美国贸易代表办公室近日宣布对中国海事、物流和造船领域301调查的最终措施，包括征收高额港口 费、运输限制等。美方相关做法损人害己，将推高全球海运成本，扰乱全球供应链稳定，也将损害美国 消费者和企业利益。 美方声称，中国有针对性地主导海运、物流和造船业是导致美国造船和航运业无法满足国内和对外贸易 需求的关键因素。美征收高额港口费等措施旨在促进美国造船业发展，并遏制中国在该领域的主导地 位。 美方将自身问题归咎于中国，既缺乏事实依据，也有悖经济常识。中国造船业能实现今天的发展成就， 靠的不是所谓的"针对性措施"，而是完备的工业体系、训练有素的工程师和产业工人以及开放的商业环 境，是相关企业积极参与国际合作和全球竞争的成果。 征收高额港口费等措施，只不过是已被反复证明无效的保护主义"旧药方"，注定治不了美国造船业的沉 疴，还将破坏全球航运体系，进一步加剧国际贸易混乱。美国商船在全球占比很低，且造船产能极为有 限，相关措施若强行实施，将进一步限制美国国际贸易，推高美国商品价格，加剧通胀压力，反噬美国 经济。据彼得森国际经济研究所测算，一旦中美海运成本增加15%，美国通胀率或上升0.8个百分点。 美国根科船务贸易公司首 ...

Core Viewpoint - 中远海运 reported strong financial performance for Q1 2025, with significant increases in revenue and net profit, indicating robust growth in the container shipping sector [1][2]. Financial Performance - The company achieved operating revenue of 57.96 billion yuan, a year-on-year increase of 20.05% [1]. - Net profit attributable to shareholders was 11.695 billion yuan, reflecting a 73.12% year-on-year growth [1]. - Earnings per share rose to 0.74 yuan, up 76.19% compared to the previous year [1]. - The asset-liability ratio decreased to 41.97% as of March 31, 2025 [1]. - Net cash flow from operating activities was 15.062 billion yuan, an increase of 69.49% year-on-year [1]. - Cash and cash equivalents reached 186.699 billion yuan [1]. Shipping and Terminal Operations - Container shipping business completed a total of 6.4815 million TEUs, a year-on-year increase of 7.53% [1]. - Revenue from shipping operations was 55.883 billion yuan, up 20.07% year-on-year [1]. - Terminal operations achieved a total throughput of 35.7489 million TEUs, reflecting a 7.48% increase [1]. - Revenue from terminal operations was 2.767 billion yuan, a year-on-year growth of 16.06% [1]. Share Buyback - In April 2025, 中远海控 announced a new round of share repurchase, having repurchased 43.2444 million A-shares at a cost of approximately 600 million yuan [1]. - From October 2024 to April 2025, the company repurchased A and H shares totaling about 3.894 billion yuan, with all repurchased shares being canceled [1]. Industry Outlook - The container shipping industry is expected to face a complex and changing market environment due to geopolitical factors, the situation in the Red Sea, and uncertainties in U.S. trade policies [2]. - New environmental regulations will also impact the shipping industry [2]. - The company aims to focus on global digital supply chain operations and investment platforms, optimizing resource allocation and enhancing service quality to create greater value for shareholders [2].

Summary of Conference Call Records Industry Overview - The records primarily discuss the impact of the US-China trade tensions on global shipping and trade dynamics, particularly focusing on Southeast Asia and its role in transshipment trade to the US [1][2][4][5][17][25]. Key Points and Arguments Trade Dynamics and Impact - The US-China trade friction has led to order delays and cancellations, particularly affecting shipments to the US, with Southeast Asian order volumes dropping by 20%-30% [1][2]. - Following a 90-day grace period announced by the Trump administration, Southeast Asian shipping volumes have started to recover, although this grace period does not apply to Chinese exports to North America [1][2][4]. - The NRF predicts a 10% reduction in US port cargo volumes by June 2025, with further declines of 15%-20% expected in July [6]. Shipping and Regulatory Changes - The US is tightening regulations on transshipment trade, requiring detailed documentation and compliance with origin rules, which may lead companies to relocate production to Southeast Asia or Latin America [2][11][12]. - The 301 Action Plan will impose significant fees on Chinese vessels docking at US ports starting October 14, 2025, impacting Chinese shipping companies significantly [17]. Product Margin Sensitivity - Low-margin products such as retail, textiles, and toys are more adversely affected by the trade tensions, while high-margin e-commerce products continue to ship [8][19]. - Exporters are utilizing the 90-day window to export completed products through Southeast Asia to avoid high tariffs [1][8]. Future Trends and Challenges - Southeast Asia is expected to see a recovery in orders starting from April 2025, leading to increased shipping rates due to limited vessel capacity [13]. - The region's logistics infrastructure is currently inadequate to fully replace China as a manufacturing hub, although it is becoming a significant outsourcing destination [20][34]. - The potential for compliance issues and penalties in transshipment trade poses risks for exporters, especially with the possibility of 100% inspections by US customs [9][31]. Market Sentiment and Strategic Adjustments - Companies are advised to develop strategies to adapt to the changing trade environment, including potential shifts in production and logistics to comply with new regulations [12][22]. - The demand for shipping services is expected to remain strong, but high inventory levels in the US may dampen immediate shipping needs [18]. Regional Trade Relationships - Southeast Asia is becoming a focal point for investment and trade as countries navigate the complexities of US-China relations, with a growing emphasis on infrastructure development [25][36]. - The dynamics of global trade are shifting, with countries weighing the benefits of entering the US market against the support offered by China in technology and finance [21]. Additional Important Insights - The shipping rates from Southeast Asia to the US are expected to rise due to increased demand and limited capacity, with current costs comparable to those from China [20]. - The overall trend indicates a gradual shift in manufacturing and shipping patterns, with Southeast Asia emerging as a key player in the global supply chain [34][36].

报告日期：2025 年 4 月 25 日 申银万国期货研究所 首席点评：央行 MLF 操作，黄金强势依旧 中美没有就关税问题磋商或谈判，更谈不上达成协议。据新华网，有记者问：近 来美方不断有消息称，中美之间正在谈判，甚至将会达成协议。你能否证实双方 有没有开始谈判？外交部发言人郭嘉昆说，这些都是假消息。"据我了解，中美 双方并没有就关税问题进行磋商或谈判，更谈不上达成协议。"特朗普考虑对华 关税分级方案。央视网援引《华尔街日报》报道，美方高级官员透露，特朗普政 府正考虑多种方案。中国央行 25 日将开展 6000 亿元 MLF 操作，将实现净投放 5000 亿。本月有 1000 亿元 MLF 到期，在 4 月 25 日进行 6000 亿元 MLF 操作后， 将实现净投放 5000 亿元。3 月央行超量续作 MLF，实现净投放 630 亿元，是 2024 年 7 月以来 MLF 首次净投放，展现了适度宽松的货币政策取向。 重点品种：原油、贵金属、集运指数 原油：SC 上涨 1%。有消息援引哈萨克新任命的能源部长的话说，在决定石油产 量水平时，哈萨克斯坦将优先考虑国家利益，而非欧佩克及其减产同盟国的利益。 他还表 ...

以下文章来源于财经杂志 ，作者王静仪 蒋瑛芙 财经杂志 . 《财经》杂志官方微信。《财经》杂志由中国证券市场研究中心主办，1998年创刊，秉承"独立、独家、独到"的新闻理念，以权威性、公正 性、专业性报道见长，是政经学界决策者、研究者、管理者的必读刊物。 本文来自微信公众号： 财经杂志 ，作者：王静仪、蒋瑛芙（实习生），编辑：施智梁，题图来自：视觉中国 一旦中国制造或运营的船舶停靠美国港口，美国将征收额外费用。这是美国贸易代表办公室 （USTR） 于4月17日公布的"港口费"，旨在打击中国航运 业。 港口费分为两类，第一类针对中国船东和运营商，从2025年10月14日开始，每次美国航程会收取每净吨50美元的费用。未来三年，每年增加每净吨30 美元。每艘船舶每年最多只会被征收五次费用。 第二类是针对使用中国制造船舶的非中国运营商 （只针对中国造船舶） ，"港口费"略低，每净吨18美元或每集装箱120美元，择高收取，并在未来三 年内每年按比例增加。 港口费有多贵？以即将停靠美国长滩港的COSCO THAILAND号为例，该船最大载箱量8500TEU （标准箱） ，净吨约5.9万吨，是中美航线的主流船型 之一，由于 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Geopolitical events such as the postponement of the Iran - US indirect talks and the uncertainty of US - China tariff policies are affecting the shipping market [4][5] - The shipping capacity in May is gradually increasing, with the monthly average weekly capacity around 270,500 TEU, a year - on - year increase of over 18% in 2024. There are many empty sailings on the US routes, and some ships may be transferred to European routes [4] - The 06 and 08 contracts are seasonal peak - season contracts, and the uncertainty of tariff policies affects their valuations. The probability of the Suez Canal reopening in June and August is decreasing [5] - The cargo volume on European routes is fair, but the US tariff policy has a significant impact on US routes. Ship companies are formulating route adjustment plans, and if more US - bound ships are transferred to European routes, European route freight rates will face pressure [5] - It is necessary to closely monitor the possibility of China - US negotiations. If negotiations occur and some goods are exempted from export tariffs, there may be supply - demand mismatches on US routes, which will have a positive impact on European routes. Due to the uncertainty of tariff policies, it is recommended to focus on arbitrage operations [5] 3. Summary According to Relevant Catalogs Market Analysis - Online quotes: Different shipping alliances and companies have different price trends. For example, Maersk's quotes have been decreasing, and some companies' quotes in May have significant changes. The price center in the first half of May will continue to decline to around $1,800 - $1,900/FEU, and Maersk's quotes for the second half of May are expected to be between $1,600 - $1,700/FEU [2][3] Geopolitical and Capacity - Geopolitical events: The Iran - US indirect talks' technical meeting was postponed to the 26th [4] - Capacity: The shipping capacity in May is gradually increasing, and there are many empty sailings on US routes. A total of 8 ships on US routes have been transferred to European routes after May, with a total capacity of 91,300 TEU [4] Contract and Price Analysis - Contracts: The 06 and 08 contracts are affected by tariff policies and seasonal factors. The 06 contract will gradually return to "real - world" trading, while the 08 contract will face a game between expectations and reality [5] - Price trends: The price increase expectation in May may be disappointed again. If more US - bound ships are transferred to European routes, European route freight rates will face pressure [5] Strategy - Unilateral: The main contract fluctuates [8] - Arbitrage: Suspend the long 06 and short 10 arbitrage, and focus on the long 08 and short 10 and long 08 and short 06 arbitrage operations [5][8] Market Data - As of April 24, 2025, the total open interest of all contracts of the Container Shipping Index European Line Futures is 93,217 lots, and the single - day trading volume is 95,684 lots. The closing prices of different contracts vary [6] - As of April 18, the SCFI (Shanghai - Europe route) price is $1,316/TEU, the SCFI (Shanghai - US West route) price is $2,103/FEU, and the SCFI (Shanghai - US East) price is $3,251/FEU. As of April 21, the SCFIS (Shanghai - Europe) is 1,508.44 points, and the SCFIS (Shanghai - US West) is 1,368.41 points [7] - In 2025, 82 container ships have been delivered, with a total capacity of 644,300 TEU. As of April 18, 2025, 26 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 390,000 TEU, and 3 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 70,872 TEU [7]

Core Points - The U.S. Trade Representative (USTR) announced the results of the 301 investigation into China's shipping, logistics, and shipbuilding industries, detailing new fee structures for Chinese shipping companies and vessels built in China [1][3]. Implementation Details - The implementation of the new measures will occur in two phases: the first phase will take effect in 180 days, imposing fees on Chinese shipowners and operators, as well as on non-U.S. shipping companies using vessels built in China. The fee structure will vary based on the type of vessel, calculated by net tonnage, with a maximum of five charges per year [3][4]. - The second phase, effective in three years, will impose fees on non-U.S. liquefied natural gas (LNG) vessels docking at U.S. ports, with rates increasing annually. The latest version of the proposal includes a 180-day buffer and narrows the scope of applicable vessels, enhancing the focus on China [4][5]. Industry Reactions - Industry leaders, such as Andrew Abbott, CEO of Atlantic Container Line (ACL), have expressed strong opposition to the legislation, indicating that it could force their company to exit the U.S. market due to the predominance of Chinese-built vessels in their fleet [5][6]. - Despite ACL's unique situation, the overall share of Chinese-built vessels in the global fleet is relatively low, with only 23% of the current fleet being constructed in China [6][7]. Market Statistics - According to Clarkson's data, Chinese-built container ships account for 39% of the global container fleet, while the order book for container ships in 2024 shows China with a 69% share, indicating a significant increase in new orders [7][9]. - The U.S. container shipping market exports approximately 13.9 million TEUs annually and imports 34 million TEUs, representing about 22.5% of global container shipping trade [12]. Cost Implications - If the new fees are implemented, the cost per container for routes from the U.S. West Coast could increase by $450 to $550, while East Coast routes may see increases of $200 to $300, representing significant percentages of current freight rates [13][17]. - Historical trends suggest that shipping companies are likely to pass these additional costs onto consumers, potentially leading to a market environment similar to that experienced during the pandemic [17]. Comparative Analysis - The U.S. container shipping market's dynamics are compared to the Russian market, which has faced similar external pressures. The U.S. market is expected to maintain supply levels, unlike the drastic changes seen in Russia following the Ukraine conflict [19][21]. - The differences in market size and operational structures between the U.S. and Russia highlight the potential for U.S. shipping companies to adapt rather than exit the market entirely [20][23]. Strategic Opportunities - The 301 legislation may inadvertently create strategic opportunities for Chinese shipping and shipbuilding industries, as market gaps left by exiting foreign companies could be filled by domestic firms [35][36]. - The potential restructuring of the U.S. shipping market could lead to increased market share for Chinese companies, particularly in logistics and shipping services [38][39]. Regulatory Implications - The legislation highlights the inefficacy of current international shipping governance systems, as it may lead to a decrease in the competitiveness of Chinese-built vessels in the global market [40][41]. - China is encouraged to develop its own regulatory framework to counteract the effects of the U.S. legislation, focusing on establishing standards that could enhance its competitive position in the shipping and shipbuilding sectors [43][44].

Core Viewpoint - The company firmly opposes the discriminatory decision made by the U.S. regarding the Section 301 investigation into China's maritime logistics and shipbuilding industries, arguing that it distorts fair competition and threatens the stability of global supply chains [1][2]. Group 1: Company Response - The company emphasizes its commitment to integrity, transparency, and compliance in international shipping and logistics services [1][2]. - It asserts that the U.S. measures will negatively impact the global shipping industry's normal operations and sustainable development [1][2]. - The company pledges to continue safeguarding client interests and providing reliable shipping and logistics solutions [1][2]. Group 2: Industry Impact - The company warns that the U.S. actions could undermine the security and resilience of global industrial and supply chains [1][2]. - It highlights the potential disruption to fair competition within the global shipping industry due to the U.S. decision [1][2].

首席点评：金银回调，油价续涨 报告日期： 2025 年 4 月 18 日 申银万国期货研究所 李强指出，在政策制定实施和政府工作的方方面面，都要有稳预期的意识，特别要结合形势变化，提高 政策针对性、有效性。要讲究政策时机，在一些关键的时间窗口，推动各方面政策措施早出手、快出 手，对预期形成积极影响。欧洲央行如期下调利率 25 个基点，为自去年 6 月以来第七次下调利率。欧 央行行长拉加德表示，经济前景笼罩在极大的不确定性中，经济下行风险有所增加。美国 3 月新屋开工 数下降 11.4% ，创一年来最大降幅，高房价和抵押贷款利率高企导致需求疲软，使得建筑商对破土动 工缺乏信心。美国能源部备忘录报道称，特朗普政府考虑砍掉将近 100 亿美元清洁能源资金，可能会在 氢能源、碳捕捉、 ETC 领域削减（政府）资金支持。 重点品种： 玻璃、原油、 贵金属 玻璃 ：周四，玻璃期货延续弱势，市场情绪仍有分歧，商品普遍受到关税冲击导致的对于内需消费的 观望情绪主导。玻璃自身目前库存缓慢去化，市场亦步亦趋。中期角度，目前经过 2 个月的玻璃累库， 等待开工后采购需求推动消化玻璃存量库存。本周玻璃生产企业库存 5624 万重箱， ...

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the impact of new tariff policies, specifically Tariff 2.0, on the shipping and trade industries, particularly between the U.S. and China [1][2][3]. Key Points and Arguments 1. **Tariff 2.0 Overview**: The new tariff policy is referred to as a "composite right," focusing on traditional goods with increased tariffs [1]. 2. **Impact on Shipping Capacity**: The U.S. investigation into China's shipbuilding industry under Section 301 is expected to significantly affect global and Chinese markets, leading to increased costs and decreased operational efficiency for Chinese shipping companies [2]. 3. **Direct Trade Effects**: There is a noted decline in direct trade volume from China to the U.S., a shift in trade routes, and potential increases in shipping costs due to operational disruptions [3]. 4. **Long-term Economic Implications**: The long-term effects may include a slowdown in the U.S. economy, a shift in Chinese shipbuilding orders, and a restructuring of supply chains in manufacturing [3]. 5. **Market Strategies**: Recommendations include focusing on seasonal contracts during peak periods and monitoring cross-period strategies, particularly for contracts in June and August [4][5]. 6. **Global Trade Dynamics**: The relationship between global economic growth rates and trade volume growth rates is highlighted, indicating that trade significantly influences economic performance [6]. 7. **U.S. Trade Partners**: The U.S. has increased tariffs on imports from Canada and Mexico, with specific impacts on industries such as automotive parts and energy [7][22]. 8. **Trade Deficits**: The trade deficit with China has been growing, particularly in manufacturing, electronics, and transportation equipment, indicating a heavy reliance on Chinese imports [8][9]. 9. **301 Tariff Policy Effects**: The 301 tariffs have had a substantial impact on various sectors, with agriculture and manufacturing being notably affected [10][12]. 10. **Shipping Industry Adjustments**: The shipping industry is adjusting to increased service fees for Chinese-built vessels, which could lead to higher operational costs for foreign shipping companies using Chinese ships [27][28]. 11. **Future Trade Patterns**: There is a potential shift in manufacturing capacity from China to Southeast Asia, particularly Vietnam and India, as companies seek to avoid tariffs [19][20]. 12. **Economic Impact Projections**: The projected impact of Tariff 2.0 on the U.S. economy could lead to a GDP decline of approximately 1.8%, indicating significant economic repercussions [34]. Other Important but Overlooked Content - The call emphasizes the importance of monitoring specific shipping routes and the operational adjustments made by shipping companies in response to tariff changes [29][30]. - The discussion includes the potential for increased cooperation between the U.S. and its neighboring trade partners, which could mitigate some of the adverse effects of the tariffs [16][18]. - The call also touches on the broader implications of global supply chain adjustments and the need for companies to adapt to changing market conditions [36][37]. This summary encapsulates the critical insights from the conference call, focusing on the implications of tariff policies on the shipping and trade industries, as well as the broader economic context.