Core Insights - The collaboration between the Yangtze Shanghai Navigation Administration and the Yangtze Pilot Center aims to enhance the integration of intelligent shipping and promote the "131" Smart Yangtze initiative, focusing on complementary advantages and collaborative innovation [1][2] - Embracing digital transformation is seen as essential for improving the economic efficiency of Yangtze shipping and enhancing the core competitiveness of inland shipping [1] Summary by Categories Collaboration and Development - The two parties have established a consensus on three core directions for business integration: improving cooperation mechanisms, promoting data resource sharing, and enhancing technical collaboration [1] - A cooperative framework is to be formed that emphasizes shared goals, responsibilities, and outcomes to ensure effective implementation of initiatives [1] Data and Technology - There is a strong emphasis on data sharing and integration to empower core business decisions and improve overall operational efficiency in shipping [1] - The integration of technical resources and practical experiences is crucial for accelerating the transformation of technological achievements into practical applications [1] Future Outlook - The recent discussions are viewed as a starting point for deepening collaboration and promoting the development of intelligent shipping applications, aiming to create a new paradigm for Yangtze shipping [2]

Core Viewpoint - The company, Haifeng International, reported a significant increase in revenue and container throughput for the nine months ending September 30, 2025, compared to the same period in 2024, indicating strong operational performance and growth in the shipping industry [1]. Financial Performance - Revenue increased by approximately 16.6% from about 2,108.5 million USD for the nine months ending September 30, 2024, to about 2,458.9 million USD for the nine months ending September 30, 2025 [1]. - The average freight rate (excluding slot exchange fee income) rose by about 9.2%, from 691.0 USD per TEU in 2024 to 754.9 USD per TEU in 2025 [1]. Operational Metrics - Container throughput reached 2,749,844 TEUs for the nine months ending September 30, 2025, representing an increase of approximately 7.8% from 2,550,463 TEUs in the same period of 2024 [1].

Core Viewpoint - The company reported a significant increase in revenue and container throughput for the nine months ending September 30, 2025, compared to the same period in 2024 [1] Financial Performance - Revenue increased from approximately $2.1085 billion for the nine months ending September 30, 2024, to about $2.459 billion for the same period in 2025, representing a growth of approximately 16.6% [1] - The average freight rate (excluding slot exchange fee income) rose to $754.9 per TEU in the nine months ending September 30, 2025, up from $691.0 per TEU in the same period of 2024, marking an increase of about 9.2% [1] Operational Metrics - The company's container throughput reached 2.7498 million TEUs for the nine months ending September 30, 2025, which is an increase of approximately 7.8% from 2.5505 million TEUs in the same period of 2024 [1]

Core Insights - The company, Haifeng International, reported a revenue increase of approximately 16.6%, rising from about $2.1085 billion for the nine months ending September 30, 2024, to approximately $2.459 billion for the nine months ending September 30, 2025 [1] Revenue Performance - Revenue for the nine months ending September 30, 2025, is approximately $2.459 billion, up from $2.1085 billion in the same period of 2024, reflecting a growth of about 16.6% [1] Container Volume - The total container volume for the nine months ending September 30, 2025, reached 2.7498 million TEUs, which is an increase of approximately 7.8% compared to 2.5505 million TEUs in the same period of 2024 [1] Average Freight Rate - The average freight rate (excluding slot exchange fee revenue) for the nine months ending September 30, 2025, was $754.9 per TEU, representing an increase of about 9.2% from $691.0 per TEU in the same period of 2024 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 SITC International Holdings Company Limited 1308 (1)截至二零二五年九月三十日止九個月的未經審核經營數據 及 (2)有關二零二四年年報的補充公告 截至二零二五年九月三十日止九個月的未經審核經營數據 於年報日期，根據股份計劃可發行的股份總數為264,347,788股，相當於本公 司於該日期已發行股本約9.84%。 承董事會命 海豐國際控股有限公司 海豐國際控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）謹此公佈本集團截至二零二五年九月三十日止九個月的若干 未經審核經營數據及二零二四年同期的比較數字。 本集團的收入由截至二零二四年九月三十日止九個月的約2,108.5百萬美元增加 約16.6%至截至二零二五年九月三十日止九個月的約2,458.9百萬美元。截至二 零二五年九月三十日止九個月，本集團的集裝箱運量為2,749 ...

Core Viewpoint - The significant fluctuation in gross margin of Haitong Development (603162.SH) has drawn attention, with a drop from 40.06% in 2022 to 15.01% in 2023, followed by a recovery to 20.05% in 2024, and a further decline to 11.65% in the first half of 2025 [1][2] Group 1: Gross Margin Fluctuations - The gross margin changes are primarily influenced by the cyclical fluctuations in the global dry bulk shipping market [1] - The Baltic Dry Index (BDI) averaged a 28.72% year-on-year decline in 2023 due to macroeconomic weakness and geopolitical factors, leading to a significant drop in the company's freight revenue [1] - In 2024, the BDI index increased by 27.36% year-on-year, and the company expanded its capacity by acquiring 17 new vessels, which helped to rebound the gross margin [1] - However, in the first half of 2025, the BDI average declined by 30% year-on-year, coupled with increased vessel maintenance costs and incomplete benefits from new ships, further pressuring the gross margin [1] Group 2: Business Structure Changes - The company actively expanded its external chartering business, with its revenue share increasing from 32.85% to 49.29%, but this segment has a gross margin of less than 10%, significantly lower than the self-operated shipping business [2] - The self-operated shipping business is the core source of gross margin, with its margin fluctuations closely aligned with market freight trends [2] - In 2023, the domestic charter business saw a 32.19% year-on-year decline in unit price, resulting in a gross margin drop to 3.10% [2] - The overseas time charter business experienced a more than 50% decline in daily rental rates in 2023, leading to a gross margin decrease of 28.31 percentage points, although improvements are expected in 2024 as rental rates recover [2]

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report Recently, the futures market has been strong due to shipping companies' additional sailings cancellations and good cargo receipts on multiple routes at the end of October. The current valuation of the December contract is high, but considering the upcoming price increase announcements and the upward momentum during the long - term contract signing season, the strategy of buying on dips for the December contract remains unchanged. There may be short - term downward fluctuations, and attention should be paid to possible price cuts by shipping companies in early November. Against the backdrop of geopolitical uncertainties, the February contract may have more upside potential with the arrival of the peak season, but geopolitical fluctuations also exist. The April contract is recommended to be shorted on rallies, but it may follow the near - term contracts and show a slightly stronger trend during the peak season from November to January, and positions can be gradually established [1]. 3) Summary by Relevant Catalogs Futures Contract Data - **Contract Prices and Changes**: On October 24, 2025, the closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 were 1136.1, 1793.1, 1582.0, 1171.8, and 1374.8 respectively, with changes of - 0.04%, 0.27%, - 0.06%, 0.03%, and 1.59% [1]. - **Volume and Open Interest**: The trading volumes of EC2512, EC2602, and EC2604 were 21899, 2589, and 1290 respectively, and the trading volume of EC2510 was 932. The open interests of EC2510, EC2512, EC2602, and EC2604 decreased by 765, 94, 126, and 263 respectively [1]. - **Month - to - Month Spreads**: The spreads of EC2510 - 2512, EC2512 - 2602 were - 657.0 and 211.1 respectively, with day - on - day changes of - 5.3 and 5.7, and week - on - week changes of - 99.2 and 28.4 [1]. Spot Index Data - **Spot Indices and Changes**: As of October 20, 2025, the spot index was 1140.38, up 10.52% from the previous period. The SCFI (October 17, 2025) was 1145 US dollars/TEU, up 7.21% from the previous period. The CCFI (October 17, 2025) was 1267.91, down 1.49% from the previous period. The NCFI (October 17, 2025) was 803.21, up 14.96% from the previous period [1]. Recent European Line Quotations - **Current Booking Situation**: Currently, downstream customers are booking cabins for the end of October and early November (Week 44 - 45). The offline quotes for Week 44 are PA1400, GEMINI1600, and OA1800 US dollars [2]. - **Price Increase Announcements**: Shipping companies have announced price increases to 2500 - 2700 US dollars, with an average equivalent of about 1800 points on the futures market. On Tuesday, MSK opened bookings at 2350 US dollars, in line with expectations [2]

Core Insights - The report highlights the recent economic data indicating a slight increase in US existing home sales to an annualized rate of 4.06 million units, marking the highest level in seven months [4] - It also notes that Japan's largest labor union is pushing for a minimum 5% wage increase next year, reflecting ongoing inflationary pressures [4] - The report mentions that South Korea's central bank has maintained its benchmark interest rate at 2.5% for the third consecutive time, indicating a cautious approach to monetary policy [4] Economic Data Summary - The Baltic Dry Index closed at 2092.00, down 0.10% [5] - The Nasdaq Index rose by 0.89% to close at 22941.80, while the Dow Jones Industrial Average increased by 0.31% to 46734.61 [5] - The ICE Brent crude oil price increased by 5.38% to $65.96, and the CME Bitcoin futures rose by 1.67% to $109750.00 [5] - The US dollar index was slightly up by 0.03% to 98.93, while the London gold spot price increased by 0.70% to $4126.49 [5] - The Hang Seng Index closed at 25967.98, up 0.72%, and the Shanghai Composite Index rose by 0.22% to 3922.41 [5]

Group 1: Overall Market Performance - Most domestic commodity futures rose, with the black - series leading the gains [1] - The CSI 300 futures had a daily increase of 0.38%, a weekly increase of 28.55, a quarterly decrease of 0.81%, and a year - to - date increase of 16.83% [3] - The Shanghai Stock Exchange 50 futures had a daily increase of 2.05%, a weekly increase of 10.18, and a year - to - date increase of 12.91% [3] Group 2: Macroeconomic Analysis Overseas Macro - The current volatility level in the overseas macro - environment is in a low - level accumulation stage. The "bad news is good news" logic may be coming to an end, and the internal volatility energy in the US is being accumulated, with a possible staged increase [7] - The US economic aggregate showed little growth, with a "K - shaped" structural characteristic. Government shutdown may widen the error and expected difference in inflation data. US regional banks are under pressure again [7] Domestic Macro - China's economic and financial data in September showed relative resilience, with structural highlights. Policy expectations were further strengthened, which is expected to boost physical work volume in the fourth quarter [7] - China's Q3 GDP increased by 4.8% year - on - year, and the cumulative GDP in the first three quarters increased by 5.2% year - on - year. September's social retail sales increased by 3.0% year - on - year [7] Group 3: Asset Views - There is a risk of increased volatility in global major assets next week. In the overseas market, the catalytic elasticity of government shutdown and data vacuum on interest - rate cut expectations has decreased, and the marginal support for risk assets may decline [7] - In the domestic market, with marginal changes in policy, physical work volume may rebound in the fourth quarter. Low - valued domestic commodity assets that were under pressure may have a rebound opportunity [7] Group 4: View Highlights Financial - Stock index futures are expected to fluctuate and rise due to technology - event - catalyzed active growth styles, with concerns about the crowding of small - and micro - cap funds [8] - Stock index options are expected to fluctuate as the overall market turnover declined slightly, with concerns about the insufficient liquidity in the options market [8] Precious Metals - Gold and silver are in a short - term adjustment stage due to geopolitical and trade easing, and are expected to fluctuate, with attention to the US fundamentals, Fed's monetary policy, and global equity market trends [8] Shipping - Container shipping on the European line is expected to fluctuate as the peak season in the third quarter has passed, and there is a lack of upward - driving force, with attention to the rate of freight - price decline in September [8] Black Building Materials - Steel is expected to fluctuate as its fundamentals have marginally improved, with attention to the progress of special - bond issuance, steel exports, and hot - metal production [8] Energy Chemical - Crude oil is expected to fluctuate due to increased geopolitical risks and challenges to Russian oil exports, with attention to OPEC+ production policies and the Middle - East geopolitical situation [10] Agriculture - Grains and oilseeds are expected to fluctuate. For example, soybean meal had a short - term rebound due to short - covering, with attention to weather, domestic demand, and trade frictions [10]

Core Viewpoint - The unexpected shift in global shipbuilding orders, where India benefits from a $300 million order from French shipping giant CMA CGM, highlights the complexities of international trade dynamics and the limitations of U.S. policies aimed at reviving its shipbuilding industry [3][5][6]. Group 1: U.S. Policies and Global Reactions - The U.S. attempted to revive its declining shipbuilding industry by imposing port fees to redirect orders from China back to American shipyards [3][6]. - Despite these efforts, the order that was expected to return to the U.S. instead went to India, marking a significant setback for American policies [5][6]. - The Los Angeles port executive expressed disappointment, indicating that the American public would ultimately bear the costs of these misguided policies [5]. Group 2: India's Strategic Positioning - India secured the order due to its status as a "safe zone" for shipping companies, avoiding high fees associated with both U.S. and Chinese ports [6][7]. - The Indian government has proactively targeted the shipbuilding sector, implementing favorable policies and constructing new docks to capitalize on emerging opportunities [7]. - Despite the excitement surrounding this order, India's shipbuilding industry remains underdeveloped, holding less than 1% of the global market share and facing higher costs due to reliance on imported components [7]. Group 3: Broader Implications for Global Competition - The situation illustrates India's ability to leverage opportunities amid U.S.-China tensions, showcasing a form of "opportunism" that has allowed it to benefit from geopolitical rivalries [9]. - China remains unfazed, focusing on its industrial strength and market competition rather than reacting emotionally to the developments [11]. - The incident underscores the importance of a robust industrial system over mere regulatory frameworks, as evidenced by China's continued growth in shipbuilding orders despite U.S. tariffs [12][15]. Group 4: Future Outlook - The dynamics of this situation serve as a reminder that practical capabilities and strategic foresight are crucial for success in global competition, rather than solely relying on rules and regulations [12][15]. - The rise of India in this context highlights the potential for countries to identify and exploit "gap profits" in the midst of great power competition [14].