Group 1 - The board of directors of Ningbo Ocean Transport Co., Ltd. held its 15th meeting of the second session on September 6, 2025, with all 9 members present, complying with relevant laws and regulations [1][2] - The board approved the proposal to establish Ningbo Ocean (Singapore) Shipping Co., Ltd. with a unanimous vote of 9 in favor [1] - The board also approved the proposal to establish Ningbo Ocean (Singapore) Wei Shipping Co., Ltd., again with a unanimous vote of 9 in favor [2]

Meeting Information - The second extraordinary general meeting of shareholders for 2025 will be held on September 26, 2025, at 10:00 AM [1] - The meeting will take place at the third floor of the Ocean Hotel, located at 1171 Dongdaming Road, Hongkou District, Shanghai [1] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's online voting system [1] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange's online voting system, with voting available from 9:15 AM to 3:00 PM on the day of the meeting [1][3] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts for the same class of shares [3] - The first voting result will be considered valid if the same voting right is exercised multiple times [3] Agenda Items - The meeting will review several proposals, including amendments to the company's governance structure and the cancellation of the supervisory board [2] - Specific resolutions will be presented for voting, with no special resolutions requiring separate counting for minority investors [2][8] Attendance and Registration - Shareholders registered by the close of trading on September 22, 2025, are eligible to attend the meeting [5] - Registration will occur on the day of the meeting from 9:00 AM to 9:55 AM at the meeting venue [9] - Proxy representatives must present a written authorization letter and identification documents for registration [6] Contact Information - For inquiries, the company can be contacted at the Board Office located at 670 Dongdaming Road, 7th Floor, Shanghai, with a postal code of 200080 [7] - Contact numbers include 021-65967165 and 021-65968395, and email inquiries can be sent to ir.energy@coscoshipping.com [7]

Core Viewpoint - Ningbo Ocean Shipping Co., Ltd. plans to invest in the construction of container ships and establish two wholly-owned subsidiaries in Singapore to enhance its fleet structure and service capabilities [1][3]. Investment Overview - The company intends to invest approximately 1.194 billion RMB for the construction and operation of 4 vessels with a capacity of 2700 TEU through its subsidiary Ningbo Ocean (Singapore) Co., Ltd. [1][3]. - An additional investment of about 1.7 billion RMB is planned for the construction and operation of 4 vessels with a capacity of 4300 TEU [1][3]. - The total investment funds will primarily be used for shipbuilding projects and the establishment and operation of the overseas companies [1][3]. Company Structure and Operations - The two new subsidiaries are named Ningbo Ocean (Singapore) Longitude Pte. Ltd. and Ningbo Ocean (Singapore) Latitude Pte. Ltd., each with a registered capital of 500,000 SGD [4][5]. - Both companies will engage in shipping operations, including chartering ships and providing ship management services [4][5]. Board Approval and Strategic Alignment - The investment plan has been approved by the company's board and authorized by the shareholders during the 2025 first extraordinary general meeting [2][3]. - The investment aligns with the company's strategic planning and aims to strengthen its core competitiveness in the shipping industry [6]. Impact on the Company - The investment is expected to optimize the company's fleet structure and expand its scale, enhancing its service capabilities and international competitiveness [6]. - The company will leverage Singapore's position as an international shipping hub to improve its market engagement and operational efficiency [6].

Core Viewpoint - Ningbo Ocean (601022.SH) plans to establish two wholly-owned subsidiaries in Singapore to support its strategic planning and business development, focusing on the construction and operation of container ships [1] Group 1: Investment Projects - The subsidiary "Jianghang Singapore" will invest approximately 1.194 billion RMB to construct and operate four 2700 TEU container ships [1] - The subsidiary "Weihang Singapore" will invest approximately 1.7 billion RMB to construct and operate four 4300 TEU container ships [1] Group 2: Funding and Financial Structure - The investment funds for both subsidiaries will primarily be sourced from self-owned or self-raised capital [1] - Actual investment amounts will be subject to approval by local authorities in China and Singapore, with investments made in phases based on actual needs within the approved limits [1]

Group 1 - Ningbo Ocean announced the convening of its 15th board meeting on September 6, 2025, to discuss the establishment of Ningbo Ocean (Singapore) Shipping Co., Ltd. [1] - For the year 2024, the revenue composition of Ningbo Ocean is as follows: transportation services account for 86.34%, comprehensive logistics and agency services account for 11.85%, and other businesses account for 1.81% [1] - As of the report date, Ningbo Ocean has a market capitalization of 12.5 billion yuan [1] Group 2 - Global central bank gold reserves have surpassed U.S. Treasury holdings for the first time in 29 years, raising questions about the future of the U.S. dollar's dominance [1] - Analysts suggest that U.S. Treasury bonds may face a challenging decade ahead [1]

Core Viewpoint - The company plans to establish two subsidiaries in Singapore to enhance its fleet structure and service capabilities through significant investments in container ship projects [1] Investment Details - The company will invest approximately 1.194 billion RMB in the construction and operation of four 2700TEU container ships through its subsidiary, Ningbo Ocean Limited [1] - An additional investment of around 1.7 billion RMB will be allocated for the construction and operation of four 4300TEU container ships by another subsidiary [1] Strategic Objectives - The investments aim to optimize the company's fleet structure, expand fleet size, and improve service capabilities on shipping routes [1] - The investment decisions have been approved by the company's shareholders and board of directors [1]

（原标题：迪拜环球港务集团将开通摩洛哥至英国及北欧新航线） 目前，摩洛哥每年向西欧出口水果和蔬菜超过650万吨，出口规模年增幅超过20%。迪拜环球港务 集团欧洲航运业务首席运营官马库斯·鲁达茨表示，新航线将增强农户和零售商的信心，确保产品快速 送达并减少七成排放。 阿通社伦敦2025年9月4日电 迪拜环球港务集团宣布，将于2025年11月开通摩洛哥至英国和北欧的 新航线，以提升农产品出口效率。新航线将把运输时间缩短最多两天，为市场提供更新鲜、成本更低、 碳排放更少的水果和蔬菜。 迪拜环球港务集团欧洲区首席执行官拉希德·阿卜杜拉表示，新航线具有可靠性强、运输快捷和信 息化程度高等优势，将为出口商和零售商提供卡车运输的有效替代方案。集团还投资新船队，新增1250 个冷藏集装箱及1750个干货集装箱，以满足不断增长的运输需求。 据介绍，这条名为"Atlas服务"的新航线将摩洛哥阿加迪尔和卡萨布兰卡同集团旗下的伦敦门户港和 安特卫普门户港连接起来。两艘专用船舶将投入运营，高品质产品也将通过安特卫普分销至欧洲。该服 务将于本月18日在阿加迪尔正式启动。 新航线预计每年可将约15万吨新鲜农产品运输方式从公路转向海运，减少 ...

Core Viewpoint - The strategic adjustments made by Chinese shipping companies, particularly COSCO, in response to the U.S. "port tax" policy reflect the ongoing trade tensions between China and the U.S. [3][6] Group 1: Shipping Industry Adjustments - Chinese shipping companies are gradually reducing the proportion of Chinese-manufactured vessels deployed on U.S. routes, indicating a shift in global shipping strategies [3]. - COSCO reported a 9.5% growth in mainland China route operations, a 5.2% increase in Asian routes, and an 11.9% increase in other international routes, suggesting a significant transfer of business from U.S. routes [3]. Group 2: U.S. Policy Implications - The U.S. "port tax" policy, set to begin on October 14, 2023, imposes additional fees on Chinese vessels docking at U.S. ports, starting at $50 per net ton and potentially rising to $140 per net ton [3][4]. - The policy aims to bolster the U.S. shipbuilding industry while simultaneously weakening Chinese maritime trade, reflecting a dual strategy of trade barrier implementation and domestic industry support [6]. Group 3: Global Economic Impact - The U.S. government's attempts to impose high trade barriers are expected to disrupt international shipping costs and supply chain stability, ultimately increasing burdens on U.S. consumers and businesses [8]. - China's response to the U.S. actions includes initiating anti-dumping measures against U.S. fiber optic manufacturers, with tariffs reaching up to 78.2%, showcasing China's commitment to countering unfair trade practices [9].

Economic Activity Index - The China High-Frequency Economic Activity Index (YHEI) as of September 2, 2025, is 1.04, a decrease of 0.04 from August 26 [1][3] - The coastal coal freight index fell by 0.11 to 0.87, and the 30-city commodity housing sales index dropped by 0.05 to 0.48, contributing to the decline in YHEI [1][3] Manufacturing Sector - The manufacturing PMI for August is 49.4%, up 0.1 percentage points from the previous month, indicating continued contraction for five consecutive months [23] - Large and small enterprises' PMIs increased by 0.5 and 0.2 percentage points to 50.8% and 46.6%, respectively, while the medium-sized enterprises' PMI decreased by 0.6 percentage points to 48.9% [23] - The consumer goods sector's PMI fell by 0.3 percentage points to 49.2%, while high-tech manufacturing and equipment manufacturing PMIs rose to 51.9% and 50.5%, respectively, indicating expansion [23] Demand and Supply Indicators - New orders and new export orders indices are at 49.5% and 47.2%, respectively, both in contraction territory [2][23] - The production index increased from 50.5% to 50.8%, indicating a rise in production activity [2][23] - The purchasing price index for major raw materials rose to 53.3%, while the ex-factory price index increased to 49.1% [2][23] Non-Manufacturing Sector - The non-manufacturing business activity index is at 50.3%, up 0.2 percentage points from the previous month [24] - The construction PMI fell to 49.1%, marking its first contraction since February, with the new orders index dropping to 40.6% [24] - The service sector PMI increased by 0.5 percentage points to 50.5%, indicating renewed expansion [24] Monetary Policy - The central bank's net fund injection was 92.9 billion yuan, with a reverse repurchase operation of 201.73 billion yuan and 19.244 billion yuan maturing [5][6] - The overnight interbank rate decreased by 2 basis points to 1.36%, while the seven-day repo rate fell by 7 basis points to 1.46% [10][11] Real Estate Market - New home transaction volumes in first and third-tier cities increased by 22.84% and 6.65%, respectively, while second-tier cities saw a decline of 11.03% [37] - Second-hand home transaction volumes decreased across all city tiers, with first, second, and third-tier cities down by 5.09%, 9.65%, and 20.21%, respectively [40]

Core Insights - The Zhejiang Free Trade Zone has achieved significant progress in its five years since expansion, with a focus on high-quality development and collaboration among its four areas [1][4] Group 1: Achievements of Ningbo Area - The Ningbo area has positioned itself as an international shipping hub, with the Ningbo-Zhoushan International Shipping Center rising from 11th to 7th globally over five years [1] - The area has added six new berths for vessels over 10,000 tons and established the world's only dual "10 million TEU" container terminal [1] - Ningbo-Zhoushan Port has maintained the highest cargo throughput globally for 16 consecutive years and ranks third in container throughput [1] Group 2: Innovations in Logistics - The Ningbo area has developed a comprehensive logistics network, introducing a "Iron-Sea" dual-fast logistics model and new logistics routes connecting Yiwu and Hefei to international ports [2] Group 3: Developments in Hangzhou Area - The Hangzhou area has focused on digital trade, with seven companies in artificial intelligence generating over 10 billion yuan in revenue [3] - The area has seen a 37.9% year-on-year increase in cross-border e-commerce exports, reaching 38.74 billion yuan in the first half of the year [3] - Hangzhou aims to establish itself as a leader in artificial intelligence and digital trade, with plans to develop multiple high-level models and a comprehensive talent service system [3] Group 4: Progress in Jinyi Area - The Jinyi area has implemented various market procurement models and innovative trade systems, achieving a total foreign trade import and export value of 1.13851 trillion yuan by mid-2023 [4] - The area has registered 79,000 new enterprises, accounting for 42.9% of the total in the Zhejiang Free Trade Zone [4] Group 5: Overall Impact - The "one zone, four areas" structure of the Zhejiang Free Trade Zone has created a strong synergy, enhancing its ability to attract global resources and achieving strategic development leaps [4]