Group 1 - The "China Yangpu Port" has registered a total of 63 international vessels with a total tonnage of 354.76 million tons and a total capacity of 635.02 million tons, with total assets amounting to 19.2 billion RMB, ranking among the top in the country [1] - The establishment of the international ship registration management agency in Yangpu is expected to accelerate the release of policy dividends, with a 45.65% increase in newly registered vessels since its inception [1] - The policy benefits are translating into tangible gains for enterprises and are driving infrastructure development and the growth of industrial clusters [1] Group 2 - The Yangpu International Container Hub Port's first phase of expansion has increased the terminal's annual throughput capacity to 3.6 million TEUs, with a future capacity of 5 million TEUs upon completion of the second phase [2] - A significant investment agreement worth 2 billion RMB was signed in a single day during the 2025 Maritime Day event, highlighting the rapid development of supporting industries such as ship financing, insurance, and maintenance [2] - Companies not directly related to shipping, such as Guoquan Food, are also benefiting from Yangpu's strong shipping capabilities and policy advantages [2] - The long-term vision includes constructing a "one port, three areas" development pattern, aiming to elevate port throughput capacity to 225 million tons and establish the world's first "smart green zero-carbon hub port" [2]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The freight rate of the PA alliance has declined, and Maersk has lowered its PSS. The freight rates of OA and PA alliances are following the downward trend. The 8 - month contract freight rate has reached its peak and is continuously being revised downward, while the 10 - month contract is mainly for short - allocation, and the 12 - month contract's risk lies in whether the Suez Canal will reopen. The main contract is expected to fluctuate weakly, and it is advisable to go short on the 10 - month contract when the price is high [1][3][4][5]. - In terms of strategies, the main contract is expected to be weak in oscillation, and it is recommended to short the 10 - month contract when the price is high [7]. 3. Summary by Directory I. Market Analysis - **Online Quotes**: Different shipping companies in various alliances have different price trends. For example, Maersk's Shanghai - Rotterdam price has increased, while HPL's price remains stable. Some companies in the MSC + Premier Alliance and Ocean Alliance also have specific price quotes for different time periods. Maersk has lowered its PSS for the Far East - Nordic region to 50/100 [1]. - **Geopolitical Aspect**: China emphasizes the importance of maintaining the safety of the Red Sea shipping route and promoting the political settlement of the Yemen issue [2]. II. Shipping Capacity - **Weekly and Monthly Shipping Capacity**: From August to October, the weekly and monthly average shipping capacities of China - European base ports show certain fluctuations. There are also empty sailings, TBNs, and additional ships in different months. For example, in August, there are 4 empty sailings in the OA alliance, and Maersk and the OA alliance have added several additional ships [3]. III. Contract Analysis - **August Contract**: The freight rate has reached its peak and is continuously being revised downward, which brings uncertainty to the estimated delivery settlement price. The delivery settlement price is the arithmetic average of the SCFIS on August 11, 18, and 25. The shipping company's prices have entered a downward cycle [3]. - **October Contract**: It is mainly for short - allocation. Normal years see the freight rate in October 20% - 30% lower than that in August. Attention should be paid to the price follow - up of other shipping companies after Maersk's freight rate drops, and the additional ships announced by HPL in October may put pressure on the spot price. In the context of a large discount, it is relatively safe to short the EC2510 contract when the price is high, but excessive short - chasing should be avoided [4][5]. - **December Contract**: The regular seasonal pattern of high freight rates in the fourth quarter still exists, but the risk lies in whether the Suez Canal will reopen. If it reopens, the seasonal pattern may be challenged [5]. IV. Futures and Spot Prices - **Futures Prices**: As of August 14, 2025, the closing prices of different contracts of the container shipping index for European routes are provided, including EC2602, EC2604, etc. [6]. - **Spot Prices**: The SCFI and SCFIS prices for different routes (Shanghai - Europe, Shanghai - US West, Shanghai - US East) are given on different dates [6]. V. Ship Delivery - In 2025, it is still a big year for container ship deliveries. As of now, 157 container ships have been delivered, with a total capacity of 1.2513 million TEU. As of July 27, 2025, 49 ships with a capacity of 12,000 - 16,999 TEU and 7 ships with a capacity of over 17,000 TEU have been delivered [6]. VI. Strategy and Risk - **Strategy**: The main contract is expected to be weak in oscillation, and it is recommended to short the 10 - month contract when the price is high [7]. - **Risk**: Downward risks include an unexpected decline in the European and American economies, a significant drop in oil prices, etc. Upward risks include the recovery of the European and American economies, supply chain problems, etc. [7]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report indicates that due to the combination of geopolitical conflicts and tariff uncertainties, the complexity of market games is high. It is recommended to participate with light positions or stay on the sidelines. Although the market's macro - sentiment has slightly recovered, the multi - empty game is intense, and the market is in a wide - range shock. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [2][5]. 3. Key Points by Content Freight Index - On August 11, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2235.48 points, down 2.7% from the previous period; the SCFIS for the US - West route was 1082.14 points, down 4.2% from the previous period [3]. - On August 8, the Ningbo Export Container Freight Index (NCFI) for the European route was 1257.71 points, down 8.37% from the previous period; the NCFI for the US - West route was 1042.91 points, down 6.42% from the previous period [3]. - On August 8, the Shanghai Export Container Freight Index (SCFI) was 1489.68 points, down 61.06 points from the previous period; the SCFI for the European route was 1961 USD/TEU, down 4.39% from the previous period; the SCFI for the US - West route was 1823 USD/FEU, down 9.80% from the previous period [3]. - On August 8, the China Export Container Freight Index (CCFI) for the European route was 1799.05 points, up 0.5% from the previous period; the CCFI for the US - West route was 827.84 points, down 5.6% from the previous period [3]. Economic Data - The eurozone's July manufacturing PMI was 49.8, higher than the expected 49.7, and the previous value was 49.5; the service PMI was 51.2, higher than the expected 50.7, and the previous value was 50.5; the composite PMI was 51, higher than the expected 50.8, and the previous value was 50.6. The July SENTIX investor confidence index jumped to 4.5 [3]. - China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month [4]. - The US July S&P Global manufacturing PMI was 49.5, lower than the expected 52.7; the service PMI was 55.2, higher than the expected 53; the composite PMI was 54.6, a new high since December 2024 [4]. Market Conditions - On August 14, the main contract 2510 closed at 1359.5, down 0.18%, with a trading volume of 3.21 million lots and an open interest of 56,700 lots, a decrease of 4042 lots from the previous day [5]. - The market sentiment has slightly recovered, but due to the stabilization of market freight rates, the multi - empty game is intense, and the market is in a wide - range shock. After the close, except for the main contract, other contracts have increased [5]. Trade Policy - The Sino - US tariff extension negotiation has not made substantial progress, and the tariff war has gradually evolved into a trade negotiation issue between the US and other countries. Currently, the spot price has slightly decreased [5]. Geopolitical Situation - On August 13, Hamas proposed a cease - fire request to Egypt, including asking Israel to agree in writing to permanently end the war and abandon any plan to occupy Gaza and provide international guarantees. Hamas negotiation representatives arrived in Egypt this week to restart the cease - fire and hostage release negotiations [5]. Trading Strategies - Short - term strategy: For risk - preference investors, they can try to go long lightly around 1300 on the 2510 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [5]. - Arbitrage strategy: In the context of international situation instability, each contract still follows the seasonal logic with large fluctuations. It is recommended to stay on the sidelines or try with light positions [5]. - Long - term strategy: It is recommended to take profits when the contracts rise, wait for the correction to stabilize, and then judge the subsequent trend [5]. Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18% [5]. - The margin for contracts 2508 - 2606 is adjusted to 28% [5]. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [5].

Core Insights - Company reported a revenue of approximately $1.664 billion for the six months ending June 30, 2025, representing a year-on-year increase of 27.99% [1] - Gross profit reached approximately $669 million, showing a significant year-on-year increase of 66.3% [1] - Gross margin improved from about 31% in the same period of 2024 to approximately 40.2% [1] - Shareholders' profit attributable to the company was around $630 million, reflecting a year-on-year increase of 79.65% [1] - Basic earnings per share were reported at $0.24 [1] - The company proposed an interim dividend of HKD 1.3 [1] Revenue Drivers - The increase in revenue was primarily driven by a year-on-year increase of approximately 7.3% in container throughput, totaling 1,829,665 TEUs [1] - Average freight rates (excluding swap space fee income) increased by approximately 22.8% to $776.4 per TEU [1]

Core Insights - The company reported a revenue of approximately $1.6645 billion for the first half of 2025, representing a year-on-year increase of 28.0% [1] - Gross profit reached about $669.4 million, with a significant year-on-year growth of 66.3%, and the gross margin improved from 31.0% to 40.2% [1] - Profit amounted to $633.4 million, reflecting a substantial year-on-year increase of 79.5%, with basic earnings per share at $0.24 [1] Revenue Growth Drivers - The revenue growth was primarily driven by a 7.3% increase in container volume and a 22.8% rise in average freight rates (excluding slot exchange fee income) [1]

Core Viewpoint - The company, Haifeng International (01308), announced a mid-term dividend of HKD 1.3 per share for the six months ending June 30, 2025, to be distributed on September 16, 2025 [1] Summary by Category - **Dividend Announcement** - Haifeng International will distribute a mid-term dividend of HKD 1.3 per share [1] - The dividend pertains to the financial period ending June 30, 2025 [1] - The payment date for the dividend is set for September 16, 2025 [1]

智通财经APP讯，海丰国际(01308)发布公告，将于2025年9月16日派发截至2025年6月30日止六个月的中 期股息每股1.3港元。 ...

Core Viewpoint - Haifeng International (01308.HK) reported a significant increase in mid-term performance for the first half of 2025, with revenue reaching approximately $1.6645 billion, reflecting a year-on-year growth of about 28.0% [1] Financial Performance - Revenue for the first half of 2025 was approximately $1.6645 billion, up about 28.0% year-on-year [1] - Gross profit was approximately $669.4 million, representing a year-on-year increase of about 66.3%, with gross margin rising from approximately 31.0% to about 40.2% [1] - Profit for the period was $633.4 million, marking a year-on-year increase of 79.5%, with basic earnings per share at $0.24 [1] - Interim dividend declared was HKD 1.30 per share [1] Operational Highlights - Container throughput increased from 1,705,164 TEUs for the six months ending June 30, 2024, to 1,829,665 TEUs for the six months ending June 30, 2025, reflecting an increase of approximately 7.3% [1] - Average freight rates (excluding slot exchange fee income) rose from $632.4 per TEU for the six months ending June 30, 2024, to $776.4 per TEU for the six months ending June 30, 2025, representing an increase of approximately 22.8% [1]

海丰国际(01308)发布截至2025年6月30日止六个月的中期业绩，收入16.64亿美元，同比增加27.99%;股 东应占溢利6.3亿美元，同比增加79.65%;每股基本盈利0.24美元;拟派发中期股息每股1.3港元。 公告称，收入增加乃由于(i)集装箱运量由2024年同期的170.52万个标准箱增加约7.3%至期内的182.97万 个标准箱;及(ii)平均运费(不包括互换舱位费收入)由2024年同期的632.4美元╱标准箱增加约22.8%至期内 的776.4美元╱标准箱的合并影响所致。 ...

智通财经APP讯，海丰国际(01308)发布截至2025年6月30日止六个月的中期业绩，收入16.64亿美元，同 比增加27.99%;股东应占溢利6.3亿美元，同比增加79.65%;每股基本盈利0.24美元;拟派发中期股息每股 1.3港元。 公告称，收入增加乃由于(i)集装箱运量由2024年同期的170.52万个标准箱增加约7.3%至期内的182.97万 个标准箱;及(ii)平均运费(不包括互换舱位费收入)由2024年同期的632.4美元╱标准箱增加约22.8%至期内 的776.4美元╱标准箱的合并影响所致。 ...