Report Industry Investment Rating No relevant content provided. Core Viewpoints - Overseas fundamentals are relatively stable, but the candidate for the new Fed chair is affecting interest - rate cut expectations. Attention should be paid to the implementation of tariffs in early August. The domestic second - quarter economic data shows resilience, and there are expectations for policy games at the end of the month. Domestic assets present mainly structural opportunities, and strategic allocation of resources such as gold and copper should be maintained [6]. - The stagflation trading overseas is cooling down, and the long - short allocation ideas are differentiating. The financial sector maintains a pattern of strong stocks and weak bonds. Precious metals are undergoing short - term adjustments due to rising risk appetite. The shipping sector is seeing a decline in sentiment. The black building materials sector is strongly rising due to favorable supply - demand factors. The non - ferrous and new materials sector is rebounding from a decline. The energy - chemical sector is expected to be dragged down by crude oil and show a weak oscillation. The agricultural sector is experiencing a rapid rise in funds and sentiment [7][9]. Summary by Directory 1. Macro Highlights - **Overseas Macro**: US consumer confidence recovered in June, driving a slight rebound in CPI and retail sales data. The candidates for the new Fed chair generally advocate interest - rate cuts, and the nomination is expected from October to December 2025. Tariff policies may be implemented by August 1st and 12th, with uncertainties remaining [6]. - **Domestic Macro**: China's Q2 GDP grew by 5.2% year - on - year, and June's export volume increased by 5.8% year - on - year, better than market expectations. High - frequency data shows an improvement in infrastructure investment. There are expectations for domestic demand - boosting policies around the end - of - month Politburo meeting. Currently, growth - stabilizing policies mainly focus on using existing resources, with a higher probability of incremental policies in the fourth quarter [6]. - **Asset Views**: Domestic assets offer mainly structural opportunities. Overseas, attention should be paid to tariff frictions, Fed policies, and geopolitical risks. In the long term, the weak - dollar pattern continues. Strategic allocation of resources such as gold and copper should be maintained [6]. 2. Viewpoint Highlights **Macro: Overseas Stagflation Trading Cooling** - **Domestic**: Appropriate reserve - requirement ratio and interest - rate cuts, and implementation of established fiscal policies in the short term [7]. - **Overseas**: The inflation - expectation structure is flattening, economic growth expectations are improving, and stagflation trading is cooling down [7]. **Financial: Continued Strong Stocks and Weak Bonds** - **Stock Index Futures**: The Shanghai Composite Index continues to reach new highs, with a short - term judgment of oscillatory rise, but concerns about insufficient incremental funds [7]. - **Stock Index Options**: High intraday volatility drives short - term trading, with a short - term judgment of oscillation, but concerns about deteriorating option liquidity [7]. - **Treasury Bond Futures**: The stock - bond seesaw effect continues, with a short - term judgment of oscillation, and concerns about unexpected tariffs, supply, and monetary easing [7]. **Precious Metals: Rising Risk Appetite, Short - Term Adjustment** - **Gold/Silver**: Precious metals continue to adjust, with a short - term judgment of oscillation, and concerns about Trump's tariff policies and Fed's monetary policies [7]. **Shipping: Declining Sentiment, Focus on June Loading Rate** - **Container Shipping to Europe**: Focus on the game between peak - season expectations and price - increase implementation, with a short - term judgment of oscillation, and concerns about tariff policies and shipping companies' pricing strategies [7]. **Black Building Materials: Favorable Supply - Demand, Strong Rise** - **Steel Products**: Positive news drives the market, with a short - term judgment of oscillation, and concerns about special - bond issuance progress, steel exports, and hot - metal production [7]. - **Iron Ore**: Affected by coal - coke news, prices rise slightly, with a short - term judgment of oscillation, and concerns about overseas mine production and shipping, domestic hot - metal production, weather, port inventory, and policy dynamics [7]. - **Coke**: Market sentiment is high, with a short - term judgment of oscillation, and concerns about steel - mill production, coking costs, and macro sentiment [7]. - **Coking Coal**: Positive news triggers a sharp rise, with a short - term judgment of oscillation, and concerns about steel - mill production, coal - mine safety inspections, and macro sentiment [7]. - **Silicon Ferroalloy**: Driven by the coking - coal futures limit - up, prices rise significantly, with a short - term judgment of oscillation, and concerns about raw - material costs and steel procurement [7]. - **Manganese Ferroalloy**: The black chain performs strongly, with a short - term judgment of oscillation, and concerns about cost prices and overseas quotes [7]. - **Glass**: Rising sentiment drives prices to the limit - up, with a short - term judgment of oscillation, and concerns about spot sales [7]. - **Soda Ash**: Futures price increases drive spot prices up, with a short - term judgment of oscillation, and concerns about soda - ash inventory [7]. **Non - Ferrous and New Materials: Tariff Game vs. Policy Stimulus** - **Copper**: The possible early implementation of US copper tariffs pressures prices, with a short - term judgment of oscillation, and concerns about supply disruptions, unexpected domestic policies, less - dovish Fed than expected, and weak domestic demand recovery [7]. - **Alumina**: The impact of warrant registration needs to be observed, with a short - term judgment of oscillation, and concerns about unexpected slowdown in ore复产, unexpected increase in electrolytic - aluminum复产, and extreme sector trends [7]. - **Aluminum**: Inventory accumulation shows fluctuations, with a short - term judgment of oscillation, and concerns about macro risks, supply disruptions, and insufficient demand [7]. - **Zinc**: The rebound of the black series boosts prices, with a short - term judgment of oscillatory decline, and concerns about macro - turning risks and unexpected increase in zinc - ore supply [7]. - **Lead**: Supported by cost and with inventory accumulation, prices oscillate, with a short - term judgment of oscillation, and concerns about supply - side disruptions and slowdown in battery exports [7]. - **Nickel**: The long - term trend is oscillatory decline after the opening of the LME Hong Kong delivery warehouse, with a short - term judgment of oscillation, and concerns about unexpected macro and geopolitical changes, Indonesian policy risks, and insufficient supply release [7]. - **Stainless Steel**: Affected by weak nickel - iron prices, prices oscillate, with a short - term judgment of oscillation, and concerns about Indonesian policy risks and unexpected demand growth [7]. - **Tin**: Supported by strong supply - demand fundamentals, prices have a strong bottom, with a short - term judgment of oscillation, and concerns about the复产 expectation in Wa State and demand improvement [7]. - **Industrial Silicon**: Prices rise under the "anti - involution" sentiment, with a short - term judgment of oscillation, and concerns about unexpected supply cuts and unexpected photovoltaic installations [7]. - **Lithium Carbonate**: Driven by supply - side speculation, prices oscillate strongly, with a short - term judgment of oscillation, and concerns about insufficient demand, supply disruptions, and new technological breakthroughs [7]. **Energy - Chemical: OPEC+ Over - Production, Crude Oil Drag** - **Crude Oil**: Prices are under pressure at high levels, with a short - term judgment of oscillation, and concerns about OPEC+ production policies and Middle - East geopolitical situations [9]. - **LPG**: The fundamental situation remains loose, with a short - term judgment of oscillation, and concerns about cost factors such as crude oil and overseas propane [9]. - **Asphalt**: Spot prices of major producers decline, with a short - term judgment of decline, and concerns about unexpected demand [9]. - **High - Sulfur Fuel Oil**: Prices are under great downward pressure, with a short - term judgment of decline, and concerns about crude - oil and natural - gas prices [9]. - **Low - Sulfur Fuel Oil**: Prices follow crude oil and weaken oscillatory, with a short - term judgment of decline, and concerns about crude - oil and natural - gas prices [9]. - **Methanol**: Boosted by coal in the short term, prices oscillate strongly, with a short - term judgment of oscillation, and concerns about macro - energy and upstream - downstream device dynamics [9]. - **Urea**: Domestic supply - demand cannot provide strong support, with a short - term judgment of oscillation, and concerns about export - policy trends and elimination of production capacity [9]. - **Ethylene Glycol**: Supply and demand both decline, with a short - term judgment of oscillatory rise, and concerns about the production - cut rhythm of filament factories and the return of overseas devices [9]. - **PX**: Supported by crude - oil costs and affected by unexpected device disruptions, prices fluctuate with costs, with a short - term judgment of oscillation, and concerns about device recovery and new PTA capacity investment [9]. - **PTA**: Supply increases while demand decreases, with a short - term judgment of oscillation, and concerns about the production - cut rhythm of filament factories and the commissioning of Sanfangxiang [9]. - **Short - Fiber**: The upstream cost rebounds, with a short - term judgment of oscillation, and concerns about terminal textile and clothing exports [9]. - **Bottle Chip**: Device production cuts are implemented, with a short - term judgment of oscillation, and concerns about future bottle - chip operation [9]. - **Propylene**: After a strong debut, prices may oscillate in the short term, with a short - term judgment of oscillation, and concerns about oil prices and domestic macro - situation [9]. - **PP**: Driven by multiple factors, prices oscillate upward, with a short - term judgment of oscillation, and concerns about oil prices and domestic and overseas macro - situations [9]. - **Plastic**: Boosted by multiple factors, prices oscillate strongly, with a short - term judgment of oscillation, and concerns about oil prices and domestic and overseas macro - situations [9]. - **Styrene**: The commodity sentiment improves, with a short - term judgment of oscillation, and concerns about oil prices, macro - policies, and device dynamics [9]. - **PVC**: Sentiment warms up again, with a short - term judgment of cautious optimism, and concerns about expectations, costs, and supply [9]. - **Caustic Soda**: With strong expectations and weak reality, prices have a weak rebound, with a short - term judgment of oscillation, and concerns about market sentiment, operation, and demand [9]. **Agriculture: Capital Sentiment Boosts Prices** - **Oils and Fats**: Prices oscillate and diverge, with a short - term judgment of oscillation, and concerns about US soybean weather and Malaysian palm - oil supply - demand data [9]. - **Protein Meal**: Spot prices do not rise as much as futures, with a short - term judgment of oscillation, and concerns about US soybean weather, domestic demand, macro - situation, and Sino - US and Sino - Canada trade wars [9]. - **Corn/Starch**: Spot prices oscillate strongly at low arrivals, with a short - term judgment of oscillation, and concerns about insufficient demand, macro - situation, and weather [9]. - **Pig**: Driven by the "anti - involution" sentiment, far - month contracts rise, with a short - term judgment of oscillatory rise, and concerns about breeding sentiment, epidemics, and policies [9]. - **Rubber**: Market bullish sentiment remains, with a short - term judgment of oscillatory rise, and concerns about production - area weather, raw - material prices, and macro - changes [9]. - **Synthetic Rubber**: Prices follow the overall commodity trend, with a short - term judgment of oscillatory rise, and concerns about significant crude - oil price fluctuations [9]. - **Pulp**: Driven by the macro - situation, it is recommended for long - position allocation, with a short - term judgment of oscillatory rise, and concerns about macro - economic changes and US - dollar - denominated quotes [9]. - **Cotton**: Supported by low inventory, prices oscillate, with a short - term judgment of oscillation, and concerns about demand and output [9]. - **Sugar**: Rising imports increase upward resistance, with a short - term judgment of oscillation, and concerns about abnormal weather [9].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The container shipping index (European Line) showed a weak and volatile trend. It is recommended to hold short positions for the 2510 contract and hold reverse spreads for 10 - 12 and 10 - 02 [1][8][12]. - The freight rates in early August showed signs of reaching a peak. Attention should be paid to how other shipping companies respond after Maersk and ONE reduced their prices [9]. - It is necessary to observe whether the inflection point of market cargo volume appears in mid - August and the subsequent decline rate [10]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: On July 24, 2025, the EC2508 contract closed at 2,239.7 points, down 1.60%; the EC2510 contract closed at 1,537.0 points, down 2.72%; the EC2512 contract closed at 1,701.8 points, down 1.55% [1]. - **Freight Rate Index**: The SCFIS European route index was 2,400.50 points, down 0.9% week - on - week; the SCFIS US - West route index was 1,301.81 points, up 2.8% week - on - week. The SCFI European route index was $2,079/TEU, down 1.0% bi - weekly; the SCFI US - West route index was $2,142/FEU, down 2.4% bi - weekly [1]. - **Spot Freight Rates**: In early August, the freight rates of different alliances showed different trends. The static average quote in week 32 was around $3,400/FEU [9]. - **Exchange Rates**: The US dollar index was 97.36, and the US dollar against the offshore RMB was 27.17 [1]. 3.2 Shipping Capacity - **Weekly Shipping Capacity from China to Europe**: The weekly shipping capacity showed certain fluctuations. The shipping capacity in July - September 2025 was also presented in the table, with the shipping capacity in some periods being 30.0, 27.5, 30.5, etc. (in 10,000 TEU) [7]. - **Monthly Average Weekly Shipping Capacity from China to Europe**: The monthly average weekly shipping capacity from China to Europe in 2024 and 2025 was presented in a chart, showing different levels in different months [6]. 3.3 Macro News - He Lifeng will go to Sweden to hold economic and trade talks with the US from July 27th to 30th [3]. - The US has various tariff - related situations with the EU, and the two sides have different stances on tariffs [3]. - US President Trump said that the US and the EU reached an agreement on military aid to Ukraine [3]. 3.4 Forecast for Contracts - **2508 Contract**: In a pessimistic scenario, the 32 - week SCFIS index may fall to between 2,200 - 2,250 points, and the 08 - contract delivery settlement price may be between 2,050 - 2,150 points. In an optimistic scenario, the 32 - week SCFIS index may remain between 2,300 - 2,350 points, and the 08 - contract delivery settlement price may be between 2,150 - 2,250 points [11]. - **2510 Contract**: October is the traditional off - season for the European Line. It is recommended to take a short - selling approach at high prices. Short positions in the 10 - contract should be reduced and observed, and the 10 - 12 and 10 - 02 reverse spreads should be held [12].

Group 1 - The successful refueling of 500 tons of domestic bonded green methanol fuel for the "COSCO Shipping Yangpu" vessel marks the first bonded green methanol refueling operation for international navigation in Northeast China, indicating the full connectivity of the Northeast Asia green methanol supply chain [1] - The "COSCO Shipping Yangpu" is the first domestically built methanol dual-fuel container ship, which will be operated by COSCO Shipping Container Lines Co., Ltd. on routes to the Americas [1] - The 500 tons of green methanol refueled at Dalian Port is sourced entirely from green methanol projects in Heilongjiang and Inner Mongolia, with the entire process receiving international sustainability and carbon certification, thus opening a "green" channel for international shipping fuel supply in Northeast China [1] Group 2 - To ensure the smooth implementation of the first bonded green methanol refueling operation, a pilot program was initiated to combine bonded warehouse and export supervision warehouse functions, allowing methanol to be transferred between accounts without actual transfer operations, significantly reducing operational costs for shipping companies and improving supply efficiency [2] - Northeast China currently has 75 green methanol and green ammonia production projects under construction or planning, accounting for over 80% of the national capacity. By 2030, the production capacity of green methanol and green ammonia in Northeast China is expected to exceed 31 million tons and 5.5 million tons, respectively, positioning the region as a major low-cost green shipping fuel production base globally [2]

Core Viewpoint - The official announcement of the full closure operation of Hainan Free Trade Port is set for December 18, 2025, marking a new phase in the port's development and a long-term task for continuous advancement [1][2]. Group 1: Full Closure Operation - The full closure operation is a significant milestone in the construction of Hainan Free Trade Port, aimed at further expanding openness and enhancing international connections [2]. - The closure will establish Hainan Island as a special customs supervision area, implementing a policy characterized by "one line open, one line controlled, and free flow within the island" [2][3]. - The closure is expected to facilitate the attraction of global quality resources and promote high-quality development of Hainan Free Trade Port [2]. Group 2: Policy Measures - The implementation of a more favorable "zero tariff" policy will increase the proportion of zero-tariff goods from 21% to 74% for imports from the "one line" [3]. - Trade management measures will be relaxed, allowing for open arrangements for certain previously prohibited or restricted imports [3]. - More convenient passage measures will be established, including the use of eight open ports as "one line" ports and ten "two line" ports for innovative passage measures [3]. Group 3: Trade Management and Transparency - The introduction of a "prohibited and restricted import and export goods list" aims to enhance the transparency of trade management [4][5]. - The list will allow for the relaxation of management measures on certain imported goods, significantly increasing the openness of trade [5]. - The list will also facilitate the import of old mechanical and electrical products, covering about 80% of those previously under import license management [5]. Group 4: Future Development Directions - The National Development and Reform Commission will continue to improve the policy system in line with high-level free trade port standards, focusing on trade management, investment environment, and financial policies [6][7]. - Measures will include expanding the range of zero-tariff goods, enhancing the investment environment, and establishing a more open shipping system [6][7]. - The development of a cross-border data flow mechanism will be prioritized, promoting the growth of the digital economy [7].

Group 1 - The implementation of new policies in Hainan Free Trade Port is expected to inject strong momentum into regional economic development and promote high-quality growth [1] - Hainan Mining Co., Ltd. is leveraging tax incentives and cross-border financial innovations to drive industrial upgrades and establish a new development pattern [1] - The existing capacity of Hainan Strait Shipping Co., Ltd. is sufficient to handle the expected increase in vehicle and passenger flow following the operation of Hainan Free Trade Port [1] Group 2 - Hainan Airport Facilities Co., Ltd. has formed a special team to conduct pressure tests, team building, and personnel training to enhance the standardization and efficiency of Hainan Free Trade Port's construction [2] - Caesar Travel Co., Ltd. has completed acquisitions to enrich its coastal boutique tourism business and accelerate market layout in Hainan [2]

Core Viewpoint - The Hainan Free Trade Port (Hainan FTP) is set to officially start its customs closure on December 18, 2025, marking a significant milestone in China's efforts to expand its openness and establish a new economic system [1] Group 1: Hainan FTP Development - The policy and institutional framework for Hainan FTP has been initially established over the past five years since the release of the overall plan in June 2020 [1] - The customs closure will create a special customs supervision area across Hainan Island, implementing a policy characterized by "freeing up the first line, controlling the second line, and allowing freedom within the island" [1] Group 2: Six Aspects of Accelerating Openness - The National Development and Reform Commission (NDRC) will focus on six areas to enhance openness, including establishing a free and secure trade management system, expanding the range of zero-tariff goods, and improving the investment environment [2][3] - A transparent and predictable investment environment will be created by relaxing foreign investment access and implementing a commitment-based entry system [2] - Financial policies will be gradually established to support open development, including expanding the functions of multi-functional free trade accounts [2] - More convenient entry and exit management policies will be implemented, including relaxed restrictions on personnel movement and improved visa policies [2] Group 3: Taxation and Fiscal Policies - The Ministry of Finance is working on tax policies related to the customs closure, including the implementation of zero-tariff policies and adjustments to the import tax list [4][5] - The Ministry will continue to implement current preferential tax policies to attract high-end talent and quality enterprises to Hainan [5] - Research on sales tax reform is underway, aiming to simplify the tax system and adapt it to the needs of the Hainan FTP [6] Group 4: Customs and Processing Policies - The General Administration of Customs has optimized the processing and value-added tax exemption policy, allowing goods processed in Hainan to be exempt from import duties if they meet certain value-added criteria [7][8] - The threshold for companies to benefit from the exemption has been lowered, and the range of applicable imported materials has been expanded [7][8] Group 5: Trade Management and Openness - The Ministry of Commerce is developing a list of prohibited and restricted import and export goods, enhancing the transparency and openness of trade management [9][10] - The list will allow for the relaxation of management measures on certain imported goods, significantly increasing the openness of trade in Hainan [10]

Group 1 - The Hainan Free Trade Port is set to officially start its full island closure operation on December 18, with related policies to be released on the same day, which is expected to bring significant benefits to both domestic and foreign enterprises [1][2] - After the full closure, the proportion of "zero tariff" imported goods under the "first line" will increase from 21% to 74%, and there will be open arrangements for certain currently prohibited and restricted imported goods [1][2] - The full closure policy is seen as systematic and enhances the operational feasibility of the "zero tariff, low tax rate, and simplified tax system" policy framework, which is expected to encourage companies to invest in Hainan [1][2] Group 2 - The implementation of a negative list management for "zero tariff" imported goods will significantly reduce compliance costs for cross-border e-commerce companies, allowing for more flexible inventory adjustments [2] - Key parks in the Hainan Free Trade Port will also benefit from the full closure, with logistics and supply chain costs being reduced due to the exemption of import taxes on goods traded between enterprises within the island [2] - The policy aligns with expectations for trade liberalization and facilitation, promoting a more relaxed management approach under the principle of "everything not prohibited is allowed" [2] Group 3 - Foreign shipping companies, such as Hainan Xinle Shipping Co., Ltd., are expected to see a significant reduction in operational restrictions post-closure, allowing for adjustments in fleet size based on market conditions [3]

Core Insights - The Baltic Dry Index has surged to its highest level in over a year, driven by a strong increase in the Capesize vessel index [1] Group 1: Baltic Dry Index Performance - The Baltic Dry Index rose by 85 points, or 4.18%, to reach 2120 points, marking the highest level since July 2024 [1] - The Capesize vessel index increased by 278 points, or 9.1%, to 3339 points, achieving a five-week high [1] - Daily earnings for Capesize vessels rose by $2298, reaching $27688 [1] Group 2: Other Vessel Indices - The Panamax vessel index decreased by 4 points, or 0.2%, to 1905 points, with daily earnings dropping by $40 to $17142 [1] - The Supramax vessel index fell by 16 points to 1313 points [1] - The Handysize vessel index increased by 4 points, reaching 682 points [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The container shipping market is in a state of continuous game with mainstream shipping companies having differentiated quotes, and the EC disk generally maintains a volatile trend. Attention should be paid to the progress of tariff negotiations and the cease - fire negotiation in the Middle East [4][5]. - For the dry bulk shipping market, the Baltic Dry Bulk Freight Index rose on Tuesday driven by the increase in Capesize ship freight rates. The market demand for large - sized ships is expected to improve in the short - term, while the medium - sized ship market lacks the impetus for continuous rise in the short - term but has a good peak - season shipping expectation later [17][20]. 3. Summary by Relevant Catalogs Container Shipping - Container Shipping Index (European Line) Futures Disk - Different futures contracts show different price changes. For example, EC2510 closed at 1537 points on July 23, down 0.71% from the previous day's closing price. The trading volume and open interest of most contracts also changed, with some increasing and some decreasing [2]. Monthly Difference Structure - The spreads between different contracts also changed. For example, the spread of EC08 - EC10 was 703, up 1 [2]. Container Freight Rates - Container freight rates vary by route. The SCFIS European Line was 2400.50 points, down 0.89% week - on - week and 62.01% year - on - year. Some routes' freight rates increased week - on - week, while others decreased [2]. Fuel Costs - WTI crude oil near - month price was $64.58 per barrel, down 1.84% week - on - week and 16.40% year - on - year. Brent crude oil near - month price was $67.89 per barrel, down 0.56% week - on - week and 16.5% year - on - year [2]. Market Analysis and Strategy Recommendation - The market is in a game state with mainstream shipping companies' quotes being differentiated. Attention should be paid to tariff negotiations and cease - fire negotiations in the Middle East. The trading strategies include holding or rolling short positions in the EC2510 off - season contract and conducting rolling operations for the 10 - 12 reverse spread [4][5][8]. Dry Bulk Shipping Dry Bulk Freight Index - On July 22, the Baltic Dry Bulk Freight Index rose 19 points, or 0.94%, to 2035 points. The Capesize ship freight index rose 80 points or 2.7% to 3061 points, while the Panamax ship freight index fell 6 points, or 0.3%, to 1909 points [16][17]. Spot Freight Rates - On July 22, the freight rate of the Capesize ship iron ore route from Tubarao, Brazil to Qingdao was $23.12 per ton, up 0.81% week - on - week. As of July 18, the freight rates of some coal and bauxite routes also changed [18]. Shipment Data - From July 14 to July 20, 2025, the global iron ore shipment volume was 3109.1 million tons, up 122.0 million tons week - on - week. In July 2025, Brazil shipped 743.68 million tons of soybeans in the third week [19]. Market Analysis and Outlook - The Capesize ship market has a general cargo volume with increasing market wait - and - see sentiment, but shipowners' quotes are relatively firm, and freight rates rose slightly. The Panamax ship market's demand for grain and coal transportation decreased, and the market sentiment was stable with slightly fluctuating freight rates. The market transportation demand is expected to improve in the short - term, and attention should be paid to the iron ore shipment demand in mid - and early August [20].

Core Viewpoint - China COSCO Shipping's container transportation division is committed to building a global leading low-carbon shipping ecosystem, emphasizing the importance of green transformation as a strategic necessity for survival in the shipping industry [4][5]. Group 1: Strategic Goals and Framework - The company has elevated its green transformation to a strategic level, aiming to construct a global leading low-carbon shipping ecosystem, reflecting its responsibility as an industry leader and forward-thinking approach regarding the "dual carbon" strategy [4]. - A clear green development path has been established, integrating shipbuilding, retrofitting, green fuel usage, carbon emission control, and ecosystem building into a cohesive framework [6]. Group 2: Fleet and Fuel Innovations - The company employs a dual strategy of new shipbuilding and retrofitting existing vessels to optimize fleet structure, focusing on the application of alternative fuels as a key component in decarbonization [8]. - Significant upgrades have been made to over 30 large container ships, achieving an average annual carbon reduction of over 15% per vessel through various energy-saving modifications [9]. - The company is constructing 12 dual-fuel methanol container ships, which will form the world's largest methanol-powered container fleet, expected to reduce carbon emissions by 1.2 million tons annually upon full operation by 2026 [9]. Group 3: Service and Supply Chain Enhancements - The introduction of the "Hi ECO" green shipping product allows for traceable carbon footprint management using blockchain technology, serving over 500 global clients and achieving a cumulative carbon reduction of over 80,000 tons [9]. - The company has successfully established a closed-loop ecosystem for green methanol, with the recent completion of a 500-ton green methanol bunkering at Dalian Port, showcasing a fully integrated domestic low-carbon solution [9]. Group 4: Industry Collaboration and Future Directions - The transition to green shipping requires collaboration across the entire industry, as demonstrated by partnerships with China Ship Fuel, Dalian Port, and local governments to enhance the Northeast Asia green methanol supply chain [11]. - Future initiatives include upgrading green fuel production capacity, expanding port energy networks, and participating in international standard-setting to enhance China's influence in the global green shipping framework [14].