江浙沪出口链调研反馈 20250518 摘要 • 对美出口同比下降 21%，但受益于沃尔玛等企业维持进口及转口贸易，降 幅未超预期。对东盟、印度、非洲和拉美的出口分别增长 20.8%、21.7%、25.3%和 17.3%，有效对冲了对美出口下滑的影响。 • 上海港通过调整航线结构应对关税冲击，东南亚航线货量增长超 20%，南 美航线增长超 50%，弥补了美线货量下滑，总体维持稳定，但结构上出现 转口需求增加和与南美经济往来密切的调整。 • 四月关税影响下，班轮公司运力下降 30%，太平洋航线运价下滑 25%。 五月美线仓位恢复 15%，运价大幅反弹至近 1,000 美元以上。预计 90 天 关税暂缓期内，价格维持中高位。 • 东南亚制造能力和港口产能瓶颈限制了其替代中国出口的能力，美国无差 别关税政策也带来冲击，导致部分订单取消，大部分订单仍集中或积压在 中国国内。 • 集装箱运输市场 SCFI 点位达 1,479.39 点，周环比上升 9.98%。90 天关 税暂缓执行期间，预计价格维持中高位，需求乐观。补仓、抢运及旺季需 求叠加，集运量价双升有望超预期。 Q&A 2025 年 4 月中国的出口情况如何？对 ...

中集集团总裁高翔分析，今年一季度集装箱业务同比实现增长，标准箱尤其是冷箱、常规特种箱的销量 均有增长，中集安瑞科（中集安瑞科控股有限公司是集团能源、化工及液态食品装备业务主要经营主 体）、海洋工程等板块的业务也表现较好。 2024年，中集集团海洋工程业务分部营业收入为165.56亿元，净盈利首次实现了扭亏，为2.24亿元。该 板块业务主要包括FPSO（浮式生产储油卸油装置）、FLNG（浮式液化天然气生产储卸装置）等油气 装备、海上风电装备以及滚装船等特种船舶的制造。 麦伯良表示，经过多年努力，公司的海洋工程业务已经取得很大突破，能够建造的最大FPSO价值超过 40亿美元，能力位居全球前列。"目前公司这一板块手持订单约63亿美元，基本上满足两到三年的生产 需求 未来我们还是会聚焦海工高端领域。"麦伯良介绍。 麦伯良还表示，公司业务受关税变化的直接影响较小，公司直接从国内出口美国的产品在营收中占比很 低。由于去年集装箱制造业务产销量创下新高，今年整体标准干箱需求应该会有所下滑，相对而言，目 前其他箱型表现则更好。 从业绩表现来看，2024年，中集集团营业收入创下新高，达到1776.64亿元，同比增长39.01%， ...

观察者网消息，中美贸易紧张局势取得突破，中国工厂和港口随即活跃，两国企业都急于充分利用这一来 之不易的"休战期"展开经贸往来。据美国有线电视新闻网（CNN）5月16日消息，消息公布后，有中企订 单量激增30%，中国赴美集装箱运输订单量短时间内飙升近300%。 多名业内人士表示，随着企业争相将积压库存运出，港口即将恢复繁忙，但这也意味着延误以及运费上 涨。有企业代表称，本周，一个集装箱运往美国的运费上涨了约50%，并最终由美国消费者买单。 但报道称，即便如此，美国企业仍积极联系中国供应商发货，不少人还纷纷取消此前为规避关税在越南、 印尼等国下的订单，转向中国。面对仍然存在的关税不确定性，一名美企老板强调，他将"竭尽全力留在 中国"。中企老板则指出，他们正积极开拓美国之外的新市场。 洛杉矶港自华进口量一度腰斩 视频截图 不过，特朗普在硬挺了一个月后，终于撑不住了，决定后退一步。 5月10日至11日，中美经贸高层会谈在瑞士日内瓦举行，双方同意在90天内降低关税，将税率下调115%。 特朗普本人12日表示："日内瓦的会谈非常友好，两国关系非常、非常好。" 本月早些时候，上海欣海报关集团董事长葛基中接受采访时表示："无 ...

Core Insights - The container leasing industry is a crucial pillar in the logistics sector, providing leasing services for various transportation modes including maritime, land, and air [1][14] - The industry has evolved from initial exploration to a mature market since the rise of containerized transport in the 1960s, experiencing rapid growth due to globalization and increased cross-border trade [1][14] - China, as the largest producer and consumer of containers, is witnessing a continuous increase in the market size of the container leasing industry, projected to reach approximately 30 billion yuan in 2024, reflecting an 8.3% year-on-year growth [1][14] Industry Overview - Container leasing involves agreements between leasing companies and lessees, typically shipping lines or transport companies, for the rental of containers, with responsibilities for maintenance and repair resting on the lessee [3] - The leasing methods can be categorized into three types: time charter, voyage charter, and flexible leasing [3] Market Dynamics - The Chinese container leasing market is expected to continue expanding, particularly driven by the rapid development of emerging markets [1][14] - Government policies have been introduced to promote the development of the container leasing market, including initiatives to encourage collaboration between rail and shipping companies and the establishment of container return points [5][12] Industry Chain - The container leasing industry chain consists of upstream raw material suppliers and container manufacturers, midstream leasing companies, and downstream users including maritime, rail, road, and air transport [8] Current Development - In 2024, China's metal container production is projected to reach 29.8956 million cubic meters, a 177% year-on-year increase, with continued growth expected into 2025 [10] - Container throughput in China is also on the rise, increasing from 26.4 million TEUs in 2020 to an estimated 33.2 million TEUs in 2024, indicating strong demand for container leasing services [12] Competitive Landscape - The industry exhibits a high degree of market concentration, with the top five companies controlling 84.8% of the total container fleet, and the top ten companies holding 92.7% [16] - Major players include China COSCO Shipping Corporation, China International Marine Containers, Bohai Leasing, and China Foreign Trade Development Company [16][18] Future Trends - The container leasing industry is expected to benefit from the rapid development of emerging markets in Asia and Africa, technological innovations, and supportive government policies [22]

点击上图 ▲立即加入 中国4月社融同比多增1.22万亿元 5月14日，央行公布金融数据显示，2025年前四个月社会融资规模增量累计为16.34万亿元，比上年同期多3.61万亿元。结合前值计算可得，4月 社融规模增量为1.16万亿元，同比多增1.22万亿元。前四个月人民币贷款增加10.06万亿元，结合前值计算可得，4月新增人民币贷款2800亿元。 4月末，广义货币（M2）余额325.17万亿元，同比增长8%。狭义货币（M1）余额109.14万亿元，同比增长1.5%。M2-M1剪刀差为6.5%，较3 月的5.4个百分点扩大了1.1%。 分部门看，前四月住户贷款增加5184亿元，其中，短期贷款减少2416亿元，中长期贷款增加7601亿元；企（事）业单位贷款增加9.27万亿元， 其中，短期贷款增加3.03万亿元，中长期贷款增加5.83万亿元，票据融资增加2899亿元；非银行业金融机构贷款增加768亿元。（华尔街见闻） 巴西、智利等国家拥有丰富的矿产、农产品资源，而它们的服务业、制造业等行业发展相对缓慢，很多中国企业已经将巴西作为出海计划中的 重点城市，填补当地市场需求的空白，也有企业将巴西纳入原材料进口国，丰富企业产 ...

Group 1: Business Performance - The offshore engineering segment achieved a revenue growth of 58% year-on-year, reaching 16.6 billion RMB, with a net profit of 224 million RMB in 2024 [3] - As of Q1 2025, the offshore engineering segment holds orders valued at 6.3 billion USD, with oil and gas business accounting for two-thirds of this [3] - CIMC Anrui's Q1 2025 revenue grew by 24.2% year-on-year to 5.765 billion RMB, with a significant increase in clean energy segment revenue by 33.4% to 4.342 billion RMB [4] Group 2: Strategic Developments - The company is focusing on high-end offshore engineering and aims to tackle high-tech challenges to maintain its global market leadership [3] - CIMC Anrui's core project in green methanol, a 50,000-ton facility in Zhanjiang, is on track for production in Q4 2025, with a second phase of 200,000 tons also in progress [5] - The company plans to optimize its asset structure by eliminating inefficient assets and focusing on core industries with national needs and industry pain points [7] Group 3: Market Opportunities and Challenges - The recent US-China tariff agreement may lead to a "rush to export," positively impacting the container industry by reducing inventory and generating short-term orders [3] - The modular construction business faces challenges such as financial support delays and labor resistance, but it remains a core direction for future development due to its efficiency and cost advantages [6][7] - The global shipping industry's net-zero emissions regulations, effective from 2027, are expected to positively influence the green methanol market [5] Group 4: Financial Management - The company has successfully restructured its debt, eliminating foreign USD debt and replacing it with RMB and HKD debt, resulting in a significant reduction in overall debt costs [8] - As of the end of 2024, the company's interest-bearing debt was reduced to 39 billion RMB from over 46 billion RMB in mid-2024 [8] - The company aims to further improve its debt management through coordinated control of debt scale and structure [8]

Group 1: Company Overview - CIMC Enric is a subsidiary of CIMC Group, primarily engaged in the design, research and development, manufacturing, and sales of tank containers, making it a global leader in liquid and liquefied gas container logistics equipment manufacturing and lifecycle services [1] - In Q1 2025, the company achieved operating revenue of CNY 611.23 million, a decrease of 1.31% year-on-year [1] - Revenue from tank containers was CNY 480.76 million, down 2.57% year-on-year; medical device components revenue was CNY 54.41 million, up 20.98% year-on-year; aftermarket business revenue was CNY 36.08 million, up 0.15% year-on-year [1] Group 2: Business Performance - The tank container business maintained its market position, while the medical device components business continued to show double-digit growth [2] - The company reported a significant improvement in operating cash flow and a double-digit growth in new orders year-on-year [2] Group 3: Product and Market Insights - The main products include a full range of tank containers, such as standard stainless steel liquid tanks, special stainless steel liquid tanks, carbon steel gas tanks, and carbon steel powder tanks [2] - The standard stainless steel liquid tank is designed according to international standards and is primarily used for transporting bulk chemical products [2] - The company anticipates challenges in 2025 due to geopolitical uncertainties and new trade policies affecting global economic recovery [2][3] Group 4: Future Outlook - In Q1 2025, new orders increased by 17.27% year-on-year, indicating a positive market demand [3] - The medical device components business is expected to continue its growth trajectory, with plans for increased R&D and investment in this sector [3]

2025.05. 15 本文字数：191，阅读时长大约1分钟 据央视新闻，当地时间14日获悉，贸易追踪机构Vizion公布的数据显示，在美国和中国互降关税之 后，在美国下单的从中国到美国的集装箱运输预订量飙升近300%。 推荐阅读 "降低30%至80%"，特朗普突然宣布降价！ Vizion战略业务发展副总裁本·特雷西表示，截至5月5日的七天平均预订量为5709个标准集装箱，而 截至5月14日的七天平均预订量飙升277%至21530个标准集装箱。 微信编辑 | 七三 ...

月间升贴水 EC2508/2510 EC2506/2508 260% 120% 110% 210% 100% 90% 160% 80% 110% 70% 60% EC2508/2510 verage(正常年份) = 2024(绕行后) average(正常年份)= = 2024(绕行后 EC2510/2512 120% 110% 10096 90% 80% 70% 60% 2025/1/31 2024/12/31 2025/2/28 2025/3/31 2025/4/30 = EC2510/2512 = = average(正常年份) max-min 船司线上报价结构(40GP) 船司线上报价结构(折盘面) -5月5日 -- 5月12日 -4月27日 -- 5月14日 4月27日 -5月5日 =- 5月12日 -- 5月14日 2200 1500 2100 1400 2000 1900 1300 1800 1800 1200 1600 1100 1500 1400 1000 1300 900 1200 MSK CMA EMC HMM HPL MSC ONE CMA EMC HMM HPL MSK MSC ON ...

Group 1: Cross-Border Tourism - The global cross-border tourism market is set to fully recover in 2024, with travel volume reaching 1.4 billion and market size exceeding $1.6 trillion, only 4% short of pre-pandemic peak levels [3] - China, as the largest source country, recorded 180 million outbound trips and nearly $290 billion in cross-border tourism revenue, significantly outpacing the global average in recovery speed and scale [3] - Data from the May Day holiday indicates a 173% year-on-year surge in inbound travel orders, while outbound travel is concentrated in Southeast Asia and Japan/Korea, with flight bookings increasing over 25% [3] - The trend towards short-haul cross-border travel is becoming mainstream, supported by the recovery of flight routes and reflecting the middle class's demand for "value for money" and "fragmented" leisure experiences [3] - The return of Chinese tourists is reshaping global tourism consumption structures and will substantially boost various segments of the global tourism-related industry chain, including airport operators, airlines, destination marketing agencies, and outbound travel service providers [3] Group 2: Veterinary Medicine Market - The veterinary medicine market in China has reached hundreds of billions in 2024, with an expected annual growth rate of 5%-8%, driven by the scale-up of traditional livestock farming and the rise of the pet economy and animal health awareness [4] - Key consumer demands include disease prevention, new vaccines, enhanced safety, and green low-residue products, leading to a shift in product structure from chemical drugs to biological products [4] - The industry is experiencing a "bipolarization" trend, where large enterprises dominate in brand, channel, and capacity, while small enterprises seek differentiation in niche markets such as pet medicine and localized disease prevention [4] - New operational entities, represented by large livestock farming companies, are increasingly focused on prevention efficiency, product residue, and economic benefits, demanding higher quality and stability in veterinary products [4] Group 3: Oral Healthcare Market - The oral healthcare market is expanding due to high rates of edentulism among those aged 65 and above (over 50%) and a 70% prevalence of malocclusion among adolescents, driven by both functional and aesthetic needs [6] - From 2025 to 2030, the average annual growth rate in lower-tier markets is expected to exceed that of first-tier cities by 5-8 percentage points, becoming a core expansion direction for private chains and telemedicine platforms [6] - With the implementation of centralized procurement policies covering implants and orthodontic materials, domestic companies are expected to see an increase in localization rates to 35%-40% over the next five years [6] - Public institutions remain dominant in handling severe cases and educational resources, while private institutions are more flexible, focusing on user experience and brand marketing, particularly in self-funded projects like implants, orthodontics, and aesthetic restorations [6] - Guangdong, Jiangsu, and Shandong account for over 50% of national oral healthcare resources, with Guangdong having a well-established full industry chain in equipment, consumables, and service institutions [6] - Over the next five years, policy direction and technological advancements will drive a shift in oral healthcare services from "treatment-oriented" to "prevention + personalized management + long-term repurchase" consumption cycles [6] Group 4: U.S.-China Trade Talks Impact on LPG - A significant breakthrough in U.S.-China trade relations occurred on May 12, 2025, with 91% of tariffs being lifted and the remaining "reciprocal tariffs" reduced to 10% within 90 days [8] - The reduction in tariffs has substantially improved the cost structure of U.S. products, leading to a $43 per ton increase in June FEI propane paper prices, indicating a rise in market optimism [8] - Chinese ports (e.g., Binzhou, Jiaxing, Ningbo, Tianjin) received a 31.44% increase in shipments of U.S. goods in April, reflecting anticipatory market behavior [8] - The decrease in U.S. tariffs is expected to alter the structure of LPG imports, opening a window for U.S. LPG to re-enter the Chinese market, particularly benefiting energy importers and LPG shipping companies with U.S. procurement capabilities [8] - The rapid increase in June FEI propane paper prices from $517 to $560 per ton (an 8.3% rise) reflects market expectations for U.S. products to re-enter the Asia-Pacific region [8] - In the medium term, U.S. production capacity and tariff advantages will create arbitrage opportunities, suggesting a focus on LPG traders and storage companies with long-term contracts and futures hedging capabilities [8] Group 5: Shipping Industry Response to U.S. Trade Policy - Following the May 12 U.S.-China joint statement, which lifted 91% of tariffs and provided a 90-day suspension on 24% of "reciprocal tariffs," a surge in shipping activity was observed, particularly on routes to the U.S. [9] - The export surge is driven by two key factors: the release of previously delayed shipments due to high tariffs and companies' anticipation of future policy volatility, prompting them to utilize the low-tariff window for deliveries or inventory replenishment [9] - Shipping companies had previously reduced capacity on U.S. routes due to cautious expectations regarding U.S.-China trade tensions, reallocating some capacity to more stable Southeast Asia and European routes [9] - Data from the Shanghai Shipping Exchange indicates that freight rates for U.S. West and East Coast routes have increased by 3.3% and 1.6%, respectively, with further increases expected in the coming weeks [9] - Shipping-related companies (e.g., container shipping, port operations, freight forwarding platforms) will directly benefit from the increased turnover rates and enhanced bargaining power resulting from this export surge [9] - The current "explosion" in shipping activity reflects both the release of market sentiment due to policy changes and the sensitivity of U.S.-China trade structures to external variables [9] - Small exporters, such as Shuangma Plastics and factories in the Yangtze River Delta, report a rapid restart of U.S. customer orders and accelerated payment and scheduling actions within the 90-day tariff relief window [9]