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]

Report Information - Report Title: "Container Shipping Index Daily Report" [1] - Report Date: December 30, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The SCFIS index has further rebounded by 9.7% to 1742.64 points this week, and the price increase in mid - to late December has been well implemented. The freight rate in early January remains at a median level of around $2880, with good cargo - booking status. There is still an upward space for the February contract, but the expectation of Red Sea re - navigation after the Spring Festival may heat up, and attention should be paid to the short - selling opportunity of the April contract in the off - season and the positive spread trading opportunity between the 02 and 04 contracts [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Spot Market**: The SCFIS index has increased by 9.7% to 1742.64 points this week. The price increase in mid - to late December was well implemented, with full cabins and some voyages over - booked in the second - last week of December. The freight rate in early January is around $2880, with good cargo - booking. There is an upward space for the February contract, and attention should be paid to the short - selling opportunity of the April contract in the off - season and the 02 - 04 positive spread trading opportunity [8] 3.2 Industry News - **Market Conditions**: From December 22 to 26, the China export container shipping market showed a positive trend, with the overall freight rate of long - haul routes rising and the composite index increasing. On December 26, the Shanghai Export Containerized Freight Index was 1656.32 points, up 6.7% from the previous period [9] - **European Routes**: In 2025, the European economy was weak, with the manufacturing PMI below the boom - bust line and the service industry growth slowing. The freight rate from Shanghai Port to European basic ports on December 26 was $1690/TEU, up 10.2% from the previous period [9] - **Mediterranean Routes**: The market conditions were in sync with European routes, and the freight rate continued to rise. On December 26, the freight rate from Shanghai Port to Mediterranean basic ports was $3143/TEU, up 10.9% from the previous period [9] - **North American Routes**: The number of initial jobless claims in the US in the week ending December 20 decreased to 214,000, indicating a slight recovery in the employment market. The freight rate from Shanghai Port to the US West and East basic ports on December 26 was $2188/FEU and $3033/FEU respectively, up 9.8% and 6.6% from the previous period [9][10] - **Shipping Companies' Price Adjustments**: Many shipping companies such as MSC, CMA CGM, Maersk, and Hapag - Lloyd have announced price increases or surcharge adjustments for multiple international routes [10] - **Regional Situations**: Israeli forces have killed many Hamas members in Rafah, and armed militants in Rafah tunnels are still in direct contact with the Hamas military leadership. Maersk's statement on resuming Red Sea - Suez Canal navigation is inconsistent [10] 3.3 Data Overview - **Container Shipping Spot Prices** - **SCFIS**: The SCFIS for European routes (basic ports) on December 29 was 1742.64, up 9.7% from December 22. The SCFIS for US West routes (basic ports) was 1301.41, up 35.3% from December 22 [12] - **Container Shipping Index (European Line) Futures Market** - **Contract Data**: Data such as the opening price, closing price, settlement price, change, and trading volume of different contracts (EC2512, EC2602, etc.) on December 29 are provided [6] - **Shipping - Related Data Charts** - **Charts**: There are charts showing the trends of the Shanghai Export Container Settlement Freight Index, container shipping index (European line) futures contracts, and shipping - related data [13][17][19]

Core Viewpoint - As of December 29, a total of 55 Hong Kong stocks have conducted share buybacks, with 9 stocks having buyback amounts exceeding 10 million HKD [1] Group 1: Buyback Activity - Tencent Holdings, Xiaomi Group-W, and China COSCO Holdings recorded the largest buyback amounts, with 636 million HKD, 151 million HKD, and 47.9 million HKD respectively [1] - A total of 264 Hong Kong stocks have engaged in share buybacks this year, with 72 stocks having cumulative buyback amounts exceeding 100 million HKD [1] Group 2: Cumulative Buyback Amounts - Tencent Holdings, HSBC Holdings, and AIA Group have the highest cumulative buyback amounts for the year, totaling 78.765 billion HKD, 30.257 billion HKD, and 17.693 billion HKD respectively [1]

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report [1][2][3] 2. Core Viewpoints of the Report - **Overseas Macro**: The US economic aggregate in Q3 exceeded expectations, but growth momentum showed signs of marginal slowdown. The consumer confidence index in December dropped to 89.1, lower than the market expectation of 91.0. The Fed is likely to adopt a more cautious and accommodative approach. Factory orders in the manufacturing sector recovered moderately, and the differentiation in high - end manufacturing deepened [6] - **Domestic Macro**: In November, demand recovery was slow, with consumption and investment under pressure, and the year - on - year decline in industrial profits widened. However, the cumulative profits from January to November still showed a slight positive growth, indicating the economy is "stabilizing at a low level" with policy support. There are industry differentiations, with the equipment manufacturing industry leading the growth (+7.2%, some industries with high growth), the raw material manufacturing industry accelerating (+22.1%), the consumer goods industry turning positive, and the automobile industry slightly weakening (-0.3%). Profit improvement mainly relies on supply contraction and price recovery, and may be constrained in the future if demand fails to pick up and the base increases [6] - **Asset Views**: The macro environment is still favorable for the precious metals and non - ferrous metals sectors, but short - term risks need to be watched out for. In the precious metals sector, the risk of volatility in silver increases after a sharp rise, and further corrections are possible. In the non - ferrous metals sector, there are opportunities to buy on dips for commodities with more supply disruptions, such as copper, aluminum, and tin. Attention should also be paid to lithium carbonate with good supply - demand performance. For the domestic equity sector, a defensive strategy is recommended at the end of the year and during the policy window period [6] 3. Summary by Relevant Catalogs 3.1 Financial Market - **Stock Index Futures**: The CSI 300 futures, SSE 50 futures, CSI 500 futures, and CSI 1000 futures all had negative daily and weekly fluctuations, but different monthly, quarterly, and annual changes. For example, the CSI 300 futures had a daily decline of 0.61%, a weekly decline of 0.61%, a monthly increase of 3.08%, a quarterly decline of 0.17%, and an annual increase of 17.58% [2] - **Treasury Bond Futures**: Most Treasury bond futures had negative daily and weekly fluctuations. For example, the 2 - year Treasury bond futures had a daily decline of 0.07%, a weekly decline of 0.07%, etc [2] - **Foreign Exchange**: The US dollar index was flat, and different currency pairs had various changes. For example, the euro - US dollar exchange rate had no change in pips, and the US dollar - Japanese yen exchange rate was flat daily but had other period - specific changes [2] - **Interest Rates**: Various interest rates such as the 7 - day inter - bank pledged repo rate, 10Y Chinese Treasury bond yield, and 10Y US Treasury bond yield had different fluctuations [2] 3.2 Hot Industries - Different industries in the CITIC industry index had different price changes. The comprehensive finance, national defense and military industry, and petroleum and petrochemical industries had positive daily and weekly changes, while the pharmaceutical, food and beverage, and power equipment and new energy industries had negative daily and weekly changes [2] 3.3 Overseas Commodities - **Energy**: NYMEX WTI crude oil had a daily increase of 2.52%, while ICE Brent crude oil had a daily decline of 2.44%. NYMEX natural gas had a daily increase of 3.00%, and ICE UK natural gas was flat [2] - **Precious Metals**: COMEX gold and silver had significant increases, with COMEX gold having an annual increase of 72.85% and COMEX silver having a large annual increase [2] - **Non - Ferrous Metals**: LME copper, zinc, lead, etc. showed different price trends. LME copper had a flat daily price but positive changes over other periods [2] - **Agricultural Products**: CBOT soybeans, wheat, and other agricultural products had different price fluctuations. For example, CBOT soybeans had a daily decline of 0.37% [2] 3.4 Domestic Main Commodities - Different domestic commodities such as shipping (container shipping to Europe), precious metals (gold and silver), non - ferrous metals, black building materials, energy, chemicals, and agricultural products had various daily, weekly, monthly, and annual price changes. For example, container shipping to Europe had a daily decline of 0.09%, and gold had a daily decline of 0.90% [3] 3.5 Viewpoints Summary - **Financial**: The stock market is waiting for a main line, and the bond market has disturbing factors. Stock index futures are expected to rise in a volatile manner, stock index options to fluctuate, and Treasury bond futures to fluctuate [7] - **Precious Metals**: They are expected to rise in a volatile manner, with silver having greater elasticity [7] - **Shipping**: Attention should be paid to the resumption of voyages in the far - month contracts of container shipping to Europe [7] - **Black Building Materials**: The real - world pressure exists, and the disk performance is under pressure, with most varieties expected to fluctuate [7] - **Non - Ferrous Metals and New Materials**: Wait for the macro - level to become clearer, with basic metals in a state of shock and consolidation [7] - **Energy and Chemicals**: The pattern of strong aromatics and weak olefins remains unchanged, and different chemical varieties have different short - term outlooks, mostly in a state of shock [9] - **Agriculture**: The market is worried about the supply, with different agricultural products having different short - term trends, such as soybean meal leading the near - month contracts to rise [9]

Group 1 - The company, Nanjing Shenghang Shipping Co., Ltd., will hold its first extraordinary general meeting of shareholders for 2026 on January 15, 2026, at 14:30 [2][3][4] - The meeting will be conducted through a combination of on-site voting and online voting, with specific voting times outlined [3][4] - Shareholders must register by January 8, 2026, to attend the meeting, and both individual and corporate shareholders have specific registration requirements [5][8] Group 2 - The board of directors approved a proposal to expand the company's business scope to include "labor dispatch services," which will be subject to regulatory approval [20][21] - The company will revise its articles of association accordingly, with the changes requiring approval from the shareholders' meeting [20][21] - The board's decision to expand the business scope and amend the articles of association will be submitted for special resolution at the upcoming shareholders' meeting [21][34] Group 3 - The company announced the resignation of its financial director, Liu Yongqiang, due to work adjustments, effective immediately upon submission of his resignation [24][26] - Qiao Zhonghua has been appointed as the new financial director, with his term starting from the board's approval date until the end of the current board's term [24][26][37] - Qiao Zhonghua possesses the necessary qualifications and has no disqualifications under relevant laws and regulations [27][31]

Core Insights - By 2025, the cargo throughput of the Yangtze River mainline ports is expected to exceed 4.2 billion tons, marking a historical high [1][3] - During the 14th Five-Year Plan period, multiple metrics of Yangtze River shipping have shown rapid growth, enhancing the strategic channel function of the Golden Waterway [1] Group 1: Cargo Throughput and Growth - The cargo throughput of the Yangtze River mainline ports is projected to exceed 4.2 billion tons by 2025, with a year-on-year growth of 4.8% [3] - The Three Gorges hub is expected to handle 17 million tons, reflecting an 8.7% year-on-year increase [3] - Over the past five years, the cumulative cargo throughput of the Yangtze River mainline ports has surpassed 19.2 billion tons, representing a 30.1% increase compared to the previous five-year period [6] Group 2: Passenger and Container Transport - The cruise passenger volume is anticipated to reach 8.85 million, with a year-on-year growth of 3.5% [3] - The average annual growth rate of container rail-water intermodal transport is 30% during the 14th Five-Year Plan [6] Group 3: Future Development Plans - The Yangtze River Navigation Administration will focus on infrastructure, transportation services, equipment capabilities, and industry management during the 15th Five-Year Plan [8] - Key infrastructure developments include the construction of an 8-meter deep channel at the Yangtze River estuary and a 4.5-meter deep channel reaching Chongqing [8] - The average tonnage of cargo ships on the Yangtze River mainline is expected to reach 2,400 tons, with over 1,000 clean energy vessels in operation [8]

信德海事网最新获悉，摩根大通（JP Morgan）旗下控制的挪威专业汽车航运公司 Norwegian Car Carriers（NOCC）在年末再度追加新船订单，继续加码其 在中国船厂的PCTC（汽车运输船）新造船项目。 年末再签一艘，系列订单增至4艘 NOCC首席执行官 Olav Sollie 日前在社交媒体发文称，在"2025年结账前"，公司已签订一艘新增的7000车位LNG双燃料汽车运输船建造合同。TradeWinds 随后披露，该船为NOCC在中集来福士（CIMC Raffles Offshore Engineering）烟台基地在建"最先进"PCTC系列的第4艘，新船订单使NOCC在该系列的在 建船舶数量增至4艘。 关于最新一艘追加订单，现阶段未披露具体造价与交付船期。市场机构VesselsValue则指出，NOCC在2023年签下的前两艘同型船单船造价约为8800万美 元。亦有经纪界观点称，部分较早的交付节奏可能与"承接未被其他船东公开的选择船（option）"有关，但该系列合同的选择船数量并未对外披露。 这家美国资本控制的航运公司，继续在中国船厂下单 除已交付的"NOCC PACIFIC"外，该 ...

滨州日报/滨州网讯 12月29日，全球首艘万吨级近海新能源散货船"魏桥绿动1"轮首航仪式在滨州市套尔 河港区无棣创业码头举行，这艘总长109.8米、集"绿色化、标准化、智能化、安全化"于一体的货轮投 入运营后，将主要用于烟台至滨州航线的铝矾土运输，通过新能源技术降低传统航运碳排放，助力绿色 航运发展。它的运营，不仅为我国近海航运业插上新能源翅膀，更以钢铁之躯镌刻出企业践行国家"双 碳"战略、推动产业链绿色转型的责任担当。 企业担当与国家战略同频共振 绿色，是魏桥创业集团高质量发展的鲜明底色。多年来，企业深植"绿水青山就是金山银山"理念，将绿 色低碳基因融入发展血脉，构建起绿色产业链、能源链、生态链与运输链协同发展的立体格局。企业从 生产线节能改造到供应链降碳升级，绿色理念贯穿全流程，收获了诸多绿色成果——电解铝和氧化铝先 后跻身国家能效"领跑者"行列，坐拥5家国家级绿色工厂、4家省级绿色工厂、2家省级绿色供应链管理 企业，近日更荣膺中国工业碳达峰"领跑者"企业称号，每一份荣誉都见证着其绿色坚守。 12月28日，全球首艘万吨级近海新能源散货船"魏桥绿动1"轮首靠岸在滨州市套尔河港区无棣创业码 头。 2020年国 ...