Group 1 - The company primarily engages in domestic container logistics business, with international operations mainly conducted through chartering vessels [2] - An investor inquired whether the company has exported products to EU countries in the past two years [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The 10 - month contract has completed delivery, and attention should be paid to Maersk's WEEK46 quotation. The 12 - month contract trading focuses on rhythm, with shipowners expected to adjust supply to keep freight rates high. The 2026 February contract may have a large expectation gap but is currently suppressed by the resumption of navigation expectation. The strategy for the 12 - month contract is to be oscillatingly strong, and there is no arbitrage strategy for now [1][5][6][8] Summary by Directory 1. Futures Price - As of October 27, 2025, the closing prices of different contracts are as follows: EC2602 contract is 1571.60, EC2604 contract is 1178.80, EC2606 contract is 1387.10, EC2608 contract is 1480.30, EC2510 contract is 1130.90, and EC2512 contract is 1775.00. The total position of all container shipping index European line futures contracts is 61,327.00 lots, and the single - day trading volume is 37,591.00 lots. The 10 - month contract delivery settlement price is 1161.63 points [4][6] 2. Spot Price - Online quotes from different shipping alliances are provided. For example, Gemini Cooperation: Maersk Shanghai - Rotterdam WEEK45 quote is 1420/2370; HPL - SPOT's first - half of November price is 1335/2135, and the second - half of November shipping schedule quote is 1735/2835. The actual landing prices in the first half of November have been gradually revised down [1] 3. Container Ship Capacity Supply - From October to December, the average weekly capacity shows different trends. In November, there are 8 blank sailings and 3 TBNs (with expected conversion to blank sailings). In December, there are 5 TBNs. As of October 26, 2025, 215 container ships have been delivered in 2025, with a total capacity of 1.7618 million TEU [3][7] 4. Supply Chain - Geopolitical factors: On October 27, local time, the Israeli military chief stated that the war against Hamas would not end until all Israeli hostages were returned. China's counter - measure against the US USTR port surcharge has relatively little impact on the European line [2][4] 5. Demand and European Economy - Not elaborated in detail in the provided content

Report Industry Investment Rating - Not provided Core Viewpoints - The EC market is in a downward trend mainly due to some airlines starting to lower quotes for the first ten days of November. The European line is in the regular year - end price - holding stage, with the first attempt in late October showing initial results in stopping the decline, and it has entered the second round in early November. Future price - holding attempts are expected in the next two months. The strategy is to wait and see, and future attention should be paid to changes in Sino - US relations, end - of - month loading conditions, and empty flights in November [5][6] Summary by Relevant Information Shipping Derivatives Data - **Freight Rate Index**: The Shanghai Export Container Freight Index (SCFI) has a current value of 1403, a previous value of 1310, and a change of 7.11%. For different routes, SCFI - US West has a current value of 2153, a change of 11.21%; SCFIS - US West has a current value of 1107, a change of 28.42%; SCFI - US East has a current value of 3032, a change of 6.27%; SCFI - Northwest Europe has a current value of 1246, a change of 8.82%; SCFIS - Northwest Europe has a current value of 1312, a change of 15.09%; SCFI - Mediterranean has a current value of 1746, a change of 8.25%. The China Export Container Freight Index (CCFI) has a previous value of 973, with a change of - 100.00% [3] - **Contracts**: For contracts like EC2506, EC2608, etc., most show a downward trend in price. For example, EC2506 has a current value of 1387.1, a previous value of 1397.9, and a change of - 0.77% [3] - **Positions**: There are changes in positions for different contracts. For example, EC2606 position has a current value of 1371, a previous value of 1377, and a change of (6) [3] - **Monthly Spreads**: The 10 - 12 monthly spread has a current value of - 644.1, a previous value of - 693.2, and a change of 49.1; the 12 - 2 monthly spread has a current value of 203.4, a previous value of 230.0, and a change of (26.6); the 12 - 4 monthly spread has a current value of 596.2, a previous value of 651.4, and a change of (55.2) [3] Market News - The US Treasury Secretary Scott Bessent said he reached a "very substantial framework agreement" with Chinese Vice - Premier He Lifeng, which will avoid 100% US tariffs on Chinese products and extend China's rare - earth export controls. US President Donald Trump is confident of reaching an agreement with Chinese leaders after the Sino - US high - level economic officials' trade consultations [4] - CMA CGM, Maersk, and Mediterranean Shipping have started to re - flag some ships to India. India's shipping policies attract shipping orders and ship registrations, while the US's shipping revitalization in 2025 has weaker results [4] - The Suez Canal Authority expects its 2026 revenue to reach about $8 billion, up from the current about $4 billion as the regional situation stabilizes and ship traffic returns to pre - crisis levels [4] - The US and Vietnam have agreed to establish a "reciprocal, fair, and balanced trade framework agreement" to strengthen bilateral economic relations and provide market access for exporters [4] EC Market - **Spot Prices**: In late October, Maersk quoted 1800 - 1900, HPL quoted 1900, 00CL quoted 2600, etc. In early November, ISK quoted 2400, HPL quoted 2500, etc., with some prices showing changes [5] - **Strategy**: The recommended strategy is to wait and see [6]

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Views - Crude oil freight rates have decreased month-on-month, while container shipping rates on long-distance routes have increased. The China Import Crude Oil Comprehensive Index (CTFI) reported 1632.26 points on October 23, down 8.9% from October 16. The VLCC market remains cautious due to the implementation of special port fees between China and the US, leading to a weak sentiment among shipowners [2][13] - Guangdong Province has released a high-quality development plan for the low-altitude economy, aiming to establish itself as a national leader in this sector. The civil aviation industry has shown steady growth in the first three quarters of 2025, with a total transport turnover of 1220.3 billion ton-kilometers, a year-on-year increase of 10.3% [2][15][16] - In Shenzhen, the monthly delivery volume of autonomous vehicles has surpassed one million, with a year-on-year growth of 12.7% in express delivery volume in September. The postal industry reported a total business income of 152.57 billion yuan in September, up 6.8% year-on-year [2][22][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, while container shipping rates on long-distance routes have increased. The CTFI reported a decrease of 8.9% [2][13] - Guangdong's low-altitude economy development plan aims to optimize airspace management and promote low-altitude logistics [15][16] - Shenzhen's autonomous vehicle delivery volume has exceeded one million, with express delivery volume growing by 12.7% [22][24] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index has shown a month-on-month increase of 6.9% [26] - Domestic cargo flights have increased by 3.05% year-on-year, while international flights have risen by 15.86% [32] - The express delivery business volume in September increased by 12.7% year-on-year, with total business income reaching 127.37 billion yuan [50][54] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized Carriers, China Merchants Energy Shipping, and Huamao Logistics [4] - Pay attention to the low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Consider investment opportunities in the highway and railway sectors, recommending companies like Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Explore investment opportunities in the express delivery sector, recommending SF Express, Jitu Express, and Yunda Express [4]

2025年10月28日 集运日报 (航运研究小组) SCFIS虽大幅上涨，但部分多头止盈离场，盘面偏弱震荡,符合日报反弹预期，不建议加仓,设置好止损。 SCFIS、NCFI运价指数 美国9月标普全球制造业PM1初值为52,8月终值53;服务业PM初值为53.9,8月终值54.5;综合PMI初值为53.6,8月终值54.6。 | 中美关税继续延期,谈判并没有出现实质性进展,关税战已经逐 | | 短期策略：主力合约保持弱势，远月合约较强，符合筑底判断，风 | | --- | --- | --- | | 渐演化成美国与其他国家间的贸易谈判问题,目前现货价格小幅 | W | 险偏好者已建议EC2512合约1500以下尝试建仓。关注后续盘面走 | | 下降。综上述,我们认为,关税问题已经呈现边际化效应,目前 | | 势,不建议扛单,设置好止损。 | | 核心还是现货运价的走向,主力合约或已处于筑底过程,建议轻 | | | | 仓参与或观望。 | 開発送 | 套利策略:国际局势动荡背景下,各合约仍保持季节性逻辑,波动 | | | | 较大,建议暂时观望或轻仓尝试。 | | | | 长期策略:各合约已建议冲高止盈,等待回调 ...

Core Viewpoint - Fujian Guohang Ocean Transportation (Group) Co., Ltd. announced the establishment of a joint venture with Zhejiang Free Trade Zone Xiashi Men Maritime Service Co., Ltd. to provide comprehensive solutions in the "low-altitude economy + maritime services" sector [1][2] Group 1 - The joint venture will focus on services such as maritime drone transportation, vessel supply, vessel inspection, government flights, digital platform development, and blockchain finance, with a registered capital of 10 million yuan [1] - Guohang Technology Company will hold a 60% stake in the joint venture, while Zhejiang Maritime Service Company will hold 40% [1] - The establishment of the joint venture is part of the group's long-term development strategy, aimed at enhancing overall strength and competitiveness [2] Group 2 - Guohang Ocean's core business is dry bulk transportation, covering international ocean, domestic coastal, and inland transportation, making it one of the largest companies in coastal electric coal transportation in China [2] - The company also expands into multi-category cargo transportation, including coal, grain, ore, and steel, as well as diversified fields such as ship management, financial leasing, and shipping consulting [2] - As of the end of September, the company reported revenue of approximately 693 million yuan, a year-on-year increase of 1.83%, but a net profit attributable to shareholders of approximately 205,100 yuan, a year-on-year decrease of 99.75% due to vessel impairment and increased financial expenses [2]

2025年10月28日 集运日报 (航运研究小组) SCFIS虽大幅上涨，但部分多头止盈离场，盘面偏弱震荡,符合日报反弹预期，不建议加仓,设置好止损。 10月24日 | 宁波出口集装箱运价指数NCFI (综合指数) 977.21点，较上期上涨2.17% | | --- | | 宁波出口集装箱运价指数NCFI (欧洲航线) 822.3点，较上期上涨2.38% | | 宁波出口集装箱运价指数NCFI (美西航线) 1293.75点，较上期上涨3.13% | | 10月24日 | | 中国出口集装箱运价指数CCFI（综合指数）992.74点，较上期上涨2.0% | | 中国出口集装箱运价指数CCFI (欧洲航线) 1293.12点，较上期上涨2.0% | | 中国出口集装箱运价指数CCFI（美西航线）736.23点，较上期上涨1.5% | 欧元区9月制造业PMI初值49.5,重回荣枯线之下,不及分析师预期和前值50.7。服务业PMI初值从50.5升至 51.4,超出预期的50.5。 欧元区9月综 合PMI初值 51.2，超出分析师预期。欧元区9月Sentix投资者信心指数-9.2，预期-2，前值-3.7。 8月份， ...

Group 1 - The core viewpoint of the news is that Hainan Strait Shipping Co., Ltd. (海峡股份) experienced a stock price increase of 5.03%, reaching 13.58 CNY per share, with a trading volume of 758 million CNY and a turnover rate of 2.55%, resulting in a total market capitalization of 30.344 billion CNY [1] - The company, established on December 6, 2002, and listed on December 16, 2009, primarily engages in shipping and ferry port services, with its main revenue sources being: Hainan An Line (72.21%), Yanda Line (10.48%), Xisha Line (6.17%), port services (5.40%), other lines (3.72%), and additional sources (1.70%) [1] Group 2 - Among the top ten circulating shareholders of Hainan Strait Shipping, Huaxia Fund's Huaxia CSI 1000 ETF (159845) entered the list in the third quarter, holding 3.6344 million shares, which accounts for 0.16% of the circulating shares, with an estimated floating profit of approximately 2.3624 million CNY [2] - The Huaxia CSI 1000 ETF was established on March 18, 2021, with a latest scale of 38.227 billion CNY, achieving a year-to-date return of 27.18%, ranking 2124 out of 4218 in its category, and a one-year return of 26.87%, ranking 1833 out of 3878 [2]

Core Viewpoint - Hainan Strait Shipping Co., Ltd. experienced a 5.03% increase in stock price, reaching 13.58 CNY per share, with a trading volume of 757 million CNY and a market capitalization of 30.344 billion CNY as of October 28 [1] Company Overview - Hainan Strait Shipping Co., Ltd. was established on December 6, 2002, and listed on December 16, 2009. The company is based in Haikou, Hainan Province, and its main business includes shipping and ferry port services [1] - The revenue composition of the company is as follows: Hainan An Line 72.21%, Yanda Line 10.48%, Xisha Line 6.17%, port services 5.40%, other lines 3.72%, and others 1.70%, with Beihai Line contributing 0.32% [1] Shareholder Information - Among the top ten circulating shareholders of Hainan Strait Shipping, a fund under Southern Fund holds a position. The Southern CSI 1000 ETF (512100) reduced its holdings by 68,500 shares in the third quarter, now holding 6.1152 million shares, which is 0.27% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a current scale of 64.953 billion CNY. Year-to-date returns are 27.27%, ranking 2113 out of 4218 in its category; the one-year return is 26.9%, ranking 1828 out of 3878; and since inception, the return is 12.63% [2]

Core Viewpoint - Zhonggu Logistics has shown a positive stock performance with a year-to-date increase of 32.87% and a market capitalization of 23.941 billion yuan as of October 28 [1] Group 1: Stock Performance - On October 28, Zhonggu Logistics' stock price rose by 2.06% to 11.40 yuan per share, with a trading volume of 70.415 million yuan and a turnover rate of 0.30% [1] - The stock has increased by 3.83% over the last five trading days, 6.05% over the last twenty days, and 16.80% over the last sixty days [1] Group 2: Financial Performance - For the first half of 2025, Zhonggu Logistics reported a revenue of 5.338 billion yuan, a year-on-year decrease of 6.99%, while the net profit attributable to shareholders increased by 41.59% to 1.072 billion yuan [1] - The company has distributed a total of 8.127 billion yuan in dividends since its A-share listing, with 4.386 billion yuan distributed over the past three years [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased by 32.52% to 27,400, with an average of 76,636 circulating shares per shareholder, a decrease of 24.54% [1] - Notable shareholders include Huatai-PB Shanghai Composite Dividend ETF, which holds 45.5778 million shares, and Guotou Securities, which is a new shareholder with 29.1517 million shares [2]