Group 1: Industry Overview - The oil shipping sector is currently undervalued, with companies showing elasticity and dividend support, suggesting a focus on left-side opportunities and seasonal demand improvements [1] - Recent shipping price updates indicate a rebound in container shipping prices for the US routes, while European routes have declined; SCFI prices changed by +17.0% for US, -11.2% for Europe, and +5.3% for Southeast Asia week-on-week [1] - The dry bulk index (BDI) has shown a week-on-week increase of +7.0%, with specific indices like BCI and BSI rising by +8.2% and +4.3% respectively [1] Group 2: Supply Dynamics - There is a persistent tight supply of small container ships in the Asian region, with only a 1-2% annual increase in supply expected over the next three years, while the proportion of ships over 25 years old has reached 11.2% [2] - The majority of new small container ships are being ordered for routes bypassing the Red Sea, with limited new supply expected in the Asian region, which only saw a 2.2% increase in small ship capacity [2] - The top ten shipping companies in the Asian region hold approximately 70% of the capacity share, with a high reliance on chartered vessels, indicating a competitive landscape focused on larger vessels [3]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - Amid geopolitical conflicts and tariff uncertainties, the game is challenging, so it's recommended to participate with a light position or stay on the sidelines [4]. - The overall supply - demand situation has no significant change. The freight rates on European routes continue to decline, the market is not optimistic about the subsequent freight rate trends, and the market remains under pressure [4]. - Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [4]. 3. Summary by Content 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 [2]. - On August 29, the Ningbo Containerized Freight Index (NCFI) composite index was 1098.17 points, up 6.02% from the previous period; the NCFI for the European route was 929.56 points, down 14.23% from the previous period; the NCFI for the US - West route was 1396.85 points, up 44.97% from the previous period [2]. - On August 29, the Shanghai Containerized Freight Index (SCFI) was 1445.06 points, up 29.70 points from the previous period; the SCFI European route price was 1481 USD/TEU, down 11.21% from the previous period; the SCFI US - West route was 1923 USD/FEU, up 16.97% from the previous period [2]. - On August 29, the China Containerized Freight Index (CCFI) composite index was 1156.32 points, down 1.6% from the previous period; the CCFI for the European route was 1685.80 points, down 4.1% from the previous period; the CCFI for the US - West route was 774.39 points, down 3.1% from the previous period [2]. Economic Data - The preliminary value of the Eurozone's manufacturing PMI in August was 50.5 (estimated 49.5, previous value 49.8); the preliminary value of the service PMI was 50.7 (estimated 50.8, previous value 51); the preliminary value of the composite PMI rose to 51.1, higher than 50.9 in July, improving for three consecutive months and reaching the highest since May 2024, higher than the expected value of 50.7. The Eurozone's Sentix investor confidence index in August was - 3.7 (expected 8, previous value 4.5) [2]. - China's manufacturing PMI in July was 49.3%, down 0.4 percentage points from the previous month, and the manufacturing prosperity level declined [2]. - The value of the US S&P Global manufacturing PMI in August was 53.3, reaching a 39 - month high (estimated 49.5, previous value 49.8); the preliminary value of the US S&P Global service PMI was 55.4 (estimated 54.2, previous value 55.7); the preliminary value of the US Markit manufacturing PMI was 53.3, the highest since May 2022 (expected 49.7, previous value 49.8) [3]. Market Situation - The SCFI maintains a downward trend, the market is under pressure and volatile, and it's not recommended to increase positions. Stop - loss should be set [1]. - As of August 29, the main contract 2510 closed at 1261.0, down 2.15%, with a trading volume of 25,200 lots and an open interest of 53,200 lots, a decrease of 988 lots from the previous day [4]. Trading Strategies - Short - term strategy: The main contract is weak, while the far - month contracts are strong. Risk - takers are 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, avoid holding losing positions, and set stop - loss [5]. - Arbitrage strategy: Given the volatile international situation, each contract still follows the seasonal logic and has large fluctuations. It's recommended to stay on the sidelines or make light - position attempts [5]. - Long - term strategy: It's recommended to take profits when each contract rises, wait for the correction to stabilize, and then judge the subsequent direction [5]. Other Information - The US - China tariff extension continues, and there is no substantial progress in the negotiation. The tariff war has gradually evolved into a trade negotiation issue between the US and other countries, and the spot price has slightly decreased [4]. - On August 29, the Israeli Defense Forces continued operations in the Middle East, including a "major strike" on strategic targets of the Yemeni Houthi rebels [6]. - On August 26, the US Department of Commerce made an anti - dumping preliminary ruling on polypropylene corrugated boxes imported from China, with a preliminary ruling unified duty 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 [6]. - The daily limit for contracts from 2508 to 2606 is adjusted to 18%, the company's margin for these contracts is adjusted to 28%, and the daily opening limit for all contracts from 2508 to 2606 is 100 lots [5].

Core Viewpoint - The company, Haitong Development, is expanding its operational capacity by acquiring two multi-purpose cargo ships through its wholly-owned subsidiaries, with a total contract value of $32 million [1] Group 1: Company Actions - Haitong Development's wholly-owned subsidiary, Dannaning Shipping, has signed a Memorandum of Agreement (MOA) to purchase a multi-purpose cargo ship from Helene Braren [1] - Another subsidiary, Daqing Shipping, has also signed an MOA to acquire a multi-purpose cargo ship from Simon Braren [1] - The total contract amount for both transactions is $32 million [1]

2025 年 9 月 1 日 中国宏观周报（2025 年 8 月第 4 周） 外需韧性显现 证券分析师 平安观点： 宏 观 报 告 宏 观 周 报 证 券 研 究 报 告 张璐 投资咨询资格编号 S1060522100001 ZHANGLU150@pingan.com.cn 常艺馨 投资咨询资格编号 S1060522080003 CHANGYIXIN050@pingan.com.cn 从高频数据观察，本周中国工业生产分化，新房成交在低基数下回稳，电 影票房收入仍强。8 月以来外需呈现韧性，中国港口集装箱吞吐量、韩国 前 20 日出口、欧美制造业 PMI均较上月恢复，部分区域运价率先企稳。 1. 工业：生产存在分化。1）原材料方面，本周日均铁水产量、浮法玻璃开工 率、钢铁建材产量和表观需求环比提升；水泥熟料产能利用率、石油沥青 及部分化工品开工率边际调整。2）中下游方面，本周纺织聚酯开工率、织 造业开工率季节性回升；汽车全钢胎开工率、半钢胎开工率边际回落。 2. 地产：新房成交同比企稳。1）销售方面，本周（截至 8 月 29 日）30 大 中城市新房销售面积同比增长 0.3%，增速较上周提升；8 月以来 30 ...

Report Industry Investment Rating - Not provided Core Viewpoints - Currently, downstream customers are booking shipping space for the first half of September (week 36 - 37). The average quote for week 36 is $2,270 (equivalent to 1,600 points), and for week 37 is $2,125 (equivalent to 1,450 points). Different shipping alliances have different quotes [1]. - In terms of fundamentals, the overall shipping capacity in September has been adjusted down. The OA Alliance's FAL3 will have an additional suspension in week 37. PA & MSC's FE3 will have additional suspensions in weeks 39 and 41 respectively, and FE4 will have an additional suspension in week 41. The average weekly shipping capacities in September and October are 296,000 and 309,000 TEU respectively. After considering all TBN ships as suspended, the capacities are 296,000 and 281,000 TEU. The situation in September is relatively loose, and the driving force will continue to be weak for at least the next two weeks. The decline in October depends on the shipping companies' suspension actions. However, in terms of valuation, the 10 - contract is close to the annual low (1,250 - 1,300), with limited downside. The 12 - contract has a short - term downward driving force, but it is in the peak season and the long - term contract negotiation season, so opportunities for buying on dips can be considered [1]. Summary by Relevant Catalogs EC Futures Contract Price and Related Data - EC2510 closed at 1,261.0 with a decline of 1.87%, trading volume of 25,228, and open interest of 53,260 with a decrease of 988. EC2512 closed at 1,562.7 with a decline of 0.53%, trading volume of 7,111, and open interest of 17,323 with an increase of 1,126. EC2602 closed at 1,408.1 with an increase of 0.58%, trading volume of 570, and open interest of 4,689 with an increase of 21. EC2604 closed at 1,204.4 with a decline of 0.95%, trading volume of 1,350, and open interest of 7,136 with an increase of 469. EC2606 closed at 1,376.1 with an increase of 0.15%, trading volume of 89, and open interest of 867 with a decrease of 5 [1]. - The month - spread of EC2510 - 2512 was - 301.7 compared to - 286.0 the previous day and - 304.5 two days ago, a change of - 15.7. The month - spread of EC2512 - 2602 was 154.6 compared to 171.0 the previous day and 179.7 two days ago, a change of - 16.4 [1]. Spot Freight Index - The SCFI (European route) was updated weekly on Mondays and Fridays. As of August 25 and 29, 2025, it was 1,990.2 and 1,481 respectively, with a decline of 8.71% and 11.21% compared to the previous period, and a decline of 2.47% and 8.35% compared to the period before that [1]. - The CCFI was updated weekly. As of August 29, 2025, it was 1,685.8, a decline of 4.09% compared to the previous period and a decline of 1.83% compared to the period before that [1]. - The NCFI was updated weekly. As of August 29, 2025, it was 929.56, a decline of 14.23% compared to the previous period and a decline of 8.83% compared to the period before that [1]. Recent European Route Quote Situation - For week 36, the latest quotes from shipping companies range from $2,120 - 2,420, with an average of $2,250 (1,550 points). The PA Alliance's quotes are $2,200 - 2,300, MSK's initial quote was $2,100 (later increased to $2,200), and the OA Alliance's quotes are $2,300 - 2,400 [2]. - For week 37, the average quote is $2,125 (equivalent to 1,450 points). MSK's quote was initially $1,900 (later increased to $1,940), the PA Alliance's quotes are $2,100 - 2,200, and the OA Alliance's quotes are $2,100 - 2,300 [1][2]. Related News - On August 31, Israel is set to expand military operations, which may cut off humanitarian aid to Gaza City. Israel will block the airdrop of aid supplies and reduce the number of aid trucks entering Gaza City in the coming days and is preparing to relocate the local population to southern Gaza [3]. - On August 31, multiple key figures were killed in an Israeli air - strike, and the Yemeni Houthi rebels vowed revenge. Hamas confirmed the death of its military leader Muhammad Sinwar [3]. - On August 30, the US Federal Circuit Court of Appeals ruled that most of the global tariff measures implemented by President Trump were illegal. These measures can remain in effect until October 14 to allow the US government to appeal to the Supreme Court. The ruling does not affect tariffs imposed under other regulations, such as steel and aluminum tariffs [3].

Core Viewpoint - The launch of the Tianhong Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) on September 2, 2025, aims to attract investors seeking high dividend yields as the A-share market approaches the 3900-point mark [1]. Group 1: Market Trends - Insurance capital has significantly increased its investment in high-dividend assets, with a total growth of 640 billion yuan in equity assets during the first half of the year [1]. - Major insurance companies, including China Life, China Pacific Insurance, and China Ping An, have indicated plans to enhance their allocation towards quality high-dividend assets in their semi-annual reports [1]. Group 2: ETF Characteristics - The Tianhong ETF tracks the CSI Hong Kong Stock Connect Central SOE Dividend Index, focusing on high-dividend stocks from central state-owned enterprises (SOEs) [1]. - The ETF selects companies that have consistently paid dividends for three consecutive years, ensuring a dividend payout ratio greater than 0 and less than 1 over the past year, thus avoiding "one-off dividends" [1]. - The index is weighted by dividend yield rather than market capitalization, preventing the pitfalls of high buying and low selling [1]. Group 3: Top Holdings - The top ten weighted stocks in the ETF include China COSCO Shipping, Orient Overseas International, China National Offshore Oil, and China Shenhua Energy, among others [1]. - The profitability of central SOEs supports the high dividend yields, allowing investors to benefit from both capital appreciation and stable dividend income under new market regulations [1]. Group 4: Performance Metrics - As of July 4, 2025, the Hong Kong Stock Connect Central SOE Dividend Index had a dividend yield of 7.73% and a year-to-date increase of 17.17%, significantly outperforming the CSI Central SOE Dividend Index, which had a dividend yield of 4.89% and a year-to-date increase of 5.07% [2]. - Over the past five years, the index has achieved an annualized total return of 14.27% with an annualized volatility of 22.02%, indicating a balance of returns and risk management [2].

近日，马士基、达飞等多家船公司公布9月的运价调整计划。其中，9月1日起，达飞对远东至西非中南部、远东至东非航线提价。 其中，远东至西非中南部（含尼日利亚、安哥拉等国）的干货集装箱，每TEU上调250美元；远东至东非肯尼亚航线每TEU涨150美元，至坦桑尼亚达累斯 萨拉姆及莫桑比克航线每TEU涨200美元。 此外，近日马士基发布官方通知，将针对亚太地区运往中东地区的货物推出新的旺季附加费（PSS）。 | Origin | Destination | effective | Currency | All | All | | --- | --- | --- | --- | --- | --- | | | | date | | 20 | 40 | | Brunei, China, Hong Kong China, | United Arab Emirates, | 10-Sep-25 | USD | 700 | 700 | | Vietnam, Indonesia, Japan, Cambodia, | Bahrain, Iraq, Jordan, | | | | | | Laos, Myanmar, Malaysi ...

随着宁波舟山港货物吞吐量持续稳居全球第一，区域航运业高速发展的背后，安全治理与运力质量已成为决定行业可持续性的关键。在这 一背景下，一批专业船舶管理企业正以系统化、精细化的服务，为航运安全注入确定性。宁波富兴船舶管理有限公司（以下简称"富兴"），正 是其中的代表性企业。 宁波舟山港（沈颖俊 摄） 自2018年成立以来，富兴依托专业船舶管理、航修服务及全链条业务布局，逐步构建起区域航运市场中不可或缺的"安全基础设施"。 破解"体系外挂"：从监管盲区到安全落地 "体系外挂"曾是悬在宁波航运安全头上的"达摩克利斯之剑"。所谓"体系外挂"，是指宁波籍船舶将安全管理体系挂靠外地公司，这类船舶 因监管缺位，易发生滞留、违章及安全事故。这类"无主的安全责任"已成为制约行业高质量发展的瓶颈。 富兴从这一痛点切入，通过专业管理实现安全体系"真正落地"。永正工06号工程船的"命运"颇具代表性。该船曾因安全问题被列为重点跟 踪船舶，无法作业，面临弃船风险。富兴的专业团队介入后，登船排查隐患、重建安全体系，最终助其成功"脱黑"（脱离监管黑名单）并恢复 运营。 这不是孤例。某上市航运公司旗下多艘货船在交由富兴管理后，事故与违章率大幅下 ...

Performance Overview - In the first half of 2025, the company reported a revenue of 5.34 billion yuan, a year-on-year decrease of 7.0%, while the net profit attributable to shareholders was 1.07 billion yuan, an increase of 41.6% [1] - The second quarter revenue was 2.77 billion yuan, down 6.3% year-on-year, with a net profit of 530 million yuan, up 42.5% [1] - The decline in revenue was primarily due to market fluctuations and a decrease in shipping container volumes, while operating costs fell by 18.4%, leading to a gross profit of 1.25 billion yuan, a 72% increase year-on-year [1] Profitability Factors - The increase in gross profit margin to 23.4%, up 10.7 percentage points year-on-year, was attributed to increased foreign trade capacity and rising domestic shipping prices [1] - The average PDCI index for domestic trade in the first half of 2025 was 1195, reflecting a 10.6% year-on-year increase in shipping prices [1] Expense Management - The company's period expense ratio was 2.69%, down 0.36 percentage points year-on-year, with management expenses increasing to 2.03% due to revenue decline [2] - Financial expenses decreased to 0.19%, down 0.68 percentage points, mainly due to increased interest income from large dollar deposits [2] - The net profit margin attributable to shareholders rose to 20.1%, an increase of 6.9 percentage points year-on-year [2] Dividend Policy - The company plans to distribute a cash dividend of 0.43 yuan per share, with a dividend payout ratio of 84.27% [3] - The company has committed to a minimum dividend payout of 60% of distributable profits over the last three years, with the current dividend exceeding this commitment [3] Future Projections - The net profit forecasts for 2025 to 2027 are maintained at 1.9 billion yuan, 1.95 billion yuan, and 2.05 billion yuan respectively [4] - The company maintains a "buy" rating based on its performance and projections [4]

8月30日上午，青岛海发国际贸易有限公司揭牌暨战略与项目合作签约仪式成功举行。活动前，召 开了青岛市航贸金综合服务平台建设规划研讨会议，与会人员围绕"对标国内头部贸易类企业，整合全 市资源，建设航贸金综合服务平台"主题，进行了深入研讨。 强化供应链金融精准发力，积极推动金融业务向新业务新生态转型拓展，深化集团内外协同合作， 为易舱科技、深圳德孚供应链等内部贸易板块量身定制供应链金融解决方案，同步联合青岛易航道及市 场化商业保理公司创新保理业务模式，打造更具竞争力的金融服务生态。加强科技赋能深化全链升级， 通过建设"海发云商"智慧供应链平台，集成资源组织、物流优化等核心功能，实现贸易全流程可视化管 控；搭建区块链技术平台，打通仓单确权、货权追溯等关键环节，与上海票据交易所合作支持区块链仓 单质押融资，提升金融风控水平；构建"园区+平台+运力"智慧物流网络，通过AI算法优化车辆调度与 在全球经济一体化与"一带一路"倡议纵深发展的战略机遇下，青岛市委、市政府以建设国际航运中 心为战略支点，赋予海发集团"航运物流与国际贸易"新主业使命，要求其以航贸金综合服务平台建设为 依托，扭转"港强航弱"短板，以高端航运服务为核心 ...