Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The overall strategy maintains the logic of shorting on rallies because the situation in September is generally loose and the subsequent driving force continues to be weak. The contract for October is currently at a discount of about 450 points to the spot, and there is still expected to be room for further decline. The valuation of far - month contracts is unclear, more affected by driving factors, and due to low positions, they are greatly affected by macro and capital behaviors [2] Group 3: Summary by Related Catalogs Futures Market - **Futures Contracts**: For EC futures contracts, on August 20, 2025, EC2508 closed at 2127.3 with a 1.87% increase; EC2510 closed at 1370.3 with a 0.20% decrease; EC2512 closed at 1775.0 with a 0.82% decrease; EC2602 closed at 1535.4 with a 0.16% decrease; EC2604 closed at 1323.1 with a 0.59% decrease; EC2606 closed at 1492.3 with a 0.17% decrease [2] - **Month - to - Month Spreads**: For example, the spread of EC2508 - 2510 was 757.0, up 7.1 from the previous week; the spread of EC2510 - 2512 was - 404.7, with a weekly change of - 37.7; the spread of EC2512 - 2602 was 239.6, up 27.5 from the previous week [2] Spot Market - **Indices**: As of August 18, 2025, the index was at 2180.17, down 2.47% from the previous period. As of August 15, 2025, the SCFI (European Line) was at 1820 dollars/TEU, down 7.19% from the previous period; the CCFI was at 1790.47 points, down 0.48% from the previous period; the NCFI was at 1188.69 points, down 5.49% from the previous period [2] Weekly Market Conditions - **Booking Situation**: Currently, downstream customers are booking shipping space for the end of August (week 34 - 35). The average price for week 34 was 2850 US dollars (2000 points), and the current average quote for week 35 is 2625 US dollars (equivalent to 1840 points). Among them, the PA Alliance quoted 2500 US dollars, MSK 2300 US dollars, and the OA Alliance 2700 - 2800 US dollars [2] - **Cargo Receiving Situation**: In week 33, MSK had better cargo - receiving, the OA Alliance was average, and the PA Alliance was poor. In week 34, cargo - receiving significantly declined, and some shipping companies faced pressure to receive cargo [2] - **Capacity Adjustment**: The overall capacity in September will be reduced because the PA Alliance will add a sail - stop in week 37. The average weekly capacities in August, September (tentative), and October (tentative) 2025 are 328,000, 312,000, and 315,000 TEU respectively. After counting all TBNs as sail - stops, they are 528,000, 297,000, and 283,000 TEU respectively [2] Recent European Line Quotations - **Week 34**: The final average price was 2850 US dollars (2000 points) [3] - **Week 35**: The current average quote is 2575 US dollars (equivalent to 1770 points). The PA Alliance quoted 2500 US dollars, MSK initially opened at 2300 US dollars and then raised it to 2490 US dollars, and the OA Alliance quoted 2700 - 2800 US dollars [3] - **Week 36**: On Tuesday, MSK opened at 2100 US dollars, and some routes rose to 2200 US dollars; CMA's quote dropped from 3420 to 2620 US dollars [3]

Core Points - The new policy aims to optimize the personal income tax preferential policy for high-end and urgently needed talents in Hainan, effective from January 1, 2025 [1][4] - The personal income tax rate of 15% is a core policy of Hainan Free Trade Port, which has been implemented since June 2020 to attract talent and investment [1][2] Summary by Sections Policy Optimization - The new policy focuses on two key areas: eligibility conditions and risk prevention, ensuring compliance with central regulations and preventing shell companies from exploiting tax benefits [2][4] - It clarifies substantial operational requirements for companies and includes measures for risk prevention, reflecting a policy direction aimed at guiding industrial agglomeration [2][3] Adjustments in Requirements - The method for calculating the "cumulative residence of 183 days" has been optimized to include reasonable off-island business trips, vacations, and training days, while maintaining a minimum requirement of 90 days of actual residence in Hainan [3][4] - The specific industry coverage has been expanded from "aviation, shipping, and marine oil and gas exploration" to "aerospace, shipping, and marine oil and gas exploration" to better support the development of Hainan's aerospace industry [3][4] Risk Management and Monitoring - The new policy mandates that companies benefiting from the tax incentives must have substantial operations in Hainan, with business development aligned with the benefits received [4] - A comprehensive monitoring mechanism will be established to ensure that the tax benefits are genuinely received by eligible individuals, with personal declarations and public disclosures required for off-island activities [4]

1. Report Industry Investment Ratings - **Gold**: Short - term, the price is expected to be weak, and investors should be aware of correction risks [15] - **Stock Index Futures**: It is recommended to evenly allocate long positions in various stock index futures to cope with the rapidly rotating market [16] - **US Dollar Index**: Expected to maintain a volatile trend [20] - **US Stock Index Futures**: If Powell's speech at the Global Central Bank Annual Meeting is hawkish, there may be fluctuations in recent interest - rate cut trades, and investors should be aware of correction risks [21] - **Soybean Meal**: The futures price is expected to be volatile and slightly stronger. Pay attention to the results of this week's field inspections and the situation of China's soybean and soybean meal purchases from other countries [22] - **Edible Oils (Soybean, Rapeseed, Palm)**: After the market stabilizes, it may be an opportunity to lay out long positions [24] - **Cotton**: In the short term, Zhengzhou cotton is expected to be strongly volatile, but the upside space is limited. In the fourth - quarter when new cotton is in large supply, the market is not optimistic [30] - **Steel (Rebar, Hot - Rolled Coil)**: The steel price is expected to have correction pressure in the near future, and investors should pay attention to volatility risks [34] - **Corn Starch**: When the new - season output is determined, the price difference between corn starch and corn (CS11 - C11) is expected to strengthen [35] - **Steam Coal**: In the short term, the coal price will be volatile around 700 yuan, and the seasonal decline may start around September [37] - **Iron Ore**: In the short term, the ore price will be volatile and slightly weak, but a trending decline is difficult to occur [38] - **Corn**: Hold short positions in the 11 and 01 contracts and continue to hold the 11 - 3 reverse spread. If the 11 - 1 spread strengthens, also pay attention to reverse - spread opportunities [39] - **Polysilicon**: Unilaterally, maintain a bullish view on corrections. For arbitrage, consider the 11 - 12 reverse spread opportunity around - 2000 yuan/ton [43] - **Industrial Silicon**: The short - term price may fluctuate between 8200 - 9200 yuan/ton. Pay attention to range - trading opportunities [45] - **Lead**: In the short term, it is recommended to wait and see [48] - **Zinc**: Unilaterally, it is difficult to trade in the short term, so wait and see. For arbitrage, pay attention to medium - term positive - spread opportunities. Before the overseas inventory hits bottom, maintain a positive - spread trading idea [51] - **Nickel**: In the short term, pay attention to band - trading opportunities. In the medium term, consider short - selling opportunities when the price is high [54] - **Lithium Carbonate**: In the short term, the price is expected to be strong. Hold existing long positions and pay attention to opportunities to add long positions on dips. Avoid short positions in the medium term [57] - **Crude Oil**: It is expected to maintain a volatile trend due to the lack of directional drivers [59] - **Carbon Emissions (CEA)**: Short - term volatility is expected [61] - **PTA**: In the short term, the unilateral price will fluctuate with the cost side. Try to go long lightly on dips and roll positions [63] - **Styrene**: At the current price, it should be treated as volatile. Pay attention to cost - side changes caused by oil - price fluctuations due to meetings between the US and Russia [66] - **Caustic Soda**: The futures price is expected to be volatile [68] - **Paper Pulp**: The short - term market is expected to be volatile [70] - **PVC**: The short - term futures price is expected to be weak [71] - **Urea**: If the 2601 contract continues to rise tomorrow, long positions may consider taking profits. Then, adjust the strategy according to actual changes [73] - **Soda Ash**: Maintain a short - selling strategy when the price is high and continue to pay attention to supply - side disturbances [75] - **Bottle Chips**: Pay attention to the pressure brought by device resumption and new device commissioning from late August to September. The absolute price mainly fluctuates with polyester raw materials [77] - **Float Glass**: For unilateral trading, be cautious. Focus on arbitrage operations, such as going long on glass and short on soda ash when the spread widens [78] - **Container Freight Index**: The short - term futures price is expected to be volatile. Continue to pay attention to short - selling opportunities when the price is high [81] 2. Core Views - The A - share market is in a high - level shock after a rise, with trading volume remaining above 2 trillion yuan. The market sentiment is hot, and it is still easy to rise and difficult to fall in the absence of more negative news [16] - The market's expectation of resolving the Russia - Ukraine conflict has increased, but the situation is still delicate, and the US dollar index continues to fluctuate [19] - The technology sector has corrected significantly, and the US stock market is expected to be volatile and weak in the near future, waiting for Powell's speech at the Global Central Bank Annual Meeting [21] - The supply and demand of various commodities are different. Some are affected by production, policies, and inventory, while others are influenced by international trade and weather conditions, resulting in different price trends [22][33][42] 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - The Trump administration has expanded the scope of steel and aluminum tariffs, covering 407 product categories with a 50% tax rate. Trump said the US will help Ukraine defend but not send ground troops, and the US plans a tri - party meeting. Gold prices are under pressure due to the cooling of risk - aversion sentiment and the expected hawkish stance of Powell [13][14] 3.1.2 Macro Strategy (Stock Index Futures) - In July, the national general public budget revenue was 20273 billion yuan, a year - on - year increase of 2.6%, the highest increase this year. The A - share market is in a high - level shock after a rise, with trading volume above 2 trillion yuan [16] 3.1.3 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The White House is considering hosting a Russia - Ukraine leaders' meeting in Budapest. The market's expectation of resolving the Russia - Ukraine conflict has increased, and the US dollar index continues to fluctuate [19] 3.1.4 Macro Strategy (US Stock Index Futures) - The Trump administration is discussing acquiring a 10% stake in Intel. The technology sector has corrected, and the US stock market is expected to be volatile and weak in the near future, waiting for Powell's speech [21] 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - Private exporters sold 228,600 tons of soybeans to Mexico. The expectation of a bumper US soybean harvest has strengthened, and domestic market participants are concerned about soybean purchases from other countries and the arrival of imported Argentine soybean meal [22] 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - As of August 15, 2025, the commercial inventory of soybean oil and palm oil has increased. The decline in the oil market is due to profit - taking by long - position funds. After the market stabilizes, it may be an opportunity to lay out long positions [23][24] 3.2.3 Agricultural Products (Cotton) - The growth progress of US cotton is slow, but the good - quality rate has increased. In July, China's cotton imports increased month - on - month but decreased year - on - year. The supply of domestic new cotton before listing is tight, but the price may be high at the beginning and then decline [25][29][30] 3.2.4 Black Metals (Rebar, Hot - Rolled Coil) - In July, China's steel production data showed different trends. Steel prices are weak, and the market's attention to "anti - involution" has decreased. The impact of environmental protection restrictions during the parade on supply is limited, and the inventory accumulation rate has accelerated [31][33] 3.2.5 Agricultural Products (Corn Starch) - The spot price of corn starch has stabilized. The price of raw corn has rebounded, and the cost support for corn starch has increased. The current starch inventory pressure is high, and the profit is expected to be weak in the long term [35] 3.2.6 Black Metals (Steam Coal) - Heavy rain in Ordos has affected coal production and transportation. Although the daily consumption has decreased, the supply is restricted in the short term, and the coal price will be volatile around 700 yuan. The seasonal decline may start around September [36][37] 3.2.7 Black Metals (Iron Ore) - The Sydvaranger iron ore in Norway is restarting. The ore price is affected by the seasonal demand pressure and the performance of the steel products. In the short term, it will be volatile and slightly weak, but a trending decline is difficult [38] 3.2.8 Agricultural Products (Corn) - The成交 rate of the imported corn auction has decreased. The futures price has continued to decline, and the 11 and 01 contracts are expected to decline due to selling pressure [39] 3.2.9 Non - Ferrous Metals (Polysilicon) - Six departments held a photovoltaic industry symposium. The policy aims to regulate the competition order. The fundamental situation is bearish for the market, but the price has support at 49,000 yuan/ton. Unilaterally, maintain a bullish view on corrections, and consider the 11 - 12 reverse spread opportunity around - 2000 yuan/ton [40][42][43] 3.2.10 Non - Ferrous Metals (Industrial Silicon) - A high - performance organic silicon project has been approved. The supply of industrial silicon is expected to increase marginally in August, but it may still be in a de - stocking state. In September, it may enter a stocking pattern. The short - term price may fluctuate between 8200 - 9200 yuan/ton [44][45] 3.2.11 Non - Ferrous Metals (Lead) - Jinhuai Co., Ltd. has increased the production of zinc and lead concentrates. The external market has seen 20,000 tons of warehouse receipts, and the domestic market has followed the macro - trend. The supply of refined lead is under pressure, and the demand is weak. It is recommended to wait and see in the short term [46][47][48] 3.2.12 Non - Ferrous Metals (Zinc) - The LME zinc warehouse receipt concentration has increased, and the inventory has decreased. The domestic zinc price has fallen, and the fundamentals have weakened. It is recommended to wait and see unilaterally, pay attention to medium - term positive - spread opportunities, and maintain a positive - spread trading idea before the overseas inventory hits bottom [49][50][51] 3.2.13 Non - Ferrous Metals (Nickel) - The Berong nickel mine in the Philippines plans to operate in the fourth quarter. The LME and SHFE inventories have decreased. The price of nickel ore has a downward expectation in September - October. The supply of nickel iron is in excess, and the short - term supply - demand contradiction of refined nickel has weakened. Pay attention to short - term band - trading and medium - term short - selling opportunities [52][53][54] 3.2.14 Non - Ferrous Metals (Lithium Carbonate) - Yichang Bangpu's 450,000 - ton lithium iron phosphate project is about to be put into production, and Yichun Yinli will resume production. The supply - side disturbance has not been completely eliminated, and the demand is strong in the third quarter. The short - term price is expected to be strong [55][56][57] 3.2.15 Energy Chemicals (Crude Oil) - The US API crude oil inventory has decreased, and the gasoline inventory has also decreased, while the refined oil inventory has increased. The oil price is volatile and weak, and there is no clear directional driver [58][59] 3.2.16 Energy Chemicals (Carbon Emissions) - The CEA price has increased slightly. The trading volume has not expanded significantly. The price may be under pressure due to the release of supply in the short term. The overall supply - demand structure this year is balanced and loose, and the price is expected to be volatile in the short term [59][60][61] 3.2.17 Energy Chemicals (PTA) - The PTA spot price has increased, and the basis has strengthened. The weaving load has rebounded slightly, and the polyester load has also increased marginally. The processing fee may be slightly repaired. The unilateral price will fluctuate with the cost side, and it is recommended to go long lightly on dips [61][62][63] 3.2.18 Energy Chemicals (Styrene) - The Fushun Petrochemical's 60,000 - ton/year styrene unit will be shut down for maintenance. The short - term supply of pure benzene is expected to be slightly de - stocked, and the supply of styrene will be high in the short term but may decrease in September. The current price of styrene is expected to be volatile [64][65][66] 3.2.19 Energy Chemicals (Caustic Soda) - The price of liquid caustic soda in Shandong has increased slightly. The supply has not changed much, and the demand from downstream alumina is good. The high - concentration caustic soda price may increase slightly, and the futures price is expected to be volatile [67][68] 3.2.20 Energy Chemicals (Paper Pulp) - The price of imported wood pulp has mostly stabilized, and the futures price has declined. The market is lackluster, and the short - term market is expected to be volatile [69][70] 3.2.21 Energy Chemicals (PVC) - The domestic PVC powder price has decreased. The futures price is weak, and the export may decline due to India's anti - dumping ruling. The short - term futures price is expected to be weak [71] 3.2.22 Energy Chemicals (Urea) - China's Foreign Minister is visiting India. The urea futures price has risen sharply. The domestic supply - demand is relatively loose, and the price may not have much room to fall in the short term. Pay attention to the impact of the improvement of China - India relations on exports [72][73] 3.2.23 Energy Chemicals (Soda Ash) - The soda ash market in Shahe is in a low - level shock. The supply is high, and the demand is weak. After the bullish sentiment fades, the price is expected to be short - sold when it is high [74][75] 3.2.24 Energy Chemicals (Bottle Chips) - The export price of bottle chips has changed little, and the domestic price has increased slightly. The main factories will continue to cut production in August. Pay attention to the pressure brought by device resumption and new device commissioning from late August to September [76][77] 3.2.25 Energy Chemicals (Float Glass) - The price of float glass in Shahe has decreased slightly. The market is under pressure, and the demand is mainly for rigid needs. It is recommended to be cautious in unilateral trading and focus on arbitrage operations [78] 3.2.26 Shipping Index (Container Freight) - The Panama Canal plans to build two new ports. The container freight rate has decreased, and the supply pressure in September has improved marginally. The demand has weakened, and the freight rate is expected to continue to decline. The short - term futures price is expected to be volatile, and pay attention to short - selling opportunities when the price is high [79][80][81]

Investment Rating - The report does not explicitly provide an investment rating for the cross-border logistics industry Core Insights - The global container freight rates are on a downward trend, with CCFI at 1193.34 points, down 0.62% week-on-week, SCFI at 1460.19 points, down 1.98%, and NCFI at 1052.50 points, down 0.13% [6] - The air cargo index BAI is reported at 2034 points, down 1.79%, while BAI30 is at 3527 points, up 1.94%, and BAI80 at 4411 points, down 0.99% [6] - The report highlights a significant decline in new ship orders for dry bulk carriers, reaching a seven-year low, while cruise ships are experiencing growth [6] Summary by Sections 1. Global Cross-Border Logistics Important News - Saudi Arabia has extended the VAT penalty exemption until the end of 2025, aiding compliance for cross-border e-commerce [14] - Amazon Global Logistics (AGL) has launched direct air freight services from Shanghai and Hong Kong to the US West Coast, enhancing cross-border logistics efficiency [14] - The USPS has announced price increases for four major services starting October, reflecting differentiated changes compared to last year [6][14] 2. Cross-Border Logistics Important Data Changes - The cross-border logistics sector has seen a decline of 1.01% in the past week [8] - The report indicates a mixed performance among individual stocks within the cross-border logistics sector [8] 3. Shipping Weekly Leading Data Tracking - Container freight rates are declining, with significant adjustments in emerging market routes and continued weakness in the US and European markets [6] - The report notes a decrease in shipping capacity deployment and highlights the impact of port congestion on shipping efficiency [6] 4. Air Freight Weekly Leading Data Tracking - The air cargo market is facing a stable pricing environment, but demand is showing signs of weakness, potentially leading to price adjustments [6] - New air freight routes are being established, including a direct cargo route from Xi'an to Chicago, expected to increase international cargo throughput significantly [16] 5. Cross-Border E-Commerce Leading Data Tracking - The report tracks various indices related to small commodity exports, indicating fluctuations in pricing and demand trends [14] 6. Macro Leading Data Tracking - The report includes regional trade data, reflecting the overall health of cross-border logistics and e-commerce activities [8]

据证券之星公开数据整理，近期安通控股（600179）发布2025年中报。截至本报告期末，公司营业总收 入43.84亿元，同比上升24.6%，归母净利润5.12亿元，同比上升231.5%。按单季度数据看，第二季度营 业总收入23.42亿元，同比上升23.12%，第二季度归母净利润2.71亿元，同比上升162.07%。本报告期安 通控股盈利能力上升，毛利率同比增幅136.27%，净利率同比增幅166.27%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率17.75%，同比增136.27%，净利率11.68%，同比 增166.27%，销售费用、管理费用、财务费用总计1.72亿元，三费占营收比3.93%，同比减17.33%，每股 净资产2.67元，同比增9.38%，每股经营性现金流0.29元，同比增131.36%，每股收益0.12元，同比增 231.51% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 35.19亿 | 43.84 Z | 24.60% | | 归母净利润(元) | 1.54亿 | 5.12 Z | ...

Core Points - The new management measures for the personal income tax preferential policy for high-end and urgently needed talents in Hainan Free Trade Port have been optimized and improved [1][2] - The personal income tax rate of 15% is a key policy for Hainan Free Trade Port, exempting the portion of tax burden exceeding 15% for eligible talents [1] - The requirement of "cumulative residence of 183 days" has been refined, allowing reasonable business trips, vacations, and training days to be included in the residence days calculation [1] - The specific industries eligible for the tax benefits have been expanded from "aviation, shipping, and marine oil and gas exploration" to "aviation and aerospace, shipping, and marine oil and gas exploration" [1] - To mitigate policy risks, it is mandated that the enterprises or units of the eligible talents must operate substantively in Hainan, and their business development must align with the benefits received [1] - As of the end of December 2024, the personal income tax preferential policy has benefited 39,000 individuals, supporting the development of high-end and green industries in Hainan [1] Summary of Related Aspects - The release of the new measures is a significant step in improving the policy framework of Hainan Free Trade Port, laying a solid foundation for the policy environment before the closure operation and injecting new momentum to attract more high-end talents to Hainan [2]

Group 1: Company Performance - Haifeng International reported a revenue of $1.6645 billion for the first half of 2025, representing a year-on-year increase of 28% [1] - The net profit attributable to shareholders reached $630 million, up 79.7% year-on-year, exceeding the previous forecast of $500 million [1] - The company achieved a cargo volume of 1.83 million TEUs, a 7.3% increase year-on-year, supported by increased capacity and strong trade from Southeast Asia [1] Group 2: Pricing and Costs - The average revenue per TEU, excluding shared space income, was $776, reflecting a year-on-year increase of 22.77% [1] - Operating costs for the first half of 2025 were $999.5 million, a 10.8% increase year-on-year, with a per TEU cost of approximately $544, which is a 3.3% increase compared to the same period in 2024 [1] Group 3: Dividend and Shareholder Returns - The company declared a dividend of HKD 1.30 for the first half of 2025, with a payout ratio of approximately 73% [1] - Over the past 12 months, the total dividend amount reached HKD 8.365 billion, resulting in a dividend yield of about 11.5% based on the market value as of August 14 [1] Group 4: Industry Trends - The SCFI China-Southeast Asia freight rate increased by 20% year-on-year, outperforming the overall SCFI index, which declined by 27% [2] - The CCFI China-Southeast Asia freight rate index rose by 28% year-on-year, while the CCFI overall index fell by 8% [2] - The demand for shipping in Southeast Asia remains strong, with Chinese exports to ASEAN countries increasing by 13% in the first half of the year [2] Group 5: Supply Constraints - The order book for container ships below 3,000 TEU is limited, with only 5.4% of the fleet having orders as of early August [3] - The aging issue of smaller container ships is significant, with 11% over 25 years old and 25% over 20 years old [3] - The overall supply of container ships below 3,000 TEU is expected to grow by 2.0% in 2025, but decline by 0.3% in 2026 [3] Group 6: Profit Forecasts - The profit forecast for 2025 has been raised from $1.042 billion to $1.130 billion, while maintaining estimates for 2026 and 2027 at $859 million and $790 million, respectively [3] - The price-to-earnings ratio is projected at 8.2 times, which is still below the historical range of 10-20 times, maintaining a "buy" rating [3]

Financial Highlights - The company announced a dividend of $0.20 per share[5, 26], marking the 86th consecutive quarterly dividend[5] - The company reported a net income of $1 million, with earnings per share of $0.01[5] - The company's adjusted EBITDA was $112 million[5, 16] - The company's gross revenue reached $194 million[5, 16], which includes charter hire from all vessels and rigs[6] Contracted Revenue and Backlog - The company's fixed revenue backlog stands at $4.2 billion[5, 8, 26], with over two-thirds contracted to investment grade counterparties[5, 8] - The company extended three container vessels with Maersk for five years, adding approximately $225 million to the fixed backlog[5] - 71% of the company's contracted revenue is from container vessels[8] Operational Performance - The company's fleet utilization remains strong, with container vessels, car carriers, tanker vessels, and dry bulk vessels all reporting utilization rates at or near 100%[13] - The company's cash and cash equivalents at quarter end was $156 million[24, 26] Portfolio Composition - The company's portfolio includes 30 container vessels, 18 tanker vessels, 7 car carriers, 3 dry bulk vessels, and 2 energy assets[8] - The company's contracted revenue is diversified across various sectors, with container vessels accounting for 71%, tanker vessels for 11%, car carriers for 11%, and energy for 7%[8] Client Base - The company has a strong portfolio of industry-leading clients, including a world-leading chemical logistics company (29% of contracted revenue), a publicly listed investment grade shipping company (21% of contracted revenue), and other major players in the container shipping, energy, and automotive industries[11]

1. Report Industry Investment Rating - No relevant content provided in the report 2. Core Views of the Report - Overseas macro: The US economic fundamentals remain stable in the short - term, but there are employment and inflation pressures in the medium - term. High - interest rates impact consumption, there is a differentiation in CPI and PPI expectations, and inflation may rebound in autumn, affecting the Fed's decision - making. In the short - term, market risk appetite is expected to remain strong [6]. - Domestic macro: In July, the growth rate of economic data slowed down, with consumption, investment, and credit demand weakening. Exports were the main support for the domestic economy. August exports may remain resilient, but there may be pressure starting from September [6]. - Asset views: In late August, China enters the verification period of the seasonal peak of fixed - asset investment and consumption, and the global central bank summit is a game window for Fed policy. The rise of risk assets is driven by tariff and geopolitical risk mitigation and loose liquidity expectations. As economic growth slows, short - term market volatility may increase [6]. 3. Summary by Relevant Catalogs 3.1 Macro Essentials - Overseas: The US economic fundamentals are stable in the short - term, with pressure in the medium - term. High - interest rates affect consumption, CPI and PPI expectations are different, and inflation may rebound in autumn [6]. - Domestic: July economic data growth slowed, with exports as the main support. August exports may be resilient, but September may face pressure [6]. - Assets: Late August is a key period for investment, consumption, and Fed policy. Risk assets are driven by positive factors, and short - term market volatility may increase as the economy slows [6]. 3.2 Viewpoint Highlights 3.2.1 Financial - Stock index futures: Growth opportunities are spreading, and the short - term judgment is a volatile upward trend [7]. - Stock index options: An offensive strategy is recommended, with a short - term judgment of a volatile upward trend [7]. - Treasury bond futures: The bond market is still under pressure, with a short - term judgment of a volatile trend [7]. 3.2.2 Precious Metals - Gold/Silver: Precious metals are expected to strengthen with volatility, with a short - term judgment of a volatile upward trend [7]. 3.2.3 Shipping - Container shipping to Europe: Attention is paid to the game between peak - season expectations and price - increase implementation, with a short - term judgment of a volatile trend [7]. 3.2.4 Black Building Materials - Steel products: Inventory is accumulating, and prices are falling from high levels, with a short - term judgment of a volatile trend [7]. - Iron ore: Fundamentals are healthy, and prices are slightly回调 after sentiment cools, with a short - term judgment of a volatile trend [7]. - Other products (such as coke, coking coal, etc.): All are expected to show a volatile trend in the short - term [7]. 3.2.5 Non - ferrous Metals and New Materials - Copper, aluminum, etc.: Most metals are expected to show a volatile trend in the short - term, with factors such as supply, demand, and policies affecting prices [7]. - Industrial silicon: It is expected to show a volatile upward trend in the short - term [7]. - Lithium carbonate: It is expected to show a wide - range volatile trend in the short - term [7]. 3.2.6 Energy and Chemicals - Crude oil: Supply pressure exists, and the short - term judgment is a volatile downward trend [9]. - Other chemicals: Most are expected to show a volatile trend in the short - term, affected by factors such as supply, demand, and cost [9]. 3.2.7 Agriculture - Oils and fats: Palm oil is leading the rise, with a short - term judgment of a volatile upward trend [9]. - Other agricultural products: Most are expected to show a volatile trend in the short - term, affected by factors such as weather, supply, and demand [9].

Core Insights - HNA Technology reported a revenue of 675 million yuan for the first half of 2025, marking a year-on-year increase of 30.1%, with a net profit attributable to shareholders of 71.5 million yuan [1] - The company is engaged in international dry bulk shipping and related commodity trading, leveraging over 30 years of operational experience in the shipping industry [1] - HNA Technology aims to create a complete logistics service loop by integrating upstream resource holding, midstream capacity provision, and downstream customer engagement [1] Business Operations - The company owns 9 dry bulk vessels with a total capacity of approximately 750,000 deadweight tons, including 6 Supramax, 2 Capesize, and 1 Panamax vessels [1] - During the reporting period, HNA Technology increased its fleet capacity by leasing 4 additional Supramax vessels, bringing total controllable capacity to around 1 million deadweight tons [1] Trade Expansion - In response to national policies, HNA Technology established Hainan Xuanqi International Trade Co., Ltd. in 2023 to participate in the Hainan Free Trade Port's international trade services [2] - The company focuses on trading non-ferrous metals and agricultural products, and has signed a cooperation framework agreement with CWT International Limited to enhance profitability in copper trading [2] - HNA Technology has expanded its shipping routes to cover regions including South America, North America, Australia, Southeast Asia, the Middle East, and West and East Africa, transporting various commodities [2] - The company plans to acquire an 180,000-ton Capesize bulk carrier post-reporting period, with delivery expected in September 2025 [2]