Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - SCFIS is continuously falling, the Middle - East situation is tense again, and spot freight rates are persistently low. The market is in the bottom - building process. It is not recommended to increase positions, and stop - loss should be set [2]. - Considering geopolitical conflicts and tariff fluctuations, the game is difficult. It is recommended to participate with light positions or stay on the sidelines [5]. 3. Summary by Related Content Market Data - **Shipping Indexes**: On September 8, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1566.46 points, down 11.7% from the previous period; for the US - West route, it was 980.48 points, down 3.3%. On September 5, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1023.16 points, down 6.83%; the NCFI for the European route was 855.93 points, down 7.92%; for the US - West route, it was 1338.34 points, down 4.19%. The Shanghai Export Container Freight Index (SCFI) composite index on September 5 was 1444.44 points, down 0.62 points; the SCFI for the European route was 1315 USD/TEU, down 11.21%; for the US - West route, it was 2189 USD/FEU, up 13.83%. The China Export Container Freight Index (CCFI) (composite index) was 1149.14 points, down 0.6%; for the European route, it was 1638.77 points, down 2.8%; for the US - West route, it was 774.40 points, unchanged [3]. - **Economic Data**: The eurozone's August manufacturing PMI preliminary value was 50.5, the service PMI preliminary value was 50.7, and the composite PMI preliminary value rose to 51.1. The eurozone's August Sentix investor confidence index was - 3.7. In August, China's manufacturing PMI was 49.4%, up 0.1 percentage points; the composite PMI output index was 50.5%, up 0.3 percentage points. The US August S&P Global manufacturing PMI preliminary value was 53.3, and the service PMI preliminary value was 55.4 [3][4]. - **Contract Data**: On September 9, the main contract 2510 closed at 1268.7, down 0.97%, with a trading volume of 22,400 lots and an open interest of 47,200 lots, a decrease of 290 lots from the previous day [5]. Strategies - **Short - term Strategy**: For risk - takers, it is recommended to lightly test long positions around 1300 for the 2510 contract and consider increasing positions around 1200; add long positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [5]. - **Arbitrage Strategy**: In the context of international situation instability, each contract still follows the seasonal logic with large fluctuations. It is recommended to stay on the sidelines or try with light positions [5]. - **Long - term Strategy**: It is recommended to take profits when the contracts rise, wait for the correction to stabilize, and then judge the subsequent direction [5]. Other Information - **Tariff and Trade**: Sino - US tariffs continue to be postponed, and the tariff war has evolved into a trade negotiation issue between the US and other countries. Currently, the spot price has slightly decreased [5]. - **Geopolitical Situation**: On September 9, the Israeli military called on residents of Gaza City to evacuate as it planned a large - scale ground offensive. Hamas said the US cease - fire proposal was not a real agreement [5][6].

Group 1 - Shipping concept stocks showed strong performance in early trading [1] - China Merchants Energy (招商南油) and China Merchants Industry (招商轮船) reached the daily limit up [1] - COSCO Shipping Energy (中远海能) increased by over 8% [1] - COSCO Shipping Special (中远海特) also experienced a rise [1]

Investment Rating - The report maintains a "Buy" recommendation for the oil tanker sector and dry bulk sector, highlighting potential opportunities in both areas [3][24]. Core Insights - The VLCC freight rates have continued to rise, with the Clarkson VLCC-TCE index reaching $56,000 on September 5, marking a week-on-week increase of 34% [1][10]. - The report emphasizes the elasticity of oil tanker rates as the market approaches the peak season, driven by expected OPEC+ production increases and recovering refinery utilization rates [19][20]. - The dry bulk market is anticipated to gradually recover, supported by low supply growth and potential demand increases from upcoming projects and economic factors [23]. Summary by Sections Focus on Oil Tankers and Dry Bulk Opportunities - VLCC freight rates have shown significant increases across various routes, with Middle East to China rates at $58,000/day, up 38% week-on-week [1][10]. - OPEC+ is expected to increase production by approximately 137,000 barrels per day in October, which may contribute to higher freight demand [19]. - Refinery utilization rates have improved, with major refineries operating at 81.59%, a 0.2 percentage point increase from the previous week [19]. Industry Data Tracking - The Baltic Dry Index (BDI) was reported at 1979 points, down 2.3% week-on-week, indicating a mixed performance in the dry bulk sector [23]. - The report notes that the supply side remains constrained, with only 10.4% of dry bulk vessels on order, suggesting limited capacity growth in the coming years [23]. Market Review - The transportation sector experienced a decline of 1.4% in the week, underperforming the CSI 300 index by 0.6 percentage points [64]. - Notable stock performances included significant gains for companies like China Merchants Energy and China Merchants Jinling, while others like Shentong Express saw declines [64]. Investment Recommendations - Continued recommendations for the oil tanker sector include China Merchants Energy, China Merchants Jinling, and China Merchants South Oil [24]. - For the dry bulk sector, recommendations include Haitong Development and China Merchants Jinling, with a suggestion to pay attention to Pacific Shipping [24].

Report Industry Investment Rating - The investment rating for the container shipping index (European routes) is "Oscillating weakly" [1] Core Viewpoints of the Report - The container shipping index (European routes) is expected to show an oscillating and weak trend. The freight rates are under downward pressure, and the supply - side capacity has certain fluctuations. Different contracts have different price trends and outlooks [1][11][13] Summary According to Relevant Catalogs 1. Futures Market Conditions - **Contract Prices and Changes**: EC2510 closed at 1,315.3 with a 0.54% increase, EC2512 at 1,715.6 with a 2.33% increase, and EC2602 at 1,542.0 with a 1.78% increase. The spread between EC2510 - EC2512 is - 400.3, and between EC2512 - EC2604 is 455.8 [1] - **Trading Volume and Open Interest**: For EC2510, the trading volume is 23,721, open interest is 48,765 with a decrease of 1,198; for EC2512, the trading volume is 9,362, open interest is 16,225 with a decrease of 222; for EC2602, the trading volume is 1,401, open interest is 5,640 with a decrease of 13 [1] 2. Freight Rate Index - **SCFIS Index**: The European route of SCFIS is at 1,773.60 points, with a weekly decline of 10.9%; the US - West route is at 1,013.90 points, with a weekly decline of 2.6% [1] - **SCFI Index**: The European route of SCFI is at $1,315/TEU, with a bi - weekly decline of 11.2%; the US - West route is at $2,189/FEU, with a bi - weekly increase of 13.8% [1] 3. Spot Freight Rates - **Expected Freight Rate Trend**: It is expected that the freight rate center in late September will drop to the same level as that in mid - early May. In week 38, it may be around $1,850/FEU, and in week 39, it may be in the range of $1,700 - $1,750/FEU. There is still pressure on freight rates from week 42 - 43 after the National Day holiday [11] - **Freight Rates of Different Alliances**: Gemini Alliance's FAK center in the third week of September is around $1,800/FEU; OA Alliance's is around $1,900/FEU; PA Alliance's is around $1,780/FEU; MSC's is $2,040/FEU from September 6th and will drop to $1,840/FEU in the second half of September [11] 4. Supply - Side Capacity - **September Capacity**: There are 6 blank sailings in September, with no pending voyages. The average weekly capacity reaches 296,000 TEU/week. The decline in September capacity compared to August is about 6%, significantly lower than the 14% decline in the same period in 2024 [12] - **October Capacity**: There are 2 pending voyages, 12 blank sailings, and 1 additional sailing. Excluding pending voyages, the average weekly capacity is currently 277,000 TEU/week, a 6.3% decline month - on - month and a 5% increase year - on - year [12] - **November Capacity**: There are 6 pending voyages, 2 blank sailings, and 1 additional sailing. Excluding pending voyages, the average weekly capacity is currently 296,000 TEU/week, a 7.4% increase month - on - month and a 5.1% increase year - on - year [12] 5. Contract Outlook - **2510 Contract**: The overall cabin - reduction efforts of shipping companies in September are small, leading to great pressure on freight rate decline. The neutral - level suspension of sailings in October helps slow down the decline but is not enough to reverse the trend. The expected freight rate center at the end of September corresponds to the SCFIS index of 1,150 - 1,200 points, and there may be a decline of 50 - 150 points in October. Considering the impact of voyage delays, the delivery settlement price of the 2510 contract is more likely to be in the range of 1,150 - 1,200 points [13] - **2512 Contract**: Due to factors such as the late Spring Festival in 2026 and increasing over - capacity pressure, the contract should not be over - estimated. It is expected to fluctuate widely between 1,550 - 1,800 points [13] - **2602 Contract**: In years when the Spring Festival is late, the 12 - contract of the previous year still has a certain premium over the 10 - contract, but the 02 - contract may not be at a discount to the 12 - contract [13] 6. Investment Strategy - **Short - term Strategy**: In the short - term (this week), consider shorting the 2510 contract with a light position, with a resistance level of 1,350 - 1,400 points [14] - **Medium - to - Long - term Strategy**: Consider entering into positive spreads for 02 - 04 and 12 - 04 in the medium - to - long - term [15]

Core Viewpoint - The E Fund Dividend Mixed A Fund (020801) reported a profit of 2.7129 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.0645 yuan, and a net value growth rate of 4.24% during the reporting period [3] Fund Performance - As of September 5, 2025, the fund's unit net value was 1.19 yuan, with a near-term performance of 9.18% over the last three months, ranking 511 out of 615 comparable funds [5] - The fund's six-month and one-year performance showed growth rates of 12.98% and 27.46%, ranking 389 out of 615 and 471 out of 602 respectively [5] Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 8.08 times, significantly lower than the industry average of 25.34 times [10] - The weighted average price-to-book (P/B) ratio was about 0.81 times, compared to the industry average of 2.34 times, and the weighted average price-to-sales (P/S) ratio was approximately 0.66 times, against an industry average of 2.09 times [10] Growth Metrics - For the first half of 2025, the weighted revenue growth rate of the fund's stock holdings was -0.04%, while the weighted net profit growth rate was 0.05%, with a weighted annualized return on equity of 0.1% [20] Fund Composition - As of June 30, 2025, the fund had a total of 488 holders, with a total of 44.7055 million shares held, where management held 937,100 shares (2.10%), institutions held 10.17%, and individual investors held 89.83% [39] - The fund's top ten holdings included Tencent Holdings, Alibaba-W, and Huaxin Cement, among others [44]

Core Viewpoint - The recent OPEC+ decision to increase oil production by 137,000 barrels per day is expected to positively impact oil transportation demand, with the potential for a significant market shift as the organization aims to regain market share and counteract declining oil prices [1]. Group 1: Company Performance - Zhongyuan Shipping (01138) saw its stock price rise over 10% in early trading, currently at HKD 8.45, with a trading volume of HKD 355 million [1]. Group 2: Industry Insights - OPEC+ has accelerated its oil production increase, which is ahead of the previously scheduled timeline by more than a year, indicating a strategic shift in response to market conditions [1]. - Analysts from Guotai Junan Securities reaffirm that the increase in oil production will support continued growth in oil transportation demand [1]. - The anticipated benefits of increased production may not be immediately realized due to factors such as Middle Eastern production being redirected for domestic consumption and reduced shipping distances due to shifts in U.S. Gulf exports to Europe [1]. - The end of the Middle Eastern domestic demand peak and the increase in long-haul routes from South America are expected to gradually reflect the benefits of increased production in the second half of the year, contributing positively to Q4 performance [1].

Core Viewpoint - The company experienced a decline in revenue and net profit in the first half of 2025, with a slight recovery in the second quarter, while the oil transportation sector shows signs of improvement despite challenges from external factors [1][2][3][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 11.64 billion yuan, a year-on-year decrease of 2.6%, and a net profit of 1.87 billion yuan, down 29.2% [1]. - In Q2 2025, revenue was 5.89 billion yuan, up 1.3% year-on-year, while net profit was 1.16 billion yuan, down 15.3% year-on-year but up 64.2% quarter-on-quarter [1]. Oil Transportation Sector - The oil tanker industry is in a phase of improvement, with VLCC rates showing a year-on-year decline but a significant quarter-on-quarter increase [2]. - In Q2, the average TCE for VLCC on the Middle East-China route was $42,000/day, down 5.2% year-on-year but up 30.1% quarter-on-quarter [2]. - The foreign trade oil transportation segment generated revenue of 3.73 billion yuan, a decrease of 5.4% year-on-year, with a gross profit of 750 million yuan, down 44.7% year-on-year [2]. Domestic Trade and LNG Transportation - Domestic oil transportation revenue was 1.37 billion yuan, down 6.3% year-on-year, with a gross profit of 330 million yuan, down 8.1% year-on-year [3]. - LNG transportation saw significant growth, with revenue of 630 million yuan, up 56.5% year-on-year, and a gross profit of 310 million yuan, up 28.5% year-on-year [3]. Future Outlook - The LNG transportation segment is expected to solidify profit margins due to stable project returns and fleet expansion [4]. - The oil tanker sector is anticipated to perform well in Q4, driven by seasonal demand and external market dynamics [4]. - The company projects revenues of 4.91 billion, 5.31 billion, and 5.84 billion yuan for 2025-2027, with corresponding PE ratios of 10.3, 9.5, and 8.6 [4].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - In Q2, the company achieved operating revenue of 5.89 billion yuan, a year-on-year increase of 1.3%, while net profit attributable to the parent company was 1.16 billion yuan, a year-on-year decrease of 15.3% but a quarter-on-quarter increase of 64.2% [2][4] - The foreign trade oil transportation sector is showing signs of improvement, while external chartering has increased costs; domestic trade has been affected by a decrease in business volume but maintains stable profitability; LNG transportation continues to show growth due to fleet expansion [2][10] - Looking ahead, LNG transportation benefits from stable project-based revenue and fleet expansion, solidifying baseline profits; the oil transportation sector is expected to see a peak season in Q4 due to increased compliance oil imports from India and ongoing OPEC production increases [2][10] Summary by Sections Revenue and Profit Analysis - In the first half of 2025, the company reported operating revenue of 11.64 billion yuan, a year-on-year decrease of 2.6%, and net profit of 1.87 billion yuan, down 29.2% year-on-year [4] - In Q2, the company’s operating revenue was 5.89 billion yuan, with a net profit of 1.16 billion yuan, reflecting a significant quarter-on-quarter recovery [4] Business Segment Performance - Foreign trade oil transportation revenue was 3.73 billion yuan in Q2, down 5.4% year-on-year, with a gross profit of 750 million yuan, a decrease of 44.7% year-on-year [10] - Domestic trade oil transportation revenue was 1.37 billion yuan, down 6.3% year-on-year, but maintained a gross profit margin of 24.0% [10] - LNG transportation revenue reached 630 million yuan, a year-on-year increase of 56.5%, with a gross profit margin of 49.9% [10] Future Outlook - The LNG transportation sector is expected to continue solidifying profits due to stable project revenues and fleet expansion [10] - The oil transportation sector is anticipated to benefit from seasonal demand in Q4, with potential for price increases [10] - The report suggests that the oil tanker sector is currently undervalued and may experience a rebound [2][10]

Core Viewpoint - The upcoming 10th "Belt and Road" Summit in Hong Kong will gather over 90 high-level officials and business leaders from 18 countries and regions, marking a significant moment for Hong Kong's participation in high-quality Belt and Road construction [1] Group 1: Historical Contributions of Hong Kong - Since the inception of the Belt and Road Initiative, Hong Kong has played an irreplaceable role as a "super connector" between mainland China and international markets, enhancing connectivity and participating in over 280 international multilateral agreements [2] - Hong Kong serves as a key platform for enterprise financing and investment, facilitating trade and financial flows essential for the Belt and Road Initiative, with the ongoing internationalization of the Renminbi providing more financing options [3] - The city is a cultural exchange hub, hosting numerous international organizations and actively participating in Belt and Road cultural cooperation projects, which have fostered mutual understanding and friendship [3] Group 2: Achievements of Previous Summits - Hong Kong has successfully hosted nine previous Belt and Road Summits, attracting nearly 45,000 guests from over 120 countries and regions, organizing around 5,400 business matching meetings, and supporting over 2,000 projects across various sectors [4] Group 3: Future Prospects for Hong Kong - The Belt and Road Initiative is evolving towards high-quality development, presenting unprecedented opportunities for Hong Kong, especially in health, green, digital, and innovation sectors [5] - Hong Kong can establish itself as a comprehensive service platform for the Belt and Road, enhancing its status as an international financial center and promoting financial product innovation [5] - The city can act as a functional hub for Belt and Road initiatives, leveraging its unique advantages to deepen cooperation with mainland provinces, particularly in joint bidding for large infrastructure projects [6] Group 4: Cultural Exchange and Talent Development - Hong Kong's top universities and national key laboratories provide valuable resources for international educational and scientific cooperation, which can strengthen the social foundation for Belt and Road collaboration [7] - The initiative is viewed as a path of win-win cooperation, and with strong support from the central government and unity within Hong Kong society, the city is poised to make significant contributions in the next decade of Belt and Road development [7]

Core Insights - Several companies listed on the Beijing Stock Exchange have conveyed positive signals to investors through performance briefings, focusing on technology innovation, green transformation, and market expansion [1] Group 1: Technology Development Driving Industry Upgrade - Guangmai Technology has prioritized 5G-A and 6G in its technology layout, successfully applying key technologies in multiple 5G-A projects, which help reduce operational costs for telecom operators [2] - Star Map Measurement and Control is advancing its productization and intelligence strategy in the commercial aerospace sector, planning to launch a space perception satellite constellation next year [2] - Starry Technology has rapidly grown in the renewable energy sector, leveraging its expertise in servo systems to meet market demand, transitioning from a single component supplier to a comprehensive solution provider [3] Group 2: Active Layout for Green Transformation - Air China Ocean is constructing four methanol dual-fuel bulk carriers and two green low-carbon vessels, aiming to increase the proportion of green low-carbon shipping capacity by the end of 2025 [4] - Jun Chuang Technology has accumulated significant experience in the three electric fields of new energy vehicles, enhancing its capabilities in developing and manufacturing electronic and intelligent products [4] - Rongyi Precision's automotive product sales revenue surged by 98.75% year-on-year, with new products like liquid-cooled precision components entering mass production [4] Group 3: Cost Control and Market Expansion - Guangmai Technology reported a 29.20% year-on-year increase in asset operation service revenue, emphasizing future business realization and potential acquisitions for growth [5] - Starry Technology achieved revenue growth while controlling sales and management expenses, resulting in a 4.73% decrease in financial costs [5] - Air China Ocean expects a seasonal recovery in the shipping market in the second half of the year, which may improve profitability despite losses in the first half [5][6]