Group 1 - The article highlights the transformation of Liaoning, an industrial base in China, as it prepares to host the 2025 Global Industrial Internet Conference from September 5 to 8 [7][35] - Liaoning has a rich industrial history, being the birthplace of significant milestones in China's industrialization, including the first iron water and jet fighter [8][9] - The province is focusing on integrating new information technologies with manufacturing, showcasing a growth in high-tech manufacturing value added by 9.2% year-on-year in the first half of 2025 [11][14] Group 2 - Liaoning is strategically positioned as a key logistics hub, with a logistics network that connects land and sea, facilitating international trade [18][21] - The province has seen significant growth in the China-Europe Railway Express, with 892 trains operating in 2024, ranking first in Northeast China and eighth nationwide [21][24] - The development of the Northeast Asia International Shipping Center is underway, aiming to enhance global shipping resource allocation capabilities [23][24] Group 3 - The article emphasizes the cultural and historical significance of Liaoning, highlighting its rich heritage and the spirit of its people [25][28] - Liaoning is undergoing a transformation that combines its industrial strength with cultural creativity, showcasing a blend of historical depth and modern innovation [31][33] - The upcoming conference aims to attract global industry leaders to discuss advancements in industrial internet and artificial intelligence, positioning Liaoning as a model for industrial transformation [35][37]

Core Viewpoint - DFDS, a Danish shipping and logistics company, announced the acquisition of two ferries to enhance capacity on the Algeciras to Tangier Mediterranean port and Ceuta routes, aiming to meet increasing market demand [1] Group 1: Acquisition Details - The acquisition includes one ro-ro passenger ferry and one high-speed catamaran, along with related operating licenses, and will absorb approximately 200 employees [1] - The transaction is subject to regulatory approval and is expected to be completed in Q1 2026 [1] Group 2: Market Strategy - DFDS's ferry business director, Mathieu Girardin, noted that since entering the Gibraltar Strait ferry market in 2024, order volumes have significantly exceeded forecasts [1] - The two acquired vessels are already operating on existing routes, which is expected to ensure seamless integration and improve service quality [1] - In addition to the ferry acquisition, DFDS plans to increase the capacity share of existing ro-ro cargo ships on the Algeciras-Tangier Mediterranean port route to better address the growing market demand in this strategic corridor [1]

Report Industry Investment Rating No relevant content provided. Core Views of the Report The report provides a comprehensive analysis of various financial and commodity markets, including macro - strategies, agricultural products, black metals, non - ferrous metals, and energy chemicals. It evaluates market trends, influencing factors, and offers corresponding investment suggestions based on different market segments. Summary by Catalog 1. Financial News and Reviews 1.1 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - **News**: Trump's potential removal of Fed governors may affect the Fed's independence, and the US housing price growth in June 2023 was the slowest since 2023 [11][12]. - **Review**: Trump's actions pose a challenge to the Fed's independence, putting downward pressure on the US dollar index [13]. - **Investment Suggestion**: The US dollar index faces downward pressure [14]. 1.2 Macro Strategy (US Stock Index Futures) - **News**: The US consumer confidence index in August fell slightly to 97.4, and the Fed responded to Trump's attempt to fire a governor [15][16]. - **Review**: If Trump successfully fires the governor and nominates a dovish official, market expectations of interest - rate cuts will rise, and US stocks may perform well [18]. - **Investment Suggestion**: Interest - rate cut trading continues to support market risk appetite, and US stocks are expected to fluctuate strongly [19]. 1.3 Macro Strategy (Stock Index Futures) - **News**: The State Council promotes high - quality development of service trade, and China will implement the "Artificial Intelligence +" action [20][21]. - **Review**: The A - share market sentiment has cooled slightly, but there is still upward momentum from the perspective of sentiment and capital [21]. - **Investment Suggestion**: Hold long positions in stock index futures [22]. 1.4 Macro Strategy (Treasury Bond Futures) - **News**: The 17th meeting of the 14th National People's Congress Standing Committee will be held from September 8th to 12th, and the central bank conducted a 405.8 - billion - yuan 7 - day reverse repurchase operation [23][24]. - **Review**: The bond market is mainly in a volatile state, and it is difficult to have a sustainable upward trend without special circumstances [26]. - **Investment Suggestion**: Be cautious with unilateral long positions; consider using long bond positions to hedge potential stock price corrections [26]. 2. Commodity News and Reviews 2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - **News**: Malaysia's palm oil production decreased in August, the US may exempt tariffs on Indonesian palm oil, and Malaysia seeks tax exemption for palm oil raw materials [27][28]. - **Review**: The oil market is in a weak and volatile state, and the impact of production changes is not significant [29]. - **Investment Suggestion**: The oil market is in a volatile state, and it is recommended to buy on dips [30]. 2.2 Black Metals (Coking Coal/Coke) - **News**: The price of metallurgical coke in Lvliang is strong, and some coking enterprises have proposed an 8th - round price increase [31]. - **Review**: The coking coal futures may adjust in the short term, but there is strong support below [32]. - **Investment Suggestion**: The futures price has short - term adjustment pressure, but strong support after adjustment [33]. 2.3 Agricultural Products (Sugar) - **News**: Pakistan initially bought 30,000 tons of sugar, India urged the sugar industry to reach a consensus on export quotas, and Brazil's sugar exports in August increased slightly [34][35][36]. - **Review**: Zhengzhou sugar futures fell due to factors such as approaching delivery and weak market sentiment [36]. - **Investment Suggestion**: Pay attention to the opportunity of going long on the 1 - month contract after a correction, with a target price of around 5,500 yuan/ton [37]. 2.4 Black Metals (Rebar/Hot - Rolled Coil) - **News**: The daily output of key steel enterprises in mid - August increased, and the national construction machinery start - up rate in July was 44.43% [38][39]. - **Review**: Steel prices continued to fluctuate downward, and the market sentiment was slightly weak [39]. - **Investment Suggestion**: Adopt a volatile trading strategy for steel prices [40]. 2.5 Agricultural Products (Pigs) - **News**: Aonong Bio's net profit in the first half of 2025 was 361 million yuan [41]. - **Review**: Near - month pig futures have limited rebound space, and there is a safety margin for the reverse spread structure [41]. - **Investment Suggestion**: Hold a short - term volatile view on the single - side, and pay attention to reverse spread opportunities [41]. 2.6 Agricultural Products (Red Dates) - **News**: The growth of red dates in Xinjiang is normal, and the futures price of the main contract is slightly up [42]. - **Review**: The supply and demand of red dates are weak, and there is uncertainty in production [43]. - **Investment Suggestion**: Adopt a wait - and - see strategy and focus on weather and research results [43]. 2.7 Agricultural Products (Corn Starch) - **News**: Corn starch continues to be weak in both production and sales areas [44]. - **Review**: The spot price of starch is weak, and the CS11 - C11 spread is under pressure [44]. - **Investment Suggestion**: Pay attention to the opportunity of widening the spread [44]. 2.8 Agricultural Products (Corn) - **News**: The growth of new - season corn in Henan is basically normal, with some local drought [45]. - **Review**: Corn futures fluctuate around 2,150 yuan/ton, and attention should be paid to new - crop production [46]. - **Investment Suggestion**: Hold short positions and 11 - 3 reverse spreads, and pay attention to 11 - 1 reverse spreads if the spread strengthens [46]. 2.9 Black Metals (Steam Coal) - **News**: The price of steam coal in Beigang was stable on August 26 [47]. - **Review**: The seasonal pressure on coal prices is increasing, and prices are expected to be weak [48]. - **Investment Suggestion**: Coal prices are expected to remain seasonally weak [48]. 2.10 Black Metals (Iron Ore) - **News**: The scale of the air - conditioning market from January to July reached 172 billion yuan [49]. - **Review**: Iron ore prices are in a weak and volatile state, and the impact of short - term factors on iron ore is limited [49]. - **Investment Suggestion**: Iron ore prices are expected to continue weak and volatile with limited decline [49]. 2.11 Non - Ferrous Metals (Lead) - **News**: Tibet Summit's metal production increased significantly in the first half of the year, and the US may add lead to the key minerals list [50][51]. - **Review**: Lead prices fluctuated upward, but there are concerns about supply and demand [51]. - **Investment Suggestion**: Adopt a wait - and - see strategy in the short term [53]. 2.12 Non - Ferrous Metals (Zinc) - **News**: Tibet Summit's metal production increased significantly in the first half of the year [54]. - **Review**: Zinc prices may fluctuate due to the influence of macro and fundamental factors [55]. - **Investment Suggestion**: Adopt a wait - and - see strategy for single - side trading, and pay attention to mid - line positive spread opportunities [55]. 2.13 Non - Ferrous Metals (Polysilicon) - **News**: Tongwei sold 161,300 tons of polysilicon in the first half of the year, and there were new developments in photovoltaic project component procurement [56][57]. - **Review**: The price of polysilicon is expected to rise, but there are concerns about over - supply [58]. - **Investment Suggestion**: Adopt a bullish view on dips for single - side trading, and pay attention to the 11 - 12 reverse spread opportunity at around - 2,000 yuan/ton [59]. 2.14 Non - Ferrous Metals (Industrial Silicon) - **News**: The US may add industrial silicon to the key minerals list [60]. - **Review**: The fundamentals of industrial silicon are weakening, but the price may be affected by other factors [61]. - **Investment Suggestion**: Pay attention to the production resumption of large factories and trade within the range of 8,200 - 9,500 yuan/ton [61][62]. 2.15 Non - Ferrous Metals (Lithium Carbonate) - **News**: Galan plans to start production of a lithium project in Argentina in the first half of 2026 [63]. - **Review**: The short - term inventory reduction may support the price, but there is supply uncertainty [64]. - **Investment Suggestion**: Pay attention to the opportunity of going long on dips and positive spreads [64]. 2.16 Non - Ferrous Metals (Nickel) - **News**: Indonesia's sovereign wealth fund signed a framework agreement with GEM to develop a green nickel processing center [65]. - **Review**: Nickel prices may be affected by factors such as inventory and supply - demand [66]. - **Investment Suggestion**: Pay attention to short - term trading opportunities and mid - line short - selling opportunities [67]. 2.17 Non - Ferrous Metals (Copper) - **News**: The US may add copper to the key minerals list, and there are developments in copper mining projects [68][69][70]. - **Review**: Copper prices are in a high - level volatile state, and the short - term upward trend is not obvious [71]. - **Investment Suggestion**: Adopt a short - term long - on - dips strategy for single - side trading and a wait - and - see strategy for spreads [71]. 2.18 Energy Chemicals (Crude Oil) - **News**: API crude oil and refined product inventories decreased [72]. - **Review**: Oil prices are in a range - bound state, waiting for new drivers [72]. - **Investment Suggestion**: Maintain range - bound trading and wait for new drivers [73]. 2.19 Energy Chemicals (Carbon Emissions) - **News**: The closing price of CEA on August 26 was 69.69 yuan/ton [73]. - **Review**: The carbon market price is in a narrow - range volatile state [73]. - **Investment Suggestion**: CEA prices are expected to fluctuate in the short term [74]. 2.20 Energy Chemicals (Caustic Soda) - **News**: The price of caustic soda in Shandong was stable on August 26 [75]. - **Review**: The price of caustic soda is expected to remain high, but the upward space is limited [77]. - **Investment Suggestion**: Be cautious when chasing high prices [77]. 2.21 Energy Chemicals (Pulp) - **News**: The price of imported wood pulp showed mixed trends [78]. - **Review**: The fundamentals of pulp are weak, and the price is expected to fluctuate [78]. - **Investment Suggestion**: The pulp market is expected to fluctuate [79]. 2.22 Energy Chemicals (PVC) - **News**: The price of PVC powder decreased slightly [80]. - **Review**: The fundamentals of PVC are weak, but the price is expected to fluctuate [80]. - **Investment Suggestion**: The PVC market is expected to fluctuate in the short term [80]. 2.23 Energy Chemicals (Bottle Chips) - **News**: The export price of bottle chips was partially raised [81]. - **Review**: The inventory of bottle chips is decreasing, but attention should be paid to new capacity [83]. - **Investment Suggestion**: Pay attention to the impact of new capacity on processing fees [83]. 2.24 Energy Chemicals (PTA) - **News**: A 2.5 - million - ton PTA plant in East China will be under maintenance [84]. - **Review**: The short - term supply - demand pattern of PTA has improved, and the price is expected to be strong [84]. - **Investment Suggestion**: Adopt a short - term long - on - dips strategy [85]. 2.25 Energy Chemicals (Styrene) - **News**: A 500,000 - ton/year styrene plant in Shandong is under maintenance [86]. - **Review**: The situation of styrene in September has improved marginally, but there may be pressure in the fourth quarter [87]. - **Investment Suggestion**: Pay attention to policy variables at home and abroad [87]. 2.26 Energy Chemicals (Soda Ash) - **News**: The production of a 5 - million - ton/year soda ash plant in Inner Mongolia is reduced [88]. - **Review**: The price of soda ash is weak, and the market sentiment is not strong [88]. - **Investment Suggestion**: Adopt a short - selling strategy on rallies and pay attention to supply - side disturbances [88]. 2.27 Energy Chemicals (Float Glass) - **News**: The price of float glass in Shahe was stable on August 26 [89]. - **Review**: The glass market is in a volatile state, and the demand improvement is limited [89]. - **Investment Suggestion**: Be cautious with single - side trading and focus on spread trading [90]. 2.28 Shipping Index (Container Freight Rate) - **News**: Premier Alliance adjusted its shipping routes [91]. - **Review**: The spot freight rate is weak, and the supply - demand situation is not optimistic [92]. - **Investment Suggestion**: The 10 - month contract will test the support level of 1,300 yuan/FEU [92].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The domestic market is in a resonance period of "policy bottom + capital bottom + valuation bottom", and the market trend is likely to continue, but it is necessary to adapt to the accelerating sector rotation and structural differentiation [2][10]. - With the loosening of market liquidity, the price of treasury bond futures has stabilized, but beware of the suppression of the bond market sentiment by the stock - bond seesaw effect [11]. - The overall trend of precious metals may be strong under the increasing expectation of interest rate cuts [3][18]. - The copper price may fluctuate within a range due to the interweaving of multiple factors [3][19]. Summary by Directory 1. Main News Concerns of the Day International News - The Trump administration plans to impose a 50% tariff on Indian products starting from August 27, 2025 [4]. Domestic News - The Hong Kong Treasury Bureau Chief reminded the public to be cautious about stablecoins, which are positioned as payment tools with a lower cost compared to bank payments [6]. - Shanghai introduced a series of real - estate new policies, including relaxed purchase restrictions, increased housing provident fund loan limits, and adjusted mortgage interest rates and property tax policies [1][7]. 2. Daily Returns of Overseas Markets - The S&P 500, European STOXX 50, London Gold, London Silver, etc. declined, while the FTSE China A50 futures, ICE Brent crude oil, etc. rose on August 25 compared to August 24 [8]. 3. Morning Comments on Major Varieties Financial - **Stock Index**: The domestic market has favorable factors such as loose liquidity, policy support, and easing external risks. The CSI 500 and CSI 1000 are more offensive, while the SSE 50 and SSE 300 are more defensive [2][10]. - **Treasury Bonds**: The price of treasury bond futures has stabilized with the loosening of market funds, but the strong equity market may suppress the bond market [11]. Energy and Chemicals - **Crude Oil**: The sc night - session rose. A Russian refinery was attacked, and OPEC+ may discuss further production increases in September. Pay attention to OPEC's production increase [12]. - **Methanol**: The coastal methanol inventory has increased significantly. The short - term trend is mainly bullish [13]. - **Rubber**: Affected by typhoons and the rainy season, the supply side provides support, while the demand side is weak. The short - term trend is expected to stop falling and rebound [14]. - **Polyolefins**: The futures prices rebounded slightly. The market is mainly driven by supply and demand, and pay attention to the autumn restocking market [15][16]. - **Glass and Soda Ash**: The prices of glass and soda ash futures stopped falling. Pay attention to the autumn consumption to help digest inventory [17]. Metals - **Precious Metals**: The expectation of interest rate cuts in September has increased, and the overall trend of precious metals may be strong [3][18]. - **Copper**: The copper price may fluctuate within a range due to the tight concentrate supply and mixed downstream demand [3][19]. - **Zinc**: The zinc price may fluctuate weakly within a range due to the expected increase in smelting production and mixed downstream demand [20]. - **Lithium Carbonate**: The short - term price is affected by sentiment. If the inventory starts to decline, the lithium price may rise further [21][22]. Black Metals - **Iron Ore**: The demand for iron ore is supported, but the medium - term supply - demand imbalance pressure is large. The later trend is expected to be oscillating and bullish [23]. - **Steel**: The supply - demand contradiction in the steel market is not significant for the time being. The short - term adjustment is expected, and the later trend is expected to be oscillating and bullish [24]. - **Coking Coal and Coke**: The short - term trend is in a wide - range oscillation due to the game between multiple factors [25]. Agricultural Products - **Protein Meal**: The short - term adjustment of domestic soybean meal is weak, but it is expected to be relatively strong in the long - term [26]. - **Oils and Fats**: The short - term trend of oils and fats is expected to be oscillating [27][28]. - **Sugar**: The domestic and international sugar markets are expected to maintain an oscillating trend [29]. - **Cotton**: The short - term trend of Zhengzhou cotton is expected to be oscillating and bullish, but the upside space is limited [30]. Shipping Index - **Container Shipping to Europe**: The freight rate of the European line is in a downward trend, and the short - term is expected to continue the phased decline [31].

Group 1 - Dalian is enhancing its port and logistics infrastructure to establish itself as an international shipping and logistics center in Northeast Asia, with 236 port operating licenses and 131 deep-water berths over 10,000 tons [1] - The new foreign trade container shipping routes have increased to 4, bringing the total to 106, connecting over 300 ports in 160 countries and regions, handling over 98% of the Northeast region's foreign trade container transshipment tasks, with a container throughput of 2.62 million TEUs, a year-on-year increase of 2.8% [1] - Dalian's logistics hub has been included in the national logistics hub construction list, which will further promote the development of the international shipping and logistics center and enhance the logistics industry's transformation and efficiency [1] Group 2 - Financial institutions are increasing funding support for enterprise development in Dalian, with Agricultural Bank of China injecting nearly 20 billion yuan in credit funds for port area business development [2] - Other banks are focusing on specific logistics needs, such as cold chain logistics upgrades and providing financial support for the shipbuilding industry, addressing challenges like first-time loan difficulties [2] - The local government aims to reduce logistics costs and enhance the capabilities of Dalian's international shipping and logistics centers to support high-quality development [2]

Core Viewpoint - The "Digital Comprehensive Bonded Zone" initiative in Yangshan Special Comprehensive Bonded Zone is enhancing operational efficiency and facilitating innovative business models through the integration of electronic documents and data management systems [1][2][10]. Group 1: Digital Transformation and Efficiency - The "Digital Comprehensive Bonded Zone" is built on an integrated information management service platform, enhancing regulatory oversight while maximizing business efficiency [2][10]. - The "Three Document Integration" (electronic bill of lading, electronic delivery order, and electronic warehouse receipt) has significantly reduced logistics costs by 30% and improved funding turnover efficiency by over 80% [5][7]. - Traditional processes that took 5-7 working days for financing have been compressed to real-time disbursement, showcasing the efficiency of the new digital processes [5][7]. Group 2: Innovative Business Models - The integration of electronic documents allows for a drastic reduction in document processing times, with electronic bills of lading taking only 1-2 hours and electronic delivery orders taking 3-4 minutes [7]. - The new business model is expected to stimulate growth across the entire supply chain, transforming operational challenges into profit opportunities [7][8]. - The platform enables real-time tracking and management of goods, enhancing regulatory efficiency and convenience for enterprises [8]. Group 3: Market Expansion and Global Reach - The digital transformation has allowed companies to expand their market reach beyond China, with strong demand from clients in Asia-Pacific, Korea, Australia, and the Americas [9]. - The Yangshan Special Comprehensive Bonded Zone has facilitated the completion of 41 digital fuel supply services, significantly improving the efficiency and reliability of international shipping fuel supply [9]. Group 4: Economic Impact and Growth Metrics - The Yangshan Special Comprehensive Bonded Zone has achieved a cumulative import and export value exceeding 1.05 trillion yuan, with an annual compound growth rate of 22% [11]. - In the first seven months of this year, the import and export value reached 211 billion yuan, reflecting a year-on-year growth of 32% [11].

Core Insights - The article highlights the significant growth and development of the Yangshan Special Comprehensive Bonded Zone since the start of the 14th Five-Year Plan, with an average annual growth rate of 6% in import and export volume [5][6] - The total investment in key projects related to cutting-edge technology has exceeded 730 billion yuan, indicating strong investment interest in the region [7] - The offshore trade scale is projected to reach 11 billion USD by 2024, reflecting a substantial increase from previous years [17] Group 1: Economic Growth Metrics - The cumulative value of bonded maintenance imports and exports is expected to reach 16.715 billion yuan, showing a year-on-year growth of 180% [8] - From 2019 to 2024, the average annual growth in fixed asset investment in the manufacturing sector is noted [10] - The total output value of four key frontier industries, including integrated circuits and biomedicine, is projected to grow annually until 2024 [11] Group 2: Investment and Financial Developments - The cumulative registered international vessels under the "China Yangshan Port" international ship registry has been increasing [14] - The number of foreign direct investment projects has seen a significant increase, with a cumulative investment amount of 7.022 billion USD [19] - By 2024, the number of listed companies both domestically and internationally is expected to rise significantly from 9 in 2020 [27][28] Group 3: Technological Advancements - The number of licenses issued for intelligent connected vehicles has reached 47.5, with a total testing mileage of approximately 18 million kilometers [31][33] - The issuance of licenses for driverless intelligent connected vehicles has also been notable, with 41 licenses granted [32]

此外，特区政府亦已成立专责小组，检视与黄金交易相关的各个范畴，在年内可以公布有关方案，推动 香港发展成为国际黄金交易中心，包括实体的黄金交割。 陈茂波表示，去年香港特区行政长官《施政报告》提出建设"大宗商品交易生态圈"，这是具重要战略意 义的布局。大宗商品支撑着全球一半的航运货量。尽管美国关税战或许在短期内压抑有色金属的价格， 但长远来説，随着新能源及高新科技产业的蓬勃发展，全球对相关金属的需求会持续上升，市场机遇相 当巨大。 我国是制造业规模世界第一、工业门类最齐全的工业大国，对有色金属的需求量庞大，同时也拥有丰富 金属资源和领先的精炼技术，多种金属的产量位居世界前列。在当前地缘政治深度重塑全球贸易格局之 际，加入LME的交割网络，是香港构建大宗商品交易生态的重要一步，对服务国家发展战略和进一步 巩固提升香港国际金融与航运中心地位也具重要意义。 智通财经APP获悉，8月19日，财政司司长陈茂波出席华润物流和GKE合作营运的LME(伦敦金属交易 所)交割仓揭牌仪式时指，大宗商品，特别是有色金属，对全球各国的工业和产业发展非常关键。加入 LME的交割网络，是香港构建大宗商品交易生态的重要一步，对服务国家发展战略 ...

Core Viewpoint - The article discusses the performance of the Shanghai Composite Index and the Hang Seng Index on August 18, highlighting the premium of China Merchants Industry Holdings Co., Ltd. (中远海发) in the A/H share market, as well as providing an overview of the company's operations and market position [1]. Company Overview - China Merchants Industry Holdings Co., Ltd. is a subsidiary of China Ocean Shipping Group Co., Ltd. and specializes in shipping logistics and financial operations [1]. - The company was established in 1997 and is headquartered in Shanghai, listed on both the Hong Kong and Shanghai stock exchanges [1]. - The company focuses on container manufacturing, leasing, and shipping leasing, supported by investment management to achieve integrated development [1]. Container Manufacturing - The container manufacturing business involves the research, development, and production of international standard dry cargo containers, refrigerated containers, and special containers [1]. - The company has an annual production capacity exceeding 1.4 million TEUs, ranking second in the world [1]. - Its customer base includes globally recognized shipping companies and major container leasing firms [1]. Competitive Strategy - The company aims to enhance its core competitiveness through technological innovation and a green low-carbon transformation [1]. - It is committed to building a world-class logistics equipment technology enterprise [1].

Group 1 - The Shanghai Composite Index rose by 0.48% to close at 3683.46 points, while the Hang Seng Index increased by 2.58% to 25613.67 points [1] - China Merchants Industry Holdings Co., Ltd. (the "Company") has an A/H premium of 127.84%, ranking 15th among A/H shares [1] - The Company’s A shares closed at 2.52 yuan, down 0.4%, and H shares closed at 1.21 HKD, remaining flat [1] Group 2 - The Company is a subsidiary of China Ocean Shipping Group Co., Ltd. ("COSCO Shipping Group") and specializes in shipping logistics and financial operations [1] - Established in 1997 and headquartered in Shanghai, the Company is listed in both Hong Kong and Shanghai [1] - The Company focuses on container manufacturing, leasing, and shipping leasing, supported by investment management to achieve integrated development [1] - The container manufacturing business has an annual design capacity exceeding 1.4 million TEU, making it the second largest in the world, serving globally recognized shipping lines and leasing companies [1] - The Company aims to enhance its core competitiveness through technological innovation and green low-carbon transformation, striving to become a world-class logistics equipment technology enterprise [1]