Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates have significantly increased, with the China Import Crude Oil Composite Index (CTFI) rising by 14.3% to 1469.65 points as of September 11 [3][15] - The shipping market is experiencing a divergence in freight rates, with European routes seeing a decline while American routes continue to rise [16] - Cambodia's national airline plans to purchase 20 C909 aircraft from COMAC, and XPeng's eVTOL has received a flight certificate in the UAE [17][18] - Cainiao and Qatar Airways have formed a strategic partnership, with national social logistics totaling over 200 trillion yuan from January to July, reflecting a 5.2% year-on-year growth [23][25] Summary by Sections Industry Hot Events - Crude oil freight rates have surged, with the Middle East route freight rate increasing by 14.16% [14] - Cambodia's national airline intends to order 20 C909 aircraft, with 10 confirmed and 10 as intentions [17] - Cainiao and Qatar Airways have established a strategic cooperation to enhance cross-border e-commerce logistics [23] Industry High-Frequency Data Tracking - Air logistics prices remain stable, with the Shanghai outbound air freight price index at 4489.00 points, down 7.0% year-on-year [26] - The domestic freight volume for July increased by 15.04% year-on-year, with total express business volume reaching 164 billion pieces [51] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy [5] - Pay attention to the low-altitude economy investment opportunities, suggesting companies like CITIC Offshore Helicopter [5] - Consider investment opportunities in the road and rail sectors, recommending companies such as Gansu Expressway and Beijing-Shanghai High-Speed Railway [5] - Explore investment opportunities in the express delivery sector, recommending SF Express and Yunda [5]

Core Viewpoint - Morgan Stanley has raised the target price for Pacific Basin Shipping (02343) by 24.7%, from HKD 2.15 to HKD 2.68, while maintaining a "Market Perform" rating [1] Company Summary - The company’s earnings per share forecasts for 2025, 2026, and 2027 have been increased by 30%, 27%, and 3.3% respectively, benefiting from improvements in the spot market observed in July [1] - The spot rates for Handysize and Supramax vessels have increased by 26% and 55% respectively since the end of June, with year-on-year increases of 13% and 20% [1] Industry Summary - The dry bulk market outlook is becoming more optimistic due to a gradual improvement in the spot market since July 2025 [1] - Supply growth for the year is expected to remain stable, with Handysize supply around 4% and Supramax supply around 4.5% [1] - Key drivers for the enhanced spot market include increased internal demand, such as rising iron ore production in Brazil, which has extended the transportation distance for Capesize bulk carriers, and a rise in global coal exports in the third quarter [1]

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Amid geopolitical conflicts and tariff fluctuations, the game is challenging, so it is recommended to participate with a light position or wait and see [3]. - Near - month contracts may show weak and volatile trends due to the continuous decline of spot freight rates and the intensification of the Middle - East conflict, while far - month contracts may have strong and volatile trends due to the impact of China - US economic and trade talks [3]. - Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [3]. 3. Summary by Related Content Market Data - On September 15, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1440.24 points, down 8.1% from the previous period; the SCFIS for the US West route was 1349.84 points, up 37.7% from the previous period [2]. - On September 12, the Ningbo Export Container Freight Index (NCFI) (composite index) was 903.32 points, down 11.71% from the previous period; the NCFI for the European route was 729.42 points, down 14.78% from the previous period; the NCFI for the US West route was 1216.14 points, down 9.13% from the previous period [2]. - On September 12, the Shanghai Export Container Freight Index (SCFI) announced price was 1398.11 points, down 46.33 points from the previous period; the SCFI European line price was 1154 USD/TEU, down 12.24% from the previous period; the SCFI US West route was 2370 USD/FEU, up 8.27% from the previous period [2]. - On September 12, the China Export Container Freight Index (CCFI) (composite index) was 1125.30 points, down 2.1% from the previous period; the CCFI for the European route was 1537.28 points, down 6.2% from the previous period; the CCFI for the US West route was 757.45 points, down 2.2% from the previous period [2]. - On September 15, the closing price of the main contract 2510 was 1163.1, with a decline of 1.57%, the trading volume was 17,800 lots, and the open interest was 47,800 lots, an increase of 161 lots from the previous day [3]. Economic Indicators - The eurozone's August manufacturing PMI was 50.5, the service PMI was 50.7, and the composite PMI was 51.1, showing continuous improvement [2]. - China's manufacturing PMI in August was 49.4%, up 0.1 percentage points from the previous month; the composite PMI output index was 50.5%, up 0.3 percentage points from the previous month [2]. - The US August S&P Global manufacturing PMI was 53.3, and the service PMI was 55.4, both higher than expected [2]. Geopolitical Events - On September 15, the Houthi armed forces in Yemen launched 4 drones to attack 2 Israeli targets, including 3 drones attacking Ramon Airport and 1 attacking an Israeli military target [5]. - On September 14, an air - raid alert was sounded near Ramon Airport, and the Israeli military intercepted a drone from Yemen [5]. - On September 14, Hamas suspended the cease - fire and hostage - exchange negotiations with Israel, blaming Israeli Prime Minister Netanyahu for obstructing the talks [5]. Strategy Suggestions - **Short - term Strategy**: For risk - takers, it is recommended to lightly test long positions near 1200 for the 2510 contract and increase long positions near 1600 for the 2512 contract. Pay attention to subsequent market trends, do not hold losing positions, and set stop - losses [4]. - **Arbitrage Strategy**: In the context of international situation turmoil, it is recommended to wait and see or lightly try due to large fluctuations [4]. - **Long - term Strategy**: It is recommended to take profits when the contracts rise, wait for the callback to stabilize, and then judge the subsequent direction [4]. Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18% [4]. - The margin for contracts 2508 - 2606 is adjusted to 28% [4]. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [4].

Group 1 - The focus has shifted towards offshore drilling, supply industry, and shipping, including tankers, containers, and dry bulk [1] - The fuel cell industry is being monitored as it is still in its early stages of development [1] Group 2 - The individual has extensive experience in auditing and trading, having navigated significant market events such as the dotcom bubble and the subprime crisis [2] - The research provided aims to maintain high quality despite language barriers [2]

证券之星消息，9月15日，渤海轮渡（603167）融资买入666.98万元，融资偿还286.05万元，融资净买入 380.93万元，融资余额1.45亿元，近3个交易日已连续净买入累计1373.11万元，近20个交易日中有13个 交易日出现融资净买入。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-09-15 | 380.93万 | 1.45 乙 | 3.09% | | 2025-09-12 | 415.25万 | 1.41亿 | 2.98% | | 2025-09-11 | 576.94万 | 1.37亿 | 2.86% | | 2025-09-10 | 335.57万 | 1.31亿 | 2.73% | | 2025-09-09 | -9.16万 | 1.28亿 | 2.63% | 融券方面，当日融券卖出1.15万股，融券偿还0.0股，融券净卖出1.15万股，融券余量2.67万股，近3个交 易日已连续净卖出累计2.0万股，近20个交易日中有11个交易日出现融券净卖出。 | 交易日 | 两融余额(元) | 余额变动 ...

Core Viewpoint - The stock of China Merchants Nanjing Tanker Corporation (招商南油) has experienced fluctuations, with a recent decline of 2.10% on September 16, 2023, reflecting a total market capitalization of 15.654 billion yuan [1]. Financial Performance - For the first half of 2025, the company reported a revenue of 2.772 billion yuan, representing a year-on-year decrease of 21.43%, while the net profit attributable to shareholders was 570 million yuan, down 53.28% compared to the previous year [2]. - Year-to-date, the stock price has increased by 4.15%, with a 0.91% decline over the last five trading days, a 13.59% increase over the last 20 days, and a 6.89% increase over the last 60 days [1]. Business Overview - The company, established on September 8, 1993, and listed on January 8, 2019, primarily engages in coastal and international oil transportation, with revenue breakdowns as follows: refined oil transportation (57.92%), crude oil transportation (28.82%), chemical transportation (7.20%), ethylene transportation (3.07%), crew leasing (2.28%), and other services (0.67%) [2]. - As of August 31, 2023, the number of shareholders was 141,600, a decrease of 4.11% from the previous period, with an average of 33,902 circulating shares per shareholder, an increase of 4.28% [2]. Market Activity - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) three times this year, with the most recent appearance on September 8, 2023, where it recorded a net purchase of 102 million yuan [1]. - The major shareholders include Hong Kong Central Clearing Limited, holding 64.1352 million shares, a decrease of 7.0947 million shares from the previous period, and Southern CSI 1000 ETF, holding 35.8807 million shares, an increase of 6.8034 million shares [2].

Report Information - Report Type: Daily Report on Container Shipping Index [18] - Date: September 16, 2025 [2] - Research Team: Macro-Finance Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core Viewpoints - This week, the SCFIS dropped below 1500 points, marking the ninth consecutive week of decline. Online quotes in the second half of September were further reduced, with the lowest price falling below $1600 per 40 - foot container. The prices show a smooth downward trend in the off - season, and the decline has further widened. There is currently no significant increase in blank sailings compared to last year, while the overall shipping capacity has increased. There may be low - buying opportunities in December, and the October contract is recommended to be shorted on rallies [8] Summary by Directory 1. Market Review and Operation Suggestions - **Market Condition**: The SCFIS has fallen below 1500 points for nine consecutive weeks. Online quotes in the second half of September were further reduced, with the lowest price below $1600 per 40 - foot container. The price of the Shanghai - Rotterdam route dropped significantly, showing a smooth downward trend in the off - season with an enlarged decline [8] - **Operation Suggestions**: There may be low - buying opportunities in December, and the October contract is recommended to be shorted on rallies. Attention should be paid to whether blank sailings will be increased to support the freight rate floor, and the escalating Middle - East situation may also provide support [8] 2. Industry News - **Overall Market**: From September 8th to 12th, the China Export Container Shipping Market was generally stable, with most routes experiencing a decline in freight rates, dragging down the composite index. China's exports in August increased by 4.4% year - on - year, showing the resilience of foreign trade [9] - **European Routes**: In August, China's exports to Europe increased by 10.4% year - on - year, and the trade volume between China and the EU in the first eight months increased by 4.3% year - on - year. On September 12th, the freight rate from Shanghai Port to European basic ports was $1154/TEU, down 12.2% from the previous period [9] - **Mediterranean Routes**: The market situation was in line with that of European routes, and the spot booking price continued to decline. On September 12th, the freight rate from Shanghai Port to Mediterranean basic ports was $1738/TEU, down 11.8% from the previous period [10] - **North American Routes**: In August, the US non - farm payrolls increased by 22,000, significantly lower than expected, and the unemployment rate rose to 4.3%. China's exports to the US decreased by more than 30% year - on - year in August. However, the freight rate from Shanghai Port to the US West and East basic ports increased by 8.3% and 7.6% respectively on September 12th [10] - **Middle - East Tension**: Since September 8th, the situation in the Middle East has escalated, with Israel increasing attacks on the Gaza Strip and other places, and the Houthi movement taking actions, which has led to increased regional tension [10] 3. Data Overview - **Container Shipping Spot Prices**: On September 15th, the SCFIS for European routes was 1440.24 points, down 8.1% from September 8th; the SCFIS for US West routes was 1349.84 points, up 37.7% from September 8th [12] - **Container Shipping Index (European Line) Futures Quotes**: The trading data of multiple contracts on September 15th are provided, including the EC2510, EC2512, etc., with details of opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6] - **Shipping - Related Data Charts**: Multiple charts are provided, including the container ship capacity in Europe, the global container ship order backlog, the freight rate from Shanghai to European basic ports, etc. [17][19]

近期，集运指数欧线期货主力合约EC2510延续下跌表现，上周累计跌幅为11.5%，本周一低开于1150的 低点位置，收盘有所回升。周一盘后，上海航交所最新公布的SCFIS欧线指数续降8.1%至1440.24点，创 3个多月来新低。 方正中期资深海运和宏观分析师陈臻刚向期货日报记者表示，集运期货主力合约的疲软主要受即期市场 影响：9月底运价中枢已跌至1600美元/FEU左右，其中，Gemini联盟月底报价1500~1550美元/FEU， OCEAN联盟报价1600~1750美元/FEU，Premier联盟报价1600~1700美元/FEU，地中海航运报价1590美 元/FEU。 "我们认为市场在交易弱现实，叠加关税政策对预期形成压制，因此主力合约创下4个月新低。"中信期 货航运研究员武嘉璐表示，从弱现实角度看，8月中旬以来，现货市场运价"跌跌不休"。9月12日，SCFI 北欧航线报价为1154美元/TEU，环比下跌12.2%，跌幅扩大1个百分点。从宏观看，上周美国要求欧盟 对印度、中国等商品加征关税，这对后续市场需求形成一定抑制。 记者注意到，相较于主力合约明显的疲弱表现，中远期合约尤其是远月合约的跌幅则相对有 ...

Group 1 - The announcement from China COSCO Shipping Special Transportation Co., Ltd. (中远海特) states that a total of 298,634,812 restricted shares will be listed for circulation, accounting for 10.88% of the company's total share capital [2] - The restricted shares originate from an A-share issuance approved by the China Securities Regulatory Commission on December 25, 2024, with the main subscriber being the indirect controlling shareholder, China COSCO Shipping Group Co., Ltd. [2] - The lock-up period for shares subscribed by China COSCO Shipping Group is 18 months, while other subscribers have a lock-up period of 6 months, with the circulation date set for September 19, 2025 [2] Group 2 - The company was established on December 8, 1999, with a registered capital of 2,743.92 million RMB and is primarily engaged in ocean and coastal cargo transportation [2] - The company reported operating revenues of 16.78 billion RMB, 5.196 billion RMB, and 10.775 billion RMB for the years 2024, 2025 (Q2), and the corresponding period, with year-on-year growth rates of 37.57%, 51.47%, and 44.05% respectively [3] - The net profit attributable to the parent company for the same periods was 1.531 billion RMB, 345 million RMB, and 825 million RMB, with year-on-year growth rates of 43.82%, 1.56%, and 13.08% respectively [3] Group 3 - The company's asset-liability ratios for the years 2024, 2025 (Q2), and the corresponding period were 60.52%, 55.87%, and 58.04% respectively [3] - The company has 21 affiliated companies, including Guangzhou Yuanxin Investment Co., Ltd. and Shanghai COSCO Shipping Special Transportation Co., Ltd. [3] - The company has a total of 79 risk alerts in its own records, with 835 surrounding risk alerts and 520 warning alerts [3]

北方国际干散货运价指数（TBI）小幅反弹。其中，煤运价指数小幅上涨0.80%。粮食运价指数累计上涨1.15%。金属矿石运价指数累计上涨1.21%，周初澳 洲矿商大量租用市场运力，带动铁矿石市场运价明显上涨。TBI最终收于1113.05点，相比9月5日累计上涨1.09%。 沿海集装箱运价指数（TDI）明显回落。其中，出港运价指数大幅下滑，累计跌幅2.51%。进港运价指数震荡下跌。TDI收于897.78点，相比9月5日累计下跌 29.31点，累计跌幅为3.16%。 天津航运指数由天津国际贸易与航运服务中心发布，发布时间为每个工作日，指数样本范围覆盖27条连接天津港、青岛港、曹妃甸港与世界港口的国际航 线，也包括天津港和中国主要港口的内贸海运航线。该指数以2010年7月16日为基期，基期指数为1000点。 新华财经天津9月15日电（记者李亭）记者从天津国际贸易与航运服务中心获悉，2025年第37周（9月8日-12日），中国北方内外贸海运价格的风向标——天 津航运指数震荡下行，最终收于966.09点，相比9月5日（第36周最后一个发布日）累计下跌10.61点，累计跌幅1.09%。 天津国际贸易与航运服务中心供图 天津 ...