1. Report Industry Investment Rating - No information provided in the documents 2. Core Viewpoints of the Report - The container shipping spot market is in a smooth downward trend during the off - season, and the 10 - contract valuation is expected to be revised downwards. The market will be under pressure from tariffs in the second half of the year, and the competition among shipping companies may intensify [2][4][158] 3. Summary by Relevant Catalogs 3.1 First Part: Preface Summary 3.1.1 Market Review - After the peak season cargo volume reached its peak and declined, shipping companies faced greater pressure to secure cargoes, and the ship loading rate decreased. The spot freight rate entered a rapid downward channel. As of August 22, 2025, the SCFI European line was reported at $1668/TEU, a month - on - month decrease of 8.35% [3] 3.1.2 Market Outlook - On the demand side, the peak - season cargo volume has declined from its high point, and the loading rate of major shipping companies has dropped. Since August 1, the trade pressure from the US reciprocal tariff increase has emerged, and the freight rate to the US West Coast has hit a new low this year. On the supply side, the average weekly capacity from August to October 2025 is 297,800/298,900/270,400 TEU respectively. The spot freight rate is expected to continue to decline rapidly during the off - season. The freight rate is expected to continue its downward trend, and the freight rate center should not be overestimated in the second half of the year [4] 3.1.3 Strategy Recommendation - Unilateral: Bearish and volatile. The valuation center of the 10 - contract is expected to be revised downwards and needs to be adjusted according to the spot situation. Arbitrage: Roll - operate the 10 - 12 reverse spread at low prices [6] 3.2 Second Part: Market Review - In August, the cargo volume reached its peak and then declined, driving the freight rate down. The EC market followed the spot and showed a weakening trend. The freight rate reduction by shipping companies exceeded market expectations, causing the EC2510 to break below the 1400 - point support level in mid - August. The spot freight rate is expected to continue to decline smoothly during the off - season, and the 10 - contract freight rate center may be revised downwards [8] 3.3 Third Part: Fundamental Situation 3.3.1 Shipping Companies Lower Quotes, Spot Freight Enters Downward Channel - In August, as the cargo volume declined, shipping companies lowered their spot quotes. The average SCFI in August (as of August 22) decreased by 12.17% month - on - month and 53.58% year - on - year. The competition among shipping companies is expected to intensify in the second half of the year [19][20] 3.3.2 Container New - Ship Delivery Declines in July - In July, the global container new - ship delivery was 104,300 TEU, a month - on - month decrease of 51.2% and a year - on - year decrease of 50.5%. The global container idle capacity increased significantly in August. The shipping capacity supply in September is still abundant [49][69] 3.3.3 Export Growth in July Slightly Exceeds Expectations, Tariff Pressure in the Second Half - In July, China's exports were $321.78 billion, a year - on - year increase of 7.2%. Although exports to the US continued to decline, exports to the EU and ASEAN increased. The second half of the year will face greater pressure from tariffs [121] 3.4 Fourth Part: Future Outlook and Strategy Recommendation 3.4.1 Future Outlook - The freight rate pressure is prominent, and the shipping companies have successively lowered their spot quotes. The freight rate center in the second half of August has dropped below $2500/FEU. The supply of shipping capacity in September is abundant, and the cargo volume is not optimistic under the tariff pressure. The spot freight rate is expected to continue to decline rapidly, and the overall freight rate center in the second half of the year is expected to move down [158] 3.4.2 Strategy Recommendation - Unilateral: Bearish and volatile. The valuation center of the 10 - contract is expected to be revised downwards and needs to be adjusted according to the spot situation. Arbitrage: Roll - operate the 10 - 12 reverse spread at low prices [159]

Core Viewpoint - Ningbo Ocean achieved significant growth in revenue and net profit in the first half of 2025, reflecting its strong market position and operational efficiency [1][4]. Financial Performance - The company reported a revenue of 2.928 billion yuan, a year-on-year increase of 19.85% [1]. - Net profit attributable to shareholders reached 378 million yuan, up 36.46% year-on-year [1]. - The net profit excluding non-recurring items was 342 million yuan, representing a 33.72% increase [1]. Operational Highlights - Ningbo Ocean enhanced its core shipping business through "route network optimization and operational efficiency improvement," operating 41 routes with an average of over 139 sailings per week, covering 50 major ports domestically and internationally [2]. - The company completed a container transport volume of 3.117 million TEU, a year-on-year increase of 21.8% [2]. - In bulk cargo transport, the company handled 14.58 million tons, up 4.3% year-on-year [2]. Fleet Development - As of the end of the reporting period, the company operated 108 vessels, with a total capacity of 1.687 million deadweight tons and 94,000 TEU, showing a 12.0% increase in deadweight capacity and a 16.0% increase in TEU capacity year-on-year [3]. - The company ranked third among container shipping companies in mainland China and 24th globally [3]. - The fleet includes new environmentally friendly vessels, with two electric container ships under construction, recognized as part of a national green technology initiative [3]. Strategic Outlook - Despite global economic challenges, Ningbo Ocean aims to strengthen its market position by focusing on its core shipping business and expanding its service offerings [4]. - The company plans to enhance its "main line + branch line" business layout and pursue both international and domestic growth, aspiring to become a leading regional logistics service provider in Asia [4].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a strong performance in Q2 2025, with revenue of 12.59 billion yuan, exceeding expectations, and a significant recovery in profit margins [5][9] - The oil and bulk shipping sectors are expected to perform strongly in the upcoming peak season, driven by increased demand and favorable market conditions [9] Financial Performance Summary - For H1 2025, the company achieved a revenue of 12.585 billion yuan, a year-on-year decrease of 4.91%, while net profit attributable to shareholders was 2.125 billion yuan, down 14.91% [5][8] - Q2 2025 saw a revenue of 6.989 billion yuan, stable year-on-year, and a net profit of 1.259 billion yuan, up 12.25% year-on-year [5][6] - The company’s financial forecasts for 2025-2027 indicate a recovery in revenue and profit, with expected net profits of 6.501 billion yuan in 2025, 7.446 billion yuan in 2026, and 8.915 billion yuan in 2027 [8][11] Segment Performance - The oil tanker segment contributed a profit of 806 million yuan in Q2 2025, with a significant increase of 65.50% quarter-on-quarter [6] - The dry bulk shipping segment saw a profit of 263 million yuan, a decrease of 40.63% year-on-year but a recovery of 65.41% quarter-on-quarter [6] - The container shipping segment reported a profit of 293 million yuan, up 115.44% year-on-year, although it faced cost pressures due to rising charter rates [6] Market Outlook - The report anticipates a strong performance in the oil tanker market due to increased exports from the US and OPEC's production adjustments, with VLCC average rates expected to stabilize [9] - The dry bulk market is also projected to strengthen in the second half of the year, driven by increased shipments from major iron ore producers [9]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Spot freight rates continue to decline, and the market sentiment is pessimistic. It is not recommended to increase positions, and stop - loss should be set. Given the geopolitical conflicts and tariff uncertainties, it is advisable to participate with light positions or stay on the sidelines [2][5]. - In the short - term, risk - takers can try to go long lightly around 1300 for the 2510 contract and increase positions around 1600 for the 2512 contract. Pay attention to the subsequent market trends and do not hold losing positions, and set stop - losses. For the long - term, take profits when the contracts rise, and wait for the correction to stabilize before making further decisions [5]. - In the context of international situation turmoil, it is recommended to temporarily stay on the sidelines or try with light positions for the arbitrage strategy [5]. 3. Summary by Related Information Freight Rate 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. On August 22, 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 [3]. - On August 22, the Shanghai Export Container Freight Index (SCFI) was 1415.36 points, down 44.83 points from the previous period; the SCFI European line price was 1668 USD/TEU, down 8.35% from the previous period; the SCFI US West route was 1759 USD/FEU, down 6.54% from the previous period. The China Export Container Freight Index (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 [3]. Economic Data - The eurozone's August manufacturing PMI preliminary value was 50.5, the service PMI preliminary value was 50.7, and the composite PMI preliminary value rose to 51.1. The August Sentix investor confidence index was - 3.7 [3]. - In July, China's manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month. The US August S&P Global manufacturing PMI preliminary value was 53.3, and the service PMI preliminary value was 55.4 [4]. Contract and Market Conditions - On August 27, the main contract 2510 closed at 1316.0, with a decline of 0.89%, a trading volume of 1.80 million lots, and an open interest of 5.37 million lots, a decrease of 684 lots from the previous day [5]. - The daily trading limit for contracts from 2508 - 2606 was adjusted to 18%, the margin was adjusted to 28%, and the intraday opening limit for all contracts from 2508 - 2606 was 100 lots [5]. Geopolitical and Trade News - The Sino - US tariff extension negotiation has no substantial progress, and the tariff war has evolved into a trade negotiation issue between the US and other countries. The Israeli - Palestinian conflict continues, with the Israeli military's attack on a hospital in the Gaza Strip and the subsequent responses from both sides [5]. - The US will suspend the tax - free treatment for imported packages worth $800 or less from August 29, and 25 countries have announced the suspension of sending packages to the US [5].

Report Summary 1) Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2) Core Viewpoint The overall pattern in September is loose, and the subsequent driving force remains weak. However, the valuation in October is gradually approaching the annual low (1250 - 1300), leaving limited downside potential. Investors can focus on the long - allocation opportunities of the 12 - contract [1]. 3) Summary by Related Catalogs EC Futures Contracts - **Contract Prices**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 are 1316.0, 1620.5, 1440.8, 1248.8, and 1405.7 respectively, with price declines of - 0.22%, - 1.42%, - 1.94%, - 1.91%, and - 0.77% [1]. - **Trading Volume and Open Interest**: The trading volumes of EC2510, EC2512, EC2602, EC2604, and EC2606 are 18011, 5472, 771, 974, and 88 respectively. The open interests are 53725, 14317, 4558, 6242, and 873 respectively, with changes of - 684, 447, 54, 306, and 5 [1]. - **Month - to - Month Spreads**: The spreads of EC2510 - 2512, EC2512 - 2602 have changed. The spread of EC2510 - 2512 has a day - on - day increase of 20.5 and a week - on - week increase of 91.9. The spread of EC2512 - 2602 has a day - on - day increase of 5.1 and a week - on - week decrease of - 28.7 [1]. Spot Market - **SCFI (European Line)**: As of August 25, 2025, the index is 1990.2, a decrease of 8.71% from the previous period [1]. - **CCFI**: As of August 22, 2025, the index is 1757.74, a decrease of 1.83% from the previous period [1]. - **NCFI**: As of August 22, 2025, the index is 1083.74, a decrease of 8.83% from the previous period [1]. Booking Situation - **Week 35 - 36**: Downstream is booking spaces for the end of August to early September. The average price for Week 35 is 2550 US dollars (1800 points), and the current average quote for Week 36 is 2300 US dollars (1600 points). PA Alliance quotes 2200 - 2300 US dollars, MSK quotes 2100 US dollars (later increased to 2200 US dollars), and OA Alliance quotes 2300 - 2400 US dollars [1]. - **Week 36 - 37**: For Week 36, the latest quotes from shipping companies range from 2120 to 2420 US dollars, with an average of 2250 US dollars (1550 points). For Week 37, the latest average quote is 2200 US dollars (1500 points), with MSK's opening quote at 1900 US dollars (1300 points), and OOCL reducing the price to 2100 US dollars [2]. Shipping Capacity - The weekly average shipping capacity in September and October 2025 is 300,000 and 320,000 TEU respectively. After considering all TBN as suspended, it is 290,000 TEU for both months. However, on August 26, the suspension of the FE4 route of PA Alliance in Week 38 of September was filled by HMM AOUAMARINE, increasing the weekly average shipping capacity in September to 305,000 TEU [1]. Related News - On August 23, 2025, US President Trump announced a major tariff investigation on imported furniture, to be completed within 50 days [3]. - On August 26, 2025, Trump threatened to impose up to 200% tariffs on Chinese goods exported to the US if the export of rare - earth magnets is restricted [3]. - On August 28, 2025, the Israeli military chief of staff stated that the Israeli army is advancing ground operations in Gaza City [3].

Report Industry Investment Rating - No specific industry investment rating is provided in the report [1][2][3] Core Viewpoints - The spot freight rate continues to decline, and the futures market fluctuates greatly. It is recommended to participate with light positions or wait and see due to geopolitical conflicts and tariff uncertainties [2][5] - The main contract remains weak, while the far - month contracts are relatively strong. Risk - takers can try light - position long positions at specific price levels for certain contracts, but should set stop - losses [5] Summary by Related Information Freight Rate Indexes - 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; for the US West route, it was 1041.38 points, down 5.9% [3] - On August 22, the Ningbo Export Container Freight Index (NCFI) composite index was 1035.79 points, down 1.59% from the previous period; the European route was 1083.74 points, down 8.83%; the US West route was 963.54 points, down 1.79% [3] - On August 22, the Shanghai Export Container Freight Index (SCFI) composite index was 1415.36 points, down 44.83 points from the previous period; the European route price was 1668 USD/TEU, down 8.35%; the US West route was 1759 USD/FEU, down 6.54% [3] - On August 22, the China Export Container Freight Index (CCFI) composite index was 1174.87 points, down 1.5% from the previous period; the European route was 1757.74 points, down 1.8%; the US West route was 799.19 points, down 2.9% [3] PMI Data - The eurozone's August manufacturing PMI preliminary value was 50.5, higher than the forecast of 49.5 and the previous value of 49.8; the service PMI preliminary value was 50.7, slightly lower than the forecast of 50.8 and the previous value of 51; the composite PMI preliminary value rose to 51.1 [3] - In July, China's manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month [4] - The US August S&P Global manufacturing PMI preliminary value was 53.3, reaching a 39 - month high; the service PMI preliminary value was 55.4 [4] Market and Strategy - On August 27, the main contract 2510 closed at 1316.0, down 0.89%, with a trading volume of 1.80 million lots and an open interest of 5.37 million lots, a decrease of 684 lots from the previous day [5] - Short - term strategy: Risk - takers can try light - position long positions around 1300 for the 2510 contract and add long positions around 1600 for the 2512 contract, and set stop - losses [5] - Arbitrage strategy: It is recommended to wait and see or try with light positions due to large fluctuations [5] - Long - term strategy: Take profit on rallies and wait for the market to stabilize after a pullback before making further decisions [5] Other Information - Sino - US tariff extension negotiations have no substantial progress, and the tariff war has evolved into a trade negotiation issue between the US and other countries [5] - The daily trading limit for contracts from 2508 to 2606 is adjusted to 18%, the margin is adjusted to 28%, and the intraday opening limit for all these contracts is 100 lots [5]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The shipping market is in a weak oscillation. The market's expectation of interest rate cuts has increased due to Powell's speech, and Trump's threat to impose tariffs on imported furniture has led to pre - shipment rush. The short - term market still has room to decline [5]. - The current shipping market demand is continuously weak. The spot freight rate is under obvious pressure due to more overtime ships in late August. The market has turned to buyer - dominated, and there is no clear price - increase plan from shipping companies for now [6]. - The downward adjustment of OCEAN's freight rate 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 oscillating trend [7]. - The recommended strategy is to short the 10 - contract on rallies and conduct a rolling 10 - 12 reverse spread [8]. Group 3: Summary by Related Contents Shipping Market Data - 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 for various routes such as SCFI - US West, SCFI - US East, and SCFI - Northwest Europe all decreased, with declines ranging from 3.90% to 8.72% [4]. - For shipping derivatives, the prices of contracts like EC2506, EC2608, etc. mostly declined, with the largest decline of 2.45%. The open interest of some contracts increased, and the month - spreads also changed slightly [4]. Market Influencing Factors - Powell's speech at the Jackson Hole Symposium made the market expect interest rate cuts, and Trump's plan to impose tariffs on imported furniture led to pre - shipment rush [5]. - The increase in overtime ships in late August put pressure on spot freight rates. The competition for prices intensified, and shipping companies took measures such as adjusting surcharges and relaxing long - term contract booking restrictions to stimulate shipments [6]. - The planned suspension of voyages on the Trans - Pacific route before China's "Golden Week" in 2025 may increase temporarily in the coming weeks, and the current announced capacity reduction is lower than the historical benchmark [4]. - The low empty - sail rate on European routes in September and the sufficient supply of shipping capacity in the near future indicate no obvious signal of supply tightening in the short term. The congestion at European ports and the decrease in the rate of postponed sailings on the Asia - Europe route may affect subsequent cabin allocation and arrival cycles [6]. Shipping Company Strategies - Mediterranean Shipping (MSC) and Maersk (MSK) have announced their quotes for early September, maintaining the August level. Maersk will lower the peak - season surcharge to $50/100 in September and adjust the overweight surcharge policy [6]. - Some shipping companies are relaxing the restrictions on low - price long - term contract bookings to boost shipment volume [6].

航运日报 | 2025-08-28 运价中枢持续下修，关注其他船司运价调整情况 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹36周价格1315/2210，37周价格开出为1140/1900（目前已经涨至 1155/1930）；HPL -SPOT 9月上半月船期报价1185/1935，9月下半月价格1185/1935。马士基远东-北欧地区PSS降为 50/100. MSC+Premier Alliance：MSC 9月上半月船期报价1406/2352；ONE9月上半月船期报价1504/2343；HMM上海-鹿 特丹9月上半月船期报价1315/2200; YML9月上半月报价1350/2200。 Ocean Alliance：CMA 上海-鹿特丹9月1日-6日船期报价1410/2420，9月6日-20日船期报价1310/2220；EMC 9月份 船期价格1605/2410；OOCL 9月上半月船期价格2100-2200美元/FEU。 地缘端：以色列总理内塔尼亚胡：以色列对今天发生在加沙纳赛尔医院的这起悲剧性事故深感遗憾。 特朗普：与 内塔尼亚胡打交道相当棘手。预计未来2到3周 ...

Core Viewpoint - The article highlights the successful implementation of digital governance reforms in Ningbo, which enabled a shipping company to secure a crucial business opportunity by efficiently processing a vessel operating certificate within a tight deadline, showcasing the effectiveness of government responsiveness and digital services [1][3][8]. Group 1: Emergency Response and Efficiency - Ningbo Xiaoyuan Shipping Company submitted an application for the operating certificate of the newly purchased container ship "Xiaoyuan 21" at 9:46 AM, with a strict deadline of 4 PM to avoid losing business [3][5]. - The local transportation authority prioritized the application due to the company's good credit record, ensuring a rapid response and streamlined processing [3][7]. - The entire approval process was completed in a matter of hours, with the final upload occurring just 48 seconds before the deadline [4][5]. Group 2: Digital Transformation and Service Improvement - Ningbo has established a timely service completion system, enhancing transparency and accountability in administrative processes, which significantly reduces the burden on businesses [7][8]. - The implementation of full online processing and electronic certificates has led to a 100% online application rate for port and shipping services, allowing businesses to complete necessary procedures without physical visits [7][8]. - The case of Ningbo Xiaoyuan Shipping illustrates the economic value of digital governance reforms, as timely services reduce operational risks and improve capital efficiency for enterprises [8].

Group 1: Company Performance - XINWANDA reported a revenue of 26.985 billion yuan, a year-on-year increase of 12.82%, and a net profit of 856 million yuan, up 3.88% [1] - GUANGXUN TECHNOLOGY achieved a revenue of 5.243 billion yuan, a year-on-year increase of 68.59%, and a net profit of 372 million yuan, up 78.98% [1] - NORTHEAST SECURITIES posted a revenue of 2.046 billion yuan, a year-on-year increase of 31.66%, and a net profit of 431 million yuan, up 225.90% [1][2] - SHANXI COAL reported a revenue of 18.053 billion yuan, a year-on-year decrease of 16.30%, and a net profit of 1.014 billion yuan, down 48.44% [3] - SHENGTIAN NETWORK achieved a revenue of 633 million yuan, a year-on-year increase of 17.23%, and a net profit of 52.304 million yuan, up 1186.02% [4] - SANLIAN FORGING reported a revenue of 775 million yuan, a year-on-year increase of 6.86%, and a net profit of 71.335 million yuan, up 3.88% [5][6] - JIAMEI PACKAGING posted a revenue of 1.257 billion yuan, a year-on-year decrease of 8.73%, and a net profit of 19.7416 million yuan, down 65.59% [8] - ANZHENG FASHION achieved a revenue of 1.146 billion yuan, a year-on-year increase of 12.38%, and a net profit of 22.0834 million yuan, turning from a loss of 12.1096 million yuan in the previous year [9] - HUAHENG BIO reported a revenue of 1.489 billion yuan, a year-on-year increase of 46.54%, and a net profit of 115 million yuan, down 23.26% [10] - BAIREN MEDICAL achieved a revenue of 248 million yuan, a year-on-year increase of 30.07%, and a net profit of 71.4006 million yuan, up 102.90% [12] - TIANZHIHANG reported a revenue of 125 million yuan, a year-on-year increase of 114.89%, but a net loss of 57.5482 million yuan, worsening by 23.80% [14] - AIBO MEDICAL achieved a revenue of 787 million yuan, a year-on-year increase of 14.72%, and a net profit of 213 million yuan, up 2.53% [15] - ZHONGSHAN SHIPPING reported a revenue of 12.585 billion yuan, a year-on-year decrease of 4.91%, and a net profit of 2.125 billion yuan, down 14.91% [16] - SHANGHAI XINYANG achieved a revenue of 897 million yuan, a year-on-year increase of 35.67%, and a net profit of 133 million yuan, up 126.31% [17] - SHANCOAL INTERNATIONAL reported a revenue of 9.66 billion yuan, a year-on-year decrease of 31.28%, and a net profit of 655 million yuan, down 49.25% [18] - GUIDANCE reported a revenue of 935 million yuan, a year-on-year increase of 71.55%, and a net profit of 143 million yuan, turning from a loss of 48.9539 million yuan in the previous year [19] - YINGFANGWEI reported a revenue of 1.927 billion yuan, a year-on-year increase of 4.48%, but a net loss of 32.2966 million yuan, worsening from a loss of 22.4024 million yuan in the previous year [21] - CHINA COMMUNICATIONS reported a revenue of 14.665 billion yuan, a year-on-year increase of 2.91%, and a net profit of 1.621 billion yuan, up 1.34% [22] - CHINA GENERAL NUCLEAR reported a revenue of 39.167 billion yuan, a year-on-year decrease of 0.53%, and a net profit of 5.951 billion yuan, down 16.30% [23] - CHINA HEAVY TRUCK reported a revenue of 26.162 billion yuan, a year-on-year increase of 7.22%, and a net profit of 669 million yuan, up 8.10% [24] - SHENGGUANG GROUP achieved a revenue of 9.275 billion yuan, a year-on-year increase of 22.78%, and a net profit of 60.8446 million yuan, up 3.06% [25] Group 2: Dividend Proposals - XINWANDA proposed a cash dividend of 0.6 yuan per 10 shares [1] - SHANXI COAL proposed a cash dividend of 0.36 yuan per 10 shares [3] - ZHONGSHAN SHIPPING proposed a cash dividend of 0.7 yuan per 10 shares [16] - CHINA HEAVY TRUCK proposed a cash dividend of 3.15 yuan per 10 shares [24]