Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The European container shipping line has passed the first stage after the US - Iran conflict, with the main logic gradually returning to supply - demand pricing, though sentiment is still affected by geopolitical changes [1] - In April, cargo volume is expected to gradually increase as work resumes, but there may be cargo volume pressure due to the end of rush - exports of products like photovoltaic, along with potential downward pressure on freight rates [1] - With the geopolitical conflict not cooling down, shipping companies are more likely to raise and maintain prices, and the subsequent quotation of other shipping companies should be monitored [1] 3. Summary by Relevant Catalogs EC Contract Volume and Price - EC2604: Latest成交价 is 1944 points, with a latest涨跌幅 of - 0.64%,成交量 is 27497 (a 3062 increase),持仓量单边 is 17770 (a 2145 decrease),多单持仓 is 10876,空单持仓 is 11883, and净多持仓 is - 1007 [2] - EC2606: Latest成交价 is 2422.3 points, with a latest涨跌幅 of 0.55%,成交量 is 11230 (a 2239 increase), and持仓量单边 is 13836 (a 245 increase) [2] - EC2608: Latest成交价 is 2377 points, with a latest涨跌幅 of - 0.97%,成交量 is 956 (a 401 increase), and持仓量单边 is 2814 (a 74 increase) [2] - EC2610: Latest成交价 is 1569.8 points, with a latest涨跌幅 of - 0.46%,成交量 is 2498 (a 502 increase), and持仓量单边 is 7521 (a 112 decrease) [2] - EC2612: Latest成交价 is 1758.7 points, with a latest涨跌幅 of 0.30%,成交量 is 146 (an 83 increase), and持仓量单边 is 436 (a 22 increase) [2] - Total成交量 is 42327, and total持仓量单边 is 42377, with a net long position of - 1007 [2] Latest Spot Freight Rates - European Routes - SCFIS (weekly): The latest value is 1556.49 points, with a环比涨跌幅 of 0.7%, the previous value was 1545.46 points (a 5.6% increase), and the value before that was 1463.4 points (a - 7.0% decrease) [4] - SCFI ($/TEU, weekly): The latest value is $1636, with a环比涨跌幅 of 1.1%, the previous value was $1618 (an 11.4% increase), and the value before that was $1452 (a 2.3% increase) [4] - TCI (20GP, daily): The latest value is $1925, with a环比涨跌幅 of 0.0%, the previous value was $1925 (a 3.0% increase), and the value before that was $1869 (a - 5.3% decrease) [4] - TCI (40GP, daily): The latest value is $3241, with a环比涨跌幅 of 0.0%, the previous value was $3241 (a 3.5% increase), and the value before that was $3133 (a - 4.1% decrease) [4] Basis Spread - The previous trading day's basis was - 387.51 points, and the day before that was - 358.51 points, with a环比变化 of - 29 points [6]

Core Viewpoint - The company, COSCO Shipping Holdings, announced a share buyback of 730,000 shares on March 23, 2026, representing 0.0265% of the existing issued shares prior to the event [1] Group 1: Share Buyback Details - The buyback price ranged from 14.83 HKD to 15.14 HKD per share [1] - The total amount paid for the buyback was 10,940,065 HKD, approximately 10.94 million HKD [1] - The company received authorization on May 28, 2025, to repurchase a total of 287,981,950 shares [1] Group 2: Future Actions - Following this buyback, the company will temporarily halt the issuance of new shares or the sale of treasury shares until April 22, 2026 [1]

Core Viewpoint - Bank of America Securities maintains a "underperform" rating for China COSCO Shipping Holdings (01919), with a target price adjusted from a price-to-book ratio of 0.65 to 0.75, while keeping the target price at HKD 13.5 [1] Group 1: Earnings Forecast - Slight adjustments made to the earnings per share forecast for China COSCO from 2026 to 2028, with an increase of less than 1% reflecting the performance in the second half of 2025 [1] - The net profit forecast for 2026 is set at RMB 17 billion [1] Group 2: Performance Analysis - The performance in the second half of 2025 is expected to be slightly below expectations, with weaker freight rates and terminal profit in the fourth quarter [1] - The company maintains its shareholder return strategy, declaring a final dividend with a payout ratio of 50% [1] Group 3: Market Conditions - The situation in the Strait of Hormuz adds uncertainty to the outlook, but the impact of related disruptions is considered less severe than the Red Sea incident [1] - Current valuation of China COSCO is approaching the peak of 0.9 times price-to-book ratio seen during the Red Sea incident [1]

报告中称，中远海控2025年下半年业绩略逊预期，第四季实现运价及终端利润表现较弱，但股东回报策 略未变，公司宣派末期息，派息比率为50%。该行表示，霍尔木兹海峡为前景增添不确定性，但认为相 关干扰的影响远细于红海事件，而中远海控目前估值已接近红海事件高峰时的0.9倍市账率。 智通财经APP获悉，美银证券发布研报称，维持中远海控(01919)"跑输大市"评级，目标价由原来基于 0.65倍市账率上调至0.75倍;目标价仍维持于13.5港元不变。美银证券轻微调整中远海控2026至2028年每 股盈利预测，上调幅度少于1%，以反映2025年下半年业绩。另对2026年净利润的预测为170亿元人民 币。 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The current demand in the e-commerce express delivery industry remains resilient, with a top-down "anti-involution" policy driving up express prices, thereby releasing profit elasticity for companies. The long-term outlook for e-commerce express delivery is favorable due to healthy competition opportunities [16] - The oil transportation sector is expected to benefit from sustained crude oil production and tight capacity, with the "Changjin factor" reshaping pricing logic. Geopolitical changes may continue to catalyze sentiment or fundamentals, leading to a significant improvement in the oil transportation market in 2026 [16] - The bulk shipping market is anticipated to recover, driven by environmental regulations limiting the operation of aging fleets and increased production of iron ore from Australia, Brazil, and West Africa. The market is expected to enter a "new cycle" [16] - The shipping industry is experiencing a green renewal cycle, with demand driven by shipping market recovery and progress in green updates. The new shipbuilding market is expected to improve as constraints ease [16] Summary by Sections Shipping and Ports - Iran may establish a "safe passage" in the Strait of Hormuz, with multiple countries negotiating with Tehran for ship passage. However, security experts warn of potential delays or seizures by Iranian forces [4] - MSC Group has acquired a 50% stake in Changjin Shipping, supporting aggressive expansion of its VLCC fleet, which is estimated to control 150 VLCCs, significantly impacting market concentration and pricing [5] - The SCFI composite freight index decreased by 0.2% to 1707 points, with varying changes in freight rates across different routes [6] - The BDTI index for VLCC freight rates increased by 0.26% to 2821 points, while TCE rates for VLCCs decreased by 5.9% [7] - The BDI index for bulk carriers increased by 3.2% to 2046 points, indicating a rise in bulk shipping rates [8] - China's port cargo throughput increased by 9.52% to 25.617 million tons, with container throughput rising by 9.27% to 6.6 million TEU [10] Express Logistics - In January-February 2026, the express delivery industry volume grew by 7.1% year-on-year, with significant differentiation in market share among major players [9] - Zhongtong Express reported a stable net profit per ticket and committed to a shareholder return rate of no less than 50% [10] - Shentong plans to issue 3 billion yuan in convertible bonds for logistics network upgrades, with a commitment to distribute at least 30% of profits in cash over the next three years [11] - Price adjustments have been made in Yunnan and Jiangxi provinces, reflecting rising operational costs [12] Aviation and Airports - China and Thailand have suspended aviation fuel exports, potentially leading to fuel shortages for airlines [14] - The Ministry of Commerce has announced measures to promote travel service exports and expand inbound consumption [14] Road and Rail - From March 9 to March 15, 2026, national freight logistics operated smoothly, with rail freight increasing by 6.7% and highway truck traffic rising by 14.75% [15]

1. Report's Industry Investment Rating - Not provided 2. Core View of the Report - This week, geopolitical sentiment fluctuations and supply - demand games have led to wide - range price fluctuations, with no clear short - term unilateral trend. Attention should be paid to the marginal changes of core variables. Geopolitically, the situation in the Red Sea and the Strait of Hormuz affects costs, and shipping companies' surcharges support freight rates in the short term, but cost transfer to the spot market is hindered. On the supply - demand side, April sees a significant increase in shipping capacity, while European demand recovers weakly, and low cargo volume restricts price increases. The operation strategy suggests an interval - oscillation approach, focusing on the core fluctuation range of 1900 - 2100 points, and avoiding blind chasing of highs. [5] 3. Summary by Related Content Shipping Derivatives Data - **China Containerized Freight Index**: The current values of CCFI comprehensive index, SCFI - US West, SCFI - US East, SCFIS - US West, SCFI - Northwest Europe, SCFI - Mediterranean, and SCFIS - Northwest Europe are 1707, 1121, 2922, 1636, 2054, 1556, and 2784 respectively. The previous values were 1710, 1072, 2249, 1121, 3111, 1545, and 2666 respectively. The corresponding percentage changes are - 6.08%, 4.52%, - 0.20%, 1.11%, - 8.67%, 0.71%, and 4.43% respectively. [1][2] Geopolitical News - Trump stated that if Iran does not fully open the Strait of Hormuz within 48 hours, the US will destroy its power plants. An oil - tanker operator paid about $2 million to Iran for passage rights in the Strait of Hormuz. Iran warns of a counter - attack if the US threatens military aggression on Kharg Island. Houthi rebels may join the fight early next week. Deterring other straits is an option for the "Resistance Front". [3] Market Conditions and Strategy - **Market Conditions**: The market shows an oscillating trend. [4] - **Strategy**: Adopt an interval - oscillation approach, focus on the 1900 - 2100 point range, avoid blind chasing of highs, currently maintain a wait - and - see attitude, and closely track the PA alliance's ship - filling progress, geopolitical developments, and oil - price fluctuations. [5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The geopolitical sentiment remains the dominant factor, and the spot exposure of the PA alliance has become a focus. The freight rates of the European container shipping line are expected to enter a wide - range oscillation pattern after a geopolitical impulse upward movement. The operation should adopt an interval oscillation approach, focusing on the core fluctuation range of 1900 - 2100 points, and avoid blind chasing of high prices. [3][4] 3. Summary According to Relevant Catalogs 3.1 Main Viewpoints and Strategy Overview - **Spot Quotations**: In early April, the spot quotations of the European container shipping line were driven by factors such as the cost transmission of the Red Sea detour and the surcharge of fuel surcharges, showing a generally strong trend. The quotations of the four major alliances were significantly differentiated, with the Gemini Alliance leading the increase, the OA Alliance rising steadily, the PA Alliance relatively low, and MSC's independent quotation being strong. [4] - **Political and Economic Factors**: Political and economic factors are bullish. There are multiple geopolitical events, such as Trump's statement about the Strait of Hormuz, reports of oil tanker operators paying for passage rights, and potential military actions and counter - actions in the region. [4] - **Capacity Supply**: The overall supply level shows a monthly upward trend. The supply side needs to focus on two core variables: the redeployment of idle capacity on the Middle East route and the adjustment of route layouts by leading shipping companies under the long - term Red Sea conflict. [4] - **Demand**: The demand for the European container shipping line this week shows a pattern of "rigid demand as the base and structural differentiation". The overall demand is moderately recovering but with limited increments, mainly affected by cargo type structure, regional differences, and geopolitical factors. The supply - demand relationship is in a weak balance. [4] - **Summary and Investment Strategy**: This week, the geopolitical sentiment disturbance and supply - demand game dominate the wide - range oscillation. In the short term, there is no clear unilateral trend. It is recommended to adopt an interval oscillation approach, focus on the 1900 - 2100 point core fluctuation range, and pay attention to the filling progress of the PA alliance, the evolution of the geopolitical situation, and oil price fluctuations. [4] 3.2 Price - The report presents the price trends of various container shipping line indices, including the European line index, the US West line index, and the US East line index, but no specific analysis is provided in the text. [8] 3.3 Static Capacity - **Order Volume**: The report shows the order volume of container ships with different loading capacities over the years, including the proportion of the order book to the fleet for different types of container ships. [11] - **Delivery Volume**: It presents the delivery volume of container ships with different loading capacities over the years, including feeder container ships, intermediate container ships, and large - scale container ships. [14][16] - **Demolition Volume**: The demolition volume of container ships with different loading capacities over the years is shown, including feeder container ships, intermediate container ships, and large - scale container ships. [15][17] - **Future Delivery**: The future delivery volume of container ships with different loading capacities is presented, including the quarterly and annual distribution of future deliveries. [20][22][23] - **Ship - Breaking Price**: The ship - breaking prices of container ships with different loading capacities over the years are shown, as well as the new - building price index and second - hand ship price index. [27][33] - **Existing Capacity**: Information about the existing capacity of container ships is provided, including the total capacity, capacity by loading capacity, the proportion of ships over 25 years old, the idle and retrofit ratio, the average age, and the average age of ship - breaking. [42][45][49] 3.4 Dynamic Capacity - **Ship Schedule**: The report shows the total capacity deployment of container ships from Shanghai to European basic ports, as well as the capacity deployment of different alliances (PA + MSC, GEMINI, OCEAN, MSC) in different weeks. [57][59][61] - **Desulfurization Tower Installation**: Information about the container ships with installed and being - installed desulfurization towers is presented, including the capacity and the number of ships, as well as the average age and duration of desulfurization tower installation and the average speed of container ships. [67][68][71] - **Idle Capacity**: The idle capacity of container ships is shown, including the total idle capacity, idle capacity by loading capacity, and the proportion of idle capacity. [75][76][79]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The Middle East situation is stalemated and its impact is gradually dulled. The short - term market is expected to experience wide - range fluctuations with high volatility risks. It is recommended to observe while trading and focus on risk control [1] 3. Summary by Directory **Market Review** - On Friday, the EC2604 contract of container shipping to Europe opened low and closed high, closing with a positive line [1] **Important Information** - On March 21, US President Trump threatened to attack Iranian power plants if Iran didn't fully open the Strait of Hormuz within 48 hours. The Iranian speaker responded that if Iranian infrastructure was targeted, important facilities in the Middle East would be legitimate targets and oil prices would rise in the long - term [1] - On March 22, an anonymous Iranian official said Iran put forward six conditions for a cease - fire, including ensuring no more war, closing US military bases in the Middle East, and getting compensation from the aggressors [1] - On March 22, Iranian President Pezeshkian stated that threats would strengthen Iran's unity, the Strait of Hormuz is open to all except those who violate Iranian territory, and Iran will resist threats on the battlefield [1] - France, the UK, Germany, Italy, the Netherlands, and Japan announced in a joint statement that they are ready to take appropriate measures to ensure the safety of navigation in the Strait of Hormuz [1] **Market Logic** - On March 16, SIFIS closed at 1556.49, up 0.7% from the previous period [1] - In February, China's container exports were 250,000, a year - on - year decrease of 16.7%. The cumulative exports from January to February were 640,000, a year - on - year decrease of 18.6%. In February, China's container ship exports were 8, a year - on - year increase of 100%. The cumulative exports from January to February were 16, a year - on - year decrease of 38.5%. In February, China's bulk carrier exports were 30, a year - on - year increase of 87.5%. The cumulative exports from January to February were 91, a year - on - year increase of 26.4%. In February, China's ship imports were 576, a year - on - year decrease of 1.2%. The cumulative imports from January to February were 1,027, a year - on - year decrease of 25.5% [1] - On March 18, the Baltic Freight Index (FBX) closed at $1782/FEU, down 0.89% or $16/FEU from the previous value [1] **Trading Strategy** - Due to the stalemate in the Middle East situation, the market is expected to have wide - range short - term fluctuations with high risks. It is advisable to observe while trading and focus on risk control [1]

Summary of Key Points from Conference Call Records Industry Overview Macro Environment 1. Traders have fully priced in the European Central Bank's expectation of three rate hikes this year, each by 25 basis points [1] 2. Traders believe there is a 50% chance that the Federal Reserve will raise rates before October [1] 3. Sellers indicate that U.S. Treasury futures no longer expect rate cuts, suggesting that this expectation conflict will persist into Q3 and Q4, with oil prices remaining above $100 [1] 4. There is a viewpoint that significant fluctuations in U.S. Treasury yields could lead to a sell-off in U.S. equities, potentially forcing the Federal Reserve to inject liquidity into the market [2] Geopolitical Risks 1. Trump is considering actions to pressure Iran by occupying or blockading the Khark Island, demanding the reopening of the Strait of Hormuz [2] 2. If the U.S. attacks Iranian power plants, Iran has threatened to close the Strait of Hormuz and retaliate against Israeli infrastructure [2] 3. Both the U.S. and Iran have set conditions for a ceasefire that are deemed unacceptable [2] 4. Iran has shifted its stance from defense to offense following the assassination of high-ranking officials [3] Artificial Intelligence Sector 1. Sellers note a supercycle in computing power, storage, and optical modules, with production capacity locked in until 2026-2027, and potential shortages in 2028 [4] 2. Balaji, a Silicon Valley investor, warns that destruction of Middle Eastern oil facilities could lead to a severe global economic collapse, impacting tech financing [4] 3. Huang Renxun discusses the feasibility of processing data in space, highlighting cooling challenges [4] 4. Elon Musk announced the launch of the TERAFAB project, aiming to produce 1 terawatt of computing power, with 80% of capacity dedicated to space missions [4] 5. Huawei unveiled the Atlas 350 AI training inference acceleration card, featuring the new Ascend 950PR processor, which offers three times the computing power of H20 [4] 6. Intel has raised CPU prices by 10% [4] 7. WeChat has introduced the ClawBot official plugin [4] Renewable Energy Sector 1. Tesla plans to procure solar panels and battery manufacturing equipment worth $2.9 billion from Chinese suppliers [5] 2. Reports indicate a sudden spike in electricity prices, prompting Europe to urgently source photovoltaic products from China [5] 3. Inverter exports increased by 56% year-on-year in January-February 2026, with February showing an 81% increase [5] 4. CCTV reports that overseas orders remain robust, with some domestic transformer manufacturers' production schedules extending to 2027 [5] Shipping Industry 1. Iran has allowed non-enemy vessels to pass through the Strait of Hormuz [6] Satellite Communications 1. China Star Network is simultaneously advancing the integration of satellite communication and computing networks [7] Robotics Sector 1. The Shanghai Stock Exchange has accepted Yushu Technology's IPO application, aiming to raise 4.202 billion yuan, and has released financial data [8] Non-Ferrous Metals 1. Reports suggest that gold may decline in the short term due to liquidity pressures, although the medium-term outlook remains strong, with risks associated with central bank buying [9] 2. Current trading indicates supply disruptions in aluminum [9] 3. Demand for copper is weakening, despite some signs of recovery at lower price levels in China [11] Market Insights 1. A seller noted that the market decline is not primarily due to insurance capital issues, contrary to some clarifications [12] 2. Significant reallocation in wealth management and fixed income strategies observed [12] 3. The market's trading volume on Friday was 22.868 billion, with an increase of 1.758 billion [12] 4. There is a relatively pessimistic expectation for the index around 3800, but no immediate downturn is anticipated without new negative developments [12] 5. Key sectors to watch include power equipment, communications, and coal, driven by energy independence concerns [12][13] Investment Strategy 1. The recent market high in the ChiNext index is attributed to structural factors [13] 2. The market remains cautious, with core sectors like AI and renewable energy showing resilience despite macroeconomic risks [13] 3. Future pricing in the market is limited, with ongoing geopolitical events influencing sentiment [13] 4. Investors are advised to maintain flexible positions and strategies to manage uncertainty effectively [13]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The 04 contract is entering the delivery logic, with a neutral valuation. The future lies in the contradiction between the cargo - collection and price - adjustment of the European line and the change in fuel costs, and opportunities for basis repair should be observed [3]. - The 10 contract follows the cost - support logic, and fuel costs continuously affect its valuation, with high geopolitical risks [3]. - The core of other far - month contracts is the blockade time of the Strait of Hormuz. If it is blocked for a long time, it will disrupt the global supply chain and the high oil price will harm the European economy. Due to the complex transmission path of the geopolitical event to the European line and high uncertainty, it is recommended to avoid the high - volatility risk of far - month unilateral trading and look for arbitrage opportunities from the valuation of the monthly spread [3]. Summary by Relevant Catalogs Futures Market Data - **Contract Prices and Changes**: EC2604 closed at 1944.0 with a 1.51% increase, EC2605 at 2191.1 with a 1.07% increase, EC2606 at 2422.3 with a 1.51% increase, EC2607 at 2568.7 with a 1.53% increase, EC2608 at 2377.0 with a 0.46% increase, EC2609 at 1748.5 with a 2.13% increase, EC2610 at 1569.8 with a 0.53% increase, and EC2612 at 1758.7 with a 0.91% increase [2]. - **Volume and Open Interest**: The trading volume and open interest of each contract vary, and the open interest of some contracts has changed. For example, the open interest of EC2604 decreased by 2145, while that of EC2606 increased by 245 [2]. - **Monthly Spread**: The monthly spreads such as EC2604 - 2606, EC2604 - 2605, and EC2606 - 2610 have different values and changes compared to previous days and weeks [2]. Spot Market Data - **European Line Spot**: In Week 13, MSK's price was flat at 2250 US dollars, PA reported 2400 - 2500 US dollars, and some voyages were 2200 US dollars (2000 US dollars for large orders). The average spot price converted to the futures盘面 is about 1700 - 1800 points. In Week 14, MSK reported 2650 US dollars, a 400 - dollar increase from the previous week [4]. - **Price Increase Announcements**: COSCO announced a price increase for the European line in April to 5100 US dollars, and CMA issued a price - increase letter for April at 3500 US dollars [4]. Index Data - **Törnär Index**: Updated weekly on Mondays, the value on March 16, 2026, was 1556.49 points, with a 0.71% increase from the previous period and a 5.61% increase from two periods ago [2]. - **SCFI Index (European Line)**: Updated on Fridays, the value on March 20, 2026, was 1636 US dollars/TEU, with a 1.11% increase from the previous period and an 11.43% increase from two periods ago [2]. News - Iran stated the passage principles of the Strait of Hormuz on March 23. Ships from the US, Israel, and other countries participating in aggression do not meet the conditions for normal and non - hostile passage and will be dealt with according to law. Non - hostile ships from other countries can pass safely after coordinating with the Iranian authorities as long as they do not participate in or cooperate with aggression against Iran and comply with safety regulations [5].