Core Viewpoint - Guangdong Province is actively promoting the development of the Nansha area as a key hub for international trade and transportation, enhancing its connectivity and service capabilities in the Guangdong-Hong Kong-Macao Greater Bay Area [1][2] Group 1: Infrastructure Development - Nansha Port has opened over 170 international shipping routes, improving its international shipping network and multi-modal transport services [1] - The Guangdong Provincial Greater Bay Area Office has included 100 major projects in Nansha in the key construction project plan over the past three years, supporting 32 major projects with the issuance of 53.5 billion yuan in local government special bonds [1] Group 2: Policy and Regulatory Framework - The Guangdong Provincial Greater Bay Area Office is seeking national approval to pilot market access and regulatory reforms in Nansha, allowing for innovative reforms in 15 areas, including emerging industries and foreign trade [1] - A new round of overall development planning for Nansha will be implemented to enhance the policy support system and accelerate the establishment of key hubs [2] Group 3: Economic Initiatives - The focus will be on implementing innovative, differentiated, and integrated institutional pilot projects in Nansha, including the establishment of the Guangzhou Futures Exchange and the Greater Bay Area International Commercial Bank [2]

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong 100 Industrial Index, which has shown significant growth over various time frames, including a 14.37% increase in the past month and a 22.48% increase over the past three months [1] - The index is categorized based on the China Securities industry classification standard, with a base date of December 31, 2004, and a base point of 1000.0 [1] - The index is fully composed of securities listed on the Hong Kong Stock Exchange, with the largest sector being express delivery, accounting for 58.70% of the index [1] Group 2 - The index samples are adjusted biannually, specifically on the second Friday of June and December, with weight factors fixed until the next adjustment unless special circumstances arise [2] - Adjustments to the index samples occur in response to changes in the parent index or significant events affecting the sample companies, such as mergers or delistings [2]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The SCFIS has slightly declined, the market sentiment is bearish, and the market is fluctuating weakly with large recent fluctuations. It is not recommended to increase positions, and stop - losses should be set [1]. - Amid geopolitical conflicts and tariff uncertainties, the trading difficulty is high. It is recommended to participate with light positions or wait and see [4]. - The short - term market may rebound. Risk - takers are advised to go long lightly below 1300 for the 2510 contract and take partial profits when a profit margin of over 300 is achieved. For the EC2512 contract, it is advised to go short lightly and take profits. Attention should be paid to subsequent market trends, and it is not recommended to hold losing positions. Stop - losses should be set [4]. - In the context of international situation turmoil, the market is mainly in a positive arbitrage structure with large fluctuations. It is recommended to wait and see or try with light positions [4]. - For the long - term, it is advised to take profits when each contract rises and wait for the market to stabilize after a pullback before making further judgments [4]. 3. Summary by Related Content 3.1 Shipping Indexes - On August 4, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2297.86 points, down 0.8% from the previous period; for the US - West route, it was 1130.12 points, down 12.0% [2]. - On August 1, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1087.66 points, down 2.06% from the previous period; the NCFI for the European route was 1372.67 points, down 3.53%; for the US - West route, it was 1114.45 points, down 0.54% [2]. - On August 1, the Shanghai Export Container Freight Index (SCFI) composite index was 1550.74 points, down 41.85 points from the previous period; the SCFI for the European route was 2051 USD/TEU, down 1.86%; for the US - West route, it was 2021 USD/FEU, down 2.23% [2]. - On August 1, the China Export Container Freight Index (CCFI) (composite index) was 1232.29 points, down 2.3% from the previous period; the CCFI for the European route was 1789.50 points, up 0.1%; for the US - West route, it was 876.57 points, down 0.5% [2]. 3.2 Economic Data - The eurozone's July manufacturing PMI preliminary value was 49.8, higher than the expected 49.7 and the previous value of 49.5. The July services PMI preliminary value was 51.2, higher than the expected 50.7 and the previous value of 50.5. The July composite PMI preliminary value was 51, higher than the expected 50.8 and the previous value of 50.6. The July SENTIX investor confidence index jumped to 4.5, significantly higher than June's 0.2 and the market - expected 1.1, reaching the highest level since April 2022 [2]. - China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity [3]. - The US July S&P Global manufacturing PMI preliminary value was 49.5, lower than the expected 52.7 and the previous value of 52.9; the services PMI preliminary value was 55.2, higher than the expected 53 and the previous value of 52.9. The July Markit composite PMI preliminary value was 54.6, the highest since December 2024, better than the expected 52.8 and the previous value of 52.9 [3]. 3.3 Market News and Policy - Trump continues to impose tariffs on multiple countries, mainly in Southeast Asia, which further hits transit trade. Some shipping companies have announced freight rate increases. The Trump administration has postponed the tariff negotiation date to August 1. The spot market price range is set, with a slight price increase to test the market, leading to a slight rebound in the market [4]. - On August 3, the Yemeni Houthi armed forces launched three "special military operations" against two Israeli military targets and the Haifa port, and an Israeli air defense system shot down a drone from Yemen. There were no casualties reported [4]. - On August 1, the WTO reported that the global service trade growth rate in the first quarter of 2025 slowed to 5%, about half of the growth rates in 2024 and 2023. Service trade exports in Europe and North America only increased by 3% year - on - year, lower than the data in the first quarter of 2024. In contrast, Asia maintained a strong growth of 9%. Financial service exports increased by 3% year - on - year, reflecting a decrease in investment activities due to increased global economic uncertainty [4]. 3.4 Contract Information - On August 4, the closing price of the main contract 2510 was 1421.8, with a decline of 0.72%, a trading volume of 3.03 million lots, and an open interest of 5.11 million lots, a decrease of 1323 lots from the previous day [4]. - The daily limit for contracts from 2508 to 2606 has been adjusted to 18%. The company's margin for contracts from 2508 to 2606 has been adjusted to 28%. The intraday opening limit for all contracts from 2508 to 2606 is 100 lots [4].

据介绍，海峡股份将全力以赴做好"香蕉车运输专班"服务，为海南热带农业的发展贡献力量，让每一串 海南香蕉都带着海岛阳光的鲜甜，送达千家万户。（叶文华） 编辑：赵鼎 转自：新华财经 盛夏八月，海南香蕉迎来产销旺季。为全力服务海南热带农业发展，提高出岛香蕉运输效率，海南海峡 股份有限公司积极响应市场需求，将于2025年8月5日至8月31日期间，特别开通"香蕉车运输专班"服 务。 据悉，8月5日起，"香蕉车运输专班"将于每日21:30准时从海口新海港启航，确保香蕉鲜果能够准时踏 上跨海旅程，将这份来自海南的"金黄味道"高效、安全地送达全国各地。为应对可能的特殊天气影响， 如台风等，专班服务将严格遵守港口作业安排，确保运输安全。 为了进一步提升运输效率，海口新海港和秀英港特别为香蕉车设置了港口专用快捷通道。司机只需出示 香蕉检测单或预约卡，即可享受从进港、安检、配载到登船的全程优先服务，大大缩短了货物在港口的 停留时间。 海峡股份特别提醒进出港货车司机，由于海口秀英港滨海大道北半幅路段正在进行修复施工，进出秀英 港的车辆路线已进行临时调整。施工期间，滨海大道（丘海大道—海港路段）全天禁止货车通行，进入 秀英港区的货车需 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The shipping market is currently facing a complex situation with geopolitical conflicts, tariff uncertainties, and fluctuating freight rates. Due to the high difficulty of market gaming, it is recommended to participate with light positions or stay on the sidelines. The short - term market may rebound, and different trading strategies are proposed for different contracts, but overall, risk control through stop - loss settings is emphasized [1][4]. 3. Content Summary 3.1 Freight Rate Index - **SCFIS and NCFI**: On August 4, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2297.86 points, down 0.8% from the previous period; for the US West route, it was 1130.12 points, down 12.0%. The Ningbo Export Container Freight Index (NCFI) composite index on August 1 was 1087.66 points, down 2.06%; the European route was 1372.67 points, down 3.53%; the US West route was 1114.45 points, down 0.54% [2]. - **SCFI and CCFI**: On August 1, the Shanghai Export Container Freight Index (SCFI) composite index was 1550.74 points, down 41.85 points; the European line price was 2051 USD/TEU, down 1.86%; the US West route was 2021 USD/FEU, down 2.23%. The China Export Container Freight Index (CCFI) composite index was 1232.29 points, down 2.3%; the European route was 1789.50 points, up 0.1%; the US West route was 876.57 points, down 0.5% [2]. 3.2 PMI Data - **Eurozone**: In July, the manufacturing PMI preliminary value was 49.8 (expected 49.7, previous 49.5), the services PMI preliminary value was 51.2 (expected 50.7, previous 50.5), the composite PMI preliminary value was 51 (expected 50.8, previous 50.6), and the SENTIX investor confidence index rose to 4.5, the highest since April 2022 [2]. - **China**: The manufacturing PMI in July was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity [3]. - **US**: In July, the S&P Global manufacturing PMI preliminary value was 49.5 (expected 52.7, previous 52.9), the services PMI preliminary value was 55.2 (expected 53, previous 52.9), and the Markit composite PMI preliminary value was 54.6, the highest since December 2024 [3]. 3.3 Market Events - Trump's tariff policy: Trump continued to impose tariffs on multiple countries, mainly in Southeast Asia, hitting re - export trade. The tariff negotiation date was postponed to August 1. Some shipping companies announced freight rate increases, and the spot market had a small price increase to test the market, leading to a slight rebound in the futures market [4]. - Geopolitical events: On August 3, the Yemeni Houthi armed forces launched three "special military operations" against Israeli military targets and a port. Israel's national security minister entered the Al - Aqsa Mosque area, which was condemned by Palestine, Saudi Arabia, and Jordan [4]. 3.4 Trading Strategies - **Short - term strategy**: The short - term market may rebound. Risk - takers are advised to go long lightly below 1300 for the 2510 contract and take partial profits when there is a profit margin of over 300 points. For the EC2512 contract, it is recommended to go short lightly and take profits. Attention should be paid to subsequent market trends, and no position - holding against losses is recommended, with stop - losses set [4]. - **Arbitrage strategy**: In the context of international situation turmoil, the market is mainly in a positive spread structure with large fluctuations. It is recommended to stay on the sidelines or try lightly with a small position [4]. - **Long - term strategy**: For all contracts, it is recommended to take profits when the price rises and wait for the price to stabilize after a pull - back before making further decisions [4]. 3.5 Contract Information - On August 4, the main contract 2510 closed at 1421.8, down 0.72%, with a trading volume of 3.03 million lots and an open interest of 5.11 million lots, a decrease of 1323 lots from the previous day [4]. - The daily limit for contracts from 2508 to 2606 was adjusted to 18%, the company's margin was adjusted to 28%, and the daily opening limit for all contracts from 2508 to 2606 was set at 100 lots [4].

Group 1: Investment Rating - No information provided on the industry investment rating Group 2: Core Viewpoints - The EC futures contracts show price fluctuations, with most contracts experiencing declines in price and changes in trading volume and open interest [2] - The month - to - month spreads of EC futures also show certain changes, such as the EC2508 - 2510 spread decreasing by 2.0 and the EC2510 - 2512 spread increasing by 13.0 [2] - Some shipping freight indices, like SCFI, (European Line) CCFI, and NCFI, have changed in value, with SCFI down 1.87%, (European Line) CCFI up 0.13%, and NCFI down 3.53% [2] - In the European line shipping market, the supply pressure will be very high from late August, with week 34/35 capacity at 340,000 TEU and the average weekly capacity in September 2025 (tentative) at 343,000 TEU (323,000 TEU without considering TBN). Shipping companies are gradually reducing prices [2] Group 3: Summary by Directory EC Futures Contracts - EC2508: Price is 2122.3, down 0.20% compared to the previous day, with an open interest of 4367 and a decrease of 93 [2] - EC2510: Price is 1421.8, down 0.15%, trading volume is 30268, open interest is 51053, and a decrease of 1323 [2] - EC2512: Price is 1677.2, down 0.90%, open interest is 8387 [2] - EC2602: Price is 1470.2, open interest is 4139, and a decrease of 3 [2] - EC2604: Price is 1315.1, open interest is 5146, and an increase of 34 [2] - EC2606: Price is 1453.2, down 0.81%, open interest is 795, with no change [2] Month - to - Month Spreads - EC2508 - 2510: The spread is 700.5, a decrease of 2.0 compared to the previous day [2] - EC2510 - 2512: The spread is - 255.4, an increase of 13.0 compared to the previous day [2] - EC2512 - 2602: The spread is 207.0 [2] Shipping Freight Indices - Terdar: On August 4, 2025, the index was 2297.86, down 3.50% compared to the previous period [2] - SCFI: On August 1, 2025, it was 2051 dollars/TEU, down 1.87% compared to the previous period [2] - (European Line) CCFI: On August 1, 2025, it was 1789.5 points, up 0.13% compared to the previous period [2] - NCFI: On August 1, 2025, it was 1372.7 points, down 3.53% compared to the previous period [2] European Line Shipping Market - In week 32 of August, the cargo collection was good but there were basically no available containers. In week 33, the cargo collection situation of each alliance varied, with MSK performing well, OA average, and PA poor, and MSK's price dropped by 100 dollars [2] - Shipping companies such as OA and PA have gradually reduced prices by about 200 dollars [2] - Currently, downstream customers are booking spaces for the first half of August (week 32 - 33). Week 32 actual prices are around 3200 dollars (equivalent to 2250 points). Week 33 current quotes have dropped to 2800 - 3200 dollars, with an average of 3000 dollars (equivalent to about 2100 points) [2]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core View of the Report - The freight rate has entered a downward cycle, and attention should be paid to Maersk's price offer in Week 34 [1][4]. - The top of the August contract freight rate has appeared, and the shipping company's price has started a downward cycle [4]. - The October contract is mainly for short - allocation, and subsequent focus is on the downward slope of the freight rate [5]. - The volume of shipments in December usually remains at a high level, and the freight rate is generally 10% higher than that in October. However, the risk lies in whether the Suez Canal will resume navigation [7]. - The strategy includes a weak and volatile main contract in the unilateral market, and in the arbitrage market, it is advisable to go long on the December contract and short on the October contract, and short the October contract on rallies [9]. 3. Summaries According to Relevant Catalogs 3.1 Market Analysis - Online quotes show different price trends for various shipping companies on the Shanghai - Rotterdam route. For example, Maersk's Week 32 quote was 1846/3102, and Week 33 was 1760/2960 [1]. 3.2 Geopolitical Situation - Russian President Putin had a phone call with Israeli Prime Minister Netanyahu on August 4, and they discussed the Middle East situation, with Russia reiterating its stance on peaceful resolution [2]. 3.3 Shipping Capacity - The average weekly shipping capacity from China to European base ports in August was 347,300 TEU, and in September it was 297,100 TEU. There were 4 blank sailings in August (all from the OA Alliance) and 2 TBNs in September [3]. - Maersk added two extra - loading vessels in August (Beijing Maersk in Week 32 and Maersk Emden in Week 35), and the OA Alliance added one (OOCL/Cosco CSCL JUPITER) [3]. 3.4 Contract Analysis - **August Contract**: The freight rate top has emerged. After Maersk's Week 34 price dropped to $2,800/FEU, the prices of the OA and PA Alliances followed suit [4]. - **October Contract**: It is mainly for short - allocation, and the normal price in October is 20% - 30% lower than that in August. Attention should be paid to the price at which shipping companies try to stabilize the price during the downward cycle [5]. - **December Contract**: The freight volume is usually high due to holiday procurement. The price in December is generally 10% higher than that in October, but the risk is the resumption of the Suez Canal [7]. 3.5 Shipping Vessel Delivery - 2025 is a big year for container ship deliveries. As of July 27, 2025, 157 container ships with a total capacity of 1.2513 million TEU have been delivered [8]. 3.6 Strategy - **Unilateral**: The main contract is expected to be weak and volatile. - **Arbitrage**: Go long on the December contract and short on the October contract, and short the October contract on rallies [9].

Group 1 - The announcement from Shanghai Clearing House details the issuance of a medium-term note by China Ocean Shipping Group Co., Ltd. for the first phase of 2024, with a total issuance amount of 3 billion RMB [1] - The bond has a maturity period of 15 years, with an interest rate of 2.37% for the current interest period, and the interest payment date is set for August 12, 2025 [1] - The total interest payable for this period amounts to 71.1 million RMB, which will be transferred to the designated bank accounts of bondholders on the payment date [1]

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - The report highlights a significant decline in crude oil shipping rates and a downward trend in shipping rates for the US routes. As of July 31, the China Import Crude Oil Comprehensive Index (CTFI) was reported at 880.79 points, down 6.8% from July 24. The VLCC market on the Middle East route continues to decline, with rates dropping to an annual low of WS45 due to a lack of concentrated shipments [2][14] - Ezhou Huahu International Airport has seen rapid growth in its cargo hub capabilities over three years, establishing 104 cargo routes and handling a cumulative throughput of 2 million tons. The Shenzhen low-altitude infrastructure plan aims to establish over 1,200 takeoff and landing points and 1,000 commercial routes by 2026, with a projected low-altitude economy output exceeding 130 billion yuan [2][16][17] - Shentong Express announced a cash acquisition of 100% of Daniao Logistics for 362 million yuan, enhancing its high-value delivery network. Baidu's autonomous vehicles are also expanding internationally through a partnership with Uber [2][25] Industry Dynamics - **Air Cargo**: The air cargo price index for outbound flights from Shanghai was reported at 4429.00 points as of July 28, down 3.7% year-on-year but up 0.2% month-on-month. Domestic cargo flights increased by 7.61% year-on-year in July 2025 [26][33] - **Shipping Ports**: The SCFI index was reported at 1550.74 points, down 2.63% week-on-week and down 53.47% year-on-year. The PDCI index for domestic shipping increased by 1.45% week-on-week [40][51] - **Express Logistics**: In June 2025, the express delivery volume increased by 15.78% year-on-year, with total revenue reaching 126.32 billion yuan, up 9.00% year-on-year [53][55] Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics. It also highlights investment opportunities in low-altitude economy trends and road-rail sectors, recommending companies like Ganyue Expressway and China Eastern Airlines [4]

Report Summary 1. Report Industry Investment Rating - No information provided. 2. Core Viewpoints - In the week 32 of August, the container receiving was good but there were mostly empty containers. In week 33, the container receiving situation of different alliances varied, with MSK performing better while OA and PA deteriorating. MSK's price dropped by $100, and OA and PA's shipping companies gradually reduced prices by about $200. Starting from late August, the supply pressure on the European route is very high, with the weekly average capacity in September 2025 (tentatively) at 343,000 TEU, and 323,000 TEU after excluding TBN [2][3]. 3. Summary by Related Catalogs EC Futures Contract Information - **Contract Prices and Changes**: The closing prices and price changes of different EC futures contracts (such as EC2508, EC2510, etc.) are presented, with the closing price of EC2508 at 190.1, EC2510 at 892.6, etc., and corresponding percentage changes [1]. - **Month - to - Month Spreads**: The month - to - month spreads between different contracts (e.g., EC2508 - 2510, EC2510 - 2512) and their daily and previous - period comparisons are provided. For example, the spread of EC2508 - 2510 is 702.5, with a daily change of 6.0 [1][2]. Index Information - **SCEIS**: Updated on July 28, 2025, the index value is 2316.56, showing a - 3.50% change from the previous period and a - 0.89% change from the period before that [2]. - **SCFI (European Route)**: Updated on August 1, 2025, the value is $2051 per TEU, with a - 1.87% change from the previous period and a 0.53% change from the period before that [2]. - **CCFI**: Updated on August 1, 2025, the value is 1789.5 points, showing a 0.13% change from the previous period and a - 0.90% change from the period before that [2]. - **NCFI**: Updated on August 1, 2025, the value is 1372.7, with a - 3.53% change from the previous period and a - 1.20% change from the period before that [2]. European Route Supply and Demand and Pricing - **Supply**: Starting from late August, the supply pressure on the European route is high, with the weekly average capacity in week 34/35 at 340,000 TEU, and in September 2025 (tentatively) at 343,000 TEU, 323,000 TEU after excluding TBN [3]. - **Pricing**: Currently, downstream customers are booking spaces for the first half of August (week 32 - 33). The price in week 32 may settle at around $3200 (equivalent to 2250 points on the futures market), and the current average quote in week 33 is about $3150 (equivalent to around 2200 points on the futures market) [3]. Related News - The United States will impose tariffs ranging from 15 - 41% on 67 countries/regions starting from August 7 [4]. - The cease - fire negotiation in Gaza is on the verge of collapse, and Israel is considering expanding military operations [4].