1. Report Industry Investment Rating - The investment rating for the shipping and port industry is "Positive" [2] 2. Core View of the Report - The overall performance of throughput is stable, so the "Positive" rating for the shipping and port sector is maintained [7] 3. Summary by Relevant Catalog 3.1 Overview: National Import - Export Volume and Cargo Throughput - **Import - Export Volume**: In May 2025, the national import - export volume reached 3.81 trillion yuan, a year - on - year increase of 2.75%. From January to May 2025, it reached 17.94 trillion yuan, a year - on - year increase of 2.5%. The import volume in May was 1.53 trillion yuan, a year - on - year decrease of 1.76%, and from January to May it was 7.28 trillion yuan, a year - on - year decrease of 3.8%. The export volume in May was 2.28 trillion yuan, a year - on - year increase of 6.04%, and from January to May it was 10.67 trillion yuan, a year - on - year increase of 7.2% [14] - **Cargo Throughput**: In May 2025, the cargo throughput of national coastal ports was 10.07 billion tons, a year - on - year increase of 3.65%. From January to May 2025, it was 47.10 billion tons, a year - on - year increase of 2.3%. The foreign - trade cargo throughput in May was 4.28 billion tons, a year - on - year increase of 1.27%, and from January to May it was 20.30 billion tons, a year - on - year increase of 1.5% [30] 3.2 Container: Container Shipping Freight Rates and Container Throughput - **Freight Rates**: On June 27, 2025, CCFI closed at 1369.34 points, a year - on - year decrease of 25.14% and a month - on - month increase of 2% compared to June 20, 2025. SCFI closed at 1861.51 points, a year - on - year decrease of 46.44% and a month - on - month decrease of 0.43% compared to June 20, 2025. The PDCI on June 20, 2025, was 1105 points, a year - on - year increase of 24.16% and a month - on - month decrease of 1.78% compared to June 13, 2025 [36][38] - **Throughput**: From January to May 2025, the container throughput of national coastal ports was 125.52 million TEUs, a year - on - year increase of 7.7% [42] 3.3 Liquid Bulk: Oil Shipping Freight Rates and Crude Oil Throughput - **Freight Rates**: On June 27, 2025, BDTI closed at 1002 points, a year - on - year decrease of 12.87% and a month - on - month decrease of 4.93% compared to June 20, 2025. BCTI closed at 613 points, a year - on - year decrease of 26.5% and a month - on - month decrease of 13.42% compared to June 20, 2025 [44] - **Crude Oil Import and Throughput**: From January to May 2025, the crude oil import volume was 230 million tons, a year - on - year increase of 0.3%. The throughput of major crude oil receiving port enterprises was 164 million tons, a year - on - year decrease of 7.15% [52][59] 3.4 Dry Bulk: Bulk Shipping Freight Rates and Iron Ore, Coal Throughput - **Freight Rates**: On June 27, 2025, BDI closed at 1521 points, a year - on - year decrease of 25.8% and a month - on - month decrease of 9.95% compared to June 20, 2025 [61] - **Iron Ore**: On June 25, 2025, the port iron ore inventory was 132 million tons, a year - on - year decrease of 6.86%. From January to May 2025, the iron ore throughput of major iron ore receiving port enterprises was 569 million tons, a year - on - year increase of 0.91% [63][67] - **Coal**: On June 27, 2025, the coal inventory in northern ports was 28 million tons, a year - on - year increase of 4.36%. From January to May 2025, the coal throughput of major northern coal - shipping port enterprises was 272 million tons, a year - on - year decrease of 4.19% [68][76] 3.5 Key Port Listed Companies' Monthly Throughput - **Performance**: In May 2025 and from January to May 2025, the cargo and container throughputs of companies such as Shanghai Port Group, Ningbo Port, China Merchants Port, Beibu Gulf Port, and Guangzhou Port are presented showing different growth rates [80]

Group 1 - The core stock price of Shanghai Port Group (600018) closed at 5.75 yuan on June 27, 2025, down 1.54% from the previous week's closing price of 5.84 yuan [1] - The highest intraday price for the week was 5.92 yuan on June 23, while the lowest was 5.74 yuan on June 27 [1] - The current total market capitalization of Shanghai Port Group is 133.868 billion yuan, ranking 2nd out of 35 in the shipping and port sector and 100th out of 5,151 in the A-share market [1] Group 2 - Shanghai Port Group's wholly-owned subsidiary, Shanghai Logistics, provided a guarantee of approximately 797 million yuan for its wholly-owned subsidiary, Shanghai Bonded [1] - The board of directors approved the guarantee for all business under the cooperation agreement between Shanghai Bonded and the Shanghai International Energy Exchange, with the guarantee amount being 797 million yuan [1] - The guarantee period will be effective simultaneously with the cooperation agreement and will cover the duration of the agreement and three years after its expiration [1] Group 3 - Shanghai Bonded plans to continue applying for international copper futures delivery qualifications, with the storage location being in the Yangshan Special Comprehensive Bonded Zone, Shanghai [1] - Shanghai Logistics emphasizes risk control, and Shanghai Bonded will dynamically purchase insurance coverage for all goods related to the futures on an annual basis to effectively manage guarantee risks [1] - As of the announcement date, the total amount of external guarantees provided by Shanghai Port Group and its subsidiaries is 29.771 billion yuan, accounting for 22.33% of the audited net assets of Shanghai Port Group as of the end of 2024, with no overdue external guarantees [1]

Market Overview - The FTSE China A50 Index components showed a significant decline, with many stocks closing in the red, particularly in the banking sector [1][5]. Insurance Sector - China Pacific Insurance had a market capitalization of 387.40 billion, with a trading volume of 1.207 billion, experiencing a decrease of 0.68 (-1.81%) [3]. - China Life Insurance had a market capitalization of 355.57 billion, with a trading volume of 3.833 billion, down by 0.62 (-1.08%) [3]. - Ping An Insurance reported a market capitalization of 1,037.26 billion, with a trading volume of 10.68 billion, declining by 0.24 (-2.67%) [3]. Alcohol Industry - Kweichow Moutai had a market capitalization of 1,762.56 billion, with a trading volume of 54.04 billion, down by 3.19 (-1.78%) [3]. - Wuliangye Yibin reported a market capitalization of 215.28 billion, with a trading volume of 19.14 billion, decreasing by 0.55 (-0.46%) [3]. - Shanxi Fenjiu had a market capitalization of 462.61 billion, with a trading volume of 9.74 billion, down by 16.91 (-1.19%) [3]. Semiconductor Sector - Northern Huachuang had a market capitalization of 232.26 billion, with a trading volume of 17.24 billion, decreasing by 3.40 (-0.78%) [3]. - Cambricon Technologies reported a market capitalization of 244.42 billion, with a trading volume of 48.08 billion, down by 25.00 (-4.10%) [3]. - Haiguang Information had a market capitalization of 323.08 billion, with a trading volume of 23.89 billion, declining by 2.75 (-1.94%) [3]. Automotive Sector - BYD had a market capitalization of 282.79 billion, with a trading volume of 46.33 billion, down by 3.20 (-0.95%) [3]. - Great Wall Motors reported a market capitalization of 1,836.54 billion, with a trading volume of 3.08 billion, remaining unchanged [3]. - Beijing-Shanghai High-Speed Railway had a market capitalization of 182.56 billion, with a trading volume of 6.01 billion, down by 0.07 (-1.20%) [3]. Oil and Shipping Sector - China COSCO Shipping had a market capitalization of 686.25 billion, with a trading volume of 7.22 billion, down by 0.12 (-1.37%) [3]. - Sinopec reported a market capitalization of 1,577.64 billion, with a trading volume of 10.47 billion, increasing by 0.04 (+0.27%) [3]. - China National Petroleum Corporation had a market capitalization of 232.97 billion, with a trading volume of 8.30 billion, down by 0.05 (-0.88%) [3]. Coal Industry - China Shenhua Energy had a market capitalization of 793.35 billion, with a trading volume of 59.85 billion, down by 0.11 (-0.27%) [3]. - Shaanxi Coal and Chemical Industry reported a market capitalization of 187.11 billion, with a trading volume of 9.74 billion, down by 1.80 (-0.71%) [3]. - Contemporary Amperex Technology Co., Ltd. (CATL) had a market capitalization of 1,144.34 billion, with a trading volume of 7.75 billion, increasing by 0.23 (+1.21%) [3]. Other Sectors - China Nuclear Power had a market capitalization of 192.10 billion, with a trading volume of 4.50 billion, down by 0.89 (-2.86%) [4]. - Yangtze Power reported a market capitalization of 739.43 billion, with a trading volume of 6.81 billion, down by 0.04 (-0.43%) [4]. - Dongfang Fortune had a market capitalization of 364.13 billion, with a trading volume of 194.29 billion, down by 0.09 (-0.39%) [4].

Core Viewpoint - The FTSE China A50 Index components showed a decline across various sectors, with banking stocks mostly in the red and significant drops in insurance, liquor, and semiconductor sectors [1][6]. Banking Sector - Most banking stocks experienced a decline, contributing to the overall negative performance of the index [1]. Insurance Sector - Major insurance companies like China Pacific Insurance, Ping An Insurance, and China Life Insurance saw market capitalizations of 390.94 billion, 359.61 billion, and 1,045.27 billion respectively, with declines of -0.26 (-0.69%), -0.18 (-0.31%), and -0.16 (-1.78%) [3]. Liquor Industry - Key players in the liquor industry, including Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, reported market capitalizations of 1,778.15 billion, 217.75 billion, and 464.59 billion respectively, with price changes of -4.50 (-0.32%), -1.16 (-0.65%), and -0.04 (-0.03%) [3]. Semiconductor Sector - Semiconductor companies such as Northern Huachuang, Cambricon Technologies, and Hygon reported market capitalizations of 233.53 billion, 249.53 billion, and 326.76 billion respectively, with price changes of -1.01 (-0.23%), -12.76 (-2.09%), and -1.17 (-0.83%) [3]. Automotive Sector - In the automotive sector, BYD and Great Wall Motors had market capitalizations of 282.79 billion and 1,834.50 billion respectively, with price changes of -3.57 (-1.06%) and +0.07 (+0.33%) [3]. Energy Sector - Companies in the energy sector, including China Shipping and Sinopec, reported market capitalizations of 686.25 billion and 1,584.96 billion respectively, with price changes of +0.03 (+0.20%) and -0.05 (-0.88%) [3]. Coal Industry - In the coal industry, China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 186.24 billion and 795.34 billion respectively, with price changes of -1.98 (-0.78%) and -0.01 (-0.02%) [3]. Power Industry - The power sector, represented by companies like Yangtze Power and China Nuclear Power, had market capitalizations of 192.31 billion and 745.30 billion respectively, with price changes of -0.65 (-2.09%) and -0.03 (-0.32%) [4]. Internet Services - Internet service companies such as Dongfang Caifu reported a market capitalization of 371.40 billion, with a price change of +0.37 (+1.60%) [4]. Food and Beverage Sector - In the food and beverage sector, companies like Citic Securities and Haitian Flavoring reported market capitalizations of 414.23 billion and 342.55 billion respectively, with price changes of +0.38 (+1.38%) and -0.10 (-0.26%) [4]. Consumer Electronics - Companies in the consumer electronics sector, including Industrial Fulian and Luxshare Precision, had market capitalizations of 426.17 billion and 246.39 billion respectively, with price changes of +0.42 (+2.00%) and -0.35 (-0.67%) [4]. Home Appliances - In the home appliance sector, Gree Electric and Haier Smart Home reported market capitalizations of 255.76 billion and 234.57 billion respectively, with price changes of +0.16 (+0.35%) and +0.28 (+1.13%) [4]. Logistics Sector - The logistics sector, represented by companies like SF Holding, had a market capitalization of 276.36 billion, with a price change of +0.60 (+1.13%) [4]. Construction Industry - In the construction industry, China State Construction and XD China Communications reported market capitalizations of 240.07 billion and 527.30 billion respectively, with price changes of -0.02 (-0.34%) and +0.05 (+0.95%) [4].

Market Overview - The market experienced a three-day upward trend, with the Wind All A Index breaking through previous consolidation levels, indicating a positive technical formation[1] - On June 25, the Shanghai Composite Index rose by 1.03%, the Shenzhen Component Index increased by 1.72%, and the ChiNext Index surged by 3.11%[2] Capital Flow - On June 25, net inflows into the Shanghai Stock Exchange reached 31.572 billion yuan, while the Shenzhen Stock Exchange saw net inflows of 32.554 billion yuan[3] - The top three sectors for capital inflow were securities, software development, and batteries, while the sectors with the highest outflows were chemical pharmaceuticals, agricultural chemicals, and shipping ports[3] Economic Indicators - The Ministry of Finance reported that national lottery sales in May totaled 57.036 billion yuan, a year-on-year increase of 19.8%[7] - The Yangtze River Delta region's foreign trade volume surpassed 100 trillion yuan, reaching 101.2 trillion yuan, with a year-on-year growth of 5.2% in the first five months of the year[6] Industry Developments - Shanghai aims to boost its marine intelligent robotics sector, targeting an increase in the shipbuilding and marine engineering industry's added value to over 45 billion yuan by 2030[5] - The telecommunications industry reported a total revenue of 748.8 billion yuan in the first five months, reflecting a year-on-year growth of 1.4%[9] Fund Dynamics - New consumption investment has become a hot topic in the capital market, with numerous new consumer companies experiencing significant stock price increases, attracting attention from major investment institutions[10] - As of June 24, the first batch of 26 new floating rate funds raised over 12.6 billion yuan, with 13 products already established[11]

Market Overview - The FTSE China A50 Index component stocks showed a mixed performance with bank stocks rising in the afternoon while insurance stocks continued to decline [1][5]. Banking Sector - Bank stocks generally performed well, contributing to the positive movement in the FTSE China A50 Index [1]. Insurance Sector - Major insurance companies such as China Pacific Insurance, China Life Insurance, and Ping An Insurance experienced declines in their stock prices, with China Pacific Insurance down by 1.05%, China Life down by 0.52%, and Ping An down by 1.42% [3]. Alcohol Industry - In the alcohol sector, Kweichow Moutai saw a slight increase of 0.48%, while Shanxi Fenjiu and Wuliangye experienced declines of 0.37% and 0.83% respectively [3]. Semiconductor Industry - The semiconductor companies showed varied results, with North Huachuang increasing by 2.72%, while Cambrian and Haiguang Information saw minor declines [3]. Automotive Sector - In the automotive sector, BYD's stock fell by 3.39%, while Great Wall Motors and China Railway High-speed experienced minor declines and increases respectively [3]. Shipping and Oil Industry - China COSCO Shipping saw a slight increase of 0.53%, while Sinopec and PetroChina experienced minor declines [3]. Coal and Battery Industry - China Shenhua's stock decreased by 0.27%, while Ningde Times (CATL) saw a decline of 0.83% [3]. Power and Financial Sector - Longyuan Power and China Nuclear Power had mixed results, with Longyuan Power increasing by 0.74% and China Nuclear Power declining by 3.63% [4]. Food and Beverage Sector - The food and beverage sector showed declines, with companies like Haitian Flavor Industry and Zhongtai Securities experiencing notable decreases [4]. Consumer Electronics and Pharmaceutical Sector - The consumer electronics sector saw a slight increase in stocks like Luxshare Precision, while pharmaceutical companies like Hengrui Medicine experienced a decline [4]. Logistics and Medical Equipment - The logistics sector, represented by SF Holding, saw a minor decline, while medical equipment company Mindray Medical also experienced a decrease [4]. Non-ferrous Metals and Communication Services - Zijin Mining and China Communications Construction had mixed performances, with Zijin Mining showing a slight decline [4].

Core Viewpoint - The approval of Guotai Junan International to provide cryptocurrency and virtual asset trading services has significantly boosted the A-share financial technology sector and market sentiment, leading to a notable increase in the Shanghai Composite Index and trading volume [2][4]. Market Performance - As of June 25, the Shanghai Composite Index rose by 1.04% to close at 3455.97 points, marking a new high for the year, while the ChiNext Index increased by over 3% [2]. - The trading volume in the two markets reached 1.6 trillion yuan [2]. Sector Activity - Active sectors included stablecoins, military industry, AI applications, computing power, solid-state batteries, and autonomous driving, while oil and gas, as well as shipping sectors, faced adjustments due to external factors [3]. Future Market Outlook - Analysts predict a structural market trend with low-level rotation continuing, driven by policy timing and strength [4]. - Multiple brokerages forecast a potential upward trend in the A-share market for the second half of 2025, supported by resilient domestic economic performance and relatively low asset valuations [4][7]. Investment Directions - Brokerages suggest focusing on three main investment directions for the second half of the year: dividend assets, technology innovation themes, and large consumer sectors [5][21]. Dividend Assets - Dividend assets, including financial sectors like insurance and banking, as well as shipping, communication services, and electricity, are seen as attractive due to their low valuations and stable returns [22]. - The current low-interest-rate environment enhances the appeal of dividend assets, aligning well with the demand from long-term funds [22]. Technology Innovation - Key areas of focus include AI computing power, AI applications, and embodied intelligence, with expectations for significant growth in these sectors [23]. - The first phase of AI market activity is centered around infrastructure, while the second phase will focus on application layers, including AI agents and humanoid robots [23]. Large Consumer Sector - The domestic beauty, pet economy, and IP economy are highlighted as promising investment opportunities [25]. - Emerging consumer trends such as domestic beauty brands, pet products, and innovative pharmaceuticals are recommended for investment [25].

Core Viewpoint - The A-share market is expected to show a fluctuating upward trend in the second half of 2025, driven by strong domestic economic resilience and relatively low asset valuations, with investment opportunities identified in dividend assets, technological innovation, and consumer sectors [1][2][4][15]. Investment Strategy - Multiple brokerages suggest focusing on three main investment directions for the second half of 2025: dividend assets, technology innovation themes, and large consumer sectors [1][15]. Dividend Assets - Dividend assets include high-dividend financial sectors such as insurance and banking, as well as shipping ports, communication services, and electricity sectors. These assets are attractive due to low valuations and stable dividend returns, particularly in a low-interest-rate environment [16]. - The focus should be on quality cash flow, volatility, and dividend certainty rather than solely on dividend yield, with recommendations for sectors like consumer leaders, public utilities, telecommunications, and banking [16]. Technology Innovation - Key areas of focus include AI computing, AI applications, and embodied intelligence. The first phase of AI market growth is centered around infrastructure, while the second phase will focus on application layers [17]. - AI Agents, which integrate various capabilities, are expected to drive demand for computing power and cloud services, while humanoid robots and advancements in core components are also significant [17]. Large Consumer Sectors - The large consumer sector is highlighted, with particular interest in domestic beauty brands, pet economy, and IP economy. Emerging consumption trends in beauty, pet products, and innovative pharmaceuticals are recommended for investment [18][19].

1. Report Industry Investment Rating - No relevant information provided 2. Core Views - In the bond market, the central bank conducted 4065 billion yuan of 7 - day reverse repurchase operations yesterday, with 1973 billion yuan of reverse repurchases maturing. On June 25, it will conduct 3000 billion yuan of 1 - year MLF operations. The central bank adheres to a supportive monetary policy stance, and the transformation of the monetary policy framework is a continuous process [4]. - In the stock index market, due to the easing of the geopolitical conflict between Iran and Israel and the expectation of expanded market liquidity, the stock index rose with heavy volume yesterday, and the Shanghai Composite Index broke through the previous high of 3417. In the short term, the market liquidity is acceptable, and with the alleviation of macro - negatives, the stock index is expected to run strongly [5]. 3. Summary by Related Catalogs Bond Market - **Price and Change**: DRO01 closed at 1.37 with a 0.04 bp change, DR007 at 1.67 with a 16.09 bp change, GC001 at 1.60 with a 7.50 bp change, GC007 at 1.90 with a 12.00 bp change, SHBOR 3M at 1.63 with no change, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.36 with a 0.71 bp change, 5 - year treasury at 1.52 with a 0.97 bp change, 10 - year treasury at 1.65 with a 0.80 bp change, and 10 - year US treasury at 4.34 with a - 4.00 bp change [4]. - **Market Operation**: This week, there are 9603 billion yuan of reverse repurchases maturing in the central bank's open market, with 1563 billion, 2035 billion, and 1612 billion yuan maturing from Wednesday to Friday respectively. The central bank governor said that the central bank has introduced multiple monetary policy measures in the past year [4]. Stock Index Market - **Index Price and Change**: At yesterday's close, the CSI 300 rose 1.2% to 3904, the SSE 50 rose 1.16% to 2715.9, the CSI 500 rose 1.62% to 5765.8, and the CSI 1000 rose 1.92% to 6194.7. The trading volume of the Shanghai and Shenzhen stock markets reached 14146 billion yuan, a significant increase of 2920 billion yuan from the previous day [5]. - **Sector Performance**: Most industry sectors rose. The motor, battery, auto parts, game, and packaging materials sectors led the gains, while the mining, petroleum, gas, shipping port, and precious metals sectors led the losses [5]. - **Contract Information**: The trading volume and open interest of IF, IH, IC, and IM contracts all increased. The IF contract had a trading volume increase of 22.6% and an open interest increase of 4.3%, the IH contract had a trading volume increase of 14.9% and an open interest increase of 3.2%, the IC contract had a trading volume increase of 23.3% and an open interest increase of 3.1%, and the IM contract had a trading volume increase of 16.6% and an open interest increase of 1.6%. The IF, IH, IC, and IM contracts also have different levels of premium and discount rates [5]. - **Market Driver**: The rapid reversal of the Iran - Israel situation and the expectation of interest rate cuts in the US led to the rise of the stock index with heavy volume. The Shanghai Composite Index broke through the previous high [5].

每经编辑｜何小桃 美国对伊朗动手，全球资本市场埋单。 今天（6月23日）亚太股市开盘多数走低。 截至发稿，台湾加权指数跌1.58%，日经225指数跌0.3%，富时新加坡海峡时报指数跌0.35%，韩国KOSPI指数得0.39%，澳大利亚普通股指数得0.36%，印 度孟买SENSEX指数跌0.61%，印尼雅加达综合指数跌1.35%。 | 台湾加权 | 21698.01 | -1.58% | -347.73 | | --- | --- | --- | --- | | TWII | | | | | 日经 225 | 38287.21 | -0.30% | -116.02 | | N225 | | | | | 富时新加坡海峡时报 3869.86 | | -0.35% | -13.57 | | STI | | | | | 韩国 KOSPI | 3010.12 | -0.39% | -11.72 | | KS11 | | | | | 澳大利亚普通股 8685.90 | | -0.43% | -37.60 | | AORD | | | | | 韩国 KOSPI200 403.85 | | -0.36% | -1.47 | | ...