Core Insights - In the first three quarters of this year, the Taizhou Maritime Bureau processed 41 ship mortgage registrations, facilitating a financing amount of 410.5 million yuan, representing a year-on-year increase of 64.6% [1] Group 1: Service Improvements - The Taizhou Maritime Bureau provides "nanny-style" assistance for ship mortgage registration, addressing common issues such as incomplete or non-compliant application materials, thereby enhancing approval efficiency and reducing the need for applicants to make multiple trips [3] - The bureau has implemented a "full-process" efficient service model, ensuring strict adherence to legal and financial regulations while significantly reducing the average processing time by approximately 70% compared to statutory limits [5] Group 2: Digital Initiatives - The bureau has launched the first provincial smart shipping finance platform, which utilizes data to enhance risk control in shipping finance, thereby rebuilding trust between financial institutions and shipping companies, resulting in a financing amount of 241 million yuan for 20 ships, with an average financing amount of 12 million yuan per case [8] Group 3: Future Plans - The Taizhou Maritime Bureau aims to continuously optimize ship mortgage financing services, support multi-channel financing for enterprises, and enhance the efficiency of ship registration work to promote high-quality development in shipping finance [10]

Core Insights - Xingtong Co., Ltd. (603209.SH) released its Q3 2025 report on October 25, 2025, indicating a total of 54.85 million A-shares held by five institutional investors, accounting for 16.88% of the total share capital [1] Institutional Holdings - The institutional investors include Xiong'an and Hai Chuang Investment Partnership, Xiamen Jianfa New Industry Equity Investment No. 11 Partnership, Guangdong Hengjian International Investment Co., Ltd., Guoxing (Xiamen) Private Fund Management Co., Ltd., and Xingtong Shipping Co., Ltd. - 2024 Employee Stock Ownership Plan [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 3.90 percentage points [1] Public Fund Disclosure - In this period, 48 public funds were disclosed, including funds such as the CCB New Vitality Flexible Allocation Mixed A, Oriental Red Vision Value Mixed A, and HSBC Jintrust Strategy Preferred Mixed A [1]

每经AI快讯，10月25日，上海航运交易所官微发布中国出口集装箱运输市场周度报告显示，本周，中 国出口集装箱运输市场行情延续反弹走势，运输需求保持稳定，多数航线市场运价上涨，带动综合指数 上行。10月24日，上海航运交易所发布的上海出口集装箱综合运价指数为1403.46点，较上期上涨 7.1%。 ...

Group 1: Shipping Industry - The SCFIS European route index increased by 10.52% to 1140.38 points, driven by severe congestion at European ports and delays in shipping schedules [1] - Demand is boosted by the pre-Christmas shipping peak and announcements of rate increases by shipping companies in November [1] - Uncertainty in supply due to COSCO and MSC suspending or delaying certain routes, with multiple vessels pending in December [1] Group 2: Oil Market - New sanctions by the US and EU against Russia have led to a short-term rebound in oil prices, raising concerns about supply constraints [1] - US and product oil inventories are generally declining, while the number of active drilling rigs has increased only slightly, indicating limited production growth [1] - OPEC+ and non-OPEC producers plan to increase output, with warnings of a potential surplus of 4 million barrels per day next year [1] Group 3: Fuel Oil - Sanctions against Russia have strengthened the cost support logic for fuel oil, with expectations of a decline in high-sulfur fuel oil exports from Russia [1] - Increased downstream shipping activities post-holiday are expected to improve short-term procurement demand [1] - There is a lack of significant supply contraction despite high inventories of high-sulfur fuel oil and stable inflows from Russia [1] Group 4: Lithium Carbonate - Production of cathode materials is on the rise, driven by pre-released demand for new energy vehicles [1] - Weekly visible inventory continues to decrease, with stable growth in new energy vehicle production and sales [1] - Global lithium resources are still in an expansion cycle, with new production lines coming online [1] Group 5: Coking Coal - Stricter environmental and safety inspection policies are causing ongoing disruptions in coal supply [1] - Most coal mines in Shanxi are at low inventory levels, while domestic steel mills are operating at high capacity [1] - Expectations for a second round of price increases for coke are likely to materialize soon [1] Group 6: Egg Market - Increased replenishment activity from downstream traders and expectations of supply improvements due to deep losses in breeding operations [2] - Seasonal temperature drops are improving storage conditions for eggs, leading to increased holding sentiment among producers [2] - The theoretical inventory of laying hens remains high, raising concerns about long-term demand growth [2] Group 7: Precious Metals - Overcrowding in long positions and a temporary easing of risk aversion have impacted the precious metals market [2] - The end of the traditional gold buying season in India has contributed to a decline in ETF holdings [2] - Ongoing expectations for Fed rate cuts and potential monetary easing cycles in major economies could influence gold prices [2]

Core Viewpoint - Fujian Guohang Ocean Transportation (Group) Co., Ltd. has decided to terminate its previously planned $5 million capital increase for its wholly-owned subsidiary, Guodian Shipping (Hong Kong) Co., Ltd., maintaining its registered capital at $5.33 million [1][2]. Background of Capital Increase and Adjustment Reasons - The initial plan was approved on August 22, 2025, to convert $5 million in dividends receivable from Guodian Shipping into an investment in Guodian Shipping (Hong Kong), increasing its registered capital from $5.33 million to $10.33 million [2]. - The decision to terminate the capital increase was made on October 22, 2025, based on two main considerations: the current registered capital of $5.33 million is sufficient for the subsidiary's operational needs, and increasing the capital could elevate operational risks, which contradicts the company's risk management and resource optimization principles [2]. Adjusted Arrangements and Impact on the Company - Following the termination of the capital increase, the registered capital of Guodian Shipping (Hong Kong) will remain at $5.33 million. The company will reassess the capital adjustment plan based on future business development, market demand, and overall strategic layout [3]. - The company emphasized that this adjustment aligns with its strategic development plan and will not significantly impact the financial status of the company or its subsidiaries, nor will it harm the interests of the company and its shareholders, particularly minority shareholders [3].

周安介绍了苏豪创科集团的业务布局与发展成果。他表示，新加坡作为全球知名的金融中心和航运中 心，为苏豪创科海外有限公司的发展提供了独特优势。未来，公司将聚焦船舶贸易、航运服务等核心业 务，全力打造专业化的海外贸易平台，并以海外公司为纽带，深化与各方伙伴的交流合作，实现资源共 享、优势互补，共创共赢。 开业当天，苏豪创科海外有限公司即取得丰硕成果。公司与浙江海运（新加坡）公司达成63500吨散货 船合作意向，总金额达1.5亿美元；同时，与蓉达海运（新加坡）公司、德运海运（新加坡）公司就未 来新造船合作展开深入探讨，为后续合作奠定坚实基础。 10月20日，江苏苏豪创科海外有限公司在新加坡新达城举行揭牌仪式，标志着苏豪控股集团在国际化战 略布局中迈出关键一步。苏豪控股集团副总裁丁海出席仪式并致辞，苏豪创科集团党委书记、董事长周 安及多家航运企业代表共同见证了这一重要时刻。 在揭牌仪式上，丁海指出，面对日益激烈的国际市场竞争，企业"出海"是应对全球形势挑战、开拓新局 的重要战略。他表示，苏豪创科海外有限公司的成立，将成为推动公司智能创新与船舶制造协同转型的 重要平台，助力集团打造全球竞争新优势。 值得一提的是，10月1 ...

瑞达期货研究院 「2025.10.24」 集运指数（欧线）期货周报 关 注 我 们 获 取 更 多 资 讯 添加客服 作者：廖宏斌 期货投资咨询证号： Z0020723 联系电话：0595-86778969 业务咨询 目录 1、行情回顾 2、消息回顾与分析 3、图表分析 4、行情展望与策略 周度要点总结 一、行情回顾 2020.06.30 厦门 行情回顾 本周集运指数（欧线）期货价格集体上涨，主力合约EC2512收涨10.42%，远月合约收涨4-10%不等。最新SCFIS欧 线结算运价指数为1031.80，较上周回升108.58点，环比上行10.5%，现货指标转降为升，提振期价运行。主流船司相 继发布11月涨价函，且马士基10月中下旬挺价基本成功，提高了市场对于11月涨价成功的信心。鹿特丹港集装箱装卸 业务全面停滞，超60艘船舶在海上停泊等待，区域供应链不确定性加剧；近期，特朗普改口承认对华高额关税"不可 持续"，从145%峰值转向希望通过协商达成"公平协议"，10月17日，特朗普在福克斯商业频道采访中坦言，对中国 商品征收的高额关税不会长期存在，并透露将在两周后在韩国与中国最高领导人会面，持续释放的缓和信号 ...

Core Insights - The company reported a third-quarter revenue of 396 million yuan, representing a year-on-year increase of 1.43%, while net profit decreased by 40.49% to 58.11 million yuan [1] - For the first three quarters, the company achieved a revenue of 1.183 billion yuan, up 1.8% year-on-year, but net profit fell by 30.31% to 194 million yuan, with basic earnings per share at 0.65 yuan [1] Revenue and Profit Analysis - The decline in net profit is attributed to insufficient operating rates at downstream refineries, lower freight rates compared to the previous year, and a high base from international business last year [1] - The increase in operational costs is driven by the expansion of the fleet, an increase in personnel, and rising employee stock incentive amortization expenses [1]

格隆汇10月24日丨安通控股(600179.SH)公布，2025年前三季度公司实现营业收入65.37亿元，同比增长 22.65%；归属于上市公司股东的净利润6.64亿元，同比增长311.77%。基本每股收益0.1569元。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The container shipping long - term contract season has gradually started. With the improvement of long - term contract cargo volume of shipping companies, the spot freight rate stopped falling and rebounded in October. The freight rate is expected to continue to rise from November to December [3][4][153]. - The supply and demand situation shows that the cargo volume in October is in the off - season, and the shipping volume is expected to improve from November to December. The supply side has seen additional blank sailings by mainstream shipping companies [4][153]. - Sino - US ship sanctions have begun to levy port fees, which are expected to increase costs and may cause short - term supply chain disruptions [4][154]. - The progress of the cease - fire negotiation in the Middle East is tortuous, and the Sino - US tariff negotiation sentiment has eased. Attention should be paid to the subsequent negotiation progress [4][154]. 3. Summary by Relevant Catalogs 3.1 Market Review - In October, the container shipping market was still in the off - season. Affected by factors such as the long - term contract season, the cease - fire agreement in the Middle East, and the price adjustment of some shipping companies, the EC disk showed an overall volatile trend. By the end of October, with the improvement of long - term contract filling, the freight rate stabilized and rebounded, and the EC disk gradually strengthened [9]. 3.2 Fundamental Situation 3.2.1 Shipping Company Cargo Collection and Freight Rate - The long - term contract season has arrived, and the spot freight rate has gradually stabilized and rebounded. However, the difference in cargo collection among shipping companies has led to a spread of 500 - 600 US dollars/FEU between mainstream shipping companies. The OA alliance has a good cargo collection situation, and the spot freight rate is expected to continue to rise [18]. - In October, the average value of SCFI decreased compared with September and last October. As of October 17, the SCFI comprehensive freight rate index increased compared with the previous period but decreased compared with the same period last year [19]. - The trans - Atlantic route capacity has decreased. In October, the average daily container ship capacity deployment in Europe decreased by 0.21% compared with the previous month, and the trans - Atlantic decreased by 3.14% [38]. - In October, the container ship rental market was still hot, and the average daily rent continued to rise. The average daily profit of container ships in October was 46,521 US dollars/day, a slight increase from September [42]. 3.2.2 Supply and Idle Capacity - In September, the global container new - ship delivery volume decreased by 23.8% month - on - month and 22.6% year - on - year. The new order volume increased by 31.9% month - on - month but decreased by 16% year - on - year. It is expected that there will be a new ship delivery peak starting from 2026 [47]. - In October, the global container idle capacity increased significantly compared with the previous month. As of October 19, 2025, the global container idle capacity was 815,000 TEU, an increase of 57.7% compared with the same period last month [65]. 3.2.3 Route and Port Conditions - As of October 21, 2025, there were 267 container ships on the European and Mediterranean routes detouring, accounting for about 70%. The cease - fire negotiation in the Middle East is tortuous, and it will take time for shipping companies to resume navigation [80]. - In October, there were frequent strikes in Nordic ports, which affected port operations and caused serious ship congestion. As of October 20, the global container port congestion index increased slightly compared with September [88][89]. - China has taken measures to levy special port fees on US ships, and some ships are trying to avoid the fees. The port fees on the Sino - US route will increase, and the single - box cost of container ships will also increase [121][124]. 3.2.4 Trade and Economic Situation - In September, China's exports showed strong resilience, with a year - on - year increase of 8.3%. China actively diversified its markets, and the export of mechanical and electrical products maintained an advantage [126][127]. - In September, the manufacturing PMI in the eurozone unexpectedly fell back into the contraction range, showing a weak manufacturing situation. The economic trends of Germany and France were different [144]. - In August 2025, the container shipping volume from Asia to Europe increased year - on - year, while that to North America decreased. The shipping volume from Asia to the world and the global container shipping volume also showed different trends [146]. 3.3 Future Outlook and Strategy Recommendations - The freight rate is expected to continue to rise from November to December. The supply side has additional blank sailings, and attention should be paid to the impact of tariff policies on the shipping rhythm [153][154]. - Strategy recommendations include continuing to hold long positions in EC2512 and considering taking profits at high levels for the 2 - 4 positive spread [7][154].