Core Viewpoint - The article discusses the impact of new tariffs imposed by the Trump administration on copper prices and other commodities, highlighting the volatility in the market and the mixed responses from various countries [1][2][16]. Group 1: Copper Market - LME copper prices fell sharply after the domestic night session, with expectations of a lower opening in the domestic market due to Trump's tariff statements on copper [2][17]. - Domestic downstream demand for copper remains stable, with positive growth in the power sector and automotive sales, while the real estate sector continues to show weakness [2][17]. - The overall processing fees for copper concentrate are low, which may challenge smelting output [2][17]. Group 2: Shipping Industry - The European shipping index (EC) showed a strong performance, with the August contract closing at 2006.2 points, up 7.16% [3][29]. - Shipping companies like MSC and EMC maintained their rates from the first half of the month, while others like CMA opted for slight increases, indicating a gradual rise in shipping rates [3][29]. - The market sentiment has stabilized as long-term contract volumes have improved loading rates, with expectations for the upcoming August shipping rates [3][29]. Group 3: Coal Market - Coal production has rebounded this week, with downstream inventory replenishment and upstream destocking occurring [3][25]. - The Shanxi region is gradually resuming production, and the supply pressure remains, with market focus on potential policy changes regarding the coal industry [3][25]. - Iron and steel production remains high, providing support for demand in the coal market, although a weak outlook is anticipated for the dual coal products [3][25]. Group 4: International and Domestic News - The article mentions international tensions, including airstrikes by Israel in Lebanon, which may have broader implications for market stability [4]. - Domestic developments include the Guangzhou Futures Exchange's progress in launching platinum and palladium futures, indicating ongoing innovation in the commodities market [5]. Group 5: Agricultural Products - The soybean meal market is experiencing fluctuations, with the USDA reporting a lower-than-expected good-to-excellent rating for U.S. soybeans [26][27]. - Domestic supply remains ample, which is expected to exert downward pressure on prices, leading to a forecast of continued volatility in the soybean meal market [26][27]. Group 6: Energy Market - The article notes a rise in crude oil prices, with the SC night session up 1.26%, amid ongoing negotiations between Japan, South Korea, and the U.S. regarding tariffs [10]. - The U.S. Energy Information Administration has adjusted its global oil production growth forecast, indicating a stable outlook for oil demand [10]. Group 7: Precious Metals - Precious metals are experiencing high-level consolidation, with the Trump administration's tariff announcements impacting market sentiment [16]. - The U.S. job market data shows stronger-than-expected employment growth, which may influence Federal Reserve policies and subsequently affect precious metal prices [16]. Group 8: Other Metals - Zinc prices have shown an upward trend, supported by improving processing fees and stable demand from the automotive and construction sectors [18]. - Aluminum prices are fluctuating due to a balance of supply and demand, with current production levels remaining high [19][20]. Group 9: Lithium Market - The lithium carbonate supply has decreased, with production figures showing a reduction in output, while demand remains stable [22]. - Market sentiment is improving, but there are concerns about potential price pressures from upstream production [22]. Group 10: Steel Market - The steel market is facing a dual weak supply and demand situation, with ongoing export pressures from tariffs and seasonal demand fluctuations [24]. - The overall market remains resilient, but future demand is expected to weaken, particularly for hot-rolled products [24].

Core Viewpoint - The transportation sector is expected to see small-cap stocks outperforming large-cap stocks and H-shares outperforming A-shares in the first half of 2025, driven by lower valuations and higher dividends in H-shares, as well as frequent thematic market trends. The outlook for the second half of 2025 remains positive, focusing on dividend-paying stocks and those with improved free cash flow [1][3]. Group 1: Transportation Sector Opportunities - The transportation sector in Hong Kong is characterized by low valuations and high dividend yields, with the TTM PE for the transportation industry at 7.6 times, compared to 10.6 times for all Hong Kong stocks, and a dividend yield of 3.1%, which is 100 basis points higher than the overall market [7][10]. - The sector is expected to benefit from a recovery in domestic air travel demand, with a projected annual growth rate of over 6% in passenger volume and a significant improvement in profitability due to lower oil prices and improved pricing strategies [12][24]. - The logistics sector is anticipated to see a recovery driven by new technologies, global expansion, and the rise of instant retail, while the express delivery sector is expected to stabilize after intense price competition [3][52]. Group 2: Shipping and Port Operations - The oil shipping market is expected to see improved demand due to OPEC+ production increases, with a focus on the VLCC market benefiting from seasonal demand in the fourth quarter [32][37]. - The container shipping sector is under pressure from supply but is expected to see high dividend-paying stocks as attractive investment opportunities, especially with limited new supply expected until 2027-2028 [44][46]. - Port operations are projected to benefit from increased cargo throughput, with container throughput expected to grow modestly in the second half of 2025, supported by improved domestic demand [49][50]. Group 3: Express Delivery and Logistics - The express delivery sector is experiencing double-digit growth, with a 20% increase in business volume in the first five months of 2025, driven by trends such as small parcelization and the growth of live e-commerce [52][54]. - The logistics sector is expected to see a technological revolution that will enhance efficiency and reduce costs, leading to improved profitability and valuation expectations [60][61]. - The cross-border logistics market is adjusting to changes in tariffs, with resilient demand expected despite geopolitical tensions affecting supply chains [63][68].

Group 1 - U.S. retailers have approximately one month of inventory left, and if tariffs continue, inflation may rise in the coming months [1] - The uncertainty surrounding tariffs has led to cautious consumer behavior, with limited impact on consumer prices so far [1][4] - Consumer spending in the U.S. has significantly slowed down in the first half of the year, raising concerns about economic growth [3][4] Group 2 - The first quarter GDP revision showed a notable decrease in demand, with consumer spending growth revised down from 1.8% to 0.5% [3] - In May, actual consumer spending declined by 0.3%, leading to weak economic activity in the second quarter [3][4] - The anticipated rebound in second-quarter GDP is expected to be primarily due to a reduction in trade deficits [3] Group 3 - The soft consumer spending reflects the impact of tariff-induced price increases, causing consumers to reduce expenditures [4] - Companies are currently absorbing tariff costs by compressing profit margins rather than passing them onto consumers [5] - Future inflation rates are projected to rise from 2.4% to 3.1% over the next 12 months, which will squeeze real income and consumer purchasing power [5] Group 4 - Companies, especially in the pharmaceutical and industrial sectors, have preemptively stocked up on goods to mitigate price increases [5] - Other sectors, such as toys, clothing, and furniture, are expected to pass on price increases to consumers, but consumer resistance may limit this effect [5]

Core Insights - Wuhan Port achieved a container throughput of 1.8763 million TEUs last year, accounting for 33.7% of the total in the upper reaches of the Yangtze River [1][2] - The "Three-Year Action Plan" aims to enhance the high-quality development of the Yangtze River midstream shipping center from 2025 to 2027 [1][4] Container Throughput and Infrastructure Development - Wuhan Port's container throughput represented 76.7% of Hubei province's total and 33.7% of the upper Yangtze River ports [2] - The completion of the 6-meter deep waterway improvement from Wuhan to Anqing and the upgrade of 33 kilometers of the Han River waterway to Class II [2] - The establishment of over 50 multimodal transport channels, with a projected 2024 intermodal transport volume of 231,600 TEUs, reflecting a 44% year-on-year increase [2] Technological Advancements and Efficiency Improvements - New regulatory models such as "joint boarding inspection" and "direct loading and unloading" have significantly reduced inspection times and improved efficiency by up to 65% [3] - The implementation of a digital international trade platform consolidating trade data from 200 countries and regions, enhancing cross-border trade processes [3] Economic and Industrial Development - The "Three-Year Action Plan" supports the establishment of shipping service industry clusters and aims for an annual growth rate of over 25% in the shipping service sector [4] - The Yangtze New Area has attracted over 2,000 enterprises, primarily in industrial sectors such as steel processing and equipment manufacturing [4] Regional Development and Investment - The Jianghan District is focusing on attracting shipping headquarters and establishing a 10 billion yuan port and shipping development fund [5] - The Jiang'an District is developing a shipping cultural tourism demonstration area, enhancing the tourism experience along the Yangtze River [5]

Group 1 - The company held its 27th meeting of the 4th Board of Directors on July 7, 2025, with all 7 directors present, ensuring compliance with legal and regulatory requirements [1][2]. - The Board approved a proposal to purchase dry bulk carriers for up to $65 million to expand capacity and enhance competitiveness and profitability, with funding sourced from self-owned funds [1][2]. - The Board also approved an increase in the estimated guarantee amount for 2025, which aligns with the company's operational needs and strategic goals, ensuring manageable risk levels [2][3]. Group 2 - A proposal was made to convene the 4th extraordinary general meeting of shareholders on July 24, 2025, in accordance with the Company Law and the company's articles of association [2][3].

7月8日，记者从武汉市长江中游航运中心建设新闻发布会了解到，《武汉市推动长江中游航运中心高质 量发展三年行动方案(2025-2027年)》提出，到2027年，国际多式联运通道年增长3条以上，武汉港集装 箱水水中转占比超过50%，港口集装箱吞吐量稳居长江中上游首位；船舶交易进场率达到100%；航运 集聚区建设取得实质性进展，航运服务业规模年均增幅超25%。(人民财讯) ...

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The top of the freight rate for the 8 - month contract has likely appeared, and it is expected to decline. Attention should be paid to the freight rate follow - up of other shipping companies, especially whether the PA Alliance will adjust prices [4]. - The 10 - month contract is mainly for short - allocation in the off - season, and the focus is on the downward slope of the freight rate. The uncertainty lies in the possible resumption of the Suez Canal [5]. - In December, the freight rate of the Far East - Europe route is usually higher than that in October. However, the risk is whether the Suez Canal will resume navigation, which may challenge the seasonal pattern [7]. 3. Summary by Relevant Catalogs I. Market Analysis - Online quotes of different alliances for the Shanghai - Rotterdam route vary by shipping company and shipping period. For example, in the Gemini Cooperation, Maersk's price for week 29 is 1785/2990; in the MSC + Premier Alliance, MSC's 7 - month upper - half - month shipping period quote is 2180/3640 [1]. II. Geopolitical Situation - The Houthi armed forces in Yemen launched a joint military operation on the 7th, using missiles and drones to attack important targets in Israel in response to the Israeli army's attacks on Yemeni ports and power stations [2]. III. Shipping Capacity - The average weekly shipping capacity from China to European base ports in the remaining 4 weeks of July is 294,100 TEU, and the monthly average weekly shipping capacity in August is 305,000 TEU. There are 5 blank sailings in July and 2 in August [3]. IV. Contract Analysis - **8 - month contract**: The freight rate is likely to peak and decline. The top of the freight rate has probably emerged, and the current market average price in the first half of July is around $3300/FEU. The settlement price of the 8 - month contract is the arithmetic average of SCFIS on 8/11, 8/18, and 8/25 [4]. - **10 - month contract**: It is an off - season contract mainly for short - allocation. The focus is on the downward slope of the freight rate. The uncertainty is whether the Suez Canal will resume navigation before October [5]. - **12 - month contract**: In normal years, the price in December is generally more than 10% higher than that in October. The risk is the possible resumption of the Suez Canal [7]. V. Shipping Futures and Spot Prices - As of July 8, 2025, the total open interest of all contracts of the container shipping index European line futures is 80,726.00 lots, and the single - day trading volume is 30,740.00 lots. The closing prices of different contracts vary, such as EC2602 at 1323.90 and EC2508 at 1888.50 [7]. - On July 4, the SCFI (Shanghai - Europe route) price was $2101.00/TEU, and on July 7, the SCFIS (Shanghai - Europe) was 2258.04 points [7]. VI. Container Ship Delivery - 2025 is a big year for container ship deliveries. As of July 6, 2025, 141 container ships have been delivered, with a total capacity of 11.12 million TEU [8]. VII. Strategy - **Unilateral**: The main contract fluctuates. - **Arbitrage**: Go long on the 12 - month contract and short on the 10 - month contract, and short on the 10 - month contract [9].

Core Viewpoint - Haitong Development (603162.SH) plans to purchase dry bulk carriers for up to $65 million, funded by its own resources, aiming to enhance its fleet capacity and market competitiveness [1] Group 1: Company Actions - The company and its wholly-owned subsidiary have received board approval for the transaction, which will be submitted for shareholder approval [1] - Over the past 12 months, the company has spent approximately 1.856 billion yuan on acquiring dry bulk carriers [1] Group 2: Strategic Objectives - The transaction aims to expand the company's capacity, improve the fleet system, enhance competitiveness, and increase market share [1] - The acquisition is expected to strengthen the company's profitability [1] Group 3: Transaction Details - The transaction does not constitute a related party transaction or a major asset restructuring [1]

Core Viewpoint - The announcement details a reduction in shareholding by a major shareholder, Ningbo Guyang Investment Management Partnership, which decreased its stake in Shanghai Zhonggu Logistics Co., Ltd. from 65.00% to 63.00% through a block trade on July 8, 2025, involving 42,001,262 shares, representing a 2% reduction in total share capital [1]. Group 1: Shareholder Information - The major shareholder involved in the reduction is Ningbo Guyang Investment Management Partnership, which is classified as a controlling shareholder [1]. - Other associated entities include Zhonggu Shipping Group Co., Ltd. and Ningbo Guze Investment Management Partnership, both of which are also classified as controlling shareholders [1]. Group 2: Shareholding Changes - Prior to the transaction, the total shareholding percentage was 65.00%, which decreased to 63.00% post-transaction [1]. - The reduction in shareholding was executed through a block trade on the Shanghai Stock Exchange, indicating a strategic move by the shareholder [1]. Group 3: Compliance and Future Plans - The reduction in shareholding does not violate any previously made commitments or plans by the shareholder [1]. - The announcement confirms that the shareholder's reduction plan is still in progress and has not been fully executed as of the date of the announcement [1].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - SCFIS on the European route continues to rise, while Trump's tariff hikes on multiple countries increase the difficulty of short - term market gaming. It is recommended to close all short positions and either participate with a light position or stay on the sidelines [2][4]. - The market is filled with a mix of long and short information, and the game is intense. The market is in a weak and volatile state. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [4]. 3. Summary by Related Content 3.1 Freight Rate Index - On July 7, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2258.04 points, up 6.3% from the previous period; the SCFIS for the US - West route was 1557.77 points, down 3.8% [3]. - On July 4, the Ningbo Export Container Freight Index (NCFI) composite index was 1285.2 points, down 7.92% from the previous period; the NCFI for the European route was 1442.5 points, down 0.03%; the NCFI for the US - West route was 1176.6 points, down 24.27% [3]. - The Shanghai Export Container Freight Index (SCFI) announced a price of 1763.49 points, down 98.02 points from the previous period. The SCFI price for the European route was 2101 USD/TEU, up 3.50%; the SCFI price for the US - West route was 2089 USD/FEU, down 18.97% [3]. - The China Export Container Freight Index (CCFI) composite index was 1342.99 points, down 1.9% from the previous period; the CCFI for the European route was 1694.30 points, up 3.3%; the CCFI for the US - West route was 1084.28 points, down 10.5% [3]. 3.2 Market Situation and Policy Impact - Trump's tariff hikes on multiple countries, mainly in Southeast Asia, further hit re - export trade. The tariff negotiation date has been postponed to August 1. The spot market price range is set, with small price increases to test the market, and the futures market has a slight rebound [4]. - The cease - fire agreement in Gaza has not been reached, the spot freight rate has temporarily stabilized, SCFIS continues to rise, and the market is filled with a mix of long and short information, with intense gaming and a weak and volatile futures market [4]. 3.3 Trading Strategies - Short - term strategy: The short - term futures market may mainly rebound. Short positions have been recommended to be closed. Risk - takers have been recommended to lightly test long positions below 1300 on the 2510 contract, with stop - loss and take - profit levels set [5]. - Arbitrage strategy: Due to the volatile international situation, it is recommended to stay on the sidelines for now [5]. - Long - term strategy: It is recommended to take profits when each contract rises, wait for the price to stabilize after a pull - back, and then determine the subsequent direction [5]. 3.4 Contract - related Adjustments - The daily limit for contracts from 2506 to 2604 has been adjusted to 16% [5]. - The company's margin for contracts from 2506 to 2604 has been adjusted to 26% [5]. - The daily opening limit for all contracts from 2506 to 2604 is 100 lots [5].