Group 1 - The event "Cross-Strait Maritime Culture Exchange" aims to enhance cultural exchange and industry cooperation between the two sides of the Taiwan Strait, focusing on maritime culture, talent cultivation, and economic integration [1][2][3] - The activities include academic discussions, skills exchanges, and youth networking, with a particular emphasis on the historical transmission and development of maritime culture, new opportunities and challenges in shipping, and the cultivation of shipping talent [2][3] - The establishment of a Cross-Strait Maritime University Alliance was a significant outcome, aimed at jointly cultivating high-quality maritime talent and deepening cultural exchanges [2][3] Group 2 - The event highlighted the theme of "Two Sides, One Family," showcasing the potential for economic collaboration and cultural integration in the maritime sector [3][4] - Xiamen is positioned as a crucial hub for cross-strait economic and cultural exchanges, with significant growth in passenger traffic on the "Mini Three Links" route, indicating a robust maritime connection [5] - Recent initiatives include the establishment of a training base for maritime personnel and the introduction of a new model for training, certification, and employment for Taiwanese crew members, reflecting a deepening collaboration in the maritime field [5]

Investment Rating - The report highlights the value of dividend assets in a low-interest-rate environment, with the Hong Kong Stock Connect high dividend index outperforming other high dividend indices by 1.17 percentage points as of June 2025 [3][18]. Core Insights - The report emphasizes the accelerated growth of dividend products, with a total scale exceeding 200 billion yuan as of Q1 2025, significantly driven by dividend ETFs [3][31]. - The transportation sector holds a substantial weight in both A-share and Hong Kong dividend indices, with over 10% representation in most dividend indices [3][24]. - Companies in the highway and railway sectors are predicted to have dividend yields greater than 3%, with stable profit growth expected from firms such as Ninghu Expressway, Gansu Expressway, and Daqin Railway [3][12]. - The report identifies that the shipping sector has a predicted dividend yield of over 3%, with companies like COSCO Shipping Energy and Pacific Shipping highlighted [3][12]. Summary by Sections Low-Interest Rate Environment - The report discusses how the low-interest-rate environment enhances the appeal of dividend asset allocation, with the dividend yield of highways at approximately 1.5%, ports at 1%, and shipping at 5% as of July 9, 2025 [3][12][18]. Fund Flow Analysis - The report notes that the scale of dividend products has accelerated since 2024, with significant contributions from dividend ETFs. The majority of the growth in Hong Kong dividend ETFs has been attributed to net inflows from subscriptions and redemptions [3][31][33]. Transportation High Dividend Sector - The report provides a list of key high dividend stocks in the transportation sector, including Ninghu Expressway, Tangshan Port, and China Merchants Highway, which have shown consistent performance despite recent declines [3][24][38].

Core Points - The "Shenzhen Waterway Ship Safety Navigation Regulations" will officially implement on July 20, aiming to systematically regulate ship navigation behavior in Shenzhen waters [1] - The regulations consist of six chapters with 49 articles, addressing various aspects of ship navigation, anchoring, and operational behavior [1] - Shenzhen Port ranks fourth globally in container throughput, with significant increases in ship traffic and container volume in the first half of the year [1][2] Group 1: Regulatory Framework - The regulations fill several gaps in Shenzhen's navigation management, including the first designation of inland navigation waters and the establishment of safety condition verification ranges [1][2] - The regulations also implement zoned speed limits for vessels, enhancing navigation safety in increasingly complex maritime environments [2] Group 2: Green Development Initiatives - The regulations provide institutional support for the adoption of green energy fuels such as LNG and methanol, promoting safe operations in these new sectors [3] - Shenzhen Maritime Bureau is working on establishing safety regulations for LNG refueling operations and has released guidelines for methanol operations with support from Hong Kong [3] Group 3: Economic Development and Trade - The Maritime Bureau has developed industry standards for the safe transport of lithium batteries and related equipment, significantly reducing shipping costs for electric vehicles and large energy storage units [3] - Efforts are underway to enhance the yacht tourism economy in the Greater Bay Area, with over 260 yachts participating in a "freedom travel" program and tailored services for international cruise ships [3]

Core Viewpoint - The transportation sector is a significant contributor to global energy consumption and carbon emissions, with challenges in achieving net-zero emissions and the urgent need for sustainable low-carbon fuel applications [1][2] Group 1: Industry Overview - In 2024, global CO2 emissions related to energy are projected to reach 37.8 billion tons, with the transportation sector accounting for approximately 24% of this total [1] - China's transportation carbon emissions are estimated at around 1 billion tons, making it the third-largest source after power and industry [2] Group 2: Sustainable Low-Carbon Fuel Development - The sustainable low-carbon fuel industry in China is at a critical juncture, with significant potential for growth, particularly in aviation and shipping sectors [2] - China is the world's largest producer of methanol and ammonia, with a well-established supporting industry, and has planned capacities for biomass methanol, electro-methanol, and green ammonia [2] Group 3: Challenges and Bottlenecks - The industry faces multiple challenges, including a mismatch between planned production capacity and actual output, particularly in green methanol [4] - There are systemic gaps in the industry chain, from policy design to technology implementation, which hinder the effective deployment of sustainable fuels [4][5] Group 4: Market Demand and Future Projections - The demand for sustainable fuels is expected to rise due to international emission reduction rules and domestic policies, driving high-quality transformation in the equipment manufacturing sector [3] - By 2030, China's SAF demand is projected to reach between 3 million tons and 8.6 million tons, indicating a long-term trend of supply shortages [6] Group 5: Technological Innovations and Industry Standards - Recent technological advancements include the delivery of China's first methanol dual-fuel container ship, which significantly reduces carbon emissions [7] - The establishment of a sustainable fuel certification system is crucial for ensuring product quality and enhancing market competitiveness [7]

Core Viewpoint - The company has received a new multipurpose heavy-lift vessel named "Mingshi," which enhances its cargo transportation capabilities and competitiveness in the niche market [1] Group 1 - The company has accepted the second of four eco-friendly heavy-lift multipurpose vessels ordered in 2023, with a deadweight tonnage of 62,000 [1] - The new vessel features a modern green design and is equipped with three single-lift cranes, each with a capacity of 150 tons [1] - The addition of this vessel is expected to strengthen the company's cargo carrying capacity in the segmented market [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The container shipping index (European Line) futures have the economic logic basis to be used as a hedging tool for Company B, and can hedge the spot price. The futures price can effectively reflect the fluctuation trend of the spot freight rate, and the spot and futures prices are positively correlated [1][27]. - The supply of the European Line is relatively loose. The peak freight rate in the peak season from July to August is expected to move forward slightly compared with the previous expectation. After that, the downward slope of the freight rate will mainly depend on the scale of blank sailings in August. From September to October, the market will gradually enter the off - season, and the freight rate may decline faster. Considering the Spring Festival in 2026, the peak of the year - end peak season will probably appear in mid - January. Overall, it will maintain a volatile and weak pattern, and attention should be paid to the potential disturbances of geopolitical risks [2]. - To prevent price risk events after locking the forward freight rate with customers, it is recommended that Company B buy container shipping index (European Line) futures contracts when the price drops, and close the futures positions after purchasing the shipping space, so as to make up for the losses caused by the cost increase with the profits in the futures account. It is recommended to buy futures for hedging at low prices for the sold orders [3]. - The hedging business of enterprises requires the close cooperation of multiple departments, and there should be a scientific decision - making process and strict risk control measures [4]. 3. Summary According to the Directory 3.1. Feasibility Analysis of Company B's Container Shipping Index (European Line) Futures Hedging - **Risk Exposures in Different Links of the Shipping Industry Chain**: Upstream shipping companies face the risk of falling forward freight rates and can use selling hedging; mid - stream freight forwarders have two - way risk exposures and can use both buying and selling hedging according to the order cycle; downstream foreign trade enterprises face the risk of rising freight rates and can use buying hedging [14]. - **Analysis of Company B's Risk Exposures**: Company B's risk exposure comes from the time difference between "locking orders and booking cabins", with a large scale of 2500 FEU, concentrated time windows around June and September, complex driving factors dominated by geopolitics, and far - reaching multi - dimensional business conduction effects [17][23]. - **Feasibility Analysis of Company B's Futures Hedging**: The correlation between the WCI Shanghai - Rotterdam container freight rate and the settlement price of the active contract month of the container shipping index (European Line) futures on the Shanghai Futures Exchange is 0.7487, indicating that the futures contract can be used as a hedging tool for Company B, but basis risk should be noted [27]. 3.2. Fundamental Analysis of Container Shipping Index (European Line) Futures - **Exceeding Expectations in Demand in the First Half of the Year and Return to Seasonal Normalcy**: From January to April, China's container shipping volume exported to Europe increased by 9% cumulatively. The substitution effect of Asian production capacity for European local production capacity is the core driving force for the strong growth of China - Europe trade. In the short term, China - Europe trade still has support, but the growth rate of cargo volume may converge in the second and third quarters [28]. - **Moderate Increase in the Pressure of Excess Supply on the European Line**: In the second half of the year, the pressure of new ship deliveries remains high. The upper and lower limits of the European Line's weekly capacity have increased, and the market has shifted from oligopoly to oligopolistic competition. The tariff issue between China and the United States may have an impact on the European Line, and port congestion has a limited impact on the supply side [37][42][56]. - **Market Outlook for the Second Half of 2025**: It is expected that the peak freight rate in the peak season from July to August will move forward slightly, and the downward slope of the freight rate after that will depend on the scale of blank sailings in August. From September to October, the freight rate may decline faster. The peak of the year - end peak season will probably appear in mid - January. The European Line will maintain a volatile and weak pattern, and geopolitical risks should be noted [70]. 3.3. Company B's Container Shipping Index (European Line) Futures Hedging Plan - **Calculation of the Optimal Hedge Ratio**: The optimal hedge ratio is 0.83, and the hedging efficiency can reach 74.2%. The container shipping index (European Line) futures hedging can transfer 61.7% of the risk, and the residual risk mainly comes from the delay in the convergence of spot and futures prices, basis mutations caused by policy shocks, and liquidity premium fluctuations [76][88][101]. - **Impact of Value - Added Tax on Container Freight Rates**: In the hedging operation, the impact of value - added tax is crucial. Company B's value - added tax treatment needs to be comprehensively judged according to the nature of the service, the way of contract signing, and whether it meets the tax - exemption policy. The subsequent plan does not consider the impact of value - added tax [103]. - **Impact of Container Freight Rate Basis**: The container freight rate basis fluctuates significantly, and its core driving factors include supply - demand imbalance, macro and policy shocks, and seasonal demand fluctuations. Basis risk affects the hedging effect, and Company B can optimize the hedging strategy from three aspects [109][110][112]. - **Futures Hedging Strategy**: It is recommended that Company B buy container shipping index (European Line) futures contracts at low prices for the sold orders. For the 400 - 500 FEU in July, it can choose EC08 and EC10 contracts, and the theoretical minimum hedging funds required are about 401.32 million yuan, with a total recommended deposit of about 892.32 million yuan [114][115]. - **Ending Method of Hedging**: The container shipping index (European Line) futures contracts use cash settlement. The hedging position can be closed through reverse operations in the futures market [116]. 3.4. Company B's Container Shipping Index (European Line) Futures Hedging Risk Control System - **Decision - Making Process of Hedging**: In the market analysis stage, it is necessary to evaluate macro variables, focus on the supply - demand structure of the industry, and combine technical analysis and quantitative tools to verify macro and fundamental conclusions [117]. - **Risk Control Measures for Hedging**: No specific content provided in the given text.

Core Viewpoint - The Shanghai Composite Index opened lower but rose throughout the day, with the CSI 300 Transportation Index reported at 3817.95 points, reflecting a recent decline of 1.38% over the past month, an increase of 3.61% over the past three months, and a year-to-date decline of 1.63% [1] Group 1: Index Composition and Performance - The CSI 300 Transportation Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The index is based on a sample of 300 stocks from the CSI 300 Index, with a base date of December 31, 2004, and a base point of 1000.0 [1] - The top ten weighted stocks in the CSI 300 Transportation Index include: - Beijing-Shanghai High-Speed Railway (26.28%) - SF Express (17.91%) - COSCO Shipping Holdings (14.98%) - Datong Railway (12.6%) - China Eastern Airlines (5.1%) - China Southern Airlines (4.83%) - Air China (4.4%) - Spring Airlines (4.26%) - YTO Express (3.41%) - China Merchants Energy Shipping (3.08%) [1] Group 2: Market Segmentation - The market composition of the CSI 300 Transportation Index shows that the Shanghai Stock Exchange accounts for 81.16%, while the Shenzhen Stock Exchange accounts for 18.84% [1] - The industry breakdown of the index's sample includes: - Railway Transportation (38.88%) - Express Delivery (21.33%) - Shipping (20.28%) - Air Transportation (19.51%) [2] Group 3: Sample Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the sample changes, remaining fixed until the next scheduled adjustment unless a temporary adjustment is required due to changes in the CSI 300 Index [2] - Special events affecting sample companies, such as delisting, mergers, or changes in industry classification, will prompt corresponding adjustments to the CSI 300 industry index samples [2]

Group 1 - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) closed up 1.05% on July 10, with a trading volume of 163 million yuan [1] - The fund was established on June 26, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of July 9, 2024, the fund's latest share count was 4.955 billion, with a total size of 4.699 billion yuan, reflecting a year-to-date share increase of 32.27% and a size increase of 34.20% [1] Group 2 - The current fund managers are Zhang Xiaonan and Gong Lili, with Zhang managing since June 26, 2024, yielding a return of -1.91%, while Gong has managed since July 25, 2024, with a return of 10.03% [2] - The fund's top holdings include China Mobile, China Petroleum, COSCO Shipping, CNOOC, China Shenhua, Sinopec, China Telecom, China Unicom, China Coal Energy, and China Merchants Bank, with respective holding percentages [2] Group 3 - The top holdings and their respective percentages are as follows: - China Mobile: 11.04% - China Petroleum: 10.43% - COSCO Shipping: 10.25% - CNOOC: 10.01% - China Shenhua: 8.89% - Sinopec: 8.21% - China Telecom: 5.39% - China Unicom: 3.65% - China Coal Energy: 2.38% - China Merchants Bank: 2.33% [3]

Core Viewpoint - The article discusses the advancements and potential of hydrogen and ammonia fuel technologies in the context of China's carbon neutrality goals, highlighting their role in transforming the energy structure and addressing renewable energy volatility [2][9]. Group 1: Policy and Industry Initiatives - The National Energy Administration has initiated pilot projects for hydrogen and ammonia fuel applications, particularly in coal and gas power generation, to facilitate the transition to low-carbon energy systems [2][8]. - The pilot schemes include specific scenarios for hydrogen and ammonia blending in gas turbines and coal boilers, aiming to promote low-carbon transformation in traditional thermal power [2][3]. Group 2: Technological Breakthroughs - Significant technological advancements have been made, such as the first zero-carbon ammonia combustion demonstration line by Mona Lisa Group, which eliminates carbon emissions in ceramic production [4]. - The successful launch of the world's first ammonia-fueled internal combustion engine ship, "Ammonia Hui," demonstrates the industrial application of ammonia fuel in shipping [4][5]. Group 3: Environmental Impact - The implementation of ammonia blending technology in coal-fired power plants can significantly reduce carbon emissions; for instance, a 600 MW coal unit can cut CO2 emissions by 183,700 tons annually with a 10% ammonia blend [5]. - If all 160 ceramic production lines in Foshan adopt the new ammonia technology, the annual reduction in emissions could reach 2.65 million tons [4]. Group 4: Challenges and Future Outlook - Despite the promising outlook, the large-scale application of hydrogen and ammonia fuels faces challenges, including technical issues related to combustion stability and efficiency, as well as high production and infrastructure costs [6][7]. - The article predicts that with policy support and technological advancements, hydrogen and ammonia fuels will transition from pilot projects to large-scale applications, with an expected production capacity of over 10 million tons per year by 2030 [8].

Report Industry Investment Rating - Not provided Core Viewpoints - Amid geopolitical conflicts and tariff fluctuations, trading is challenging, and it's recommended to participate with a light position or stay on the sidelines [2] - The short - term market may rebound, and risk - takers can consider partial profit - taking when the price surges today. For long - term strategies, take profits when the price rises and wait for the price to stabilize after a pullback before determining the next direction [1][3] Summary by Related Contents Shipping Market Information - On July 7, the Shanghai Export Container Settlement Freight Index (SCFIS) for European routes was 2258.04 points, up 6.3% from the previous period; for the US West routes, it was 1557.77 points, down 3.8% from the previous period. On July 4, the Ningbo Export Container Freight Index (NCFI) composite index was 1285.2 points, down 7.92% from the previous period [1] - On July 4, the Shanghai Export Container Freight Index (SCFI) was 1763.49 points, down 98.02 points from the previous period. The SCFI European line price was 2101 USD/TEU, up 3.50% from the previous period; the US West route was 2089 USD/FEU, down 18.97% from the previous period [1] - The China Export Container Freight Index (CCFI) composite index on July 4 was 1342.99 points, down 1.9% from the previous period; the European route was 1694.30 points, up 3.3% from the previous period; the US West route was 1084.28 points, down 10.5% from the previous period [1] Market News - The Trump administration has continued to impose tariffs on multiple countries, mainly in Southeast Asia, and postponed the tariff negotiation date to August 1. Some shipping companies have announced price increases, and the spot market has a small price increase to test the market [2] - China and the US are expected to hold consultations on trade issues next month. Houthi has stated that it will attack Israeli ships, and the cease - fire negotiation in Gaza is ongoing, with the market full of mixed long and short information [2] Market Data - On July 9, the main contract 2508 closed at 2012.5, up 1.69%. The trading volume was 25,400 lots, and the open interest was 31,300 lots, a decrease of 3709 lots from the previous day [2] Strategy Recommendations - Short - term strategy: The short - term market may rebound. Risk - takers were recommended to go long on the 2510 contract at below 1300 (with a profit margin of over 100 points). Consider partial profit - taking when the price surges today. For the EC2512 contract, go short lightly above 1650 and set stop - loss and take - profit levels [3] - Arbitrage strategy: Due to the volatile international situation, it's recommended to stay on the sidelines for now [3] - Long - term strategy: For each contract, take profits when the price rises, wait for the price to stabilize after a pullback, and then determine the subsequent direction [3] Contract Adjustments - The daily limit for contracts 2506 - 2604 is adjusted to 16% [3] - The company's margin for contracts 2506 - 2604 is adjusted to 26% [3] - The daily opening limit for all contracts from 2506 - 2604 is 100 lots [3]