Report Information - Report Title: "集运指数日报" [1] - Date: November 20, 2025 [2] - Researchers: He Zhuoqiao (Macro Precious Metals), Huang Wenxin (Treasury Bonds and Container Shipping), Nie Jiayi (Stock Index) [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The expectation of the pre - Spring Festival shipment surge further fermented in the February contract after the Shanghai Futures Exchange clarified the last trading day of the February contract on Friday. The December contract was weak due to the under - expected price increase. The SCFIS index fell 9.8% week - on - week to 1357.67. Shipping companies have not formed a unified price - holding force, and the December price increase is less than expected. However, there is still a far - month price increase expectation, which may lead to over - valuation of the 04 contract in the off - season. It is advisable to pay attention to the positive spread trading opportunity between the 02 and 04 contracts [8] 3. Summary by Directory 3.1行情回顾与操作建议 - The last trading day of the February contract was clarified as February 9. The expectation of the pre - Spring Festival shipment surge affected the February contract, while the December contract was weak due to under - expected price increases. The SCFIS index decreased by 9.8% week - on - week. Shipping companies' price increases are difficult to implement, but there is a far - month price increase expectation, and the 02 - 04 positive spread trading opportunity is worth noting [8] 3.2行业要闻 - From November 10 to 14, the China export container shipping market was generally stable, with ocean - going routes showing a differentiated trend and the comprehensive index slightly declining. In October, the added value of industrial enterprises above designated size increased by 4.9% year - on - year. The Shanghai Export Containerized Freight Index on November 14 was 1451.38 points, down 2.9% from the previous period. The eurozone's November ZEW economic sentiment index was 25, indicating a recovery of market confidence in the European economy. The freight rate of European routes increased by 7.1%, the Mediterranean routes were stable, and the North American routes decreased. There were also developments in the Israel - Palestine conflict and related international stances [9][10] 3.3数据概览 3.3.1集运现货价格 - On November 17, the SCFIS for European routes was 1357.67, down 9.8% from November 10; the SCFIS for US - West routes was 1238.42, down 6.9% from November 10 [12] 3.3.2集运指数（欧线）期货行情 - Data on the trading of container shipping futures on the European line on November 19 were provided, including information such as the previous settlement price, opening price, closing price, settlement price, price change, change rate, trading volume, open interest, and open interest change for contracts EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 [6] 3.3.3航运相关数据走势图 - Multiple charts related to shipping data were presented, including the Shanghai Export Containerized Freight Index, container shipping futures on the European line, European container ship capacity, global container ship orders, Shanghai - Europe basic port freight rates, and Shanghai - Rotterdam spot freight rates, with data sources from Wind and the Research and Development Department of CCB Futures [13][18][23]

Group 1 - The company, Phoenix Shipping, announced the convening of its third extraordinary general meeting of shareholders for 2025 on November 20, 2025, to approve the nomination of Ms. Yang Hui as a non-independent director of the ninth board of directors, with her term starting from the date of approval until the board's term ends [1] - For the first half of 2025, the company's revenue composition was 88.92% from the transportation industry and 11.08% from crew dispatch services and asset leasing [1] - As of the announcement, Phoenix Shipping's market capitalization was 4.7 billion yuan [1]

Core Viewpoint - The company announced a stock reduction plan by senior executives, which involves a total of up to 475,600 shares being sold through block trading, representing a maximum of 0.005890% of the company's total share capital [1] Group 1: Stock Reduction Plan - The company's vice presidents Xu Hui and Hu Bin, along with the board secretary Kong Kang, plan to reduce their holdings by a total of no more than 475,600 shares [1] - Each executive's planned reduction will not exceed 25% of their total personal holdings [1] - By the end of the reduction period on November 19, 2025, the three executives had collectively reduced approximately 430,000 shares, accounting for 0.005313% of the company's total shares [1] Group 2: Revenue Composition - For the year 2024, the company's revenue composition is as follows: - Oil tanker transportation: 35.68% - Bulk cargo transportation: 30.78% - Container transportation: 21.06% - Roll-on/roll-off transportation: 7.12% - Others: 5.36% [1] Group 3: Market Capitalization - As of the report, the company's market capitalization stands at 72.4 billion yuan [2]

Core Viewpoint - Jinjiang Shipping (601083) disclosed that as of September 30, 2025, the total number of shareholders was 36,077 [1] Group 1 - The company responded to investor inquiries on November 20 regarding shareholder data [1] - The specific shareholder data will be available in the company's periodic reports [1]

招商轮船公告，公司副总经理徐晖、胡斌及董秘孔康减持期为2025年8月20日至2025年11月19日，计划 减持不超47.56万股，占公司总股本0.005890%；期满累计减持42.9万股，占0.005313%，与计划一致。 减持前高管合计持股302.34万股，占0.037444%。徐晖减持21.6万股，胡斌减持71000股，孔康减持14.2 万股。 ...

智通财经APP讯，太平洋航运(02343)发布公告，于2025年11月20日，该公司斥资2099.66万港元回购800 万股股份，每股回购价格为2.61-2.63港元。 ...

中远海发（601866）(02866)公布，2025年11月20日耗资约57.99万港元回购50万股H股股份，耗资130.5 万元回购50万股A股股份。 ...

Core Viewpoint - The Hong Kong government has established a Green Marine Fuel Development Exchange Platform to catalyze the supply chain for green marine fuel bunkering in Hong Kong, aiming to position the city as a hub for green marine fuel bunkering and trading [1][2] Group 1: Government Initiatives - The Transport and Logistics Bureau announced the Green Marine Fuel Bunkering Action Plan last November, outlining five strategies and ten actions to develop Hong Kong as a green marine fuel bunkering center [1] - The newly established exchange platform is a significant initiative to promote industry collaboration, bringing together upstream and downstream companies in the green marine fuel supply chain, including fuel suppliers, shipping companies, and port operators [1] Group 2: Industry Participation - Currently, 25 enterprises and industry organizations have joined the exchange platform, indicating strong interest and participation from the industry [1] - The government will gather feedback from the exchange platform's members regarding the development of green marine fuel bunkering and trading in Hong Kong, facilitating communication and collaboration among stakeholders through various events and business meetings [1] Group 3: Competitive Positioning - The exchange platform aims to enhance Hong Kong's competitiveness in green marine fuel bunkering and trading by fostering discussions and collecting opinions from industry participants [2] - The government encourages all interested local companies, as well as mainland and overseas companies operating in Hong Kong, to join the platform to collectively establish Hong Kong as a leading green marine fuel bunkering and trading center in the region [2]

Core Viewpoint - The 2025 World Shipping Conference highlighted the need for dialogue and cooperation in addressing the shipping industry's challenges, including decarbonization, geopolitical impacts, and crew shortages, with Hong Kong positioned as a stabilizing force in the global shipping landscape [1] Group 1: Hong Kong's Role in Global Shipping - Hong Kong serves as a critical hub connecting mainland China and international markets, leveraging its geographical advantages, quality investment environment, and legal framework to attract global shipping enterprises [2][3] - The city has maintained its position as the fourth largest international shipping center for six consecutive years, hosting over 1,200 port and maritime-related companies [2] - Hong Kong's financial capabilities, including its status as the third-largest financial center globally, provide essential capital support for the shipping industry's development [2] Group 2: Green Transition Initiatives - Hong Kong is actively pursuing a green transition in its ports, having invested nearly 200,000 tons in green fuels and preparing for methanol bunkering to meet the International Maritime Organization's 2050 net-zero emissions target [4][6] - Legislative changes have expanded the types of bunkering fuels to include liquefied natural gas and methanol, facilitating the transition to greener alternatives [4] - The Hong Kong government is implementing a "Green Incentive Program" to financially support compliant vessels, demonstrating responsiveness to industry needs [4][6] Group 3: Collaborative Efforts for Decarbonization - The global nature of the shipping industry necessitates breaking down regional barriers and fostering global collaboration for effective decarbonization [7] - Hong Kong is establishing partnerships with ports in mainland China and Chile to enhance cooperative efforts in the shipping sector [8] - The city aims to integrate its financial advantages with mainland China's alternative fuel production capabilities to create a comprehensive production-financing-application chain [8]

Core Viewpoint - The global shipping industry is undergoing unprecedented transformation driven by the need for sustainability and digitalization, with significant investments required to meet these challenges [1]. Group 1: Key Figures in Shipping - Jens Meyer, CEO of Hamburg Port, emphasizes the importance of knowledge sharing in the port industry for sustainable development [4]. - Marika Caroline Laurent, Senior VP at MSC, focuses on environmental regulations and public policy in shipping [4]. - Frédéric Denivelle, President of IUMI, plays a crucial role in establishing maritime safety standards and risk assessment [4]. Group 2: Dual Transformation - The shipping industry is experiencing a dual transformation with investments in dual-fuel systems and shore power, requiring trillions of dollars to meet the 2050 net-zero emissions target [6]. - Investment returns are clearer for digitalization and energy efficiency improvements compared to the transition to new fuels, which faces regulatory uncertainties [6][7]. Group 3: Resilience as a Core Competitiveness - Geopolitical instability has become the new normal, necessitating investments in resilience to enhance competitiveness in the shipping industry [9]. - The ability to adapt to geopolitical challenges is demonstrated by the shipping industry's performance even amidst crises, such as the Red Sea situation [9]. Group 4: Green Shipping Corridors - The global network of green shipping corridors is expanding, translating ambitious decarbonization goals into actionable steps [11]. - The effectiveness of shore power depends on the actual connection capabilities of ports, highlighting infrastructure mismatches [11]. Group 5: Data as a Valuable Resource - In the digital age, data is considered more valuable than oil, with efficient information exchange being crucial for the shipping process [14]. - The main risk in digital transformation lies in uncertainty, which can hinder investment decisions [14]. Group 6: Government-Led Green Revolution - The green transition in shipping is increasingly driven by policy decisions focused on decarbonization rather than efficiency [17]. - Government involvement is essential for making investments in shore power commercially viable [17]. Group 7: Future Investment Trends - Modern pension funds are particularly interested in port infrastructure investments due to their long-term value [18]. - The creation of a green shipping activity index may emerge, indicating a shift in financial markets towards supporting sustainable shipping investments [19].