Core Viewpoint - The Yangpu Maritime Bureau has introduced 17 specific service measures to support the construction of an international shipping hub at Yangpu Port, focusing on enhancing the efficiency and safety of container shipping services [1][3]. Group 1: Service Measures - The measures target four core areas: navigation efficiency, port pool effectiveness, vessel operations, and emergency support [1]. - A 24-hour duty station has been established for navigation channel expansion projects to respond in real-time to construction and navigation needs [1]. - Continuous improvement of navigation aids is being implemented to enhance nighttime navigation safety and facilitate two-way navigation [1]. Group 2: Port Efficiency Enhancements - Regular clean-up operations for fishing vessels are being conducted to create "safe passages" for key container vessels [3]. - A "comprehensive service station" for crew members has been set up to address practical issues such as difficulties in disembarking and shopping [3]. - An innovative "one-on-one" dynamic tracking mechanism for container vessels has been introduced to ensure controllable navigation and berthing throughout the entire process [3]. Group 3: New Cargo Transport Guidelines - A service guide for the transportation of "new three types" of goods (new energy vehicles, lithium batteries, and photovoltaic products) has been developed, establishing a green channel for declarations [3]. - The government is implementing reforms such as "front window advancement + deficiency handling" to help enterprises reduce logistics costs and improve transportation efficiency [3]. Group 4: Port Expansion Capacity - The first phase of the Yangpu International Container Hub Port expansion project has completed 1,188 meters of berthing conditions, which will add a throughput capacity of 3 million standard containers upon completion [3].

海南自贸港首艘"零关税"光租进口船舶落户"中国洋浦港" 编辑：万可义 中新网海南洋浦9月4日电 (李芳草)海南国际船舶登记管理局4日介绍，该局近日完成"祥泰口"轮光船租 赁登记及临时国籍登记，标志着海南自贸港首艘享受"零关税"光租进口政策的船舶正式入列"中国洋浦 港"，海南自贸港航运政策红利实现再升级。 广告等商务合作，请点击这里 作为此次政策落地的"首航者"，"祥泰口"轮为无限航区自航半潜船，总长231.8米、总吨4.71万，配备先 进双电力推进系统，主机功率达12000千瓦，可运载超大重量、超大尺寸的海上大型平台、工程结构 物、模块化装备及各类船舶，是深海工程与远洋运输领域的关键装备。 该轮从利比里亚光船租赁进境后选择落户"中国洋浦港"，核心驱动力正是海南自贸港极具竞争力的航运 政策。根据《海南自由贸易港"零关税"交通工具及游艇管理办法》，该轮可免征船舶租金的进口关税及 进口环节增值税，直接为企业节约成本超1000万元，大幅减轻运营压力，凸显海南自贸港对国际航运资 源的吸引力。 高效服务是此次登记的另一大亮点。海南国际船舶登记管理局提前开展"跨前服务"，量身定制转籍方 案，精准指导企业准备申请材料，同步落 ...

金辉集团(00137)发布公告，卖方Jinrong Marine Inc.为公司拥有约55.69%权益间接附属公司，于2025年9 月4日与买方订立该协议，以出售该船舶。该船舶的代价为1193万美元。该船舶将于2025年9月15日至 2025年10月15日期间由卖方交付予买方。 该船舶为一艘载重量58,729公吨的超级大灵便型船舶，于2008年建造并于香港注册。卖方为一间只用作 拥有该船舶的特定用途的公司。 ...

该船舶为一艘载重量58,729公吨的超级大灵便型船舶，于2008年建造并于香港注册。卖方为一间只用作 拥有该船舶的特定用途的公司。 智通财经APP讯，金辉集团(00137)发布公告，卖方Jinrong Marine Inc.为公司拥有约55.69%权益间接附属 公司，于2025年9月4日与买方订立该协议，以出售该船舶。该船舶的代价为1193万美元。该船舶将于 2025年9月15日至2025年10月15日期间由卖方交付予买方。 ...

格隆汇9月4日丨金辉集团(00137.HK)公告，董事会谨公布，卖方Jinrong Marine Inc为公司拥有约55.69% 权益间接附属公司，于2025年9月4日与买方六六顺航订立该协议，以出售该船舶。该船舶代价为1193万 美元。该船舶将于2025年9月15日至2025年10月15日期间由卖方交付予买方。"该船舶"指"JINRONG"为 一艘载重量58,729公吨及于香港注册散装货船。 ...

Core Viewpoint - The successful completion of the transportation of 2,386 energy storage cabinets to Saudi Arabia marks a significant achievement for China’s renewable energy equipment export capabilities, showcasing the expertise of COSCO Shipping Special Transportation in handling oversized and hazardous materials [1][8]. Group 1: Project Overview - The "Da Ziyun" vessel safely delivered the last energy storage cabinet at Jeddah Port, concluding a four-month transportation project with a total of 13 voyages [1]. - A total of 2,386 energy storage cabinets, each weighing 45 tons, were transported, with a total capacity of 12.5 GWh, setting a new record for China's single project export volume in renewable energy equipment [1][3]. Group 2: Transportation Challenges - The energy storage cabinets are classified as UN Class 9 hazardous materials (UN3536), which posed significant safety challenges due to their high value, large weight, and complex hazardous properties [3][6]. - COSCO Shipping Special Transportation formed a specialized team to address these challenges, collaborating with various departments to develop customized support and securing solutions for safe transportation [4]. Group 3: Safety and Compliance - Throughout the four-month transportation period, personnel including port captains and technical staff were stationed on-site to ensure compliance with maritime hazardous material regulations, achieving a zero-accident delivery goal [4][8].

Report Summary 1. Industry Investment Rating - No industry investment rating was provided in the report. 2. Core Viewpoints - The overall situation in September is stable, and the driving force will continue to be positive for at least the next two weeks. The decline in October depends on shipping companies' suspension of voyages. In terms of valuation, the price in October is close to the annual low (1250 - 1300), with limited downside. The December contract will decline in the short - term following the driving force, but considering the peak season and long - term agreement negotiation season, attention can be paid to the opportunity of buying at low prices [1]. 3. Summary by Relevant Content Futures Contract Information - **Contract Prices and Changes**: For futures contracts such as FC2510, EC2512, EC2602, etc., prices showed different degrees of change. For example, FC2510 had a - 1.32% change, and EC2512 had a - 1.86% change. The price differences between different contracts also changed, like the EC2510 - 2512 spread was - 378.2, with a 14.6 day - on - day change and a - 92.2 week - on - week change [1]. - **Volume and Open Interest**: The trading volume and open interest of each contract varied. For instance, the trading volume of EC2510 was 51946, and the open interest was 25510 [1]. Spot Index Information - **Index Changes**: Indicators such as SCHIS, SCFI, CCFI, and NCFI all showed declines. SCHIS decreased by - 100.00% compared to the previous period, and SCFI dropped by - 11.21% [1]. Shipping Capacity Information - **Original Shipping Capacity**: In September and October, the weekly average shipping capacity was 29.6 and 30.9 million TEU respectively. After considering all TBN as suspended voyages, it was 29.6 and 28.1 million TEU respectively. After the September 4th update, due to the suspension of voyages during the National Day holiday, the shipping capacity in week 40 and 41 decreased to 31 and 23.7 million TEU respectively, and the weekly average in October was 28.9 million TEU. After considering all TBN as suspended voyages, the shipping capacity in September and October was 29.6 and 26 million TEU respectively [1][2]. Price Quotation Information - **Recent Quotations**: Currently, downstream customers are booking spaces for mid - September (week 37 - 38). In week 36, the shipping company's quotation was between 2120 - 2420, with an average of 2250 US dollars (1550 points). In week 37, the average quotation was 2100 US dollars (1450 points), and in week 38, it was 2000 US dollars (1370 points). On Wednesday, YML quoted 1800 US dollars for the second half of September and the first half of October [3]. News Information - **Military News**: On September 2, the Israeli military stated that its military operations in Gaza City had advanced to new areas. On September 4, Hamas reiterated its willingness to reach a comprehensive agreement in Gaza and release all Israeli hostages [4].

东兴证券研报指出，中谷物流上半年实现归母净利润10.72亿元，同比增长41.59%。上半年业绩略超预 期，外贸租船持续景气。盈利增长主要系报告期内贸运价上涨及外贸运力投放增加。由于将部分运力调 整至利润率更高的外贸租船业务，公司上半年毛利率由去年同期的12.6%提升至23.4%，毛利率大幅增 长，带动盈利快速提升。认为公司的高分红政策是可持续的，若今年全年按照85%左右的分红比例计 算，以25年预期盈利计算，股息率高达7.8%，具备较强吸引力，维持公司"推荐"评级。 ...

航运日报 | 2025-09-04 双子星联盟黄金周空班公布，HPL以及YML 10月上半月价 格挂出 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹37周价格开出为1175/1970，38周价格1035/1730；HPL -SPOT 9月上半月 船期报价1085/1735，9月下半月价格1085/1735，10月上半月价格1085/1735。马士基远东-北欧地区PSS降为50/100. MSC+Premier Alliance：MSC 9月上半月船期报价1220/2040，9月下半月船期报价1220/2040；ONE9月上半月船期 报价1674/2143，9月下半月船期报价1704/2643；HMM上海-鹿特丹9月上半月船期报价1265/2100; YML9月下半月 至10月15日报价1100/1800。 Ocean Alliance：CMA 上海-鹿特丹9月下半月船期报价1310/2220；EMC 9月份上半月船期价格1455/2210；OOCL 9月船期价格1950-2000美元/FEU。 地缘端：当地时间9月2日，以色列国防军总参谋长扎米尔向预备役军人发表讲话，针对 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Short - term market volatility may increase. After important events, China may gradually enter the verification period of the seasonal peak season for fixed - asset investment and consumption, and the pricing weight of fundamentals for assets, especially short - duration commodity assets, may increase. Overseas liquidity will maintain an expansion trend in the next 1 - 2 quarters, entering a "loose expectation + weak US dollar" repair channel, which is expected to support the recovery of total demand and form a positive feedback between sentiment and overseas macro - fundamentals. Attention should be paid to non - US dollar assets [8] 3. Summary by Relevant Catalogs 3.1 Macro Highlights - **Overseas Macro**: The US macro - fundamentals are relatively stable, but the political pressure on the Fed has reached a new high, boosting market expectations of interest rate cuts. At the Global Central Bank Annual Meeting in August, Powell's dovish stance exceeded market expectations. On August 25, Trump removed the hawkish Fed governor Cook, further increasing market expectations of interest rate cuts. Currently, the US consumer's willingness to buy real estate, cars, and household durables is fluctuating widely at a low level, and the actual salary growth of US consumers is flat. The ability of residents to consume still awaits the transmission of interest rate cuts. Loose expectations and asset revaluation are expected to have a positive feedback effect on investment and consumption, but sticky service inflation, tariff shocks, and concerns about the Fed's independence remain tail risks [8] - **Domestic Macro**: Market expectations for corporate profit margins have improved. "Anti - involution" has promoted the continued improvement of mid - stream profits in July. Recently, demand - side policies in first - tier cities have been frequently introduced. The marginal relaxation of policies is expected to boost trading volume, but the sustainability remains to be seen. From January to July, the year - on - year decline in the profits of national industrial enterprises above the designated size narrowed to - 1.7%. "Anti - involution" has enabled the raw material processing industry to obtain a larger share of profits, while both upstream mining and downstream consumer goods industries have seen their profits squeezed. The issue of anti - involution still has a long way to go. In the real estate sector, first - tier cities such as Beijing and Shanghai have successively introduced policies to relax purchase restrictions and optimize provident funds. Compared with previous policies, the overall intensity of this round of policies is relatively weak. Structurally, the relaxation of new homes in the suburbs of core cities is relatively stronger, aiming to guide residents to digest the inventory of suburban new homes first, which has a marginal support for developers' liquidity [8] - **Asset Views**: Short - term market volatility may increase. After important events, China may gradually enter the verification period of the seasonal peak season for fixed - asset investment and consumption, and the pricing weight of fundamentals for assets, especially short - duration commodity assets, may increase. Overseas liquidity will maintain an expansion trend in the next 1 - 2 quarters, entering a "loose expectation + weak US dollar" repair channel, which is expected to support the recovery of total demand and form a positive feedback between sentiment and overseas macro - fundamentals. Attention should be paid to non - US dollar assets [8] 3.2 Viewpoint Highlights - **Financial Sector**: For stock index futures, the chips show signs of loosening, and the short - term judgment is volatile upward. For stock index options, the strategy is mainly for hedging and defense, and the short - term judgment is volatile. For treasury bond futures, continue to pay attention to the performance of the stock market, and the short - term judgment is volatile [9] - **Precious Metals**: The expansion of interest rate cut expectations is beneficial to the price. For gold and silver, it is expected that the US interest rate cut cycle may restart in September, but the impact of market risk appetite needs to be noted. The short - term judgment is volatile upward [9] - **Shipping**: For the container shipping route to Europe, the peak season in the third quarter has turned dull, and there is a lack of upward driving force due to loading pressure. The short - term judgment is volatile [9] - **Black Building Materials**: After the parade, there are still upward expectations for the sector. For products such as steel, iron ore, coke, coking coal, etc., they are expected to be volatile, with different influencing factors for each product [9] - **Non - ferrous Metals and New Materials**: The weak US dollar continues to support non - ferrous metals, but the weakening demand also needs to be emphasized. Most products are expected to be volatile, with different influencing factors for each product [9] - **Energy and Chemicals**: The weakening of crude oil supply - demand and the decline of coking coal have dragged down the chemical industry. Most products are expected to be volatile, with different influencing factors for each product [11] - **Agriculture**: The agricultural sector is in a high - level narrow - range volatility, waiting for the results of field inspections. Most products are expected to be volatile, with different influencing factors for each product [11]