Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints The report analyzes the container shipping, dry bulk shipping, and oil tanker transportation markets. It suggests that the container shipping market (EC) will experience weak and volatile trends, and recommends a 10 - 12 reverse arbitrage strategy with low - level rolling operations. The dry bulk shipping market is expected to see short - term pressure on large - vessel freight rates and a gradual weakening of medium - vessel freight rate support. The oil tanker transportation market shows a divergence between the crude oil and refined oil markets, with the crude oil market remaining stable and the refined oil market facing supply - demand imbalances [6][19][23]. 3. Summary by Directory Container Shipping - Container Freight Index (Europe Line) - **Market Analysis and Strategy Recommendation**: On August 19, EC2510 closed at 1370.3 points, down 0.2% from the previous day. The SCFI Europe Line on August 15 was $1820/TEU, down 7.2% month - on - month. The second - phase settlement index of EC2508 released after Monday's trading was 2180.17 points, down 2.5% month - on - month, expected to decline further. Spot freight rates are falling due to reduced cargo volume and sufficient capacity. The market is expected to be weak and volatile, and a 10 - 12 reverse arbitrage strategy can be used for low - level rolling operations [6][7][8]. - **Industry News**: There are various geopolitical news such as statements from Zelensky and Trump regarding the Russia - Ukraine war, and news about the Israel - Hamas cease - fire negotiation [11][12][13]. Dry Bulk Shipping - **Market Analysis and Outlook**: The Baltic Dry Bulk Freight Index declined on Monday. The Capesize vessel freight index decreased, while the Panamax vessel freight index increased slightly. The spot freight rates of Capesize vessels for iron ore routes decreased on August 18, and the weekly freight rates of some coal and bauxite routes also changed. The iron ore and grain shipment data showed different trends. The large - vessel market may see relatively good but declining transportation demand in early - mid September, and the medium - vessel market's freight rate support from coal and grain transportation is expected to weaken [16][17][19]. - **Industry News**: The iron ore inventory at seven major ports in Australia and Brazil decreased slightly, and the iron ore inventory at Chinese ports increased [20]. Oil Tanker Transportation - **Market Analysis and Outlook**: On August 18, the Baltic Crude Oil Transportation Index BDTI was 1015, down 0.1% month - on - month and up 8.09% year - on - year. The Baltic Product Oil Transportation Index BCTI was 605, unchanged month - on - month and down 2.89% year - on - year. The crude oil market is stable, while the refined oil market has supply - demand imbalances. Short - term attention should be paid to the impact of concentrated bookings on Middle - East routes in September, and long - term attention to factors like environmental elimination and supply - demand reshaping [23]. - **Industry News**: The US may impose additional tariffs on Indian goods due to its import of Russian oil, and there was a statement from Trump about not currently planning to impose tariffs on Chinese goods for buying Russian oil [24]. Related Attachments The report includes various charts related to container shipping, dry bulk shipping, and oil tanker transportation, such as SCFIS and SCFI indices, freight rate indices, and vessel earnings charts [27][29][32].

格隆汇8月19日丨中远海能(600026.SH)公布，公司于2025年8月19日收到中国证券监督管理委员会出具 的《关于同意中远海运能源运输股份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕 1703号）（以下简称"批复文件"），批复文件主要内容如下： "一、同意你公司向特定对象发行股票的注册申请。二、你公司本次发行应严格按照报送上海证券交易 所的申报文件和发行方案实施。三、本批复自同意注册之日起12个月内有效。四、自同意注册之日起至 本次发行结束前，你公司如发生重大事项，应及时报告上海证券交易所并按有关规定处理。" ...

格隆汇8月19日丨中远海能(01138.HK)公布，公司于2025年8月19日收到中国证券监督管理委员会出具的 《关于同意中远海运能源运输股份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕1703 号），同意你公司向特定对象发行股票的注册申请。 ...

智通财经APP讯，中远海能(01138)公布，公司于2025 年8 月19日收到中国证券监督管理委员会出具的 《关于同意中远海运能源运输股份有限公司向特定对象发行股票注册的批复》(证监许可〔2025〕1703 号)，批复文件主要内容如下：同意你公司向特定对象发行股票的注册申请。 ...

人民财讯8月19日电，中远海能（600026）8月19日晚间公告，公司收到中国证监会批复，同意公司向特 定对象发行股票的注册申请。 ...

Group 1 - The report focuses on the effectiveness and impact of government policies aimed at benefiting enterprises in Shanghai, utilizing interviews and surveys to analyze the perspectives of policy makers, implementers, and users [5] - The first article examines the basic content, composition, nature, and objective impact of the enterprise benefit policies [5] - The second article presents and analyzes how the policies are communicated and implemented, detailing the roles of policy-making departments, the "Shuishen Dui" platform, parks/buildings, and service intermediaries [5] Group 2 - The North Bund business district is identified as a core area for Shanghai's development as an international consumption center, forming a "golden triangle" with the Bund and Lujiazui [9] - The report reviews the transformation of the North Bund from an industrial functional area to a central business district and then to a central activity area, based on interviews with 34 consumers including tourists, local residents, and business professionals [9] - Recommendations for enhancing the business district's capabilities are provided based on consumer demand and satisfaction evaluations, as well as data analysis and expert interviews [9] Group 3 - Shanghai is advancing its green transition plan, which includes promoting green fuel certification services and enhancing international cooperation to strengthen its influence in the global green shipping fuel market [12] - The International Maritime Organization (IMO) is set to approve global shipping net-zero emissions regulations by April 2025, linking mandatory emission reduction targets with greenhouse gas pricing for the shipping industry [12] - As the world's largest container port, Shanghai Port is a key node in the construction of green shipping corridors [12]

Core Insights - The China Securities Hong Kong 300 Transportation Index (H300 Transportation) has shown significant growth, with a 6.51% increase over the past month, 20.58% over the past three months, and 23.57% year-to-date [1] Group 1: Index Performance - The H300 Transportation Index is currently reported at 1116.70 points [1] - The index is designed to reflect the overall performance of listed companies in various sectors such as banking, transportation, resources, infrastructure, logistics, and leisure [1] Group 2: Index Composition - The top ten weighted companies in the H300 Transportation Index include J&T Express (21.64%), ZTO Express (21.63%), and Seaspan Corporation (12.67%) [1] - The index is fully composed of companies listed on the Hong Kong Stock Exchange, with a 100% representation [1] Group 3: Sector Breakdown - The sector composition of the index shows that express delivery accounts for 43.26%, shipping for 32.87%, and air transportation for 10.77% [2] - Other sectors include logistics (7.39%), highways (3.23%), and ports (2.47%) [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Report Information - Report Type: Fixed Income Report - Release Date: August 19, 2025 - Analysts: Liang Weichao, Cui Chao [2] Core Views - The overall heat of the production end is rising, with the operating rates of blast furnaces and semi-steel tires decreasing, and those of coke ovens, asphalt, PX, PTA, and all-steel tires increasing [2][29] - The real estate market is weakening marginally, with both the transaction volume of commercial housing and the land supply area decreasing [2][29] - The price trend is diverging. Crude oil, non-ferrous metals, and rebar prices are decreasing, while coking coal prices are slightly increasing. Agricultural product prices are generally rising, at the beginning of the seasonal upward trend, with pork and fruit prices decreasing and egg and vegetable prices increasing [2][29] - Shipping indices are declining, including SCFI, CCFI, and BDI, indicating potential pressure on global foreign trade. Short-term focus should be on the implementation of a new round of stable growth stimulus policies, the recovery of the real estate market, and the impact of international geopolitical changes [2][29] Production - Coke ovens: The capacity utilization rate increased by 0.38 pct. On the week of August 15, the capacity utilization rate of coke ovens was 74.13%, up 0.38 pct from the previous week [7] - Blast furnaces: The operating rate decreased by 0.16 pct. On the week of August 15, the operating rate of blast furnaces was 83.59%, down 0.16 pct from the previous week [7] - Rebar: The output decreased by 0.73 tons. On the week of August 15, the output of rebar was 220.45 tons, down 0.73 tons from the previous week, and the inventory increased by 4.06 tons [7] - Petroleum asphalt: The operating rate increased by 1.2 pct. On the week of August 13, the operating rate of petroleum asphalt was 32.9%, up 1.2 pct from the previous week [7] - Chemical industry: The operating rate of PX increased by 2.28 pct, and that of PTA increased by 1.91 pct. On August 14, the operating rate of PX was 84.63%, up 2.28 pct from the previous week, and the operating rate of PTA was 76.7%, up 1.91 pct from the previous week [7] - All-steel tires: The operating rate increased by 2.09 pct. On the week of August 14, the operating rate of all-steel tires was 63.09%, up 2.09 pct from the previous week [8] - Semi-steel tires: The operating rate decreased by 2.28 pct. On the week of August 14, the operating rate of semi-steel tires was 72.07%, down 2.28 pct from the previous week [8] Demand - Real estate: The transaction area of commercial housing decreased marginally, and the inventory-to-sales ratio increased. The land supply area decreased, and the transaction premium rate of residential land decreased. On the week of August 10, the transaction area of commercial housing in 30 large and medium-sized cities was 129.45 million square meters, down 35.64 million square meters from the previous week. The inventory-to-sales ratio of commercial housing in 10 large cities was 119.01, up 3.95 from the previous week. The land supply area in 100 large and medium-sized cities was 1168.53 million square meters, down 214.86 million square meters from the previous week. The transaction premium rate of residential land in 100 large and medium-sized cities was 2.45%, down 1.49 pct from the previous week [12] - Movie box office: It decreased by 137 million yuan. On the week of August 10, the total box office revenue of movies in China was 1615.24 million yuan, down 137.3286 million yuan from the previous week [12] - Automobiles: The daily average retail sales of automobile manufacturers decreased by 52,000 units, and the daily average wholesale sales decreased by 132,000 units. On the week of August 10, the daily average retail sales of passenger cars were 45,207 units, down 52,284 units from the previous week, and the daily average wholesale sales were 40,253 units, down 131,503 units from the previous week [14] - Shipping indices: SCFI decreased by 1.98%, CCFI decreased by 0.62%, and BDI decreased by 0.34%. On the week of August 15, SCFI was 1460.19 points, down 29.49 points from the previous week. CCFI was 1193.34 points, down 7.39 points from the previous week. BDI was 2044 points, down 7 points from the previous week [17] Prices - Energy: The price of Brent crude oil decreased by 1.11% to $65.85 per barrel. On August 15, the settlement price of Brent crude oil futures was $65.85 per barrel, down $0.74 per barrel from the previous week [19] - Coking coal: The futures price increased by 0.33% to 1223.5 yuan per ton. On August 15, the settlement price of coking coal futures was 1223.5 yuan per ton, up 4 yuan per ton from the previous week [19] - Metals: The futures prices of LME copper, aluminum, and zinc changed by -0.08%, -0.46%, and -1.32% respectively, and the domestic rebar futures price decreased by 1.0%. On August 15, the closing price of LME copper futures was $9760 per ton, down $8 per ton from the previous week. The closing price of LME aluminum futures was $2603 per ton, down $12 per ton from the previous week. The closing price of LME zinc futures was $2796.5 per ton, down $37.5 per ton from the previous week. The settlement price of domestic rebar futures was 3183 yuan per ton, down 32 yuan per ton from the previous week [20] - Agricultural products: The overall price rebounded, with the agricultural product wholesale price 200 index increasing by 0.82%. The prices of pork, eggs, vegetables, and fruits changed by -1.76%, +1.07%, +2.37%, and -1.85% respectively compared with the previous week. On August 15, the agricultural product wholesale price 200 index was 114.88, up 0.94 from a week ago. The average wholesale price of pork was 20.05 yuan per kilogram, down 0.36 yuan per kilogram from a week ago. The average wholesale price of eggs was 7.59 yuan per kilogram, up 0.08 yuan per kilogram from a week ago. The average wholesale price of 28 key monitored vegetables was 4.75 yuan per kilogram, up 0.11 yuan per kilogram from a week ago. The average wholesale price of 7 key monitored fruits was 6.91 yuan per kilogram, down 0.13 yuan per kilogram from a week ago [22][23] Logistics - Subway passenger volume: It increased in Beijing and decreased in Shanghai. On August 15, the seven-day moving average of subway passenger volume in Beijing was 10.5208 million person-times, up 283,300 person-times from the previous week. The seven-day moving average of subway passenger volume in Shanghai was 10.6857 million person-times, down 62,900 person-times from the previous week [25] - Flight volume: Domestic flight volume increased, while international flight volume decreased. On August 16, the seven-day moving average of domestic (excluding Hong Kong, Macao, and Taiwan) flight volume was 14,822.57 flights, up 204 flights from the previous week. The seven-day moving average of domestic (Hong Kong, Macao, and Taiwan) flight volume was 377.57 flights, down 9.14 flights from the previous week. The seven-day moving average of international flight volume was 1891.29 flights, down 4.86 flights from the previous week [27] - Urban traffic: The peak congestion index in first-tier cities increased. On August 16, the seven-day moving average of the peak congestion index in first-tier cities was 1.68, up 0.01 from the previous week [27]

Core Viewpoint - Hai Feng International (01308) has seen its stock price rise over 4%, reaching a historical high of HKD 29.48, driven by strong financial performance in the first half of the year [1] Financial Performance - The company reported revenue of approximately USD 1.6645 billion for the first half of the year, representing a year-on-year increase of 28.0% [1] - Gross profit was approximately USD 669.4 million, up 66.3% year-on-year, with gross margin increasing from 31.0% to 40.2% [1] - Net profit reached USD 633.4 million, marking a 79.5% year-on-year growth, with basic earnings per share at USD 0.24 [1] Market Dynamics - Revenue growth is attributed to a 7.3% increase in container volume and a 22.8% rise in average freight rates [1] - Huatai Securities' report highlights that the significant increase in profits is primarily driven by tariff disruptions and a substantial rise in Southeast Asian container prices [1] - The report maintains a positive outlook on the industry, suggesting that the restructuring of the industry will drive growth in cargo volumes within the Asian region, alongside tightening supply of small and medium-sized container vessels [1] Investment Outlook - Huatai Securities has raised the target price for the company by 11% to HKD 31, maintaining a "Buy" rating [1]

Group 1 - Citigroup gives a "Buy" rating to China Biologic Products with a target price raised to HKD 10.5, expecting over 19 new products to be approved in the next three years, many with sales potential exceeding HKD 20 billion [1] - CMB International maintains a "Buy" rating for Sea Group, raising the target price to HKD 28, citing significant profit growth and improved profitability due to strong volume and price increases in the first half of the year [4] - CITIC Securities maintains a "Buy" rating for JD Health, highlighting strong sales growth in pharmaceuticals and health products, and the efficiency improvements from AI medical applications [2] Group 2 - CITIC Securities maintains a "Buy" rating for Netease-S, raising the target price to HKD 240, driven by steady growth in gaming revenue and expectations of new game launches boosting future income [3] - CITIC Securities maintains a "Buy" rating for Leap Motor, raising the target price to HKD 89.2, with expectations of accelerated new car cycles leading to sustained sales and profit growth [5] - CITIC Securities maintains a "Buy" rating for Xtep International, noting robust growth driven by e-commerce and double-digit growth in same-store sales for its subsidiary [6] Group 3 - CICC maintains an "Outperform" rating for Standard Chartered Group, with second-quarter results exceeding expectations, particularly in non-interest income and wealth management [7] - Huaxing Securities maintains a "Buy" rating for Tencent Holdings, raising the target price to HKD 685, citing strong performance across all business segments, particularly in AI-driven advertising revenue [8]