除了境外船舶享受"零关税"，另一重政策红利也正惠及境内建造的船舶。海南国际船舶登记管理局副局长张 丹竹介绍，"中国洋浦港"船籍港退税政策带来巨大的吸引力，航运企业在"中国洋浦港"登记并从事国际运输 的境内建造船舶可享受出口退税政策。如"宏博16"轮，在国内建造，可享受出口退税超千万元，有效降低航 运企业购船成本11%以上。 海南洋浦区域国际集装箱枢纽港扩建工程(一阶段)一期泊位，满载集装箱的轮船正在停靠，泊位上工作人员 操控岸桥吊机进行装卸作业。记者 陈元才摄 向往海南自贸港，远洋渔业"国家队"怎么闯海？ "刚刚在海南设立区域总部，又将3艘新船舶入籍'中国洋浦港'。"日前，中水集团远洋股份有限公司航运部总 经理赵兴法来到海南，紧锣密鼓推进该公司在琼投资业务的布局落地。 加入"中国洋浦港"，已成为航运企业青睐的选择。五年前，伴随《海南自由贸易港建设总体方案》发布，"中 国洋浦港"船籍港政策应运而生。向着海南，向着大海，越来越多的国际船舶汇聚而来。截至目前，已有64艘 国际船舶登记入籍，总载重吨超635万，海南国际航行船舶总吨位稳居全国第二。 船籍港相当于船舶的"户口所在地"。受益于海南自贸港政策红利持续释放，" ...

Report Investment Rating - Not provided in the report Core Viewpoints - Yesterday, the container shipping index fluctuated weakly. The main 2510 contract closed at 1548.0 points, down 6.10%, with an increase of 549 lots; the second main 2512 contract closed at 1708.7 points, down 5.44%, with an increase of 419 lots; the near - month 2508 contract closed at 2249.7 points, down 42.2 points, with a decrease of 1644 lots [8]. - In terms of spot freight rates, there are signs of a price peak in early August, with the average large - container price at around $3400/FEU. Attention should be paid to how other shipping companies respond after Maersk's price cut [9]. - Fundamentally, benefiting from strong FOB cargo volume, the loading situation of shipping companies at the end of July was optimistic, and the cargo volume in early August still has support. Looking at the monthly level, August is likely to be a pattern of increasing supply and decreasing demand, but the inflection point of cargo volume is not clear. - For the 2508 contract, the final delivery settlement price is expected to be around 2250 points, with limited unilateral trading value. For the 2510 contract, October is the traditional off - season for European routes. Shipping companies need to actively suspend voyages to ease the decline of freight rates. It is recommended to adopt the strategy of shorting at high levels, and hold short positions in 10, 10 - 12 reverse spreads, and 10 - 02 reverse spreads [10]. Summary by Relevant Catalogs 1. Futures Market Data - **Futures Contracts**: EC2508 closed at 2,249.7, down 2.20%, with a trading volume of 7,001 and an open interest of 12,393, a decrease of 1,644; EC2510 closed at 1,548.0, down 6.10%, with a trading volume of 66,658 and an open interest of 51,734, an increase of 549; EC2512 closed at 1,708.7, down 5.44%, with a trading volume of 7,398 and an open interest of 8,533, an increase of 419 [1]. 2. Freight Index Data - **SCFIS**: The European route was at 2,400.50 points, down 0.9%; the US - West route was at 1,301.81 points, up 2.8%. - **SCFI**: The European route was at $2,079/TEU, down 1.0%; the US - West route was at $2,142/FEU, down 2.4% [1]. 3. Spot Freight Data - **Gemini Alliance**: Maersk's Shanghai - Rotterdam opening price in week 32 was reported at $2900/FEU, and the booking price after opening increased to $2950/FEU. Hapag - Lloyd's FAK in late July was around $3300/FEU and around $3500/FEU in early August. - **OA Alliance**: In early August, COSCO and OOCL's freight rates remained the same, with FAK reported at $3600 and $3500/FEU respectively; Evergreen's online e - commerce platform reported $3760/FEU in August, up $100 - 200/FEU compared to early July. - **PA Alliance**: Yang Ming plans to increase the price by $200 to $3300/EFU in early August, and ONE's offline price remained at $3300/FEU, with the online e - commerce platform increasing by $300/FEU. - **MSC**: The FAK in early August increased by $200 to $3640/FEU, the same as in early July [9]. 4. Shipping Capacity and Schedule Data - Shipping capacity data for China - Europe routes from January to December 2024 and 2025 are presented in the form of weekly and monthly average weekly shipping capacity charts, and the shipping schedules from July to September 2025 are also provided [5][6]. 5. Macroeconomic News - The cease - fire negotiation in Gaza has made significant progress. - The US will mediate the talks between Israel and Syria on Thursday to avoid a new crisis. - Israel's Defense Minister Katz said it is possible to launch an offensive against Iran again. - US President Trump announced a trade agreement with the Philippines, with a 19% tariff imposed on the Philippines. - Trump said the US has reached a large - scale agreement with Japan, with Japan investing $550 billion in the US, and the US getting 90% of the profits. Japan will open its trade and pay a 15% reciprocal tariff [5][7].

Core Viewpoint - Despite facing a decline in profitability, the company continues to expand its shipping capacity through a planned capital increase to fund the purchase of dry bulk vessels [1][8]. Financial Performance - In the first half of 2025, the company reported revenue of 1.8 billion yuan, a year-on-year increase of 6.74%, while net profit fell to 86.87 million yuan, a decline of 64.14% [1][3]. - The company's net profit margin has significantly decreased, with a non-recurring net profit of 85.83 million yuan, down 58.31% year-on-year [3][5]. - The gross profit margin further declined to 10.59% in the first half of 2025, continuing a downward trend from previous years [5][4]. Operational Strategy - The company plans to raise up to 210 million yuan through a private placement to purchase three dry bulk vessels, aiming to enhance its fleet structure and global route layout [1][8]. - As of June 2025, the company had added 12 vessels through new purchases and chartering, with a total controlled capacity of 4.84 million deadweight tons, ranking among the top in the domestic dry bulk transportation sector [6][7]. Shareholder Involvement - The controlling shareholder, the family of Zeng Erbin, intends to fully subscribe to the capital increase, indicating confidence in the company's future prospects [2][9]. - The subscription will be funded entirely by the family's own and self-raised funds, reflecting a strong commitment to the company's strategic direction [9][8].

Summary of Haitong Development Conference Call Company Overview - **Company**: Haitong Development - **Period**: First half of 2025 - **Key Financials**: - Net assets increased by 1.15% to 4.167 billion CNY - Total assets grew by 6.73% to 6.23 billion CNY - Debt-to-asset ratio stands at 33% [2][3] Core Insights and Arguments - **Performance Decline**: - Revenue for the first half of 2025 was 1.8 billion CNY, a year-on-year increase of 6.74% - Net profit attributable to shareholders was 87 million CNY, down 64% year-on-year - Non-recurring net profit was 86 million CNY, down 58% year-on-year - Decline attributed to low market rates, with BDI and freight indices down over 30% due to weak terminal demand, high inventory, and tariff policies [2][3][5] - **Fleet Expansion**: - Added 12 vessels in the first half, with 8 delivered, bringing the total self-owned fleet to 58 vessels - Total controlled capacity reached 4.84 million deadweight tons, comprising 4 Cape, 11 Panamax, and 43 Supramax vessels [2][6] - **Market Outlook**: - Optimistic about the second half of 2025, expecting better price trends - The Ximangdu project may add 2 million tons of shipping volume in Q4, positively impacting the market - Long-term impacts from disaster recovery and geopolitical factors are expected to provide additional shipping opportunities [2][13][14] - **Strategic Initiatives**: - Plans to diversify vessel types while maintaining a ratio of Supramax, Panamax, and Cape vessels at approximately 7:2:1 - Aiming for a fleet of 100 vessels by 2028-2029, with an annual increase of about 15 vessels [2][7] - **Investment in Heavy Lift Vessels**: - Purchase of heavy lift vessels to meet demand for transporting large items, complementing existing construction materials [2][8] - **Environmental Considerations**: - Focus on acquiring second-hand vessels and enhancing environmental ratings through retrofitting - Plans to begin new vessel orders post-2028 to meet environmental standards [4][18][21] Additional Important Insights - **Domestic Market Strategy**: - Maintained market share in domestic trade while introducing non-coal cargo segments like steel, cement, and pulp - The domestic market is showing signs of recovery, with rising freight rates and increased cargo volumes [4][20][22] - **Impact of Policies and Commodity Prices**: - Domestic anti-competition policies and rising commodity prices have positively influenced bulk shipping rates [15] - **Future Plans for New Fuel Types**: - Monitoring trends in new eco-friendly fuels, with plans to research this market starting next year [21] - **Operational Flexibility**: - The company employs flexible decision-making in vessel purchases and management to ensure profitability above industry averages [4][16] - **External Chartering**: - The ratio of externally chartered vessels to self-owned vessels is approximately 1:2, with a significant reliance on self-owned vessels for foreign trade [23] - **Overall Business Outlook**: - Despite challenges in the first half of 2025, the company is positioned for a turnaround in the second half, driven by fleet expansion and improved market conditions [24]

Group 1: Stock Index Futures Spread Daily Report Core Viewpoints - The report presents the latest values, changes from the previous day, 1 - year historical percentiles, and all - time percentiles of various stock index futures spreads and cross - variety ratios on July 22, 2025 [1]. Summary by Category - **Futures - Spot Spreads**: For example, the F futures - spot spread is - 20.81, down 4.06 from the previous day, with a 1 - year percentile of 30.70% and an all - time percentile of 21.70% [1]. - **Inter - delivery Spreads**: Such as the F inter - delivery spread, where the season - month minus the current - month is - 41.00, down 32.20, with a 1 - year percentile of 20.00% and an all - time percentile of 26.40% [1]. - **Cross - Variety Ratios**: For instance, the IC/IF ratio is 1.4898, up 0.0051, with a 1 - year percentile of 62.20% and an all - time percentile of 60.20% [1]. Group 2: Treasury Bond Futures Spread Daily Report Core Viewpoints - The report provides data on IRR, basis, inter - delivery spreads, and cross - variety spreads of treasury bond futures on July 22, 2025, including their changes and historical percentiles [2]. Summary by Category - **IRR**: The 15 - year IRR is 1.6099, down 0.0053 from the previous day, with a historical percentile of 24.90% [2]. - **Basis**: For example, the T basis is 1.5727, down 0.0409, with a historical percentile of 53.80% [2]. - **Inter - delivery Spreads**: Like the TS inter - delivery spread, the current - season minus the alternate - season is - 0.0080, with a historical percentile of 11.60% [2]. - **Cross - Variety Spreads**: Such as the TS - TF spread, which is - 3.5350 on July 22, 2025, up 0.0210, with a historical percentile of 8.10% [2]. Group 3: Precious Metals Futures - Spot Daily Report Core Viewpoints - The report shows the domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and holdings of precious metals on July 22, 2025, along with their changes [4]. Summary by Category - **Futures Closing Prices**: The AU2510 contract closed at 781.70 yuan/gram on July 21, up 4.68 (0.60%) from July 18 [4]. - **Spot Prices**: The London gold price was 3396.67 dollars/ounce on July 21, up 47.01 (1.40%) from July 18 [4]. - **Basis**: The gold TD - Shanghai gold主力 basis is - 4.70, down 1.05, with a 1 - year percentile of 5.60% [4]. - **Ratios**: The COMEX gold/silver ratio is 86.91, down 0.42 (- 0.48%) [4]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield is 4.38%, down 0.06 (- 1.4%) [4]. - **Inventory and Holdings**: The SPRD gold ETF holding is 947 tons, up 3.44 (0.36%) [4]. Group 4: Container Shipping Industry Futures - Spot Daily Report Core Viewpoints - The report offers information on Shanghai - Europe future 6 - week freight rates, container shipping indices, futures prices, basis, and fundamental data on July 22, 2025 [7]. Summary by Category - **Freight Rates**: The CMA CGM's Shanghai - Europe future 6 - week freight rate is 4226 dollars/FEU on July 21, up 124 (3.78%) from July 20 [7]. - **Indices**: The SCFIS (European route) settlement price index is 2400.50 points on July 21, down 21.4 (- 0.89%) from July 14 [7]. - **Futures Prices and Basis**: The EC2602 contract closed at 1486.4 on July 21, down 8.7 (- 0.58%) from July 18, and the basis of the main contract is 956.5, down 22.1 (- 2.26%) [7]. - **Fundamental Data**: The global container shipping capacity supply is 3271.67 on July 22, unchanged from July 21 [7]. Group 5: Trading Calendar Core Viewpoints - The report lists overseas and domestic data and information release schedules on July 22, 2025, including various economic indicators and events [9]. Summary by Category - **Overseas Data**: Such as New Zealand's log exports [9]. - **Domestic Data**: For example, the inventory of manganese ore by variety and the throughput of manganese ore in Qinzhou Port for manganese - silicon [9].

Report Summary 1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core Viewpoints - The shipping market shows mixed trends in different routes and indicators. For example, some routes' capacity has decreased while others have increased, and there are also fluctuations in container volumes and port throughput [2][3]. 3. Summary by Related Catalogs High - frequency Capacity - In the 31st week (planned capacity as of August 3rd), the capacity of the China - US West route decreased by 5.2% week - on - week, with a capacity of 326,000 TEU and a year - on - year increase of 5.7%. The capacity of the China - US East route increased by 12.9% week - on - week, with a capacity of 236,000 TEU and a year - on - year increase of 41.8%. The capacity of the China - Southeast Asia route decreased by 5.4% week - on - week and increased by 36.9% year - on - year. The capacity of the China - Europe route decreased by 13.9% week - on - week and 9.4% year - on - year, and the capacity of the Mediterranean route decreased by 8.5% week - on - week at a high level but increased by 29.3% year - on - year [2]. Container Volume Data of Cargo - Laden Containers Sent to the US - As of July 21st, the weekly shipped cargo - laden container volume from China to the US was 495,000 TEU, a week - on - week decrease of 12.5%, and the number of ships was 62, a week - on - week decrease of 8.8%. The recent shipping capacity scale has been fluctuating downward [2]. US Port Arrival Volume Data - In the week of July 17th, the weekly arrival volume of imported goods in the US was 522,000 TEU, a week - on - week decrease of 17.8%. The weekly arrival volume of imported goods from China was 190,000 TEU, a week - on - week decrease of 18%, and the weekly arrival volume from Vietnam was 62,000 TEU, a week - on - week decrease of 16.6% [3]. Domestic Port Throughput - In the week of July 20th, the container throughput of Chinese ports increased by 2.6% week - on - week, reaching 6.642 million TEU/week [3]. Vizion Booking Data - In the week from July 7th to 13th, the overall booking volume of the US and the booking volume of imported goods from China continued to decline week - on - week. The overall booking volume of the US was 345,000 TEU, a week - on - week decrease of 7.6% with the decline rate widening by 7 percentage points and a year - on - year decrease of 16.6%. The booking volume from China was 124,000 TEU, a week - on - week decrease of 10.7% and a year - on - year sharp decrease of 30.1% [3].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - SCFIS is stabilizing, with the main contract rising and then falling, and the near - month contract maintaining basis repair. If there is a callback today, adding positions can be considered [2]. - Amid geopolitical conflicts and tariff fluctuations, the game is difficult, and it is recommended to participate with a light position or stay on the sidelines [5]. - Short - term, the market may rebound. Long - term, it is recommended to take profits when the contracts rise and wait for a callback to stabilize before judging the subsequent direction [6]. 3. Summary by Content a. Shipping Indexes - On July 21, SCFIS (European route) was 2400.50 points, down 0.9% from the previous period; SCFIS (US West route) was 1301.81 points, up 2.8% [3]. - On July 21, NCFI (composite index) was 1147.96 points, down 5.75% from the previous period; NCFI (European route) was 1440.25 points, up 0.35%; NCFI (US West route) was 1181.87 points, down 0.40% [3]. - On July 21, SCFI (composite index) was 1646.90 points, down 86.39 points from the previous period; SCFI (European route) was 2079 USD/TEU, down 1.00%; SCFI (US West route) was 2142 USD/FEU, down 2.4% [3]. - On July 18, CCFI (composite index) was 1303.54 points, down 0.8% from the previous period; CCFI (European route) was 1803.42 points, up 4.5%; CCFI (US West route) was 941.65 points, down 8.4% [3]. b. Market Situation and Influencing Factors - Trump continues to impose tariffs on multiple countries, mainly in Southeast Asia, hitting re - export trade. Some shipping companies have announced freight rate increases. The tariff negotiation date has been postponed to August 1 [5]. - The slight decline in SCFIS may be due to doubts about the implementation of the announced freight rate increase in August [5]. - There are geopolitical factors such as the Gaza cease - fire negotiation in Doha and the Iranian - European issue regarding the "rapid restoration of sanctions" [7]. c. Contract Information - On July 21, the main contract 2510 closed at 1592.7, down 2.35%, with a trading volume of 69,300 lots and an open interest of 51,200 lots, a decrease of 186 lots from the previous day [5]. - The daily limit for contracts 2508 - 2606 is adjusted to 18%, the margin is adjusted to 28%, and the daily opening limit for all contracts 2508 - 2606 is 100 lots [6]. d. Trading Strategies - Short - term: The market may rebound. Risk - takers are advised to go long on contract 2510 with a light position below 1300 (already with a profit margin of over 300). If there is a further pullback today, adding positions can be considered. Consider shorting contract EC2512 with a light position above 1950 [6]. - Arbitrage: In the context of international situation turmoil, the structure is mainly positive arbitrage, with large fluctuations. It is recommended to stay on the sidelines or try with a light position [6]. - Long - term: It is recommended to take profits when the contracts rise and wait for a callback to stabilize before judging the subsequent direction [6].

Core Viewpoint - The article discusses the trend of stock buybacks among Hong Kong-listed companies, highlighting that despite a decrease in total buyback amounts compared to the previous year, the number of companies engaging in buybacks has increased, indicating a strong confidence in their valuations [1][3]. Group 1: Buyback Trends - As of July 21, 2024, 209 Hong Kong companies have repurchased shares totaling over 1,034.28 million HKD, a decrease from 1,496.08 million HKD in the same period last year [1][3]. - The buyback trend reflects companies' recognition of their undervalued stock prices and aims to stabilize investor confidence [3][4]. - The introduction of the new inventory stock mechanism by the Hong Kong Stock Exchange has increased the efficiency of buybacks, allowing companies to hold repurchased shares as inventory rather than being forced to cancel them [4][5]. Group 2: Leading Companies - Major companies like Tencent Holdings, HSBC, and AIA have been significant players in the buyback market, with Tencent leading at 400.43 million HKD in buybacks this year [6][7]. - Tencent has consistently ranked first in buyback amounts and plans to repurchase at least 800 million HKD worth of shares in 2025 [6][7]. Group 3: Industry Insights - The sectors with the most buybacks include healthcare, consumer discretionary, and information technology, indicating a strategic focus on these areas [8]. - Analysts suggest that the current market conditions, including liquidity pressures and external economic factors, may influence future buyback activities and market stability [8].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Today, the prices of each monthly contract of the Container Shipping Index (European Line) futures showed an overall oscillatory downward trend. Affected by commodity sentiment, there was a callback during the session, followed by a further decline. As of the close, the prices of all EC contracts dropped. The futures price is expected to continue to oscillate and slightly decline, but attention should be paid to sudden factors such as the actions of other shipping companies and changes in the spot cabin quotes on the European line, as well as the possibility of a rebound when the futures price reaches a low level [2]. 3. Summary by Related Catalogs 3.1 EC Risk Management Strategy Recommendation - **Position Management**: For those who have already obtained positions but have full capacity or poor booking volumes, and are worried about falling freight rates, they can short the container shipping index futures to lock in profits. The recommended entry range for selling the EC2510 contract is 1800 - 1900 [1]. - **Cost Management**: When shipping companies increase blank sailings or the market is about to enter the peak season, to prevent rising freight rates from increasing transportation costs, they can buy the container shipping index futures to determine the booking cost in advance. The recommended entry range for buying the EC2510 contract is 1350 - 1450 [1]. 3.2 Market Analysis - **Futures Market**: The EC2510 contract saw an increase of 1029 long positions to 26,261 and an increase of 845 short positions to 31,963. The trading volume decreased by 2955 lots to 79,201 lots (bilateral). The futures price is expected to decline due to the lack of mainstream shipping companies following Maersk's PSS collection and Maersk's lower cabin quotes in the first week of August [2]. - **Spot Market**: Maersk's cabin quotes for the European line in the new week decreased significantly compared to the previous week, while Evergreen's spot cabin quotes for the European line in mid - early August showed a slight increase [3][7]. - **Geopolitical Factor**: The joint statement by 25 countries including the UK and France to promote the end of the Gaza war is beneficial for the decline of geopolitical risks, which also contributes to the decline of the futures price [2][3]. 3.3 Data Monitoring - **EC Basis**: On July 22, 2025, the basis of EC2508 was 108.60 points, with a daily decrease of 26.00 points and a weekly decrease of 286.14 points; the basis of EC2510 was 807.80 points, with a daily increase of 20.30 points and a weekly decrease of 173.44 points [4]. - **EC Price and Spread**: On July 22, 2025, the closing price of EC2508 was 2291.9 points, with a daily increase of 1.15% and a weekly increase of 13.06%; the closing price of EC2510 was 1592.7 points, with a daily decrease of 1.26% and a weekly increase of 10.55% [5]. - **Global Freight Index**: The SCFIS for the European line decreased by 0.89% to 2400.5 points; the SCFIS for the US West line increased by 2.78% to 1301.81 points; the SCFI for the European line decreased by 0.95% to 2079 dollars/TEU; the SCFI for the US West line decreased by 2.37% to 2142 dollars/FEU [8]. - **Container Shipping Spot Quotes**: On July 31, Maersk's 20GP total quote for the Shanghai - Rotterdam route increased by $10 to $1895, and the 40GP total quote increased by $20 to $3190. On August 7, the 20GP opening quote decreased by $105 to $1740, and the 40GP total quote decreased by $170 to $2900. In mid - early August, Evergreen's 20GP total quote for the Shanghai - Rotterdam route increased by $100 to $2455, and the 40GP total quote increased by $200 to $3760 [7]. - **Global Major Port Waiting Time**: On July 21, 2025, the waiting time at Hong Kong Port increased by 0.453 days to 0.743 days; at Shanghai Port, it increased by 0.316 days to 1.754 days; at Yantian Port, it decreased by 0.299 days to 0.351 days; at Singapore Port, it increased by 0.958 days to 1.833 days; at Jakarta Port, it increased by 0.237 days to 1.782 days; at Long Beach Port, it decreased by 0.247 days to 1.709 days; at Savannah Port, it increased by 0.032 days to 1.586 days [15]. - **Ship Speed and Waiting Ships in Suez Canal Port Anchorage**: On July 21, 2025, the average speed of 8000 + container ships was 15.9 knots, an increase of 0.127 knots compared to the previous day; the average speed of 3000 + container ships was 14.856 knots, an increase of 0.09 knots; the average speed of 1000 + container ships was 13.134 knots, an increase of 0.132 knots. The number of ships waiting in the Suez Canal port anchorage increased by 9 to 30 [23][24].

【中信期货航运】关税政策下运量及运力数据 数据报告20250722 2025/7/22 | 研 | 工业与周期组 | | --- | --- | | 究 | 安婕锐 武嘉璐 | | | 从业资格号:F03100682 从业资格号:F03117373 | | 员 | 投资咨询号： Z0021085 投资咨询号：Z0022651 | 投资咨询业务资格: 证监许可【2012】669号 高频运力方面,第31周(至8月3日计划运力)美西航线运力环比继续回落5.2%。美西航线运力为32.6万TEU,同比上涨 5.7%;美东航线运力为23.6万TEU;环比上涨12.9%,同比上涨41.8%;中国一东南亚航线运力环比维持下跌5.4%,同比维持正增长 36. 9%仍处于高位。中国-欧洲航线运力环比回落13.9%，同比回落9.4%，地中海航线运力高位环比回落8.5%，同比上涨29.3%。 发往美国裁货集装箱箱量数据方面,据彭博统计,近期中国发往美国载货集装箱船箱量维持回落,截至7月21日,本周发运 载货箱量达49.5万TEU,环比回落12.5%,数量达62艘,周度回落8.8%,近期发运运力规模维持震荡下行。 国内港口吞吐量上涨。 ...