Core Viewpoint - Jin Hui Group (00137.HK) has announced a shipbuilding contract for a bulk carrier with a carrying capacity of 64,500 metric tons, valued at approximately HKD 261 million (USD 33.45 million), to be delivered by October 31, 2028 [1][2]. Group 1 - The company has a 55.69% equity interest in the indirect subsidiary that is the buyer in the shipbuilding contract [1]. - The shipbuilding contract was signed on December 9, 2025, between the buyer and the seller [1]. - The bulk carrier is expected to enhance the company's shipping capabilities and operational capacity [1]. Group 2 - Jin Hui Group is also planning to sell another vessel for USD 14.4 million [2].

Core Viewpoint - China Shipping International (00517) has seen a nearly 3% increase in stock price, currently at 6.35 HKD, following the announcement of winning a significant project in Guinea [1] Group 1: Project Details - China COSCO Shipping Bulk has successfully won the management segment for the SIMFER self-discharging transshipment vessel (TSV) project in Guinea, which includes five of the world's most advanced self-discharging transshipment vessels [1] - The project is a critical component of the logistics chain for iron ore exports from the Simandou mine, focusing on technical and crew management, on-site operations, and local team training [1] Group 2: Strategic Importance - The successful bid reflects the company's commitment to the "Belt and Road" initiative and represents a significant achievement in securing essential mineral resource logistics [1] - This project marks a new starting point for enhancing the safety and efficiency of the iron ore supply chain and deepening the company's presence in Africa [1]

Core Viewpoint - China Shipping International (00517) has seen a nearly 3% increase in stock price, currently at 6.35 HKD, with a trading volume of 13.97 million HKD, following the announcement of winning a significant project in Guinea [1] Group 1: Project Details - China Ocean Shipping Group successfully won the management segment for the SIMFER transshipment vessel (TSV) project in Guinea's Simandou, which includes the management of five state-of-the-art self-unloading transshipment vessels [1] - The project is a critical component of the logistics chain for iron ore exports from Simandou, focusing on technical and crew management, on-site operations, and local team training [1] Group 2: Company Strategy and Market Position - The successful bid reflects the company's commitment to the "Belt and Road" initiative and its role in securing important mineral resource logistics [1] - This achievement marks a significant new starting point for enhancing the safety and security of the iron ore supply chain and deepening the company's presence in Africa [1]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - SCFIS has a slight increase, and the main contract fluctuates upward. It is recommended to take a small - position trial long and pay attention to the pre - Spring Festival shipping market. The freight rate shows no obvious fluctuations [2]. - The tariff issue has a marginal effect, and the current core is the trend of spot freight rates. The main contract has shown a seasonal rebound, and it is recommended to participate with a small position or wait and see [3]. - After the decline of optimistic sentiment and intense long - short game, SCFIS rises slightly, and the closing prices on the market show mixed trends. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [3]. Group 3: Summary by Related Contents Freight Index - On December 8, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1509.10 points, up 1.7% from the previous period; for the US - West route, it was 960.51 points, up 1.2% from the previous period [2]. - On December 5, the Ningbo Export Container Freight Index (NCFI) (composite index) was 972.63 points, up 2.77% from the previous period; the NCFI for the European route was 1024.64 points, up 7.67% from the previous period; the NCFI for the US - West route was 881.66 points, down 7.77% from the previous period [2]. - On December 5, the Shanghai Export Container Freight Index (SCFI) announced price was 1397.63 points, down 5.5 points from the previous period; the SCFI price for the European route was 1400 USD/TEU, down 0.28% from the previous period; the SCFI for the US - West route was 1550 USD/FEU, down 5.02% from the previous period [2]. - On December 5, the China Export Container Freight Index (CCFI) (composite index) was 1121.80 points, down 0.1% from the previous period; the CCFI for the European route was 1449.34 points, up 1.1% from the previous period; the CCFI for the US - West route was 841.86 points, down 1.1% from the previous period [2]. PMI Data - The preliminary value of the euro - zone's manufacturing PMI in October was 45.9 (expected 45.1, previous 45), the preliminary value of the service PMI was 51.2 (expected 51.5, previous 51.4), and the preliminary value of the composite PMI was 49.7 (expected 49.7, previous 49.6) [2]. - In October, China's Manufacturing Purchasing Managers' Index (PMI) was 49.0%, down 0.8 percentage points from the previous month, and the manufacturing prosperity level declined. The composite PMI output index was 50.0%, down 0.6 percentage points from the previous month, indicating that the overall production and operation activities of Chinese enterprises were stable [2]. - The preliminary value of the US S&P Global service PMI in October was 55.2 (expected 53.5, previous 54.2), the preliminary value of the manufacturing PMI was 52.2 (expected 52), and the preliminary value of the composite PMI was 54.8 (expected 53.1, previous 53.9) [3]. Main Contract Information - On December 8, the main contract 2602 closed at 1615.3, up 0.07%, with a trading volume of 19,300 lots and an open interest of 31,500 lots, a decrease of 749 lots from the previous day [3]. Strategy Suggestions - Short - term strategy: The main contract rebounds after a decline, and the fluctuation of far - month contracts slows down. Risk - takers are recommended to take a small - position trial long in the main contract. When the market dips slightly, it is not recommended to add positions or hold losing positions. Set stop - losses [4]. - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or take a small - position try [4]. - Long - term strategy: It is recommended to take profits when each contract reaches a high and wait for the price to stabilize after a pull - back before making further decisions [4]. - The daily price limit for contracts from 2508 to 2606 is adjusted to 18% [4]. - The company's margin for contracts from 2508 to 2606 is adjusted to 28% [4]. - The daily opening position limit for all contracts from 2508 to 2606 is 100 lots [4]. Geopolitical News - On December 7, Israeli Prime Minister Netanyahu said that the first phase of the Gaza cease - fire agreement was basically completed. Israel would ensure the return of the remains of the last detainee and promote the second phase of the Gaza cease - fire, aiming at the disarmament of Hamas and the demilitarization of the Gaza Strip. Hamas member Basem Naim said that Hamas still adhered to the "right to resist" but was willing to discuss disarmament within the framework of promoting the establishment of a Palestinian state and proposed long - term cease - fire negotiations of 5 to 10 years [5].

Group 1 - The article highlights the transformation of international trade compliance from a "back-end support" function to a core capability for strategic planning and risk management in enterprises due to the evolving global trade landscape and increasing regulatory pressures [1][2]. - The London Stock Exchange Group (LSEG) is collaborating with Yihailan to host a seminar in Shanghai, focusing on the core pain points of shipping trade and cross-border compliance, inviting professionals from various sectors to discuss challenges and opportunities [1][2]. - Key topics of the seminar include the role of shipping and logistics data in financial compliance, the latest developments in U.S. sanctions and export controls, and practical experiences in building resilient compliance systems [2][7]. Group 2 - The seminar agenda includes guest registration, opening remarks, a keynote speech on shipping trade compliance insights and best practices, and roundtable discussions on the application of compliance data in financial risk control [3]. - Notable speakers include professionals from Yihailan and legal experts from JunHe Law Offices, emphasizing the importance of expert insights in navigating compliance challenges [5][9][10]. - The event aims to foster a robust and transparent global trade environment by facilitating discussions among maritime, shipping, trade, logistics, multinational enterprises, and banking compliance professionals [1].

Report Summary 1. Report's Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints of the Report - The global shipping market shows complex trends. The INDAMEX route of CMA CGM has changed its navigation path, and the FEWB and TAWB routes have different supply - demand and price situations. The European container shipping line's December contract is in the delivery month, and the market is verifying previous expectations. The future trend depends on the final announcement of the "late - month freight rate", especially the performance of freight rates in mid - to - late December [7][8]. 3. Summary by Relevant Catalogs 3.1 Shipping Freight Index - **Current and Previous Values and Fluctuations**: The current values of Shanghai Export Container Freight Composite Index (SCFI), China Export Container Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, SCFI - Northwest Europe are 1398, 1115, 1550, 960, 2315, 1400 respectively, with corresponding previous values of 1403, 1122, 1632, N/A, 2428, 1404, and the percentage changes are - 0.39%, - 0.62%, - 5.02%, 1.18%, - 4.65%, - 0.28%. The current values of SCFIS - Northwest Europe and SCFI - Mediterranean are 1509 and 2300, with previous values of 1483 and 2232, and the percentage changes are 1.75% and 3.05% respectively [6]. 3.2 Shipping Futures Contracts - **Contract Price and Fluctuations**: For contracts such as EC2506, EC2608, EC2610, EC2512, EC2602, EC2604, the current values are 1217.3, 1356.0, 1028.2, 1669.8, 1615.3, 1077.7 respectively, with previous values of 1252.5, 1367.1, 1040.0, 1658.6, 1609.9, 1092.9, and the percentage changes are - 2.81%, - 0.81%, - 1.13%, 0.68%, 0.34%, - 1.39% [6]. - **Contract Positions**: The current positions of EC2606, EC2608, EC2610, EC2512, EC2602, EC2604 are 2197, 1598, 4071, 3394, 31466, 19613 respectively, with previous values of 2108, N/A, 3976, 3500, 32215, 19350, and the changes in positions are 89, 39, 95, - 106, - 749, 263 [6]. - **Monthly Spread**: The current values of 12 - 02, 12 - 04, 02 - 04 monthly spreads are 54.5, 592.1, 537.6 respectively, with previous values of 48.7, 565.7, 517.0, and the changes are 5.8, 26.4, 20.6 [6]. 3.3 Market News and Analysis - **Route Changes**: CMA CGM's INDAMEX route between India/Pakistan and the US East Coast will now pass through the Suez Canal, indicating a significant return of container ships to the Red Sea route [7]. - **FEWB Route**: In December, shipping companies strictly control capacity, with a blank - sailing rate of only 0.9%. Ship maintenance further reduces capacity. Ports in Northern Europe and the Mediterranean are congested, which extends ship turnover and increases rejections. Strong e - commerce demand supports freight rates, and shipping companies' General Rate Increases (GRI) drive the market up, with high prices expected during Christmas and the New Year [7]. - **TAWB Route**: Ports in Northern Europe (such as Rotterdam) and the Mediterranean are severely congested due to labor disputes, with yard utilization rates exceeding 90%. Many European countries also face container shortages [7]. - **European Container Shipping Spot Price**: In early December, MSK quoted 2500, HPL quoted 2350, CMA quoted 3550, etc. MSK issued a price - increase notice for January. In late December, MSK quoted 2400, HPL quoted 2050, CMA still quoted 3550 [8]. 3.4 Market Strategy - The recommended strategy is to wait and see [9].

Core Insights - The 2025 Pudong Shipping Week successfully concluded in Shanghai, featuring a variety of events and attracting over 7,200 in-person attendees and 350,000 online participants from more than 20 countries, establishing itself as a significant platform for investment promotion and business negotiations in the global shipping industry [1][18] Group 1: Event Participation and Organization - The event saw participation from over 50 international organizations, shipping institutions, and industry associations, enhancing its international profile compared to previous years [3] - Domestic participation was diverse, including government departments, industry associations, leading enterprises, financial institutions, and educational institutions, with 70% of the organizers being new participants, injecting fresh ideas and content into the event [4] Group 2: Event Format and Topics - The Pudong Shipping Week featured innovative formats, including high-level forums, industry summits, and professional seminars, covering 14 major types of activities such as international exchanges, green shipping, and digital shipping [5][7] - Key topics included AI in shipping, decarbonization, and the integration of low-altitude economy with maritime logistics, reflecting the industry's focus on digitalization and sustainability [9][11][12][16] Group 3: Outcomes and Collaborations - The event resulted in the announcement of over 20 innovative achievements and more than 40 cooperation agreements, showcasing its effectiveness in fostering industry collaboration [18] - Notable collaborations included the establishment of the "ESG Shipping Industry Fund" and the signing of various strategic agreements between educational institutions and enterprises, indicating a strong commitment to advancing the shipping sector [20]

Group 1: Shanghai International Economic Center Development - The successful launch of China's first domestic segmented production pilot project for biological products [2] - Initiation of a pilot program for expanding value-added telecommunications services to attract foreign investment [2] - Establishment of a digital and standardized transformation in the domestic reinsurance industry to enhance global risk governance capabilities [2] Group 2: Shanghai International Trade Center Development - Implementation of a "white list" management innovation for the inspection of imported consumer goods to streamline customs clearance for new products [4] - Development of an international data center in the Lingang New Area to promote data openness and international cooperation in digital trade [4] - Creation of a low-carbon energy refueling center for ships, positioning Shanghai as one of the few ports capable of LNG and green methanol refueling [4] Group 3: Shanghai International Technology Innovation Center Development - Establishment of a "basic research pilot zone" to enhance Shanghai's technological innovation capabilities [5] - Development of a synthetic biology innovation center to create a globally influential technology and industry hub [5] - Introduction of innovation vouchers that shift the approach from "finding policies from enterprises" to "policies finding enterprises," stimulating innovation and entrepreneurship [5]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The 12 - month contract is expected to be volatile, and the February contract is expected to be volatile and bullish. There may be a large expected difference in the February 2026 contract. The far - month contracts face the pressure of the Suez Canal's resumption of navigation, and their valuations may be revised downward [9][6][7] 3. Summary according to Related Catalogs Futures Prices - As of December 8, 2025, the total open interest of all contracts of the container shipping index (European route) futures was 62,339 lots, and the single - day trading volume was 23,616 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1615.30, 1077.70, 1217.30, 1356.00, 1028.20, and 1669.80 respectively [8] Spot Prices - In terms of online quotes, different shipping companies have different prices for the Shanghai - Rotterdam route in December. For example, Gemini Cooperation's Maersk price in the third week of December was 1535/2410, and HPL - SPOT's price in the second half of December was 1635/2535. Maersk issued a price increase letter for January at 2275/3500 [2] Container Ship Capacity Supply - In December, the remaining 4 - week monthly average weekly capacity was 314,700 TEU, and the capacities in weeks 50, 51, 52, and 53 were 334,500, 289,600, 315,000, and 319,000 TEU respectively. In January, the monthly average weekly capacity was 331,700 TEU, and in February, it was 262,900 TEU. There were 4 blank sailings in December and 4 TBNs in January, all from the OA alliance. Maersk added a new sailing ship in week 51 [4] Supply Chain - Maersk issued an update on the Red Sea/Aden Gulf. Due to the continuous unrest in the Red Sea, A.P. Moller - Maersk and Hapag - Lloyd launched the Cape of Good Hope network in February 2025. There is currently no specific time to change the east - west route of Gemini to pass through the Red Sea [3] Demand and European Economy - The cargo volume is gradually recovering. The 2026 Spring Festival is one month later than in 2025, and there is uncertainty about whether the shipping companies' contract price - holding time will also be postponed. If the high - price contracts are implemented in January 2026, the February contract may be at parity with the December contract [6][7]

Group 1 - Besiktas Shipping has suspended all shipping operations with Russia following an explosion attack on its tanker "Mersin" [2] - The "Mersin" tanker, flagged under Panama, was attacked near Dakar, Senegal, on November 27, resulting in severe damage and flooding [2] - Besiktas Shipping is one of Turkey's largest tanker operators, owning 29 tankers, and has emphasized compliance with international sanctions [2] Group 2 - Prior to the attack on "Mersin," two Russian "shadow fleet" tankers were targeted by drone strikes in the Black Sea region [2] - Ukraine confirmed the use of its domestically produced "Sea Baby" maritime drones to strike the "Kairos" and "Virat" tankers between November 28 and 29 [2] - On December 2, another Russian tanker, "Midvolga 2," was attacked approximately 80 nautical miles off the Turkish coast while transporting sunflower oil to Georgia [2] Group 3 - Following these incidents, shipping insurance costs in the Black Sea region have significantly increased, with insurers reassessing war risk [2] - The Black Sea coastal countries include Ukraine, Russia, Georgia, Turkey, Bulgaria, and Romania, with key ports such as Odessa, Novorossiysk, Batumi, Istanbul, Varna, and Constanța [2]