从行业角度来看，工业领域在上半年筹集了最多的资金，达到14亿美元，占筹集资金总额的近43%。其 中，沙特的廉价航空公司Flynas以11亿美元的筹集金额领跑，阿曼的航运公司Asyad Shipping Company 紧随其后。房地产行业和医疗保健行业也表现不俗，分别筹集了5.76亿美元和5.05亿美元。 然而，并非所有新股都能在上市后获得正回报。截至上半年末，24只新股中只有10只相对于发行价实现 了正收益。其中，Asyad Shipping Company自3月12日上市以来，区间涨幅高达835%。相比之下，上半 年最大的IPO——Flynas的股价则表现平平，与发行价相比仅下跌了0.2%。 海湾合作委员会（GCC）六国在2025年上半年的IPO市场表现揭晓，科威特金融中心（Markaz）最新发 布的报告揭示了这一地区资本市场的活跃程度。据统计，上半年共有24次IPO成功进行，合计筹集资金 34亿美元，尽管与去年同期的35亿美元相比略有下滑。 在这六国中，沙特阿拉伯无疑是最耀眼的存在。该国通过22次IPO筹集了近28亿美元，占据了整个GCC 地区IPO筹集资金总额的85%。这一成绩不仅彰显了沙特资本市场的 ...

Report Industry Investment Rating - The oil market rating for the current week has been adjusted from relatively strong to neutral and volatile [5] Core Views - **Crude Oil**: In Q2, global oil inventories increased by 2.7%, accelerating marginally from 2% in Q1. In the first week of Q3, overall inventories decreased by 0.3% due to crude oil destocking and refined oil stockpiling. The upward drive of strong real - world factors on oil prices may be weakening, and the further upside for Brent above $70 per barrel is limited [5] - **Fuel Oil**: Last week, global fuel oil inventories decreased by 0.7% week - on - week and remained at a low level. The spread between high - and low - sulfur fuel oils in Singapore widened [5] - **Asphalt**: In June, refinery production exceeded the plan, breaking the de - stocking pattern. The increase in asphalt supply is still uncertain, and demand recovery is expected to be delayed [5] - **Natural Gas**: High temperatures have boosted market demand. In the US, the upside is limited before further strengthening of power demand. In Europe, the market is expected to remain volatile [8] - **LPG**: Middle East production pressure persists, and the overseas price continues to be weak. The domestic market is currently experiencing weak supply and demand, with the futures market showing weak volatility [8] - **Container Shipping Index (European Route)**: The spot price was stronger than expected last week. The short - term futures market will fluctuate with the spot price. In the medium term, freight rates are likely to decline seasonally [8] Summary by Relevant Catalogs Energy & Shipping Price Trends - **Energy Commodities**: Last week, crude - related products continued to rise, with Brent up 3.1%. By - products LPG and fuel oil were weak. The natural gas market showed mixed performance, with European gas up 5.2% and US gas down 0.89%. The steam coal market continued to rebound [4] - **Shipping**: European route quotes mostly remained stable in late July. US route freight rates bottomed out and stabilized, with SCFI West & East US routes up 5% and 1.2% week - on - week respectively [4] Crude Oil & Oil Products Chain Key Volume and Price Data - **Price Trends**: The crude oil monthly spread declined from a high. The premium of domestic futures was strong. The spot premium of crude oil declined slightly from a high [10] - **Crack Spreads**: Overseas gasoline and diesel crack spreads fluctuated, and the crack spread of high - sulfur fuel oil weakened. Domestic energy - chemical product crack spreads continued to decline with the rebound of crude oil [12] - **Global Oil Consumption High - Frequency Indicators**: The 7 - day average of global commercial flights was down 1.2% year - on - year. The 4 - week average of US refined oil apparent demand was down 1.6% year - on - year [13] - **China's Oil Consumption High - Frequency Indicators**: China's ground congestion index was flat year - on - year, and highway truck traffic was up 0.8% year - on - year. The number of domestic flights was up 2% year - on - year [17] - **Refining Profits & Refinery Operations**: The comprehensive refining profits of refineries in three regions and the refining margins of Chinese refineries are presented in the report, along with refinery capacity utilization rates [19] - **China & India Procurement Shipping Schedules**: In June, China's above - scale crude oil processing volume was up 8.5% year - on - year, and imports were up 7.4% year - on - year. India's crude oil imports and refining product demand also showed certain trends [22] - **Major Oil - Producing Countries' Shipping Schedules**: The shipping schedules of major oil - producing countries such as OPEC 9 countries, Saudi Arabia, Russia, and Iran are presented [24] - **US Crude Oil Production**: Data on US crude oil production, including production volume, four - week average year - on - year growth rate, and rig counts, are provided [26] - **Crude Oil Inventories**: Data on on - land commercial inventories, floating storage inventories, and total inventories of crude oil are presented [28] - **Refined Oil Inventories**: Data on global refined oil inventories, including light distillates, diesel, kerosene, and fuel oil, are provided [31] - **Fund Positions**: The relative net long positions of management funds in Brent and WTI crude oil are presented [33] Asphalt Key Volume and Price Data - **High - Frequency Supply and Demand**: The shipment volume of domestic refinery asphalt increased slightly week - on - week, and the cumulative year - on - year increase decreased by 1 percentage point to 7% compared to the end of June [5] - **Inventory**: Data on domestic asphalt inventories, including refinery inventories and trader inventories, are provided [38] Natural Gas Key Volume and Price Data - **Core Spreads**: Data on key spreads such as the TTF - balance spread, JKM - TTF spread, and HH forward curve are presented [41] - **Short - Term Temperature Forecast**: Short - term temperature forecasts for regions such as Northwest Europe, the US, and China are provided [46] - **European Consumption and LNG Imports**: Data on natural gas consumption and LNG imports in Europe are presented [49] - **US Production and Global LNG Exports**: Data on US natural gas production and LNG exports from the US, Qatar, and Australia are provided [51] - **Inventory Levels and Change Rates**: Data on natural gas inventory levels and change rates in the US and Europe are presented [53] LPG Key Volume and Price Data - **Core Spreads**: Data on key spreads such as the PG - FEI spread, ether - post - carbon - four - civil - gas spread, and Far - East propane - naphtha spread are presented [55] - **Inventory Levels**: Data on propane inventories in the US, refinery inventories in China, and port storage capacity utilization rates in South and East China are provided [57] Steam Coal Key Volume and Price Data - **Trade Spreads and Profits**: Data on inland trade shipping profits, high - calorie coal premiums at Bohai Rim ports, and the import advantages of imported coal are presented [59] - **Upstream Supply**: Data on the weekly production of 442 coal mines in the Three Western Regions, Ordos coal mine operating rates, and China's imported steam coal weekly shipments are provided [62] - **Mid - Stream Transportation**: Data on the supply - demand surplus, number of ships, and inventories at four Bohai Rim ports, as well as inland port inventories, are presented [64] - **Downstream Manufacturing & Construction Industry Prosperity**: Data on sub - industry PMIs, real estate sales areas, cement and coal - to - methanol operating rates, and steel mill blast furnace capacity utilization rates are provided [66] - **Downstream Daily Consumption & Inventory**: Data on the daily consumption and inventory of eight coastal provinces, seventeen inland provinces, and twenty - five provinces across the country are presented [68][69] Container Shipping (European Route) Key Volume and Price Data - **Price Trends**: The spot price was stronger than expected last week. The short - term futures market will fluctuate with the spot price, and the basis will gradually converge [71] - **Capacity Turnover**: Data on the idle capacity, sailing speed of container ships, and the scale of container ships in ports in Northwest Europe and Asia are presented [76]

Market Overview and Key Insights - The Hong Kong dividend sector continued to rise last week, outperforming the broader market, with the Hang Seng China Central State-Owned Enterprises Dividend Total Return Index increasing by 1.74%, compared to a 0.93% rise in the Hang Seng Index and a 0.62% rise in the Hang Seng Tech Index [1] - Foreign capital inflow expanded, with net inflow into Hong Kong stocks reaching $1.023 billion, up from $916 million the previous week, while southbound funds saw a net inflow of HKD 26.4 billion [1] Insurance Capital and Long-term Investment - Recent regulatory changes encourage insurance funds to adopt a long-term investment strategy, shifting the assessment of net asset return rates from a 3-year and annual indicator to a combination of annual, 3-year, and 5-year indicators with respective weights of 30%, 50%, and 20% [1] - Insurance capital is expected to become a significant source of incremental funds in the stock market, with a requirement for state-owned large insurance companies to invest 30% of new premiums in A-shares, potentially adding thousands of millions in long-term capital annually [2] Dividend Strategy and Valuation - The dividend yield of the Hang Seng China Central State-Owned Enterprises Dividend Index is 5.86%, compared to 4.82% for the CSI Dividend Index, with a price-to-book (PB) ratio of 0.64 and a price-to-earnings (PE) ratio of 6.96 [2] - The total return index has achieved a cumulative return of 123% since early 2021, outperforming the Hang Seng Total Return Index by 118% [2] ETF Overview - The Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (513920) tracks the Hang Seng China Central State-Owned Enterprises Dividend Index and is the first ETF in the market with the combined attributes of Hong Kong stocks, central state-owned enterprises, and dividends [3] Fund Performance - The net asset value of the Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF is 7.66 billion [4] - Key holdings include China COSCO Shipping (4.6% weight, 12.9% dividend yield), Orient Overseas International (4.4% weight, 11.3% dividend yield), and New China Life Insurance (3.9% weight, 6.4% dividend yield) [5]

Report Industry Investment Ratings - **Bullish**: Polysilicon [1] - **Bearish**: Copper, Aluminum, Zinc, Stainless Steel, Tin, Rapeseed Oil, Cotton, Logs [1] - **Neutral (Oscillating)**: Treasury Bonds, Gold, Silver, Alumina, Nickel, Rebar, Hot - Rolled Coil, Iron Ore, Ferrosilicon, Coking Coal, Coke, Palm Oil, Corn, Pulp, Live Pigs, Crude Oil, Fuel Oil, Rubber, BR Rubber, PTA, Ethylene Glycol, Short - Fiber, Styrene, Fertilizer, PE, PVC, Chlor - Alkali, LPG, Container Shipping on the European Route [1] Core Views - In the short term, liquidity and market sentiment are acceptable, but there are few substantial positive factors at home and abroad. With the recent significant reduction in the discount advantage of stock index futures, it is advisable to be cautious about chasing up [1]. - The asset shortage and weak economy are beneficial to bond futures, but the central bank's short - term warning of interest - rate risks suppresses the upward trend [1]. - Market uncertainties remain. Gold prices are expected to fluctuate mainly in the short term, and silver prices should be wary of the risk of a fall after a rise [1]. - The potential implementation of US copper tariffs may lead to a re - flow of copper from non - US regions, posing a risk of compensatory decline in Shanghai and London copper prices [1]. - High aluminum prices suppress downstream demand, while low inventories support aluminum prices, resulting in a weak oscillating trend [1]. - Domestic anti - involution policies boost the expectation of supply - side reform, leading to a stable recovery in alumina prices [1]. - Tariff disturbances are intensifying, and the expectation of inventory accumulation in the fundamentals continues to pressure zinc prices. Attention should be paid to macro uncertainties [1]. - With macro uncertainties remaining, nickel prices are oscillating. It is recommended to short on rallies in the short term, and there is still pressure from the long - term surplus of primary nickel [1]. - For stainless steel futures, it is advisable to focus on short - term trading, sell on rallies for hedging, and seize the opportunity of positive basis trading. Pay attention to raw material changes and steel mill production schedules [1]. - The macro pricing of tin prices has increased, but the short - term fundamentals of supply and demand are weak, with limited driving forces. Attention should be paid to the subsequent meeting of the Manxiang mining area [1]. - For industrial silicon, the supply shows a pattern of decreasing in the north and increasing in the south. The demand for polysilicon has increased marginally, but there are expectations of production cuts later. The market sentiment is high [1]. - For polysilicon, there are expectations of supply - side reform in the photovoltaic market, and the market sentiment is high [1]. - For lithium carbonate, the supply side has not cut production, downstream replenishment is mainly by traders, and factory purchases are not active. There is capital gaming [1]. - For rebar and hot - rolled coil, the strong performance of furnace materials provides valuation support, but the fundamentals of hot - rolled coil are showing marginal weakness [1]. - For iron ore, short - term production has increased, demand is acceptable, supply and demand are relatively loose, and cost support is insufficient, so prices are under pressure [1]. - For ferrosilicon, the market sentiment has improved. In the short term, supply is stable, demand is resilient, and inventory is being depleted, providing price support. However, in the medium term, supply - demand surplus makes it difficult for prices to rise [1]. - For coking coal and coke, the supply is expected to increase, direct and terminal demand is weak, and cost support is weakening. It is advisable to focus on the opportunity of futures premium for selling hedging [1]. - For palm oil and rapeseed oil, relevant reports are neutral to bearish, and short - term oscillations are expected. It is recommended to wait and see for palm oil, and rapeseed oil is bearish due to the expected entry of Australian rapeseed [1]. - For cotton, in the short term, there are disturbances such as trade negotiations and weather premiums for US cotton. In the long term, macro uncertainties are still strong. The domestic cotton - spinning industry has entered the off - season, and downstream inventories are starting to accumulate, so domestic cotton prices are expected to oscillate weakly [1]. - For sugar, Brazil's 2025/26 sugar production is expected to reach a record high. If crude oil continues to be weak, it may affect Brazil's sugar - making ratio in the new crushing season and lead to higher - than - expected sugar production [1]. - For corn, there are many short - term policy disturbances. Attention should be paid to the subsequent auction volume and transaction price of imported corn and whether the aged rice auction will be implemented. The low wheat - corn price difference suppresses the upward space of corn prices [1]. - For soybean meal, the short - term inventory accumulation pressure continues to pressure the spot basis, which is expected to oscillate at a low level. The downside space of the US market is limited, and the Brazilian premium is expected to be firm. It is advisable to buy on dips [1]. - For pulp, after the macro - level positive factors, the price has risen, but the spot price has not followed up significantly, so it is not recommended to chase up [1]. - For live pigs, with the continuous recovery of the pig inventory, the slaughter weight is increasing. The futures market has a clear expectation of sufficient inventory and a large discount to the spot price. The short - term spot price is less affected by slaughter, and the futures price remains stable [1]. - For crude oil and fuel oil, the cooling of the Middle East geopolitical situation has led the market to return to the supply - demand logic. OPEC+ has increased production more than expected, and short - term strong consumption in the peak season in Europe and the US provides support [1]. - For natural rubber, the downstream demand is showing a weakening trend, the supply - side production release expectation is strong, and the inventory has increased slightly [1]. - For BR rubber, OPEC has increased production more than expected, the synthetic rubber fundamentals are under pressure, and some butadiene units are under maintenance with limited ship - cargo supply, providing certain support [1]. - For PTA, the supply has shrunk, but the crude oil price remains strong. The polyester downstream load remains at 90% despite the expectation of load reduction, and the spot market is becoming more abundant. Due to profit compression, the polyester replenishment willingness is low [1]. - For ethylene glycol, the coal price has risen slightly, the future arrival volume is large, but the overseas supply has shrunk, and the market expects a decrease in future arrivals [1]. - For short - fiber, the number of registered warehouse receipts is small, and short - fiber factory maintenance has increased. Under the high basis, the cost is closely correlated [1]. - For styrene, the pure - benzene price has slightly declined, styrene sales are active, the device load has recovered, the styrene inventory is concentrated, and the basis has significantly weakened [1]. - For fertilizer, domestic demand is average, the summer agricultural demand is coming to an end, and the export expectation is improving in the second half of the year [1]. - For PE, the macro - sentiment is good, there are many maintenance activities, and the demand is mainly for rigid needs, so the price oscillates strongly [1]. - For PVC, the price of coking coal has risen, the market sentiment is good, maintenance has decreased compared with the previous period, the downstream has entered the seasonal off - season, and the supply pressure has increased, so the price oscillates strongly [1]. - For chlor - alkali, the maintenance is nearly over, the spot price has fallen to a low level, the liquid - chlorine price has rebounded, the comprehensive profit has been repaired, and the number of current warehouse receipts is small. Attention should be paid to the change in liquid chlorine [1]. - For LPG, the crude - oil support is insufficient, the combustion and chemical demand are in the seasonal off - season, the spot price is oscillating downward, and the PG price is oscillating narrowly [1]. - For container shipping on the European route, there is a pattern of stable reality and weak expectation. It is expected that the freight rate will peak in mid - July and show an arc - top trend in July and August, with the peak time advancing. The subsequent weeks' shipping capacity deployment is relatively sufficient [1]

Fe'd = | | | | | | | 研究中心能化团队 | | | 2025/7/15 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ਵ ਲੋ | | 昨日收费份 | 涨跌 (%) | 覧 | 昨日成交量 | | 昨日持仓量 | 持仓变动 | | | EC2508 | | 2027.2 | -0.17 | 394.7 | 22074 | | 27891 | -1009 | | | EC2510 | | 1440.7 | 4.25 | 981.2 | 30351 | | 32944 | 3977 | | | EC2512 | | 1580.5 | 2.57 | 841.4 | | 3517 | 6378 | 45 5 | | | EC2602 | | 1386.1 | 3.13 | 1035.8 | | 728 | 3899 | 140 | | 期货 | EC2604 | | 1218.6 | 2.22 | 1203.3 | | 1188 | 5747 | 151 | | | EC2606 | | 1382.2 | 3 ...

II CEREK 投资咨询业务资格：证监许可【2012】31号 | 人用于 NA BIR MAN MAN & B ? | 01 | .. | C | 1 | | --- | --- | --- | --- | --- | | 6 15 1 | Contri | No. of | | | | 航运衍生品数据日报 | | --- | | | | | 卢钊毅 | 国贸期货研究院 能源化工研究中心 | | 投资咨询号: Z0021177 | 2025/7/15 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 数据来源：Clarksons、Wind | | 从业资格号:F03101843 | | | | | 运价指数 | 上海出口集装箱运价 综合指数SCFI | 中国出口集装箱运价 指数CCFI | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | '트롤 | 现值 | 1733 | 1314 | 2194 | 1266 | 4172 | 2099 | | Alle | 前值 | 1763 | 1343 | 2 ...

Group 1: Trade Performance - In the first half of the year, China's total goods trade value reached 21.79 trillion yuan, a year-on-year increase of 2.9%, with exports at 13 trillion yuan (up 7.2%) and imports at 8.79 trillion yuan (down 2.7%) [1] - In June, the trade scale reached 3.85 trillion yuan, a year-on-year increase of 5.2%, with exports at 2.34 trillion yuan (up 7.2%) and imports at 1.51 trillion yuan (up 2.3%) [1] Group 2: Shipping Market Response - The strong resilience and vitality of China's foreign trade have translated into increased demand in the shipping market, leading to significant gains in the Hong Kong shipping and port sectors since April [1] - Notable stock price increases from April lows to recent highs include China COSCO Shipping (up 35.4%), Seaspan Corporation (up 82.9%), and Yang Ming Marine Transport (up 233%) [1] Group 3: Market Sentiment and Tariff Impact - In June, the shipping sector experienced a period of consolidation, with tariff policy changes significantly affecting market sentiment [2] - The announcement of new tariffs by Trump on products from over 20 countries raised doubts about the sustainability of shipping demand, leading to declines in several shipping stocks [2] Group 4: Capital Flows and Stock Performance - Despite tariff uncertainties, there was a notable increase in southbound capital supporting the shipping sector, with significant increases in holdings of China COSCO Shipping and China COSCO Energy by southbound funds [3][4] - As of July 11, the holdings of China COSCO Shipping increased from 8.86 billion shares (29.81%) to 9.99 billion shares (34.68%) [4] Group 5: Market Dynamics and Future Outlook - The shipping sector's outlook remains positive, with the Shanghai International Shipping Research Center reporting a shipping prosperity index of 120.81 points for Q2 2025, indicating a favorable market environment [13] - The global economic recovery and increasing international trade volumes are expected to further boost demand for shipping services, particularly with China's trade with Belt and Road countries reaching 11.29 trillion yuan, a 4.7% increase [14][15] Group 6: Structural Changes and Innovations - The shipping industry is actively optimizing its structure, with major companies focusing on matching capacity with demand to avoid oversupply [15] - Environmental regulations and technological advancements are driving the industry towards greener practices and digital transformation, enhancing operational efficiency and long-term competitiveness [15][16]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The freight rate is fluctuating at a high level. The 8 - month contract is in a state of high - level volatility and game for delivery, with expectations of price support. The 10 - month contract is mainly for short - allocation in the off - season, and attention should be paid to the downward slope of the freight rate. The 12 - month contract still follows the off - peak and peak season pattern, but the risk lies in whether the Suez Canal will reopen [3][4]. - The strategy includes a volatile main contract for unilateral trading, and for arbitrage, it is recommended to go long on the 12 - month contract and short on the 10 - month contract, and short the 10 - month contract on rallies [7]. 3. Summary by Related Catalogs I. Futures Price - As of July 15, 2025, the total open interest of all contracts of the container shipping index for European routes was 77,426.00 lots, and the single - day trading volume was 58,106.00 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1386.10, 1218.60, 1382.20, 2027.20, 1440.70, and 1580.50 respectively [5][6]. II. Spot Price - On July 11, 2025, the SCFI (Shanghai - Europe route) price was 2099.00 US dollars/TEU, the SCFI (Shanghai - US West route) price was 2194.00 US dollars/FEU, and the SCFI (Shanghai - US East) price was 4172.00 US dollars/FEU. On July 14, the SCFIS (Shanghai - Europe) was 2421.94 points, and the SCFIS (Shanghai - US West) was 1266.59 points [6]. III. Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of July 11, 2025, 141 container ships had been delivered, with a total capacity of 1.194 million TEU. Among them, 46 ships with a capacity of 12,000 - 16,999 TEU were delivered, with a total capacity of 689,300 TEU, and 7 ships with a capacity of over 17,000 TEU were delivered, with a total capacity of 159,880 TEU [6]. IV. Supply Chain - Geopolitically, representatives of the Syrian regime and the Syrian Kurdish armed forces met and negotiated in Damascus. The Syrian regime advocates "one Syria, one army, one government" and opposes separatism [2]. - The average weekly capacity from China to European base ports in the remaining 3 weeks of July was 303,500 TEU, and the monthly average weekly capacity in August was 310,000 TEU. There were 5 blank sailings in July (4 by the OA alliance) and 2 in August (both by the OA alliance). Maersk plans to add an extra - sailing ship in WEEK34 [2]. V. Demand and European Economy - In the off - season of April and October, the freight rate is usually at a low level. In the fourth quarter, due to Western holidays, the shipping volume is high, and shipping companies adjust supply to keep freight rates high. The price in December is generally 10% higher than that in October in normal years [4].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation of outperforming the benchmark index by 10%-20% over the next six months [18]. Core Insights - The company is projected to achieve a net profit attributable to shareholders of approximately 7.95 billion yuan for the first half of 2025, representing a year-on-year increase of 151% [1]. - The second quarter of 2025 is expected to see a net profit of around 4.38 billion yuan, reflecting a year-on-year growth of 127% [1]. - The company continues to strengthen its market position in traditional routes such as Shanghai-Japan and Shanghai-Taiwan, while also expanding its operations in Southeast Asia, contributing to significant profit growth [7]. Financial Performance - For 2025, the total revenue is estimated at 6.773 billion yuan, with a year-on-year growth rate of 13.5% [3]. - The net profit attributable to shareholders for 2025 is projected to be 1.243 billion yuan, with a growth rate of 21.8% compared to 2024 [3]. - The earnings per share (EPS) for 2025 is expected to be 0.96 yuan, with a price-to-earnings (P/E) ratio of 12 [3]. Market Performance - The China Container Freight Index (CCFI) for Japan and Southeast Asia showed a year-on-year increase of 29% in the first half of 2025, while the Taiwan Freight Index (TWFI) increased by 26% [2]. - In the second quarter of 2025, CCFI for Japan rose by 33%, and TWFI for Taiwan increased by 30% [2]. Investment Recommendations - The report suggests an upward revision of the company's net profit forecasts for 2025-2027, now estimated at 12.4 billion, 10.5 billion, and 10.5 billion yuan respectively [7]. - The target price for the company's stock is set at 14.4 yuan, indicating a potential upside of 25% from the current price of 11.50 yuan [3][7].

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The shipping rates for oil tankers in the Atlantic and Gulf of Mexico have slightly increased, while the container shipping rates for the US routes have rebounded and the European routes remain stable [3][13] - Hefei is building the first national drone-sharing airport network, and Pudong Airport has seen a 23% year-on-year increase in inbound and outbound passengers in the first half of the year [3][16] - Jitu Express reported a 65.9% year-on-year increase in package volume in Southeast Asia for Q2, marking the highest growth rate since its listing [3][24] Industry Dynamics - **Shipping and Ports**: The VLCC market has returned to a supply-demand balance, with overall vessel supply remaining ample. The shipping rate for a 270,000-ton vessel from Ras Tanura to Ningbo was reported at WS49.24, up 2.48% from July 3 [3][14] - **Container Shipping**: The Shanghai port's export rates to Europe and the US have shown slight fluctuations, with rates to the US West and East coasts increasing by 5.0% and 1.2% respectively [3][15] - **Aviation**: The first half of 2025 saw Pudong Airport handle 18.26 million passengers, a 23.44% increase year-on-year, with new international routes contributing to this growth [3][18] - **Logistics**: Jitu Express's package volume in Southeast Asia reached 1.69 billion packages in Q2, with a 65.9% increase year-on-year, while the overall global package volume grew by 23.5% [3][24] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Pay attention to the low-altitude economy investment opportunities, particularly in companies like CITIC Offshore Helicopter [4] - Explore investment opportunities in the highway and railway sectors, recommending companies such as Sichuan Chengyu, Gansu Guangdong Expressway, and Beijing-Shanghai High-Speed Railway [4] - Consider investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Shares [4] - Monitor e-commerce and express delivery investment opportunities, recommending SF Holding, Jitu Express, and Yunda Express [5] - Look into aviation industry investment opportunities, recommending China National Aviation, China Southern Airlines, Spring Airlines, and others [5]