1. Report Core View - W30's average loading rate of the European route fleet departing from China was 90.8%, a 1.9% decrease from the previous period. The loading rate of the European route fleet departing from Asia in W28 was 98.8%, a slight 0.5% increase [7]. - The monthly average weekly capacity in August was 315,000 TEU, higher than the July average of 302,000 TEU. The average capacity in the first half - month was 299,000 TEU, and 331,000 TEU in the second half - month. The monthly average weekly capacity in September was 308,000 TEU, higher than the previous statistical value [11]. - There were 5 late - departing sailings from W30 to W31, including 2 from OA and 3 from MSC. The risk of delays in subsequent weeks remains high, but the delay forecast is expected to improve starting from W34 [18]. - The SCFIS (European route) index closed at 2316.56 points, a 3.5% decline from the previous period. The peak price of this peak season has basically been confirmed [19]. 2. Summary by Directory 2.1 European Route Loading Rate Tracking - W30's average loading rate of the European route fleet departing from China was 90.8%, a 1.9% decrease from the previous period (last period: 92.7%). W28's loading rate of the European route fleet departing from Asia was 98.8%, a slight 0.5% increase from the previous period. The loading difference between Asia and China was about 6.1%, higher than the average level from April to May. The increase in transit demand led to an expansion of the loading rate difference [7]. - OA's loading rate departing from China was 91.5%, with a relatively large decline from the previous period. PA and MSC's loading rate departing from China was 93.7%, showing a decline but still at a high level. Gemini's loading rate departing from China was 87.6%, a slight 0.6% increase [7]. 2.2 European Route Sailing Schedule and Capacity - The monthly average weekly capacity in August was 315,000 TEU, higher than the July average of 302,000 TEU. The average capacity in the first half - month was 299,000 TEU, and 331,000 TEU in the second half - month. The capacities in W32 and W34 were as high as 329,000 and 358,000 TEU respectively. The monthly average weekly capacity in September was 308,000 TEU, higher than the previous statistical value [11]. - The FAL7 route added 4 sailings in September, all with a ship type of about 13,000 - 14,000 TEU. For the LION route from September to early October, 4 sailings of the originally planned 12,000 - 17,000 TEU ship type were replaced with over - 17,000 TEU ultra - large ships transferred from other routes [11]. - MSC's ALBATROS route cancelled its Shanghai call starting from W28, and the BRITANNIA route cancelled its Ningbo call and added a call at the last port of the SWAN route, Antwerp. The sailing delay is expected to improve significantly after October [11]. 2.3 Sailing Delay and Spot Market Overview - There were 5 late - departing sailings from W30 to W31, including 2 from OA and 3 from MSC. The risk of delays in subsequent weeks remains high, but the delay forecast is expected to improve starting from W34 [18]. - The SCFIS (European route) index closed at 2316.56 points, a 3.5% decline from the previous period. The peak price of this peak season has basically been confirmed [19]. - The actual departing capacity of the European route from Shanghai Port in W30 was 263,000 TEU, of which 41% were delayed sailings from W29. By alliance, the weights of Gemini, OA, and PA + MSC were 16%, 44%, and 40% respectively. Gemini's proportion remained low, while the weights of PA and MSC increased [19]. 2.4 Sailing Delay Observation and Early Warning - In W30, OA had 2 late - departing ships, and MSC had 3. The risk of late - departing ships from W31 - W33 remains high, and the delay forecast is expected to improve starting from W34 [18]. - Warnings are issued for specific routes of different alliances in different weeks, such as OA's AE1 and AE3, Gemini's FAL3, CES, and NE3, and MSC&PA's FE4, FE6, and BRITANNIA [26][28]. 2.5 Related Port Congestion Data - In China, the average turnover time of Yangshan Port is about 1.8 days, Ningbo Port about 1.7 days, and Yantian Port about 1.6 days. Due to the overlap of the typhoon season and the export peak season, domestic port operations are under continuous pressure [34]. - In Southeast Asia, the congestion at Port Klang has improved compared to the previous period but remains at a high level. With the increase in transit demand, port congestion in Southeast Asia may continue. The average time of ships in port at Singapore Port is 1.4 days, and at Port Klang is 1.6 days [34]. - In Europe, problems such as summer vacations, labor shortages at ports, German railway construction, and low water levels in the Rhine are expected to gradually emerge in the next two months. European ports will continue to face the pressure of increasing congestion. Currently, the overall congestion level is lower than the same period last year. Attention should be paid to the development trends of congestion at German ports and Rotterdam Port [34].

1. Report's Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the fourth week of July, production maintained a certain level of resilience, with good freight volume in the industrial sector and stable开工率 in coking, chemical, and automotive industries. In the construction industry, cement supply was low, demand marginally improved, and asphalt开工率 decreased. In the real estate sector, both new and second - hand housing sales recovered, but the trend needs further observation, and housing prices need to stabilize. External demand saw an increase in throughput, and freight rates showed a differentiated trend. Consumption showed a convergence in travel enthusiasm, with a differentiation between urban travel data and flights, while automobile consumption remained resilient. Prices of most commodities, such as black metals, were strong, while crude oil prices were volatile [2]. 3. Summary by Relevant Catalogs 3.1 Consumption - Travel: The resilience of travel enthusiasm converged, with a decline in the year - on - year growth of subway travel and congestion delay index, an increase in the total number of flights, and a flight execution rate basically the same as last year [2]. - Commodity consumption: Automobile consumption remained popular, textile consumption decreased, and express delivery collection was at a high level [2]. 3.2 Real Estate - New housing: The transaction volume of new housing increased, with third - tier cities leading [3]. - Second - hand housing: Second - hand housing transactions also increased, with the markets in Beijing, Shanghai, and Chengdu warming up slightly, and the market in Shenzhen cooling down. The recovery of second - and third - tier cities needs further observation. The listing price and quantity of second - hand housing decreased [3]. - Land: Last week, land transaction volume was weak, but the premium rate improved [3]. 3.3 Production - Freight volume remained high, and开工率 data showed a differentiated performance [4]. 3.4 Construction Industry - The year - on - year arrival of construction funds decreased. Cement demand was stronger than supply, black metal supply and demand were weak, and asphalt开工率 decreased [5]. - The开工率 of asphalt decreased both year - on - year and month - on - month, and its price also decreased. The开工率 of styrene and PVC improved [6]. 3.5 External Demand - Freight volume: Port cargo throughput and container throughput increased [7]. - Freight rates: The RJ/CRB index increased year - on - year, the Baltic Dry Index (BDI) rose significantly, and international shipping rates showed a differentiated trend. The CCFI index decreased month - on - month, while the SCFI index increased [7]. 3.6 Prices - Agricultural products: The price index of agricultural products decreased slightly [10]. - Industrial products: The domestic Nanhua Industrial Products Index and the overseas RJ/CRB Index both increased. Crude oil prices were volatile, while the prices of black metals, glass, and most other commodities, such as manganese silicon, lithium carbonate, coking coal, and ferrosilicon, were strong [2][10].

Market Performance - The Hong Kong stock market showed mixed performance with the Hang Seng Index rising by 0.68% to 25,562.13 points, while the Tech Index fell by 0.24% to 5,664.02 points, and the National Enterprises Index increased by 0.29% to 9,177.15 points [2][3]. Hang Seng Index Movement - The Hang Seng Index reached a high of 25,660.54 points in the morning but maintained a volatile pattern before closing slightly higher [4]. Sector Performance - Insurance, pharmaceuticals, and brokerage stocks saw collective strength, while coal, shipping, and photovoltaic stocks experienced adjustments [5]. Insurance Sector Strength - Major insurance stocks like AIA Group (up 4.96%), China Pacific Insurance (up 3.91%), and Ping An Insurance (up 3.49%) saw significant gains due to a favorable assessment of life insurance reserve interest rates, which are expected to lower the new business liability costs for insurers [6][7]. Pharmaceutical Sector Boost - Pharmaceutical stocks surged, with companies like Fonda Holdings (up 10.39%), Zhaoyan New Drug (up 6.76%), and Via Biotechnology (up 5.45%) benefiting from overseas licensing deals, including a notable $12.5 billion collaboration between Hengrui Medicine and GlaxoSmithKline [8][9]. Brokerage Sector Gains - Brokerage stocks such as Guotai Junan International (up 9.45%), Shenwan Hongyuan Hong Kong (up 7.32%), and Xingzheng International (up 5.08%) experienced strong performance, likely influenced by the upcoming implementation of the Stablecoin Regulation in Hong Kong [11][13]. Weakness in Cyclical Stocks - Coal, shipping, and photovoltaic stocks faced declines, with companies like Feishang Non-Ferrous Coal (down 15.28%) and COSCO Shipping Ports (down 10.99%) leading the downturn due to falling commodity prices in the futures market [14][18]. Individual Stock Movements - Xuanwu Cloud saw a significant increase of 28% following a strategic partnership with LG Uplus, while Zhejiang United Investment surged by 116.67% on expectations of turning a profit by April 2025 [23][24].

Group 1 - The negotiation period for the sale of Panama port assets has ended, involving a complex interplay between the Chinese, Panamanian, and U.S. governments over 145 days [1][2] - The outcome of the negotiations is critical, as control over the ports represents a significant strategic advantage in maritime trade between China and the U.S. [4][6] - The Panama Canal is vital for global trade, with 6% of the world's goods passing through it, and China accounting for over 22% of that traffic [11][13] Group 2 - The BlackRock Group, involved in the negotiations, faces internal divisions regarding the political risks associated with the deal, complicating the situation for Li Ka-shing's CK Hutchison Holdings [6][8] - Li Ka-shing's company holds two key ports that control access to the Panama Canal, making them critical nodes in global trade [17] - The Chinese government has initiated a national security review, which poses a significant threat to the transaction, indicating a shift in the balance of power in international business dealings [28][30] Group 3 - The involvement of China Ocean Shipping Company (COSCO) in the negotiations could alter the dynamics, as it would gain veto power over decisions that could negatively impact Chinese shipping interests [32] - The current situation reflects a broader trend where national security considerations are increasingly influencing business transactions, moving away from the notion of capital being borderless [34][35] - The evolving landscape of international business is highlighted by the challenges faced by Li Ka-shing, as traditional business practices are no longer sufficient in the face of geopolitical tensions [37]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View - Under high - capacity pressure and with demand entering the off - season, the freight rates will face downward pressure in the future [2] 3. Summary by Relevant Content EC Futures Contracts and Spreads - The closing prices of EC futures contracts such as EC2508, EC2510, etc., showed different degrees of decline or increase on July 28, 2025. For example, EC2508 closed at 2212.6 with a - 1.44% decline [2] - The month - to - month spreads like EC2508 - 2510, EC2510 - 2512 also had changes compared to previous days and weeks [2] Shipping Freight Indexes - The SCFI (European Line) updated on July 25, 2025, was 2090 dollars/TEU, with a 0.53% increase compared to the previous period [2] - Other indexes like CCFI, NCFI, and TCI also had their respective data and changes [2] European Line Supply and Demand - In August and September (temporarily), the average weekly capacity is 325,000 and 324,000 TEU respectively. The capacity in weeks 32, 33, 34, and 35 is 330,000, 305,000, 350,000, and 316,000 TEU respectively, with high capacity pressure especially in the second half of August [2] - There is a transfer of shipping schedules from the US line to the European line. With the support of the shipping companies' base cargo volume, the shipping companies' stowage rate in late July was not under great pressure, but the cargo volume in early August is gradually weakening [2] European Line Quotations - In July, the European line quotations remained stable at around 2400 points [3] - In August, the PA Alliance's quotations dropped by 200 - 300 to 3100 dollars, MSK's quotations decreased slightly at first and then increased slightly, and OA mainly maintained at 3400 - 3500 dollars (considering a decline). The quotation in week 31 was about 3300 dollars (equivalent to 2300 points on the futures market) [13] Relevant News - On July 27, 2025, US President Trump announced that the US and the EU had reached a trade agreement, including a 15% tariff on EU goods exported to the US, a 600 - billion - dollar increase in EU investment in the US, and the EU's purchase of US military equipment and 750 - billion - dollar energy products [4] - The Yemen Houthi rebels stated that they would attack any ships belonging to companies with business at Israeli ports [4] - The cease - fire negotiation between Israel and Hamas in Gaza was deadlocked. Israel was considering measures to pressure Hamas, while Hamas officials said they were ready to complete the negotiation and that Israel's negative statements were an attempt to avoid the negotiation results [5]

Core Points - Recent shareholding reduction by major shareholders of Zhonggu Logistics has been reported, with significant amounts of shares sold [1][2] - The total shares reduced by both Ningbo Guzey Investment and Ningbo Guyang Investment amounted to 63,001,805 shares, with a total reduction value of approximately 579 million yuan [2] Summary by Sections Shareholding Reduction - Guzey Investment reduced its holdings by 11,552,043 shares, representing 0.55% of the total share capital, through centralized bidding [1] - Guyang Investment reduced its holdings by 51,449,762 shares, accounting for 2.45% of the total share capital, through both centralized bidding and block trading [1] Shareholder Structure - Prior to the reduction, the controlling shareholder Zhonggu Group and its concerted actors, Guzey Investment and Guyang Investment, held a combined total of 1,365,480,392 shares, which is 65.02% of the total share capital [1] Financial Impact - The total amount raised from the share reductions was 112,942,988.44 yuan from Guzey Investment and 465,894,149.82 yuan from Guyang Investment during the period from June 30, 2025, to July 25, 2025 [1] - The overall reduction in shares and the corresponding financial impact highlight the liquidity actions taken by the shareholders [2]

数据统计显示，沪深300运输业指数近一个月下跌0.29%，近三个月上涨4.58%，年至今上涨0.04%。 金融界7月28日消息，上证指数高开震荡，沪深300运输业指数 (300运输业，L11618)报3882.46点。 从沪深300运输业指数持仓样本的行业来看，铁路运输占比37.56%、快递占比21.76%、航运占比 21.21%、航空运输占比19.47%。 据了解，为反映沪深300指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将沪深300 指数300只样本按行业分类标准分为11个一级行业、35个二级行业、90余个三级行业及200余个四级行 业。沪深300行业指数系列分别以进入各一级、二级、三级、四级行业的全部证券作为样本编制指数， 形成沪深300行业指数。该指数以2004年12月31日为基日，以1000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样 ...

Report Summary 1. Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Viewpoints - The overall trend of the EC market is downward. It is expected that the freight rates on the European route will peak at the end of July, with a low possibility of a rate hike in August, and even if a hike is called, the success rate will be low. Freight rates are about to enter a rounded - top trend, and an accelerated decline is expected at the end of August [7][8]. 3. Summary by Relevant Catalogs 3.1 Shipping Freight Index - **Present Values and Changes**: The present values of Shanghai Export Container Freight Index (SCFI) and China Export Container Freight Index (CCFI) are 1647 and 1261 respectively, with daily changes of - 3.30% and - 3.23%. SCFI - US West, SCFIS - US West, SCFI - US East, and SCFI - Northwest Europe are at 2067, 1301, 3378, and 2090 respectively, with changes of - 3.50%, 2.76%, - 6.48%, and 0.53%. SCFIS - Northwest Europe and SCFI - Mediterranean are at 2400 and 2418, with changes of - 0.87% and - 4.35% [4]. 3.2 Shipping Derivative Contracts - **Contract Prices and Changes**: For contracts EC2506, EC2508, EC2510, EC2512, EC2602, and EC2604, the present values are 1518.0, 2212.6, 1527.5, 1720.2, 1518.8, and 1361.7 respectively, with changes of 0.74%, - 1.44%, - 3.56%, - 3.35%, - 2.78%, and - 1.47% [4][5]. - **Contract Positions and Changes**: The present positions of EC2606, EC2508, EC2410, EC2412, EC2602, and EC2604 are 788, 8358, 49977, 8520, 4479, and 5525 respectively, with changes of - 53, - 1326, - 609, - 221, 152, and 12 [5]. - **Monthly Spread and Changes**: The present monthly spreads for 10 - 12, 12 - 2, and 12 - 4 are 685.1, - 192.7, and 358.5 respectively, with changes of 24.1, 3.3, and - 39.4 [5]. 3.3 Market Influencing Factors - **Price Announcements by Shipping Companies**: ONE's August upper - ten - day list price for large containers remains the same as in late July, and CM4 reduced prices at the end of July. MSK's August first - week freight rate is lower than the current selling price, and Maersk's overtime ship opening also affected the market [8]. 3.4 Investment Strategy - The recommended strategy is to short contracts 10 on rallies and hold the long - 12 short - 4 calendar spread [9].

Report Industry Investment Rating - No relevant information provided Core Views - Amid geopolitical conflicts and tariff uncertainties, trading is challenging, and it's recommended to participate with light positions or stay on the sidelines [3] - The short - term market may rebound, with specific trading strategies for different contracts; the arbitrage strategy suggests waiting or light - position attempts; long - term contracts should take profits on rallies and wait for a stable pullback [4] Summary by Related Content Shipping Indexes - On July 25, compared with July 21, NCFI (composite) dropped 3.26% to 1110.57 points, SCFIS (European route) fell 0.9% to 2400.50 points, NCFI (European route) declined 1.20% to 1422.9 points, SCFIS (US West route) rose 2.8% to 1301.81 points, and NCFI (US West route) dropped 5.19% to 1120.51 points [1] - On July 25, SCFI was 1592.59 points, down 54.31 points; CCFI (composite) fell 3.2% to 1261.35 points; SCFI (European route) rose 0.53% to 2090 USD/TEU; CCFI (European route) dropped 0.9% to 1787.24 points; SCFI (US West route) fell 3.50% to 2067 USD/FEU; CCFI (US West route) dropped 6.4% to 880.99 points [1] Economic Data - Eurozone's June manufacturing PMI was 49.4, services PMI was 50, and composite PMI was 50.2; Sentix investor confidence index was 0.2 [2] - China's Caixin manufacturing PMI in June was 50.4, up 2.1 points from May [2] - US June Markit manufacturing PMI was 52, services PMI was 53.1, and composite PMI was 52.8 [2] Market and Policy - Trump added tariffs on multiple countries, mainly in Southeast Asia. The tariff negotiation was postponed to August 1. The spot market had a small price increase, and the futures market rebounded slightly [3] - On July 25, the 2510 contract closed at 1527.5, down 2.71%, with a trading volume of 42,800 lots and an open interest of 50,000 lots, a decrease of 609 lots [3] Geopolitical Situation - The new round of Gaza cease - fire negotiations is back on track, and the Abraham Accords may expand. US - Iran and Russia - Ukraine negotiations may also resume [5] - Syrian and Israeli officials held talks on easing the situation in southern Syria but reached no agreement and will continue negotiations [5] Trading Strategies - Short - term: The short - term market may rebound. Risk - takers were advised to go long on the 2510 contract below 1300 and consider taking profits if it retraces; short the EC2512 contract with a light position [4] - Arbitrage: Due to international instability, the market has a positive spread structure with large fluctuations. It's recommended to wait or try with a light position [4] - Long - term: Take profits on rallies for all contracts and wait for a stable pullback to determine the next direction [4] Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18% [4] - The company's margin for contracts 2508 - 2606 is adjusted to 28% [4] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [4]

不确定性结束，将为欧股带来舒缓式反弹，汽车、能源、奢侈品等行业将成为最大受益者。但随着细节和行业关 税谈判持续，欧股未来几周料将波动。 据央视新闻，当地时间27日，美国总统特朗普表示，美国已与欧盟达成15%税率的关税协议。特朗普表示，欧盟 将比此前增加对美国投资6000亿美元，欧盟将购买美国军事装备，并将购买价值7500亿美元的美国能源产品。欧 盟委员会主席冯德莱恩表示，欧盟与美国双方同意实行统一的15%关税税率，包括汽车在内的各类商品将适用该 关税标准。冯德莱恩称，这些与美国的贸易协议将为市场带来稳定性。 消息宣布后，28日亚太交易时段，欧股和德国股票期货均上涨，欧元兑美元小幅走高。分析师认为，不确定性结 束，将为欧股带来舒缓式反弹，汽车、能源、奢侈品等行业将成为最大受益者。但分析师们也警示，反弹可能仅 是短暂的，且随着细节和行业关税谈判持续，欧股未来几周料将波动。 汽车、能源、奢侈品等行业将受益 瑞士私人银行CitéGestion的投资策略主管帕拉萨德（John Plassard）称，"贸易协定足以释放股市最需要的东西： 可见性。此前的关税升级风险，接下来已经不在考虑范围内，一个重大的宏观疑虑消失了。对投 ...