Core Insights - Wuhan's international shipping has seen significant growth, with the number of outbound vessels increasing by 49% year-on-year, reaching 100 vessels in 2023 compared to 67 in the same period last year [2] - The establishment of direct international shipping routes has expanded from one route in 2019 to five routes by 2024, enhancing Wuhan's position as a key maritime hub in Central and Western China [2][3] Group 1: Shipping Routes and Growth - Wuhan has launched several direct shipping routes, including connections to Busan, Vladivostok, Ho Chi Minh City, and Makassar, with plans for continued expansion [2][3] - The port has also opened new routes to Japan, including the first voyage to Moji Port and Nagoya, further increasing its international connectivity [3] Group 2: Economic Impact and Trade - The primary imports through Wuhan's ports include food raw materials, automotive parts, and industrial products, while exports feature non-woven fabrics, chemical products, and agricultural goods, with new additions like electric vehicles and lithium batteries [3] - The opening of new shipping routes has significantly reduced transportation times and costs for companies, exemplified by a 10% to 20% reduction in logistics costs for companies like Greenme [4] Group 3: Infrastructure and Services - Wuhan's port benefits from strategic geographical advantages, including superior shipping channel capacity and connectivity to major rail networks, enhancing its role as a critical junction for trade [3] - Regulatory bodies have implemented streamlined services for shipping, including customized plans for vessels and 24/7 customs support, improving efficiency in cargo handling [4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The spot freight rate of the container shipping industry continues the downward trend. The Shanghai Export Containerized Freight Index (SCFIS) for European routes continued to decline, and the decline of the US West route narrowed. The China Containerized Freight Index (CCFI), Shanghai Containerized Freight Index (SCFI), and Ningbo Containerized Freight Index (NCFI) all continued to decline, but the decline converged. For the future market, attention can be paid to the changes in the current cabin quotes of shipping companies on European routes and the fundamentals of the European route market. Considering that the futures price has reached a relatively short - term low, the decline of the futures price may converge or maintain a shock [1]. - Traders are advised to temporarily observe in the spot - futures (basis) strategy and temporarily wait and see in the arbitrage (inter - period) strategy [2]. Summary by Relevant Catalogs 3.盘面回顾 (Market Review) - As of Friday, except for EC2508, the closing prices and settlement prices of other monthly contracts rebounded. Among them, the closing price of EC2510 rebounded by 0.84% from the previous week, closing at 1436.0 points; the settlement price rebounded by 1.11%, closing at 1448.0 points. The main influencing factors of the week came from the current cabin quotes of European routes and route adjustments [3]. 4.现货信息 (Spot Information) 4.1 运价 (Freight Rates) - As of August 11, the European route of the Shanghai Export Containerized Freight Settlement Index (SCFIS), the futures underlying index, continued to decline, with a month - on - month decline of 0.81% (the previous value was - 3.50%), and the decline of the freight rate on the US West route widened, with a month - on - month decline of 11.99% (the previous value was - 1.37%). As of August 15, the CCFI, SCFI, and NCFI all continued to decline, but the decline converged. In terms of different routes, the decline of North American routes narrowed, the SCFI US West route decreased by 3.51% month - on - month ( - 9.80% in the previous week), the SCFI US East route decreased by 2.61% month - on - month ( - 10.68% in the previous week), and the decline of the SCFI European route widened, with a month - on - month decline of 7.19% ( - 4.39% in the previous week) [8]. 4.2 需求面 (Demand Side) - The content mainly shows the week - on - week and year - on - year changes of the deployed capacity of different routes, as well as the latest shipping regional trade capacity and its month - on - month changes, but no specific summary data is provided [20][22][23]. 4.3 供应端 (Supply Side) - As of August 16, the idle capacity ratio of global container ships was 2.4%; the idle capacity of container ships over 17,000 TEU was 61,610 TEU, accounting for 1.3% of this type of ships; the idle capacity of container ships from 12,000 to 16,999 TEU was 109,419 TEU, accounting for 1.4% of this type of ships. The congestion index of Shanghai Port decreased by 82.1 thousand TEU from the previous week, closing at 575.3 thousand TEU; the congestion index of Rotterdam Port increased by 19.0 thousand TEU from the previous week, closing at 240.8 thousand TEU; the congestion index of Antwerp Port decreased by 13.9 thousand TEU from the previous week, closing at 84.3 thousand TEU; the congestion index of Hamburg Port increased by 10.6 thousand TEU from the previous week, closing at 113.6 thousand TEU [27][30]. 5.价差解析 (Spread Analysis) - The current Shanghai Export Containerized Freight Settlement Index (SCFIS) for European routes continued to decline, and the month - on - month decline widened to 2.71%, reporting 2235.48 points. The main contract EC2510 closed at 1408.8 points on Monday. The basis slightly narrowed from the previous week and then slightly widened. The current cabin quotes of mainstream shipping companies on European routes continued to decline, leading the trend of futures prices. As the container shipping market is about to leave the traditional peak season, the support from demand gradually decreases. Based on the current spot freight rate situation, although it has declined significantly, it still maintains a relative level, so the basis is still at a relatively high level compared with the previous period. Traders are advised to temporarily observe [35][37]. - The spreads of the inter - period contract combinations of container shipping European routes in the current week were as follows: the spread of the EC2508 - EC2510 contract combination was 710.2 points, the spread of the EC2508 - EC2512 contract combination was 320.8 points, and the spread of the EC2510 - EC2512 contract combination was - 389.4 points. Continuing the previous logic, as the 08 contract is about to enter the delivery month, the fluctuation range of the futures price has converged and is generally more stable. The 10 contract declined significantly during the week due to the further decline of the current cabin quotes and the influence of the capital side, resulting in a relatively significant increase in the spread of the EC2508 - EC2510 contract combination during the week. Traders can temporarily wait and see [38].

Core Viewpoint - The Wanjiac Zhongzheng Hong Kong Stock Connect Central State-Owned Enterprise Dividend ETF (159333) has shown a slight increase in its closing price and has experienced growth in its scale despite a decrease in the number of shares outstanding [1][2]. Group 1: Fund Performance - As of August 18, 2024, the ETF closed with a gain of 0.28% and a trading volume of 48.8467 million yuan [1]. - The fund's management fee is set at 0.50% annually, while the custody fee is 0.10% annually [1]. - The ETF's scale increased by 15.51% this year, rising from 514 million yuan to 593 million yuan, despite a 4.64% decrease in shares outstanding [1]. Group 2: Trading Activity - Over the last 20 trading days, the ETF recorded a cumulative trading amount of 785 million yuan, with an average daily trading amount of approximately 39.2286 million yuan [1]. Group 3: Fund Holdings - The ETF's top holdings include COSCO Shipping Holdings (6.96%), Orient Overseas International (3.21%), CITIC Bank (3.06%), and China Petroleum (2.57%), among others, with a diversified portfolio across major state-owned enterprises [2].

Report Industry Investment Rating - The report does not provide an industry investment rating Core Viewpoints - Due to geopolitical conflicts and tariff uncertainties, it is recommended to participate with a light position or stay on the sidelines [3] - For short - term, risk - takers can try to go long on the 2510 contract around 1300; for arbitrage, it is advisable to stay on the sidelines or try with a light position; for long - term, take profit when the contracts rise and wait for a pullback to determine the subsequent direction [4] Summary by Related Content Shipping Index - On August 15, the Ningbo Export Container Freight Index (NCFI) composite index was 1052.5 points, down 0.1% from the previous period; the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2235.48 points, down 2.7%; the NCFI for the European route was 1188.7 points, down 5.5%; the SCFIS for the US West route was 1082.14 points, down 4.2%; the NCFI for the US West route was 1042.91 points, down 5.9% [1] - On August 15, the Shanghai Export Container Freight Index (SCFI) was 1460.19 points, down 29.49 points from the previous period; the China Export Container Freight Index (CCFI) composite index was 1193.34 points, down 0.6%; the SCFI for the European route was 1820 USD/TEU, down 7.2%; the CCFI for the European route was 1790.47 points, down 0.5%; the SCFI for the US West route was 1759 USD/FEU, down 3.5%; the CCFI for the US West route was 981.1 points, down 5.9% [1] Economic Data - In July, the eurozone's manufacturing PMI was 49.8, the service PMI was 51.2, and the composite PMI was 51, all higher than expected. The SENTIX investor confidence index jumped to 4.5, the highest since April 2022 [2] - China's manufacturing PMI in July was 49.3%, down 0.4 percentage points from the previous month [2] - In July, the US S&P Global manufacturing PMI was 49.5 (expected 52.7), the service PMI was 55.2, and the composite PMI was 54.6, the highest since December 2024 [2] Market Conditions - Sino - US tariff extension continues with no substantial progress in negotiations. The tariff war has become a trade negotiation issue between the US and other countries, and the spot price has slightly declined [3] - On August 15, the main contract 2510 closed at 1373.6, up 1.10%, with a trading volume of 31,100 lots and an open interest of 54,900 lots, a decrease of 1839 lots from the previous day [3] - Market pessimism has been repaired, some short - sellers have taken profits and left the market, the spot freight rate has stabilized, and the futures market has fluctuated widely. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [3] Trading Strategies - Short - term: Risk - takers can try to go long on the 2510 contract around 1300, pay attention to subsequent market trends, and set stop - losses [4] - Arbitrage: Due to the volatile international situation, it is recommended to stay on the sidelines or try with a light position [4] - Long - term: Take profit when the contracts rise, wait for a pullback to stabilize, and then determine the subsequent direction [4] Contract Adjustments - The daily price limit for contracts from 2508 to 2606 is adjusted to 18% [4] - The company's margin for contracts from 2508 to 2606 is adjusted to 28% [4] - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [4] Geopolitical News - On the evening of the 16th local time, regarding the possible restart of the Gaza cease - fire negotiations, the Israeli Prime Minister's Office stated that Israel's condition for reaching an agreement is the one - time release of all Israeli detainees and the agreement must meet Israel's conditions for ending the war [5] - On the 13th local time, the Hamas delegation held talks with the Egyptian intelligence chief in Cairo on promoting the cease - fire in Gaza. Hamas hopes to resume cease - fire negotiations as soon as possible [5] Shipping Industry Forecast - Global container shipping volume is expected to grow by 3% year - on - year in 2025 and 2026 after a 6% increase in 2024. The global container fleet may not scrap any capacity in 2025. The global ship delivery volume is expected to be 1.8 million TEUs in 2025 and 1.6 million TEUs in 2026. There are currently 9.3 million TEUs in global ship orders, accounting for 29% of the global fleet, up from 27% in 2024 [5]

Group 1: Aviation Industry - The peak of summer travel is beginning to decline, with expectations for business travel to recover by mid-September [2] - In early August, summer travel maintained a peak with passenger flow increasing over 2% year-on-year and seat occupancy rising by over 1 percentage point [2] - The Civil Aviation Administration of China has initiated a self-regulatory convention to combat "involution" in the industry, which is expected to lead to a reduction in excessive low pricing in the short term [2] Group 2: Express Delivery Industry - Multiple regions are expected to follow suit in raising delivery prices, with regulatory strength determining the sustainability of these increases [3] - The State Post Bureau has emphasized opposition to "involution" competition, leading to price increases in various regions, such as a 0.2 yuan increase in Yiwu and a 0.4 yuan increase in Guangdong [3] - The second half of the year is anticipated to see a recovery in profitability for e-commerce express delivery, with potential for improved earnings elasticity and valuation recovery if price increases continue [3] Group 3: Shipping Industry - Oil shipping rates remain stable, with the Middle East to China VLCC TCE maintaining around $37,000 [4] - Recent discussions between the US and Russia have not resulted in a ceasefire agreement, but concerns about trade restructuring and reduced oil shipping demand are considered limited [4] - Supply rigidity in oil shipping continues, with an expected positive outlook for oil shipping demand growth due to increased crude oil production [4]

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - Due to geopolitical conflicts and tariff uncertainties, it is recommended to participate with a light position or wait and see [3]. - The short - term strategy suggests that risk - takers can try to go long on the 2510 contract around 1300, pay attention to subsequent market trends, and set stop - losses [4]. - For the arbitrage strategy, it is recommended to wait and see or try with a light position due to large fluctuations [4]. - For the long - term strategy, it is advised to take profits when the contracts rise, and then judge the subsequent direction after waiting for the callback to stabilize [4]. Summary by Related Information Shipping Indexes - On August 15, compared with the previous period, the NCFI (composite index) was 1052.5 points, down 0.1%; the SCFIS (European route) was 2235.48 points, down 2.7%; the NCFI (European route) was 1188.7 points, down 5.5%; the SCFIS (US West route) was 1082.14 points, down 4.2%; the NCFI (US West route) was 1042.91 points, down 5.9% [1]. - On August 15, the SCFI was 1460.19 points, down 29.49 points from the previous period; the CCFI (composite index) was 1193.34 points, down 0.6%; the SCFI European route price was 1820 USD/TEU, down 7.2%; the CCFI (European route) was 1790.47 points, down 0.5%; the SCFI US West route was 1759 USD/FEU, down 3.5%; the CCFI (US West route) was 981.1 points, down 5.9% [1]. Economic Data - In the Eurozone in July, the manufacturing PMI was 49.8 (expected 49.7, previous 49.5), the services PMI was 51.2 (expected 50.7, previous 50.5), the composite PMI was 51 (expected 50.8, previous 50.6), and the SENTIX investor confidence index rose to 4.5 [2]. - In the US in July, the manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month; the S&P Global manufacturing PMI was 49.5 (expected 52.7, previous 52.9), the services PMI was 55.2 (expected 53, previous 52.9), and the Markit composite PMI was 54.6, a new high since December 2024 [2]. Market Conditions - The Sino - US tariff extension continues with no substantial progress in negotiations. The tariff war has become a trade negotiation issue between the US and other countries, and the spot price has slightly decreased [3]. - On August 15, the closing price of the main contract 2510 was 1373.6, with a gain of 1.10%, a trading volume of 31,100 lots, and an open interest of 54,900 lots, a decrease of 1839 lots from the previous day [3]. - Market pessimism has been repaired, some short - sellers have taken profits and left the market, the spot freight rate has stabilized, and the futures market has fluctuated widely [3]. Shipping Market Forecast - German container shipping company Hapag - Lloyd expects global container shipping volume to increase by 3% year - on - year in 2025 and 2026. The global container fleet may not scrap any capacity in 2025. The expected global ship delivery volume is 3.1 million TEUs in 2024, 1.8 million TEUs in 2025, and 1.6 million TEUs in 2026. The current global ship orders are 9.3 million TEUs, accounting for 29% of the global fleet [5]. Policy Adjustments - The daily trading limit for contracts from 2508 to 2606 is adjusted to 18% [4]. - The margin for contracts from 2508 to 2606 is adjusted to 28% [4]. - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [4].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View The report provides a weekly outlook on the shipping container market. For the container market, the European line's main contract is expected to show a weak and volatile trend next week. The 10 - contract has broken below 1400 points, with limited further downward space, and a low probability of breaking below 1250 points [2]. 3. Summary by Directory 3.1 Container Market Transport Price - **航司报价**: Information on the future 6 - week Shanghai - Europe 20GP and 40GP box - type quotes from airlines is mentioned, but no specific data is given [7]. - **期货价格**: The container shipping index futures showed a volatile downward trend last week, with the main contract closing at 1373.6 points. As of August 11, the SCFIS European line index was 2235.48 points, down 2.71% month - on - month, and the US West line index was down 4.25% to 1082.14 points [8]. - **集装箱市场即期运价**: As of August 15, the SCFI composite index dropped to 1460.19 points, down 2% week - on - week. The Shanghai - Europe freight rate fell 7.2% to $1820/TEU; the Shanghai - US West freight rate was $1759/FEU, down 3.5% from last week; the Shanghai - US East freight rate was $2719/FEU, down 2.6% from last week [16]. 3.2 Capacity Supply - **投入运力**: The current global container ship capacity exceeds 32.79 million TEUs, with a year - on - year increase of 7.8%. In June, China's container production reached 23.39 million cubic meters, down 23% year - on - year. As of August 15, Mediterranean Shipping's capacity exceeded 6.7 million TEUs, and the top 3 companies continued to hold more than half of the container shipping market capacity. On the same day, the capacity in Europe, across the Pacific, and across the Atlantic increased by 5.45%, - 0.93%, and 19.83% respectively compared to the same period last year [32][33][43]. - **有效运力**: Information on the punctuality rates of the three major container shipping alliances for receiving, dispatching, arrival, and departure services, as well as port punctuality rates in different regions and the berthing situation of main - line liners in ports, is provided, but no specific analysis is given [44][46][50]. 3.3 Transport Cost - As of August 14, the charter price of Cape - size ships increased by 11% year - on - year to $26,718 per day; the Panamax - type increased by 11% year - on - year to $13,836 per day. In July, China's international seafarers' salaries were relatively flat year - on - year, with senior and ordinary seafarers' salaries increasing by 1.56% and 2.53% respectively [60]. 3.4 Trade Demand - **中国宏观**: In July, China's export amount was $321.8 billion, a year - on - year increase of 7.2%. In the same month, China's exports to the US decreased by 21.67% year - on - year, while exports to the EU increased by 9.24% and to ASEAN increased by 16.59%. As of August 15, the RMB spot exchange rate was 7.1823 (against the US dollar) and 8.3876 (against the euro), up 0.07% and 0.61% respectively compared to the previous month [62]. - **中国外贸情况**: In July, processing trade accounted for 18.01% of China's import and export trade, other trade accounted for 18.52%, and general trade accounted for 63.47%. In the same month, China's exports to ASEAN countries reached $54.6 billion, with a high - level year - on - year growth rate. Exports to Europe and the US were $50 billion and $35.8 billion respectively, and trade with the US showed some recovery [73]. - **欧洲经济及消费**: In July, the eurozone's composite PMI index was 51 points, the manufacturing PMI index was 49.8 points, and the service industry PMI index was 51.2 points. The EU's consumer confidence index was - 14.5, the service industry index was 4.2, and the industrial confidence index was - 10.4. The EU's economic sentiment index was 95.3, down 0.83% year - on - year [74]. - **美国经济及消费**: In July, the University of Michigan's consumer expectation and confidence indices in the US were 57.7 and 61.7 respectively. The PMI data released by the Institute for Supply Management in July showed that the manufacturing PMI decreased to 48, and the manufacturing new orders PMI increased to 47.1 [80]. - **OECD综合领先指标**: The world's major economies still have growth potential, but no specific data analysis is given [84]. 3.5 Dry Bulk Transport Tracking - **干散货运输价格跟踪**: Information on the Far - East Dry Bulk Index (FDI), the Baltic Dry Bulk Index (BDI), and the dry - bulk transport prices of iron ore, coal, and soybeans in the Far East is mentioned, but no specific data is given [94][95][96]. - **出口欧盟干散货货物细分**: Information on the amount and weight statistics of other and main dry - bulk exports to the EU by HS classification is provided, but no specific data is given [99][102].

Core Insights - The summer season is a traditional peak for domestic tourism in China, with the Xisha Islands attracting increasing numbers of visitors due to its rich natural and cultural resources [1][4] Company Overview - The "Xianglong Island" vessel, operated by the subsidiary of China COSCO Shipping Group, is a significant player in the Xisha tourism route, featuring advanced speed, intelligence, and facilities [1] - The vessel has completed over 120 voyages since its inaugural trip on December 28, 2023, accommodating more than 50,000 passengers and covering over 40,000 nautical miles [1] Tourism Growth - The "Xianglong Island" route has seen a 44% year-on-year increase in tourist numbers, with 3,276 visitors recorded by August 14 this year [4] - The company is actively developing a multi-dimensional cultural tourism system that integrates marine science education, ecological research, and historical cultural experiences [4] Community Impact - Local fishermen have experienced improved living conditions due to government support, which has enhanced infrastructure and services on the islands, contributing to a better quality of life for residents [5] - The increase in tourism has positively impacted local businesses, such as restaurants, leading to improved livelihoods for island families [5] Future Plans - The company plans to strengthen government-enterprise cooperation to enhance maritime transportation and promote the integration of cultural and tourism industries [7]

Group 1 - The core viewpoint of the report indicates that SeaLand International's revenue increased by 28% year-on-year to $1.66 billion, and net profit attributable to shareholders rose by 79.7% to $630 million, exceeding the forecast of $600 million [1] - The significant growth in profitability is attributed to tariff disruptions and a substantial rise in container shipping rates in Southeast Asia [1] - The report maintains a positive outlook on the restructuring of the industry, which is expected to drive cargo growth within the Asian region, alongside a tightening supply of small and medium-sized container ships [1] Group 2 - Despite short-term fluctuations in shipping rates due to tariffs, geopolitical events, and seasonal factors, the supply-demand structure in the Asian container market is improving [1] - The report anticipates a significant increase in the price level compared to the 2010-2019 cycle [1] - Based on strong mid-term performance, the company has raised its net profit forecast for 2025 by 7% to $1.17 billion, while keeping the 2026 and 2027 profit forecasts unchanged [1] Group 3 - The target price for SeaLand International has been raised by 11% to HKD 31, based on a projected price-to-earnings ratio of 9.2 times for 2025, while maintaining a "Buy" rating [1]

Core Viewpoint - Haitong Securities reports that SeaLand International's revenue increased by 28% year-on-year to $1.66 billion, and net profit attributable to shareholders rose by 79.7% to $630 million, exceeding the firm's expectation of $600 million [1] Group 1: Company Performance - The significant year-on-year growth in the company's earnings is primarily driven by tariff disruptions and a substantial increase in container shipping rates in Southeast Asia [1] - The firm has raised its net profit forecast for SeaLand International for 2025 by 7% to $1.17 billion, while maintaining the profit forecasts for 2026 and 2027 [1] Group 2: Market Outlook - The company is optimistic about the growth in cargo volume driven by industry restructuring in the Asian region, alongside a tightening supply of small and medium-sized container ships [1] - Despite short-term fluctuations in shipping rates due to tariffs, geopolitical events, and seasonal factors, the supply-demand structure in the Asian container market is improving, with a significant increase in the price level compared to the 2010-2019 cycle [1] Group 3: Investment Rating - Based on a projected price-to-earnings ratio of 9.2 times for 2025, the target price for SeaLand International has been raised by 11% to HKD 31, with a "Buy" rating maintained [1]