Core Insights - The registration of the "Kaiping" vessel marks a historic milestone for the "China Yangpu Port" with total registered deadweight tonnage surpassing 6 million tons [1] - As of June 24, the registered vessels at this port reached 63, with a total capacity of 6.2427 million deadweight tons and total tonnage of 3.4878 million [1] - The total asset value of the registered vessels exceeds 19 billion yuan, achieving the 2025 phase target outlined in the Hainan Free Trade Port construction plan [1] Vessel Registration Growth - In 2023, the Hainan International Ship Registration Administration added 18 new registered vessels, representing a year-on-year increase of 39% [1] - The administration has established a service system centered around "ten innovative measures," including unique mechanisms such as "special handling," "dynamic handling," and "navigation handling," enabling full-process online registration [1] Industry Development and Competitive Advantage - Under the drive of institutional innovation, Hainan Free Trade Port has attracted elements from the entire shipping industry chain, including shipping finance, insurance, and manufacturing [1] - The Hainan International Ship Registration Administration has actively engaged with international shipping companies to promote the policy advantages of the "China Yangpu Port," successfully attracting numerous enterprises to settle [1] Future Goals - The administration aims to enhance service convenience, legal management, and international development, benchmarking against international best practices [1] - Continuous optimization of the business environment is planned to provide maritime support for the full closure operation of the island by 2025, aiding Hainan in becoming a shipping hub facing the Pacific and Indian Oceans [1]

Core Viewpoint - China Ocean Shipping Group (COSCO) has launched its first self-operated "Europe-South America East" container shipping route, enhancing trade connections between South America and Europe [1] Group 1: Shipping Route Details - The "Europe-South America East" route will provide 3,000 TEU (Twenty-foot Equivalent Unit) capacity per voyage, focusing on countries such as Brazil, Uruguay, and Argentina in South America, and the UK, Germany, Netherlands, Belgium, and Portugal in Europe [1] - The inaugural voyage of the "New Nantong" vessel will transport goods from Brazil and Argentina to European ports [1] Group 2: Economic Impact - The opening of this route is expected to increase cargo traffic at the Port of Rio de Janeiro, generating more revenue for the state and facilitating bulk commodity exports from the neighboring Minas Gerais state [1] - COSCO also introduced its first inland corridor service product in Brazil, covering supply chain nodes such as rail stations, trucking, empty container yards, and inland bonded warehouses in Rio de Janeiro and Minas Gerais [1] Group 3: Investment Confidence - The participation of Chinese shipping companies in the operation of Brazil's inland corridor is anticipated to boost confidence for more Chinese enterprises to invest in Minas Gerais, aiding in the delivery of high-quality local products to Chinese consumers [1]

新华社海口7月11日电（记者王存福、叶昊鸣）我国拥有全球规模最大的海运船队，建成了全球最 大的世界级港口群，国际海运量占全球近三分之一，海洋经济总量持续攀升，为全球经贸持续稳定发展 注入了强劲动力。 航海日活动期间，全国各地举行了丰富多彩的主题活动，进一步弘扬新时代航海精神，传承航海文 化，增强全民的航海意识，为加快建设交通强国、海洋强国创造良好氛围。 交通运输部部长刘伟在启动仪式上表示，下一步，我国将继续打造绿色航运新生态，加快完善绿色 航运政策体系，健全碳排放监测核算标准，推进新型动力技术装备研发，完善绿色能源加注产业链，加 快新能源清洁能源船舶规模化应用，推动国际绿色航运走廊建设，促进全球航运减排。 【纠错】 【责任编辑:刘阳】 这是记者11日从2025年中国航海日主论坛暨航海日活动启动仪式上获得的消息。 2025年7月11日是我国第二十一个航海日，也是"世界海事日"在我国的实施日。今年航海日活动的 主题是"绿色航海 向新图强"，主场活动包括论坛、研讨会、科普文化体验等20多项丰富多彩的活动。 主论坛发布了2024年中国航运发展报告，公布了2025年度安全诚信航运公司和船舶名单、2025年航海领 域全国 ...

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 [2][17] - Fundamentally, in the second week of August (week33), the MSK alliance had better performance, while the OA and PA alliances had poor performance in terms of receiving goods; the goods - receiving situation in week34 significantly weakened [2][17] - EMC cancelled its independent operation ship in week35 this week, and OA added new operations in week39. The weekly average capacities in August, September (tentatively), and October (tentatively) 2025 are 327,000, 321,000, and 319,000 TEU respectively. After considering all TBN as suspended operations, they are 327,000, 300,000, and 287,000 TEU [2][17] - From the perspective of the market, the current 10 - contract is at a discount to the spot, which has not led to a further decline in the market; the 12 - contract is given the attribute of the peak - season contract, and the continuous roll - over of positions supports it. However, the overall future drive is downward, and there is still some room for valuation. It is recommended to continue holding short positions in the 10 - contract and maintain the logic of shorting on rallies [2][17] Group 3: Summary According to Related Catalogs 1. Futures Market Data - For EC2508, the closing price was 2080.0, with a change of +0.43%, trading volume of 242, and open interest of 3330 with a change of - 102 [2][17] - For EC2510, the closing price was 1408.8, with a change of - 1.89%, trading volume of 44961, and open interest of 56688 with a change of +86 [2][17] - For EC2512, the closing price was 1750.0, with a change of - 0.57%, trading volume of 5/74 (might be a data error), and open interest of 10238 with a change of +33 [2][17] - For EC2602, the closing price was 1517.1, with a change of - 0.87%, trading volume of 1471, and open interest of 4202 with a change of +67 [2][17] - For EC2604, the closing price was 1344.9, with a change of - 0.60%, trading volume of 822, and open interest of 5295 with a change of - 108 [2][17] - For EC2606, the closing price was 1497.1, with a change of +0.44%, trading volume of 136, and open interest of 770 with a change of +30 [2][17] 2. Month - to - Month Spreads - The spread of EC2508 - 2510 was 671.2, with a day - on - day change of +36.2 and a week - on - week change of - 4.6 [2][17] - The spread of EC2510 - 2512 was - 341.2, with a day - on - day change of - 17.2 and a week - on - week change of - 63.7 [2][17] - The spread of EC2512 - 2602 was 232.9, with a day - on - day change of +3.3 and a week - on - week change of +34.8 [2][17] 3. Index Data - The SCHIS index on August 11, 2025, was 2235.48 points, with a change of - 2.71% compared to the previous period and - 0.81% in the previous change [2][17] - The SCF (European route) index on August 8, 2025, was 1961 dollars/TEU, with a change of - 4.39% compared to the previous period and - 1.87% in the previous change [2][17] - The CCFI index on August 8, 2025, was 1799.05 points, with a change of +0.53% compared to the previous period and +0.13% in the previous change [2][17] - The NCFI index on August 8, 2025, was 1257.71 points, with a change of - 8.37% compared to the previous period and - 3.3% in the previous change [2][17] 4. Recent European Route Quotation - The average quotation in week33 was about 3150 US dollars (equivalent to about 2200 points on the disk). Currently, downstream customers are booking spaces for mid - August (week33 - 34). In week34, the quotations of various shipping companies dropped by 200 - 300 US dollars, with an average of 2850 US dollars (2000 points). Among them, the PA alliance's quotation was 2700 US dollars, MSK's was 2600 US dollars, and the OA alliance's was 2900 - 3000 US dollars [3][18] - In week35, MSK opened bookings at 2200 US dollars [3][18] 5. News - On August 12, China and the US once again suspended the implementation of a 24% tariff for 90 days [3][18] - On August 11, Trump and Netanyahu discussed the "plan to take over Gaza City" [4][19] - On August 12, Egypt and Qatar proposed a new Gaza cease - fire plan, and a Hamas delegation will visit Egypt to restart the Gaza cease - fire negotiation [4][19]

天津国际贸易与航运服务中心供图 北方国际干散货运价指数震荡略跌。其中，北方国际煤运价指数小幅上涨0.44%。北方国际粮食运价指数累计跌幅为0.25%。北方国际金属矿石运指数下跌 0.50%。综合影响下，TBI先涨后跌并最终收于1110.88点，相比8月1日累计下跌0.20%。 沿海集装箱运价指数明显走低。其中，出港指数微弱上行，进港指数连续下跌，TDI大幅下降，最终收于891.72点，相比8月1日累计下跌5.70%。 天津航运指数由天津国际贸易与航运服务中心发布，发布时间为每个工作日，指数样本范围覆盖27条连接天津港、青岛港、曹妃甸港与世界港口的国际航 线，也包括天津港和中国主要港口的内贸海运航线。该指数以2010年7月16日为基期，基期指数为1000点。 编辑：吴郑思 新华财经天津8月12日电（记者李亭） 记者从天津国际贸易与航运服务中心获悉，2025年第32周（8月4日至8日），中国北方内外贸海运价格的风向标—— 天津航运指数周内连续下滑，最终收于1018.43点，相比8月1日（第31周最后一个发布日）累计下跌34.29点，累计跌幅3.26%。 天津航运指数（TSI）综合反映天津及北方地区航运市场价格波动 ...

Core Insights - The recent Stockholm joint statement has extended the 24% tariff suspension for an additional 90 days, impacting $380 billion in trade and signaling potential investment opportunities and risks in various sectors [1][3]. Group 1: Tariff Suspension Benefits - The suspension covers 1,120 categories of goods, including semiconductors and renewable energy equipment, leading to a cost reduction of 3%-5% for export companies in Zhejiang and Guangdong [3][4]. - Non-tariff retaliatory measures from China have also been paused, allowing for potential collaboration in semiconductor equipment and biomedicine, although high-tech competition remains intense [3][5]. Group 2: Strategic Implications of the 90-Day Window - The ongoing negotiations indicate a shift towards a "talk while fighting" approach, establishing a phase of stability despite unresolved core issues [4]. - The U.S. retains strategic flexibility, with the Treasury Secretary emphasizing that the final decision on tariffs lies with the President, indicating potential future punitive measures [5]. Group 3: Investment Opportunities and Risks - Three key sectors to focus on for investment include: - Export-sensitive manufacturing, particularly home appliances (e.g., Haier) and machinery (e.g., Sany Heavy Industry), which will benefit from reduced costs [5]. - Cross-border e-commerce leaders like SHEIN and Temu, with increased order fulfillment expected [5]. - Semiconductor equipment and innovative pharmaceuticals, which may see valuation recovery due to eased non-tariff barriers [5]. - Two sectors to avoid include: - Oil and gas equipment and shipping companies, which may face pressure if U.S. sanctions on Russian oil imports are implemented [5]. - Textile manufacturing firms that rely solely on low-cost exports, which may face heightened risks post-suspension [5]. Group 4: Strategic Recommendations for Investors - Focus on export companies' order growth in the first 30 days, with a target of a 15% month-over-month increase for potential investment [5]. - Monitor U.S. election polls by the 60-day mark, as a lead for Trump may necessitate reducing exposure in solar energy [5]. - Prioritize companies that can leverage currency appreciation from the tariff suspension, particularly those with favorable foreign exchange cycles [5].

Report Summary 1. Report Industry Investment Rating - The report does not mention the industry investment rating. 2. Core View of the Report - The current major contradiction in the EC market lies in the decline slope during the off - season, uncertainties in geopolitics and tariffs, and the repeated domestic macro - sentiment. The fundamental situation shows that in the second week of August (week33), the cargo collection of each alliance varied, with MSK showing better results, OA average, and PA poor. In week34, cargo collection significantly declined. This week, EMC cancelled its independent ship in week35, and OA added a sailing suspension in week39. Although the shipping capacity decreased slightly, it remained at a high level. The average weekly shipping capacity in August, September (tentative), and October (tentative) 2025 is 327,000, 321,000, and 319,000 TEU respectively. After considering all TBN as sailing suspensions, it is 327,000, 300,000, and 287,000 TEU. From the perspective of the 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 market to decline further. The December contract is a peak - season contract, and the continuous roll - over of positions provides some support. However, the overall future trend is downward, and there is still room for valuation adjustment. It is recommended to continue holding short positions in the October contract and maintain the logic of shorting on rallies [2]. 3. Summary by Relevant Contents 3.1 EC Futures Contract Information - **Contract Prices and Changes**: On August 12, 2025, for EC2508, the price was 2080.0 with a 0.43% increase; EC2510 was 1408.8 with a 1.89% decrease; EC2512 was 1750.0 with a 0.57% decrease; EC2602 had an 0.87% decrease; EC2604 was 1344.9 with a 0.60% decrease; EC2606 was 1497.1 with a 0.44% increase. The corresponding trading volumes were 242, 44961, 5774, 1471, 822, and 136 respectively, and the open interests were 3330, 26688, 10238, 4202, 5295, and 770 respectively, with changes of - 102, 86, - 3867, - 108, - 108, and - 30 respectively [2]. - **Month - to - Month Spreads**: The spread of EC2508 - 2510 was 671.2, with a daily increase of 36.2 and a weekly decrease of 4.6. The spread of EC2510 - 2512 was - 341.2, with a daily decrease of 17.2 and a weekly decrease of 63.7. The spread of EC2512 - 2602 was 232.9 [2]. 3.2 Shipping Index Information - **SCEIS Index**: Updated every Monday, as of August 11, 2025, the index was 2235.48, a 2.71% decrease from the previous period and a 0.81% decrease from the period before the previous one [2]. - **SCFI (European Line) Index**: Updated every Friday, as of August 8, 2025, the index was 1961, a 4.39% decrease from the previous period and a 1.87% decrease from the period before the previous one [2]. - **CCFI (European Line) Index**: Updated every Friday, as of August 8, 2025, the index was 1799.05, a 0.53% increase from the previous period and a 0.13% increase from the period before the previous one [2]. - **NCFI Index**: Updated every Friday, as of August 8, 2025, the index was 1257.71, an 8.37% decrease from the previous period and a 3.53% decrease from the period before the previous one [2]. 3.3 Recent European Line Quotation Information - Currently, downstream customers are booking spaces for mid - August (week33 - 34). The average quotation in week33 was about $3150 (equivalent to around 2200 points on the futures market). In week34, shipping companies' quotations dropped by $200 - 300, with an average of $2850 (2000 points). Among them, the PA alliance quoted $2700, MSK quoted $2600, and the OA alliance quoted $2900 - 3000. For week35, MSK opened bookings at $2200 [2]. 3.4 Relevant News - On August 12, China and the US agreed to suspend the implementation of a 24% tariff for another 90 days. The US will continue to modify the implementation of the ad - valorem tariff on Chinese goods (including those from the Hong Kong Special Administrative Region and the Macao Special Administrative Region) stipulated in Executive Order No. 14257 on April 2, 2025. China will also continue to modify the implementation of the ad - valorem tariff on US goods and take or maintain necessary measures to suspend or cancel non - tariff counter - measures against the US [2]. - On August 11, Trump and Netanyahu discussed the "plan to take over Gaza City." On August 12, Egypt and Qatar proposed a new cease - fire plan for Gaza, and a Hamas delegation will visit Egypt to restart the cease - fire negotiations [2].

Core Insights - The introduction of the "Ship Power Bank" (船电宝) is transforming the operational efficiency of vessels in the Three Gorges Dam area, providing a reliable power source without the need for diesel generators [1][2] - The adoption of this technology is not only enhancing the economic viability for ship owners by significantly reducing operational costs but also contributing positively to environmental sustainability by cutting down emissions [2][3] Group 1: Technology and Implementation - The "Ship Power Bank" is a mobile, large-capacity power supply system that integrates energy storage, charging and discharging, and remote control functions, serving as a supplementary mode for shore power access [1] - Since July, over 10 large cargo ships have installed the "Ship Power Bank," with more than 100 vessels signing up for installation, indicating rapid adoption in the Three Gorges area [1] Group 2: Economic Benefits - Using the "Ship Power Bank" can save more than 50% in costs compared to traditional diesel generators, while also reducing wear and tear on equipment, leading to lower maintenance costs [2] - The improved power supply enhances the quality of life for crew members aboard the vessels [2] Group 3: Environmental Impact - The use of the "Ship Power Bank" significantly reduces exhaust emissions from vessels while docked, aligning with national policies aimed at promoting high-quality development in inland waterway transportation [3] - The initiative is part of a broader commitment to green shipping and the electrification of the Yangtze River, showcasing the transition from traditional energy sources to cleaner alternatives [3]

交通运输 | 证券研究报告 — 行业周报 2025 年 8 月 12 日 强于大市 交通运输行业周报 广东快递底价集体上调，深圳 eVTOL 首穿 150 公里海域 航运方面，原油运价大幅回暖，美线集运运价继续下行。航空方面，黄埔发 布"3+9+N"低空航线网，深圳 eVTOL 首穿 150 公里海域。物流与交通新 业态方面，广东快递底价集体上调，8 月货运新规集中落地。 核心观点： ①原油运价大幅回暖，美线集运运价继续下行。8 月 7 日，上海航运交 易所发布的中国进口原油综合指数（CTFI）报 1057.44 点，较 7 月 31 日上涨 20.1%。本周 VLCC 市场中东航线多个货盘集中进场，船东挺价 情绪提振，成交运价在上周接近年内低位后逐步回升。大西洋航线巴西 货盘增多，西非货盘中规中矩；美湾航线私下寻船较多，活跃度小幅上 扬。随着欧派克 9 月份增产计划的落地，船东信心也逐步回暖。目前， 整体船位依旧够用，中东航线 8 月下旬货已经完成过半，租家有充足的 时间掌控出货节奏，能否持续反弹仍依赖后续出货量的有效支撑。本 周，欧线运输市场供求关系较为疲软，市场运价继续回落。8 月 8 日， 上海港出口 ...

Core Viewpoint - The full island closure marks a new starting point for the construction of Hainan Free Trade Port, with plans to further enhance its openness to the outside world [1] Group 1: Trade Management - Accelerate the establishment of a free, safe, and convenient trade management system, expanding the range of "zero tariff" goods and promoting the growth of goods trade [2] - Adapt to the service trade development requirements by accelerating the opening of sectors such as tourism, education, and healthcare, promoting both access and operation [2] Group 2: Investment Environment - Focus on creating an open, transparent, and predictable investment environment by further relaxing foreign investment access and implementing new measures to ease market entry [3] - Deepen the implementation of the commitment-based entry system reform and accelerate the establishment of an investment facilitation system focused on process regulation [3] Group 3: Financial Policies - Gradually establish financial policy systems that align with open development, improving the multi-functional free trade account system and expanding financial sector openness [4] - Actively explore pilot projects for cross-border asset management [4] Group 4: Immigration Policies - Implement more convenient entry and exit management policies by further relaxing restrictions on personnel movement and enhancing temporary entry policies for business personnel [5] - Improve work visa policies and residency systems [5] Group 5: Shipping System - Establish a more open shipping system by accelerating the construction of "China Yangpu Port" as a ship registration port and optimizing ship inspection management policies [6] - Further relax airspace control and air rights restrictions, actively promoting the opening of the seventh freedom of the air [6] Group 6: Data Flow Mechanism - Construct an efficient, convenient, and secure mechanism for cross-border data flow by expanding communication resources and business openings [7] - Adjust and improve the negative list for data exit management and accelerate the construction of international communication business entry and exit bureaus and cross-border submarine cable [7]