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].

Group 1 - Ningbo Ocean Shipping Co., Ltd. experienced a decline of 5.04% on September 25, with a stock price of 10.36 CNY per share and a trading volume of 250 million CNY, resulting in a turnover rate of 9.56% and a total market capitalization of 13.557 billion CNY [1] - The company, established on July 14, 1992, and listed on December 8, 2022, primarily engages in international, coastal, and Yangtze River shipping, ship agency services, and dry bulk cargo agency services. The revenue composition is as follows: transportation services 89.74%, comprehensive logistics and agency services 9.55%, leasing services 0.65%, labor services 0.06%, and others 0.00% [1] Group 2 - Among the top ten circulating shareholders of Ningbo Ocean, GF Fund's GF CSI 1000 ETF (560010) entered the list in the second quarter, holding 1.1535 million shares, which accounts for 0.46% of the circulating shares. The estimated floating loss today is approximately 634,400 CNY [2] - The GF CSI 1000 ETF (560010) was established on July 28, 2022, with a current scale of 30.718 billion CNY. Year-to-date returns are 27.72%, ranking 1967 out of 4220 in its category; the one-year return is 63.86%, ranking 1327 out of 3820; and since inception, the return is 9.24% [2]

2025 年 9 月 25 日 集运指数（欧线）：短期波动放大 郑玉洁 投资咨询从业资格号：Z0021502 zhengyujie@gtht.com 黄柳楠 投资咨询从业资格号：Z0015892 huangliunan@gtht.com 【基本面跟踪】 表 1：集运指数（欧线）基本面数据 | | | 昨日收盘价 | 日涨跌 | 昨日成交 | 昨日持仓 | 持仓变动 | 昨日成交/持仓 | | 前日成交/持仓 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货 | EC2510 | 1,114.4 | 2.67% | 46,816 | 40,940 | -568 | 1.14 | | 0.69 | | | EC2512 | 1,696.5 | 4.56% | 26,219 | 22,606 | 488 | 1.16 | | 0.57 | | | EC2602 | 1,588.1 | 3.33% | 4,582 | 8,043 | 442 | 0.57 | | 0.33 | | | EC2510 - EC2512 | -582. ...

格隆汇9月25日｜联合国贸易和发展会议（UNCTAD）发布报告称，由于地缘政治紧张局势加剧以及新 一轮关税引发的混乱，航运业正经历巨大的波动。UNCTAD下调了2025年海运贸易增长预测，因全球 贸易环境日益复杂且充满不确定性，主要经济体工业活动低迷，以及中国对大宗商品的需求疲软。该机 构目前预计，整体海运贸易年增幅为0.5%，其中集装箱贸易增速略快，为1.4%。报告强调，包括新关 税在内的贸易政策变化正在扰乱全球供应链。 ...

Group 1 - Typhoon "Haikashan" made landfall in Guangdong Province on September 24, leading to multiple cities and districts lifting "five stoppages" measures to restore order [1] - Companies have implemented mature emergency mechanisms to minimize the impact of extreme weather on operations, ensuring safety and operational continuity [1][2] - Tencent Group activated its emergency plan before the typhoon, ensuring employee safety and maintaining smooth operations with minimal damage reported [1] Group 2 - Haixia Co. initiated an emergency response mechanism, ensuring all vessels were prepared and operational resources were allocated for passenger transport [2] - SF Express adjusted its delivery services in affected areas according to weather conditions, ensuring compliance with "five stoppages" directives [2] - Companies like Xidi and Jiechuan Intelligent reported no significant damage to facilities or operations, maintaining order fulfillment and production stability [2][3] Group 3 - Kanda reported no flooding or safety issues at its facility, with minor damage to warehouse doors and no delays in domestic and international order deliveries [3] - Insurance companies like Ping An and Taiping Insurance activated emergency plans to provide financial support and risk management for affected regions and businesses [3]

Core Viewpoint - The opening of the world's first Arctic container fast shipping route between China and Europe significantly enhances shipping efficiency, reducing transit time to approximately 18 days, which is 22 days shorter than traditional routes [1][3]. Group 1: Shipping Route Details - The new route, operated by Sea Legend Shipping, connects Ningbo-Zhoushan Port to Europe via the Arctic Northeast Passage and the Bering Strait, offering a competitive edge in international trade logistics [1][3]. - The first voyage was fully booked, indicating strong market demand and positive reception from the industry [1]. - The route is expected to facilitate the transportation of sensitive goods, such as lithium batteries and photovoltaic products, due to favorable sea conditions [3]. Group 2: Future Plans and Developments - Sea Legend Shipping plans to develop an "Eastern European Fast Shipping" product during the winter non-navigable window, aiming for a seamless logistics solution that combines sea and rail transport [4]. - The company intends to invest in more ice-strengthened vessels by 2026 to establish a fixed summer navigation schedule, enhancing year-round operational capabilities [4]. Group 3: Impact of Geopolitical Factors - The temporary closure of the Polish Malaszewicze hub highlighted the need for diversified logistics routes, prompting companies to prepare for geopolitical uncertainties [2]. - The Arctic route is positioned as a safer alternative, minimizing risks associated with piracy, congestion, and conflict, thus ensuring a more secure supply chain for European markets [2].

（原标题：宁波远洋龙虎榜数据（9月24日）） 宁波远洋(601022)今日下跌2.24%，全天换手率34.03%，成交额9.36亿元，振幅8.10%。龙虎榜数据显示，沪股通净买入792.35万元，营业部席位合 计净卖出2120.15万元。 上交所公开信息显示，当日该股因日换手率达34.03%上榜，沪股通净买入792.35万元。 8月28日公司发布的半年报数据显示，上半年公司共实现营业收入29.28亿元，同比增长19.85%，实现净利润3.78亿元，同比增长36.46%。（数据 宝） 宁波远洋9月24日交易公开信息 | 买/卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 沪股通专用 | 3591.33 | | | 买二 | 中国国际金融股份有限公司北京建国门外大街证券营业部 | 1386.79 | | | 买三 | 中信证券股份有限公司上海分公司 | 1251.66 | | | 买四 | 国泰海通证券股份有限公司上海长宁区江苏路证券营业部 | 1145.07 | | | 买五 | 国联民生证券股份有限公司镇江檀山路证券营业 ...

Core Viewpoint - CMB.Tech's diversification strategy faces scrutiny from investors following its merger with Golden Ocean, as historical data suggests that diversified companies may struggle to attract investor interest compared to pure-play shipping firms [1][4]. Group 1: Company Strategy and Financial Outlook - CMB.Tech's CFO, Ludovic Saverys, believes that investor interest will grow post-merger, emphasizing the company's potential to create long-term value for shareholders [4]. - The company has established an office in Oslo to enhance engagement with investors and analysts, aiming to clarify its capital allocation strategy [4]. - CMB.Tech's dividend policy is flexible, allowing for discretion in deciding whether to pay dividends, invest in new ships, or repay debt, which Saverys argues is essential for strategic financial management [5]. Group 2: Market Position and Future Plans - CMB.Tech plans to allocate approximately 85% of its fleet's operational days to the spot market by 2026, with Saverys optimistic about market growth in the coming years [5]. - The company is positioned to benefit from rising newbuilding prices due to its significant orders placed during market downturns, as noted by Pareto Securities analyst Eirik Haavaldsen [5][6]. - CMB.Tech intends to sell older tankers during market upswings, which could further enhance its financial standing [5]. Group 3: Investor Sentiment and Industry Trends - There has been a notable increase in general investor interest in shipping over the past three years, driven by geopolitical events [6]. - Despite this growing interest, investors still prefer pure-play shipping companies with clear dividend policies, indicating a potential challenge for CMB.Tech in attracting traditional shipping investors [6].

Core Viewpoint - The article highlights the rapid development of various industries in Zhangzhou, a coastal city in Fujian Province, particularly focusing on the significant investment in the China-Saudi Arabia Gule Ethylene Project, which is expected to commence trial production next year [1][2]. Group 1: Industry Development - The Gule Ethylene Project is the largest foreign investment project in Fujian Province to date and is a key outcome of the Belt and Road Initiative and Saudi Arabia's Vision 2030 [1]. - Multiple large-scale projects exceeding 10 billion RMB have commenced in Gule this year, indicating a surge in new industries in Zhangzhou [2]. - Zhangzhou's port has seen a foreign trade cargo throughput of 7.6563 million tons in the first five months of this year, representing a year-on-year growth rate of 22.47%, ranking first in Fujian Province [5]. Group 2: Economic Growth - The actual foreign investment in Zhangzhou reached 68.472 million USD in the first five months of this year, marking a staggering growth rate of 518.8%, also the highest in the province [5]. - The shipping industry in Zhangzhou has rapidly developed, with multiple container shipping routes established to Southeast Asia and major domestic ports, contributing to a continuous increase in annual throughput [7]. Group 3: Future Prospects - The construction of key projects such as the Dongshan Cheng'an operation area and the Gule Xianglu (Zhangzhou) terminal is accelerating, enhancing the region's logistical capabilities [7]. - The upcoming "Zhangzhou People Alliance Conference" in October 2025 aims to gather Zhangzhou natives from around the world to discuss the development of a modern coastal city [7].

中新网杭州9月24日电(记者 王逸飞)记者24日从浙江海事局获悉，近日，在杭州湾北侧上海金山1号引航 员登离轮水域，来自嘉兴港的引航员登上巴拿马籍散装化学品船"RABIGH SUNSHINE"轮，历时1小时 20分钟，将该轮直航引靠至嘉兴华辰码头，较之前节省2个多小时。这标志着浙沪两地引航资源共享共 用新机制落地见效。 港的引航员登上巴拿马籍散装化学品船"RABIGH SUNSHINE"轮。浙江海事局供图 来自嘉兴 为妥善解决上述问题，2025年初，浙江海事部门聚焦物流降本增效，专题研究嘉兴引航员跨辖区登离轮 的安全性、可行性，提出建立嘉兴、金山引航资源共享共用机制工作思路。今年7月，浙江省、上海市 长三角联席办也将"支持嘉兴、金山引航资源共享共用"纳入《推进嘉兴与上海全面接轨发展行动计划任 务清单》，助推"意向"进入"快车道"。9月，浙江、上海两地海事部门，会同浙江交通部门、嘉兴市 等，达成"金山1号引航员登离轮水域共享共用、引航船艇统一按港内标准配员"的共识。此举让前往嘉 兴独山港区的国际航行船舶彻底告别过去的"绕航之扰"，真正实现"直航之便"。 据悉，共享共用机制落地后，每年可为嘉兴港航运企业降低运营成 ...