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 ...

Summary of Zhongyuan Shipping Conference Call Company Overview - Zhongyuan Shipping is a leading enterprise in the global special ship transportation sector, operating a fleet of 151 vessels with a total deadweight tonnage of 6.146 million tons. The company maintains a leading position in semi-submersible and heavy-lift vessels, ranks second globally in pulp carrier operations, and is rapidly developing its car carrier business [2][3] Financial Performance - The company's profitability has significantly improved, with a projected net profit of 1.53 billion yuan for 2024, representing a 44% year-on-year increase, surpassing the historical peak of 1.45 billion yuan in 2008. For the first half of 2025, the net profit is expected to reach 820 million yuan, a 13% increase year-on-year [2][5] - Forecasted net profits for 2025 to 2027 are 1.87 billion yuan, 2.14 billion yuan, and 2.34 billion yuan, respectively, with a target market capitalization of 24.2 billion yuan, indicating approximately 29% growth potential [4][16] Business Segmentation and Margins - In the first half of 2025, the highest gross profit margin came from the car carrier business at 30%, while multi-purpose vessels, heavy-lift vessels, and semi-submersible vessels contributed margins between 15% and 17%. The pulp logistics segment is a key growth area, with a compound annual growth rate (CAGR) of 70% in revenue and 58% in gross profit from 2020 to 2024 [2][6] Shareholder Returns - The company has established a shareholder return plan for 2023 to 2025, committing to distribute at least 30% of cumulative profits in cash. The actual dividend payout ratio for 2023 and 2024 is approximately 50%, exceeding the commitment [2][7] Market Demand Drivers - Demand in the special transportation market is benefiting from energy transition and the advantages of Chinese manufacturing going global. Key transported goods include pulp, wind power equipment, and automobiles, with increasing demand for multi-purpose and semi-submersible transportation due to the rapid development of offshore wind power [2][8] Competitive Landscape - The semi-submersible market is highly concentrated, with the top five players holding 72% of the market share. Zhongyuan Shipping ranks second in this sector, with a competitive advantage due to a younger average fleet age compared to industry peers [9] Automotive Export Market Outlook - Since 2020, China's automotive export competitiveness has strengthened, with projected growth rates of 7% and 3% for exports in 2025 and 2026, respectively. Domestic automotive transport companies hold a low market share of about 4%, presenting opportunities for growth through strategic partnerships and expansions [10] Pulp Carrier Business Development - China is a major consumer of pulp, with stable import demand. Zhongyuan Shipping ranks second globally in pulp carrier capacity and aims to achieve the top position by the end of the year. The company has secured contracts with major pulp companies, supporting its rapid growth and profitability [12] Impact of Belt and Road Initiative - The Belt and Road Initiative is driving demand for multi-purpose and heavy-lift vessels due to increased overseas engineering contracts and machinery exports from China [13] Global Shipping Market Supply Dynamics - Since 2020, the global shipping market has seen rising demand, but stricter environmental regulations and aging fleets are limiting supply growth. Zhongyuan Shipping has a diverse order book, mitigating potential supply shocks [14] Special Ship Market Characteristics - The special ship market is relatively small and exhibits less cyclical volatility, providing stability in supply-demand relationships. The company is enhancing its resilience by extending its business into engineering project cargo [15] Risks and Challenges - Key risks include macroeconomic fluctuations, geopolitical tensions, and potential underperformance in wind power, automotive, and machinery exports, which could adversely affect the company's performance [17]