Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints The report comprehensively analyzes the European Line shipping market, covering aspects such as loading rates, ship capacity, schedules, delays, and port congestion. It shows that the loading rates vary between China and Asia departures, with supply pressures fluctuating over different weeks. Ship schedule adjustments and delays are common, and port congestion persists in different regions, which may impact the shipping market's operation and performance. 3. Summary by Sections 3.1. European Line Loading Rate Tracking - W34 European Line fleet's average loading rate for China departures was 90.6%, almost unchanged from the previous period (90.7%). W33 Asian departures had a loading rate of 97.3%, down 0.9% from the previous period. The loading difference between Asia and China was about 6.7%, at a historical high [5][7]. - OA's China departure loading rate was 91.6%, up 1.7% from the previous low but still in a low - stage range. PA and MSC's China departure loading rate was 93.4%, with a significant improvement. Gemini's China departure loading rate was 87.1%, down 3.6% [7]. 3.2. European Line Ship Schedules and Capacity - In September, the monthly average weekly capacity was 30.7 million TEU, with 2 TBN remaining. W36 - 37 average was 27.5 million TEU, and W37 was only 23.7 million TEU, with supply pressure significantly relieved. In the second half - month (W38 - 39), the average was 34.0 million TEU, with a surplus [11]. - In October, the monthly average weekly capacity was 26.9 million TEU, with 5 TBN remaining, slightly higher than March and similar to last year's level. However, the first half - month still had a supply surplus [11]. - Some routes had ship adjustments, such as FAL1 adding a ship in W37, and several routes having ship replacements [11]. 3.3. Ship Schedule Delays and Spot Overview - In W33, 5 ship schedules were delayed to the same week, with the delay situation similar to the previous week. The SCFIS (European Line) index closed at 1990.20 points, down 8.7% [15]. - The actual departure capacity of the Shanghai Port on the European Line in W33 was 26.7 million TEU, of which 26% was from the delayed schedules of W32 [15]. 3.4. Ship Schedule Delay Observation and Early Warning - Multiple ships from different alliances had schedule delays, with different delay days and rescheduled weeks. For example, in some weeks, ships from Gemini, OA, and MSC&PA were delayed for various periods and redirected to different weeks [17][19][23]. - Different alliances had early - warning routes. For instance, Gemini had early - warning routes like AE1, AE3, etc.; OA had FAL1, FAL3, etc.; and MSC&PA had FE4, FE6, etc. [26][28][30]. 3.5. Related Port Congestion Data - In China, Yangshan Port's average turnover time was about 1.9 days, Ningbo Port about 2.0 days, and Yantian Port about 1.6 days. Shanghai and Ningbo Ports' congestion improved but turnover times were still high [34]. - In Southeast Asia, Port Klang showed signs of congestion rebound. Singapore Port's average ship stay time was 1.5 days, and Port Klang's was 1.8 days [34]. - In Europe, problems such as summer vacations, labor shortages, railway construction, and low Rhine water levels persisted, increasing port pressure, especially in Hamburg Port [34].

Core Insights - The report highlights a structural price recovery in the context of anti-involution, with significant price variations across different sectors, indicating a phase of "structural recovery + inter-industry differentiation" [1][2][3] Price Tracking of Key Production Materials - As of early August 2025, among 49 major products, 19 saw price increases, 28 experienced declines, and 2 remained stable. The price increases were primarily in upstream coal (e.g., anthracite, coke), midstream agriculture (e.g., soybean meal, natural rubber), and downstream chemicals (e.g., sulfuric acid, methanol) [1] - Year-on-year data shows that industrial products are still in a downward trend, but the rate of decline is stabilizing. Steel and some chemical products have begun to recover, while coal, coke, traditional building materials, and certain petrochemical products remain at low levels [1][2] Price Changes Across Industry Chains - Recent data indicates that upstream industries are generally weak, with coal prices declining by 6% to 7%. Oil prices (WTI, Brent) have seen double-digit declines, while natural gas prices, despite being high year-on-year (28%), have significantly narrowed in growth [2] - Midstream industries show signs of recovery, with the bulk commodity index and shipping index rebounding, while downstream industries remain weak, particularly in real estate and traditional Chinese medicine [2][3] Industry Price Sentiment Data - The report analyzes price changes across the supply chain, revealing that upstream resource prices are generally weak but differentiated, with copper, aluminum, and precious metals benefiting, while the oil and coal sectors remain under pressure [3] - The midstream bulk commodity index has rebounded, and the price decline of rebar has narrowed to near stability. However, the building materials sector continues to face significant negative pressure [3]

8月21日至22日，"福泽四海·港通五洲"福州港江阴港区国际集装箱航线推介活动在福建福清举办。本次 活动由福清市人民政府、福州市交通运输局、福建省福州港口发展中心、福州江阴港城经济区管理委员 会联合主办，相关部门及港口、铁路企业共同协办。活动成功搭建了国际港航贸资源深度对接的高端平 台，吸引了逾百家全球头部航商、顶尖供应链企业及大型工矿企业代表踊跃参与。 本次推介活动期间，迈瑞特斯海运正式发布了福建省首条直航东帝汶、巴布亚新几内亚的南太平洋航 线，不仅加密了福州港至东南亚的航线布局，更构建起"中国制造—南太平洋岛国"双向高效互补的物流 新通道。现场共完成了14项涵盖战略合作、航线开辟、物流服务等领域的签约。其中，福建省福州港口 发展中心分别与三明市交通运输局、福建南平工业园区管理委员会、江西省萍乡市湘东区政府达成政府 层面战略合作，强化了港口与内陆腹地的政策协同与发展联动。 地中海航运（MSC）、中远海运、万海航运、吉舟船务等全球和区域头部航商重点推介了覆盖东南 亚、印巴、日本等市场的优质航线。PSA国际港务集团、东南汽车、万华化学（福建）有限公司等战略 伙伴及核心货主分享了与港区的深度合作成果，高度肯定了江 ...

Group 1 - The stock of China COSCO Shipping Holdings Co., Ltd. (中远海控) rose by 1.72% on August 25, closing at 15.94 yuan [1] - A significant block trade occurred, with a total volume of 7 million shares and a transaction amount of 112 million yuan [1] - The first transaction price was 15.94 yuan, with a total of 7 million shares traded, resulting in a transaction amount of 111.58 million yuan and a premium rate of 0.00% [1] Group 2 - In the last three months, the stock has recorded a total of 4 block trades, with a cumulative transaction amount of 137 million yuan [1] - Over the past five trading days, the stock has increased by 3.51%, with a net inflow of main funds totaling 11.65 million yuan [1]

天津国际贸易与航运服务中心供图 新华财经天津8月25日电（记者 李亭）记者从天津国际贸易与航运服务中心获悉，2025年第34周（8月18日-22日），中国北方内外贸海运价格的风向标—— 天津航运指数延续跌势，最终收于992.02点，相比8月15日（第33周最后一个发布日）累计下跌23.96点，累计跌幅2.36%。 日累计下跌3.03%。 沿海集装箱运价指数小幅回落。出港运价指数维持平稳，进港运价指数波动回升。TDI收于911.25点，相比8月15日累计下跌1.00%。 天津航运指数由天津国际贸易与航运服务中心发布，发布时间为每个工作日，指数样本范围覆盖27条连接天津港、青岛港、曹妃甸港与世界港口的国际航 线，也包括天津港和中国主要港口的内贸海运航线。该指数以2010年7月16日为基期，基期指数为1000点。 编辑：郭洲洋 天津航运指数（TSI）综合反映天津及北方地区航运市场价格波动情况，是由北方国际集装箱运价指数（TCI）、北方国际干散货运价指数（TBI）、沿海集 装箱运价指数（TDI）通过计算而得的综合性指数。 分类别看，北方国际集装箱运价指数持续下行。其中，美西航线整体运力供大于求，运价指数周环比下跌3. ...

| 2025-08-25 | 中远海控 | 601919 | 15.94 | 11158 | 700 | 海通证券股份有限 公司国际部Y | 中信证券股份有限 公司深圳滨海大道 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | | 卖出营业部 | 8月25日，中远海控大宗交易成交700万股，成交额1.12亿元，占当日总成交额的5.45%，成交价15.94元，较市场收盘价15.94元持平。 ...

Core Viewpoint - The shipping and port sector experienced a rise of 1.04% on August 25, with AnTung Holdings leading the gains, while the overall market indices also showed positive performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3883.56, up by 1.51% [1]. - The Shenzhen Component Index closed at 12441.07, up by 2.26% [1]. Group 2: Individual Stock Performance - AnTung Holdings (600179) closed at 3.58, with a significant increase of 10.15% and a trading volume of 1.141 million shares, totaling a transaction value of 405 million yuan [1]. - Tianjin Port (600717) closed at 5.52, rising by 5.14% with a trading volume of 1.3008 million shares, amounting to 720 million yuan [1]. - HNA Technology (600751) closed at 4.67, up by 2.86% with a trading volume of 490.96 thousand shares, totaling 420 million yuan [1]. - Other notable performers include Beibu Gulf Port (000582) at 8.59 (+2.51%), Xiamen Port (000905) at 8.77 (+1.86%), and Liaoning Port (601880) at 1.66 (+1.84%) [1]. Group 3: Fund Flow Analysis - The shipping and port sector saw a net outflow of 305 million yuan from institutional funds, while retail investors contributed a net inflow of 459 million yuan [2]. - The sector's overall fund flow indicates a mixed sentiment, with institutional investors withdrawing while retail investors increased their positions [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Currently, downstream customers are booking shipping space for late August to early September (week 35 - 36). The final average price in week 35 was $2,550 (equivalent to 1,800 points), and in week 36, the current average quote is $2,250 (1,550 points). Most shipping companies face pressure to secure cargo at the end of the month, while MSK has relatively less pressure due to significant price cuts. [2][3][16][17] - The overall shipping capacity in September has been reduced due to the additional suspension of OA Alliance's FAL8 in week 37. The weekly average shipping capacity in September and October 2025 is 300,000 and 290,000 TEU respectively. The market situation in September is relatively loose, and the subsequent driving force remains weak. However, the valuation in October is approaching the annual low (1,250 - 1,300), with limited downside potential. Investors can consider long - positions in the December contract. [2][16] 3. Summary by Relevant Catalogs 3.1 Futures Contract Information - **Contract Prices and Changes**: EC2508 closed at 2,127.7 with a 0.13% increase; EC2510 at 1,309.0 with a 1.21% decrease; EC2512 at 1,661.2 with a 3.50% decrease; EC2602 at 1,465.0 with a 3.17% decrease; EC2604 at 1,264.5 with a 1.94% decrease; EC2606 at 1,430.0 with a 2.73% decrease. [2][16] - **Open Interest Changes**: The open interest of EC2508 decreased by 92, EC2510 by 38, EC2512 increased by 1,086, EC2602 increased by 52, EC2604 increased by 120, and EC2606 increased by 20. [2][16] - **Month - to - Month Spreads**: The spread between EC2508 - 2510 was 818.7, showing a daily increase of 18.7 and a weekly increase of 103.6; the spread between EC2510 - 2512 was - 352.2, with a daily increase of 44.2 and a weekly increase of 64.4; the spread between EC2512 - 2602 was 196.2, with a daily decrease of 12.2 and a weekly decrease of 55.6. [2][16] 3.2 Index Information - **TTI**: Updated on August 18, 2025, it was 2,180.17 points, down 2.47% from the previous period and 2.71% from two periods ago. [2][16] - **SCH (European Line)**: Updated on August 22, 2025, it was $1,668 per TEU, down 8.31% from the previous period and 7.19% from two periods ago. [2][16] - **CCFI**: Updated on August 22, 2025, it was 1,757.74 points, down 1.85% from the previous period and 0.48% from two periods ago. [2][16] - **NCFI**: Updated on August 22, 2025, it was 1,083.74 points, down 8.85% from the previous period and 5.49% from two periods ago. [2][16] 3.3 Recent European Line Quotations - **Week 35**: The average price was $2,575 (equivalent to 1,770 points). BA Alliance quoted $2,500, MSK started at $2,300 and then rose to $2,490, and OA Alliance quoted between $2,700 - $2,800. [3][17] - **Week 36**: The average price was $2,250 (1,550 points). PA Alliance quoted between $2,200 - $2,300, MSK started at $2,100 and then rose to $2,200, and OA Alliance quoted between $2,300 - $2,400. [3][17] 3.4 Related News - On August 24, a senior Hamas official stated that Israeli Prime Minister Netanyahu was deliberately undermining negotiations and insisting on continuing the offensive to achieve political goals. [4][18] - On August 21, the US and the EU reached an agreement on the "Reciprocal, Fair, and Balanced Trade Agreement Framework." The US will impose a 15% tariff on most EU goods such as cars, pharmaceuticals, semiconductors, and wood, while some products like scarce natural resources, aircraft and parts, and generic drugs are exempt. The EU promised to cancel tariffs on US industrial products, provide preferential market access for US seafood and agricultural products, and planned to purchase $750 billion worth of US liquefied natural gas, oil, and nuclear products by 2028, along with $40 billion worth of US AI chips. EU companies will also invest an additional $600 billion in US strategic industries. [4][18]

Core Insights - Ningbo Ocean has successfully expanded its fleet to over 109 vessels with a total deadweight tonnage exceeding 1.7 million tons, marking a more than threefold growth in key metrics over the past decade [1] Group 1: Fleet Expansion and Development - The company was previously characterized by a small fleet and low market visibility, but a turning point occurred in 2015 with the implementation of the Zhejiang marine port integration strategy, leading to a surge in water transport demand [3] - Between 2015 and 2017, Ningbo Ocean added 11 new container ships with deadweight capacities ranging from 13,000 to 40,000 tons, significantly increasing its fleet size to 54 vessels and total deadweight tonnage to over 640,000 tons by the end of 2017 [3] Group 2: Capitalization and Technological Advancements - In 2020, the company initiated a capitalization process to integrate shipping resources and support its "double first-class" construction, leading to its listing on the Shanghai Stock Exchange in December 2022 [5] - Since 2021, Ningbo Ocean has added 21 self-owned vessels, increasing its deadweight tonnage by nearly 600,000 tons and container capacity by over 30,000 standard containers, while also transitioning towards greener and smarter shipping technologies [5] Group 3: Global Shipping Network Expansion - Starting in 2021, the company opened direct shipping routes from Ningbo Zhoushan Port to Southeast Asia, and in May 2022, it launched its first trans-Pacific route, marking its entry into the deep-sea shipping market [7] - Currently, Ningbo Ocean operates over 40 shipping routes and more than 100 cargo ships, enhancing its logistics efficiency and industry influence through key products like "New Mingzhou Express" and "Southeast Asia Boutique Route" [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The spot index of the Shanghai Export Container Freight Index (SCFIS) for European routes continued to decline, while that for the US West routes rebounded. The China Containerized Freight Index (CCFI), Shanghai Containerized Freight Index (SCFI), and Ningbo Containerized Freight Index (NCFI) all continued to fall, with slightly wider declines. The futures price was mainly affected by the current cabin quotes on European routes. The current cabin quotes of major shipping companies at the beginning of September turned from rising to falling, pulling down the futures price valuation. For the future market, one can continue to focus on the changes in the current cabin quotes of shipping companies on European routes and the fundamentals of the European route market. The current cabin quotes on European routes and the SCFI European routes both continued to decline, and the futures price was more likely to maintain a slight downward trend in oscillation, showing a trend relay state. The near - month contracts might experience a short - term rebound after falling to a low level [1]. - Traders are advised to temporarily observe in the spot - futures (basis) strategy and remain on the sidelines in the arbitrage (inter - period) strategy [2]. 3. Summary by Relevant Catalogs 3.1. Abstract - The Shanghai Export Settlement Freight Index (SCFIS) for European routes of the current - period futures target continued to decline, while that for US West routes rebounded. The CCFI, SCFI, and NCFI all continued to fall, with slightly wider declines. The futures price was mainly affected by European route current - cabin quotes. The current - cabin quotes of major shipping companies at the beginning of September turned from rising to falling, pulling down the futures price valuation. For the future, pay attention to European route quotes and market fundamentals. The futures price may oscillate slightly downward, and near - month contracts may rebound after hitting lows [1]. 3.2. Trading Strategies - Spot - futures (basis) strategy: Traders should temporarily observe [2]. - Arbitrage (inter - period) strategy: Traders can temporarily remain on the sidelines [2]. 3.3. Market Review - As of Friday, except for EC2508, the closing prices and settlement prices of other monthly contracts declined. For example, the closing price of EC2510 fell 4.70% from the previous week to 1309.0 points, and the settlement price dropped 3.57% to 1324.0 points. The main influencing factor was the European route current - cabin quotes [3]. 3.4. Spot Information - Freight Rates - As of August 18, the SCFIS European route continued to decline with a 2.47% month - on - month decrease (previous value - 2.71%), while the US West route rebounded with a 2.23% increase (previous value - 4.25%). As of August 22, the CCFI, SCFI, and NCFI continued to fall with wider declines. In terms of routes, the North American routes' declines widened, and the European route decline also expanded [8]. 3.5. Spot Information - Demand Side - There are data on the week - on - week and year - on - year changes in the deployed capacity of different routes, as well as the latest shipping regional trade capacity and its month - on - month changes [20][23][24]. 3.6. Spot Information - Supply Side - As of August 23, the global container ship idle capacity ratio was 4.0%. The idle capacity of 17000TEU+ container ships was 37954TEU, accounting for 0.8% of this type of ships; the idle capacity of 12000 - 16999TEU container ships was 82977TEU, accounting for 1.0% of this type of ships. The congestion index of Shanghai Port increased by 34.4 thousand TEU to 609.7 thousand TEU; Rotterdam Port decreased by 41.3 thousand TEU to 199.5 thousand TEU; Antwerp Port increased by 9.4 thousand TEU to 93.7 thousand TEU; Hamburg Port decreased by 3.8 thousand TEU to 109.8 thousand TEU [27][30]. 3.7. Spread Analysis - The current - period SCFIS European route continued to decline with a stable 2.47% month - on - month decrease, closing at 2180.17 points. The basis of the main contract EC2510 first narrowed slightly from last week and then widened slightly. The European route current - cabin quotes of major shipping companies continued to decline, leading the futures price trend. As the container shipping market is about to exit the traditional peak season, demand support is gradually decreasing. The basis remains at a relatively high level compared to the previous period. Traders should temporarily observe in the spot - futures aspect. The spreads of the container shipping European route inter - period contract combinations such as EC2508 - EC2510, EC2508 - EC2512, and EC2510 - EC2512 are given, and traders can temporarily remain on the sidelines [35][37][38].