船公司大停航，超疫情时期纪录！ 面对这一局面，承运商正利用他们仍掌控的唯一手段——运力，来应对挑战。关税引发的波动导致船期减少、需求下降，停航已成为支撑运价的首选方 式。尽管此次调整规模庞大，但采购模式却出奇地保持稳定，大多数承运商尚未以实质性方式将生产撤出中国，而是调整发货时间以应对关税飙升。 该咨询公司报告称："受中国黄金周假期影响，市场活动放缓，远东地区运价依然承压。尽管航运公司正推动10月15日运价上调，以扭转近期运价暴跌的 局面，但黄金周航班停航后，大多数常规航线的恢复对运价上涨几乎未起到支撑作用。" 由于关税动荡和美国需求疲软正在影响全球供应链，班轮公司正在以自疫情高峰以来前所未有的速度取消航次。 目前，承运商在几条主要航线上的运营利润率已跌破盈亏平衡点，但船公司仍然将市场份额置于盈利能力之上，优先保障市场份额。 据一项新分析显示，2025年10月，中美之间的停航数量预计将达到前所未有的水平，其中从中国到美国的计划停航次数为67次，从美国到中国的为71次。 该分析指出，运力削减水平超过了新冠疫情时期的纪录。凸显出特朗普政府近期实施关税举措对海运贸易造成的严重干扰。 专业人士表示："承运商取消航班的 ...

Group 1 - The Chinese government has amended maritime regulations allowing for retaliatory charges against foreign vessels entering Chinese ports, a move seen as a direct response to the U.S. plans to impose high port taxes on Chinese-made ships [1] - Starting October 1, Australia will sell iron ore to China using RMB instead of USD, marking a significant shift in trade practices as over 70% of Australia's iron ore is sold to China, indicating a willingness to adapt to maintain business continuity [3] - China's strategy involves reducing reliance on the USD by engaging in trade with countries like Russia, Iran, and Southeast Asian nations using their own currencies, with daily RMB cross-border payment transactions exceeding 400 billion [3] Group 2 - China possesses significant leverage in global shipping, controlling the largest fleet and ports, and can retaliate against U.S. tax measures by restricting access to major ports like Qingdao and Ningbo or by increasing fees, effectively using port access as a bargaining tool [5] - The shift to RMB for transactions is being closely monitored by resource-exporting countries such as Indonesia, Chile, and South Africa, as those who adopt RMB for trade may secure more stable contracts, indicating a gradual transition to a new trading system [5] - China's approach focuses on building a robust network of RMB transactions through ports and shipping, laying the groundwork for a more independent economic framework that challenges U.S. dollar dominance [5]

Core Viewpoint - The company, through its wholly-owned subsidiary SG XINDE INVESTMENT (HK) LIMITED, plans to acquire a 40% stake in the target company, CIMC Xinde Leasing (Shenzhen) Co., Ltd., for approximately RMB 482 million, aiming to enhance its operational capabilities and market influence in the shipping industry [1][2]. Group 1: Acquisition Details - The acquisition involves a purchase price of approximately RMB 482 million for a 40% stake in the target company [1]. - The target company is primarily engaged in container, vessel, and general leasing services, as well as investment activities using its own funds [1][2]. - Upon completion of the acquisition, the ownership structure will be 40% for the company, 20% for the seller, and 40% for CIMC Group [1]. Group 2: Strategic Objectives - The acquisition aims to integrate shipping operations, management, investment, and financing to establish a circular ecosystem across the maritime value chain [2]. - The company expects to leverage resources from CIMC Group and the seller to enhance market influence and achieve operational synergies [2]. - The acquisition will extend the maritime industry chain, creating a one-stop maritime service platform covering the entire lifecycle of ship design, construction, financing, management, and operation [2]. Group 3: Financial Implications - The company will provide guarantees to ensure the target company can secure operational funding, which is crucial for its main business activities [2]. - A guarantee agreement will be established by October 2025, covering a loan amount of USD 40.44 million along with associated interests, costs, and expenses [1].

新华社北京9月29日电 国务院关于修改《中华人民共和国国际海运条例》的决定 国务院决定对《中华人民共和国国际海运条例》作如下修改： 中华人民共和国国际海运条例 三、增加一条，作为第三十九条："国际航运交易平台经营者未按照规定报送相关信息的，由国务院交 通运输主管部门或者其授权的地方人民政府交通运输主管部门责令限期补报；逾期不补报的，处2万元 以上10万元以下的罚款；情节严重的，责令停止开展相关业务。" 四、将第四十六条改为第四十八条，修改为：与中华人民共和国缔结或者共同参加国际海运相关条约、 协定的国家或者地区，违反条约、协定的规定，使中华人民共和国根据该条约、协定享有的利益丧失或 者受损，或者阻碍条约、协定目标实现的，中华人民共和国政府有权要求有关国家或者地区政府终止上 述行为，采取适当的补救措施，并可以根据有关条约、协定中止或者终止履行相关义务。 "任何国家或者地区对中华人民共和国国际海上运输及其辅助性业务的经营者、船舶或者船员采取或者 协助、支持采取歧视性的禁止、限制或者其他类似措施的，除有关条约、协定能够提供充分有效的救济 外，中华人民共和国政府根据实际情况采取必要的反制措施，包括但不限于向靠泊中国港 ...

Core Viewpoint - The shipping industry is undergoing a silent yet profound revolution driven by global climate governance and energy transformation, with a focus on decarbonization and technological innovation [1] Group 1: System Reconstruction - Electrification represents a fundamental change in the shipping industry, shifting from mechanical to electric drive systems, requiring a complete overhaul of energy distribution and propulsion systems [2] - European companies like ABB and Wärtsilä are leading with integrated energy platforms, while Chinese firms are rapidly catching up in the back-end of the supply chain, showcasing significant advancements in battery technology [3] - Hybrid power solutions are gaining traction in new builds and retrofits, allowing vessels to achieve zero emissions in emission control areas while maintaining operational efficiency [3] Group 2: Economic Challenges - The initial capital expenditure for advanced electric systems can be 20%-40% higher than traditional vessels, necessitating new business models and financial innovations to absorb the green premium [4] - Financial institutions in China are providing preferential loans for green vessels, and energy management contracts are being explored to lower the barriers for technology adoption [4] Group 3: Automation to Autonomy - The shift towards data-driven operations is transforming the industry from single-vessel automation to integrated ship-shore smart operations, enhancing fuel efficiency and predictive maintenance [5][6] - Chinese companies are developing digital infrastructure for smart shipping, while advancements in autonomous navigation technologies are being made, indicating a growing domestic capability [6] Group 4: Decarbonization Challenges - The choice of green fuels such as LNG, methanol, ammonia, and hydrogen presents a complex dilemma, with each option facing scrutiny regarding its lifecycle carbon emissions [8] - The lack of global infrastructure for green fuel supply creates a "chicken and egg" problem, hindering investment in green fuel-powered vessels [8][9] Group 5: Global Collaboration and Governance - China's infrastructure development for charging and refueling facilities along domestic waterways serves as a testing ground for future global applications, but significant international cooperation and investment are required to replicate this success globally [9] - The future success of the shipping industry's transformation will depend on collaborative efforts across the global ecosystem, including diverse technological paths, innovative business models, and inclusive governance frameworks [10]

报告要点 丨证券研究报告丨 [TaSummary] 今年以来，受资金风格切换等因素影响，交运板块核心红利资产标的均面临一定程度股价调整， 估值及股息率重回高性价比区间，显著领先十年期国债收益率，对于绝对收益资金吸引力逐步 提升。基于行业特征，我们重点推荐交运板块中具有低估值、高股息特征的垄断性资产，1）买 低波稳健+分红确定：优选高速公路龙头（招商公路以及宁沪高速等），以及大秦铁路与青岛港； 2）短期看，港股市场估值折价明显、股息率更具性价比，建议关注港股向上弹性。 行业研究丨行业周报丨运输 [Table_Title] 当前时点，如何看待交运红利资产配置价值？ 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 当前时点，如 ...

Core Viewpoint - Shandong Ocean Shipping Group Co., Ltd. (referred to as "Shandong Ocean") is preparing for an IPO with the support of Shenwan Hongyuan, aiming to optimize resource allocation through capital markets [1][2]. Company Overview - Established in March 2020 with a registered capital of 445 million yuan, Shandong Ocean is formed from the restructuring of Shandong Port Group's business segments [1]. - The company engages in various shipping services, including container transportation, oil product transportation, and passenger liner services [1]. Business Performance - Since its inception, Shandong Ocean has shown steady growth in revenue and profit, with a fleet of over 60 vessels and a total capacity exceeding 1.1 million deadweight tons [1]. - The company operates 40 container shipping routes, with continuous growth in cargo volume across its business lines [1]. Strategic Initiatives - The company has established a "daily service" brand for shipping between China and South Korea, enhancing trade and personnel exchanges [2]. - Shandong Ocean offers customized logistics solutions through its various service lines, including the Peninsula Express and oil transportation services [2]. Shareholding Structure - Shandong Port Group holds a 29.47% stake in Shandong Ocean, making it the controlling shareholder [2]. Parent Company Overview - Shandong Port Group is a significant state-owned enterprise with a comprehensive port network, including major ports and listed companies [3]. - The group has developed an integrated and international development pattern, supporting Shandong Ocean's potential listing as an additional platform for the group [3].

Core Insights - The global shipping trade is under pressure due to geopolitical tensions, trade policy changes, climate impacts, and regulatory adjustments, leading to increased shipping costs [1] - The UNCTAD report predicts a significant slowdown in shipping trade growth to 0.5% in 2025, following steady growth in 2024 [1] Group 1: Shipping Costs and Trade Dynamics - Shipping routes are being altered due to various pressures, resulting in a 5.9% increase in global shipping ton-miles in 2024, which is nearly three times the growth rate of shipping volume [1] - Freight rate volatility has become the new norm, with container, bulk, and tanker freight rates expected to remain high in 2024 and 2025 [2] - Dry bulk freight rates surged in 2024 due to strong demand for coal, grains, and fertilizers, while tanker rates are projected to spike in June 2025 due to geopolitical factors [2] Group 2: Changes in Maritime Trade Patterns - The maritime energy trade landscape is shifting, with coal prices rebounding after a long decline, stable oil prices but longer transport routes, and rising natural gas prices [2] - The Suez Canal's tonnage is expected to remain 70% lower than 2023 levels by May 2025, while the Strait of Hormuz faces disruption risks, impacting 11% of global trade and one-third of maritime oil trade [2] Group 3: Fleet and Port Operations - As of January 2025, the global fleet consists of 112,500 vessels with a total deadweight of 2.44 billion tons, with Greece, China, and Japan accounting for over 40% of global capacity [4] - Port congestion is increasing, with average waiting times in developed economies rising by 23% to 6.4 hours, and by 7% to 10.9 hours in developing economies [4] Group 4: Connectivity and Environmental Challenges - The UNCTAD liner shipping connectivity index shows Asia remains dominant, while Africa's connectivity improved by 10% from June 2024 to June 2025 [5] - The shipping industry faces a deep transformation due to operational challenges and climate regulations, with significant investments needed for fleet renewal, alternative fuel expansion, and port infrastructure upgrades [5] - The EU carbon pricing is beginning to affect transportation costs and fleet choices, with the International Maritime Organization considering a "net-zero emissions framework" that could drive substantial investment [5]

Core Insights - The UN Conference on Trade and Development (UNCTAD) forecasts a mere 0.5% growth in global maritime trade volume for 2025, marking the slowest growth rate in recent years due to geopolitical tensions, new trade barriers, and climate change pressures reshaping shipping routes and increasing transportation costs [1][2] Group 1: Maritime Trade Growth - Global maritime trade is expected to grow by only 0.5% in 2025, significantly lower than the average growth rate of recent years [1] - The slowdown follows a period of expansion in 2024, indicating severe structural challenges facing maritime trade [1] Group 2: Geopolitical and Economic Factors - Geopolitical tensions are leading to costly rerouting of shipping lanes, with certain countries' tariff policies disrupting trade flows [1] - Vulnerable economies are bearing the brunt of high and unstable freight costs [1] Group 3: Environmental Concerns - The shipping industry saw a 5% increase in greenhouse gas emissions in 2024, with only 8% of the global fleet equipped for alternative fuels [1] - Clear regulatory policies and upgrades to the trading fleet are essential for reducing maritime carbon emissions [1] Group 4: Future Directions - The future of global maritime trade must transition towards zero carbon, digitalization, and new trade routes [2]

Group 1 - The opening of the "China-Europe Arctic Express" is beneficial for the company's development in the European industry by shortening shipping times [2] - The company has already utilized this shipping route, although the current shipping volume remains relatively small [2]