Core Viewpoint - Ningbo Marine Transportation (600798) reported a revenue of 1.157 billion yuan for the first half of 2025, reflecting a year-on-year growth of 11.33% [1] Financial Performance - The company recorded a net profit attributable to shareholders of -39.23 million yuan, with a basic earnings per share of -0.0325 yuan [1] - The total freight volume reached 25.2128 million tons, an increase of 16.90% compared to the same period last year [1] - The turnover volume was 69.513 billion ton-kilometers, showing a growth of 28.63% year-on-year [1] Revenue Breakdown - Revenue from waterway transportation business amounted to 927.22 million yuan, up by 15.17% year-on-year [1] - Revenue from toll road operations was 223.07 million yuan, which represents a decline of 3.48% compared to the previous year [1]

格隆汇8月21日丨宁波海运(600798.SH)公布2025年半年度报告，报告期实现营业收入11.57亿元，同比增 长11.33%；归属于上市公司股东的净利润-3923.36万元；基本每股收益-0.0325元。 ...

宁波海运公告，2025年上半年营业收入11.57亿元，同比增长11.33%。归属于上市公司股东的净亏损 3923.36万元，上年同期净亏损1838.2万元。基本每股收益-0.0325元／股，上年同期为-0.0152元／股。 ...

東方海外（國際）有限公司 2025 Interim Results | 2025 年中期業績 2 (1) The information/contents herein includes both data provided from Orient Overseas (International) Limited ("OOIL") and its affiliates and data obtained from relevant third-party information provider(s). Such information/contents is purely intended for your reference only and is subject to changes/updates at any time without further notice. (2) The information/contents herein is not a recommendation, an offer to buy, sell or trade in nor solicitation of an ...

Core Insights - The Shanghai Free Trade Zone Lingang New Area has achieved significant milestones in its six years of establishment, integrating deeply into the global value chain and enhancing its regional economic scale [1][2]. Group 1: Digital Transformation - The launch of the "Digital Comprehensive Bonded Zone" platform aims to fully digitize the Yangshan Special Comprehensive Bonded Zone, improving the efficiency and security of document processing in shipping and trade [1]. - The platform integrates "electronic bills of lading, electronic delivery orders, and electronic warehouse receipts," allowing companies to apply for pledge financing from banks using electronic documents [1]. Group 2: Institutional Innovations - Over the past six years, the Lingang New Area has implemented 166 innovative institutional cases, including 79 that are nationally pioneering, across offshore trade, cross-border finance, cross-border healthcare, and high-end shipping [2]. Group 3: Data Cross-Border Flow - The Lingang New Area is conducting higher-level open pressure tests regarding cross-border data flow, having introduced a negative list and operational guidelines for data export [3]. - As of June this year, over 200 companies in the area have improved their cross-border data flow efficiency by 70% [3]. Group 4: Future Plans - The Lingang New Area plans to steadily expand its institutional openness and implement a strategy to enhance the free trade pilot zone, aligning with international high-standard economic and trade rules [5].

Price Trends - Shanghai Export Container Freight Index (SCFIS) for Europe route is at 2180.17 points, down 2.5% from the previous period[3] - Ningbo Export Container Freight Index (NCFI) for Europe route is at 1188.7 points, down 5.5% from the previous period[3] - SCFIS for the US West route is at 1106.29 points, up 2.2% from the previous period[3] Market Conditions - Current spot prices are experiencing slight declines amid geopolitical tensions and tariff negotiations, suggesting a cautious market outlook[5] - The main contract closed at 1355.0, with a decline of 1.33% and a trading volume of 27,500 contracts[5] Economic Indicators - Eurozone July Manufacturing PMI is at 49.8, slightly above the expected 49.7, indicating a marginal improvement in manufacturing conditions[3] - US July Manufacturing PMI preliminary value is at 49.5, below the expected 52.7, indicating a contraction in manufacturing activity[4] Strategic Recommendations - Short-term strategy suggests maintaining a weak position in main contracts while considering light positions around 1300 for contract 2510[6] - Long-term strategy advises waiting for stabilization before making further directional judgments on contracts[6]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Due to geopolitical conflicts and tariff uncertainties, the game is difficult, so it is recommended to participate with a light position or wait and see [5] - The spot freight rate maintains a downward trend, the futures market is weakly volatile with large recent fluctuations, and it is not recommended to increase positions. Set stop - losses [2] - Pay attention to tariff policies, the Middle East situation, and spot freight rates [5] 3. Summary by Related Content Freight Index - On August 18, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2180.17 points, down 2.5% from the previous period; the SCFIS for the US - West route was 1106.29 points, up 2.2% from the previous period [3] - On August 15, the Ningbo Export Container Freight Index (NCFI) composite index was 1052.5 points, down 0.1% from the previous period; the NCFI for the European route was 1188.7 points, down 5.5% from the previous period; the NCFI for the US - West route was 1042.91 points, down 5.9% from the previous period [3] - On August 15, the Shanghai Export Container Freight Index (SCFI) was 1460.19 points, down 29.49 points from the previous period; the SCFI for the European route was 1820 USD/TEU, down 7.2% from the previous period; the SCFI for the US - West route was 1759 USD/FEU, down 3.5% from the previous period [3] - On August 15, the China Export Container Freight Index (CCFI) composite index was 1193.34 points, down 0.6% from the previous period; the CCFI for the European route was 1790.47 points, down 0.5% from the previous period; the CCFI for the US - West route was 981.1 points, down 5.9% from the previous period [3] Economic Data - In July, the eurozone's manufacturing PMI was 49.8, higher than the expected 49.7 and the previous value of 49.5; the service PMI was 51.2, exceeding the expected 50.7 and the previous value of 50.5; the composite PMI was 51, higher than the expected 50.8 and the previous value of 50.6 [3] - The eurozone's SENTIX investor confidence index in July reached 4.5, significantly higher than 0.2 in June and the market - expected 1.1, hitting the highest level since April 2022 [3] - China's manufacturing PMI in July was 49.3%, down 0.4 percentage points from the previous month, and the manufacturing prosperity level declined [4] - The initial value of the US S&P Global manufacturing PMI in July was 49.5 (expected 52.7, previous value 52.9); the initial value of the service PMI was 55.2 (expected 53, previous value 52.9); the initial value of the Markit composite PMI was 54.6, the highest since December 2024, better than the expected 52.8 and the previous value of 52.9 [4] Market Situation - As of August 20, the Israeli side has not responded to the new cease - fire agreement proposed by Hamas, and the Israeli military has approved an offensive plan for Gaza City [7] - Sino - US tariffs continue to be extended, and there is no substantial progress in the negotiations. The tariff war has evolved into a trade negotiation issue between the US and other countries, and the spot price has slightly decreased [5] - On August 20, the closing price of the main contract 2510 was 1355.0, a decline of 1.33%, with a trading volume of 27,500 lots and an open interest of 51,700 lots, a decrease of 1072 lots from the previous day [5] Investment Strategies - Short - term strategy: The main contract is weak, and the far - month contract is strong. Risk - takers can try to go long lightly near 1300 for the 2510 contract and near 1750 for the 2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [6] - Arbitrage strategy: In the context of international situation turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [6] - Long - term strategy: It is recommended to take profits when the contracts rise, wait for the callback to stabilize, and then judge the subsequent direction [6] Contract Adjustments - The daily price limit for contracts from 2508 to 2606 is adjusted to 18% [6] - The margin for contracts from 2508 to 2606 is adjusted to 28% [6] - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [6]

Report Industry Investment Rating No information about the report's industry investment rating is provided in the given content. Core Viewpoints - The top of the August contract's freight rate has emerged, and the continuous downward revision of the freight rate brings uncertainty to the estimated delivery settlement price, with the final estimated settlement price around 2100 points [4]. - The October contract should be mainly short - allocated during the off - season, and the focus is on the downward slope of the freight rate. Under normal circumstances, the price in October is 20% - 30% lower than that in August. In the context of a large discount, it is relatively safe to short - allocate the EC2510 contract on rallies, but excessive short - chasing should be avoided [4][5]. - The seasonal pattern of peak and off - seasons still exists for the December contract, and the risk lies in whether the Suez Canal will reopen. In regular years, the price in December is generally more than 10% higher than that in October [6]. - For strategies, the main contract is expected to fluctuate weakly on a single - side basis, and it is advisable to short the October contract on rallies for arbitrage [8]. Summary by Directory 1. Market Analysis - **Online Quotations**: Different shipping companies have different price quotations for different routes and time periods. For example, Gemini Cooperation's Maersk Shanghai - Rotterdam price in week 36 is 1290/2160; HPL's various time - period quotations are relatively stable at 1535/2435. Many other shipping companies' prices are also provided, and the prices of some shipping companies are showing a downward trend [1]. - **Geopolitical Situation**: Hamas condemned Israel's military action "Gideon Chariot 2", stating that Israel is continuing the 22 - month - long genocide war and ignoring the efforts of mediators to promote a cease - fire and the exchange of detainees [2]. - **Shipping Capacity**: The average weekly shipping capacity from China to European base ports in the remaining two weeks of August is 283,100 TEU, with 262,300/304,000 TEU in weeks 34/35 respectively. The average weekly shipping capacity in September is 315,800 TEU, and in October it is 281,300 TEU. There are also information about overtime ships and empty sailings [3]. 2. Futures Contracts Analysis - **August Contract**: The freight rate has reached its peak and is continuously declining. The final estimated delivery settlement price is around 2100 points [4]. - **October Contract**: It is an off - season contract, mainly short - allocated. The normal price in October is 20% - 30% lower than that in August. Currently, the freight rates of many shipping companies are falling, and HPL's two overtime ships in October may put pressure on the spot price. In the context of a large discount, it is relatively safe to short - allocate the EC2510 contract on rallies, but not to chase short excessively [4][5]. - **December Contract**: The seasonal pattern of peak and off - seasons still exists, and the risk is whether the Suez Canal will reopen. In regular years, the price in December is generally more than 10% higher than that in October [6]. 3. Shipping Company Price Trends - Many shipping companies' prices are showing a downward trend. For example, Maersk's week 36 price drops to 2100 US dollars/FEU, HPL's late - August freight rate drops to 2435 US dollars/FEU, and the prices of OA and PA alliances also follow the downward trend [5]. 4. Shipping Capacity and Market Trends - 2025 is a big year for container ship deliveries. As of August 15, 2025, 167 container ships have been delivered, with a total capacity of 1.318 million TEU [8]. - The current shipping market is affected by multiple factors, including geopolitical situations, shipping capacity adjustments, and the off - peak and peak seasons, which jointly affect the freight rate trends [2][3][4][5][6].

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The overall strategy maintains the logic of shorting on rallies. This is because the overall situation in September is loose, the subsequent drivers continue to be weak; currently, the October contract is at a discount of about 450 points to the spot, and there is still expected to be room for decline; the valuation of the far - month contracts is unclear, more affected by drivers, and due to low positions, they are greatly affected by macro and capital behaviors [2][16] 3. Summary by Relevant Content 3.1 EC Futures Contract Price and Month - spread - **Contract Prices**: On August 21, 2025, the closing prices of EC2508, EC2510, EC2512, EC2602, EC2604, and EC2606 were 2123.0, 1355.0, 1775.9, 1532.0, 1314.3, and 1480.0 respectively, with changes of - 0.20%, - 1.12%, 0.05%, - 0.22%, - 0.67%, and - 0.82% [2][16] - **Month - spreads**: The month - spreads of EC2508 - 2510, EC2510 - 2512, and EC2512 - 2602 on the previous day were 768.0, - 420.9, and 243.9 respectively, with daily changes of 11.0, - 16.2, and 4.3 [2][16] 3.2 Shipping Indexes - **SCF (European Line)**: On August 18, 2025, the value was 2180.17, a decrease of 2.47% from the previous period [2][16] - **CCFI**: On August 15, 2025, it was 1790.47 points, a decrease of 0.48% from the previous period [2][16] - **NCFI**: On August 15, 2025, it was 1188.69 points, a decrease of 5.49% from the previous period [2][16] 3.3 Weekly Booking Situation - **Week 34 - 35**: Currently, downstream is booking week 34 - 35 (end of August) positions. The final average price of week 34 was 2850 US dollars (2000 points). The current average quote of week 35 is 2625 US dollars (1840 points), with PA Alliance at 2500 US dollars, MSK at 2300 US dollars, and OA Alliance at 2700 - 2800 US dollars. Fundamentally, MSK is better, OA is average, and PA is worse [2][16] - **Week 35 - 36**: Currently, downstream is booking week 35 - 36 (end of August to early September) positions. The average price of week 35 is 2575 US dollars (1770 points), and that of week 36 is 2400 US dollars (1630 points) [3][17] 3.4 Shipping Capacity - The weekly average shipping capacities in August, September (tentatively), and October 2025 are 328,000, 312,000, and 315,000 TEU respectively. After planning all TBN sailings to be cancelled, they are 328,000, 297,000, and 283,000 TEU [2][16]

Core Insights - The China Securities State-Owned Enterprises Dividend Index (000824) has shown an upward trend, with notable increases in constituent stocks such as Luxi Chemical (000830) up by 5.52% and Nanjing Steel (600282) up by 2.54% [1][2] - Market analysts suggest that the ongoing market rise is prompting profit-taking and a shift towards defensive sectors, with institutional and individual investors actively positioning themselves to mitigate risks [1] - The current macroeconomic environment is transitioning towards a "de-involution" phase, indicating a potential recovery in corporate profits, which may enhance the price elasticity of dividend assets as fundamental expectations improve [1] Index and ETF Details - The China Securities State-Owned Enterprises Dividend Index comprises 100 listed companies selected for their high and stable cash dividend yields, reflecting the overall performance of high-dividend securities among state-owned enterprises [2] - As of July 31, 2025, the top ten weighted stocks in the index include COSCO Shipping Holdings (601919) and Jizhong Energy (000937), collectively accounting for 16.77% of the index [2][4] - The National Enterprise Dividend ETF (159515) closely tracks the performance of the China Securities State-Owned Enterprises Dividend Index, with a recent price of 1.16 yuan [1][2]