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]

Core Viewpoint - The shipping sector has shown strong performance, with notable stock price increases for several companies, indicating a positive trend in the industry [1] Company Performance - Qin Port Co., Ltd. reached the daily limit increase in stock price [1] - Xiamen Port Authority and Dongfang Chuangye also hit the daily limit increase previously [1] - Haitong Development, Xiamen International Trade, and Air China Oceanic have seen significant stock price increases [1]

博客式 | | | | | | | | 研究中心能化团队 2025/10/28 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 合约 | | 昨日收盘价 | 涨跌 (%) | 脚 | 昨日成交量 | | 昨日持会量 | 持合变动 | | 期货 | EC2510 | | 1130.9 | -0.61 | 181.8 | 1377 | | 3428 | -864 | | | EC2512 | | 1775.0 | -3.06 | -462.3 | 27748 | | 27995 | -2254 | | | EC2602 | | 1571.6 | -1.84 | -258.9 | 6174 | | 13138 | 1629 | | | EC2604 | | 1178.8 | -0.07 | 133.9 | 2045 | | 14146 | -78 | | | EC2606 | | 1387.1 | -0.77 | -74.4 | 109 | | 1371 | -6 | | | 月差 | | 前一日 | 前内日 | 前一日 ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The stock index futures are expected to continue their upward trend with fluctuations, while the central bank's restart of treasury bond trading has sparked enthusiasm for going long on treasury bond futures [5][18][21]. - In the agricultural products market, the prices of some products such as soybeans and sugar are affected by factors like trade relations and supply - demand changes, showing different trends [7][26][28]. - The steel market is showing a trend of continued strengthening, while the double - coking market has support at the bottom but faces resistance in upward movement [9][59][61]. - The precious metals market has broken through important support levels due to the easing of risk factors, and is expected to continue to adjust [11][69][71]. Summary by Relevant Catalogs Financial Derivatives - **Stock Index Futures**: On Monday, the stock index opened higher and closed higher. All major indices and futures contracts rose. The market is expected to continue its upward trend with fluctuations. Trading strategies include going long on dips, conducting IM/IC 2512 long + ETF short cash - and - carry arbitrage, and buying call options on the Sci - tech Innovation 50, Science and Technology Innovation Board 50, and ChiNext at low prices [18][19][20]. - **Treasury Bond Futures**: On Monday, treasury bond futures opened lower but closed higher. The central bank's restart of treasury bond trading is expected to continue the "moderately loose" monetary policy. It is recommended to maintain a long - biased mindset for unilateral trading, and consider flattening the yield curve or shorting the inter - delivery spread for arbitrage [21][22][24]. Agricultural Products - **Soybean Meal**: The improvement in the macro - environment has driven up the US soybean price, but the international soybean supply pressure is still high. Domestic soybean meal has also risen, but the upward space is limited. It is recommended to wait and see for both unilateral and arbitrage trading, and use the strategy of selling wide - straddle options [26][27][28]. - **Sugar**: Internationally, the sugar market is bearish due to increased production in major producing areas. In China, the suspension of pre - mixed powder and syrup imports has a short - term bullish impact. The trading strategy includes short - term oscillation for unilateral trading, shorting US raw sugar and going long on domestic Zhengzhou sugar for arbitrage, and waiting and seeing for options [28][29][31]. - **Oilseeds and Oils**: The short - term disk is expected to oscillate slightly weakly. It is recommended to wait and see for unilateral trading and wait for the price to stabilize on dips before going long. For arbitrage and options, it is recommended to wait and see [32][33][35]. - **Corn/Corn Starch**: The US corn futures rebounded, but the production is expected to be high. In China, the supply of corn is increasing, and the spot price is falling. It is recommended to go long on the 12 - month US corn on dips, wait and see for the 01 - month contract, and wait for dips to go long on the 05 - and 07 - month contracts [36][37][38]. - **Hogs**: The short - term slaughter pressure has eased, but the overall supply is still high. It is recommended to wait and see for unilateral and arbitrage trading, and use the strategy of selling wide - straddle options [39][40][41]. - **Peanuts**: The peanut price is in short - term bottom - range oscillation. It is recommended to go long on the 01 - and 05 - month contracts on dips, wait and see for arbitrage, and sell the pk601 - P - 7600 option [41][42][43]. - **Eggs**: The supply of laying hens is still high, and the demand is average. It is recommended to close out previous short positions and wait and see for unilateral trading, and wait and see for arbitrage and options [43][44][47]. - **Apples**: The quality of new - season apples is poor, but the purchase enthusiasm of merchants is high. The price is expected to oscillate slightly strongly in the short term. It is recommended to go long on dips for unilateral trading, and wait and see for arbitrage and options [48][49][51]. - **Cotton - Cotton Yarn**: The acquisition is at its peak, and the price is expected to oscillate slightly strongly. It is recommended to expect the US cotton to oscillate, and the Zhengzhou cotton to oscillate slightly strongly in the short term. Wait and see for arbitrage and options [53][54][57]. Ferrous Metals - **Steel**: The steel price is expected to continue to strengthen. It is recommended to maintain a long - biased mindset for unilateral trading, continue to hold the long - spread position of hot - rolled coil and rebar for arbitrage, and wait and see for options [59][60][61]. - **Double - Coking**: The double - coking market has support at the bottom but faces resistance in upward movement. It is recommended to gradually take profits on long positions and look for opportunities to go long on dips for unilateral trading, and wait and see for arbitrage and options [61][62][64]. - **Iron Ore**: The iron ore price is expected to face pressure at high levels. It is recommended to wait and see for both unilateral and arbitrage trading, and for options [64][65][66]. - **Ferroalloys**: The macro - environment has driven a rebound, but the supply - demand pressure still exists. It is recommended to use the strategy of shorting after the low - valuation repair for unilateral trading, wait and see for arbitrage, and sell out - of - the - money straddle option combinations [66][67][68]. Non - Ferrous Metals - **Precious Metals**: The precious metals market has broken through important support levels due to the easing of risk factors. It is recommended that conservative investors wait and see, while aggressive investors can conduct short - term intraday trading [69][70][71]. - **Copper**: The macro - environment has improved, and the supply is relatively tight. It is recommended to go long on dips for unilateral trading, continue to hold the long - position in cross - market arbitrage, and wait and see for options [73][74][76]. - **Alumina**: There is an expectation of production cuts on the supply side, and the price is expected to rebound slightly. It is recommended to go long on the short - term price rebound for unilateral trading, and wait and see for arbitrage and options [77][78][80]. - **Electrolytic Aluminum**: The macro - environment and fundamentals are in resonance, and the price is expected to strengthen in the medium term. It is recommended to expect the price to strengthen with fluctuations for unilateral trading, and wait and see for arbitrage and options [81][82][83]. - **Cast Aluminum Alloy**: The global trade situation has eased, and the price is in an upward - oscillation channel. It is recommended to expect the price to strengthen with fluctuations for unilateral trading, and wait and see for arbitrage and options [84][85][86]. - **Zinc**: It is recommended to go long on dips for unilateral trading, consider long - SHFE and short - LME arbitrage according to export conditions, and sell out - of - the - money put options [87][88][93]. - **Lead**: The lead price may fall from high levels. It is recommended to go short on rallies for unilateral trading, wait and see for arbitrage, and sell out - of - the - money call options [93][94][95]. - **Nickel**: The nickel price is expected to maintain range - bound trading due to macro - benefits and loose supply - demand. No specific trading strategies are provided [98].

Core Viewpoint - The article highlights the overall improvement in industrial production, with specific sectors showing varying performance, particularly in steel and construction industries [1][11][21]. Industrial Production - The blast furnace operating rate increased by 0.5% week-on-week to 84.7%, remaining stable year-on-year [1][4]. - Apparent steel consumption rose by 2% week-on-week, with a narrowing year-on-year decline of 3.8 percentage points to -0.1% [1][6]. - Social inventory continued to decline, down 2.3% week-on-week [1]. Chemical and Textile Industries - The soda ash operating rate remained stable at 84.9%, with a year-on-year decline narrowing to -2.2% [11][12]. - PTA operating rate increased by 0.4% week-on-week to 76.0%, with a year-on-year improvement of 1.3 percentage points to -4.8% [11][14]. - The operating rate for polyester filament remained stable at 91%, with a year-on-year increase of 1.7% [11]. Construction Industry - Cement production and demand were below last year's levels, with the nationwide grinding operating rate increasing by 1.6% week-on-week to 45.4% [21][22]. - Cement shipment rates remained stable at 44.8%, with a year-on-year decline of 9.3% [21][24]. - Cement inventory ratio slightly increased, up 1.2% week-on-week [21]. Glass and Asphalt Production - Glass production remained stable week-on-week, with a year-on-year decline of 0.6% [31]. - Asphalt operating rate increased by 1.5% week-on-week [31]. Demand Tracking - National commodity housing transactions decreased, primarily due to significant declines in second-tier cities, with a daily average transaction area down 5.7% week-on-week [40]. - National road freight volume increased year-on-year, with rail freight volume up 1.8 percentage points to 1.5% [44][49]. - Passenger car retail sales decreased by 0.5% week-on-week, with a year-on-year decline of 0.7% to 25.4% [59]. Price Tracking - Agricultural product prices generally fell, with vegetable prices rising by 4.3% week-on-week [74]. - Industrial product prices showed an overall upward trend, with the South China Industrial Price Index increasing by 0.4% week-on-week [82][83].

Group 1: Hot News - China's Foreign Minister Wang Yi had a phone call with US Secretary of State Rubio, clarifying positions and reaching a framework consensus on resolving urgent economic and trade issues through the Kuala Lumpur economic and trade talks [2] - Tangshan plans a 4 - day 30% production limit on blast furnaces starting from the 27th due to environmental protection requirements [2] - The CSRC issued opinions on strengthening the protection of small and medium - sized investors in the capital market, cracking down on various illegal activities [2] - From October 1 - 25, 2025, Malaysia's palm oil yield, oil extraction rate, and production increased by 1.63%, 0.22%, and 2.78% respectively compared to the same period last month [2] - As of October 27, 2025, the Shanghai Export Container Settlement Freight Index (European route) rose 15.1% from the previous period [2] Group 2: Key Focus - Key commodities to focus on are iron ore, rebar, Shanghai silver, Shanghai copper, and Shanghai gold [3] Group 3: Holiday Performance of Overseas Markets - In the night session of commodity futures main contracts, the non - metallic building materials sector rose 3.02%, the precious metals sector 30.37%, the oilseeds and oils sector 9.45%, the non - ferrous metals and soft commodities sectors 2.62%, the coal, coke, steel, and ore sector 13.08%, the energy sector 2.98%, the chemical sector 10.64%, the grain sector 1.11%, and the agricultural and sideline products sector 3.67% [3] Group 4: Sector Positions - Data shows the position changes of commodity futures sectors in the past five days [4] Group 5: Performance of Major Asset Classes - In the equity category, the Shanghai Composite Index rose 1.18% daily, 2.94% monthly, and 19.25% annually; the S&P 500 rose 1.23% daily, 2.79% monthly, and 16.89% annually; etc [5] - In the fixed - income category, the 10 - year Treasury bond futures rose 0.15% daily, 0.31% monthly, and - 0.69% annually; the 5 - year Treasury bond futures rose 0.12% daily, 0.11% monthly, and - 0.75% annually; etc [5] - In the commodity category, the CRB commodity index fell 0.48% daily, rose 0.31% monthly, and rose 1.62% annually; WTI crude oil fell 0.16% daily, 1.74% monthly, and 14.63% annually; etc [5] - In other categories, the US dollar index fell 0.12% daily, rose 1.02% monthly, and fell 8.91% annually; the CBOE volatility index remained unchanged daily, rose 0.55% monthly, and fell 5.65% annually [5] Group 6: Trends of Major Commodities - The report presents the trends of various commodities such as the Baltic Dry Index, CRB spot index, WTI crude oil, London spot gold, LME copper, etc [6]

Company Overview - Company maintains earnings forecast for Hai Feng International (01308) and keeps the outperform rating unchanged, with a target price of HKD 36 per share, corresponding to a P/E ratio of 10.0/11.9 for 2025/2026, indicating a potential upside of 27.0% from the current stock price [1] Recent Performance - In Q3 2025, the company reported revenue of USD 796 million, a year-on-year decrease of 1.7% and a quarter-on-quarter decrease of 11.9%. The container shipping volume reached 920,179 TEU, reflecting a year-on-year increase of 8.9% but a quarter-on-quarter decrease of 11.0%. The average freight rate (excluding slot exchange fees) was USD 712 per TEU, down 12.0% year-on-year and 5.7% quarter-on-quarter [2] Market Trends - The supply of small container ships in the Asian region is expected to remain tight, with only a 1-2% annual increase in new supply over the next three years. Currently, 11.2% of vessels are over 25 years old. The tight supply is driven by the need for small vessels to support feeder services after the Red Sea detour and increased demand for small vessels in long-haul alliances. As of October 2025, the capacity of vessels under 3,000 TEU has increased by 8.5% compared to the end of 2023, with a 2.2% increase in the Asian region. Rental rates for 1,700/2,750 TEU vessels have increased by 37.8% and 16.4% year-on-year, respectively [3] Industry Dynamics - The trend of industrial transfer due to U.S. tariff policies may accelerate, with trade volume between China and ASEAN countries expected to continue increasing. For the period from January to September 2025, the year-on-year growth rates for imports and exports between China and ASEAN countries were +9.6%. The current U.S. tariff framework is likely to expedite the transfer of industries from China to Southeast Asian countries, further driving economic growth in these regions and stabilizing trade volumes in the Asian region [4]

Core Viewpoint - The company maintains its earnings forecast for Seaspan International (01308) and keeps its outperform rating unchanged, with a target price of HKD 36 per share, indicating a potential upside of 27.0% from the current stock price [1] Group 1: Company Performance - The company reported Q3 2025 operational data, achieving revenue of USD 796 million, a year-on-year decrease of 1.7% and a quarter-on-quarter decrease of 11.9% [2] - The company handled a container shipping volume of 920,179 TEU, reflecting a year-on-year increase of 8.9% but a quarter-on-quarter decrease of 11.0% [2] - The average freight rate (excluding slot exchange revenue) was USD 712 per TEU, down 12.0% year-on-year and 5.7% quarter-on-quarter [2] Group 2: Market Trends - The supply of small container ships in the Asian region is expected to remain tight, with only a 1-2% annual increase in new supply over the next three years [3] - The current fleet of ships over 25 years old accounts for 11.2% of the total, contributing to the tight supply situation [3] - The rental rates for 1,700/2,750 TEU vessels have increased by 37.8% and 16.4% year-on-year, respectively, indicating strong demand [3] Group 3: Industry Dynamics - The trend of industrial transfer due to U.S. tariff policies may accelerate, with import and export growth rates between China and ASEAN countries increasing by 9.6% year-on-year for the period of January to September 2025 [4] - The company anticipates that the ongoing industrial transfer from China to Southeast Asian countries will further boost economic growth in the region, leading to stable growth in cargo volumes [4]