Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Overseas: The US macro - fundamentals are stable, but the political pressure on the Fed has pushed up market expectations of interest rate cuts. Although there are positive feedbacks on investment and consumption, there are still tail risks. Domestically, the market's expectation of corporate profit margins has improved, and recent real - estate policies in first - tier cities may boost transaction volume [7]. - In the short term, market volatility in China may increase. After important events, the pricing weight of fundamentals on assets, especially short - duration commodity assets, may rise. Overseas, liquidity will expand in the next 1 - 2 quarters, entering a "loose expectation + weak dollar" repair channel [7]. Summary by Related Catalogs 1. Macro Highlights - **Overseas Macro**: The US macro - fundamentals are stable. The political pressure on the Fed has reached a new high, pushing up market interest - rate cut expectations. However, service inflation stickiness, tariff shocks, and concerns about the Fed's independence remain tail risks [7]. - **Domestic Macro**: The market's expectation of corporate profit margins has improved. "Anti - involution" has promoted the improvement of mid - stream profits in July. In the real - estate market, first - tier cities have introduced demand - side policies, which may increase transaction volume but the sustainability needs to be observed [7]. - **Asset Views**: In China, short - term market volatility may increase at the beginning of September. After important events, the pricing weight of fundamentals on assets may rise. Overseas, liquidity will expand in the next 1 - 2 quarters, supporting total demand recovery [7]. 2. Viewpoint Highlights - **Financial**: Stock index futures are expected to rise in shock, index options will fluctuate, and treasury bond futures will also be in a shock state, still depending on the performance of the stock market [8]. - **Precious Metals**: Gold and silver prices are expected to rise in shock as the US interest - rate cut cycle may restart in September, but market risks need attention [8]. - **Shipping**: The freight rate of the European container shipping line may fluctuate as the peak season fades in the third quarter [8]. - **Black Building Materials**: Most varieties in this sector, such as steel, iron ore, coke, etc., are expected to be in a shock state due to factors like inventory changes, policy influences, and supply - demand relationships [8]. - **Non - ferrous Metals and New Materials**: Although the weak dollar supports non - ferrous metals, the weak demand also needs attention. Most varieties will be in a shock state, with zinc prices expected to fall in shock [8]. - **Energy and Chemicals**: Crude oil prices are expected to fall in shock, while most other chemical products will be in a shock state due to factors such as supply - demand relationships, new - capacity pressures, and cost changes [10]. - **Agriculture**: Most agricultural products, including grains, oils, and fibers, are expected to be in a shock state, waiting for further information such as field inspection results [10].

Report Industry Investment Rating No investment rating information provided in the report. Core Viewpoints - Maersk has lowered its freight rate to $1700/FEU, and the freight rates of other shipping companies are also following suit. The overall freight rate center in September has dropped to around $2000/FEU, and the cargo collection pressure is relatively high. [1][4] - The October contract is mainly for short - allocation as the freight rate center continues to decline. With the release of HPL's two additional vessels in October, it is expected to put pressure on the spot price in October. [4] - The December contract still follows the pattern of peak and off - peak seasons. However, the risk lies in the bottom of this round of freight rate decline. If ships from the US line are diverted to the European line in the fourth quarter, it may put pressure on European line prices. [5] - The main contract of container shipping index futures is oscillating weakly, and it is advisable to short the October contract when the price is high. [7] Summary by Directory 1. Market Analysis - **Online Quotes**: Different shipping alliances and companies have different freight rate quotes for the Shanghai - Rotterdam route. For example, Maersk's 37 - week price for Shanghai - Rotterdam is $1175/1970, and the 38 - week price is $1025/1710. [1] - **Geopolitical Situation**: On September 2, local time, the Israeli military stated that it would intensify its military operations in the Gaza Strip. [2] - **Blank Sailings and Additional Vessels**: MSC has announced blank sailings during the Chinese Golden Week, with a total of about 59,000 TEU of capacity affected. HPL has announced two additional vessels in October, with a total capacity of about 11,500 TEU. [3] 2. Contract Analysis - **October Contract**: The delivery and settlement price of the October contract is the arithmetic average of SCFIS on October 13th, 20th, and 27th. In normal years, the price in October is 20% - 30% lower than that in August. Currently, the freight rate center has dropped, and short - allocation is relatively safe. [4] - **December Contract**: In the fourth quarter, due to Western holidays and shipping companies' preparations for long - term contract negotiations, the freight rate is usually higher. However, the risk is the bottom of the current freight rate decline. [5] 3. Futures and Spot Prices - **Futures Prices**: As of September 2, 2025, the closing prices of different contracts vary. For example, the EC2602 contract closed at 1550.10, and the EC2510 contract closed at 1340.70. [6] - **Spot Prices**: On August 29, the SCFI (Shanghai - Europe route) price was $1481.00/TEU, and on September 1, the SCFIS (Shanghai - Europe) was 1773.60 points. [6] 4. Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of August 31, 2025, 180 container ships have been delivered, with a total capacity of 1.452 million TEU. [7] 5. Strategy - **Unilateral Strategy**: The main contract is oscillating weakly. [7] - **Arbitrage Strategy**: Short the October contract when the price is high. [7]

Core Viewpoint - The stock of China Cosco Shipping Energy Transportation Co., Ltd. has experienced a decline of 8.52% year-to-date, with a recent drop of 2.07% on September 3, 2023, indicating potential challenges in the market [1]. Company Overview - China Cosco Shipping Energy Transportation Co., Ltd. was established on July 26, 1996, and listed on May 23, 2002. The company is headquartered in Hongkou District, Shanghai, and primarily engages in the transportation of crude oil and refined oil, as well as liquefied natural gas (LNG) [1]. - The company's revenue composition includes: 41.53% from foreign trade crude oil, 14.59% from domestic crude oil, 10.78% from foreign trade refined oil, 10.38% from foreign trade oil vessel leasing, 10.28% from domestic refined oil, 9.59% from LNG transportation, 1.35% from chemical transportation, 0.89% from LPG transportation, 0.55% from domestic oil vessel leasing, and 0.05% from other sources [1]. Financial Performance - For the first half of 2025, the company reported a revenue of 11.642 billion yuan, a slight decrease of 0.08% year-on-year, and a net profit attributable to shareholders of 1.869 billion yuan, down 28.28% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 14.462 billion yuan in dividends, with 4.437 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for China Cosco Shipping Energy has increased to 116,500, reflecting a rise of 7.95% from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 91.6484 million shares, an increase of 18.3201 million shares from the previous period [3].

海液通航运董事总经理王文彬表示："这批4350TEU新船是公司对于'一带一路'航线升级的核心运力。 投入运营后，我们将在中国—东南亚与红海、土耳其、北非主要港口之间形成可靠且稳定的网络，有助 于为客户提供高效、低碳、端到端的全程物流方案。" 海液通航运将进一步完善全球物流网络，特别加强海外最后一公里配送能力，确保货物从中国工厂出 发，不仅能准时抵达目的港，更能高效配送到海外仓库或最终客户手中，真正实现全程无忧的物流体 验。 据了解，海液通航运于2020年在香港成立，致力于跟随中国"一带一路"的战略步伐，为广大贸易客户提 供高频、快速、可靠及多样化的航运和物流产品。其班轮服务覆盖亚洲至东非、中东、红海、地东、黑 海及波罗的海沿线之间的众多门户港口。 台州建兴重工有限公司即原浙江凯航船舶工业有限公司，凯航船舶于2008年5月成立，占地面积为650 亩，使用岸线长800米。据国际船舶网了解，凯航船舶自2012年2月份开始投产，年造船能力达60余万载 重吨，是台州唯一一个"一级两类"船厂，但企业刚起步就赶上了国际金融和欧洲债务危机，导致国外订 单大幅缩水，企业员工、产能都受到重大冲击，生存变得非常困难。2015年，通 ...

1. Report Industry Investment Rating - No information provided in the given text 2. Core View of the Report - The container shipping index (European Line) is expected to experience wide - amplitude fluctuations. The market supply - demand imbalance will continue until the end of September, and the freight rate trend in October is uncertain, with a small decline or stability being possible. The report suggests considering rolling into 02 - 04 and 12 - 04 calendar spreads on dips [10][12][14] 3. Summary by Relevant Catalogs 3.1 Market Performance - Yesterday, the container shipping index (European Line) rose and then fell. The main 2510 contract closed at 1340.7 points, up 3.62%, with an increase of 1886 lots in positions. The second - main 2512 contract closed at 1733.5 points, up 6.88%, with an increase of 178 lots in positions [10] 3.2 Freight Rate - The SCFIS European route index was 1,773.60 points, down 10.9% week - on - week; the SCFIS US West route index was 1,013.90 points, down 2.6% week - on - week. The SCFI European route index was $1,481/TEU, down 11.2% bi - weekly; the SCFI US West route index was $1,923/FEU, up 17.0% bi - weekly [1] - In the second week of September, the European basic port freight rate was maintained in the range of $1900 - 2200/FEU, with the FAK average around $2050/FEU. Shipping companies have successively lowered their freight rates [11] 3.3 Capacity - In September, the number of blank sailings remained unchanged at 6, and there were no pending voyages, with the weekly average capacity reaching 296,000 TEU/week, a decline of about 6% compared to August, significantly lower than the same period in 2024. In October, there are 2 pending voyages and 11 blank sailings. Without considering the pending voyages, the current weekly average capacity is 282,000 TEU/week, a 4.6% decline month - on - month and a 7% increase year - on - year [12] 3.4 Supply - Demand Pattern - In late August, the overall market loading rate was around 95%. Shipping companies have relaxed restrictions on low - price contract bookings and large - volume special offers, which helps short - term shipments but intensifies price competition. The supply - demand imbalance in the market will continue until at least the end of September, and the freight rate trend in October is uncertain [12] 3.5 Historical Market Review - In 2024, the weighted European Line index stopped falling on September 10. In late September, there was a short - term speculation on the US West port strike, but the strike was resolved during the National Day holiday. After the holiday, the market first gave back the "strike" premium and then traded on the shipping company's price increase announcements [13] 3.6 Strategy - Consider rolling into 02 - 04 and 12 - 04 calendar spreads on dips [14]

Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - International gold prices hit a new record high, and the A - share market had an adjustment. Market sentiment was affected by various factors such as concerns about the Fed's independence, Trump's tariff issues, and economic data from different countries [3][4]. - Different commodity markets showed diverse trends. For example, some commodities were expected to be in a supply - demand imbalance, while others were affected by production changes, policy adjustments, and market sentiment [5][6][7]. 3. Summary by Directory 1. Financial News and Comments - **Macro Strategy (Gold)**: The US ISM manufacturing PMI in August was 48.7, and Trump called for a strong interest - rate cut. Gold prices rose to a new high due to concerns about the Fed's independence and tariff issues. The market should pay attention to the upcoming non - farm data and the increase in long - short games [14][15]. - **Macro Strategy (Foreign Exchange Futures - Dollar Index)**: Multiple high - ranking Japanese LDP officials expressed their intention to resign, and concerns about the UK economy intensified. The dollar index rose significantly in the short term, and market risk appetite declined [20]. - **Macro Strategy (Stock Index Futures)**: The number of new A - share accounts in August was 2.65 million, with a significant year - on - year and month - on - month increase. The A - share market adjusted on September 2, and the subsequent trend depends on major events [22][23]. - **Macro Strategy (US Stock Index Futures)**: Trump planned to appeal the global tariff case to the US Supreme Court. The US ISM manufacturing PMI in August continued to contract, and the US Treasury Secretary planned to interview Fed chair candidates. The US stock market adjusted, and investors should pay attention to volatility [25][26][27]. - **Macro Strategy (Treasury Bond Futures)**: The central bank did not conduct open - market treasury bond trading in September. The bond market was in a volatile trend, and it was not recommended to chase long positions after the market rose [29][30]. 2. Commodity News and Comments - **Agricultural Products (Soybean Meal)**: The good - quality rate of US soybeans decreased to 65%. The US weekly export inspection data met expectations, and the domestic soybean meal supply was sufficient but demand was also strong [32]. - **Agricultural Products (Cotton)**: The cotton harvest progress in Brazil was 72.8% as of August 30. The growth progress of US cotton was slow, but the good - quality rate was high. The external market was under seasonal supply pressure, and the Zhengzhou cotton market was expected to be in a short - term shock [34][35][36]. - **Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil)**: India's palm oil imports in August increased by 16% month - on - month, and Malaysia's palm oil production in August decreased by 2.65% month - on - month. It was recommended to go long on palm oil at low prices [37][39]. - **Black Metals (Steam Coal)**: Port coal prices were weakly falling. Due to weak demand and transportation restrictions during the parade, coal prices were expected to continue the seasonal decline but be supported at around 650 yuan [40]. - **Black Metals (Iron Ore)**: Grangex announced the restart of Sydvaranger mining. The overall raw material market was under pressure, but it was expected to be in a shock market in September [41]. - **Agricultural Products (Red Dates)**: The price of red dates in the Guangzhou Ruyifang market was stable. The fundamentals of red dates were not significantly changed, and it was recommended to wait and see [43][44]. - **Agricultural Products (Corn Starch)**: Corn starch enterprises in different regions had losses. The supply - demand situation was weak, and the price difference between rice flour and starch was at a low level [45]. - **Agricultural Products (Corn)**: The成交 rate of imported corn auctions increased. The spot price of corn was strengthening, but the upward space of the futures price was limited [45][46]. - **Non - ferrous Metals (Lithium Carbonate)**: Argentina approved Rio Tinto's Rincon lithium project. The supply - demand imbalance caused by supply reduction might be reflected in high - frequency data in September, and it was recommended to try long positions and pay attention to positive spreads [48][49]. - **Non - ferrous Metals (Polysilicon)**: The 0.66 yuan/W component price limit was cancelled. The polysilicon price was expected to be between 48,000 - 55,000 yuan/ton, and it was recommended to wait and see for arbitrage [50][53]. - **Non - ferrous Metals (Lead)**: The LME lead market was weak, while the domestic lead market's supply was expected to tighten and demand to improve. It was recommended to go long on lead at low prices and wait and see for arbitrage [54]. - **Non - ferrous Metals (Industrial Silicon)**: The production of industrial silicon in Xinjiang was slowly increasing, and the market was expected to be in a short - term shock between 8,200 - 9,200 yuan/ton [57][58]. - **Non - ferrous Metals (Zinc)**: The LME zinc market was supported by low inventory, and the Shanghai zinc market was expected to be in a short - term shock. It was recommended to wait and see for single - side trading and pay attention to positive spreads [59][60]. - **Non - ferrous Metals (Copper)**: The copper market was affected by the Fed's interest - rate cut expectations and industry policies. The copper price was expected to be supported in the short term, and it was recommended to be long on a short - term basis [65]. - **Non - ferrous Metals (Nickel)**: The LME nickel inventory increased. The raw material price was firm, and the nickel price was expected to be in a range - bound shock. It was recommended to go long at low prices [66][67]. - **Energy Chemicals (Crude Oil)**: Kazakhstan's crude oil production in August increased by 2% month - on - month. The oil price was expected to be in a shock [68]. - **Energy Chemicals (Carbon Emissions)**: The CEA price was in a short - term shock and weakening trend [69][70]. - **Energy Chemicals (PX)**: The PX price was in a short - term shock adjustment [72][73]. - **Energy Chemicals (PTA)**: The PTA market was in a short - term shock adjustment with improved fundamentals [74][75]. - **Energy Chemicals (Caustic Soda)**: The caustic soda spot price was expected to be in a high - level shock [76][77]. - **Energy Chemicals (Pulp)**: The pulp market was in a weak shock [77][78]. - **Energy Chemicals (PVC)**: The PVC market was expected to be in a shock [79][80]. - **Energy Chemicals (Styrene)**: The styrene market was in a weak operation recently [81][83]. - **Energy Chemicals (Bottle Chips)**: The bottle chip market had new capacity plans, and the demand was moving towards the off - season [84][85]. - **Energy Chemicals (Soda Ash)**: The soda ash market was weakening, and it was recommended to short at high prices [86][87]. - **Energy Chemicals (Float Glass)**: The float glass market was in a weak trend, and it was recommended to focus on arbitrage [88][89]. - **Shipping Index (Container Freight Rates)**: The container freight rate market was under supply pressure, and the price was expected to be in a short - term shock. It was recommended to short on emotional rallies in October and long after the price decline in December [91][92].

Core Points - The company has revised its board structure, including the number of directors and their qualifications, to enhance governance and accountability [1][2][4] - The board will consist of 11 directors, including 4 independent directors, with one independent director being a professional accountant [1][2] - The term for directors is set at three years, with the possibility of re-election, and they can only be removed by the shareholders' meeting under justified circumstances [1][2][4] Governance Structure - The board of directors is responsible for major company decisions and must report to the shareholders' meeting [1][2] - The board will have the authority to convene shareholder meetings and execute resolutions passed by the shareholders [2][4] - The board is tasked with formulating the company's annual financial budget and investment plans [2][4] Investment and Financial Management - The board will decide on the company's operational plans, investment strategies, and financial allocations [2][4] - Specific thresholds for investment approvals have been established, such as a single investment limit of 100 million yuan for non-financial equity investments within the annual plan [4][5] - The board must seek shareholder approval for significant transactions exceeding its authorized limits [4][5] Independent Directors' Role - Independent directors are granted special powers, including the ability to conduct audits and propose meetings to protect minority shareholders' interests [6][8] - They are also responsible for providing independent opinions on matters that may harm the company or minority shareholders [6][8] Meeting Procedures - Board meetings must be held with a quorum of at least half of the directors present, and meetings can be conducted in various formats, including in-person and virtual [9][10] - The notice for board meetings must be sent at least 10 working days in advance for regular meetings and 2 days for emergency meetings [9][10] Documentation and Accountability - All board meetings must be documented, and minutes should include key decisions and attendance [25][28] - Directors are required to sign the meeting minutes, and they have the right to request that their statements be recorded [25][28]

海南海峡航运股份有限公司（以下简称"公司"或"海峡股份"）于 2025 年 8 月 29 日以 OA、电子邮件的形式向全体监事发出第八届监事会第十次临时会 议通知及相关议案等材料。会议于 2025 年 9 月 2 日上午以通讯表决方式召开， 会议由公司监事会主席李燕女士召集并主持，应参加会议监事 5 人，实际参加会 议监事 5 人，会议召集、召开程序符合《公司法》、海峡股份《公司章程》的相 关规定。 与会监事认真审议了本次会议的议案，以记名投票表决的方式通过了如下决 议： 一、会议以 5 票赞成，0 票反对，0 票弃权，审议通过了关于取消监事会的 议案。 股票简称：海峡股份 股票代码：002320 公告编号：2025-65 海南海峡航运股份有限公司 本公司及监事会全体成员保证公告内容真实、准确和完整，并对公告中 的虚假记载、误导性陈述或者重大遗漏承担责任。 （2023 年修订）相关规定 及公司治理结构优化需要，有利于提升决策效率。该议案将提交股东大会审议。 二、会议以 5 票赞成，0 票反对，0 票弃权，审议通过了关于购买公司董事 及高级管理人员责任保险的议案。 监事会同意公司为全体董事及高级管理人员购买责任 ...

知及发布股东大会决议公告时，向公司 所在地中国证监会派出机构和证券交易 所提交有关证明材料。 | 修订 | 原编号 | 原条款内容 | 现编号 | 现条款内容 | 修订依据 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 类型 | 外部监管规定 | | | | | | | | | | | - | 全文中所有"股东大会" | - | 统一修订为："股东会" | 修订 | 与《公司章程》 | | | | | | | 外部监管规定 | - | 全文中所有"监事会" | - | 统一或删除或修订为："审计委员会" | 修订 | | | | | | | 与《公司章程》 | 外部监管规定 | | | | | | | | | | | - | 全文中所有"监事" | 修订 | 统一删除 | 与《公司章程》 | | | | | | | | 第一章第 | 公司股东会的召集、提案、通知、召开等事项适用本规 | 外 | 部监管规定 | | | | | | | | | - | - | 新增 | 二条 | 则。 | 与《公 ...

股票简称：海峡股份 股票代码：002320 公告编号：2025-67 海南海峡航运股份有限公司 关于召开 2025 年第六次临时股东会的通知 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中 的虚假记载、误导性陈述或者重大遗漏承担责任。 一、召开会议基本情况 （一）股东会届次：2025 年第六次临时股东会 （二）股东会召集人：公司董事会。2025 年 9 月 2 日，海南海峡航运股份 有限公司（以下简称"公司"或"海峡股份"）召开第八届董事会第十三次临时 会议，以 11 票赞同、0 票反对、0 票弃权，审议通过了《关于召开 2025 年第六 次临时股东会的议案》，董事会决定于 2025 年 9 月 18 日（星期四）召开 2025 年第六次临时股东会。 （三）会议召开的合法、合规性：公司第八届董事会第十二次会议决议召开 规章、规范性文件、深交所业务规则和海峡股份《公司章程》等规定。 （四）会议召开的日期、时间： 现场会议时间：2025 年 9 月 18 日下午 15:00 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为 圳证券交易所互联网投票的具体时间为：2025 年 9 月 ...