这份《海运行动计划》提出了数十项美国增加财政收入、鼓励私营部门投资的举措。造船企业、船东、 投资者及国会议员已等待数月，希望这份文件能表明白宫承诺对造船业及海运劳动力开展一代人仅有一 次的大规模投资。建议内容包括设立海运繁荣区以吸引投资、成立海运安全信托基金为海运项目提供资 金，以及对货物征收新费用。 责任编辑：陈钰嘉 特朗普政府于当地时间周五公布了外界期待已久的美国海运业复兴计划，其中包括对外国建造船舶运抵 美国的货物征收新费用等提案。 这份《海运行动计划》提出了数十项美国增加财政收入、鼓励私营部门投资的举措。造船企业、船东、 投资者及国会议员已等待数月，希望这份文件能表明白宫承诺对造船业及海运劳动力开展一代人仅有一 次的大规模投资。建议内容包括设立海运繁荣区以吸引投资、成立海运安全信托基金为海运项目提供资 金，以及对货物征收新费用。 特朗普政府于当地时间周五公布了外界期待已久的美国海运业复兴计划，其中包括对外国建造船舶运抵 美国的货物征收新费用等提案。 这份33页的文件并未详细说明大多数提案将如何及何时落地实施。 美国政府希望该计划能让企业和投资者有信心对海运业进行大额投资。国会议员则希望此举能为一项名 ...

Core Viewpoint - A large-scale strike at multiple ports in Italy has disrupted operations for Evergreen Marine Corporation, increasing uncertainty in the Mediterranean supply chain [1] Group 1: Company Developments - Evergreen Marine Corporation and Maersk will upgrade their joint operating routes by adding new ports of call and increasing capacity to optimize their network [1] - The potential reopening of the Red Sea shipping route may exacerbate the risk of declining industry profitability, with ongoing pressures from overcapacity and shrinking demand [1] Group 2: Stock Performance - Over the past week, Evergreen Marine Corporation's stock price has shown volatility, with a range of 1.69% and an amplitude of 6.29% [2] - The latest closing price on February 13 was $21.03, down 0.71% for the day, with trading volume decreasing from 2.0093 million shares on February 12 to 266,600 shares on February 13, indicating a moderate decline in market activity [2] Group 3: Institutional Perspectives - Six institutions currently have no buy ratings for Evergreen Marine Corporation, with hold and sell opinions each accounting for 50%, and a target average price of $16.68, which is below the current stock price [3] - Jefferies and other institutions highlight that overcapacity and geopolitical risks remain significant pressures, although a high dividend yield may provide defensive support [3]

Market Performance - On the last trading day of the Year of the Snake, the three major indices opened lower and subsequently declined, each falling over 1%. The Shanghai Composite Index dropped by 1.26%, closing below 4100 points, while the Shenzhen Component Index fell by 1.28% and the ChiNext Index decreased by 1.57% [1][2]. Yearly Overview - Throughout the Year of the Snake (from February 5, 2025, to February 13, 2026), all three major indices recorded gains. The Shanghai Composite Index increased by over 25%, the Shenzhen Component Index rose by nearly 39%, and the ChiNext Index surged by over 58% [4]. - The total trading volume for the year reached 20 trillion, with over 3800 stocks experiencing declines [4]. Sector Performance - In terms of sector performance, the non-ferrous metals and oil & gas sectors saw the largest declines, while shipping, steel, and building materials also faced downturns. Conversely, sectors such as commercial aerospace, robotics, and memory storage showed resilience and performed well [4].

板块变化情况 2月12日，美股海运板块整体下跌0.37%，纳斯达克指数跌幅达1.51%。公司股价下跌幅度大于板块均 值，反映其受宏观市场情绪与行业基本面双重影响。 以上内容基于公开资料整理，不构成投资建议。 经济观察网根据2026年2月12日的市场数据，斯蒂加斯海运(GASS.OQ)股价下跌3.08%，收于7.86美元。 其下跌原因可从市场环境与公司特定因素两方面分析： 行业政策与环境 2026年1月下旬以来，集装箱航运市场即期运价持续走低。海盟控股集团1月19日的报告指出，美线运 价"冲高后大幅回落"，欧线运价跌幅预计扩大，核心原因是终端需求疲软导致货量支撑不足。上海航运 交易所数据显示，SCFI指数连续三周下跌，美东线跌幅超8.5%，船公司为填补农历新年前后舱位主动 降价抢货。行业整体承压可能影响投资者对航运板块的情绪。 经营状况 斯蒂加斯海运2025年第三季度财报显示，尽管营收同比增长10%，但运营利用率降至90.3%，主要因现 货船闲置时间增加及航次费用上升。同期，公司船队中仅57%天数被一年期合约覆盖，其余依赖现货市 场或短期租约，在运价下行周期中可能面临收入不确定性。 ...

近7个交易日内（2026年2月6日至11日），斯蒂加斯海运股价呈现上涨趋势，区间涨幅达4.65%，从7.96 美元升至8.11美元。股价波动幅度为9.42%，最高触及8.35美元（2月11日），成交额累计约370万美 元，显示市场活跃度逐步提升。 经济观察网 机构对斯蒂加斯海运（GASS.OQ）的展望较为积极，当前有1家机构给出目标价10.00美 元，较最新股价（2月11日收盘价8.11美元）存在潜在上行空间。盈利预测显示，2024年第四季度每股 收益预计同比增长51.72%至0.29美元，但2025年第一季度可能面临短期压力，预测同比下滑16.98%。 近期航运市场出现区域分化，大西洋航线需求回升带动运价走强，而亚洲需求减弱抑制整体上行势头。 这一行业动态可能为全球航运公司提供宏观环境背景，但未直接提及斯蒂加斯海运的具体事件。 股票近期走势 近期事件 ...

Core Viewpoint - The article discusses the implications of the Panama Supreme Court's ruling that invalidated the port concession contracts of Li Ka-shing's Cheung Kong Group, transferring operational rights to Maersk, highlighting the geopolitical tensions between China and the U.S. in the maritime sector [5][6]. Group 1: Geopolitical Context - The ruling is seen as a critical event in the ongoing geopolitical struggle between China and the U.S., particularly in the maritime domain, where the U.S. has been promoting narratives of "Chinese maritime threats" [5][6]. - The U.S. maritime system relies on layered control and offshore outsourcing, leveraging its naval power for global shipping security, while China is developing an independent maritime system that challenges U.S. hegemony [6][11]. Group 2: Systemic Competition - The article emphasizes the need for a systemic analysis of significant commercial actions within the global shipping logistics sector, as they reflect power struggles over control of key supply chain segments [8][9]. - The sale of Cheung Kong's port network to a consortium led by MSC and BlackRock signifies a shift in global shipping dynamics, with potential implications for China's maritime enterprises [8][9]. Group 3: U.S. Strategic Responses - The U.S. has adopted a defensive posture, moving from offshore outsourcing to reshaping its domestic supply chains in response to perceived threats from China's maritime industry [28][30]. - Specific actions include legislative efforts to restrict the procurement of Chinese-made port equipment and investigations into China's shipbuilding capabilities, indicating a comprehensive strategy to limit China's maritime influence [29][30]. Group 4: China's Maritime Development - China's maritime industry has developed an independent and resilient supply chain, rooted in a comprehensive industrial system established over decades, which is now increasingly self-sufficient [21][24]. - The growth of China's shipping industry is driven by internal demand and has led to significant advancements in shipbuilding, port operations, and logistics, positioning it as a global leader in these sectors [24][25]. Group 5: Future Implications - The competition between the U.S. and China in the maritime sector is expected to be long-term and complex, with both nations vying for dominance in a system that is not merely about market share but involves deeper structural and geopolitical considerations [33][31]. - The evolving dynamics of global shipping will likely reshape supply chain risks and structures, reflecting the ongoing power struggle between the two nations [33][32].

Market Overview - The Hong Kong stock market showed a slight upward trend, closing up 0.31%, although trading volume has decreased [1] - Recent unfavorable data from the U.S. has led to a search for new catalysts, with U.S. Treasury Secretary emphasizing productive U.S.-China relations [1] - International gold prices have strengthened, with London gold reported at $5,051 per ounce, up 0.26%, supported by a weaker U.S. dollar [1] Sector Focus - The demand for AI chips has surged, causing tight production capacity for CTE, with major manufacturers like NVIDIA and AMD using high-end fiberglass, impacting consumer electronics [3] - The price of rare earth products has accelerated, with praseodymium and neodymium oxide prices rising by 7.59% and 6.27% respectively [4] - Tungsten prices are also increasing due to stricter supply chain controls, with black tungsten concentrate prices rising by 14.7% [4] Company Highlights - Kingsoft Cloud (金山云) has launched a new AI application firewall, which is expected to drive growth in its cloud business, with a projected revenue CAGR of 37% from Xiaomi-related transactions [2] - Bilibili (哔哩哔哩) is set to enhance its brand visibility by participating in the Spring Festival Gala, which may boost its advertising and gaming business [7] - Baidu's AI applications are expected to significantly increase advertising revenue on Bilibili, as major companies compete for traffic in AI [7] Upcoming Developments - The Hong Kong Monetary Authority is expected to issue the first licenses for stablecoin issuers next month, aiming to position Hong Kong as a global digital asset innovation hub [3] - The nickel market is anticipated to see price increases due to a significant reduction in approved production quotas by Indonesia's Ministry of Energy and Mineral Resources [6]

消息面上，2月11日，国际指数编制公司MSCI公布了其2026年2月的指数季度调整结果，本次调整将于2 月27日收盘后生效。MSCI全球小盘股指数于中国香港地区纳入德翔海运等股。兴业证券此前研报指， 公司2025下半年有望受益于1)IMO2024新规加速老旧船拆解，中小船供给缺口扩大；2)产业转移进一步 加速，东南亚地区长期需求坚挺；3)旺季运价反弹。 德翔海运(02510)涨近5%，截至发稿，涨4.73%，报9.74港元，成交额5767.96万港元。 ...

来源：智通财经 近日，航运巨头马士基（Maersk）发布2025年财报。马士基全年营收540亿美元，同比下降2.7%；息税 折旧及摊销前利润（EBITDA）约95亿美元，同比下降21.5%；息税前利润（EBIT）约35亿美元，同比 下降46.2%。 马士基此前在2025年中将全年EBITDA指引调整为80亿至95亿美元、EBIT指引调整为20亿至35亿美元。 尽管财务指标同比承压，但马士基全年业绩仍落在指引区间上限，公司盈利能力整体稳定。 同时，马士基正上调其与赫伯罗特（Hapag-Lloyd）在"双子星联盟"（Gemini Cooperation）中的财务预 期。马士基CEO柯文胜（Vincent Clerc）在投资者电话会上指出："未来该项合作每年将为马士基带来 8.2亿至11亿美元的协同收益。" "双子星联盟"成立至今已一年有余。这是马士基与赫伯罗特共同建立的长期海运合作网络，双方通过共 享船队、统一航线规划，在亚洲、欧洲和美洲等贸易通道构建起"轴辐式网络"运营东西航线船舶，目标 提升班期准点率至90%左右，并借此降低运营成本。 双子星网络规划图（来源：马士基2025年年报） 截至2025年年底，双子星 ...

我的2025年阅读，聚焦于上述国际政治经济领域，其中优秀著述不胜枚举，限于篇幅，以下略述"启予 良多"的两种著作。希望这些著作能够有助于我们在时代的剧变中寻找立足点，全面、深入地思考全球 化世界中的权力与强制、冲突与合作、历史与现实、危机与未来。 一、被没收的世界：有限性资本主义 （原标题：在动摇与龟裂中寻找立足点） 回首2025年，全球格局剧烈动荡：特朗普第二次就任美国总统，推动更强硬的保护主义与单边主义，从 欧洲大踏步撤退，转而在南美洲加紧围堵委内瑞拉；中东冲突虽有局部停火，但加沙、黎巴嫩、叙利亚 创伤深重，伊朗核问题再度紧张；俄乌战争进入胶着状态，美国主导的停战和谈进程使欧洲与乌克兰疑 虑重重；中美科技与贸易摩擦升级，全球供应链重构加速；AI国际治理碎片化，数字鸿沟扩大社会分 化；全球贸易体系加速崩解，WTO改革停滞无解，区域协定与经济武器化并行，资源有限感知放大全 球零和博弈…… 国际政治经济局势中的这些变局，并非突然发作，而是2008年全球金融危机以来全球资本主义周期性转 型的延续：从后金融危机时期的新自由主义幻灭，到疫情后国家干预的回归，再到2025年"有限性资本 主义"全面显现——资源、市场、空 ...