1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. 2. Core Viewpoints of the Report - The freight rate center continued to decline in the first half of October, and HPL attempted to raise the price in the second half of the month. For the October contract, it is relatively safe to allocate short positions, but the key lies in the downward space. The uncertainty lies in the quotes for the second half of October. If HPL's price increase is successful, the estimated ceiling of the final delivery settlement price of the October contract is likely to be around 1100 points; otherwise, it may be close to 1000 points [4]. - For the December contract, the pattern of peak and off - peak seasons still exists. As the freight rate bottom becomes clearer, long positions can be gradually allocated to trade the expected price increases by shipping companies in November and December. However, due to the current large premium of the December contract futures price over the spot price, investors should take long positions in the December contract with a light position [6]. - The main contract is expected to fluctuate weakly. For arbitrage, short the October contract when the price is high [8]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - **Online Quotes**: Different shipping alliances and companies have different price trends. For example, in the Gemini Cooperation, Maersk's Shanghai - Rotterdam quotes decreased from WEEK39 to WEEK41; HPL - SPOT tried to raise the price in the second half of October. In the MSC + Premier Alliance, MSC and ONE's prices remained stable in the first half of October compared to the second half of September, and YML's price decreased [1]. - **Geopolitical Situation**: Israel launched a large - scale ground offensive in the Gaza Strip, and Israeli Prime Minister Netanyahu called for the evacuation of Palestinians from Gaza City, with nearly 400,000 people having left so far [2]. - **Capacity and Empty Sailing**: In October, the monthly average weekly capacity to European base ports from China was 272,600 TEU, with 15 empty sailings and 1 TBN. In November, the monthly average weekly capacity was 283,000 TEU, with 4 empty sailings and 6 TBN. HMM announced a winter suspension plan for the PA alliance on the Asia - Europe route [3]. 3.2 Contract Analysis - **October Contract**: It is mainly short - allocated during the off - season. The freight rate center in the first half of October continued to decline to around $1400/FEU (equivalent to about 1000 points on the SCFIS). The delivery settlement price is the arithmetic average of the SCFIS on October 13th, 20th, and 27th. The uncertainty lies in HPL's attempt to raise the price in the second half of October [4]. - **December Contract**: The pattern of peak and off - peak seasons still exists. With the approach of Western holidays in the fourth quarter, shipping companies will adjust supply to keep freight rates high. However, the risk lies in the bottom of the current freight rate decline and the potential impact of transferring US - bound ships to European routes. The current futures price of the December contract has a large premium over the spot price, so long positions should be taken lightly [6]. 3.3 Futures and Spot Market - **Futures Market**: As of September 18, 2025, the total open interest of all container shipping index European line futures contracts was 84,867.00 lots, and the daily trading volume was 31,831.00 lots. The closing prices of different contracts such as EC2602, EC2604, etc., were provided [7]. - **Spot Market**: The SCFI prices for different routes (Shanghai - Europe, Shanghai - US West, Shanghai - US East) and the SCFIS prices for European and US West routes were given as of relevant dates. The current spot price center is around $1400/FEU [4][6][7]. 3.4 Strategy and Risk - **Strategy**: The main contract is expected to fluctuate weakly. For arbitrage, short the October contract when the price is high [8]. - **Risk**: Downward risks include an unexpected decline in the European and US economies, a sharp drop in oil prices, unexpected vessel deliveries, insufficient vessel idling, and a good resolution of the Red Sea crisis. Upward risks include an economic recovery in Europe and the US, supply chain disruptions, significant capacity reduction by liner companies, and the continuous fermentation of the Red Sea crisis leading to route detours [8].

Group 1: Company Overview - Lepu Medical - Lepu Medical is a leading cardiovascular company in China, with a diverse product matrix. In H1 2025, the company achieved revenue of 3.369 billion yuan, a year-on-year decrease of 0.43%, and a net profit of 691 million yuan, down 0.91% year-on-year [3] - The company is strategically expanding into innovative drugs for cardiovascular and metabolic diseases through its subsidiary, Minwei Biotech, which focuses on obesity and type 2 diabetes treatments. As of August 2025, several products are in various clinical trial phases [3] - Lepu Medical is also actively developing its aesthetic medicine segment, with new products like dermal fillers and hyaluronic acid injections receiving approval, indicating strong growth potential in the non-medical insurance market [3] Group 2: Company Overview - Superwin International Holdings - Superwin International Holdings has over 20 years of experience in elastic fabric, with a stable management team. The company generates 55.4% of its revenue from sports fabrics and is well-positioned to capture more orders due to its mature overseas production capacity [6][7] - The company is expected to see net profits of 590 million, 640 million, and 700 million HKD from 2025 to 2027, benefiting from a rebalancing of supply and demand and moderate raw material prices [5][6] - Superwin has maintained a stable dividend payout ratio of around 50%, with a dividend yield exceeding 9% for the past four years, making it an attractive investment opportunity [8] Group 3: Industry Insights - Biopharmaceuticals - The biopharmaceutical industry is witnessing a shift towards innovative drug development, particularly in cardiovascular and metabolic diseases, driven by companies like Lepu Medical [3] - The market for aesthetic medicine is expanding, with increasing regulatory approvals for new products, indicating a growing consumer demand for non-traditional medical treatments [3] Group 4: Industry Insights - Textile and Apparel - The sportswear segment is outpacing other apparel categories, with rising demand for elastic, breathable, and antibacterial fabrics benefiting suppliers like Superwin International [8] - The company is positioned to leverage its established relationships with major sports brands, which have been in collaboration for over five years, ensuring a steady flow of orders [8]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The improvement of US dollar liquidity is a medium - term trend, which is beneficial for the further rise of risk assets. The process of Chinese residents moving their deposits indicates an overall increase in risk appetite. It is recommended to focus on liquidity - sensitive risk assets in major asset classes, such as CSI 1000 index futures, non - ferrous metals, oilseeds, and precious metals. Also, the allocation value of Chinese bonds has increased, and the allocation opportunities in the fourth quarter can be monitored [8]. 3. Summary by Relevant Catalogs 3.1 Macro Highlights Overseas Macro - In the September Fed meeting, the Fed cut interest rates by 25 basis points as expected, reducing the federal funds rate target range from 4.25% - 4.5% to 4.00% - 4.25%. This is the first interest rate cut this year. The statement noted a slowdown in US employment growth, a slight increase in the unemployment rate, and an increase in employment downside risks. The median interest rate forecast shows that the Fed expects three interest rate cuts this year and one more next year [8]. Domestic Macro - In China, the progress of physical work in the fourth quarter and changes in financial market liquidity need to be observed. The issuance of special bonds related to infrastructure is stable, supporting the physical demand of infrastructure projects in the fourth quarter. However, there is a risk that more special bond funds may be used for debt resolution rather than infrastructure. With the uncertain implementation of the 500 - billion - yuan new policy - based financial instruments, the demand for physical consumption of commodities may be postponed to the end of the fourth quarter. Investors in financial assets are recommended to focus on the process of residents moving their deposits and inflation changes [8]. Asset Views - For global major asset classes, the improvement of US dollar liquidity is a medium - term trend, which is favorable for risk assets. In China, as residents are moving their deposits, the risk preference is rising. It is recommended to focus on liquidity - sensitive risk assets such as CSI 1000 index futures, non - ferrous metals, oilseeds, and precious metals. The allocation value of Chinese bonds has increased, and the fourth - quarter allocation opportunities can be considered [8]. 3.2 View Highlights Financial Sector - For stock index futures, use a dumbbell structure to deal with market differences, and the short - term judgment is sideways due to the decline of incremental funds. For stock index options, continue the hedging and defensive strategy, and the short - term judgment is sideways considering the possible deterioration of option market liquidity. For treasury bond futures, the stock - bond seesaw may continue in the short term, and the short - term judgment is sideways with concerns about unexpected tariff changes, supply, and monetary easing [9]. Precious Metals - With the restart of the US interest - rate cut cycle in September and the increasing risk of the Fed's independence, the prices of gold and silver are expected to rise sideways, while paying attention to the US fundamentals, Fed monetary policy, and global equity market trends [9]. Shipping - For the container shipping route to Europe, as the peak season in the third quarter fades and loading is under pressure, there is no upward driving force. The short - term judgment is sideways, focusing on the rate of freight decline in September [9]. Black Building Materials - For steel, the macro - environment is favorable, but there are still real - world pressures. The short - term judgment is sideways, paying attention to the progress of special bond issuance, steel exports, and pig iron production. For iron ore, with a slight increase in pig iron production, the price fluctuates sideways, and factors such as overseas mine production and shipping, domestic pig iron production, weather, and port inventory need to be monitored. For coke, with strong cost support, the price fluctuates at a high level, and factors such as steel mill production, coking costs, and macro - sentiment should be noted. For coking coal, with the rebound of spot coal prices and a slight increase in supply, the short - term judgment is sideways, focusing on steel mill production, coal mine safety inspections, and macro - sentiment. For other products like silicon iron, manganese silicon, glass, and soda ash, the short - term judgments are all sideways, each with its own key points of concern [9]. Non - ferrous Metals and New Materials - For copper, due to supply disruptions in copper mines, the price fluctuates upward sideways, and factors such as supply disruptions, domestic policy surprises, and Fed policy need to be considered. For aluminum, zinc, and other metals, most of them have inventory accumulation issues, and the short - term judgments are sideways, with different risk and concern factors for each. For lead, with a decline in secondary lead supply, the price fluctuates upward sideways. For nickel, due to the crackdown on illegal mining in Indonesia, the price fluctuates widely. For stainless steel, with strong cost support, the price rises significantly, and specific risks and demand factors should be noted [9]. Energy and Chemicals - For most energy and chemical products such as crude oil, LPG, asphalt, and various fuels, the short - term judgments are mainly sideways or sideways - down, with different influencing factors such as OPEC + production policies, geopolitical situations, and cost - end changes. For chemical products like methanol, PTA, and short - fiber, the short - term judgments are also sideways, each affected by factors such as macro - energy, upstream - downstream device dynamics, and demand [11]. Agriculture - For most agricultural products such as grains, oils, and fibers, the short - term judgments are sideways, with factors such as weather, supply - demand relationships, and policy impacts to be considered [11].

Core Insights - The launch of the direct shipping route from Zhangjiagang, Jiangsu to South America marks a significant development in enhancing trade connectivity [1][2][4] - This new shipping line is expected to reduce transit time and improve logistics efficiency for businesses engaged in international trade [1][2] - The initiative aligns with China's broader strategy to strengthen trade ties with South American countries, potentially increasing export and import volumes [1][4] Industry Impact - The establishment of this direct shipping route is likely to stimulate economic growth in the Jiangsu province by attracting more shipping and logistics companies [1][2] - It may also lead to increased competition among shipping companies, resulting in better service offerings and pricing for businesses [2][4] - The route is anticipated to facilitate smoother supply chain operations for companies looking to expand their market presence in South America [1][4]

Group 1 - The National New Office will hold three press conferences on September 19, focusing on ecological environment protection and high-quality development, the successful practices of the Party's governance strategy in Xinjiang, and the achievements in women's comprehensive development [1][2][3] - The "2025 National Low-altitude Economy Industry-Education Integration Development Conference" will take place in Tianjin from September 19 to 21, discussing new paths and models for low-altitude economy integration [2] - A total of 12 companies will have their restricted shares unlocked today, with a total unlock volume of 472 million shares, amounting to a market value of 10.633 billion yuan [3] Group 2 - 14 companies have disclosed their stock repurchase progress, with five companies announcing new repurchase plans, three companies reporting on the implementation of repurchase plans, and six companies completing their repurchase plans [4] - The People's Bank of China will have 230 billion yuan of 7-day reverse repos maturing today, following a previous operation with an interest rate of 1.40% [5] - Economic data from Germany's PPI for August and Greece's current account for June will be published [6]

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - The spot market has a risk of price - cutting recently, and the futures market is expected to remain weak. Contract 12 has a relatively high - neutral valuation and may decline more in the short term. In the medium term, there are multiple upward drivers. Contract 02 has a higher cost - performance for long - positions compared to 12, and contract 04 has a high valuation, is suitable for short - positions in the short term but has low liquidity [2]. 3. Summary by Related Catalogs Futures Contract Information - **Contract Prices and Changes**: EC2510 closed at 1105.9 with a - 0.34% change; EC2512 at 1645.3 with a - 1.60% change; EC2602 at 1566.1 with a - 0.80% change; EC2604 at 1255.2 with a - 2.52% change; EC2606 at 1453.5 with a - 1.03% change [2]. - **Volume and Open Interest**: EC2510 had a trading volume of 19585 and an open interest of 47173 with a change of - 2436; EC2512 had a volume of 9304 and an open interest of 20570 with a change of 183; EC2602 had a volume of 1549 and an open interest of 7215 with a change of 110; EC2604 had a volume of 1289 and an open interest of 8534 with a change of 200; EC2606 had a volume of 68 and an open interest change of 12 [2]. - **Monthly Spread**: EC2510 - 2512 spread was - 539.4, with a day - on - day increase of 22.9 and a week - on - week decrease of 86.8; EC2512 - 2602 spread was 79.2, with a day - on - day decrease of 14.0 and a week - on - week decrease of 30.2 [2]. Spot Index Information - **SCFIS (European Line)**: As of 2025/9/15, it was 0, down 100.00% from the previous period and - 11.68% from two periods ago [2]. - **SCFI**: As of 2025/9/12, it was 1154 dollars/TEU, down 12.24% from the previous period and - 11.21% from two periods ago [2]. - **CCFI**: As of 2025/9/12, it was 1537.28 points, down 6.19% from the previous period and - 2.79% from two periods ago [2]. - **NCFI**: As of 2025/9/12, it was 729.42 points, down 14.78% from the previous period and - 7.92% from two periods ago [2]. Recent European Line Quotation - **Week 39**: The average quotation was 1600 dollars (equivalent to 1150 points). MSK was initially 1500 dollars and then rose to 1570 dollars, PA Alliance was 1550 - 1600 dollars, and OA Alliance was 1600 - 1720 dollars [3]. - **Week 40**: The average was 1525 dollars (equivalent to 1060 points). MSK opened at 1400 dollars, OOCL dropped to 1500 - 1550 dollars, and YML dropped to 1400 dollars [3]. - **Week 41**: MSK quoted 1400 dollars [3]. - **Thursday**: YML lowered the freight rates for Week 39 - 41 to 1300 dollars, the lowest of the year, equivalent to about 900 points. CMA dropped 100 dollars to 1600 dollars, and EMC quoted 1500 dollars for Week 40 [3]. News - On September 19, a Hamas senior official stated that the organization would not conduct negotiations currently due to Israel's continuous attacks. On the same day, the US vetoed a UN Security Council resolution on a cease - fire in Gaza [3].

Core Viewpoint - The recent market fluctuations are seen as a temporary setback, with underlying potential gradually accumulating [1] Group 1: Economic Indicators - The number of initial jobless claims in the U.S. fell significantly to 231,000, a decrease of 32,000 from the previous week, marking the largest drop in nearly four years [1] - The Bank of England decided to maintain interest rates but expressed caution regarding potential rate cuts later in the year due to rising inflation concerns [1] - Foreign investors increased their holdings of U.S. Treasury bonds to a new high in July, while Chinese holdings reached a 16-year low [1] Group 2: Stock Market Analysis - U.S. stock indices rose, with the electronic sector leading gains and the metals sector lagging behind, while market turnover reached 3.17 trillion yuan [2] - The financing balance increased by 12.711 billion yuan to 2.388522 trillion yuan, indicating a more volatile market in September compared to July and August [2] - The market is viewed as entering a consolidation phase after a prolonged uptrend, with differing views among investors leading to increased volatility [2] Group 3: Commodity Insights - Gold prices fell following the Federal Reserve's decision to cut rates by 25 basis points, with expectations of further cuts later this year [3] - The U.S. retail sales showed strong performance in August, with a month-on-month increase of 0.6% and a year-on-year increase of 2.1% [3] - Copper prices experienced a slight increase of 0.1%, with tight supply conditions and high smelting output contributing to market dynamics [4][18] Group 4: Industry News - The Chinese Ministry of Commerce announced measures to expand visa-free travel and promote service exports, aiming to stimulate local tourism and consumption [6] - The DeepSeek team published a research paper on a new language model, marking a significant advancement in AI technology [7] Group 5: Market Performance - The futures market showed declines across various commodities, including crude oil and agricultural products, with specific price movements noted for each commodity [8][12][25][28] - The shipping index for European routes indicated a downward trend, with significant price adjustments observed in container shipping rates [29]

Core Viewpoint - The international shipping industry is crucial for global trade, with 90% of goods transported by sea, highlighting the need for stable international trade rules and regulations [3][5]. Group 1: Importance of Shipping Industry - In 2024, 12.6 billion tons of global goods will be transported via container shipping, accounting for 90% of global trade volume and 60% of trade value, approximately $40 trillion [3]. - The shipping industry consists of around 10,000 shipping companies and 60,000 to 70,000 vessels, with 60% of shipping capacity serving developing economies [3][5]. Group 2: Need for International Trade Rules - The shipping industry faces high operational costs, with a large container ship potentially incurring fuel costs of up to $25 million annually, excluding crew and insurance costs [5]. - A stable trade system and predictable trade policies are essential for the industry's development, especially given the volatility in freight rates due to global economic conditions [5]. Group 3: Role of Singapore in Global Trade - Singapore is a major trade hub, with its port projected to handle 622 million tons of cargo in 2024, 90% of which will be for transshipment [5]. - The economy of Singapore heavily relies on imports, with import trade accounting for 300% of its GDP, making the global trade system vital for its economic health [5]. Group 4: Carbon Tax and Regulatory Framework - The shipping industry is concerned about the unification of carbon tax and regulatory frameworks, with the EU's Carbon Border Adjustment Mechanism (CBAM) being a significant topic [6][7]. - A unified international framework for carbon reduction is necessary to avoid multiple carbon tax charges and ensure compatibility with WTO rules, preventing increased burdens on businesses [7]. Group 5: Supply Chain Diversification and Digitalization - Companies are diversifying their supply chains in response to new international trade dynamics, indicating a restructuring rather than a decrease in globalization [8]. - Digitalization and technological advancements are enhancing efficiency in the shipping industry, potentially reducing fuel consumption by 10% to 20% and alleviating port congestion through automation [10].

Core Points - The company announced a cash dividend distribution of CNY 0.022 per share for the first half of 2025, totaling CNY 290,348,428.04 for all shareholders [2][4] - The distribution plan was approved by the board on August 29, 2025, following authorization from the annual general meeting held on June 26, 2025 [2][4] - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the registration date [3] Distribution Details - The total share capital used for the dividend calculation is 13,197,655,820 shares [4] - The cash dividend will be distributed through the clearing system of the China Securities Depository and Clearing Corporation [5] - For A-share individual and institutional investors, the tax implications vary based on the holding period of the shares, with specific rates outlined for different durations [9][10][11] Taxation Information - Individual shareholders holding shares for over one year will not be subject to personal income tax on the dividend [9] - For shares held for less than one year, tax will be calculated upon transfer of the shares, with a maximum effective tax rate of 20% for shares held for one month or less [9] - QFII and RQFII shareholders will have a 10% withholding tax applied to their dividends, resulting in a net dividend of CNY 0.0198 per share [10][11] Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the Securities and Public Relations Department at 021-65967333 [12]

Group 1 - The stock price of COSCO SHIPPING Development Co., Ltd. (601866) closed at 2.65 yuan on September 18, 2025, down 0.38% from the previous trading day, with a total market capitalization of 34.974 billion yuan [1] - On the same day, the stock opened at 2.67 yuan, reached a high of 2.72 yuan, and a low of 2.63 yuan, with a trading volume of 469 million yuan and a turnover rate of 1.8% [1] Group 2 - COSCO SHIPPING Development announced a cash dividend distribution of 0.022 yuan per share (tax included) to all shareholders, with a record date of September 25, 2025, and the payment date on September 26, 2025 [2] - The total cash dividend distribution amounts to approximately 290.35 million yuan based on the company's total share capital of 13,197,655,820 shares [2] - For individual shareholders holding shares for more than one year, the dividend income is temporarily exempt from personal income tax; for those holding shares for one year or less, tax will not be withheld at the time of distribution, but will be calculated based on the holding period upon transfer [2]