"桦加沙"影响减弱 海南交通逐渐恢复 中新网海口9月25日电 (记者 王子谦)随着台风"桦加沙"对海南岛影响逐渐减弱，琼州海峡航运将于25日 下午恢复，海南环岛高铁、部分进出岛列车运行方案进行动态调整。 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 铁路部门提示：旅客可通过铁路12306网站(手机客户端)或车站公告查询最新列车开行信息，以便妥善 安排行程。(完) 来源：中国新闻网 编辑：徐世明 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 海口市交通运输和港航管理局25日11时发布通告：根据琼州海峡气象情况，海口新海港、秀英港和铁路 南港定于9月25日15时恢复运输。 复运后，港口将优先疏运停航前已在"二线口岸"货车集中查验场待渡的600余辆货车，预计需要5个小时 恢复正常秩序，请出岛司机旅客避开疏运高峰延后到港。出岛司机旅客请通过"琼州海峡轮渡管 家"或"铁路轮渡"微信公众号预约购票。未预约购票车辆不得进港。 铁路部门表示，9月25日海南环岛高铁自8:00起、海口 ...

Core Viewpoint - Zhonggu Logistics has shown a significant increase in stock price and trading activity, indicating positive market sentiment and potential growth opportunities in the logistics sector [1][2]. Group 1: Stock Performance - As of September 25, Zhonggu Logistics' stock price rose by 2.01% to 11.68 CNY per share, with a trading volume of 203 million CNY and a turnover rate of 0.84%, resulting in a total market capitalization of 24.529 billion CNY [1]. - The stock has increased by 29.63% year-to-date, with a 4.85% rise over the last five trading days, 10.19% over the last 20 days, and 21.16% over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Zhonggu Logistics reported a revenue of 5.338 billion CNY, a year-on-year decrease of 6.99%, while the net profit attributable to shareholders increased by 41.59% to 1.072 billion CNY [1]. - The company has distributed a total of 8.127 billion CNY in dividends since its A-share listing, with 4.386 billion CNY distributed over the past three years [2]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 32.52% to 27,400, with an average of 76,636 circulating shares per shareholder, a decrease of 24.54% [1]. - Major shareholders include Huatai-PB Shanghai Composite Dividend ETF, which holds 45.5778 million shares, and Guotai Junan Securities, which is a new shareholder with 29.1517 million shares [2].

Core Viewpoint - Hainan Strait Shipping Co., Ltd. has experienced fluctuations in stock price and trading volume, with a notable decline in recent trading days despite a year-to-date increase in stock price [1][2]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 2.721 billion yuan, representing a year-on-year growth of 15.11%. However, the net profit attributable to shareholders decreased by 47.30% to 126 million yuan [2]. - Cumulatively, the company has distributed 1.740 billion yuan in dividends since its A-share listing, with 448 million yuan distributed over the past three years [3]. Stock Market Activity - As of September 25, the stock price was 8.82 yuan per share, with a market capitalization of 19.706 billion yuan. The stock has increased by 35.48% year-to-date but has seen a decline of 5.67% over the past five trading days [1]. - The company has seen a net outflow of 19.399 million yuan in principal funds, with significant selling pressure from large orders [1]. Shareholder Information - As of September 20, the number of shareholders increased to 53,600, with an average of 41,682 circulating shares per shareholder, a decrease of 2.98% from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable changes in their holdings [3].

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Views - Crude oil freight rates have significantly increased, while container shipping rates on long-distance routes have decreased. The China Import Crude Oil Composite Index (CTFI) rose to 1975.94 points, up 34.5% from September 11. VLCC market activity remains high, with freight rates expected to maintain elevated levels if demand remains stable [3][13] - The aviation sector saw the successful completion of the world's first intercity unmanned cargo flight using a 2-ton eVTOL by Peak Aviation, and civil aviation's total turnover in August reached a historical high of over 150 billion ton-kilometers [3][15][17] - Several express delivery companies reported growth in revenue and business volume for August, with the postal industry achieving a revenue of 1429.9 billion yuan, a year-on-year increase of 4.4% [3][23][24] Summary by Sections Industry Hot Events - Crude oil freight rates surged, while container shipping rates on long-distance routes fell. The CTFI reached 1975.94 points, a 34.5% increase from September 11. VLCC market activity remains robust, with freight rates expected to stay high if demand holds steady [3][13] - Peak Aviation's eVTOL completed the first intercity unmanned cargo flight, marking a significant milestone in aviation logistics. Civil aviation's total turnover in August surpassed 150 billion ton-kilometers, reflecting strong growth [3][15][17] - Express delivery companies like YTO and Yunda reported revenue and volume growth in August, with the postal industry achieving a revenue of 1429.9 billion yuan, up 4.4% year-on-year [3][23][24] Industry High-Frequency Data Tracking - In September 2025, air cargo prices remained stable, while domestic cargo flight volumes decreased by 1.13% year-on-year, and international flights increased by 16.88% [26][33] - The shipping sector saw a decline in domestic container shipping rates, with the SCFI index at 1198.21 points, down 14.3% week-on-week and 49.36% year-on-year. Conversely, dry bulk freight rates increased, with the BDI index at 2126 points, up 7.43% week-on-week [40][44] - The express delivery sector experienced a 12.29% year-on-year increase in business volume for August, with total revenue reaching 1189.6 billion yuan, a 4.24% increase [51][55] Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics. It also highlights opportunities in low-altitude economy investments and road-rail sectors [5]

FICC日报 | 2025-09-25 马士基WEEK42周报价开出，10月合约交割结算价格逐渐清 Gemini Cooperation：马士基上海-鹿特丹40周报价875/1470，41周报价840/1400，42周报价涨至1080/1800；HPL -SPOT 9月下半月价格935/1435，10月上半月价格935/1435，10月下半月价格1235/2035；11月上半月价格1535/2535. MSC+Premier Alliance：MSC 10月上半月价格915/1515；ONE 10月上半月船期报价915/1435；HMM上海-鹿特丹 10月上半月船期报价968/1506; YML 9月22日至10月15日报价850/1300。 Ocean Alliance：CMA 上海-鹿特丹9月下半月船期报价1010/1620，10月上半月船期报价1010/1620;CMA上海-安特 卫普10月下半月尝试挺价，价格为1460/2520。EMC 9月份下半月以及10月上半月船期价格介于1400-1710；OOCL 9月份下半月以及10月上半月船期价格介于1400-1450美元/FEU。 地缘端： 波兰总理：伊 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - Amidst the long - short game, the market is in the bottom - building process. It's not advisable to increase positions further, and stop - losses should be set [1]. - The tariff issue has a marginal effect, and the current core is the direction of spot freight rates. The main contract may be in the bottom - building process, and it's recommended to participate with a light position or just observe [3]. - Market pessimism has been repaired. The rise in crude oil prices has boosted the sentiment of long - positions to some extent, but the market pulled back after the morning surge due to capital withdrawal, showing a generally strong and volatile trend. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [3]. 3. Summary by Related Content 3.1 Freight Index - On September 22, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1254.92 points, down 12.9% from the previous period; for the US - West route, it was 1193.64 points, down 11.6% [2]. - On September 19, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 783.71 points, down 13.24% from the previous period; for the European route, it was 673.61 points, down 7.65%; for the US - West route, it was 944.89 points, down 23.30% [2]. - The Shanghai Export Container Freight Index (SCFI) announced a price of 1198.21 points on September 19, down 199.90 points from the previous period. Its European - line price was 1052 USD/TEU, down 8.8%; the US - West route was 1636 USD/FEU, down 31.0% [2]. - On September 19, the China Export Container Freight Index (CCFI) for the comprehensive index was 1125.30 points, down 2.1% from the previous period; for the European route, it was 1537.28 points, down 6.2%; for the US - West route, it was 757.45 points, down 2.2% [2]. 3.2 Market Conditions of Main Contracts - On September 24, the main contract 2510 closed at 1100.0, with a 2.67% increase. The trading volume was 24,680 lots, and the open interest was 40,900 lots, a decrease of 568 lots from the previous day [3]. 3.3 Strategy Recommendations - **Short - term Strategy**: The main contract is weak, while the far - month contracts are strong. It's recommended to stop losses on long positions and wait for bottom - building opportunities. Pay attention to subsequent market trends, avoid holding losing positions, and set stop - losses [4]. - **Arbitrage Strategy**: Given the volatile international situation, each contract still follows seasonal logic with large fluctuations. It's recommended to wait and see or try with a light position [4]. - **Long - term Strategy**: It's recommended to take profits when the contracts rise and wait for the market to stabilize after a pull - back before determining the subsequent direction [4]. 3.4 Policy and Geopolitical Events - The Sino - US tariff extension negotiation has made no substantial progress. The tariff issue has shown a marginal effect [3]. - On September 23, a ship reported an explosion in the sea area about 222 kilometers east of Aden, Yemen, but the ship and its crew were safe and continued normal navigation [5]. - The United Nations investigation committee stated on September 23 that the Israeli government intends to establish permanent control over the Gaza Strip and ensure a Jewish majority in the occupied West Bank. In July, Israel's control area in the Gaza Strip expanded to 75% [5]. - On September 24, the Ministry of Transport, the National Railway Administration, and China National Railway Group Co., Ltd. issued a plan to promote the in - depth integration of container rail - water intermodal transportation from 2025 to 2027, aiming for an average annual growth of about 15% in container rail - water intermodal transportation volume by 2027 [5]. 3.5 Contract Adjustments - The daily limit for contracts from 2508 to 2606 has been adjusted to 18% [4]. - The margin for contracts from 2508 to 2606 has been adjusted to 28% [4]. - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [4].

机构观点 中国银河证券：海外下半年促销旺季即将到来，面板采购呈现积极信号：面板采购量是电视需求的前瞻 指标。上半年韩国品牌销售较差，面板一度大力去库存，影响面部采购需求，当前去库存结束迎来转 机。奥维睿沃数据，25年8月全球电视面板出货量达22.3百万片，同比+7.6%、环比+4.9%，延续了7月 以来的积极态势，反应了市场周期性的库存回补需求，全球电视品牌商正为下半年海外黑五、圣诞促销 旺季积极备货。从全球角度看，下半年海外电视需求走向短期高峰，或将平抑国内国补退坡的部分影 响。 中信证券：通过复盘2010年以来影视剧行业面临的政策，以及其对于内容制作公司和平台的业绩影响， 中信证券认为广电总局《进一步丰富电视大屏内容促进广电视听内容供给的若干举措》有望在多方面给 长视频行业带来实质性利好。看好后续长视频平台及优质内容制作公司提高产能、提升内容周转效率和 资金使用效率以及剧集IP商业化空间打开带来的业绩改善和增长潜力。 华泰证券：电子布是PCB-CCL产业链的关键增强材料，AI产业趋势推动高端PCB及其相关上游材料升 级，特种电子布有三大产品升级趋势。市场担忧龙头公司大规模扩产造成特种电子布供给格局恶化，但 ...

投资咨询业务资格：证监许可【2012】31号 II GERIK 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 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 卢钊毅 | | 从业资格号:F03101843 | | 2025/9/25 | | | | | 数据来源：Clarksons、Wind | | | | | | | 运价指数 | 上海出口集装箱运价 综合指数SCFI | 中国出口集装箱运价 指数CCFI | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | (三三 | 现值 | 1198 | 1120 | 1636 | 1193 | 2557 | 1052 | | Alla | 前值 | 1398 | 1125 | 2370 | 1349 | 3307 | 1154 | | 运 | 涨跌幅 | -14.31% | -0.45% | -30.97% | -11.56% | -22.68% | -8.84% | | 情 | | SC ...

地缘政治重构航运网络，人工智能颠覆传统模式，碳中和重塑产业规则……全球海事正面临多重挑战。在 这样的变局中，海事法律与制度创新成为推动高端航运服务业发展的核心引擎。作为全球航运大国，中国 正在积极推动海事仲裁、智能合约、法律科技等现代法律服务能力建设，为国际航运规则体系注入"中国 智慧"。 近期，由北外滩国际航运论坛组委办联合第一财经共同出品的《2025北外滩国际航运论坛·高端访谈》第三 期节目专访上海海事大学的校长初北平教授。他在接受第一财经专访时表示，2024年初学校正式启动"云 端海事大学"建设项目以来，在制度层与技术层的双轨创新下，积极参与海事仲裁制度创新与智能仲裁平 台建设，关注制度规则创新与法律体系完善，为我国航运法治体系和人才培养注入数字化新动能。 海事仲裁创新 制度与技术双轨并行 关于上海海事仲裁中心建设的最新进展，初北平表示，在上海市司法局等相关部门的共同努力下，目前相 关建设已实现诸多突破。受益于上海海事大学天然的海事属性，上海市相关部门也在海事仲裁领域为其提 供了大量实践探索的机会，让相关科研成果得以有效地运用到社会治理当中。 目前上海海事大学的一支制度规则创新团队正在推进仲裁制度创新， ...

Report Summary 1. Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints - The market is in a bottom - building process under the game of long and short positions. It is not recommended to increase positions, and stop - loss should be set. The core issue is the trend of spot freight rates, and the main contract may be at the bottom - building stage. It is advisable to participate with a light position or just observe [1][3]. - Attention should be paid to tariff policies, the Middle - East situation, and spot freight rate conditions [3]. 3. Summary by Content 3.1 Freight Index - On September 22, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1254.92 points, down 12.9% from the previous period; for the US - West route, it was 1193.64 points, down 11.6% [2]. - On September 19, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 783.71 points, down 13.24% from the previous period; for the European route, it was 673.61 points, down 7.65%; for the US - West route, it was 944.89 points, down 23.30% [2]. - On September 19, the Shanghai Export Container Freight Index (SCFI) was 1198.21 points, down 199.90 points from the previous period; the SCFI price for the European route was 1052 USD/TEU, down 8.8%; for the US - West route, it was 1636 USD/FEU, down 31.0% [2]. - On September 19, the China Export Container Freight Index (CCFI) for the comprehensive index was 1125.30 points, down 2.1% from the previous period; for the European route, it was 1537.28 points, down 6.2%; for the US - West route, it was 757.45 points, down 2.2% [2]. 3.2 Market Conditions - On September 24, the main contract 2510 closed at 1100.0, with a 2.67% increase, a trading volume of 24,680 lots, and an open interest of 40,900 lots, a decrease of 568 lots from the previous day [3]. - Market pessimism has been repaired. The rise in crude oil prices may have boosted the bullish sentiment, but the market pulled back after rising due to capital withdrawal in the afternoon, showing a strong - side volatile trend [3]. 3.3 Strategies - **Short - term Strategy**: The main contract is weak, and far - month contracts are strong. It is recommended to stop losses on long positions and wait for bottom - building opportunities. Pay attention to subsequent market trends, do not hold losing positions, and set stop - losses [4]. - **Arbitrage Strategy**: Given the volatile international situation, each contract still follows seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [4]. - **Long - term Strategy**: It is recommended to take profits when prices rise for each contract, wait for the price to stabilize after a pull - back, and then determine the subsequent direction [4]. 3.4 Policy and Geopolitical Events - The extension of Sino - US tariffs has shown a marginal effect, and the current focus is on the trend of spot freight rates [3]. - On September 23, a ship reported an explosion in the sea area about 222 kilometers east of Aden, Yemen, and the ship and crew were safe [5]. - The United Nations stated that Israel intends to permanently control the Gaza Strip, and in July, Israel's control area in the Gaza Strip expanded to 75% [5]. - The Ministry of Transport and other departments issued an action plan to promote the in - depth integration of container rail - water intermodal transportation from 2025 - 2027, aiming for an average annual growth of about 15% in container rail - water intermodal transportation volume by 2027 [5]. 3.5 Contract Adjustments - The daily limit for contracts from 2508 to 2606 is adjusted to 18% [4]. - The company's margin for contracts from 2508 to 2606 is adjusted to 28% [4]. - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [4].