Core Viewpoint - China COSCO Shipping Holdings Co., Ltd. (stock code: 601919.SH; 01919.HK) reported a steady growth in operational performance for the first half of 2025, despite external uncertainties, showcasing strong resilience and competitive advantages in the industry [1][2]. Financial Performance - The company achieved operating revenue of RMB 109.099 billion, a year-on-year increase of 7.78% [1]. - Earnings before interest and taxes (EBIT) reached RMB 25.494 billion, up 3.40% year-on-year, with an EBIT margin of 23.37% [1]. - Net profit amounted to RMB 20.208 billion, reflecting a 4.95% year-on-year growth [1]. - The net profit attributable to shareholders was RMB 17.536 billion, an increase of 3.95% year-on-year, indicating robust development resilience [1]. Strategic Initiatives - The company is focusing on two key transformation strategies: digital intelligence and green low-carbon initiatives [2]. - In digital transformation, China COSCO is expanding the application of artificial intelligence across various operational platforms, enhancing pricing, space allocation, empty container turnover efficiency, and fuel management [2]. - For green transformation, the company has ordered 42 methanol dual-fuel new ships and is planning to retrofit existing vessels, marking significant progress in fleet modernization [2]. Industry Positioning - China COSCO's EBIT and EBIT margin are leading within the international shipping industry, highlighting its competitive edge [1]. - The company is actively collaborating with ports and supply chain partners to establish green shipping corridors and enhance decarbonization efforts [2]. Future Outlook - The company plans to continue deepening its two major transformation strategies to address industry challenges and solidify its leading position [3].

登录新浪财经APP 搜索【信披】查看更多考评等级 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 证券代码：002320 证券简称：海峡股份 公告编号：2025-60 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 公司是否需追溯调整或重述以前年度会计数据 √是 □否 追溯调整或重述原因 同一控制下企业合并 □适用 √不适用 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 ■ 3、公司股东数量及持股情况 4、控股股东或实际控制人变更情况 控股股东报告期内变更 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Commodities remain in a bearish trend, with the market under pressure and fluctuating at low levels. It is not recommended to increase positions, and stop - loss should be set [1]. - Considering geopolitical conflicts and tariff uncertainties, it is advisable to participate with light positions or stay on the sidelines. The main contract is weak, while the far - month contracts are stronger. For risk - takers, it is recommended to lightly test long positions around 1300 for the 2510 contract and increase long positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend and do not hold losing positions. Set stop - loss [4]. - In the context of international instability, each contract maintains a seasonal logic with large fluctuations. It is recommended to wait and see or try with light positions for arbitrage strategies. For long - term strategies, it is recommended to set medium - to - high profit - taking levels, wait for the market to stabilize after a pullback, and then determine the subsequent direction [4]. Summaries by Related Catalogs Shipping Freight Index - On August 25, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1990.20 points, down 8.7% from the previous period; the SCFIS for the US West route was 1041.38 points, down 5.9% from the previous period. The Ningbo Export Container Freight Index (NCFI) for the European route was 1083.74 points, down 8.83% from the previous period; the NCFI for the US West route was 963.54 points, down 1.79% from the previous period. The NCFI (composite index) was 1035.79 points, down 1.59% from the previous period [2]. - On August 22, the Shanghai Export Container Freight Index (SCFI) was 1415.36 points, down 44.83 points from the previous period. The SCFI price for the European line was 1668 USD/TEU, down 8.35% from the previous period; the SCFI for the US West route was 1759 USD/FEU, down 6.54% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1174.87 points, down 1.5% from the previous period; the CCFI for the European route was 1757.74 points, down 1.8% from the previous period; the CCFI for the US West route was 799.19 points, down 2.9% from the previous period [2]. Manufacturing and Service PMIs - The eurozone's August manufacturing PMI preliminary value was 50.5 (estimated 49.5, previous value 49.8), the service PMI preliminary value was 50.7 (estimated 50.8, previous value 51), and the composite PMI rose to 51.1, higher than July's 50.9, reaching the highest since May 2024. The eurozone's August Sentix investor confidence index was - 3.7 (expected 8, previous value 4.5) [2]. - The US August S&P Global manufacturing PMI preliminary value was 53.3, reaching a 39 - month high (estimated 49.5, previous value 49.8); the service PMI preliminary value was 55.4 (estimated 54.2, previous value 55.7). The US August Markit manufacturing PMI preliminary value was 53.3, the highest since May 2022 (expected 49.7, previous value 49.8) [3]. Trade - related Information - The extension of Sino - US tariffs continues, and there has been no substantial progress in the negotiations. The tariff war has evolved into a trade negotiation problem between the US and other countries, and the spot price has slightly declined [4]. - On August 26, the US Department of Commerce announced an anti - dumping preliminary ruling on polypropylene corrugated boxes imported from China, with a preliminary determined unified national tax rate of 83.64% (the margin after offsetting subsidies was adjusted to 73.10%). The anti - dumping final ruling is expected to be combined with the counter - subsidy final ruling on November 12, 2025 [5]. Futures Contract Information - On August 28, the main contract 2510 closed at 1285.0, down 3.31%, with a trading volume of 25,300 lots and an open interest of 54,200 lots, an increase of 523 lots from the previous day [4]. - The daily trading limit for contracts 2508 - 2606 was adjusted to 18%, the margin for contracts 2508 - 2606 was adjusted to 28%, and the intraday opening limit for all contracts 2508 - 2606 was set at 100 lots [4]. Geopolitical Event - On August 27, the Houthi armed forces announced that their missile forces carried out a military strike on targets in Israel, using a "Palestine - 2" hypersonic ballistic missile to strike Ben - Gurion International Airport south of Tel Aviv, causing the airport to suspend operations [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The freight rate center is continuously being revised downward, with the 10 - month contract mainly for short - allocation and the freight rate center moving down. The 12 - month contract still follows the pattern of off - peak and peak seasons, but the risk lies in the bottom of this round of freight rate decline. The main contract shows a weakening trend in shock, and it is advisable to short the 10 - month contract on rallies [1][6][7]. - The strategy is to go short on the main contract on a single - sided basis and short the 10 - month contract on rallies for arbitrage [10]. 3. Summary According to the Directory 3.1 Futures Prices - As of August 28, 2025, the total open interest of all container shipping index European line futures contracts was 82,878 lots, and the single - day trading volume was 36,721 lots. The closing prices of EC2602, EC2604, EC2606, EC2508, EC2510, and EC2512 contracts were 1400.00, 1216.00, 1374.00, 1577.20, 1285.00, and 1571.00 respectively [9]. 3.2 Spot Prices - Online quotes: For example, Maersk's Shanghai - Rotterdam price in week 36 was 1315/2210, and in week 37 it was 1140/1900 (currently up to 1155/1930). Different shipping companies have different price quotes for different routes and time periods. The 8 - month contract's final delivery settlement price was 2135.28 points. The 10 - month contract is a quarterly contract, mainly for short - allocation, and the delivery settlement price is the arithmetic average of SCFIS on October 13th, 20th, and 27th [2][5][6]. - Geopolitical situation: The Israeli military is preparing to expand military operations in Gaza City against Hamas, and the Houthi armed forces' leader has made relevant statements [4]. - Shipping capacity: The average weekly shipping capacity from China to European base ports in September was 313,900 TEU, and in October it was 282,100 TEU. There were three blank sailings in September, and HPL announced two additional ships for October [4]. 3.3 Container Ship Capacity Supply - 2025 is still a big year for container ship deliveries. As of August 22, 2025, 177 container ships had been delivered with a total capacity of 1.432 million TEU. Among them, 57 ships with a capacity of 12,000 - 16,999 TEU were delivered with a total capacity of 859,000 TEU, and 8 ships with a capacity of over 17,000 TEU were delivered with a total capacity of 176,880 TEU [10]. 3.4 Supply Chain No specific content for in - depth analysis is provided in the text, only some chart names are given. 3.5 Demand and European Economy No specific content for in - depth analysis is provided in the text, only some chart names are given.

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - The shipping market is in a downward trend. The main reasons include Powell's speech at the Jackson Hole Symposium, which raised market expectations for interest rate cuts, and Trump's threat to impose tariffs on imported furniture, leading to pre - trading of furniture shipments. The short - term market still has room to decline [6]. - The current shipping market demand is weak. With more overtime ships in late August, spot freight rates are under significant pressure. The market has shifted to a buyer - dominated situation, and there is no clear price - increase plan from shipping companies yet. Trump's tariff policies and global over - capacity further suppress trade volume [7]. - OCEAN's freight rate reduction in September is accelerating, which may put pressure on NSK to cut prices. The price of the 12 - contract is likely to show a weak and volatile trend [8]. 3. Summary by Content 3.1 Shipping Derivatives Data - **Freight Rate Index**: The Shanghai Export Container Freight Index (SCFI) is currently at 1415, down 3.07% from the previous value; the China Export Container Freight Index (CCFI) is at 1175, down 1.55%. Rates on various routes, such as SCFI - US West, SCFI - US East, and SCFI - Northwest Europe, all decreased, with the SCFI - Northwest Europe dropping by 8.35% and the SCFIS - Northwest Europe by 8.72% [4]. - **Contract Data**: All shipping contracts (e.g., EC2506, EC2608) showed price declines, with the largest drop of 3.05% in the EC2512 contract. Regarding positions, the positions of some contracts (e.g., EC2608, EC2410) increased, while the EC2606 position decreased by 1 [4]. - **Monthly Spread**: The 10 - 12 monthly spread increased by 18.5, while the 12 - 2 and 12 - 4 monthly spreads decreased by 8.7 and 16.7 respectively [4]. 3.2 Market News - Trump imposed a 50% tariff on most US imports from India to punish India for buying discounted Russian oil. The average spot freight rate on the US East route has dropped to the lowest level since the end of 2023, and the decline is expected to continue [5]. - Chinese trade negotiator Li Chenggang is expected to visit Washington this week to seek a new path based on the existing tariff truce [5]. 3.3 Market Analysis - The shipping market is in a downward trend. The market's expectation of interest rate cuts and Trump's tariff threat on furniture led to pre - trading of furniture shipments. The short - term market still has room to decline [6]. - The shipping market demand is weak. Overtime ships in late August pressured spot freight rates. Shipping companies such as MSC and MSK have announced September quotes, generally maintaining August levels. MSK will lower the peak - season surcharge and raise the overweight surcharge threshold. Some shipping companies are relaxing long - term low - price booking restrictions. The empty - sail rate on the European route in September is low, and there is no obvious signal of supply tightening in the short term [7]. - OCEAN's freight rate reduction in September is accelerating, which may force NSK to cut prices. The price of the 12 - contract is likely to be weak and volatile [8]. 3.4 Investment Strategy - The strategy is to short the 10 - contract on rallies and conduct a 10 - 12 reverse spread on a rolling basis [9].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a notable increase in container shipping profits, indicating resilience in performance despite challenges in other segments [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 12.585 billion yuan, down 4.91% year-on-year, and a net profit attributable to shareholders of 2.125 billion yuan, down 14.91% year-on-year [1]. - By segment, net profit from tanker transportation was 1.293 billion yuan, down 22.81%; dry bulk transportation was 422 million yuan, down 47.25%; container transportation was 628 million yuan, up 161.67%; roll-on/roll-off transportation was 106 million yuan, down 37.65%; and LNG transportation was 320 million yuan, unchanged [1]. - In Q2 2025, the company reported a net profit of 1.259 billion yuan, up 12.25% year-on-year and up 45.49% quarter-on-quarter [1]. Market Analysis - The oil and bulk shipping markets are experiencing weakness, while container shipping profits have surged, highlighting the company's operational resilience [2]. - For tankers, the TCE levels for the VLCC fleet decreased year-on-year due to a high base in 2024, but remained significantly above market indices [2]. - The dry bulk market is under pressure due to aging fleets and stricter environmental regulations, with the BDI average at 1290 points, down 29.74% year-on-year [2]. - The company expanded its container shipping capacity and opened new routes in Asia and Latin America, leading to a significant increase in container shipping net profit [2]. Future Outlook - The oil shipping market may benefit from OPEC+ production increases, which could enhance shipping volumes and support freight rates [3]. - The dry bulk market is expected to recover in H2 2025 due to domestic demand and new mining projects in Guinea, which may boost shipping demand [3]. - The container shipping market could see structural growth opportunities due to favorable tariff policies in Southeast Asia and South America [3]. - The company forecasts net profits of 5.33 billion yuan, 7.61 billion yuan, and 8.03 billion yuan for 2025-2027, with respective year-on-year growth rates of 4.35%, 42.77%, and 5.58% [3].

Group 1: 中远海控 - Company achieved operating revenue of 1090.99 billion yuan, a year-on-year increase of 7.78% [1] - Net profit attributable to shareholders was 175.36 billion yuan, up 3.95% year-on-year [1] - Proposed cash dividend of 0.56 yuan per share (tax included) [1] Group 2: 冰川网络 - Company reported operating revenue of 12.57 billion yuan, a year-on-year increase of 4.21% [2] - Net profit attributable to shareholders was 3.36 billion yuan, compared to a loss of 5.15 billion yuan in the previous year [2] - Proposed cash dividend of 10.00 yuan for every 10 shares (tax included) [2] Group 3: 中国宝安 - Company achieved operating revenue of 108.39 billion yuan, a year-on-year increase of 8.07% [2] - Net profit attributable to shareholders was 2.44 billion yuan, up 24.51% year-on-year [2] - Basic earnings per share were 0.09 yuan [2] Group 4: 英诺特 - Company reported operating revenue of 2.76 billion yuan, a year-on-year decrease of 34.35% [3] - Net profit attributable to shareholders was 1.25 billion yuan, down 39.36% year-on-year [3] - Basic earnings per share were 0.92 yuan [3] Group 5: 兴业银行 - Company achieved operating revenue of 1104.58 billion yuan, a year-on-year decrease of 2.29% [3] - Net profit attributable to shareholders was 431.41 billion yuan, up 0.21% year-on-year [3] - Basic earnings per share were 1.91 yuan [3] Group 6: 海天味业 - Company reported operating revenue of 152.30 billion yuan, a year-on-year increase of 7.59% [5] - Net profit attributable to shareholders was 39.14 billion yuan, up 13.35% year-on-year [5] - Proposed cash dividend of 2.60 yuan for every 10 shares (tax included) [5] Group 7: 捷昌驱动 - Company achieved operating revenue of 20.07 billion yuan, a year-on-year increase of 27.31% [7] - Net profit attributable to shareholders was 2.71 billion yuan, up 43.29% year-on-year [7] - Basic earnings per share were 0.71 yuan [7] Group 8: 上海银行 - Company reported operating revenue of 273.44 billion yuan, a year-on-year increase of 4.18% [8] - Net profit attributable to shareholders was 132.31 billion yuan, up 2.02% year-on-year [8] - Proposed cash dividend of 3.00 yuan for every 10 shares (tax included) [8] Group 9: 北方华创 - Company achieved operating revenue of 161.42 billion yuan, a year-on-year increase of 29.51% [9] - Net profit attributable to shareholders was 32.08 billion yuan, up 14.97% year-on-year [9] - Basic earnings per share were 4.45 yuan [9] Group 10: 南京银行 - Company reported operating revenue of 284.80 billion yuan, a year-on-year increase of 8.64% [11] - Net profit attributable to shareholders was 126.19 billion yuan, up 8.84% year-on-year [11] - Basic earnings per share were 1.13 yuan [11] Group 11: 博瑞医药 - Company achieved operating revenue of 5.37 billion yuan, a year-on-year decrease of 18.28% [12] - Net profit attributable to shareholders was 17.17 million yuan, down 83.85% year-on-year [12] - Basic earnings per share were 0.04 yuan [12] Group 12: 青岛银行 - Company reported operating revenue of 76.62 billion yuan, a year-on-year increase of 7.50% [14] - Net profit attributable to shareholders was 30.65 billion yuan, up 16.05% year-on-year [14] - Basic earnings per share were 0.53 yuan [14] Group 13: 招商蛇口 - Company achieved operating revenue of 514.85 billion yuan, a year-on-year increase of 0.41% [16] - Net profit attributable to shareholders was 14.48 billion yuan, up 2.18% year-on-year [16] - Basic earnings per share were 0.14 yuan [16] Group 14: 南方精工 - Company reported operating revenue of 4.14 billion yuan, a year-on-year increase of 13.92% [16] - Net profit attributable to shareholders was 2.29 billion yuan, compared to a loss of 70.06 million yuan in the previous year [16] - Basic earnings per share were 0.66 yuan [16] Group 15: 安克创新 - Company achieved operating revenue of 128.67 billion yuan, a year-on-year increase of 33.36% [17] - Net profit attributable to shareholders was 11.67 billion yuan, up 33.80% year-on-year [17] - Proposed cash dividend of 7.00 yuan for every 10 shares (tax included) [17] Group 16: 格力电器 - Company reported operating revenue of 973.25 billion yuan, a year-on-year decrease of 2.46% [18] - Net profit attributable to shareholders was 144.12 billion yuan, up 1.95% year-on-year [18] - Basic earnings per share were 2.60 yuan [18] Group 17: 海力风电 - Company achieved operating revenue of 20.30 billion yuan, a year-on-year increase of 461.08% [19] - Net profit attributable to shareholders was 2.05 billion yuan, up 90.61% year-on-year [19] - Basic earnings per share were 0.94 yuan [19] Group 18: 先导智能 - Company reported operating revenue of 66.10 billion yuan, a year-on-year increase of 14.92% [22] - Net profit attributable to shareholders was 7.40 billion yuan, up 61.19% year-on-year [22] - Basic earnings per share were 0.48 yuan [22] Group 19: 中远海特 - Company achieved operating revenue of 107.75 billion yuan, a year-on-year increase of 44.05% [23] - Net profit attributable to shareholders was 8.25 billion yuan, up 13.08% year-on-year [23] - Basic earnings per share were 0.34 yuan [23] Group 20: 郑州银行 - Company reported operating revenue of 66.90 billion yuan, a year-on-year increase of 4.64% [24] - Net profit attributable to shareholders was 16.27 billion yuan, up 2.10% year-on-year [24] - Basic earnings per share were 0.18 yuan [24] Group 21: 英科医疗 - Company achieved operating revenue of 49.13 billion yuan, a year-on-year increase of 8.90% [25] - Net profit attributable to shareholders was 7.10 billion yuan, up 21.02% year-on-year [25] - Proposed cash dividend of 0.50 yuan for every 10 shares (tax included) [25] Group 22: 润禾材料 - Company plans to issue convertible bonds to raise no more than 400 million yuan for high-end organic silicon new materials project and to supplement working capital [25]

Express Delivery - In July, the express delivery business volume growth rate remained above 15%, but the month-on-month increase narrowed [2][3] - There is a growing consensus on price increases within the industry, expanding from grain-producing areas to surrounding provinces and cities, driven by rising social security costs and the upcoming peak season [2][3] Aviation - The average ticket price in the aviation sector has shown a year-on-year decline of 3.1%, with oil-inclusive prices down approximately 6.0%, but there has been marginal improvement since August [3] - The long-term supply-demand dynamics in the aviation industry remain positive, with a focus on opportunities for left-side layout and monitoring ticket price changes [3] - Key stocks to watch include Huaxia Airlines (002928) and Hainan Airlines (600221), with attention also on China National Airlines (601111), China Eastern Airlines (600115), Juneyao Airlines (603885), and Spring Airlines [3] Shipping - The oil and bulk shipping markets have demonstrated strong resilience in August, with a positive outlook for the domestic shipping market, particularly in bulk shipping as the West African iron ore shipping season approaches in November-December [4] - Companies like Haitong Development (603162) and China Merchants Energy Shipping (601872) are expected to benefit as they are the only two bulk shipping companies listed in A-shares [4] Infrastructure - The transportation infrastructure sector is experiencing increased valuation volatility, with earnings improvement becoming a key driver for individual stock prices as interim reports are released [5] - Attention is drawn to second-tier road infrastructure stocks for valuation re-evaluation, while first-tier port stocks like Tangshan Port (601000) and Qingdao Port (601298) are regaining investment value [5] - The core station renovation plan for Guangzhou-Shenzhen Railway (601333) has been initiated, opening up long-term growth potential [5]

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given content. 2. Core View of the Report - The US economic fundamentals remain stable in the short - term but face employment and inflation pressures in the medium - term. The expectation of monetary easing supports market risk appetite. In China, the difficulty of achieving the annual economic target is not high, and market risk appetite may also be supported. Short - term market volatility may increase as important events approach and economic growth slows [7]. - Different asset classes have different outlooks. Domestic market sentiment may remain high until early September, after which the pricing weight of fundamentals on assets may increase. Overseas, the expectation of a September interest rate cut is strengthening, and the overseas macro - monetary environment is expected to become looser [7]. 3. Summary by Relevant Catalogs 3.1 Macro Highlights - **Overseas Macro**: The US economic fundamentals are stable in the short - term but face employment and inflation pressures in the medium - term. Powell's speech at the annual meeting was dovish, strengthening market expectations of interest rate cuts. US consumer confidence deteriorated in August, and inflation concerns rose again. In the real estate sector, new housing starts increased steadily in July, while building permit issuance continued to decline [7]. - **Domestic Macro**: The domestic economic fundamentals have weakened marginally, but it is still not difficult to achieve the annual economic target. Shanghai has optimized and adjusted real estate policies. The probability of a significant decline in external demand has decreased, and domestic demand remains at a reasonable level. The capital market remains loose, providing support for related assets [7]. - **Asset Views**: In the short - term, the domestic market may maintain high - level sentiment until early September. After important events, the pricing weight of fundamentals on assets, especially short - duration commodity assets, may increase. Overseas, the expectation of a September interest rate cut has strengthened, and the overseas macro - monetary environment is expected to enter a "loose expectation + weak US dollar" repair channel. Short - term market volatility may increase [7]. 3.2 View Highlights 3.2.1 Financial - **Stock Index Futures**: Leveraged funds are crowded, and there is early profit - taking. The decline of incremental funds is a concern. The short - term outlook is oscillatory upward [8]. - **Stock Index Options**: The bearish side has strong betting. The deterioration of option market liquidity is a concern. The short - term outlook is oscillatory upward [8]. - **Treasury Bond Futures**: The capital market remains loose, and the yield curve steepens. Concerns include unexpected changes in tariffs, supply, and monetary easing. The short - term outlook is oscillatory [8]. 3.2.2 Precious Metals - **Gold/Silver**: The expectation of a restart of the US interest rate cut cycle in September is positive for prices, but the impact of market risk appetite needs attention. Concerns include US fundamentals, Fed monetary policy, and global equity market trends. The short - term outlook is oscillatory upward [8]. 3.2.3 Shipping - **Container Shipping to Europe**: The peak season in the third quarter is fading, and there is no driving force for price increases. The rate of price decline in September is a concern. The short - term outlook is oscillatory [8]. 3.2.4 Black Building Materials - **Steel Products**: The actual support is limited, and the futures prices are under pressure. Concerns include the progress of special bond issuance, steel exports, and pig iron production. The short - term outlook is oscillatory [8]. - **Iron Ore**: The daily consumption of imported sinter has decreased, and prices are oscillating within a narrow range. Concerns include overseas mine production and shipment, domestic pig iron production, weather, port inventory, and policy dynamics. The short - term outlook is oscillatory [8]. - **Coke**: The eighth - round negotiation continues, and some coke enterprises are reducing production. Concerns include steel mill production, coking costs, and macro - sentiment. The short - term outlook is oscillatory [8]. - **Coking Coal**: Production has decreased, and futures prices continue to be weak. Concerns include steel mill production, coal mine safety inspections, and macro - sentiment. The short - term outlook is oscillatory [8]. - **Silicon Iron**: The black chain is under pressure, and futures prices are weak. Concerns include raw material costs and steel procurement. The short - term outlook is oscillatory [8]. - **Manganese Silicon**: The sector remains weak, and futures prices are running weakly. Concerns include cost prices and overseas quotes. The short - term outlook is oscillatory [8]. - **Glass**: Spot sales and production are maintained, and some regions are promoting price stability through price increases. Concerns include spot sales and production. The short - term outlook is oscillatory [8]. - **Soda Ash**: Supply has decreased in the short - term, and rigid demand remains. Concerns include soda ash inventory. The short - term outlook is oscillatory [8]. 3.2.5 Non - ferrous Metals and New Materials - **Copper**: The suspension of Sino - US tariffs has been extended, and copper prices are oscillating at a high level. Concerns include supply disruptions, unexpected domestic policies, less - dovish Fed policies, weaker - than - expected domestic demand recovery, and economic recession. The short - term outlook is oscillatory [8]. - **Alumina**: The spot market is weakly stable, and warehouse receipts are increasing. Alumina prices are under pressure and oscillating. Concerns include unexpected delays in ore production resumption, unexpected over - recovery of electrolytic aluminum production, and extreme sector trends. The short - term outlook is oscillatory [8]. - **Aluminum**: Social inventory has slightly accumulated, and aluminum prices are oscillating at a high level. Concerns include macro risks, supply disruptions, and weaker - than - expected demand. The short - term outlook is oscillatory [8]. - **Zinc**: The prices of the black series have fallen, and zinc prices are oscillating downward. Concerns include macro - turning risks and unexpected increases in zinc ore supply. The short - term outlook is oscillatory downward [8]. - **Lead**: Consumption is still unclear, and lead prices are oscillating downward. Concerns include supply - side disruptions and a slowdown in battery exports. The short - term outlook is oscillatory [8]. - **Nickel**: Market sentiment is fluctuating, and nickel prices are oscillating widely. Concerns include unexpected macro and geopolitical changes, Indonesian policy risks, and less - than - expected supply release. The short - term outlook is oscillatory [8]. - **Stainless Steel**: The price of ferronickel has been rising, and the stainless - steel futures prices are correcting. Concerns include Indonesian policy risks and unexpected growth in demand. The short - term outlook is oscillatory [8]. - **Tin**: Raw material supply remains tight, and tin prices are oscillating at a high level. Concerns include the expected resumption of production in Wa State and changes in demand improvement expectations. The short - term outlook is oscillatory [8]. - **Industrial Silicon**: Coal prices are fluctuating, and silicon prices are continuously volatile. Concerns include unexpected production cuts on the supply side and unexpected photovoltaic installations. The short - term outlook is oscillatory upward [8]. - **Lithium Carbonate**: The game between bulls and bears continues, and prices are oscillating widely. Concerns include weaker - than - expected demand, supply disruptions, and new technological breakthroughs. The short - term outlook is oscillatory [8]. 3.2.6 Energy and Chemicals - **Crude Oil**: Supply pressure continues, and the sustainability of the rebound is expected to be limited. Concerns include OPEC+ production policies and the geopolitical situation in the Middle East. The short - term outlook is oscillatory downward [10]. - **LPG**: The cracking spread has stabilized. Attention should be paid to cost - side guidance. Concerns include the progress of crude oil and overseas propane costs. The short - term outlook is oscillatory [10]. - **Asphalt**: Crude oil prices have fallen, and asphalt futures prices are oscillating downward. Concerns include sanctions and supply disruptions. The short - term outlook is downward [10]. - **High - Sulfur Fuel Oil**: High - sulfur fuel oil prices are following the decline of crude oil. Concerns include geopolitics and crude oil prices. The short - term outlook is downward [10]. - **Low - Sulfur Fuel Oil**: Low - sulfur fuel oil futures prices are oscillating downward following crude oil. Concerns include crude oil prices. The short - term outlook is downward [10]. - **Methanol**: Port inventory has accumulated, but petrochemical news has provided short - term support. Methanol prices are oscillating. Concerns include macro - energy and upstream and downstream device dynamics. The short - term outlook is oscillatory [10]. - **Urea**: Domestic supply and demand cannot provide strong support, and export - driven effects are less than expected. Urea prices are oscillating in the short - term. Concerns include export policy trends and the elimination of production capacity. The short - term outlook is oscillatory [10]. - **Ethylene Glycol**: Low inventory and peak - season expectations resonate, providing strong support for prices at the lower end. Concerns include fluctuations in coal and oil prices, port inventory rhythm, and unexpected device shutdowns. The short - term outlook is oscillatory [10]. - **PX**: Emotional stimulation and peak - season promotion. Concerns include significant fluctuations in crude oil prices, macro - abnormalities, and less - than - expected peak - season demand. The short - term outlook is oscillatory upward [10]. - **PTA**: Supply decreases and demand increases, with an expected inventory reduction from August to October. Concerns include significant fluctuations in crude oil prices, macro - abnormalities, and less - than - expected peak - season demand. The short - term outlook is oscillatory upward [10]. - **Short - Fiber**: The peak season for terminal products has started, and yarn mills are mainly focused on capital recovery. Concerns include the purchasing rhythm of downstream yarn mills and unexpected device load reduction. The short - term outlook is oscillatory [10]. - **Bottle Chips**: Inventory has declined, and processing fees are under pressure due to the strong performance of upstream products. Concerns include unexpected production increases by bottle - chip enterprises and a surge in overseas export orders. The short - term outlook is oscillatory [10]. - **Propylene**: In the short - term, it mainly follows the fluctuations of PP. Concerns include oil prices and the domestic macro - environment. The short - term outlook is oscillatory [10]. - **PP**: News related to Zhonghan Petrochemical has stimulated the market, but fundamental support is limited. PP prices are oscillating. Concerns include oil prices and domestic and overseas macro - environments. The short - term outlook is oscillatory [10]. - **Plastic**: News of anti - internal competition in the petrochemical industry has provided support, and plastic prices have strengthened slightly. Concerns include oil prices and domestic and overseas macro - environments. The short - term outlook is oscillatory [10]. - **Styrene**: Commodity sentiment has improved. Attention should be paid to the implementation of policy details. Concerns include oil prices, macro - policies, and device dynamics. The short - term outlook is oscillatory [10]. - **PVC**: Market sentiment has improved, and PVC prices have weakly stabilized. Concerns include expectations, costs, and supply. The short - term outlook is oscillatory [10]. - **Caustic Soda and Oils**: The rebound of spot prices has slowed down, and short - term long positions in the near - month contracts have taken profits. The expectation of a bumper soybean harvest in the US continues, and there is still significant pressure for oil price adjustments. Concerns include market sentiment, production start - up, demand, US soybean weather, and Malaysian palm oil production and demand data. The short - term outlook is oscillatory [10]. - **Protein Meal**: The import and crushing profit of soybeans has declined rapidly. Attention should be paid to the support at the integer - level mark for soybean meal. Concerns include US soybean weather, domestic demand, the macro - environment, and Sino - US and Sino - Canadian trade wars. The short - term outlook is oscillatory [10]. - **Corn/Starch**: The decline of spot prices has slowed down, and futures prices have rebounded slightly. Concerns include weaker - than - expected demand, the macro - environment, and weather. The short - term outlook is oscillatory [10]. - **Pigs**: Inventory pressure remains, and futures prices continue to be weak. Concerns include breeding sentiment, epidemics, and policies. The short - term outlook is oscillatory [10]. 3.2.7 Agriculture - **Rubber**: Prices are following the market sentiment and falling, with little change in its own situation. Concerns include production - area weather, raw material prices, and macro - changes. The short - term outlook is oscillatory upward [10]. - **Synthetic Rubber**: Futures prices are following the decline of natural rubber. Concerns include significant fluctuations in crude oil prices. The short - term outlook is oscillatory upward [10]. - **Pulp**: Prices have been continuously declining, possibly due to pricing based on spruce. Concerns include macro - economic changes and fluctuations in US dollar - denominated quotes. The short - term outlook is oscillatory [10]. - **Cotton**: Cotton prices are fluctuating within a narrow range. Attention should be paid to the expected purchase price. Concerns include demand and inventory. The short - term outlook is oscillatory [10]. - **Sugar**: The short - term supply pressure has increased, and sugar prices continue to decline. Concerns include imports. The short - term outlook is oscillatory [10]. - **Logs**: Delivery pressure remains high, and log prices are adjusting weakly. Concerns include shipment volume and dispatch volume. The short - term outlook is oscillatory downward [10].

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - The container shipping index (European Line) showed weak performance, with the main 2510 contract closing at 1285.0 points, a decline of 3.31%, and an increase of 523 lots in positions; the second - main 2512 contract closed at 1571.0 points, a decline of 3.85%, and an increase of 1880 lots in positions [8]. - In the short - term, the futures price is oscillating downward due to the expected decline in spot prices. In the medium - term, if the loading rate further drops and FAK freight approaches the shipping companies' cash - flow cost line of 1300 - 1600 dollars/FEU, some shipping companies may increase the suspension of voyages, and the further downward space of freight may be limited [11]. - The strategy is to stop profit on short positions of 2510 at low prices, and pay attention to the opportunity of 12 - 04 positive spread entry in the next 1 - 2 weeks [13]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Data | Contract | Yesterday's Closing Price | Daily Change | Yesterday's Trading Volume | Yesterday's Open Interest | Change in Open Interest | Yesterday's Trading Volume/Open Interest | Previous Day's Trading Volume/Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2510 | 1285.0 | - 3.31% | 25330 | 54248 | 523 | 0.47 | 0.34 | | EC2512 | 1571.0 | - 3.85% | 8009 | 16197 | 1880 | 0.49 | 0.38 | | EC2602 | 1400.0 | - 3.79% | 1273 | 4668 | 110 | 0.27 | 0.17 | | EC2510 - EC2512 | - 286.0 | | | | | | | | EC2512 - EC2604 | | | | 355.0 | | | | [1] 3.1.2 Freight Rate Index - SCFIS: The European route was at 1990.20 points, a weekly decline of 8.7%; the US - West route was at 1041.38 points, a weekly decline of 5.9% [1]. - SCFI: The European route was at 1668 dollars/TEU, a bi - weekly decline of 8.4%; the US - West route was at 1644 dollars/FEU, a bi - weekly decline of 6.5% [1]. 3.1.3 Spot European Line Prices - Maersk: Departing from Shanghai on September 11, 2025, arriving in Rotterdam on October 20, 2025, with a voyage of 38 days, the price was 1930 dollars/40'GP and 1155 dollars/20'GP [1]. - MSC: Departing from Shanghai on September 14, 2025, arriving in Rotterdam on October 31, 2025, with a voyage of 47 days, the price was 2352 dollars/40'GP and 1406 dollars/20'GP [1]. - Other shipping companies also have corresponding price and schedule information [1]. 3.1.4 Exchange Rate - The US dollar index was 97.88, and the US dollar against the offshore RMB was 7.15 [1]. 3.2 Supply - Side Situation - In September, there were no undetermined voyages, and the number of empty voyages was 6. The PA Alliance transferred 2 ships from the US line to the European line. The weekly average capacity in September reached 298,000 TEU/week, a decline of about 5% compared with August, still significantly lower than the capacity decline in the same period in 2024 [10]. - In October, the number of undetermined voyages was 4, and the number of empty voyages was 5. Without considering undetermined voyages, the weekly average capacity was 296,000 TEU/week [10]. 3.3 Demand - Side and Market Situation - In late August, the overall market loading rate was close to 95%. Since the loading rate was still above the warning line and shipping companies' profit levels were still considerable, shipping companies had no action to increase the number of empty voyages [11]. - In September, the freight rate was in a downward trend. Considering the capacity distribution, the downward pressure on freight rates was still large due to the increase in capacity in the second half of the month and shipping companies' need to stock up for the National Day holiday [11]. 3.4 Historical Market Review - In 2024, the weighted index of the European line stopped falling on September 10. There was a short - term speculation on the US - West port strike in late September. After the strike was resolved during the National Day, the premium was given back. Then, shipping companies announced price increases, with Maersk announcing a price increase to 4500 dollars/FEU effective from November 4, and the actual price in early November was around 4000 dollars/FEU [12]. - In years when the Spring Festival was late, the December contract still had a certain premium over the October contract, but the February contract was not necessarily a weak contract [12].