Core Viewpoint - The global shipping industry is facing the strictest carbon emission regulations in history, with the revised Annex VI of the International Convention for the Prevention of Pollution from Ships (MARPOL) coming into effect on August 1, 2023, prompting the need for new practices and technologies to meet stringent emission reduction requirements [1][3]. Group 1: Regulatory Changes and Industry Response - The revised MARPOL Annex VI is a new and very strict regulation that requires shipping companies to adopt new practices and technologies to comply with emission reduction targets [3]. - The Norwegian classification society is assisting clients in developing compliance strategies and understanding new regulations, while also providing technical advice on alternative fuels and energy-saving devices [3]. - The introduction of carbon taxes is expected to drive shipowners to invest in new technologies and improve energy efficiency, with financial institutions increasingly favoring green projects [3]. Group 2: Market Dynamics and Bilateral Trade - China is Norway's largest trading partner in Asia, with bilateral trade expected to reach $10.18 billion in 2024, a year-on-year increase of 31.7% [4]. - The Norwegian classification society has seen rapid growth in China, with its market share in the region accounting for approximately 28% of its global business [4]. - China's shipbuilding industry remains the largest globally, with completion, new orders, and backlog accounting for 51.7%, 68.3%, and 64.9% of the global total, respectively, as of the first half of 2025 [4]. Group 3: Decarbonization Challenges - The transition to decarbonization in shipping is a gradual process, with approximately 92% of the current fleet still using traditional fuels [6]. - The speed of transition depends on various factors, including infrastructure for new fuels, production scale, and the high costs associated with these transitions [6]. - Operational optimization measures, such as speed reduction and route optimization, can be implemented even for existing fleets using traditional fuels [6]. Group 4: Digitalization and Innovation - The Norwegian classification society emphasizes the importance of energy-saving technologies in reducing shipping emissions and achieving international maritime organization goals [11]. - Digital technologies are being utilized to monitor vessel operational data, allowing shipowners to better understand fuel consumption and improve operational efficiency [11][12]. - Collaborative efforts between Norwegian and Chinese teams are focused on advancing digitalization and smart technologies in the shipping industry [12]. Group 5: Future of Fuel and Shipbuilding - The future of shipping fuel will not rely on a single solution, but rather a mix of fuels depending on various factors such as vessel type and trade area [15]. - Norway has issued over 20 Approval in Principle (AiP) certificates to Chinese shipyards for various green fuel adaptation solutions and technologies [15]. - China's shipbuilding industry has evolved into a leader in high-end shipbuilding, with significant advancements in LNG carrier construction and other specialized vessels [16].

环球市场动态 需 求 支 撑 短 期 港 元 偏 强 运 行 股 票 A 股午后大幅拉升，科创 50 大涨 创年内新高；港股午后回暖，新消 费领涨大市；欧洲股市表现分化， 市场等待 Jackson Hole 年会；美股 一度大跌后平息跌幅，标指四连跌， 市场从科技龙头切换至风险较低的 板块。 外 汇 / 商 品 交易员持续关注俄乌谈判进展，但 美国原油库存下降下周三国际油价 上涨超 1%；市场焦点转向鲍威尔 在杰克逊霍尔全球央行年会将发表 的讲话，美元指数变动不大，国际 金价和铜价走高。 固 定 收 益 美国国债周三收盘小幅上涨，特朗 普称美联储理事 Cook 必须马上辞 职后，短债收益率短暂下跌。美国 20 年期美债拍賣获良好需求，支撑 长债表现。美联储最新政策会议纪 要显示 FOMC 委员普遍担忧通膨 压力，但对市场影响有限。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 8 月 21 日 ▪ 中国香港金管局在今年 5 月大规模释放流动性后，美港利差持续较高以及港币需求阶段性有所下降，导致此前 6 月与 7 月港元汇率承压。但 ...

Group 1: General Information - Report title: "集运指数日报" [1] - Date: August 21, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] - Team: Macro Finance Team [4] Group 2: Investment Rating - There is no information about the industry investment rating in the report. Group 3: Core Viewpoints - The spot freight rate has entered a downward channel, and the SCFIS has continued to decline this week. Although the price has stabilized, the demand side is unlikely to improve significantly due to the impact of tariffs, and the shipping capacity supply is at a relatively high level in the off - season. The freight rate this year may show the characteristic of an even more off - season. The short - term futures decline may narrow, but it may still show a downward trend in the long term. It is recommended to short the 10 - contract on rallies [8]. Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Spot market: The SCFIS has continued to decline to 2180.17 points this week. The August freight rate has been adjusted downward, and now the price has stabilized. For example, Maersk's 40GP container price for the fourth week of August on the Shanghai - Rotterdam route is about $300 lower than that of the third week, and the quotes of other shipping companies are concentrated in the range of $2500 - $2900. CMA CGM and ONE plan to increase the September freight rate slightly compared to the end of August [8]. - Market outlook: Due to the uncertainty of tariffs and the large actual damage to foreign trade, the demand side is difficult to improve significantly. The shipping capacity supply is at a relatively high level in the off - season. The 10 - contract is deeply at a discount, and the short - term futures decline may narrow. In the long term, it may still show a downward trend, and it is recommended to short the 10 - contract on rallies [8]. 2. Industry News - China's export container shipping market: From August 11 to August 15, the market continued to adjust, and the freight rates of most routes declined, dragging down the composite index. The Shanghai Export Containerized Freight Index on August 15 was 1460.19 points, a 2.0% decline from the previous period [9]. - European routes: Germany's ZEW economic sentiment index in August dropped to 34.7, far lower than market expectations, ending three consecutive months of recovery. The eurozone's overall data is consistent with Germany's. The freight demand lacks growth momentum, and the spot booking price continues to decline. On August 15, the freight rate from Shanghai Port to European basic ports was $1820/TEU, a 7.2% decline from the previous period [9]. - Mediterranean routes: The market situation is synchronized with European routes, and the freight rate continues to decline. On August 15, the freight rate from Shanghai Port to Mediterranean basic ports was $2279/TEU, a 1.7% decline from the previous period [10]. - North American routes: The US PPI in July increased by 3.3% year - on - year, far exceeding market expectations. The US customs tariff revenue in July reached $28 billion, a 273% increase from the same period last year, but the fiscal deficit increased by 10% year - on - year. The market supply - demand fundamentals are weak, and the shipping market continues to adjust. On August 15, the freight rates from Shanghai Port to the US West and East basic ports were $1759/FEU and $2719/FEU respectively, down 3.5% and 2.6% from the previous period [10]. - International shipping security: The Houthi armed forces' threat to global shipping has escalated. They have attacked Israel's Ben - Gurion International Airport and announced "sanctions" on 64 shipping companies. If the conflict worsens significantly, it may boost futures prices in the short term [10]. - Israel - Yemen conflict: Israel has carried out multiple air strikes on Yemen's Hodeidah Port, which is crucial for Yemen's trade and humanitarian supplies [10]. 3. Data Overview - Spot freight rates: The SCFIS for the European route (basic ports) on August 18 was 2180.17 points, a 2.5% decline from August 11; the SCFIS for the US West route (basic ports) was 1106.29 points, a 2.2% increase from August 11 [12]. - Futures market: The trading data of eight container shipping European line futures contracts on August 20 are provided, including the previous settlement price, opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6]. - Shipping - related data: The report also includes charts of European container ship capacity, global container ship orders, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [18][21]

Core Viewpoint - Hai Feng International (01308) shares rose nearly 5%, reaching a new high of HKD 30.48, following the announcement of strong half-year results, indicating robust demand and effective cost control in the shipping industry [1] Financial Performance - Revenue for the first half was approximately USD 1.6645 billion, a year-on-year increase of 28.0% [1] - Gross profit was about USD 669.4 million, up 66.3% year-on-year, with gross margin increasing from 31.0% to 40.2% [1] - Profit reached USD 633.4 million, reflecting a 79.5% year-on-year growth, with basic earnings per share at USD 0.24 [1] Operational Insights - Revenue growth was primarily driven by a 7.3% increase in container volume and a 22.8% rise in average freight rates [1] - Strong demand in the Asian region coupled with limited supply led to significant year-on-year increases in freight rates, benefiting the company [1] Cost Management - Despite an increase in chartered vessel numbers leading to higher rental costs, effective cost control in cargo transportation and voyage expenses kept per-container costs stable [1] Dividend Policy - The company proposed an interim dividend of USD 0.17 per share, with a payout ratio of 71%, resulting in an annualized dividend yield of 9.7% [1] Future Outlook - The current issue of aging feeder vessels and low order backlog suggests long-term supply constraints [1] - Potential implementation of the proposed US 301 measures in October could tighten feeder vessel supply further by exempting charges for vessels under 4000 TEU [1]

Group 1 - Company reported a revenue of approximately $1.6645 billion for the first half of the year, representing a year-on-year increase of 28.0% [1] - Gross profit was about $669.4 million, up 66.3% year-on-year, with gross margin rising from 31.0% to 40.2% [1] - Profit reached $633.4 million, marking a 79.5% increase year-on-year, with basic earnings per share at $0.24 [1] Group 2 - Revenue growth was primarily driven by a 7.3% increase in container volume and a 22.8% rise in average freight rates [1] - Strong demand in the Asian region coupled with limited supply led to significant year-on-year increases in freight rates, benefiting the company [1] - Despite increased chartering costs due to a rise in the number of chartered vessels, effective cost control in cargo transportation and voyage expenses kept per-container costs stable [1] Group 3 - The company announced an interim dividend of $0.17 per share, with a payout ratio of 71% and an annualized dividend yield of 9.7% [1] - Looking ahead, the company faces challenges with aging feeder vessels and low order backlog, indicating long-term supply constraints [1] - Potential implementation of the proposed measures under the US 301 Act in October could further tighten the supply of feeder vessels under 4000 TEU [1]

Group 1 - The "Digital Comprehensive Bonded Zone" platform was launched to promote the digital transformation of the Yangshan Special Comprehensive Bonded Zone and enhance regional convenience levels [1] - The platform will build smart customs clearance, smart empowerment, smart supervision, and smart service modules based on the integrated information management service platform data foundation of the Lingang New Area [1] - The platform aims to meet international standards and lead in certain areas, providing strong functional support for the digital transformation of China's shipping industry and optimizing business processes [1] Group 2 - Shan Neng Wisdom (Shanghai) Industrial Development Co., Ltd. utilized the smart empowerment module of the "Digital Comprehensive Bonded Zone" platform to achieve the country's first electronic bill of lading, electronic delivery order, and electronic warehouse receipt integration for pledge financing [1] - The platform effectively enables full-process digital fuel bunkering and promotes the green transformation of shipping [1] - The platform has signed cooperation memorandums with various international shipping digital fuel supply platforms and green energy certification service platforms, enhancing market transparency, efficiency, and reliability in fuel bunkering [1] Group 3 - The Lingang New Area has achieved full-process electronic documentation for ship supply orders, significantly improving the efficiency of port bunkering operations [2] - The platform reduces the empty sailing rate of supply vessels by over 30% and saves more than 100,000 hours of queuing time annually at the Shanghai port [2]

Group 1 - The core viewpoint is that the Lingang New Area of the China (Shanghai) Pilot Free Trade Zone has achieved significant economic growth and institutional innovation over its six years of establishment, integrating deeply into the global value chain [1] - The "Digital Comprehensive Bonded Zone" platform was launched to promote the full digital transformation of the Yangshan Special Comprehensive Bonded Zone, enhancing the efficiency and security of document processing in shipping trade [3] - As of June this year, over 200 enterprises in the Lingang New Area have improved their data cross-border flow efficiency by 70% through the introduction of a negative list and operational guidelines for data exit [4] Group 2 - The Lingang New Area has achieved major institutional innovations in financial services and offshore trade, linking its development with the construction of Shanghai as an international financial center [5] - The "Cross-border Pass" digital service platform has served over 300 cross-border trade enterprises and 28 financial institutions, completing more than 3,000 verification tasks for the authenticity of offshore trade [6] - The offshore trade scale in the Lingang New Area exceeded $15 billion, marking a 23.6% increase, while the international reinsurance business platform registered premiums exceeding 84.3 billion yuan [6]

Core Viewpoint - HNA Technology reported a significant increase in revenue but a decline in net profit for the first half of 2025, indicating challenges in profitability despite growth in sales [1] Financial Performance Summary - Total revenue for H1 2025 reached 675 million yuan, a year-on-year increase of 30.1% compared to 519 million yuan in H1 2024 [1] - Net profit attributable to shareholders was 71.5 million yuan, down 23.89% from 93.9 million yuan in the previous year [1] - The gross margin decreased to 4.67%, a drop of 40.29% from 7.83% in the previous year [1] - The net profit margin also fell to 10.58%, down 41.55% from 18.11% [1] - Operating cash flow per share turned negative at -0.03 yuan, a decline of 168.47% from 0.04 yuan [1] Changes in Key Financial Metrics - Accounts receivable increased by 328.72% to 38.35 million yuan due to growth in trade business [2] - Short-term borrowings rose by 84.43%, attributed to increased internal transactions [5] - The company’s total liabilities decreased slightly by 6.34% to 1.11 billion yuan [1] Business Strategy and Future Outlook - The company aims to maintain a "shipping + trade" dual-driven strategy, focusing on improving operational efficiency in shipping while expanding trade business [3] - Plans to enhance asset returns through the revitalization of owned properties, including hotel operations [3] - The shipping business generated 562 million yuan in revenue for 2024, reflecting a 48.95% increase, with a gross margin of 11.93% [4] Cash Flow and Financial Health - The company has a healthy cash position, but the operating cash flow has been negative for the past three years, raising concerns about liquidity [5] - Financial expenses have been increasing, with a notable decrease in interest income impacting overall financial performance [5]

每经AI快讯，中信证券表示，展望2025H2，航运板块选择供给端强约束的区域集装箱运输、油运和危 化水运，需求端弱复苏但已筑底，中国制造加速出海成为积极"反内卷"并提高利润率的一种形式，亦有 可能成为航运需求的潜在边际增量。同时船东在手现金充沛、股息率具备吸引力，或为高分红优选。其 中，(1)区域集装箱运输：我们测算亚洲区内集装箱运输供需增速差由2025年3pcts扩大至2026年5pcts以 上，逆全球化背景下供应链扰动带来潜在看涨期权。(2)油运及危化水运：油轮龙头估值处于历史底部 区间，关注弱需求背景下原油运输合规市场结构变化，短期关注OPEC+增产实际落地情况，中期维度 关注伊朗原油出口变化对合规需求的影响(2025年1月短暂筑底后恢复至日均150万桶以上)。(3)同时干散 货市场关注4Q25西芒杜铁矿项目投产进展。 ...

Core Viewpoint - HNA Technology reported a significant increase in revenue but a decline in net profit for the first half of 2025, indicating challenges in profitability despite growth in sales [1] Financial Performance Summary - Total revenue reached 675 million yuan, up 30.1% year-on-year, while net profit fell to 71.5 million yuan, down 23.89% [1] - In Q2 2025, revenue was 414 million yuan, an increase of 84.62% year-on-year, but net profit decreased by 25.65% to 28.5 million yuan [1] - Gross margin was 4.67%, down 40.29% year-on-year, and net margin was 10.58%, down 41.55% [1] - Total expenses (selling, administrative, and financial) amounted to 7.96 million yuan, representing 1.18% of revenue, an increase of 804.05% [1] - Earnings per share decreased to 0.02 yuan, down 23.77% year-on-year, while operating cash flow per share was -0.03 yuan, a decline of 168.47% [1] Changes in Financial Items - Accounts receivable increased by 328.72% due to growth in the company's trading business [3] - Short-term borrowings rose by 84.43% as a result of increased internal transactions [3] - Revenue growth of 30.1% was attributed to the expansion of the trading business [3] - Operating cash flow decreased significantly due to increased payments for agency services [3] Business Strategy and Future Outlook - The company aims to drive growth through a dual focus on shipping and trading, enhancing operational efficiency in its shipping business while expanding trading activities [4] - The company successfully revitalized its property assets, with hotel operations expected to improve asset returns [5] - Management is focused on improving the performance of its shipping business through strategic measures such as locking in short-term capacity and expanding into high-profit routes [7]