Core Viewpoint - The China Securities State-Owned Enterprises Dividend Index (CSOED) has shown a slight increase over the past month and three months, indicating a stable performance of high-dividend state-owned enterprises [1] Group 1: Index Performance - The CSOED index opened high but closed lower, down 0.74% to 2138.5 points with a trading volume of 46.319 billion yuan [1] - Over the past month, the CSOED index has increased by 0.76%, by 3.05% over the last three months, and by 1.12% year-to-date [1] Group 2: Index Composition - The CSOED index consists of 100 listed companies selected for their high cash dividend yields, stable dividends, and certain scale and liquidity [1] - The top ten weighted stocks in the index include COSCO Shipping Holdings (2.44%), Jizhong Energy (2.15%), and Lu'an Environmental Energy (1.9%) among others [1] - The index is primarily composed of stocks from the Shanghai Stock Exchange (82.48%) and the Shenzhen Stock Exchange (17.52%) [1] Group 3: Industry Breakdown - The industry composition of the CSOED index shows that finance accounts for 27.17%, industry for 23.46%, and energy for 23.13% [2] - Other sectors include materials (9.05%), communication services (6.12%), real estate (3.93%), consumer discretionary (3.65%), consumer staples (1.76%), and utilities (1.72%) [2] Group 4: Sample Adjustment Criteria - The index samples are adjusted biannually, with criteria including a cash dividend yield greater than 0.5% and ranking within the top 90% for average total market capitalization and trading volume [3] - Adjustments are limited to a maximum of 20% unless specific conditions are met, and weight factors are generally fixed until the next scheduled adjustment [3] Group 5: Related Funds - Public funds tracking the CSOED index include various funds such as Western Li De State-Owned Enterprises Dividend Index Enhanced C and Huashan State-Owned Enterprises Dividend ETF [4]

Core Insights - China's transportation sector has achieved historic milestones during the "14th Five-Year Plan" period, with significant advancements in high-speed rail, highways, and logistics, showcasing the country's technological innovation capabilities [4][11]. Group 1: High-Speed Rail Developments - The CR450 train set a world record with a test speed of 453 km/h and a commercial operation speed of 400 km/h, marking a significant achievement in high-speed rail technology [6]. - The high-speed rail network has expanded to 48,000 kilometers, covering 97% of cities with populations over 500,000, with the "eight vertical and eight horizontal" network achieving 81.5% completion [5][7]. - The opening of the Chongqing to Qianjiang section of the Yuxia high-speed rail has ended the historical lack of high-speed rail in southeastern Chongqing [5]. Group 2: Major Infrastructure Projects - The Shenzhen-Zhongshan Link, a super-large transportation project, has created multiple world records and significantly improved connectivity in the Guangdong-Hong Kong-Macao Greater Bay Area [9]. - The Tian Shan Victory Tunnel, the world's longest highway tunnel, will reduce travel time across the Tian Shan mountains from 3 hours to 20 minutes, showcasing advancements in domestic engineering technology [10]. Group 3: Green Transportation Initiatives - The first domestic dual-fuel (methanol + diesel) vessel has successfully completed its first green methanol refueling, marking a key step in the green transformation of China's shipping industry [12]. - The first zero-carbon highway in China, spanning 161.9 kilometers, utilizes solar panels and innovative energy management technologies to achieve net-zero emissions during operation, with an annual carbon reduction of 61,000 tons [12]. - China has built 33 green highway demonstration projects and achieved nearly 100% coverage of shore power at ports, contributing to global sustainable transportation efforts [13].

Core Insights - European ports are facing significant congestion due to a surge in cargo volume from Asia and the summer holiday season, leading to increased terminal utilization and longer waiting times [1][3][5] - Major ports like Antwerp, Le Havre, and Rotterdam are experiencing severe operational challenges, with high utilization rates reported across various terminals [1][3][5] Group 1: Port Congestion - Antwerp's PSA terminal utilization ranges from 65% to 92%, with refrigerated container utilization between 45% and 65% [1] - Rotterdam's ECT terminal utilization is at 75%, RWG at 85%, and APMT MVII at 95% [3] - Southampton's terminal utilization is reported at 90-95%, with refrigerated container utilization at 60-65% [3] Group 2: Operational Adjustments - Shipping companies are adjusting operations to alleviate port bottlenecks, including rerouting to less utilized ports [5] - Maersk has announced that the AE11 route will temporarily stop at Vado Ligure instead of Genoa from August to September [5] - Hapag-Lloyd is implementing emergency measures for vessels calling at Genoa during the same period [5] Group 3: Market Outlook - The outlook for several European maritime gateways remains pessimistic, with sustained high demand and limited progress in alleviating congestion [5] - Alphaliner's senior shipping analyst describes the current situation as a "red alert" for European container terminals, indicating ongoing operational pressures at least until the end of the year [5]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The freight rate is in a downward cycle, and attention should be paid to the recent PSS adjustment of Maersk. The 8 - month contract freight rate has reached its peak and is continuously declining, and the final delivery settlement price is estimated to be around 2100 points. The 10 - month contract is mainly for short - allocation, and the focus is on the downward slope of the freight rate. The 12 - month contract still follows the off - peak and peak season pattern, but the 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][2][3][4]. Summary by Directory 1. Market Analysis - Online quotes: Different shipping companies have different price quotes for Shanghai - Rotterdam and Shanghai - London routes. For example, Maersk's Shanghai - Rotterdam price in week 35 has risen from 1320/2200 to 1390/2340, and Shanghai - London has risen from 1380/2300 to 1415/2370. HPL's quotes for different periods in August and September are stable at 1535/2435 [1]. - Geopolitical factor: China's Deputy Permanent Representative to the United Nations emphasized the need to maintain the safety of the Red Sea shipping route and promote the political settlement of the Yemen issue [1]. 2. Shipping Capacity - Weekly and monthly average shipping capacity: In August, the remaining 4 - week average weekly capacity to European base ports from China is 308,700 TEU. In September, the monthly average weekly capacity is 302,800 TEU, and in October, it is 286,800 TEU. There are empty sailings and TBNs in August and September, and there are many additional ships in August [2]. 3. Contract Analysis - 8 - month contract: The freight rate has reached its peak and is continuously declining. The delivery settlement price is the arithmetic average of SCFIS on August 11, 18, and 25. The final delivery settlement price is estimated to be around 2100 points [2]. - 10 - month contract: It is mainly for short - allocation. Normal years see a 20% - 30% lower price in October compared to August. Attention should be paid to the price - following situation of other shipping companies after Maersk's week 35 freight rate drops to $2200/FEU. The two 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 go short on the EC2510 contract when the price is high, but do not chase short excessively [3][4]. - 12 - month contract: In the fourth quarter, due to Western holidays and the need for shipping companies to prepare for the next - year long - term contract negotiation, the freight rate is usually at a high level. The risk lies in whether the Suez Canal will reopen. If it reopens, the seasonal pattern of off - peak and peak seasons may be challenged [4]. 4. Futures and Spot Prices - Futures: As of August 13, 2025, the total open interest of all container shipping index European line futures contracts is 85,722 lots, and the single - day trading volume is 78,305 lots. The closing prices of different contracts are provided [5]. - Spot: On August 8, the SCFI (Shanghai - Europe route) price is $1961/TEU, SCFI (Shanghai - US West route) is $1823/FEU, and SCFI (Shanghai - US East) is $2792/FEU. On August 11, the SCFIS (Shanghai - Europe) is 2235.48 points, and SCFIS (Shanghai - US West) is 1082.14 points [5]. 5. Container Ship Delivery - In 2025, it is still a big year for container ship delivery. 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 have been delivered, with a total capacity of 737,300 TEU, and 7 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 159,880 TEU [5]. 6. Strategy - Unilateral: The main contract is expected to fluctuate weakly. - Arbitrage: Go short on the 10 - month contract when the price is high [6].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The current main contradictions in the EC market are the decline slope during the off - season, uncertainties in geopolitics and tariffs, and the repeated domestic macro - sentiment [1] - In terms of fundamentals, in the second week of August (week33), MSK performed well, OA was average, and PA was poor; cargo volume in week34 significantly declined. EMC cancelled its independent ship in week35 this week, and OA added a sailing suspension in week39. The capacity reduction situation was not ideal, with a slight decline but still at a high level. The average weekly capacities in August, September (tentative), and October (tentative) 2025 are 327,000, 321,000, and 319,000 TEU respectively, and after including all TRN as sailing suspensions, they are 327,000, 300,000, and 287,000 TEU [1] - From the perspective of the futures market, the current October contract has a large discount to the spot price. The decline of shipping companies in the past two weeks basically met market expectations and did not drive the futures price further down. The December contract is a peak - season contract with certain flexibility, and continuous position - shifting and contract - changing support it. However, the overall future trend is downward, and there is still some room for valuation adjustment. It is recommended to continue holding short positions in the October contract and maintain the logic of shorting on rallies [1] Group 3: Summary by Related Catalogs Futures Contract Information - For EC2508, the closing price is 2083.0, with a change of 0.05%, a basis of 152.5, a trading volume of 329, an open interest of 2629, and a change in open interest of - 227 [1] - For EC2510, the closing price is 1333.1, with a change of - 5.96%, a basis of 902.4, a trading volume of 66391, an open interest of 60740, and a change in open interest of 4786 [1] - For EC2512, the closing price is 1700.1, with a change of - 2.41%, a basis of 535.4, a trading volume of 8332, an open interest of 11515, and a change in open interest of 103 [1] - For EC2602, the closing price is 1488.0, with a change of - 2.62%, a basis of 747.5, a trading volume of 1870, an open interest of 4459, and a change in open interest of 270 [1] - For EC2604, the closing price is 1328.6, with a change of - 1.59%, a basis of 906.9, a trading volume of 1257, an open interest of 5551, and a change in open interest of 125 [1] - For EC2606, the closing price is 1473.0, with a change of - 0.61%, a basis of 762.5, a trading volume of 126, an open interest of 828, and a change in open interest of 61 [1] Month - to - Month Spread Information - The spread of EC2508 - 2510 is 749.9, with a day - on - day change of 85.5 and a week - on - week change of 97.6 [1] - The spread of EC2510 - 2512 is - 367.0, with a day - on - day change of - 42.6 and a week - on - week change of - 24.2 [1] - The spread of EC2512 - 2602 is 212.1, with a day - on - day change of - 1.9 and a week - on - week change of - 4.5 [1] Shipping Index Information - The SCFI (European Line) index on August 11, 2025, is 2235.48 points, with a month - on - month change of - 2.71% and a year - on - year change of - 4.39% [1] - The European Line freight rate on August 8, 2025, is 1961 US dollars/TEU, with a month - on - month change of - 1.87% [1] - The CCFI index on August 8, 2025, is 1799.05 points, with a month - on - month change of 0.53% and a year - on - year change of 0.13% [1] - The NCFI index on August 8, 2025, is 1257.71 points, with a month - on - month change of - 8.37% and a year - on - year change of - 3.3% [1] Recent European Line Quotation Information - In week34, shipping companies' prices decreased by 200 - 300 US dollars, with an average of 2850 US dollars (2000 points). Among them, the PA Alliance is 2700 US dollars, MSK is 2600 US dollars, and the OA Alliance is 2900 - 3000 US dollars [2] - In week35, the average shipping company's quotation is 2700 US dollars (1850 points). On Monday, MSK opened bookings at 2200 US dollars; HPL reduced the price by 400 to 2435 US dollars; on Wednesday, EMC reduced the price by 200 to 2934 US dollars [2] Related News - On August 12, the Israeli military stated that its operation in Gaza had entered a "new stage" [3] - On August 13, China emphasized maintaining the safety of the Red Sea shipping route and promoting the political settlement of the Yemen issue [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The market's expectation of price support at $2000/FEU has failed. With demand entering the off - season, supply vessel schedules being full, and the impact of overtime ships, the freight rate is accelerating to decline. The market may continue to be weak in the future, and it is recommended to hold short positions in the October contract [2][4] 3. Summary by Relevant Catalogs Spot Market Freight Rates - MSK's 35 - week opening rate rose to $2340/FEU, while HPL - Q0's quote dropped to $2435/FEU, a $400 decrease from the previous level [3] - OCEAN's 34 - week freight rate was between $2800 - $2900/FEU. EMC's online rate remained at $3010 - $3160/FEU, CMA's at $2920 - $3020/FEU, and FAL's 3 - route rate dropped to $2520/FEU and then rebounded [3] - MSC's rate dropped to $2840/FEU, while ONE and HMM maintained their rates at $2743 and $2700/FEU respectively [3] Market Performance - MSK's opening freight rate dropped from $2600/FEU to $2200/FEU. HPL's online rate for the 22nd ship was $1800/FEU, and CMA's online rate dropped from $2920 to $2520/FEU, causing the futures market to break below 1400 points and reach a minimum of 1326.7 points [2] - The trading volume of the October contract rose to 66,400 lots, with an increase of 4786 lots in open interest. It closed at 1333.1 points, down 5.57%. The December contract closed at 1700.1 points, down 1.19% [2] Fundamental Information - Wan Hai will upgrade the Red Sea route AR2. Starting from mid - September, the new FM1 Asia - Mediterranean route will use the Suez Canal, adding direct routes to important ports such as Alexandria in Egypt and Izmit and Istanbul in Turkey [3] Macroeconomic Data - In August, the ZEW economic sentiment index in the Eurozone was 25.1, down from the previous value of 36.1. OPEC's monthly report raised the Eurozone's economic growth forecast for 2025 from 1% to 1.2% and for 2026 from 1.1% to 1.2% [3] Trading Logic and Outlook - The market's expectation of price support at $2000/FEU has failed. With demand in the off - season, supply vessel schedules being full, and the impact of overtime ships, the freight rate is accelerating to decline. The traditional price - decline period from August to September requires OCEAN and PA to follow the downward trend. The accelerated decline of SCFIS in the second half of August may narrow the futures discount [4] - The market outlook is weak and volatile, and it is recommended to hold short positions in the October contract [4]

Group 1: Report Overview - The report is titled "Domestic Commodity Futures Mostly Decline, Black Series Generally Close Lower - CITIC Futures Morning Report 20250814" [1] Group 2: Market Performance Domestic Main Commodities - Index futures generally showed an upward trend. For example, the CSI 300 futures had a daily increase of 0.96%, a weekly increase of 2.15%, a monthly increase of 2.81%, a quarterly increase of 7.33%, and a year - to - date increase of 6.37% [4] - Treasury futures mostly had minor fluctuations. The 2 - year Treasury futures had a daily increase of 0.03%, a weekly decrease of 0.02%, a monthly increase of 0.02%, a quarterly decrease of 0.13%, and a year - to - date decrease of 0.59% [4] - In the foreign exchange market, the US dollar index decreased by 0.20% weekly, 21.98% monthly, 13.4% quarterly, and 9.60% year - to - date [4] - Interest rates showed different trends. The 10Y Chinese bond yield increased by 7.9bp quarterly and 0.1bp year - to - date, while the 10Y US Treasury yield increased by 5bp quarterly and decreased by 26bp year - to - date [4] Popular Industries - Some industries like the grass - colored gold industry had good performance, with a daily increase of 1.28%, a weekly increase of 4.59%, a monthly increase of 4.37%, a quarterly increase of 11.54%, and a year - to - date increase of 31.85%. While some industries like the pharmaceutical industry had a daily decrease of 0.86%, a weekly decrease of 0.88%, a monthly decrease of 0.88%, a quarterly increase of 12.63%, and a year - to - date increase of 21.76% [4] Overseas Commodities - In the energy sector, NYMEX WTI crude oil decreased by 1.44% daily, 0.43% weekly, 9.03% monthly, 2.91% quarterly, and 12.23% year - to - date [4] - Precious metals such as COMEX gold increased by 0.17% daily, decreased by 1.69% weekly, increased by 1.71% monthly, increased by 2.55% quarterly, and increased by 28.81% year - to - date [4] - In the non - ferrous metals sector, LME copper increased by 1.17% daily, 0.74% weekly, 2.43% monthly, decreased by 0.38% quarterly, and increased by 12.05% year - to - date [4] - In the agricultural products sector, CBOT soybeans increased by 2.18% daily, 4.64% weekly, 4.24% monthly, 0.46% quarterly, and 2.20% year - to - date [4] Other Domestic Commodities - Many commodities showed various trends. For example, the shipping container freight rate to Europe (ECSA) increased by 5.96% daily, decreased by 7.17% weekly, decreased by 6.46% monthly, decreased by 0.44% quarterly, and decreased by 40.93% year - to - date [5] Group 3: Macroeconomic Analysis Overseas Macro - The overseas market is facing a situation where the US economic fundamentals are weak. The China - US tariff negotiation period is postponed to November 12. The US CPI in July met expectations. The upcoming tariff implementation in August may test market sentiment. The internal personnel change in the Fed and the US CPI data next week will guide market expectations for interest rate cuts and risk appetite [9] Domestic Macro - China's exports in July increased by 7.2% year - on - year, mainly relying on the strong demand from non - US markets to offset the decline in exports to the US. However, this may be due to pre - tariff rush shipments, and future exports face the risk of decline and restricted re - export trade [9] Asset Views - Domestically, reduce the allocation of domestic equities and wait for the policy and profit repair window in the second half of the month. Maintain the allocation of commodities with a focus on the infrastructure and export chain, and maintain the allocation of gold. Overseas, reduce the allocation of US stocks due to high valuations and maintain the allocation of US bonds. Slightly increase the allocation of RMB funds to relieve pressure from the weak US dollar and reduce the allocation of US dollar money market funds to be cautious about interest rate cut games. Overall, maintain a defensive layout and focus on the policy and data inflection points in late August [9] Group 4: Viewpoints on Different Sectors Finance - Stock index futures: Growth opportunities are spreading, and the short - term outlook is a fluctuating upward trend. Stock index options: Layout offensive strategies, with a short - term fluctuating upward trend. Treasury futures: The bond market is still under pressure, with a short - term fluctuating trend [10] Precious Metals - Gold and silver are expected to fluctuate upwards as the market returns to the logic of the restart of the interest rate cut cycle, with the US economic fundamentals weakening [10] Shipping - The shipping container freight rate to Europe is expected to fluctuate as the market focuses on the game between peak - season expectations and the implementation of price increases [10] Black Building Materials - Most products in this sector, such as steel, iron ore, coke, and coking coal, are expected to fluctuate. For example, steel has strong cost support, and iron ore has a healthy fundamental situation [10] Non - ferrous Metals and New Materials - Copper, aluminum, zinc, etc. have different short - term trends. Copper is expected to fluctuate downward, while aluminum is expected to continue to recover, but the overall demand weakness needs to be noted [10] Energy and Chemicals - Most products in this sector are expected to fluctuate. For example, crude oil is expected to fluctuate downward due to geopolitical concerns easing and supply pressure remaining. Some chemicals like LPG are expected to fluctuate due to cost and demand factors [12] Agriculture - Oils, fats, and protein meals are expected to continue to be strong, while corn/starch is expected to continue to fluctuate weakly [12]

Core Viewpoint - The Hong Kong stock market is experiencing active performance in dividend-related concepts, with the Hong Kong Stock Connect Central Enterprise Dividend Index showing a year-to-date increase of 20.17% as of August 13 [1][2]. Group 1: Index and ETF Performance - The Hong Kong Stock Connect Central Enterprise Dividend Index (931233) has risen by 0.66% as of the latest report, with significant contributors including New China Life Insurance and China Overseas Grand Oceans Group [1]. - The Hong Kong Stock Connect Central Enterprise Dividend ETF Tianhong (159281) is currently being issued, with a management fee of 0.5% and a custody fee of 0.1% [1][2]. Group 2: Investment Value of the Index - The index reflects stable dividend levels and high dividend yields from centrally controlled enterprises, making it a favorable investment option within the Hong Kong Stock Connect framework [2]. - The investment value of the index is supported by four main factors: 1. High dividend assets are more attractive in a weak recovery market due to stable cash flows [2]. 2. Central enterprises are increasingly focusing on market performance and dividend expectations as part of their value management [2]. 3. The Hong Kong market has a higher emphasis on dividends compared to the A-share market, with significant differences in dividend ratios and yields [3]. 4. The long-term effectiveness of dividend investment strategies in the Chinese market is supported by historical data showing a 10% annualized return over the past decade [3]. Group 3: Market Comparisons - The Hang Seng Index's dividend yield is currently higher than that of the Shanghai Composite Index, with the Hang Seng High Dividend Yield Index at 6% compared to the 4.6% of the A-share market [3]. - The long-term dividend yield premium of Hong Kong dividend assets over long-term government bonds has remained positive since 2019, indicating a stronger performance compared to A-shares [3].

Core Viewpoint - The global shipping industry is adapting to a changing trade landscape, with major shipping companies like Maersk and Mediterranean Shipping Company (MSC) shifting their focus towards emerging markets due to strong demand outside the U.S. [1][4][10] Group 1: Shipping Companies' Strategies - MSC is launching new shipping services connecting ports in China and South Korea to Peru, as well as to West African countries like Nigeria and Benin, indicating a strategic shift towards emerging markets [2] - Maersk has opened a logistics center in Panama to serve as a gateway to Latin America, reflecting its commitment to expanding operations in regions with strong demand [3] - The shipping giants are responding to a decline in demand on trans-Pacific routes, with many new vessels entering markets outside the U.S. [2][3] Group 2: Market Demand and Financial Performance - Maersk reported a significant decline in container throughput between China and the U.S., down approximately 35% year-on-year for the second quarter [3] - Despite the downturn in North American imports, Maersk has raised its profit forecast for the year, citing strong demand from Europe, Latin America, and Africa [4] - The global container market is expected to grow by 2% to 4%, indicating resilience in markets outside North America [4] Group 3: Emerging Markets and Trade Dynamics - Chinese ports are increasingly adding international shipping routes to emerging markets, with significant growth in container throughput to regions like Africa and Latin America [7][8] - China's trade with emerging markets has shown substantial growth, with imports and exports to Africa increasing by 14.4% in the first half of 2025 [8] - The shift in trade routes is seen as a response to U.S. tariffs, with emerging markets recognizing the importance of enhancing trade among themselves [10]

Core Viewpoint - The largest pure electric tugboat fleet in northern China has been officially put into operation in Tianjin, consisting of four 5,400 horsepower electric tugboats designed to assist various vessels in and out of the port and docking operations [1] Group 1: Fleet Details - The electric tugboats are developed by Tianjin Xinjincheng Shipping Technology Service Co., Ltd., equipped with a battery capacity of 6,709 kWh, and can be fully charged in 3 hours using fast charging technology [1] - Each tugboat can travel approximately 120 nautical miles on a full charge, achieving zero exhaust emissions and low noise operation compared to traditional fuel tugboats [1] Group 2: Environmental Impact - Each electric tugboat can reduce emissions by about 1,100 tons of carbon oxides annually, equivalent to the yearly emissions of over 400 small cars [1] Group 3: Market Outlook - The general manager of Tianjin Xinjincheng Shipping Technology Service Co., Ltd. stated that with the continuous upgrade of global port environmental standards, the market space for new energy tugboats is expanding, with plans to deploy 10 to 20 similar tugboats nationwide [1] Group 4: Regulatory Framework - The Tianjin Port and Shipping Administration plans to monitor the entire operational cycle of the tugboats and aims to extract regulatory service experiences from this practice to provide replicable solutions for more green projects [1]