Summary of Haitong Development Conference Call Company Overview - Haitong Development is a leading private shipping company in China, ranked 7th in terms of carrying capacity, with 4.84 million deadweight tons as of the end of May 2025 [2][3] - The founder, Zeng Erbin, directly and indirectly controls nearly 70% of the company's shares [2] Core Business Insights - The company has experienced rapid growth in carrying capacity, with a compound annual growth rate (CAGR) of 30% from 2019 to 2024 [2][4] - Haitong Development is expanding its fleet to include Panamax and Capesize bulk carriers, which now account for approximately 30% of its capacity [2][4] - The company's route network covers domestic routes in the Bohai Sea and Yangtze River Delta, as well as over 300 ports in more than 180 countries globally [2][5] - In 2024, overseas business revenue accounted for 65% of total revenue, with a gross profit margin of 92.5% [2][5] Financial Performance - The company's performance is highly correlated with the dry bulk market's conditions, achieving a peak profit of 670 million yuan in 2022 [2][6] - In the first half of 2025, profits significantly declined due to a 30% drop in the Baltic Dry Index (BDI) and costs associated with concentrated maintenance [2][6] - The company implements equity incentive plans and shareholder return plans, distributing at least 30% of distributable profits in cash over the next three years [6] Market Trends - The dry bulk market is transitioning from a recession to a recovery phase, with the average BDI from 2020 to the first half of 2025 increasing by 38% compared to the 2010-2019 average [2][7] - Supply growth is limited, with a significant decline in order volume since 2014, and only 10.4% of orders currently on hand [7] - Demand is closely linked to macroeconomic conditions, with potential growth driven by global mining capacity expansion and factors such as the Federal Reserve's interest rate cuts [8] Future Outlook - The dry bulk market is expected to recover, and Haitong Development's capacity expansion positions it for higher profit elasticity [9] - The company is projected to achieve net profits of 330 million yuan, 600 million yuan, and 750 million yuan from 2025 to 2027 [9] - Risks include macroeconomic downturns and supply excess, which could negatively impact performance [9]

近日，海南国际船舶登记管理局顺利完成"祥泰口"轮光船租赁登记及临时国籍登记， 标志着全国首艘享受"零关税"光租进口政策的船舶正式入列"中国洋 浦港"，海南自贸港航运政策红利实现再升级。 "祥泰口"轮为无限航区自航半潜船，总长231.8米、总吨4.71万，配备先进双电力推进系统，主机功率达1.2万千瓦，可运载超大重量、超大尺寸的海上大 型平台、工程结构物、模块化装备及各类船舶，是深海工程与远洋运输领域的关键装备。 据了解，该轮从利比里亚光船租赁进境后选择落户"中国洋浦港"，核心驱动力正是海南自贸港极具竞争力的航运政策。根据《海南自由贸易港"零关税"交 通工具及游艇管理办法》，该轮可免征船舶租金的进口关税及进口环节增值税，直接为企业节约成本超1000万元，大幅减轻运营压力，凸显海南自贸港对 国际航运资源的吸引力。 编辑：黄燕 来源：海南日报 监制：傅光锴 审核：刘晓香 高效服务是此次登记的另一大亮点。海南国际船舶登记管理局以企业需求为核心，创新推出"全流程提速"服务模式：第一时间指派"服务专员"对接，提前 开展"跨前服务"，量身定制转籍方案，逐项梳理政务办理事项、流程及要求；通过多轮沟通答疑，精准指导企业准备申请 ...

Core Viewpoint - The Yangpu Maritime Bureau has introduced 17 specific service measures to support the construction of an international shipping hub at Yangpu Port, focusing on enhancing the efficiency and safety of container shipping services [1][3]. Group 1: Service Measures - The measures target four core areas: navigation efficiency, port pool effectiveness, vessel operations, and emergency support [1]. - A 24-hour duty station has been established for navigation channel expansion projects to respond in real-time to construction and navigation needs [1]. - Continuous improvement of navigation aids is being implemented to enhance nighttime navigation safety and facilitate two-way navigation [1]. Group 2: Port Efficiency Enhancements - Regular clean-up operations for fishing vessels are being conducted to create "safe passages" for key container vessels [3]. - A "comprehensive service station" for crew members has been set up to address practical issues such as difficulties in disembarking and shopping [3]. - An innovative "one-on-one" dynamic tracking mechanism for container vessels has been introduced to ensure controllable navigation and berthing throughout the entire process [3]. Group 3: New Cargo Transport Guidelines - A service guide for the transportation of "new three types" of goods (new energy vehicles, lithium batteries, and photovoltaic products) has been developed, establishing a green channel for declarations [3]. - The government is implementing reforms such as "front window advancement + deficiency handling" to help enterprises reduce logistics costs and improve transportation efficiency [3]. Group 4: Port Expansion Capacity - The first phase of the Yangpu International Container Hub Port expansion project has completed 1,188 meters of berthing conditions, which will add a throughput capacity of 3 million standard containers upon completion [3].

海南自贸港首艘"零关税"光租进口船舶落户"中国洋浦港" 编辑：万可义 中新网海南洋浦9月4日电 (李芳草)海南国际船舶登记管理局4日介绍，该局近日完成"祥泰口"轮光船租 赁登记及临时国籍登记，标志着海南自贸港首艘享受"零关税"光租进口政策的船舶正式入列"中国洋浦 港"，海南自贸港航运政策红利实现再升级。 广告等商务合作，请点击这里 作为此次政策落地的"首航者"，"祥泰口"轮为无限航区自航半潜船，总长231.8米、总吨4.71万，配备先 进双电力推进系统，主机功率达12000千瓦，可运载超大重量、超大尺寸的海上大型平台、工程结构 物、模块化装备及各类船舶，是深海工程与远洋运输领域的关键装备。 该轮从利比里亚光船租赁进境后选择落户"中国洋浦港"，核心驱动力正是海南自贸港极具竞争力的航运 政策。根据《海南自由贸易港"零关税"交通工具及游艇管理办法》，该轮可免征船舶租金的进口关税及 进口环节增值税，直接为企业节约成本超1000万元，大幅减轻运营压力，凸显海南自贸港对国际航运资 源的吸引力。 高效服务是此次登记的另一大亮点。海南国际船舶登记管理局提前开展"跨前服务"，量身定制转籍方 案，精准指导企业准备申请材料，同步落 ...

金辉集团(00137)发布公告，卖方Jinrong Marine Inc.为公司拥有约55.69%权益间接附属公司，于2025年9 月4日与买方订立该协议，以出售该船舶。该船舶的代价为1193万美元。该船舶将于2025年9月15日至 2025年10月15日期间由卖方交付予买方。 该船舶为一艘载重量58,729公吨的超级大灵便型船舶，于2008年建造并于香港注册。卖方为一间只用作 拥有该船舶的特定用途的公司。 ...

该船舶为一艘载重量58,729公吨的超级大灵便型船舶，于2008年建造并于香港注册。卖方为一间只用作 拥有该船舶的特定用途的公司。 智通财经APP讯，金辉集团(00137)发布公告，卖方Jinrong Marine Inc.为公司拥有约55.69%权益间接附属 公司，于2025年9月4日与买方订立该协议，以出售该船舶。该船舶的代价为1193万美元。该船舶将于 2025年9月15日至2025年10月15日期间由卖方交付予买方。 ...

格隆汇9月4日丨金辉集团(00137.HK)公告，董事会谨公布，卖方Jinrong Marine Inc为公司拥有约55.69% 权益间接附属公司，于2025年9月4日与买方六六顺航订立该协议，以出售该船舶。该船舶代价为1193万 美元。该船舶将于2025年9月15日至2025年10月15日期间由卖方交付予买方。"该船舶"指"JINRONG"为 一艘载重量58,729公吨及于香港注册散装货船。 ...

Core Viewpoint - The successful completion of the transportation of 2,386 energy storage cabinets to Saudi Arabia marks a significant achievement for China’s renewable energy equipment export capabilities, showcasing the expertise of COSCO Shipping Special Transportation in handling oversized and hazardous materials [1][8]. Group 1: Project Overview - The "Da Ziyun" vessel safely delivered the last energy storage cabinet at Jeddah Port, concluding a four-month transportation project with a total of 13 voyages [1]. - A total of 2,386 energy storage cabinets, each weighing 45 tons, were transported, with a total capacity of 12.5 GWh, setting a new record for China's single project export volume in renewable energy equipment [1][3]. Group 2: Transportation Challenges - The energy storage cabinets are classified as UN Class 9 hazardous materials (UN3536), which posed significant safety challenges due to their high value, large weight, and complex hazardous properties [3][6]. - COSCO Shipping Special Transportation formed a specialized team to address these challenges, collaborating with various departments to develop customized support and securing solutions for safe transportation [4]. Group 3: Safety and Compliance - Throughout the four-month transportation period, personnel including port captains and technical staff were stationed on-site to ensure compliance with maritime hazardous material regulations, achieving a zero-accident delivery goal [4][8].

Report Summary 1. Industry Investment Rating - No industry investment rating was provided in the report. 2. Core Viewpoints - The overall situation in September is stable, and the driving force will continue to be positive for at least the next two weeks. The decline in October depends on shipping companies' suspension of voyages. In terms of valuation, the price in October is close to the annual low (1250 - 1300), with limited downside. The December contract will decline in the short - term following the driving force, but considering the peak season and long - term agreement negotiation season, attention can be paid to the opportunity of buying at low prices [1]. 3. Summary by Relevant Content Futures Contract Information - **Contract Prices and Changes**: For futures contracts such as FC2510, EC2512, EC2602, etc., prices showed different degrees of change. For example, FC2510 had a - 1.32% change, and EC2512 had a - 1.86% change. The price differences between different contracts also changed, like the EC2510 - 2512 spread was - 378.2, with a 14.6 day - on - day change and a - 92.2 week - on - week change [1]. - **Volume and Open Interest**: The trading volume and open interest of each contract varied. For instance, the trading volume of EC2510 was 51946, and the open interest was 25510 [1]. Spot Index Information - **Index Changes**: Indicators such as SCHIS, SCFI, CCFI, and NCFI all showed declines. SCHIS decreased by - 100.00% compared to the previous period, and SCFI dropped by - 11.21% [1]. Shipping Capacity Information - **Original Shipping Capacity**: In September and October, the weekly average shipping capacity was 29.6 and 30.9 million TEU respectively. After considering all TBN as suspended voyages, it was 29.6 and 28.1 million TEU respectively. After the September 4th update, due to the suspension of voyages during the National Day holiday, the shipping capacity in week 40 and 41 decreased to 31 and 23.7 million TEU respectively, and the weekly average in October was 28.9 million TEU. After considering all TBN as suspended voyages, the shipping capacity in September and October was 29.6 and 26 million TEU respectively [1][2]. Price Quotation Information - **Recent Quotations**: Currently, downstream customers are booking spaces for mid - September (week 37 - 38). In week 36, the shipping company's quotation was between 2120 - 2420, with an average of 2250 US dollars (1550 points). In week 37, the average quotation was 2100 US dollars (1450 points), and in week 38, it was 2000 US dollars (1370 points). On Wednesday, YML quoted 1800 US dollars for the second half of September and the first half of October [3]. News Information - **Military News**: On September 2, the Israeli military stated that its military operations in Gaza City had advanced to new areas. On September 4, Hamas reiterated its willingness to reach a comprehensive agreement in Gaza and release all Israeli hostages [4].

Core Viewpoint - Zhonggu Logistics achieved a net profit attributable to shareholders of 1.072 billion yuan in the first half of the year, representing a year-on-year increase of 41.59% [1] Financial Performance - The company's performance slightly exceeded expectations, driven by a sustained boom in foreign trade chartering [1] - The increase in profitability is primarily due to rising freight rates and an increase in foreign trade shipping capacity during the reporting period [1] - The gross profit margin improved significantly from 12.6% in the same period last year to 23.4% [1] Dividend Policy - The company's high dividend policy is considered sustainable, with an estimated dividend payout ratio of around 85% for the year [1] - Based on projected earnings for 2025, the dividend yield could reach as high as 7.8%, making it an attractive investment option [1] - The company maintains a "recommended" rating based on its strong financial performance and dividend prospects [1]