Report Industry Investment Rating No relevant content provided. Core Viewpoints - The joint statement between China and the US exceeded expectations, and the expectation of pre - export rush on the US route drove the futures market to rise sharply. However, the 06 contract still faces a weak reality, and the 08 contract faces a game between weak reality and price increase expectations. The 06 contract will gradually return to "reality" trading as the delivery date approaches, while the 08 contract will still be affected by both expectations and reality. [1][4] - The US tariff policy has led to significant changes in the US route. Some shipping capacity on the US route has overflowed to the European route. After the joint statement, the US has adjusted its tariffs on China. There are many suspended voyages on the China - US route in April and May, but the shipping capacity will recover in June. There may be opportunities for supply - demand mismatch due to the pre - export rush on the US route in the short term, which will ease the pressure on the European route. [2][5] - The European route market has low prices in mid - to - late May, and the shipping capacity in June is relatively high. The futures market has a large premium over the spot market. Investors are advised to be cautious about chasing high prices and are recommended to use arbitrage strategies. [5] Summary by Directory 1. Futures Price - As of May 12, 2025, the total open interest of all contracts of the container shipping index for the European route was 103,695 lots, and the daily trading volume was 158,451 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1500.20, 1360.00, 1466.20, 1794.00, 1481.60, and 1683.00 respectively. [6] 2. Spot Price - On May 9, the SCFI (Shanghai - Europe route) price was $1200/TEU, the SCFI (Shanghai - US West route) price was $2272/FEU, and the SCFI (Shanghai - US East route) price was $3283/FEU. On May 12, the SCFIS (Shanghai - Europe) was 1302.62 points, and the SCFIS (Shanghai - US West) was 1455.31 points. [6][7] 3. Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of May 1, 2025, 93 container ships with a total capacity of 724,600 TEU have been delivered. Among them, 30 ships with a capacity of 12,000 - 16,999 TEU and a total capacity of 451,300 TEU, and 3 ships with a capacity of over 17,000 TEU and a total capacity of 70,872 TEU have been delivered. [7] - The shipping capacity in May has been gradually revised upwards. The shipping capacities in WEEK20/21/22 were 251,600/262,000/296,000 TEU respectively, and the average weekly shipping capacity in May was about 280,000 - 290,000 TEU, a year - on - year increase of more than 20% in 2024. The average weekly shipping capacity in June is about 280,000 TEU. A total of 11 US - bound ships have been transferred to the European route, with a total capacity of 128,000 TEU, mostly in May. The average weekly shipping capacity on the Shanghai - US East and West routes in June is 285,100 TEU. [2] 4. Supply Chain No specific analysis content provided, only figure references. 5. Demand and European Economy No specific analysis content provided, only figure references.

2025.05. 13 本文字数：1500，阅读时长大约3分钟 作者 | 第一财经 樊志菁 北京时间周一下午，中美双方发表《中美日内瓦经贸会谈联合声明》。声明公布后，欧亚股市率先拉 升，中国香港恒生指数尾盘涨幅扩大至近3%，欧洲斯托克600指数和德国DAX指数创1年新高，美股 随后接棒狂飙，道指大涨1160点，标普500指数和纳指分别大涨3.26%和4.35%，后者较4月份关税抛 售中的最低收盘价高出22%，进入技术性牛市。 罗切斯特表示，这项为期90天的协议将美国的有效关税税率大幅降低。"同样值得注意的是，（官员 们）在新闻发布会上淡化了谈判持续90天的要求，即'只要谈判是建设性的'。这对国际贸易意味着， 事实上的'关税墙'已经降低到更可行的水平，也提高了其他国家的市场定价，以便在未来与美国谈判 时获得类似的待遇。"他说。 美股有望进一步走高 市场观察人士认为，协议利好风险偏好，并预计短期内美股有望获得更多动能。 中美谈判成果振奋市场 第一财经记者汇总发现，机构普遍认为协议可能会重新引发风险偏好，使包括美国在内的全球权益资 产受益。 摩根大通资产管理公司亚太区首席市场策略师许长泰（Tai Hui）在周一给客 ...

Market Overview - The recent US-China talks exceeded market expectations, leading to a significant surge in the Hang Seng Index by 2.98% with trading volume reaching 322.4 billion [1] - The ceasefire agreement between India and Pakistan has positively impacted both countries' stock markets, with Pakistan's KSE-30 index soaring by 9.2%, marking its largest increase since 2008 [1] US-China Trade Relations - The US announced a suspension of a 24% tariff set to take effect on April 2, 2025, while maintaining a 10% tariff, effectively reducing the overall tariff on Chinese goods from 145% to 30% [2] - This significant concession from the US is attributed to several factors, including the need to replenish dwindling inventories and the urgency to achieve results ahead of the upcoming elections [3] Sector Performance - The consumer electronics sector, particularly companies within Apple's supply chain, benefited the most from the tariff reductions, with stocks like Highway Electronics and AAC Technologies rising over 13% [4] - Automotive parts suppliers with significant North American business exposure, such as Minth Group and Quanfeng Holdings, saw stock increases of nearly 10% [4] Financial Sector Response - Major financial institutions, including Hongye Futures and CITIC Securities, experienced stock price increases of over 6%, reflecting positive market sentiment following the trade talks [5] Individual Company Highlights - Midea Group reported a record revenue of 128.4 billion yuan in Q1 2025, a 20.61% year-on-year increase, and plans to enhance its overseas presence through strategic partnerships [10] - The company is also making strides in the commercial air conditioning sector and aims to expand its robotics division with new product testing scheduled for May [11] International Relations and Infrastructure - Brazilian President Lula's visit to China aims to strengthen bilateral relations and discuss infrastructure projects, including a railway connecting Brazil to China, which could reshape international trade logistics [8]

Core Viewpoint - Company intends to engage in foreign exchange derivative trading to mitigate exchange rate fluctuation risks and enhance financial stability [1][2][3] Trading Information Summary - On May 9, 2025, the company's stock closed at 7.9 yuan, down 1.13%, with a turnover rate of 1.94% and a trading volume of 52,900 lots, amounting to 41.8992 million yuan [1] - The capital flow on the same day showed a net outflow of 7.595 million yuan from main funds, accounting for 18.13% of total trading volume, while retail investors had a net inflow of 6.6654 million yuan, representing 15.91% of total trading volume [1][3] Company Announcements Summary - The fourth board meeting on May 9, 2025, approved the proposal to conduct foreign exchange derivative trading, with a total limit not exceeding 30 million USD (or equivalent foreign currency) [2][3] - The board also approved adjustments to the stock option exercise prices due to the implementation of the 2024 profit distribution plan, changing the initial exercise price from 7.92 yuan to 7.82 yuan and the reserved exercise price from 6.51 yuan to 6.41 yuan [1][4] Risk Management and Compliance - The company plans to use its own funds for the foreign exchange derivative trading, which will not involve raised funds, and the trading will be conducted with financial institutions that have the necessary qualifications [2][4] - The company has established a management system for securities investment and financial derivative trading, implementing multiple risk control measures to ensure manageable risks [2][4]

Meeting Overview - The fourth session of the supervisory board's sixteenth meeting was held on May 9, 2025, with all three supervisors present, ensuring compliance with legal and regulatory requirements [1]. Key Resolutions - The supervisory board approved the proposal to engage in foreign exchange derivative trading, with a unanimous vote of 3 in favor [2]. - The board also approved the adjustment of the exercise price for the 2024 stock option and restricted stock incentive plan, again with a unanimous vote of 3 in favor [2]. Rationale for Decisions - The board believes that engaging in foreign exchange derivative trading will help the company mitigate exchange rate risks and enhance financial stability, without harming the interests of shareholders, especially minority shareholders [2]. - The adjustment of the exercise price for the stock option plan is deemed compliant with relevant laws and regulations, and it does not harm shareholder interests [2].

Group 1: Impact of Tariffs on Shipping Industry - The first batch of ships carrying goods subject to a 145% tariff is arriving in the U.S., indicating a significant impact on the shipping industry [1] - The Port of Los Angeles, which relies heavily on trade with China, has seen a 35% decrease in business volume compared to the same period last year, affecting truck drivers and dock workers [1][2] - The decline in imports is expected to lead to product shortages and rising prices, exacerbating inflation in the U.S. economy [1][2] Group 2: Economic Consequences - The shipping slowdown is anticipated to affect the broader economy, leading to empty store shelves and a halt in hiring and investment [2] - The U.S. consumer price index (CPI) has risen from 257.97 in January 2020 to 308.41 by December 2024, reflecting ongoing inflationary pressures [2] Group 3: Customs Warehousing Trends - Customs warehouses near ports are experiencing increased activity as U.S. importers store goods there to potentially avoid high tariffs in the short term [3] - These warehouses, typically used for transshipment or duty-free stores, are now being utilized to navigate the uncertainties of U.S. trade policies [3] Group 4: Shipbuilding Industry Developments - The U.S. is attempting to revitalize its nearly non-existent shipbuilding industry, with Hanwha Marine acquiring the Philly Shipyard for $100 million [4] - Hanwha plans to build LNG carriers in the U.S., marking the first such construction in American shipyards since the 1970s [5] Group 5: Challenges in LNG Shipbuilding - Building LNG carriers is considered one of the most complex and technically demanding projects in shipbuilding, requiring significant investment and long-term industry experience [6] - The U.S. currently lacks any compliant LNG carriers, and the construction of such vessels is projected to take decades and substantial capital [6] - The cost of building LNG ships in the U.S. is significantly higher than in countries like South Korea or China, posing profitability challenges for projects [6]

【环球时报报道 记者 苑基荣】"以眼还眼，以牙还牙"，5日，多家国际媒体如此评论印度与巴基斯坦之间的相互贸易制裁。4日，巴基斯坦商务部 发布通知称，禁止通过陆运、海运和空运转运印度原产商品入境，并禁止第三国出口至印度的货物过境巴基斯坦。此前一日，巴基斯坦宣布禁止 悬挂印度国旗的船只使用其港口。而在这之前，印度对外贸易总局2日发布通知，宣布全面禁止源自或途经巴基斯坦的货物贸易，禁止巴基斯坦船 只进入印度港口。 4月22日，印控克什米尔地区发生的枪击事件导致至少26名游客死亡后，印巴关系陷入新一轮紧张。据《今日印度》此前报道，印政府指责此次袭 击与巴政府支持的恐怖组织有关，巴方对此予以否认。随后印度宣布了包括暂停执行两国1960年签订的《印度河用水条约》、关闭边境口岸、驱 逐巴方人员在内的多个针对巴基斯坦的打击措施。而巴基斯坦也宣布了对印度关闭领空、暂停与印度的一切贸易以及降级两国关系等反制措施。 巴基斯坦《黎明报》4日报道称，巴基斯坦方面表示，禁止悬挂印度国旗的船只停靠巴基斯坦港口是为了"维护海上主权、经济利益和国家安全"。 这一系列禁令对印巴经贸联系造成了冲击。事实上，近年来两国间贸易额已大幅萎缩。2019年 ...

Group 1 - The recent tariff policy in the U.S. has led to significant economic concerns, with a notable decline in GDP by 0.3% in Q1, marking the first contraction in three years [2] - Consumer spending, a critical component of the U.S. economy, grew only 1.8% in Q1, the slowest rate since mid-2023 [2] - Various industries, including agriculture, pharmaceuticals, shipping, apparel, and retail, are experiencing severe impacts from the tariff policy, leading to widespread investor sell-offs and consumer dissatisfaction [2] Group 2 - A survey by the American Toy Association revealed that over 80% of the 400+ companies surveyed are delaying or canceling orders due to tariff impacts, with nearly half fearing bankruptcy within months [3] - The agricultural sector, traditionally a strong export area for the U.S., is facing turmoil, with small farms struggling to survive amid the tariff war [4] - The Port of Los Angeles, the largest container receiving port in the U.S., is expecting a 35.91% year-on-year decline in container arrivals for the week of May 4-10, indicating a significant slowdown in imports [4] Group 3 - The logistics industry, employing approximately 9 million people nationwide, is likely to see reduced demand for truck transportation and warehouse work due to declining container volumes, which could lead to widespread layoffs [5] - Economic experts warn that the ongoing decline in imports may result in material shortages and increased prices for consumers, creating a dual challenge of empty shelves and rising costs [5] - Concerns are growing among political and economic figures regarding the long-term effects of the tariff policy, with warnings that it could push the U.S. economy towards a recession [6] Group 4 - The tariff policy is viewed as a significant tax increase, potentially adding thousands of dollars to the tax burden of middle-class families [6] - Experts argue that the new tariffs will reduce manufacturing jobs rather than increase them, undermining the competitiveness of U.S. manufacturing [6] - The current tariff strategy is described as a "national disaster," with predictions of delayed investment decisions and declining consumer confidence [6][7]

美国贸易代表办公室近日宣布对中国海事、物流和造船领域301调查的最终措施，包括征收高额港口 费、运输限制等。美方相关做法损人害己，将推高全球海运成本，扰乱全球供应链稳定，也将损害美国 消费者和企业利益。 美方声称，中国有针对性地主导海运、物流和造船业是导致美国造船和航运业无法满足国内和对外贸易 需求的关键因素。美征收高额港口费等措施旨在促进美国造船业发展，并遏制中国在该领域的主导地 位。 美方将自身问题归咎于中国，既缺乏事实依据，也有悖经济常识。中国造船业能实现今天的发展成就， 靠的不是所谓的"针对性措施"，而是完备的工业体系、训练有素的工程师和产业工人以及开放的商业环 境，是相关企业积极参与国际合作和全球竞争的成果。 征收高额港口费等措施，只不过是已被反复证明无效的保护主义"旧药方"，注定治不了美国造船业的沉 疴，还将破坏全球航运体系，进一步加剧国际贸易混乱。美国商船在全球占比很低，且造船产能极为有 限，相关措施若强行实施，将进一步限制美国国际贸易，推高美国商品价格，加剧通胀压力，反噬美国 经济。据彼得森国际经济研究所测算，一旦中美海运成本增加15%，美国通胀率或上升0.8个百分点。 美国根科船务贸易公司首 ...

Core Viewpoint - 中远海运 reported strong financial performance for Q1 2025, with significant increases in revenue and net profit, indicating robust growth in the container shipping sector [1][2]. Financial Performance - The company achieved operating revenue of 57.96 billion yuan, a year-on-year increase of 20.05% [1]. - Net profit attributable to shareholders was 11.695 billion yuan, reflecting a 73.12% year-on-year growth [1]. - Earnings per share rose to 0.74 yuan, up 76.19% compared to the previous year [1]. - The asset-liability ratio decreased to 41.97% as of March 31, 2025 [1]. - Net cash flow from operating activities was 15.062 billion yuan, an increase of 69.49% year-on-year [1]. - Cash and cash equivalents reached 186.699 billion yuan [1]. Shipping and Terminal Operations - Container shipping business completed a total of 6.4815 million TEUs, a year-on-year increase of 7.53% [1]. - Revenue from shipping operations was 55.883 billion yuan, up 20.07% year-on-year [1]. - Terminal operations achieved a total throughput of 35.7489 million TEUs, reflecting a 7.48% increase [1]. - Revenue from terminal operations was 2.767 billion yuan, a year-on-year growth of 16.06% [1]. Share Buyback - In April 2025, 中远海控 announced a new round of share repurchase, having repurchased 43.2444 million A-shares at a cost of approximately 600 million yuan [1]. - From October 2024 to April 2025, the company repurchased A and H shares totaling about 3.894 billion yuan, with all repurchased shares being canceled [1]. Industry Outlook - The container shipping industry is expected to face a complex and changing market environment due to geopolitical factors, the situation in the Red Sea, and uncertainties in U.S. trade policies [2]. - New environmental regulations will also impact the shipping industry [2]. - The company aims to focus on global digital supply chain operations and investment platforms, optimizing resource allocation and enhancing service quality to create greater value for shareholders [2].