招商轮船10月29日公告，2025年第三季度实现营业收入67.25亿元，同比增长10.95%；归属于上市公司 股东的净利润11.75亿元，同比增长34.75%；基本每股收益0.15元。前三季度实现营业收入193.1亿元， 同比增长0.07%；归属于上市公司股东的净利润33亿元，同比下降2.06%；基本每股收益0.41元。 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters, but the third quarter showed signs of recovery with improved profit margins due to rising shipping rates [1][2]. Financial Performance - For the first three quarters, the company achieved revenue of 4.268 billion yuan, a year-on-year decrease of 14.77%, and a net profit attributable to shareholders of 947 million yuan, corresponding to earnings per share of 0.20 yuan, down 42.81% year-on-year [1]. - In Q3 2025, the company reported revenue of 1.497 billion yuan, with a quarter-on-quarter increase of 1.10% and a year-on-year increase of 7.05%. The net profit attributable to shareholders was 377 million yuan, with a quarter-on-quarter decrease of 13.47% but a year-on-year increase of 31.97% [1]. - The net profit margin for Q3 2025 improved to 25.2%, reflecting a quarter-on-quarter increase of 4.8 percentage points, although it was down 4.2 percentage points year-on-year [1]. Market Trends - Since entering Q4, the shipping rates for refined oil in the Asia-Pacific region have decreased month-on-month but have shown significant year-on-year growth. In October, the TC7/Pacific route average rates fell by 12.8% and 13.2% compared to September, but increased by 18.1% and 8.7% compared to the same period in 2024 [2]. - The supply of MR vessels remains tight, with current orders accounting for 14.6% of capacity, and vessels over 20 years old making up 16% of the fleet. Stricter sanctions on shadow fleets by Europe and the U.S. are expected to further limit effective MR vessel capacity [2]. Corporate Actions - The company announced plans to use surplus reserves to offset losses on the parent company's balance sheet, pending approval from the shareholders' meeting. If approved, this will enable the company to improve its dividend capacity, which is viewed positively for valuation recovery [2]. - The company has been actively repurchasing shares, having bought back 1.56% of its shares by the end of September [2]. Profit Forecast and Valuation - The current profit forecast and valuation remain unchanged, with the stock price corresponding to 11.4 times and 10.0 times the earnings for 2025 and 2026, respectively. The company maintains an outperform rating and a target price of 3.7 yuan per share, suggesting a potential upside of 16.7% from the current stock price [3].

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 3.009 billion yuan, a year-on-year increase of 16.32% [1] - The net profit attributable to shareholders was 253 million yuan, a year-on-year decrease of 38.47% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 250 million yuan, a year-on-year decrease of 33.23% [1] - The net cash flow from operating activities was 791 million yuan, a year-on-year increase of 2.84% [1] - In the third quarter of 2025, the company achieved operating revenue of 1.209 billion yuan, a year-on-year increase of 34.27% [1] - The net profit attributable to shareholders in Q3 was 166 million yuan, a year-on-year decrease of 1.49% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses in Q3 was 164 million yuan, a year-on-year decrease of 2.52% [1] Capital Raising and Stock Issuance - The company plans to issue up to 30 million shares at a price of 7.00 yuan per share, raising a total of no more than 210 million yuan, with net proceeds to be used for dry bulk carrier acquisition projects [2] - The investors in this issuance are related parties controlled by the company's actual controller [2] - The company was listed on the Shanghai Stock Exchange on March 29, 2023, with an initial issuance of 41,276,015 shares at a price of 37.25 yuan per share [2] Initial Public Offering (IPO) Details - On the first day of trading, the stock reached a peak price of 38.99 yuan, which is the highest price since its listing [3] - The total amount raised from the IPO was 1.537 billion yuan, with net proceeds of 1.428 billion yuan [3] - The funds raised are intended for the acquisition of ultra-flexible bulk carriers, information system upgrades, and working capital [3] Dividend Distribution - The company plans to distribute a cash dividend of 0.15 yuan per share (including tax) for the fiscal year 2023, totaling approximately 92.22 million yuan [3] - The cash dividend payout ratio for the year is 49.84% [3] - The company also plans to increase its capital stock by 4.80 shares for every 10 shares held, resulting in a total share capital of approximately 909.89 million shares after the increase [3]

Report Overview - Report Date: October 29, 2025 - Report Type: Container Shipping Daily Report - Research Group: Shipping Research Team 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Although SCFIS rebounded significantly again, due to strong wait - and - see sentiment, the implementation of price increases in November is uncertain, and the market is in a weak and volatile state. The core is the trend of spot freight rates, and the main contract may be in the bottom - building process. It is recommended to participate lightly or wait and see [5]. - The tariff issue has a marginal effect, and the current focus is on the direction of spot freight rates. The main contract may be at the bottom - building stage, suggesting light - position participation or waiting and seeing [5]. 3. Summary by Relevant Content 3.1 SCFIS and NCFI Freight Rate Indexes - On October 27, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1312.71 points, up 15.1% from the previous period; for the US West route, it was 1107.32 points, up 28.2% from the previous period [2]. - On October 24, the Shanghai Export Container Freight Index (SCFI) was 1403.46 points, up 93.14 points from the previous period. The SCFI price for the European route was 1246 USD/TEU, up 8.8% from the previous period; for the US West route, it was 2153 USD/FEU, up 11.2% from the previous period [3]. - On October 24, the Ningbo Export Container Freight Index (NCFI) composite index was 977.21 points, up 2.17% from the previous period. The NCFI for the European route was 822.3 points, up 2.38% from the previous period; for the US West route, it was 1293.75 points, up 3.13% from the previous period [4]. - On October 24, the China Export Container Freight Index (CCFI) composite index was 992.74 points, up 2.0% from the previous period. The CCFI for the European route was 1293.12 points, up 2.0% from the previous period; for the US West route, it was 736.23 points, up 1.5% from the previous period [4]. 3.2 Economic Data of Different Regions - In the Eurozone, the preliminary manufacturing PMI in September was 49.5, falling below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The preliminary services PMI rose from 50.5 to 51.4, exceeding the expected 50.5. The preliminary composite PMI was 51.2, exceeding analysts' expectations. The Sentix investor confidence index in September was - 9.2, with an expected - 2 and a previous value of - 3.7 [5]. - In China, in August, the manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, with the manufacturing prosperity level improving. The composite PMI output index was 50.5%, up 0.3 percentage points from the previous month, remaining above the critical point, indicating that the overall expansion of enterprises' production and operation activities has accelerated [5]. - In the US, the preliminary S&P Global manufacturing PMI in September was 52 (the final value in August was 53); the preliminary services PMI was 53.9 (the final value in August was 54.5); the preliminary composite PMI was 53.6 (the final value in August was 54.6) [5]. 3.3 Trading Strategies - **Short - term Strategy**: The main contract is weak, and the far - month contracts are strong, which is in line with the bottom - building judgment. Risk - preferring investors are advised to try to build positions below 1500 for the EC2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses. The main contract may be in the bottom - building process, suggesting light - position participation or waiting and seeing [5]. - **Arbitrage Strategy**: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see temporarily or try with a light position [5]. - **Long - term Strategy**: For each contract, it is recommended to take profits when the price rises, wait for the price to pull back and stabilize, and then judge the subsequent trend [5]. 3.4 Contract Information - On October 28, the main contract 2512 closed at 1788.3, with a decline of 0.66%, a trading volume of 26,000 lots, and an open interest of 28,900 lots, an increase of 905 lots from the previous day [5]. - The daily limit for contracts 2508 - 2606 is adjusted to 18%. The company's margin for contracts 2508 - 2606 is adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 is 100 lots [5].

Core Viewpoint - The company, Haixia Co., announced plans to invest in the construction of two new roll-on/roll-off passenger ships to replace aging vessels [1] Company Summary - Haixia Co. is taking proactive steps to modernize its fleet by investing in new ships [1] - The decision to replace old vessels indicates a commitment to improving operational efficiency and service quality [1] Industry Summary - The investment in new passenger ships reflects a broader trend in the maritime industry towards fleet modernization [1] - Upgrading to newer vessels may enhance competitiveness in the passenger transport sector [1]

"上海代表处的开业，对伦敦船东互保协会来说是一个重要的里程碑。"伦敦船东互保协会主席John Lyras如是说。上周，伦敦船东互保协会（英国）上海代表处在上海浦东揭牌。至此，11家国际航运经 济组织、近1.3万家航运企业与高端服务机构齐聚浦东，形成更加完善的航运生态。 集装箱吞吐量连续15年排名全球第一、全球班轮连通度连续14年第一、集运指数（欧线）期货日均成交 额破15亿美元、全球少数同时具备LNG和甲醇船到船加注能力……"十四五"以来，上海海空枢纽港建设 稳步推进，航运服务软实力持续提升，绿色智慧航运加快转型，2025年是上海国际航运中心从"基本建 成"向"全面建成"迈进的重要节点。 新华·波罗的海国际航运中心发展指数显示，上海连续六年保持全球国际航运中心第三名，2025年较老 牌国际航运中心伦敦分差仅0.01分。展望"十五五"时期，多名业内专家对证券时报记者表示，上海国际 航运中心建设要充分"扬长补短"。一方面，继续巩固数字化、绿色化、智能化转型的先发优势，主动推 进航运脱碳，用AI等新兴技术赋能航运全产业链；另一方面，加快补齐高端航运服务业等短板，提升 航运金融、海事仲裁等"软实力"，缩小同老牌航运中 ...

2025年10月29日 集运日报 (航运研究小组) 欧元区9月制造业PMI初值49.5,重回荣枯线之下,不及分析师预期和前值50.7。服务业PMI初值从50.5升至 51.4,超出预期的50.5。 欧元区9月综 合PMI初值 51.2,超出分析师预期。欧元区9月Sentix投资者信心指数-9.2,预期-2,前值-3.7。 8月份，制造业采购经理指数（PMI）为49.4%，比上月上升0.1个百分点，制造业景气水平有所改善。8月份，综合PMI产出指数为50.5%，比上月 上升0.3个百分点，持续高于临界点，表明我国企业生产经营活动总体扩张有所加快。 美国9月标普全球制造业PMI初值为52,8月终值53;服务业PMI初值为53.9,8月终值54.5;综合PMI初值为53.6,8月终值54.6, SCFIS上涨，但对11月涨价落地持观望状态，盘面宽幅震荡，符合日报反弹预期，不建议加仓，设置好止损。 SCFIS、NCFI运价指数 10月27日 上海出口集装箱结算运价指数SCFIS (欧洲航线) 1312.71点, 较上期上涨15.1% 上海出口集装箱结算运价指数SCFIS (美西航线) 1107.32点, 较上期上涨2 ...

Core Insights - The Hong Kong Dividend ETF by Bosera (513690) has shown a recent increase of 0.45%, with a latest price of 1.12 CNY, and a weekly cumulative rise of 0.36% as of October 28, 2025 [3] - The overall coal supply and demand is improving, with stricter safety and production management expected in Q4, leading to a stable to strong coal price outlook [3] - The market is increasingly focused on dividend assets as domestic interest rates enter a downward cycle, with the Hong Kong market's overall valuation at a low point and a growing willingness among companies to distribute dividends [3] Market Performance - The latest scale of the Hong Kong Dividend ETF by Bosera is 5.869 billion CNY [4] - Recent fund flows have been balanced, with net inflows in 4 out of the last 5 trading days, totaling 26.7134 million CNY, averaging 5.3427 million CNY per day [4] - The ETF closely tracks the Hang Seng Hong Kong Stock Connect High Dividend Yield Index, which reflects the performance of high dividend securities listed in Hong Kong [4] Key Holdings - As of October 8, 2025, the top ten weighted stocks in the Hang Seng Hong Kong Stock Connect High Dividend Yield Index include Orient Overseas International, COSCO Shipping Holdings, Yancoal Australia, and others, accounting for 28.98% of the index [4]

1. Report Industry Investment Rating - The report does not provide a specific industry investment rating [1][2][3][4][6][7][9] 2. Core Viewpoints of the Report - Short - term asset allocation should be balanced. After the Fed's interest rate cut decision in the October meeting, the progress of China - US tariff talks, and the release of details from the 20th Fourth Plenary Session, it is expected to benefit overseas and domestic equity sectors (especially the science and technology innovation sector) and non - ferrous metals. Black commodities may also have a rebound opportunity due to domestic policy improvement, while precious metals may continue to adjust in the short term [6] 3. Summary According to Relevant Catalogs 3.1 Macro Highlights - **Overseas Macro**: The US government shutdown continued this week. China - US tariff expectations eased, and the CPI in September was lower than expected, strengthening the expectation of monetary easing. Reasons include the lower - than - expected September CPI, the 12th rejection of the temporary budget bill by the Senate, the increased economic downward pressure after the government shutdown, and the easing of China - US tariff expectations [6] - **Domestic Macro**: On October 28, the "Proposal of the Central Committee of the Communist Party of China for Formulating the 15th Five - Year Plan for National Economic and Social Development" and its explanatory notes were released, emphasizing the strategic position of science and technology and emerging industries, and also covering areas such as boosting consumption, expanding effective investment, and "anti - involution" [6] - **Asset Views**: Short - term balanced allocation is recommended. After the Fed's interest rate cut decision, China - US tariff talks, and the release of details from the plenary session, equity sectors and non - ferrous metals may benefit, black commodities may rebound, and precious metals may continue to adjust [6] 3.2 Market Performance of Various Assets - **Financial Market**: Stock index futures showed a shrinking - volume rebound, with the growth style being active due to technology events. Stock index options had a slightly lower trading volume. Treasury bond futures remained weak [2][7] - **Precious Metals**: Gold and silver entered a short - term adjustment phase due to the easing of geopolitical and economic and trade tensions [7] - **Shipping**: The freight rate of the European container shipping line was under pressure as the peak season in the third quarter ended [7] - **Black Building Materials**: The steel industry faced policy disturbances and inventory pressure. Iron ore was mainly affected by sentiment. Coke's price increase was about to be implemented, and coking coal prices were strong. Other related products also had their own market characteristics [7] - **Non - ferrous Metals and New Materials**: Copper prices fell in the short term due to trade frictions. Aluminum prices rose, while zinc prices were weak. Other non - ferrous metals also showed different trends [7] - **Energy and Chemicals**: The energy and chemical industry still faced a weak supply - demand situation. Most products were expected to fluctuate, with some showing a downward trend [9] - **Agriculture**: The agricultural market showed a mixed trend. Some products were affected by factors such as weather, trade relations, and supply - demand [9]

航运日报 | 2025-10-29 宏观层面关注中美关税谈判结果，船司端关注近期是否有11 月下半月涨价函发出 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹45周报价1425/2380，46周报价1320/2200；HPL -SPOT 11月上半月价格 1335/2135，11月下半月船期报价1735/2835。 MSC+Premier Alliance：MSC 11月上半月船期报价1365/2235；ONE 11月上半月船期报价1365/2135，11月下半月 船期1625/2535；HMM上海-鹿特丹11月上半月船期报价1168/1906; YML 11/01-11/14 报价1175/2100。 Ocean Alliance：CMA 上海-鹿特丹11月上半月船期报价1460/2520，11月下半月船期报价1820/3231；EMC 10月下 半月船期报价1355/2060，11月第一周船期报价1805/2710；OOCL 11月份船期报价1450/2400。 地缘端：当地时间28日，以军当天对加沙城发动了多起空袭。以色列总理办公室28日发表声明称，在巴勒斯坦伊 斯兰 ...