南财智讯10月27日电，招商南油公告，2025年前三季度公司实现营业收入426.84亿元，同比下降 14.77%；归属于上市公司股东的净利润9.47亿元，同比下降42.81%。基本每股收益0.1972元，同比下降 42.67%。 ...

格隆汇10月27日丨德翔海运(02510.HK)公布截至2025年9月30日止九个月的未经审核最新营运情况。截 至9月30日止九个月收入为9.63亿美元，同比上升0.51%。航运量123.1万次，同比下降1.2%。 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved profitability in Q3 2025, with expectations for continued high growth in 2026 [8] - Q3 2025 revenue reached 257 million yuan, a year-on-year increase of 17.17% and a quarter-on-quarter increase of 8.70% [8] - The company anticipates improved performance in Q4 2025 due to strong market demand and rising prices [8] - The operating cash flow for Q3 2025 was 115 million yuan, showing significant improvement [8] - Profit forecasts for 2025-2027 have been adjusted, with expected net profits of 50 million, 150 million, and 200 million yuan respectively, reflecting year-on-year growth rates of 127%, 192%, and 31% [8] Financial Summary - Total revenue for 2023 is projected at 890.80 million yuan, with a year-on-year decrease of 23.10% [1] - The net profit attributable to shareholders for 2025 is estimated at 51.38 million yuan, with a year-on-year increase of 126.72% [1] - The latest diluted EPS for 2025 is expected to be 0.09 yuan per share [1] - The company’s P/E ratio is projected to decrease from 252.42 in 2024 to 111.34 in 2025 [1] - The company’s total assets are expected to grow from 4,491 million yuan in 2025 to 5,461 million yuan in 2027 [9]

Group 1: Market Analysis and Strategy Recommendation - The Sino-US tariff negotiation has reached a preliminary consensus, and the EC futures market continues to bet on the subsequent freight rate trend. Pay attention to the possible improvement of tariffs on shipments. On October 27, EC2512 closed at 1775 points, down 3.06% from the previous day. The latest SCFIS European line index released after the market today was 1312.71 points, up 15.11% month-on-month [6]. - The spot freight rate spread among major shipping companies has widened again. Considering the improvement of long-term contract cargo receipts, the spot freight rate center is expected to gradually rise. It is expected that the spot freight rate will gradually increase from November to December, and shipping companies are expected to continue to announce price increases [7]. - In terms of fundamentals, the demand for shipments is expected to gradually improve from November to December. The supply capacity in December will increase slightly. The Sino-US ship sanctions will bring cost increases and short-term supply chain disruptions. The progress of the ceasefire agreement in the Middle East is tortuous, and the Sino-US tariff negotiation sentiment has eased [7][9]. - Trading strategy: Hold the long position of EC2512 and pay attention to the Palestine-Israel negotiation, Sino-US tariff negotiation, and port congestion. For arbitrage, take a wait-and-see approach [10][11]. Group 2: Industry News - Sino-US held economic and trade consultations in Kuala Lumpur, Malaysia, and reached a preliminary consensus on issues such as export control, suspension and extension of reciprocal tariffs, fentanyl, and ship fees [12]. - The United States signed a critical minerals agreement with Thailand and will maintain a 19% tariff on Thailand; reached a trade agreement framework with Vietnam and will maintain a 20% tariff on Vietnam; Trump suspended tariffs during the meeting with the Brazilian president [12]. - The United States threatened to impose an additional 10% tariff on Canada, and Canada expressed dissatisfaction [12]. - Israel approved the entry of an Egyptian technical team to search for hostages, and Palestinian factions agreed to establish an independent technical bureaucracy to govern the Gaza Strip, and Hamas will transfer administrative control to a temporary committee [13][14][15]. Group 3: Data Summary Futures Disk | Futures Contract | Closing Price | Change | Change Rate | Trading Volume (Lots) | Increase/Decrease Rate | Open Interest (Lots) | Increase/Decrease Rate | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2510 | 1,130.9 | -6.9 | -0.61% | 1,377.0 | 68.54% | 3,428.0 | -20.13% | | EC2512 | 1,775.0 | -56.0 | -3.06% | 27,748.0 | -20.98% | 27,995.0 | -7.45% | | EC2602 | 1,571.6 | -29.4 | -1.84% | 6,174.0 | 55.48% | 13,138.0 | 14.15% | | EC2604 | 1,178.8 | -0.8 | -0.07% | 2,045.0 | 18.48% | 14,146.0 | -0.55% | | EC2606 | 1,387.1 | -10.8 | -0.77% | 109 | -61.75% | 1,371 | -0.44% | | EC2608 | 1,480.3 | -28.7 | -1.90% | 138 | -22.91% | 1,249 | 2.63% | [4] Monthly Spread Structure | Spread | Change | Spread | Change | | --- | --- | --- | --- | | EC10 - EC12 | -644 | 49.1 | EC10 - EC02 | -441 | 22.5 | | EC12 - EC02 | 203 | -26.6 | EC10 - EC04 | -48 | -6.1 | | EC12 - EC04 | 596 | -55.2 | EC12 - EC06 | 388 | -45.2 | | EC02 - EC04 | 393 | -28.6 | EC04 - EC06 | -208 | 10.0 | [4] Container Freight Rates | Container Freight Rate (Weekly) | Price | Month-on-Month (%) | Year-on-Year (%) | Container Freight Rate (Weekly) | Price | Month-on-Month (%) | Year-on-Year (%) | | --- | --- | --- | --- | --- | --- | --- | --- | | SCFIS European Line (Points) | 1312.71 | 15.11% | -40.54% | SCFIS US West Line (Points) | 1107.32 | 28.24% | -60.70% | | SCFI: Composite Index | 1403.46 | 7.11% | -31.94% | SCFI: Shanghai - West Africa (USD/TEU) | 3755 | 5.64% | -15.20% | | SCFI: Shanghai - US West (USD/FEU) | 2153 | 11.21% | -54.44% | SCFI: Shanghai - South Africa (USD/TEU) | 2851 | 1.40% | -32.98% | | SCFI: Shanghai - US East (USD/FEU) | 3032 | 6.27% | -38.98% | SCFI: Shanghai - South America (USD/TEU) | 2619 | -1.47% | -58.00% | | SCFI: Shanghai - Europe (USD/TEU) | 1246 | 8.82% | -36.10% | SCFI: Shanghai - Japan Kansai (USD/TEU) | 312 | 0.00% | 3.31% | | SCFI: Shanghai - Mediterranean (USD/TEU) | 1764 | 9.36% | -23.70% | SCFI: Shanghai - Japan Kanto (USD/TEU) | 321 | 0.00% | 5.59% | | SCFI: Shanghai - Persian Gulf (USD/TEU) | 1423 | 14.02% | 19.28% | SCFI: Shanghai - Southeast Asia (USD/TEU) | 466 | 3.79% | 10.95% | | SCFI: Shanghai - Melbourne (USD/TEU) | 1385 | 5.64% | -31.64% | SCFI: Shanghai - South Korea (USD/TEU) | 138 | 0.00% | -4.17% | [4] Fuel Costs | WTI Crude Oil Near - Month (USD/Barrel) | Price | Month-on-Month (%) | Year-on-Year (%) | Brent Crude Oil Near - Month (USD/Barrel) | Price | Month-on-Month (%) | Year-on-Year (%) | | --- | --- | --- | --- | --- | --- | --- | --- | | | 60.86 | | -0.38% | -14.59% | 64.92 | -0.52% | -14.0% | [4]

Group 1 - The company Pacific Shipping (02343) announced a share buyback plan, intending to repurchase shares at a total cost of HKD 20.2 million [1] - The buyback will involve acquiring 8,000 shares at a price of HKD 2.53 per share [1]

智通财经APP讯，太平洋航运(02343)发布公告，于2025年10月27日该公司斥资2.02万港元回购8000港 元，回购价格为每股2.53港元。 ...

Report Information - Report Title: Fixed Income Report - Release Time: October 27, 2025 - Analysts: Liang Weichao, Cui Chao - SAC Registration Numbers: S1340523070001, S1340523120001 - Email: liangweichao@cnpsec.com, cuichao@cnpsec.com [2] Core Viewpoints - High - frequency economic data focuses on four aspects: steel production is stable with a slight increase, asphalt开工率 is continuously declining at a high level, PX and PTA开工率 remain flat, and tire开工率 slightly increases; the real estate market shows marginal improvement with increases in both commercial housing transactions and land supply areas; overall prices are rising, with significant increases in crude oil and coking coal prices, continuous increase in copper prices, and accelerated upward movement in overall agricultural product prices; domestic and international freight rate indices show a divergent trend, with BDI changing from rising to falling and domestic SCFI and CCFI both rising. Short - term attention should be paid to the implementation of anti - involution and incremental policies and the recovery of the real estate market [2][30] Summary by Section Production - Steel production is stable with a slight increase, and tire开工率 is generally on the rise. In the week of October 24, the coke oven capacity utilization rate decreased by 0.83 pct, the blast furnace开工率 increased by 0.44 pct, and the rebar production increased by 5.91 tons; the petroleum asphalt开工率 decreased by 4.7 pct; the chemical PX and PTA开工率 remained the same as the previous week; the full - steel tire开工率 of automobiles increased by 1.06 pct, and the semi - steel tire开工率 increased by 0.95 pct [2][3][9] Demand - The real estate market shows marginal improvement, and SCFI continues to rise. In the week of October 19, the commercial housing transaction area continued to recover, the inventory - to - sales ratio increased, the land supply area recovered, and the residential land transaction premium rate increased; the movie box office decreased by 1.19 billion yuan compared with the previous week; the daily average retail sales of automobile manufacturers decreased by 21,000 vehicles, and the daily average wholesale sales increased by 11,000 vehicles. In the week of October 24, the shipping index SCFI increased by 7.11%, CCFI increased by 2.02%, and BDI decreased by 3.77% [2][3][12] Prices - Crude oil, coking coal, and non - ferrous metals all increased, and the upward movement of agricultural products accelerated. On October 24, the Brent crude oil price increased by 7.59% to $65.94 per barrel, the coking coal futures price increased by 5.66% to 1,251.5 yuan per ton, the LME copper, aluminum, and zinc futures prices changed by +3.21%, +2.81%, and +2.62% respectively, and the domestic rebar futures price increased by 0.23%; the overall agricultural product prices increased, with the agricultural product wholesale price 200 index increasing by 2.11%. The prices of pork, eggs, vegetables, and fruits changed by -1.66%, -1.99%, +5.92%, and -1.40% respectively compared with the previous week [3][20][23] Logistics - The number of domestic flights slightly recovered, and the peak congestion index in first - tier cities continued to decline. In the week of October 24, the subway passenger volume in Beijing slightly increased and that in Shanghai slightly decreased, the number of domestic flights increased while the number of international flights decreased, and the peak congestion index in first - tier cities continued to decline [3][26][27] Summary - Crude oil and coking coal prices significantly increased, and copper prices continued to rise. High - frequency economic data focuses on production, demand, prices, and logistics. Short - term attention should be paid to policy implementation and the real estate market recovery [30]

目前来看，集运指数（欧线）行情呈现震荡下行走势，盘面表现偏弱。对于集运指数（欧线）后市行情 将如何运行，相关机构观点汇总如下： 广州期货分析称，宏观方面，中方表示，中美双方就妥善解决彼此关注的多项重要经贸议题形成初步共 识，下一步将履行各自国内批准程序。10月24日，SCFI欧洲航线指数为1246美元/TEU，较上期上涨 8.8%。以色列无人机25日晚袭击了加沙地带某难民营，打死一名"即将（对以军）发动袭击"的杰哈德武 装人员，加沙停火协议仍具有反复性。线上运价方面，CMA11月15日开舱价为1820/3231，其中大柜报 价较11月上旬调涨400；HMM11月11日报价1318/2206，其中大柜报价下跌400。综合而言，中美经贸摩 擦缓和预期或带来边际提振，MSC和HMM下调11月上旬报价，船司11月宣涨预期有待验证。期价随资 金博弈波动，谨慎操作。 申银万国期货指出，当前随着现货市场节奏来到11月，市场继续博弈年底旺季空间，从目前马士基的开 舱来看，尽管11月初开舱存在打折，但打折力度有限，上行驱动持续累积中。在马士基的带头挺价开舱 下，整体当前船司年底挺价相对积极，但在运力调控相对有限的情况下，市场对 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The current sanctions have little impact on the European shipping routes, which are in the regular year - end price - holding stage. The first round of price - holding in late October to stop the price decline has shown initial results, and it has entered the second round in early November. There will be multiple rounds of price - holding in the next two months, so the seasonal expectations are in advance. The report suggests a wait - and - see strategy as the short - term peak - season price increase cannot be disproven, and the market is in a relatively strong and volatile state. Future attention should be paid to Sino - US relations, end - of - month loading conditions, and November's empty - sailing situation [6][7] 3. Summary by Relevant Catalogs Shipping Derivatives Data - **China Export Container Freight Rates**: The SCFI - US West index increased by 6.27%, SCFI - US East by 7.11%, SCFI - Northwest Europe by 11.21%, SCFI - Mediterranean by 8.25%, while the comprehensive index SCFI decreased by 1.60%, and SCFIS - US West decreased by 100.00% (the reason for this extreme decrease needs further investigation). The SCFIS - Northwest Europe decreased by 1.43% [3] - **Contract Data**: For contracts such as EC2506, EC5602, etc., the price change rates range from - 0.06% to 1.59%. Regarding the contract positions, for example, EC2606's position increased from 1399 to 1402, while EC2410's position decreased from 5583 to 4818. The month - to - month spreads like 10 - 12, 12 - 2, and 12 - 4 also have corresponding changes [3][4] Market News and Observations - US Treasury Secretary Scott Bessent reached a "very substantial framework agreement" with Chinese Vice - Premier He Lifeng, which will avoid 100% US tariffs on Chinese products and extend China's rare - earth export controls [5] - US President Donald Trump is confident in reaching an agreement with Chinese leaders after the preliminary consensus reached in the Sino - US high - level economic officials' trade consultations [5] - Shipping companies like CMA CGM, Maersk, and MSC are re - flagging some ships to India, indicating the strong future growth potential of the Indian market and the effectiveness of India's maritime development strategy, in contrast to the relatively weak results of the US maritime revitalization in 2025 [5] - The Suez Canal Authority expects its 2026 revenue to reach about $8 billion, up from the current approximately $4 billion [5] - The US and Vietnam have reached an agreement on a "reciprocal, fair, and balanced trade framework agreement" to strengthen bilateral economic relations [5] EC Market - **Market Condition**: The market is in a volatile state. The spot prices vary in late October and early November. In late October, prices range from 1350 to 2600, and in early November, they range from 1350 to 2800 [6] - **Logic**: Sanctions have little impact on the European routes. The routes are in the year - end price - holding stage, with the first round of price - holding in late October showing initial results and entering the second round in early November [6] - **Strategy**: The recommended strategy is to wait and see, as the short - term peak - season price increase cannot be disproven, and the market is in a relatively strong and volatile state [7]

投资咨询业务资格：证监许可【2012】31号 【集运指数欧线周报（EC）】 宏观扰动及旺季预期先行，带动EC主力反弹 国贸期货 能源化工研究中心 2025-10-27 卢钊毅 从业资格证号：F3171622 投资咨询证号：Z0021177 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 01 PART ONE 主要观点及策略概述 集运指数：宏观扰动及旺季预期先行，带动E C主力反弹 | 影响因素 驱动 | | 主要逻辑 | | --- | --- | --- | | 现货运价 利多 | | 10月下旬马士基报价1800-1900，HPL报价1900、OOCL报价2600，CMA报价2100，EMC报价2050、MSC报价2050，YML报价1350，ONE报价1450；11月 | | | | 上旬HPL报价2500、CMA报价2800，EMC报价2700、MSC报价2550，YML报价1350，ONE报价2550。 | | | | 【1】美国财政部长斯科特·贝森特周日表示，他已与中国副总理何立峰达成"一项非常实质性的框架协议"，该协议将避免对中国产品征收 ...