Core Viewpoint - The shipping market is experiencing downward pressure on spot freight rates due to major shipping companies competing to lower rates in mid to late September and early October to increase cargo volume [4][5]. Supply Side - New ship deliveries are expected to exert long-term pressure on freight rates, with significant supply pressure anticipated in the future. Short-term supply remains ample, and the easing of congestion at European ports has effectively released capacity [5][10]. - By August 2025, approximately 192,000 TEU of new ships are scheduled for delivery, an increase of 55,000 TEU from July. The Baltic and International Maritime Council (BIMCO) predicts that 2.3 million TEU of new capacity will be delivered from 2025 to 2026, leading to a net growth of 7.2% in the global container fleet before the dismantling of older vessels [10]. - Currently, the global container ship order volume stands at 10.4 million TEU, with the ratio of ordered capacity to existing capacity rising to 31.7%, indicating significant supply pressure on freight rates [10]. Demand Side - China's imports and exports continued to grow steadily in August, but the growth rate has slowed, primarily due to weaker exports to the U.S. However, exports to the EU have reached a new high for 2023, driven by the energy transition in Europe, which has increased imports of high-value container goods [11]. - Despite this, the demand for sea freight is expected to weaken in the short term as the replenishment of inventory in the Eurozone has concluded and retailers are cautious about importing consumer goods due to inflation and high inventory levels [11]. - The restructuring of shipping alliances has led to a decrease in market concentration, reducing the ability of leading companies to control freight rates, resulting in a price competition strategy to gain market share [11]. Market Strategy - For the EC2510 contract, there is a potential further downside pressure on freight rates, with an estimated 5% decline in valuation. The EC2512 contract should not be overly bearish, as there may be opportunities for rebound after a dip [7][12]. - It is suggested that spot enterprises consider partial hedging based on their shipping plans for the next month, and to look for rebound opportunities after the EC2512 contract dips [12]. - In terms of arbitrage, there are opportunities in the EC2602-EC2606 spread [7][12].

Report Overview - Report Title: Shipping Derivatives Data Daily Report [4] - Date: September 11, 2025 [5] - Researcher: Lu Zhaoyi from the Energy and Chemical Research Center of Guomao Futures Research Institute [5] Industry Investment Rating - Not provided Core Viewpoints - The overall trend of the shipping market is complex, with different trends in different routes and contracts. The EC market shows a volatile trend, and the spot freight rates have not stopped falling. It is recommended to short at high levels in October and conduct a rolling 10 - 12 reverse spread [8][9][10] Summary by Relevant Catalogs Shipping Freight Index - **Shanghai Export Container Freight Index (SCFI)**: The current value is 1444, a decrease of 0.04% from the previous value of 1445 [5] - **China Export Container Freight Index (CCFI)**: The current value is 1149, a decrease of 0.62% from the previous value of 1156 [5] - **SCFI - US West**: The current value is 2189, an increase of 13.83% from the previous value of 1923 [5] - **SCFIS - US West**: The current value is 980, a decrease of 3.26% from the previous value of 1013 [5] - **SCFI - US East**: The current value is 3073, an increase of 7.22% from the previous value of 2866 [5] - **SCFI - Northwest Europe**: The current value is 1315, a decrease of 11.21% from the previous value of 1481 [5] - **SCFIS - Northwest Europe**: The current value is 1566, a decrease of 11.68% from the previous value of 1773 [5] - **SCFI - Mediterranean**: The current value is 1971, a decrease of 8.11% from the previous value of 2145 [5] Shipping Derivative Contracts - **Contract Prices**: For contracts such as EC2506, EC2608, etc., the price changes range from -0.85% to 0.66% [5] - **Contract Positions**: For positions such as EC2606, EC2608, etc., the changes range from 17 to 729 [5] - **Monthly Spreads**: The current values of 10 - 12, 12 - 2, and 12 - 4 monthly spreads are -406.6, 150.0, and 428.0 respectively, with changes of 7.6, -5.5, and 1.8 [5] Market News - **Trade Focus Shift**: Tariffs are accelerating the shift of China's trade focus, with Southeast Asia and Africa becoming the main growth points. From January to July 2025, the direct - call voyages from China to Vietnam increased by 22% year - on - year, and the monthly number exceeded 300 since March [6] - **Trade Negotiation Strategy**: Beijing has adopted a new stance in Sino - US trade negotiations, maintaining dialogue but making few concessions, resulting in a subtle "easing" but no substantial trade agreement in the short term [6] - **Trans - Pacific Demand**: The suspension of services by Premier Alliance indicates a decline in trans - Pacific demand, and the number of empty voyages on the US East Coast increased in the first week of September [6] - **India - Europe Route**: The freight rates on the India - Europe route have been lowered due to the normalization of capacity and the lack of obvious peak - season demand. Freight forwarders expect further declines in September, with rates per TEU possibly dropping to $1,100 - $1,200 [6] - **Tariff Ruling**: The Federal Circuit Court of Appeals (CAFC) ruled that Trump exceeded his authority in imposing "fentanyl tariffs" and "reciprocal tariffs" under the IEEPA, but the ruling is suspended until October 14, 2025. The government has appealed to the Supreme Court [6][7] Container Freight Prices - **GBMINI**: The overall average of the alliance is 1800. Maersk's wk38 opening price is 1700; HPL - QQ is 1900 in September, and HPL - SPOT is 1550 [9] - **O1**: The overall average of the alliance is 1950; CMA is 2000, and OOCL is 1900 [9] - **PA**: The overall average of the alliance is 1800. ONE is 2100, and HMM is 1700 - 1900 [9] - **MSC**: The reported price in September is 2050 [9] - **Logic**: Maersk's wk39 opening price is 1550, a decrease of 150 from the previous week. OCC1 has dropped to 1600, and there may be further price drops in September. As market optimism fades and attention refocuses on spot quotes, spot freight rates have not stopped falling. Pre - holiday stockpiling before October 1st may lead to price competition in the second half of September, and the transfer of some US - bound ships to European routes increases supply and further pressures freight rates [9] Strategy - Short at high levels in October and conduct a rolling 10 - 12 reverse spread [10]

公司发布的半年报数据显示，上半年公司共实现营业收入125.85亿元，同比下降4.91%，实现净利润 21.25亿元，同比下降14.91%，基本每股收益为0.2600元，加权平均净资产收益率5.28%。 机构评级来看，近一个月该股获10家机构买入评级。预计目标价最高的是国泰海通，9月9日国泰海通发 布的研报给予公司目标价9.71元。（数据宝） 招商轮船9月11日披露，截至9月10日公司股东户数为97691户，较上期（8月31日）减少7743户，环比降 幅为7.34%。 证券时报·数据宝统计，截至发稿，招商轮船收盘价为8.09元，下跌0.12%，本期筹码集中以来股价累计 上涨24.65%。具体到各交易日，7次上涨，2次下跌，其中，涨停1次。 （文章来源：证券时报网） ...

Core Viewpoint - The recent report by the Swiss Institute of Management Development ranks Hong Kong fourth globally and first in Asia for talent, indicating the effectiveness of the region's policies in education, innovation, and talent attraction [1] Group 1: Talent Ranking and Policies - Hong Kong has achieved its highest historical ranking in the global talent index, moving up to fourth place worldwide and first in Asia [1] - The Hong Kong government attributes this success to effective policies in education, innovation, and talent recruitment [1] Group 2: Economic and Business Environment - Hong Kong is entering a new phase characterized by stability and growth, with its status as an international financial, trade, and shipping center being reinforced [1] - The business environment in Hong Kong is improving, making it an attractive location for multinational companies and global talent [1] Group 3: Talent Influx and Company Growth - As of August this year, over 230,000 individuals have entered Hong Kong through various talent immigration programs to contribute to the region's development [1] - The number of registered local and non-local companies in Hong Kong has reached a historical high, indicating a robust business landscape [1]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The freight index (European line) futures prices dropped significantly on Thursday, with the main contract EC2510 down 5.28% and the far - month contracts down 1 - 4%. The spot indicators continued to decline with a widening decline, further weakening the support for futures prices. The "price war" in the shipping market has put continuous pressure on the fundamentals. The U.S. labor market is weakening, increasing the market's expectation of an interest rate cut this month. The eurozone's internal demand is still weak. Overall, due to the uncertainty of the trade war, the demand expectation for the freight index (European line) is weak, and the futures price fluctuates greatly. 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: 1203.800, down 67.1; EC second - main contract closing price: 1609.1, down 68.2 - EC2510 - EC2512 spread: - 405.30, up 1.30; EC2510 - EC2602 spread: - 293.60, down 37.00 - EC contract basis: 362.66, up 63.60 - EC main contract open interest: 49507, up 2187 [1] Spot Market Data - SCFIS (European line) (weekly): 1566.46, down 207.14; SCFIS (U.S. West Coast line) (weekly): 980.48, down 33.42 - SCFI (composite index) (weekly): 1444.44, down 0.62; Container ship capacity (10,000 TEUs): 1227.97, up 1.75 - CCFI (composite index) (weekly): 1149.14, down 7.18; CCFI (European line) (weekly): 1638.77, down 47.03 - Baltic Dry Index (daily): 2112.00, down 33.00; Panama freight index (daily): 1975.00, down 52.00 - Average charter price (Panamax ship): 14227.00, up 486.00; Average charter price (Capesize ship): 28045.00, up 265.00 [1] Industry News - China's National Development and Reform Commission Director reported on the implementation of the national economic and social development plan, emphasizing the need to balance various aspects of economic work to achieve the annual economic and social development goals - U.S. President Trump criticized the Fed Chairman and urged a significant interest rate cut. The U.S. Treasury Secretary also called on the Fed to re - evaluate its policy stance - The U.S. August PPI inflation unexpectedly declined, with a month - on - month decrease of 0.1% (first negative in four months, expected to rise 0.3%) and a year - on - year increase of 2.6% (expected to be flat at 3.3%) [1] Key Events to Watch - September 12, 14:00: Germany's August CPI monthly rate final value - September 12, 14:00: UK's July three - month GDP monthly rate - September 12, 14:00: UK's July manufacturing output monthly rate - September 12, 14:00: UK's July industrial output monthly rate - September 12, 14:45: France's August CPI monthly rate final value - September 12, 22:00: U.S. September one - year inflation rate expectation initial value - September 12, 22:00: U.S. September University of Michigan consumer confidence index initial value [1]

转自：新华财经 9月10日，"黄金水道连桂琼·战略航线赋新能——海口—防城港客货滚装航线暨旅游产品推介会"在广西 防城港市召开。本次活动由海南海峡航运股份有限公司与广西防城港务集团有限公司联合主办，防城港 市政府、航运物流企业、旅游机构以及媒体代表等200多人参会。 据了解，作为连接西部陆海新通道与海南自贸港的关键纽带，海口—防城港客货滚装航线还将担当"国 家战略承接者、区域经济纽带、客滚运输革新者、海上文旅探索者"的多重使命。与会专家表示，海南 自贸港封关运作将为区域旅游与商贸合作带来重大机遇，而该航线正是承接政策红利、促进产业协同与 消费升级的重要载体。 随着该航线持续运营和区域协作机制不断完善，桂琼两地"客货双畅、文旅共兴"的新发展格局正加速形 成。（洪圆圆、张琳） 据海峡股份介绍，目前执行航线运营的"棋子湾"轮可承载各类车辆及800余名旅客，配备152间客房及餐 饮、阅览等设施，提供"海上移动酒店"式服务。运营采用"两天一班、夕发朝至"模式，航程约13小时。 截至目前，航线已执行68个航次，运送旅客超7000人次、车辆1500余辆次。货运方面依托"一站式服 务""甩挂运输"等创新模式，有效降低物流成本 ...

Core Viewpoint - The Hong Kong High Dividend ETF (159302) has shown a slight increase in its closing price and has experienced a decrease in both share count and total assets since the beginning of the year [1][2]. Fund Overview - The Hong Kong High Dividend ETF (159302) was established on August 23, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of September 10, 2024, the fund's latest share count is 87.8 million, and the total asset size is 117 million yuan [1]. - The fund's performance benchmark is the China Securities Hong Kong Stock Connect High Dividend Investment Index return (adjusted for valuation exchange rate) [1]. Performance Metrics - Year-to-date, the fund has seen a 19.30% decrease in share count and a 3.14% decrease in total assets compared to December 31, 2024 [1]. - Over the last 20 trading days, the cumulative trading amount is 217 million yuan, with an average daily trading amount of 10.84 million yuan [1]. - Since the beginning of the year, the cumulative trading amount over 170 trading days is 2.135 billion yuan, with an average daily trading amount of 12.56 million yuan [1]. Fund Management - The current fund managers are Li Yixuan and Zhang Yichi, both managing the fund since its inception, with a return of 33.32% during their tenure [2]. Top Holdings - The top holdings of the fund include: - COSCO Shipping Holdings: 8.68% of the portfolio - Yancoal Australia: 6.17% - Seaspan Corporation: 4.28% - Orient Overseas International: 4.23% - Minsheng Bank: 4.22% - CITIC Bank: 4.07% - China Petroleum: 3.41% - Guotai Junan: 3.41% - Agricultural Bank of China: 3.30% - CNOOC: 3.19% [2][3].

FICC日报 | 2025-09-11 运价中枢继续下修，马士基WEEK39周报价开出 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹38周价格1050/1760，39周报价1550美元/FEU；HPL -SPOT 9月下半月价 格935/1535，10月上半月价格935/1535。马士基远东-北欧地区PSS降为50/100. 地缘端： 一名以色列官员表示，以色列对哈马斯在卡塔尔首都多哈的高级政治领导人发动了袭击，在以色列加大 对加沙地带的攻势之际，以色列对该组织的打击进一步升级。以色列官员称，美国总统特朗普已批准对卡塔尔的 哈马斯领导人发动袭击。卡塔尔是美国在该地区的重要合作伙伴，但哈马斯的政治领导人在那里设有办公室和住 所。目前尚不清楚是否有人在袭击中丧生。以色列国防部长卡茨早些时候警告海外的哈马斯领导人，如果该组织 不放下武器，他们将被歼灭。卡塔尔方面表示，这次袭击公然违反了所有国际法，谴责以色列在多哈发动针对哈 马斯官员的"懦弱"袭击。 静态供给：交付现状层面，截至2025年9月7日。2025年至今交付集装箱船舶182艘，合计交付运力147.2万TEU。 12000 ...

1. Report Industry Investment Rating - The provided content does not mention the report industry investment rating. 2. Core Viewpoints of the Report - Overseas: The US released its August non - farm payroll data, with only 22,000 new jobs added, falling short of the previous value and expectations. The slowdown in the US labor market is becoming more evident. The weak non - farm data increases the probability of a September interest rate cut, and Trump's "recalibration" of policies is beneficial to gold. In the long run, the US fundamentals are fair, and interest rate cuts are expected to boost the fundamentals further, with a weak US dollar pattern continuing [6]. - Domestic: In August, the PPI rebounded year - on - year, while the CPI declined. The anti - involution and trade - in policies have shown initial results. In the short term, domestic assets present mainly structural opportunities. The policy - driven logic will be strengthened in the second half of the year, and there is a higher probability of incremental policies in the fourth quarter [6]. 3. Summary by Relevant Catalogs 3.1 Financial Market - **Stock Index Futures**: The market uses a dumbbell structure to handle market divergence, and the short - term judgment is a sideways trend due to the decline in incremental funds [8]. - **Stock Index Options**: The hedging and defensive approach continues, and the short - term judgment is a sideways trend, with concerns about the deterioration of option market liquidity [8]. - **Treasury Bond Futures**: The stock - bond seesaw may continue in the short term, and the short - term judgment is a sideways trend, with attention to factors such as unexpected tariffs, supply, and monetary easing [8]. 3.2 Precious Metals - **Gold/Silver**: The restart of the US interest rate cut cycle in September and the increased risk of the Fed's independence drive prices up. The short - term judgment is a sideways - up trend, with attention to the US fundamentals, Fed's monetary policy, and the global equity market trend [8]. 3.3 Shipping - **Container Shipping to Europe**: The market focuses on the game between peak - season expectations and the implementation of price increases. The short - term judgment is a sideways trend, with attention to tariff policies and shipping companies' pricing strategies [8]. 3.4 Black Building Materials - **Steel Products**: The impact of production restrictions weakens, and the price is in a low - level sideways trend. The short - term judgment is a sideways trend, with attention to the progress of special bond issuance, steel exports, and hot metal production [8]. - **Iron Ore**: The hot metal production decreases more than expected, and port inventories increase slightly. The short - term judgment is a sideways trend, with attention to overseas mine production and shipment, domestic hot metal production, weather, port inventory changes, and policy dynamics [8]. - **Coke**: After the military parade production restrictions end, the first round of price cuts begins. The short - term judgment is a sideways trend, with attention to steel mill production, coking costs, and macro sentiment [8]. - **Coking Coal**: The supply drops significantly, and the spot price weakens. The short - term judgment is a sideways trend, with attention to steel mill production, coal mine safety inspections, and macro sentiment [8]. 3.5 Non - ferrous Metals and New Materials - **Copper**: The risk of overseas recession rises, putting pressure on copper prices. The short - term judgment is a sideways - down trend, with attention to supply disruptions, unexpected domestic policies, less - than - expected dovishness from the Fed, and less - than - expected domestic demand recovery [8]. - **Aluminum Oxide**: The warehouse receipts increase again, and the price is under sideways pressure. The short - term judgment is a sideways - down trend, with attention to factors such as unexpected delays in ore复产 and unexpected increases in electrolytic aluminum复产 [8]. - **Aluminum**: Market sentiment fluctuates, and the price continues to rise. The short - term judgment is a sideways trend, with attention to macro risks, supply disruptions, and less - than - expected demand [8]. 3.6 Energy and Chemicals - **Crude Oil**: Supply pressure persists, and the short - term judgment is a sideways - down trend, with attention to OPEC+ production policies and the Middle East geopolitical situation [10]. - **LPG**: The valuation repair is over, and the short - term judgment is a sideways trend, with attention to cost - side developments such as crude oil and overseas propane [10]. - **Asphalt**: The spot prices in South China and Shandong are at parity, and the futures price is in a downward trend below 3500. The short - term judgment is a downward trend, with attention to sanctions and supply disruptions [10]. 3.7 Agriculture - **Oils and Fats**: The MPOB report is relatively bearish, and market sentiment is weak. The short - term judgment is a sideways trend, with attention to US soybean weather and Malaysian palm oil production and demand data [10]. - **Protein Meal**: The market has both long and short factors, and the price continues to fluctuate narrowly. The short - term judgment is a sideways trend, with attention to US soybean weather, domestic demand, macro factors, and Sino - US and Sino - Canadian trade wars [10]. - **Corn/Starch**: As new grains are gradually put on the market, look for opportunities to short at high prices. The short - term judgment is a sideways trend, with attention to less - than - expected demand, macro factors, and weather [10].

Core Insights - Hainan Province's Danzhou City is leveraging the opportunities presented by the Hainan Free Trade Port, focusing on creating an international business environment to attract industries such as shipping and trade, thereby diversifying its industrial chain [1][2] Policy Benefits - The processing and value-added domestic sales tax exemption policy is a key tax incentive of the Hainan Free Trade Port, with Danzhou's Yangpu implementing mechanisms to encourage enterprises to benefit from this policy [2] - Hainan Auscar International Grain and Oil Co., as a pilot enterprise, has saved nearly 300 million yuan in tariffs since 2021, with its annual output value increasing from 1 billion yuan to nearly 6 billion yuan by 2024 [2] - The cumulative domestic sales of goods in Danzhou reached 8.494 billion yuan, with a total tariff exemption of 655 million yuan by mid-2025 [4] Transportation and Logistics - Yangpu International Container Port has opened 56 container shipping routes, including 30 foreign trade routes, enhancing its connectivity with ASEAN and South Asia [5][6] - The establishment of the Hainan International Ship Registration Administration has streamlined the registration and management of international vessels, contributing to a total tax refund of 400 million yuan for newly built vessels and over 1.1 billion yuan in tax exemptions for foreign vessels [5][6] Industrial Cluster Development - The Hainan Free Trade Port policies have attracted numerous enterprises to Danzhou, leading to the formation of multi-industry clusters [7] - The first phase of the 1.2 million kW offshore wind power project in Danzhou, with a total investment of approximately 12 billion yuan, is expected to generate an average annual power output of 3.54 billion kWh [7] - Various food processing projects and the first digital processing trade zone in the country have been established in Yangpu, contributing to the rapid formation of a health food industry cluster [8]