（三）自2027年4月17日起靠泊中国港口的，按每净吨880元人民币计收； 交通运输部发布关于对美船舶收取船舶特别港务费的公告。 2025年4月17日，美国贸易代表办公室发布关于对中国海事、物流及造船业301调查措施， 自2025年10月14日起，将对中国企业拥有或经营的船舶、 中国籍船舶及中国造船舶加收港口服务费，严重违背了国际贸易相关原则和中美海运协定，对中美间海运贸易造成严重破坏。 根据《中华人民共和国国际海运条例》等法律法规和国际法基本原则，经国务院批准，自2025年10月14日起，对美国的企业、其他组织和个人拥有 船舶所有权的船舶；美国的企业、其他组织和个人运营的船舶；美国的企业、其他组织和个人直接或间接持有25%及以上股权（表决权、董事会席 位）的企业、其他组织拥有或运营的船舶；悬挂美国旗的船舶；在美国建造的船舶，由船舶挂靠港口所在地海事管理机构负责收取船舶特别港务 费。有关事项公告如下： 一、对上述船舶，按航次计收船舶特别港务费，分阶段实施，具体收取标准如下（不足1净吨的按1净吨计）。 （一）自2025年10月14日起靠泊中国港口的，按每净吨400元人民币计收； （二）自2026年4月17日起靠 ...

Market Overview - The Hong Kong stock market experienced a collective decline in the morning session, with the Hang Seng Tech Index falling the most by 2.45%, barely holding above 6300 points. The Hang Seng Index and the Hang Seng China Enterprises Index dropped by 1.14% and 1.2% respectively, marking a five-day losing streak for both indices [1] Sector Performance - Major technology stocks, which serve as market indicators, saw a significant downturn. Baidu fell by 5.39%, Alibaba dropped nearly 4%, while Tencent and Xiaomi decreased by nearly 3%. JD.com and Meituan also saw declines of over 1% [1] - Popular sectors such as semiconductor chips, lithium battery stocks, and gold stocks all retreated. Ganfeng Lithium plummeted over 8%, CATL fell more than 7%, and notable declines were observed in SMIC and China Gold International [1] - Other sectors including Apple concept stocks, photovoltaic stocks, stablecoin concept stocks, gambling stocks, biomedicine stocks, and automotive stocks also experienced declines [1] Consumer and New Listings - Conversely, consumer concept stocks such as Xiaocaiyuan, Nayuki Tea, and Yum China showed resilience and increased in value [1] - Additionally, two new stocks debuted in the Hong Kong market, with Jinye International Group soaring by 466% and Zhida Technology rising by 183% [1]

海运担负着全球80%以上的货物运输，被视为全球贸易的关键晴雨表。如今，这一"晴雨表"再度发出预警。 海上贸易格局重塑 报告开篇显示，随着全球供应链的多样化和新消费中心出现，海上航线区域间的联系越来越紧密。过去20多年来，跨洲际贸易与洲际内海运贸易均稳步增 长。但去年以来，一个显著的变化是，地缘政治的紧张局势导致长途航线变更，使船舶往来更加繁忙，吨英里（Ton-miles）增长了5.9%，创历史新高。 始于2023年底的红海危机至今仍未完全平息，这也对全球海运市场带来了长期而深远的影响，尤其是亚洲—欧洲、亚洲—中东以及亚洲—北美东岸的航线成 为"重灾区"。暂停通过苏伊士运河、绕行好望角，成为替代选择。联合国贸发会议的班轮航运连通性指数显示，亚洲仍保持领先地位，但非洲在2024年6月 至2025年6月期间的连通性提高了10%。 船舶经纪公司克拉克森截至今年5月的数据显示，自红海危机以来，通过苏伊士运河的船只数量骤降，从2023年底每月2500艘左右腰斩至今年5月的1000艘不 到，降幅达60%。而通行好望角的船只数量从此前的每月1800艘左右增至3000艘左右。此外，承载着全球11%贸易和三分之一海上石油贸易的霍 ...

近日，联合国贸发会议（UNCTAD）发布《2025年海运运输评估报告》（下称"报告"），警告全球海运贸易正进入一个增长脆弱、成本上升、充满不确定性 的时期。报告预测，在去年稳健扩张后，2025年全球海运贸易量将见证近年来最慢增速。 2024年全球海运贸易量达到2.2%的强劲增长，今年将陷入停滞。报告预计，全年货运量为127.83亿吨，增幅仅0.5%。在集装箱贸易方面，2024年增速高达 6.2%，但今年增幅预计将放缓至1.4%。就中长期（2026~2030年）看，全球海运贸易的年度增幅将回升至2%，集装箱贸易增幅预计在2.3%左右。 海运担负着全球80%以上的货物运输，被视为全球贸易的关键晴雨表。如今，这一"晴雨表"再度发出预警。 面对当前货运量增幅放缓，联合国贸发会议秘书长格林斯潘（Rebecca Grynspan）表示，当前地缘政治的紧张局势、新关税、不断变化的贸易模式和重新配 置的航道正在重塑海上贸易格局。持续高企的运输成本将对发展中国家造成沉重的打击。如果要在未来动荡的海域中稳步前行，全球海运必须具备韧性、包 容性和可持续性。 海上贸易格局重塑 报告开篇显示，随着全球供应链的多样化和新消费中心出现，海 ...

Core Insights - The shipping industry is experiencing unprecedented voyage cancellations due to tariff fluctuations and weak demand in the U.S., surpassing levels seen during the COVID-19 pandemic [1][2][4] Group 1: Voyage Cancellations and Market Impact - Carriers are prioritizing market share over profitability, leading to operational profit margins dropping below breakeven on several major routes [2][4] - By October 2025, the number of cancellations between the U.S. and China is expected to reach record levels, with 67 planned cancellations from China to the U.S. and 71 from the U.S. to China [2] - The intensity of cancellations is unprecedented since the onset of the pandemic, aimed at stabilizing freight rates in a tariff-distorted market rather than responding to a crisis [4][6] Group 2: Tariff Effects and Trade Dynamics - The "Liberation Day" tariffs, effective from early August, have created a highly uncertain and volatile environment for global trade [4] - Significant increases in cancellations have been noted on key trade routes, with a 75% year-on-year increase on the route from the U.S. West Coast to Southeast Asia, and increases of 46.5% and 40.7% on routes from China to the U.S. West Coast and Southeast Asia to the U.S. West Coast, respectively [4][6] - U.S. imports from China have declined for five consecutive months, while exports have decreased for nine months, with imports down 27% and exports down 42% year-to-date [4][6] Group 3: Freight Rates and Future Outlook - Carriers are using capacity management as a primary strategy to cope with challenges, with voyage cancellations becoming the preferred method to support freight rates [6] - Despite the large scale of adjustments, procurement patterns remain stable, with most carriers not significantly relocating production from China but rather adjusting shipping schedules in response to rising tariffs [6] - The outlook for 2026 remains heavily dependent on future tariff decisions and trade negotiations, as the impact of tariffs on shipping reliability and timing has been more significant than on supply chain geography [6] Group 4: Customs Fee Increases - The U.S. Customs and Border Protection (CBP) has announced a 34.33% increase in customs service fees, effective October 1, 2025, due to inflation [8][14] - Specific fee adjustments include an increase in the minimum merchandise processing fee from $32.71 to $33.58 and the maximum fee from $634.62 to $651.50 [9][15] - Other notable fee changes include increases in commercial vessel arrival fees and various transportation-related fees, with the overall adjustment reflecting the broader economic pressures [9][15]

Group 1 - The Chinese government has amended maritime regulations allowing for retaliatory charges against foreign vessels entering Chinese ports, a move seen as a direct response to the U.S. plans to impose high port taxes on Chinese-made ships [1] - Starting October 1, Australia will sell iron ore to China using RMB instead of USD, marking a significant shift in trade practices as over 70% of Australia's iron ore is sold to China, indicating a willingness to adapt to maintain business continuity [3] - China's strategy involves reducing reliance on the USD by engaging in trade with countries like Russia, Iran, and Southeast Asian nations using their own currencies, with daily RMB cross-border payment transactions exceeding 400 billion [3] Group 2 - China possesses significant leverage in global shipping, controlling the largest fleet and ports, and can retaliate against U.S. tax measures by restricting access to major ports like Qingdao and Ningbo or by increasing fees, effectively using port access as a bargaining tool [5] - The shift to RMB for transactions is being closely monitored by resource-exporting countries such as Indonesia, Chile, and South Africa, as those who adopt RMB for trade may secure more stable contracts, indicating a gradual transition to a new trading system [5] - China's approach focuses on building a robust network of RMB transactions through ports and shipping, laying the groundwork for a more independent economic framework that challenges U.S. dollar dominance [5]

Core Viewpoint - The company, through its wholly-owned subsidiary SG XINDE INVESTMENT (HK) LIMITED, plans to acquire a 40% stake in the target company, CIMC Xinde Leasing (Shenzhen) Co., Ltd., for approximately RMB 482 million, aiming to enhance its operational capabilities and market influence in the shipping industry [1][2]. Group 1: Acquisition Details - The acquisition involves a purchase price of approximately RMB 482 million for a 40% stake in the target company [1]. - The target company is primarily engaged in container, vessel, and general leasing services, as well as investment activities using its own funds [1][2]. - Upon completion of the acquisition, the ownership structure will be 40% for the company, 20% for the seller, and 40% for CIMC Group [1]. Group 2: Strategic Objectives - The acquisition aims to integrate shipping operations, management, investment, and financing to establish a circular ecosystem across the maritime value chain [2]. - The company expects to leverage resources from CIMC Group and the seller to enhance market influence and achieve operational synergies [2]. - The acquisition will extend the maritime industry chain, creating a one-stop maritime service platform covering the entire lifecycle of ship design, construction, financing, management, and operation [2]. Group 3: Financial Implications - The company will provide guarantees to ensure the target company can secure operational funding, which is crucial for its main business activities [2]. - A guarantee agreement will be established by October 2025, covering a loan amount of USD 40.44 million along with associated interests, costs, and expenses [1].

Core Points - The State Council has decided to amend the "Regulations on International Maritime Transport of the People's Republic of China" to enhance the regulation of international shipping and related auxiliary activities [1][4][30] Group 1: Amendments to Regulations - The definition of auxiliary activities related to international maritime transport has been expanded to include services such as international ship agency, management, cargo handling, warehousing, container stations, and shipping transaction platform services [1][4] - New requirements have been introduced for operators of international shipping transaction platforms to report their operational information to the Ministry of Transport [1][18] - Penalties have been established for non-compliance with reporting requirements, including fines ranging from 20,000 to 100,000 yuan and potential suspension of operations for serious violations [1][26] Group 2: Enforcement and Compliance - The Ministry of Transport and local authorities are tasked with supervising and managing international maritime transport activities, ensuring compliance with the new regulations [6][19] - The regulations stipulate that foreign operators must adhere to the same rules and cannot engage in shipping activities between Chinese ports without proper authorization [24][29] - The government reserves the right to take countermeasures against countries or regions that impose discriminatory measures against Chinese maritime operators, including special fees and restrictions on port access [2][30]

Core Viewpoint - The shipping industry is undergoing a silent yet profound revolution driven by global climate governance and energy transformation, with a focus on decarbonization and technological innovation [1] Group 1: System Reconstruction - Electrification represents a fundamental change in the shipping industry, shifting from mechanical to electric drive systems, requiring a complete overhaul of energy distribution and propulsion systems [2] - European companies like ABB and Wärtsilä are leading with integrated energy platforms, while Chinese firms are rapidly catching up in the back-end of the supply chain, showcasing significant advancements in battery technology [3] - Hybrid power solutions are gaining traction in new builds and retrofits, allowing vessels to achieve zero emissions in emission control areas while maintaining operational efficiency [3] Group 2: Economic Challenges - The initial capital expenditure for advanced electric systems can be 20%-40% higher than traditional vessels, necessitating new business models and financial innovations to absorb the green premium [4] - Financial institutions in China are providing preferential loans for green vessels, and energy management contracts are being explored to lower the barriers for technology adoption [4] Group 3: Automation to Autonomy - The shift towards data-driven operations is transforming the industry from single-vessel automation to integrated ship-shore smart operations, enhancing fuel efficiency and predictive maintenance [5][6] - Chinese companies are developing digital infrastructure for smart shipping, while advancements in autonomous navigation technologies are being made, indicating a growing domestic capability [6] Group 4: Decarbonization Challenges - The choice of green fuels such as LNG, methanol, ammonia, and hydrogen presents a complex dilemma, with each option facing scrutiny regarding its lifecycle carbon emissions [8] - The lack of global infrastructure for green fuel supply creates a "chicken and egg" problem, hindering investment in green fuel-powered vessels [8][9] Group 5: Global Collaboration and Governance - China's infrastructure development for charging and refueling facilities along domestic waterways serves as a testing ground for future global applications, but significant international cooperation and investment are required to replicate this success globally [9] - The future success of the shipping industry's transformation will depend on collaborative efforts across the global ecosystem, including diverse technological paths, innovative business models, and inclusive governance frameworks [10]

报告要点 丨证券研究报告丨 [TaSummary] 今年以来，受资金风格切换等因素影响，交运板块核心红利资产标的均面临一定程度股价调整， 估值及股息率重回高性价比区间，显著领先十年期国债收益率，对于绝对收益资金吸引力逐步 提升。基于行业特征，我们重点推荐交运板块中具有低估值、高股息特征的垄断性资产，1）买 低波稳健+分红确定：优选高速公路龙头（招商公路以及宁沪高速等），以及大秦铁路与青岛港； 2）短期看，港股市场估值折价明显、股息率更具性价比，建议关注港股向上弹性。 行业研究丨行业周报丨运输 [Table_Title] 当前时点，如何看待交运红利资产配置价值？ 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 当前时点，如 ...