - 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 preliminary value of the US November S&P Global services PMI was 55, better than the expected 54.6 and the previous value of 54.8. The preliminary value of the US November S&P Global composite PMI was 54.8, rising for the second consecutive month, better than the expected 54.6 and the previous value of 54.6 [5]. 3.3 Futures Market - On December 29, the main contract 2602 closed at 1822.9, up 0.87%, with a trading volume of 24,400 lots and an open interest of 30,400 lots, a decrease of 1412 lots from the previous day [6]. 3.4 Trading Strategies - Short - term strategy: The main contract reached a new high, and it has been recommended to take full profits. It is recommended to wait and see in the short term 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 has been recommended to take profits when each contract reaches a high, wait for the callback to stabilize, and then judge the subsequent direction [7].

Production Sector - The coke oven operating rate is at 70.33%, down by 0.15% from the previous week[7] - The blast furnace operating rate is at 78.3%, also down by 0.15% from the previous week[7] - The PX operating rate decreased to 88.40%, a decline of 0.81%[7] - The PTA operating rate is at 72.84%, down by 0.97%[7] - The full steel tire operating rate is at 61.95%, a decrease of 2.19%[7] - The semi-steel tire operating rate increased to 72.05%, up by 0.66%[7] Consumption Sector - Weekly box office revenue reached 751 million yuan, an increase of 3.4 million yuan from the previous week[7] - Average daily retail sales of passenger cars reached 77,378.5 units, up by 1,567.2 units[7] - Average daily wholesale sales of passenger cars reached 96,624 units, an increase of 2,044.55 units[7] Real Estate and Infrastructure - The transaction area of commercial housing in 30 major cities was 301.91 million square meters, up by 44.90% from the previous week[7] - The transaction area of second-hand houses in major cities increased to 218,053.72 square meters, up by 9,046.58 square meters[7] - The land transaction area in 100 major cities decreased to 3,073.04 million square meters, down by 1,417.45 million square meters[7] - The land premium rate in 100 major cities increased to 2.14%, up by 0.94%[7] Trade and Transportation - The Shanghai Export Container Freight Index (SCFI) rose to 1,656.32, an increase of 103.40[8] - The Baltic Dry Index (BDI) fell to 1,877.00, a decrease of 244.00[8] - The average wholesale price of pork is at 17.67 yuan per kilogram, up by 0.11 yuan[8] - The average wholesale price of vegetables decreased to 5.68 yuan per kilogram, down by 0.15 yuan[8] - The average daily number of domestic flights (excluding Hong Kong, Macau, and Taiwan) reached 12,430.43, an increase of 225.71 flights[8]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The freight rates in the first half of January were relatively strong, and attention should be paid to Maersk's quotes in the first week of the second half of January [1] - The Shanghai International Energy Exchange plans to revise the "Standard Contract for Container Freight Index (European Line) Futures", including adjusting the contract months and the minimum price change [2] - The EC2602 contract follows Maersk's freight rates in the second week of January, and the 02 contract will follow the real - time quotes. The current focus is whether the first half of January is the end of this round of freight rate increases [4] - Far - month contracts face the pressure of the Suez Canal's resumption of navigation, and their valuations may be revised downwards [5][6] - The strategy suggests a sideways trend for the 12 - month contract and a moderately strong sideways trend for the February contract, with no arbitrage strategy currently [8] 3. Summary by Relevant Catalogs I. Futures Price - As of December 29, 2025, the closing prices of different contracts are as follows: EC2602 at 1822.90, EC2604 at 1169.90, EC2606 at 1374.00, EC2608 at 1497.70, EC2610 at 1054.70, and EC2512 at 1604.80. The total open interest of all container freight index (European line) futures contracts is 62,906.00 lots, with a single - day trading volume of 33,246.00 lots [7] II. Spot Price - On December 26, 2025, the SCFI (Shanghai - Europe route) price was 1690 US dollars/TEU, the SCFI (Shanghai - US West route) was 2188 US dollars/FEU, and the SCFI (Shanghai - US East) was 3033 US dollars/FEU. On December 29, 2025, the SCFIS (Shanghai - Europe) was 1742.64 points, and the SCFIS (Shanghai - US West) was 1301.41 points [7] III. Container Ship Capacity Supply - In January, the average weekly capacity was 306,200 TEU, and in February, it was 274,500 TEU. In January, there were 3 blank sailings and 1 TBN, and in February, there were 7 TBNs and 4 blank sailings [3] - In 2025, 260 container ships were delivered, with a total capacity of 2.103 million TEU. As of December 28, 2025, 78 ships with a capacity of 12,000 - 16,999 TEU were delivered, with a total capacity of 1.175 million TEU, and 13 ships with a capacity of over 17,000 TEU were delivered, with a total capacity of 277,672 TEU [7] IV. Supply Chain - The cease - fire mediation plan in Gaza is advancing, and the Suez Canal is likely to resume navigation in 2026, which may increase the effective supply of capacity and put downward pressure on freight rates [5][6] - Maersk's container ship "Maersk Sebarok" completed its first Red Sea voyage since January 2024 on December 19, 2025, marking its tentative resumption of the Red Sea route [6] V. Demand and European Economy - The freight volume in December and January is at a relatively high level within the year [4] - The progress of long - term contract signing by OA and PA alliances has accelerated, with the central price of long - term contracts around 1800 US dollars/FEU [4]

Core Insights - The global liquefied natural gas (LNG) export volume is expected to see its largest annual increase in three years, with a projected growth of 4% in 2025, reaching 429 million tons [1] - This growth is primarily driven by the ramp-up of production from the LNG Canada project and the Plaquemines LNG project in the United States [1] - The United States is solidifying its position as a major LNG exporter, with its export volume surpassing 100 million tons for the first time this year [1] Industry Impact - The anticipated increase in LNG export capacity is expected to lower natural gas prices in Asia and Europe, with Asian gas prices nearing their lowest point of the year and European gas futures down over 40% since the beginning of the year [1] - The new production capacity may also lead to increased demand for low-temperature LNG carriers, as shipping costs for transatlantic LNG transportation reached a nearly two-year high last month due to surging supply [1]

Shipping Industry - The shipping market is experiencing a seasonal downturn, with oil shipping rates under pressure due to the holiday season and geopolitical tensions affecting supply [2] - Despite entering a low season, the oil shipping demand structure is improving, suggesting a potential upward trend in rates [2] - The container shipping market is expected to face significant pressure on rates by 2026 due to ongoing trade risks and the delivery of new capacity [2] Aviation Industry - Domestic passenger flight volumes have increased slightly, with overall and domestic flights up by 1.3% and 1.5% respectively compared to the previous week [3] - The average ticket price for economy class during the upcoming New Year holiday is projected at 597 yuan, reflecting a 1.1% decrease from 2024 but a 6.7% increase from 2025 [3] - The aviation sector is expected to benefit from a recovering domestic economy, with significant potential for earnings growth as supply constraints from aircraft manufacturers persist [3] Express Delivery Industry - The "anti-involution" policy has led to price increases in the express delivery sector, with most regions in China experiencing price hikes since July [4] - The profitability of express delivery companies is expected to improve in Q4 due to these price increases, despite a decline in overall package volume growth [4] - Companies like Zhongtong and Yuantong are outperforming the market, benefiting from a reduced reliance on low-cost packages [4] Investment Recommendations - The company recommends investing in growth-oriented value stocks and cyclical stocks at low price points, including Zhongtong Express, Yuantong Express, China Eastern Airlines, and others [5]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - SCFIS has significantly increased, but the futures market has fallen after reaching a high due to pre - holiday caution towards funds. The focus should be on tariff policies, the Middle East situation, and spot freight rates. The core issue is the direction of spot freight rates, and the main contract has shown a seasonal rebound. It is recommended to participate with a light position or wait and see [1][5][6] - The tariff issue has a marginal effect, and the current focus is on the trend of spot freight rates. The main contract has had a seasonal rebound, suggesting light - position participation or waiting and seeing [5] Summary by Relevant Catalogs SCFIS and NCFI Freight Indexes - 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 [4] - On December 26, 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] Economic Data - The preliminary value of the Eurozone's November composite PMI 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 and expected values, 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 preliminary value of the US November S&P Global services PMI was 55, higher than the expected 54.6 and the previous 54.8. The preliminary value of the US November S&P Global composite PMI was 54.8, rising for the second consecutive month, higher than the expected and previous values of 54.6 [5] Futures Market - On December 29, the main contract 2602 closed at 1822.9, up 0.87%, with a trading volume of 24,400 lots and an open interest of 30,400 lots, down 1412 lots from the previous day [6] Investment Strategies - Short - term strategy: The main contract has reached a new high, and it is recommended to take all profits. It is advisable to wait and see for the short term and not to add more positions [7] - Arbitrage strategy: Against the backdrop 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 is recommended to take profits when each contract reaches a high and wait for the price to stabilize after a pull - back before determining the subsequent direction [7] Contract Adjustments - The daily limit for contracts 2508 - 2606 has been adjusted to 18% [7] - The margin of the company for contracts 2508 - 2606 has been adjusted to 28% [7] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [7] Geopolitical News - On December 28, local time, the Israeli Defense Forces confirmed that last week, its delegation signed a tri - lateral military cooperation work plan for 2026 with military representatives from Greece and Cyprus in Cyprus, and also signed bilateral military cooperation plans between Israel and Greece and between Israel and Cyprus [8]

Group 1 - The first New Year holiday after the operation of Hainan Free Trade Port is expected to see a slight increase in passenger flow across the Qiongzhou Strait [1] - The peak of inbound traffic is anticipated to occur from December 31, 2025, to January 1, 2026, while the outbound peak is expected on January 3, 2026 [1] - Travelers are advised to plan their trips in advance and to avoid peak travel times [1] Group 2 - Passengers can purchase tickets in advance through official channels such as the "Qiongzhou Strait Ferry Manager" or the "New Port" WeChat public account, and must arrive at the port no more than 2 hours before departure [3] - Trucks are required to make online reservations for crossing, and upon arrival, they must complete payment based on SMS notifications [3] - Customs will implement separate channels for regulated and non-regulated goods, with regulated goods needing prior declaration at the "single window" [3] - The company has prepared comprehensive transportation guarantees to ensure safety, orderliness, and smooth operations during the New Year period [3]

Core Insights - The cargo throughput of Yangtze River ports is expected to reach 4.2 billion tons by 2025, with a year-on-year growth of 4.8%, while the Three Gorges hub's throughput is projected at 170 million tons, growing by 8.7% [1] - During the 14th Five-Year Plan period, the total cargo throughput is anticipated to exceed 19.2 billion tons, marking a 30.1% increase compared to the 13th Five-Year Plan, contributing approximately 40 billion yuan annually to logistics cost reduction and efficiency improvement [1] - The Yangtze River shipping sector has made significant progress in infrastructure, service assurance, safety governance, green transformation, and smart development [1][2] Infrastructure and Capacity - The number of major ports on the Yangtze River has increased from 12 to 18, and the number of 10,000-ton production berths has risen from 360 to 487 over the past five years [1] - The completion of the second phase of the Jingjiang waterway improvement project and the operation of the 10.5-meter deep-water channel from Nanjing to Wuhu have significantly enhanced the navigation capacity for large vessels [1] Safety and Environmental Initiatives - The implementation of a "smart + credit" regulatory model has shifted safety governance towards proactive prevention, effectively mitigating major shipping safety risks [2] - The green waterway construction has established a complete technical system, with over 80% greening rate in improvement projects and full coverage of shore power at ports [2] Digital Transformation and Collaboration - A credit management system for Yangtze shipping has been effectively established, with the "Credit Yangtze" information system collecting data from 476,000 credit entities and 7.014 million records [2] - The "Yangtze e+" public service platform has surpassed 410,000 registered users, with nearly 450,000 daily clicks, supporting the digital transformation of the industry [2] Collaborative Governance - The Yangtze River Navigation Administration has expanded the "2+N" cooperation mechanism with provinces and cities along the river, promoting a new governance model for collaborative development [3] - The Yangtze shipping sector is positioned as a crucial support for the economic development of the Yangtze River Economic Belt, with a focus on high-quality development and modernization [3]