Group 1 - The Shanghai Lingang New Area is enhancing its international shipping services through innovative practices and digital transformation, significantly supporting high-level openness and shipping industry upgrades [1][2] - The establishment of an international shipping digital supply service platform has led to a fully electronic process for ship supply services, improving supply efficiency and reducing operational costs for shipping companies by over 30% in empty sailing rates [1] - From January to August 2025, the platform facilitated the supply of ship spare parts for 451 vessels, marking a 407% year-on-year increase, and successfully launched the first direct supply of medical supplies for cruise ships [1] Group 2 - Yangshan Port, as the core of the Lingang New Area's shipping industry, has seen its international transshipment and consolidation box volume reach 19.2% in the first half of the year, indicating steady growth compared to the previous year [2] - The Lingang New Area has made significant strides in green low-carbon transformation, becoming a key area for the commercialization of green ship fuels in China, with the first ultra-low sulfur heavy fuel oil and domestic green methanol bunkering services established [2] - Future plans include the integration of digital and green initiatives, enhancing the international shipping digital service platform, and establishing a shipping carbon emission monitoring system to provide more efficient and environmentally friendly services [2]

太平洋航运(02343)发布公告，于2025年9月12日该公司斥资975.44万港元回购400万股，回购价格为每股 2.42-2.45港元。 ...

Group 1 - The core viewpoint of the article highlights the significant advancements made by the Lingang New Area in Shanghai in establishing an international shipping digital service platform and achieving breakthroughs in green methanol refueling services [1][2] - The Lingang New Area has implemented a fully electronic process for ship supply services, including spare parts, bonded fuel, and green methanol, which has greatly improved supply efficiency and reduced operational costs for shipping companies by over 30% in empty sailing rates [1] - From January to August 2025, the platform facilitated ship supply for 451 vessels, marking a 407% year-on-year increase, and successfully launched the first direct supply of medical supplies to cruise ships, indicating a significant achievement in high-value shipping services [1] Group 2 - Yangshan Port, as the core carrier of the shipping industry in the Lingang New Area, has seen a steady increase in international transshipment and consolidation box volume, reaching 19.2% in the first half of the year compared to the same period last year [2] - The Lingang New Area has made notable progress in green low-carbon transformation, being the first in the country to implement ultra-low sulfur heavy fuel oil and domestic green methanol refueling services, establishing itself as a key area for the commercialization of green ship fuels in China [2] - The area is accelerating the construction of a green methanol ship management training center, fuel testing laboratory, and certification service platform, aiming to create a comprehensive green shipping service ecosystem that provides one-stop services for fuel testing, certification, training, and risk management [2]

厦庇五洲客，门纳万顷涛。9月8日至9日，第七届"丝路海运"国际合作论坛（以下简称"论坛"）在福建 厦门举行。福建省委副书记、省长赵龙出席主论坛，国家发展和改革委员会副主任周海兵，交通运输部 副部长李扬，马尔代夫渔业和海洋资源部部长艾哈迈德·施亚姆，塞尔维亚农业、林业和水利部部长德 拉甘·格拉莫契奇，突尼斯经济与规划部部长萨米尔·阿卜杜勒哈菲兹，福建省委常委、常务副省长王永 礼作主旨演讲。厦门市委副书记、市长伍斌主持。 站在"丝路海运"发展七周年的新起点，本届论坛秉持"共商港航合作、共建丝路通道、共享经贸繁荣"宗 旨，以"港航畅丝路，商贸通四海"为主题，开展主论坛、专题论坛、2025圆桌会议、港航贸对接会等系 列活动。 本届论坛呈现三大亮点：一是多项创新成果集中发布，包括首次推出"丝路海运"绿色评价体系和《"丝 路海运"蓝皮书（2024-2025）》；二是议题广度与深度再突破，专题论坛扩展为6场，涵盖安全、技 术、金融、贸易等领域，并纳入气象导航、人工智能、绿色金融、文化交流等新议题；三是国际化程度 创新高，吸引30多个国家和地区嘉宾，联合国亚太经社会、世贸组织等国际机构齐聚。 航运被誉为全球贸易的"大动脉"， ...

Core Viewpoint - The development of new energy vessels along the Yangtze River is experiencing explosive growth, with a significant increase in the number of vessels and a strong future construction intent, indicating a rapid transition to green shipping in the region [1] Group 1: Current Status and Future Projections - As of September 10, 156 new energy vessels have been built and put into operation on the Yangtze River, representing a year-on-year doubling [1] - By 2025, shipyards along the Yangtze River plan to construct 422 new energy vessels, with an additional 966 vessels projected over the next five years [1] - The composition of future vessels includes 75% LNG vessels, 20% electric vessels, and 5% methanol-powered vessels [1] Group 2: Safety and Quality Assurance Measures - The Yangtze Maritime Department is implementing a comprehensive safety assurance system for the development of new energy vessels, focusing on ship inspection, on-site supervision, and crew training [1] - Guidelines for the construction inspection and supervision of LNG fuel vessels have been drafted to provide technical standards for shipbuilding [1] - On-site safety inspection guidelines for battery-powered vessels and LNG/methanol fuel vessels have been established to ensure regulatory compliance [1] Group 3: Crew Training and Development - A new training base for new energy vessels has been established in Wuhan, capable of training up to 2,000 individuals annually through a comprehensive curriculum that includes theoretical teaching, simulation training, practical operation, and employment services [2] - The Yangtze Maritime Department has set up internship points for LNG, methanol, hydrogen fuel, and battery-powered vessels to address the lack of practical experience among crew members [2] - The introduction of smart classrooms and VR simulation systems has enhanced training efficiency by 60%, facilitating seamless integration of theoretical and practical training [2]

Core Viewpoint - The article discusses the strategic importance of the "Greater Tumen River" initiative as a new platform for regional cooperation in Northeast Asia, emphasizing its potential to enhance economic integration and development in the region [3][18]. Group 1: Economic Cooperation and Trade - In 2024, trade between China and the five Northeast Asian countries is projected to reach $901.6 billion, accounting for nearly 15% of China's total foreign trade [2][17]. - The bilateral investment amount exceeds $7 billion, with cooperation expanding into emerging sectors such as digital economy, green development, advanced manufacturing, and modern services [2][17]. Group 2: Strategic Recommendations - The "Greater Tumen River" strategy is proposed to be elevated to a national strategy, focusing on creating a high-level open platform for regional cooperation and revitalization of Northeast China [3][18]. - Three strategic functional groups are suggested: a global free trade port, a cross-border economic cooperation demonstration zone, and a comprehensive global open portal integrating land, sea, air, and rail networks [4][5]. Group 3: Infrastructure and Connectivity - The initiative emphasizes the need for infrastructure interconnectivity, proposing the establishment of a multi-dimensional transportation network that includes ports and railways to enhance trade efficiency [5][19]. - Key ports such as Zarubino and Posyet are identified as central hubs for creating a unified operational standard and sharing resources among Northeast Asian ports [5][19]. Group 4: Market and Investment - The establishment of a development fund for the Greater Tumen River is recommended to attract international capital for infrastructure projects [6][19]. - The article suggests creating a central procurement market in Hunchun to serve as a distribution center for daily consumer goods across Northeast Asia [6][19]. Group 5: Regional Economic Integration - The "Greater Tumen River" strategy aims to balance economic interests among Northeast Asian countries through differentiated division of labor and shared benefits [7][20]. - It proposes the establishment of a Northeast Asia Free Trade Network, using the China-Russia cross-border free trade zone as a template to promote tariff reciprocity and unified rules of origin [7][20]. Group 6: Digital Trade and Innovation - The strategy includes plans to build a digital trade ecosystem, establishing a cross-border data flow trial zone and a digital certification center for Northeast Asia [8][20]. - It aims to facilitate the internationalization of the Renminbi through cross-border energy trade settlements and digital currency payment trials [8][20].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The freight rate center continues to decline, and attention should be paid to Maersk's price offer in the first week of October next week [1]. - The 10 - month contract is mainly for short - allocation during the off - season, with its valuation continuing to decline, and the uncertainty lies in the second half of October [6][7]. - The pattern of off - peak and peak seasons still exists for the 12 - month contract. Recently, the expectation of price increase in November can be speculated on, but the risk lies in the bottom of this round of freight rate decline [8]. - The main contract is oscillating weakly on a single - side basis, and it is advisable to short the 10 - month contract on an arbitrage basis [10]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - **Online Quotes**: Different shipping companies have different price quotes for routes such as Shanghai - Rotterdam. For example, Maersk's Shanghai - Rotterdam price in week 38 is 1055/1770, and in week 39 it is 950/1590. HPL - SPOT's price in the second half of September and the first half of October is 935/1535. Maersk's PSS for the Far East - Nordic region drops to 50/100 [1]. - **Geopolitical Situation**: Israel launched an attack on Hamas' senior political leaders in Doha, Qatar, which further escalated the conflict. Qatar condemned the attack, stating that it blatantly violated international law [3]. 3.2 Static Supply - As of September 7, 2025, 182 container ships with a total capacity of 1.472 million TEU have been delivered in 2025. Among them, 58 ships with a capacity of 12,000 - 16,999 TEU and a total capacity of 873,200 TEU, and 9 ships with a capacity of over 17,000 TEU and a total capacity of 194,840 TEU have been delivered. From 2025 - 2028, there is still significant supply - side pressure, especially in 2027, 2028, and 2029 when the annual delivery volume of ships over 17,000 TEU exceeds 35 [4]. 3.3 Dynamic Supply - MSC and the Gemini Alliance have announced blank sailings during the Chinese Golden Week. In September, there were 4 blank sailings and 0 TBNs, while in October, there were 10 blank sailings and 6 TBNs. HPL has announced two additional ships for October, which may put pressure on the spot price in October [5]. 3.4 Contracts Analysis - **10 - Month Contract**: It is mainly for short - allocation during the off - season, with its valuation continuing to decline. The normal price in October is 20% - 30% lower than that in August. The current market price center in the first half of October is around 1600 US dollars/FEU, and there is a possibility of further decline. The uncertainty lies in the second half of October. If the price increase is successful in the second half of October, the optimistic valuation ceiling of the 10 - month contract may be around 1200 points; otherwise, it may be lower than 1100 points [6][7]. - **12 - Month Contract**: The pattern of off - peak and peak seasons still exists. Normally, the price in December is more than 10% higher than that in October. With the approach of Western holidays in the fourth quarter, shipping companies may adjust supply to keep freight rates high. However, the risk lies in the bottom of this round of freight rate decline, and if ships from the US line are transferred to the European line, it may put pressure on European line prices [8]. 3.5 Strategy - **Single - side**: The main contract is oscillating weakly. - **Arbitrage**: Short the 10 - month contract [10]. 3.6 Futures and Spot Prices - As of September 11, 2025, the total open interest of all contracts of the container shipping index European line futures is 83,647 lots, and the single - day trading volume is 45,107 lots. The closing prices of different contracts such as EC2602, EC2604, etc. are provided. The SCFI and SCFIS prices of different routes are also given [9].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report Macro and Financial Futures - The implementation of domestic service - consumption stimulus policies may form a synergistic effect with commodity - consumption boosting measures to support the growth of total retail sales of consumer goods, but the actual effect needs further observation. Overseas, the CPI data rebounded in August, and the weakening of the US employment market has increased the market's bet on the Fed's interest rate cut. The Fed's interest rate dot - plot will be the focus of the market [1]. - The US dollar index is in a volatile range. The US dollar - RMB exchange rate is likely to fluctuate between 7.10 - 7.16 this week. Export enterprises are advised to lock in forward exchange settlement in batches at the upper edge of the exchange - rate range, and import enterprises can adopt a rolling foreign - exchange purchase strategy near the 7.10 mark [2][3]. Stock Index - The sentiment and capital situation of the stock index have improved, and it is expected to be strong in the short term. However, if the stock index continues to rise rapidly, there will be a need for adjustment due to over - heated sentiment [4]. Treasury Bonds - The bond market rebounded due to rumors of the central bank restarting bond purchases. The central bank's attitude needs to be closely watched, and it is recommended to wait and see for the time being [4][5]. Shipping - The new weekly opening quotes of Maersk are lower than the previous values, and CMA CGM and Evergreen have also followed up and lowered their quotes for European routes, which is likely to drive down the futures price valuation. It is recommended to operate with a quick - in - and - quick - out strategy [8]. Commodities Precious Metals - Precious metals are in a high - level shock. In the medium and long term, they may be bullish. In the short term, gold and silver are in a high - level consolidation. It is advisable to maintain the idea of buying on dips [9][11]. Copper - US inflation - related data are lower than expected, which increases the expectation of interest rate cuts and causes the copper price to strengthen slightly. It is recommended to sell out - of - the - money put options [12]. Aluminum Industry Chain - For aluminum, the macro environment is favorable, and the short - term trend is expected to be strong, but investors should be cautious about chasing high prices. For alumina, the supply is in excess, and the price is expected to be weak. For cast aluminum alloy, the cost provides support, and it is advisable to consider arbitrage operations [13][14][15]. Zinc - In the short term, the zinc price is in a bottom - strengthening shock. It is advisable to continue to observe the LME inventory approaching the extreme value or sell out - of - the - money put options [16]. Nickel and Stainless Steel - They maintain a shock trend, with limited downward space [17][18]. Tin - Affected by US PPI data, the tin price has risen slightly. It is recommended to sell out - of - the - money put options [19]. Lithium Carbonate - The "Golden September and Silver October" downstream peak - season demand provides support for the lithium - carbonate price, and short - term supply - side disturbances do not change the fundamental support logic [20][21]. Industrial Silicon and Polysilicon - In the short term, the Inner Mongolia meeting has a positive impact on sentiment. In the long term, the industry is under structural pressure. The polysilicon market is affected by news and policy expectations, and investors are advised to be cautious [22][23]. Lead - The lead price is in a narrow - range shock. It is advisable to consider selling out - of - the - money call options or using a double - selling strategy [24]. Black Metals Rebar and Hot - Rolled Coil - The supply of crude steel has recovered, but the overall supply of the five major steel products has decreased. The steel inventory pressure is large, and the steel price is expected to continue to fluctuate weakly [26][27]. Iron Ore - The iron - ore price is difficult to rise unilaterally. It is recommended to take profit on long positions [28]. Coking Coal and Coke - A second - round price cut is expected. The coal - coke market is expected to maintain a wide - range shock pattern in the short term [29]. Ferrosilicon and Silicomanganese - Their trends mainly follow the coking - coal price. It is recommended to lightly try long positions on the main contracts, but beware of the risk of a sharp fall after a rise [30][31]. Energy and Chemicals Crude Oil - Production increase dominates the oil - price trend. It is recommended to short on rallies [33]. LPG - It maintains a shock trend. The domestic supply is controllable, and the demand is slightly weakened [34][35]. PTA - PX - The industrial profit is under pressure, but the support is strengthening. It is recommended to expand the processing margin below 260 and try to lay out long positions on TA01 below 4650 [35][38]. MEG - Bottle Chip - There is a pre - expected inventory build - up. It is recommended to wait and see and look for opportunities to short on rallies [39][40]. PP - The cost provides support, and it is expected to be stronger than PE in the short term [41][43]. PE - The current driving force is weak. It is expected to be in a shock pattern, and further demand increase signals need to be awaited [44][45]. Pure Benzene and Styrene - They follow the cost - end fluctuations. Pure benzene is expected to be weak in the short term, and styrene is in a shock state and it is advisable to wait and see [45][47]. Fuel Oil - It follows the cost fluctuations. It is recommended to wait to short the cracking spread [46][47]. Low - Sulfur Fuel Oil - It is recommended to wait to go long on the cracking spread [48]. Asphalt - The demand is affected by rainfall, but the inventory is improving. It is advisable to try long positions after the crude - oil price stabilizes [49][50]. Rubber and 20 - Number Rubber - The downstream operating rate has increased, and the domestic demand is resilient. It is recommended to consider short - term long positions [50][52]. Glass, Soda Ash, and Caustic Soda Soda Ash - The supply is expected to remain high in the medium and long term. The supply - demand pattern is one of strong supply and weak demand, and attention should be paid to cost and supply expectations [53]. Glass - The supply is expected to be stable or slightly increase. The market is in a weak - balance to weak - surplus state. Attention should be paid to supply, cost, and demand factors [54]. Caustic Soda - The near - end spot price is strong, and the inventory is decreasing. Attention should be paid to the spot rhythm, peak - season performance, and downstream stocking enthusiasm [55][56]. Pulp - The fundamental improvement is not obvious. It is recommended to wait and see and not chase short positions [56][57]. Logs - There are no new factors, and it is in a shock state. It is advisable to wait and see [57]. Summaries According to the Catalog Financial Futures - **Macro**: Domestic service - consumption stimulus policies are expected to be introduced, and overseas, the US employment market is weakening, increasing the expectation of Fed interest rate cuts [1]. - **RMB Exchange Rate**: The US dollar - RMB exchange rate is expected to fluctuate between 7.10 - 7.16 this week. Different strategies are recommended for export and import enterprises [2][3]. - **Stock Index**: The sentiment and capital situation have improved, and it is expected to be strong in the short term, but there is a risk of adjustment [4]. - **Treasury Bonds**: The bond market rebounded, and the central bank's attitude is the focus. It is recommended to wait and see [4][5]. Shipping - Maersk's new quotes and the follow - up actions of other shipping companies drive down the futures price valuation. A quick - in - and - quick - out strategy is recommended [8]. Commodities Precious Metals - The inflation data are in line with expectations, and the employment market is cooling. Precious metals are in a high - level shock, and a long - on - dips strategy is recommended [9][11]. Copper - US inflation data increase the expectation of interest rate cuts, and the copper price strengthens slightly. Selling out - of - the - money put options is recommended [12]. Aluminum Industry Chain - For aluminum, the macro and fundamental factors are favorable, but investors should be cautious. For alumina, the supply is excessive. For cast aluminum alloy, the cost provides support [13][14][15]. Zinc - The supply is in excess, and the demand is average. The short - term trend is a bottom - strengthening shock [16]. Nickel and Stainless Steel - They maintain a shock trend, with limited downward space [17][18]. Tin - Affected by US PPI data, the tin price rises slightly. Selling out - of - the money put options is recommended [19]. Lithium Carbonate - The downstream peak - season demand supports the price, and short - term supply disturbances do not change the fundamentals [20][21]. Industrial Silicon and Polysilicon - The short - term sentiment is supported, but the long - term industry is under structural pressure. The polysilicon market is affected by news and policies [22][23]. Lead - The lead price is in a narrow - range shock. It is advisable to consider option - selling strategies [24]. Black Metals Rebar and Hot - Rolled Coil - The crude - steel supply has recovered, but the overall supply of the five major steel products has decreased, and the inventory pressure is large [26][27]. Iron Ore - The price is difficult to rise unilaterally due to weak demand. Taking profit on long positions is recommended [28]. Coking Coal and Coke - A second - round price cut is expected, and the market is in a wide - range shock in the short term [29]. Ferrosilicon and Silicomanganese - Their trends follow coking coal. Lightly trying long positions is recommended, but beware of risks [30][31]. Energy and Chemicals Crude Oil - Production increase leads to a decline in oil prices. A short - on - rallies strategy is recommended [33]. LPG - It maintains a shock trend, with controllable supply and slightly weakened demand [34][35]. PTA - PX - The industrial profit is under pressure, but the support is strengthening. Processing - margin expansion and long - position layout strategies are recommended [35][38]. MEG - Bottle Chip - There is a pre - expected inventory build - up. It is recommended to wait and look for short - on - rallies opportunities [39][40]. PP - The cost provides support, and it is expected to be stronger than PE in the short term [41][43]. PE - The current driving force is weak, and it is in a shock pattern, awaiting demand increase signals [44][45]. Pure Benzene and Styrene - They follow cost fluctuations. Pure benzene is expected to be weak, and styrene is in a shock state [45][47]. Fuel Oil - It follows cost fluctuations. Waiting to short the cracking spread is recommended [46][47]. Low - Sulfur Fuel Oil - Waiting to go long on the cracking spread is recommended [48]. Asphalt - The demand is affected by rainfall, and the inventory is improving. Trying long positions after crude - oil price stabilization is advisable [49][50]. Rubber and 20 - Number Rubber - The downstream operating rate has increased, and the domestic demand is resilient. Short - term long positions can be considered [50][52]. Glass, Soda Ash, and Caustic Soda Soda Ash - The supply is expected to remain high, and the supply - demand pattern is one of strong supply and weak demand [53]. Glass - The supply is stable or slightly increasing, and the market is in a weak - balance to weak - surplus state [54]. Caustic Soda - The near - end spot is strong, and the inventory is decreasing. Spot rhythm and demand need to be watched [55][56]. Pulp and Logs Pulp - The fundamental improvement is not obvious. It is recommended to wait and not chase short positions [56][57]. Logs - There are no new factors, and it is in a shock state. It is advisable to wait and see [57].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The overall driver remains downward as shipping companies' loading rates are low during the spot price decline period. The 10 - contract on the futures market dropped significantly as the spot price broke through the previous low of the year, showing signs of shipping companies' price competition. The valuation space below the 10 - contract has significantly decreased, and investors can consider reducing their positions. The 12 - contract followed the decline, and the 10 - 12 spread changed little and is relatively reasonable. Currently, the spot price has little change [1][8]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Information - **Yesterday's Closing Price and Changes**: EC2510 closed at 1203.8, down 5.02%; EC2512 at 1609.1, down 3.88%; EC2602 at 1497.4, down 1.75%; EC2604 at 1242.0, down 0.32%; EC2606 at 1430.6, down 0.92% [1]. - **Basis**: EC2510's basis is 362.7; EC2512's is - 42.6; EC2602's is 69.1; EC2604's is 324.5; EC2606's is 135.9 [1]. - **Yesterday's Trading Volume and Open Interest**: EC2510's trading volume is 32766, and open interest is 49507; EC2512's trading volume is 10045, open interest is 19025 with a change of 1417; EC2602's trading volume is 1268, open interest is 6001 with a change of 59; EC2604's trading volume is 919, open interest is 7791 with a change of 279; EC2606's trading volume is 67, open interest change is 6 [1]. - **Monthly Spread**: EC2510 - 2512 spread is - 405.3, with a daily increase of 1.3 and a weekly decrease of 5.0; EC2512 - 2602 spread is 111.7, with a daily decrease of 38.3 and a weekly decrease of 61.9 [1]. 3.2 Spot Index Information - **SCFIS (European Line)**: On September 8, 2025, it was 1566.46 points, down 11.68% from the previous period; on September 5, 2025, it was 1773.60 points, down 10.88% from the previous period [1]. - **CCFI**: On September 5, 2025, it was 1638.77 points, down 2.79% from the previous period [1]. - **NCFI**: On September 5, 2025, it was 855.93 points, down 7.92% from the previous period [1]. 3.3 Recent European Line Quotation Situation - **Week 37**: The average quotation was 2100 US dollars (equivalent to 1450 points on the disk), among which MSK was 1900 US dollars (later rose to 1950), PA was 2100 - 2150, and OA was 2100 - 2300 [2]. - **Week 38**: The average quotation was 1800 US dollars (equivalent to 1260 points on the disk), among which MSK was 1700 US dollars (later rose to 1760), PA&MSC was 1800 - 1950, and OA was 1650 - 2020 [2]. - **Week 39**: The average quotation was 1660 US dollars (equivalent to 1150 points on the disk), among which MSK opened at 1550 US dollars, PA dropped to 1600 - 1700 US dollars, and OA quoted 1650 - 1700 US dollars [2].

Group 1 - Company plans to issue A-shares to raise up to 8 billion yuan for the construction of 6 VLCCs, 2 LNG carriers, and 3 Aframax tankers to optimize fleet structure and enhance competitiveness [1] - The average age of the company's tanker fleet is projected to reach 14 years by the end of July 2025, indicating an urgent need for fleet renewal [1] - The stock price of the company increased by over 8% in early trading, reflecting positive market sentiment towards the announcement [1] Group 2 - OPEC+ has confirmed a new production increase plan, signaling a focus on market share rather than price, which may lead to lower oil prices [1] - The decision by OPEC+ to maintain production levels despite low oil prices is expected to stimulate effective demand and drive an upward cycle in tanker transportation demand [1]