证券日报网讯凤凰航运（000520）9月3日在互动平台回答投资者提问时表示，截至8月29日，公司股东 总户数84523户。 ...

Core Viewpoint - The company is focusing on enhancing ship operational efficiency and optimizing the age structure of its fleet while exploring the application of new energy vessels in its routes, pending thorough assessments of safety, economic viability, and feasibility [2]. Group 1 - The company is updating its shipping capacity primarily to improve operational efficiency [2]. - The company is optimizing the age structure of its vessels [2]. - The company is researching the application of new energy vessels, which will be implemented only after comprehensive evaluations [2].

Report Industry Investment Rating - No information provided on the report industry investment rating Core View of the Report - The freight futures prices of the container shipping index (European Line) declined collectively on Wednesday. The main contract EC2510 closed down 3.04%, and the far - month contracts fell between 1 - 3%. The spot indicators continued to decline. The "price war" has put continuous pressure on the fundamentals. With uncertainties in the trade war, weak demand expectations for the container shipping index (European Line), and large fluctuations in futures prices, investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping capacity, and cargo volume data in a timely manner [1] Summary by Relevant Catalogs Futures Market Data - EC main contract closing price: 1323.000, down 41.5; EC secondary main contract closing price: 1701.2, down 53.9 - EC2510 - EC2512 spread: +14.60 up; EC2510 - EC2602 spread: -211.00, down 1.60 - EC contract basis: +17.70 up, 450.60 - EC main contract open interest: 51946, down 2211 [1] Spot Market Data - SCFIS (European Line) (weekly): 1773.60, down 216.60; SCFIS (US West Coast Line) (weekly): 1013.90, down 27.48 - SCFI (composite index) (weekly): 1445.06, up 29.70; container ship capacity (10,000 TEUs): 1227.97, unchanged - CCFI (composite index) (weekly): 1156.32, down 18.55; CCFI (European Line) (weekly): 1685.80, down 71.94 - Baltic Dry Index (daily): 1986.00, up 38.00; Panamax Freight Index (daily): 1764.00, up 49.00 - Average charter price (Panamax ship): 14170.00, up 274.00; average charter price (Capesize ship): 26105.00, down 359.00 [1] Industry News - China's Ministry of Finance and the State Taxation Administration issued a notice clarifying 4 tax - exemption measures to support the operation and management of state - owned equity and cash proceeds transferred to enrich the social security fund. These measures have been in effect since April 1, 2024, and eligible paid taxes can be refunded, which directly boosts the investment return of the social security fund [1] - US President Trump said he would appeal the global tariff case ruling to the US Supreme Court. He believes that uncertainty causes the stock market to fall. Winning or losing the tariff case will have a significant impact on the stock market, and canceling tariffs may make the US a third - world country [1] - Bank of Japan Deputy Governor Hino Ryozo said that based on the improvement of the economy and prices, it is appropriate to continue to raise interest rates. Despite three rate hikes, Japan's real interest rate remains at a significantly low level due to persistent inflation, and there is still room for monetary policy normalization [1] Key Data to Focus On - September 4, 17:00, Eurozone retail sales month - on - month rate for July - September 4, 20:15, US ADP employment change (in ten thousand people) for August - September 4, 20:30, US initial jobless claims (in ten thousand people) for the week ended August 30 - September 4, 20:30, US trade balance (in billion US dollars) for July [1]

II GEREK 投资咨询业务资格：证监许可【2012】31号 航运衍生品数据日报 国贸期货研究院 能源化工研究中心 投资咨询号: Z0021177 卢钊毅 从业资格号: F03101843 数据来源：Clarksons、Wind SCFI-美西 SCFIS-美西 | | 运价指数 | 上海出口集装箱运价 | 中国出口集装箱运价 | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 综合指数SCFI | 指数CCFI | | | | | | 葉 | 现值 | 1445 | 1156 | 1923 | 1013 | 2866 | 1481 | | | 前值 | 1415 | 1175 | 1644 | 1041 | 2613 | 1668 | | 运 | 涨跌幅 | 2.10% | -1.58% | 16.97% | -2.69% | 9.68% | -11.21% | | HS | | SCFIS-西北欧 | SCFI-地中海 | | | | | | 数 | | | ...

Investment Rating - The report maintains an "Accumulate" rating for the transportation and warehousing industry [5] Core Insights - The transportation industry experienced a slight increase in net profit in H1 2025, with notable recovery in the airport sub-sector [1][13] - The express delivery sector is expected to see a reduction in price wars due to government initiatives aimed at curbing excessive competition [3][31] - Oil transportation demand is anticipated to rebound in the second half of 2025, driven by OPEC+ production increases and supply constraints [2][24] Summary by Sections 1. Transportation Industry Performance - In H1 2025, the transportation industry reported total revenue of 17,329 billion yuan, a year-on-year increase of 1.28%, and a net profit of 950 billion yuan, up 2.39% [1][13] - Among 121 listed companies, 110 were profitable, with 55 companies showing year-on-year profit growth [1][13] - The airport sub-sector saw a significant net profit increase of 26.5% year-on-year [13][19] 2. Shipping Sector Analysis - H1 2025 saw a slowdown in global oil demand growth, with the BDTI index averaging 971 points, down 21.2% year-on-year, and the BCTI index at 683 points, down 31.9% [2][21] - The SCFI index averaged 1,704 points, reflecting a 26.5% year-on-year decline, impacting shipping company performance [2][21] - Predictions indicate that oil transportation demand will grow faster than supply, with a 0.3 percentage point difference expected in 2025 [24][26] 3. Express Delivery Sector Insights - The express delivery sector maintained a high growth rate, with a total volume of 957 billion packages in H1 2025, a 19.3% increase year-on-year [3][28] - However, the average revenue per package fell by 5.3% in July 2025, with major companies experiencing varying degrees of profit decline [3][28] - Government initiatives to address "involution" in the industry are expected to improve profit margins and overall industry health [3][31] 4. Investment Recommendations - The report suggests focusing on state-owned enterprises in the transportation sector, particularly in highways, railways, and ports [4][33] - It highlights potential in oil and container shipping due to geopolitical tensions and slow capacity growth [4][33] - The recovery in express delivery volume and the easing of competition are also noted as positive indicators for investment [4][33]

证券代码：601022 证券简称：宁波远洋 公告编号：2025-036 宁波远洋运输股份有限公司 关于召开 2025 年半年度业绩暨现金分红说明会 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 会议召开时间：2025 年 9 月 16 日（周二）9:30-11:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心视频结合网络互动 ? 投资者可于 2025 年 9 月 9 日（周二）至 9 月 15 日（周一）16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ird@nbosco.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 宁波远洋运输股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日发 布公司 2025 年半年度报告，并于同日披露 2025 年半年度利润分配方案，为便于 广大投资者更全面深入地了解公司 2025 年半年度的经营成果 ...

Report Industry Investment Ratings No relevant content provided. Core Views - The report analyzes multiple industries and commodities, including energy, metals, chemicals, agricultural products, and financial derivatives, providing insights into market trends, supply - demand relationships, and investment strategies for each sector [2][3][4] Summary by Commodity Energy - **Crude Oil**: Overnight international oil prices rose, with Brent 11 contract up 1.34%. In the third quarter, the oil market supply - demand was balanced. Considering OPEC+ output increase in September and post - peak demand decline, there is a risk of inventory build - up. Look for shorting opportunities when SC11 rebounds above 495 yuan/barrel [2] - **Fuel Oil & Low - sulfur Fuel Oil**: Singapore and Chinese ship - fuel sales declined year - on - year, but domestic refinery production was also low. Due to geopolitical premium and delayed supply pressure, LU rebounded and FU strengthened [22] - **Liquefied Petroleum Gas**: After the gas off - season, it shows some resilience. Supported by rising import costs and domestic demand, the civil gas price increased. The high - basis difference pattern persists, and the short - term market is strong in the near term and weak in the long term [24] - **Asphalt**: In the traditional peak season, demand increases seasonally, and supply - demand tightens. The 10 - contract is supported at 3500 yuan/ton, and it is expected to oscillate strongly in the short term [23] Metals - **Precious Metals**: Overnight, the US manufacturing PMI was slightly lower than expected, increasing the expectation of a Fed rate cut. Maintain a long position and focus on the US non - farm payroll data on Friday [3] - **Copper**: Overnight, copper prices broke through integer thresholds. In the short - to - medium term, it is affected by the Fed rate cut, domestic refined copper consumption substitution, and capital resonance. Hold short - term long positions based on the MA5 moving average [4] - **Aluminum**: Overnight, Shanghai aluminum oscillated strongly. Downstream开工率 has increased seasonally for four weeks. It is expected to test the resistance at 21,000 yuan in the short term [5] - **Alumina**: Production capacity is at a historical high, with rising inventory and supply surplus. It is running weakly, and pay attention to the support at 2830 - 3000 yuan [6] - **Zinc**: In September, refinery maintenance may reduce output. In the short term, it rebounds, but in the medium term, maintain a short - allocation strategy [8] - **Nickel and Stainless Steel**: Due to political unrest in Indonesia, prices rebounded. Short - term short positions are suspended, and a wait - and - see approach is adopted [10] - **Tin**: Overnight, Shanghai tin recovered some losses. There is a shortage of concentrates, and short - term long positions can be held based on 271,000 yuan [11] - **Manganese Silicon**: Production is increasing, and inventory has not accumulated. In the long term, manganese ore is expected to accumulate inventory [19] - **Silicon Iron**: Supply is increasing, demand is okay, and inventory is slightly decreasing [20] Chemicals - **Carbonate Lithium**: Futures prices declined, and the market was quiet. The overall sentiment is low, and a wait - and - see approach is adopted [12] - **Polysilicon**: It oscillated below 52,000 yuan/ton. Before new policy details are disclosed, the PS2511 price is expected to face pressure at 53,000 yuan/ton [13] - **Industrial Silicon**: Futures prices rose slightly. In September, supply surplus will intensify, and there is a risk of a price decline after the current up - trend [14] - **Methanol**: Coastal available supply is abundant, and inventory is accumulating. But with the improvement of downstream device economics, the market is expected to strengthen [26] - **Pure Benzene**: Oil prices rebounded, and benzene prices stopped falling. In the third quarter, supply - demand may improve [27] - **Styrene**: Crude oil and pure benzene provide little support. Supply - demand contradiction is increasing, and the fundamentals are weak [28] - **Polypropylene, Plastic, and Propylene**: Propylene production enterprises have controllable inventory pressure, but downstream acceptance of price increases is limited. Polyethylene demand is okay, while polypropylene supply pressure is increasing [29] - **PVC and Caustic Soda**: PVC supply pressure is high, and it may oscillate weakly. Caustic soda prices are relatively firm but may also oscillate widely [30] - **PX and PTA**: Prices are oscillating at a low level. Demand is improving, but the actual improvement is limited [31] - **Ethylene Glycol**: Prices fluctuate around 4350 yuan/ton. Supply - demand is weakening, and there are both long and short factors in the medium term [32] Agricultural Products - **Soybeans and Soybean Meal**: There is uncertainty in Sino - US trade. In the short term, it may oscillate, and in the long term, there is a cautious bullish view on domestic soybean meal [37] - **Soybean Oil and Palm Oil**: Prices rebounded. In the long term, consider buying at low prices, but pay attention to volatility risks [38] - **Corn**: Dalian corn futures were weak at night. After the new - grain purchase enthusiasm fades, it may continue to run weakly at the bottom [40] - **Pigs**: Spot prices are mixed, and futures prices are weak. There is downward pressure on prices under large supply [41] - **Eggs**: Spot prices are stable, and futures prices rebounded. Consider long positions in far - month contracts for next year [42] - **Cotton**: US cotton prices fell, and Zhengzhou cotton may continue to oscillate. Consider buying on dips [43] - **Sugar**: US sugar prices are trending down, and domestic sugar prices are expected to oscillate [44] - **Apples**: Futures prices are oscillating at a high level. In the short term, prices may rise, but in the long term, there is limited upside [45] - **Timber**: Futures prices are oscillating. Supply may remain low, and a wait - and - see approach is adopted [46] - **Paper Pulp**: Futures prices rose slightly. Supply is relatively loose, and a wait - and - see or range - trading approach is recommended [47] Financial Derivatives - **Container Shipping Index (European Route)**: MSC announced empty - sailing plans for the Golden Week. Spot prices are under pressure, and the market is expected to oscillate [21] - **Stock Index**: The market is adjusting, and there is short - term macro uncertainty. Increase allocation to technology - growth sectors [48] - **Treasury Bonds**: Futures prices oscillated flat. Pay attention to the opportunity for curve steepening in short - term multi - variety hedging [49]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Overseas: The US macro - fundamentals are stable, but the political pressure on the Fed has pushed up market expectations of interest rate cuts. Although there are positive feedbacks on investment and consumption, there are still tail risks. Domestically, the market's expectation of corporate profit margins has improved, and recent real - estate policies in first - tier cities may boost transaction volume [7]. - In the short term, market volatility in China may increase. After important events, the pricing weight of fundamentals on assets, especially short - duration commodity assets, may rise. Overseas, liquidity will expand in the next 1 - 2 quarters, entering a "loose expectation + weak dollar" repair channel [7]. Summary by Related Catalogs 1. Macro Highlights - **Overseas Macro**: The US macro - fundamentals are stable. The political pressure on the Fed has reached a new high, pushing up market interest - rate cut expectations. However, service inflation stickiness, tariff shocks, and concerns about the Fed's independence remain tail risks [7]. - **Domestic Macro**: The market's expectation of corporate profit margins has improved. "Anti - involution" has promoted the improvement of mid - stream profits in July. In the real - estate market, first - tier cities have introduced demand - side policies, which may increase transaction volume but the sustainability needs to be observed [7]. - **Asset Views**: In China, short - term market volatility may increase at the beginning of September. After important events, the pricing weight of fundamentals on assets may rise. Overseas, liquidity will expand in the next 1 - 2 quarters, supporting total demand recovery [7]. 2. Viewpoint Highlights - **Financial**: Stock index futures are expected to rise in shock, index options will fluctuate, and treasury bond futures will also be in a shock state, still depending on the performance of the stock market [8]. - **Precious Metals**: Gold and silver prices are expected to rise in shock as the US interest - rate cut cycle may restart in September, but market risks need attention [8]. - **Shipping**: The freight rate of the European container shipping line may fluctuate as the peak season fades in the third quarter [8]. - **Black Building Materials**: Most varieties in this sector, such as steel, iron ore, coke, etc., are expected to be in a shock state due to factors like inventory changes, policy influences, and supply - demand relationships [8]. - **Non - ferrous Metals and New Materials**: Although the weak dollar supports non - ferrous metals, the weak demand also needs attention. Most varieties will be in a shock state, with zinc prices expected to fall in shock [8]. - **Energy and Chemicals**: Crude oil prices are expected to fall in shock, while most other chemical products will be in a shock state due to factors such as supply - demand relationships, new - capacity pressures, and cost changes [10]. - **Agriculture**: Most agricultural products, including grains, oils, and fibers, are expected to be in a shock state, waiting for further information such as field inspection results [10].

Report Industry Investment Rating No investment rating information provided in the report. Core Viewpoints - Maersk has lowered its freight rate to $1700/FEU, and the freight rates of other shipping companies are also following suit. The overall freight rate center in September has dropped to around $2000/FEU, and the cargo collection pressure is relatively high. [1][4] - The October contract is mainly for short - allocation as the freight rate center continues to decline. With the release of HPL's two additional vessels in October, it is expected to put pressure on the spot price in October. [4] - The December contract still follows the pattern of peak and off - peak seasons. However, the risk lies in the bottom of this round of freight rate decline. If ships from the US line are diverted to the European line in the fourth quarter, it may put pressure on European line prices. [5] - The main contract of container shipping index futures is oscillating weakly, and it is advisable to short the October contract when the price is high. [7] Summary by Directory 1. Market Analysis - **Online Quotes**: Different shipping alliances and companies have different freight rate quotes for the Shanghai - Rotterdam route. For example, Maersk's 37 - week price for Shanghai - Rotterdam is $1175/1970, and the 38 - week price is $1025/1710. [1] - **Geopolitical Situation**: On September 2, local time, the Israeli military stated that it would intensify its military operations in the Gaza Strip. [2] - **Blank Sailings and Additional Vessels**: MSC has announced blank sailings during the Chinese Golden Week, with a total of about 59,000 TEU of capacity affected. HPL has announced two additional vessels in October, with a total capacity of about 11,500 TEU. [3] 2. Contract Analysis - **October Contract**: The delivery and settlement price of the October contract is the arithmetic average of SCFIS on October 13th, 20th, and 27th. In normal years, the price in October is 20% - 30% lower than that in August. Currently, the freight rate center has dropped, and short - allocation is relatively safe. [4] - **December Contract**: In the fourth quarter, due to Western holidays and shipping companies' preparations for long - term contract negotiations, the freight rate is usually higher. However, the risk is the bottom of the current freight rate decline. [5] 3. Futures and Spot Prices - **Futures Prices**: As of September 2, 2025, the closing prices of different contracts vary. For example, the EC2602 contract closed at 1550.10, and the EC2510 contract closed at 1340.70. [6] - **Spot Prices**: On August 29, the SCFI (Shanghai - Europe route) price was $1481.00/TEU, and on September 1, the SCFIS (Shanghai - Europe) was 1773.60 points. [6] 4. Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of August 31, 2025, 180 container ships have been delivered, with a total capacity of 1.452 million TEU. [7] 5. Strategy - **Unilateral Strategy**: The main contract is oscillating weakly. [7] - **Arbitrage Strategy**: Short the October contract when the price is high. [7]

Core Viewpoint - The stock of China Cosco Shipping Energy Transportation Co., Ltd. has experienced a decline of 8.52% year-to-date, with a recent drop of 2.07% on September 3, 2023, indicating potential challenges in the market [1]. Company Overview - China Cosco Shipping Energy Transportation Co., Ltd. was established on July 26, 1996, and listed on May 23, 2002. The company is headquartered in Hongkou District, Shanghai, and primarily engages in the transportation of crude oil and refined oil, as well as liquefied natural gas (LNG) [1]. - The company's revenue composition includes: 41.53% from foreign trade crude oil, 14.59% from domestic crude oil, 10.78% from foreign trade refined oil, 10.38% from foreign trade oil vessel leasing, 10.28% from domestic refined oil, 9.59% from LNG transportation, 1.35% from chemical transportation, 0.89% from LPG transportation, 0.55% from domestic oil vessel leasing, and 0.05% from other sources [1]. Financial Performance - For the first half of 2025, the company reported a revenue of 11.642 billion yuan, a slight decrease of 0.08% year-on-year, and a net profit attributable to shareholders of 1.869 billion yuan, down 28.28% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 14.462 billion yuan in dividends, with 4.437 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for China Cosco Shipping Energy has increased to 116,500, reflecting a rise of 7.95% from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 91.6484 million shares, an increase of 18.3201 million shares from the previous period [3].