春运期间，海南省海口市积极扩充船舶运力，新增"绿源六号""绿源九号"两艘新能源汽车专用平板驳船。 图为近日海口市秀英港的新能源汽车驶入驳船。杨冠宇 摄 转自：中国质量报 ...

一是搭建服务"连心桥"，为企业申报降成本、明方向。一方面，健全经营者集中分类分级审查制度，将 试点委托地方审查转为正式委托，强化局地协同，就近服务。发布《违法实施经营者集中行政处罚裁量 权基准（试行）》，推出"行政处罚自算器"工具，让企业"一看就懂，一算便知"。另一方面，我们出台 《经营者集中申报规范》《非横向经营者集中审查指引》，为企业申报提供透明、可预期的政策环境。 开放经营者集中反垄断业务系统，提供6000余件历史案例库实时查询，为企业合规申报提供"活字典"。 来源：央视新闻客户端 今天（5日）上午国务院新闻办公室举行新闻发布会，市场监管总局介绍，经营者集中，可以通俗地理 解为企业之间合并、收购等行为。市场监管总局负责对该类行为进行反垄断审查，一方面要支持企业依 法整合资源、做大做强，一方面要防止形成垄断，破坏竞争秩序。2025年，总局坚持"放管结合"开展经 营者集中反垄断审查，对合规并购"简案快审"，对存在垄断风险的"要案精审"，有效推动形成优质优 价、良性竞争的市场生态。主要成效体现在四个方面。 二是跑出审查"加速度"，让企业并购少等待、快落地。2025年，我们依法审结经营者集中706件，同比 增长 ...

Core Viewpoint - The article emphasizes the importance of accelerating the construction of the "Five Centers" in Shanghai during the 14th Five-Year Plan period, highlighting the city's commitment to enhancing its urban capabilities and competitiveness [2]. Group 1: Development of the Five Centers - The Shanghai government report outlines support for industries such as smart connected vehicles, marine economy, low-altitude economy, aerospace, and satellite internet, aiming to cultivate distinctive digital industry clusters and enhance service sector quality [3]. - The report advocates for the synergistic development of the "Five Centers," promoting mutual support and efficient collaboration to amplify overall, platform, and radiation effects [4]. - A representative from the Shanghai Robotics Industry Technology Research Institute suggests that high-quality industrial development requires comprehensive support across the entire supply chain and resource allocation [4]. Group 2: Internationalization and Global Engagement - The article discusses the need for Shanghai to enhance its international presence by participating in the formulation of international rules and strengthening its voice on the global stage, particularly in supporting talent and projects that take on leadership roles in international organizations [5]. - The construction of Shanghai's international shipping center is transitioning from "basically completed" to "fully completed," yet it faces challenges in enhancing its soft power and optimizing the port business environment [6]. Group 3: Recommendations for Shipping and Trade - Suggestions include signing inter-port cooperation agreements with major international ports to promote green and digital shipping corridors, establishing dynamic optimization mechanisms for business content, and enhancing strategic cooperation among friendly ports [7]. - The article highlights the need for innovative port supervision models to support cross-border e-commerce and the integration of shipping trade with digital platforms, focusing on improving digital infrastructure and public service capabilities [8]. - To enhance shipping factor aggregation, the article recommends attracting quality shipping enterprises, supporting existing local companies, and implementing policies to draw back "convenient flag ships" and high-end shipping talents [8].

Ocean Alliance：CMA 上海-鹿特丹2月份上半月船期价格1359/2293，2月下半月船期报价1359/2293；EMC2月上 半月船期报价1615/2430，2月下半月船期1615/2430；OOCL 2月上半月船期价格介于2331-2631美元/FEU，2月下 半月船期报价介于2287-2631美元/FEU。 地缘端：自2026年2月中旬起，马士基ME11线路将实施结构调整，通过红海和苏伊士运河过渡。在可能的情况下， 马士基还将在后续阶段对AE12和AE15服务进行调整，以通过红海和苏伊士运河。 静态供给：交付现状层面，截至2026年1月31日。2026年至今交付集装箱船舶6艘，合计交付运力46950TEU。 12000-16999TEU船舶合计交付2艘，合计2.8万TEU；17000+TEU以上船舶交付1艘，合计17148TEU。交付预期层 面，12000-16999TEU船舶：2026年剩余月份交付73.74万TEU（50艘），2027年交付94.46万TEU（64艘），2028年交 付121.2万TEU（82艘），2029年交付41.54万TEU（29艘）。 FICC日报 | 2026 ...

投资咨询业务资格：证监许可【2012】31号 航运衍生品数据日报 国贸期货研究院 能源化工研究中心 卢钊毅 数据来源：Clarksons、Wind 投资咨询号: Z0021177 从业资格号: F03101843 2026/2/5 策略:短期做空性价比降低,关注低位做多06和反弹逢高做空淡季10。 免责 声明 本报告中的信息均源于公开可获得的资料， 国贸期货力求推确可靠，但不对上述信息的准确性及完整件做任何保证。 本报告不构成个人投资建议,也未针对个别投资者带殊的投资目标、财务状况或需要,投资看需自行判断本报告中的任何意见 或建议是否符合其特定状况，据此投资，责任自负。 本报告仅向特定客户推送，未经国贸期货授权许可，任何引用、转载以及向第三方传播的行为场构成对国贸联货的侵权，我 司将视情况追究法律责任。 ITG国贸期货 | | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 集 ...

Group 1 - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) experienced a net redemption of 1.0161 million yuan on February 4, ranking 37th out of 212 in cross-border ETF net outflows [1] - As of February 4, the latest scale of the ETF is 569 million yuan, with a previous day's scale of 562 million yuan, indicating a net outflow of 0.18% compared to the previous day's scale [1] - Over the past 5 days, the ETF faced a net redemption of 5.0294 million yuan, ranking 49th out of 212 in cross-border ETF net outflows [1] Group 2 - The ETF's latest share count is 556 million shares, down 9.74% from 616 million shares at the end of December 31, 2025, and its scale decreased by 6.86% from 611 million yuan [2] - The cumulative trading amount over the last 20 trading days is 254 million yuan, with an average daily trading amount of 12.718 million yuan [2] - The current fund managers are Liu Tingyu and Cai Leping, with Liu managing since July 23, 2025, achieving a return of 2.43%, while Cai has been managing since November 5, 2025, with a return of -0.39% [2] Group 3 - The ETF's top holdings include COSCO Shipping Holdings, China Shenhua Energy, CNOOC, Sinopec Engineering, China National Offshore Oil Corporation, and others, with respective holding percentages and market values detailed [2] - Other ETFs tracking the same index include Huaxia Central State-Owned Enterprises Dividend ETF, Wanji Central State-Owned Enterprises Dividend ETF, and Tianhong Central State-Owned Enterprises Dividend ETF, with their respective scales and liquidity metrics provided [2]

Core Viewpoint - Goldman Sachs has raised the net profit forecasts for China Merchants Energy Shipping Company (01138) by 11% and 12% for 2026 and 2027 respectively, reflecting higher freight rates, and increased the target price for its Hong Kong stock by 48% to HKD 16, while raising the target price for its A-shares (600026.SH) by 10% to RMB 18, maintaining a "Buy" rating [1][5] Group 1 - Goldman Sachs believes that international freight rates still have further upside potential due to the exit of shadow fleets and sanctioned fleets from the market, which will result in effective capacity being lower than market expectations [1][5] - The firm anticipates that China Merchants Energy will benefit from this round of rising freight rates and assumes that oil transportation from Venezuela will shift from shadow fleets to mainstream fleets [1][5] Group 2 - In extreme scenarios, if sanctions on Russian or Iranian oil are fully lifted, it could further accelerate the exit of shadow fleet capacity, as non-sanctioned oil would no longer require shadow fleets for transportation [1][5] - The shadow fleets are unlikely to return to mainstream or compliant fleets due to the generally older age of these vessels, increasing maintenance needs, and rising regulatory risks, which should lead to their dismantling [1][5] - According to data from Clarksons and S&P Global, currently, 18% and 16% of the total tanker capacity, measured by deadweight tonnage, belongs to shadow fleets and sanctioned fleets respectively [1][5]

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call focuses on the **2026 Feng Shui Index** and its implications for various industries, particularly the **real estate sector** and the **Hang Seng Index (HSI)**. Core Insights and Arguments - The **2025 market performance** was characterized by volatility, with the Hang Seng Index experiencing unexpected declines and subsequent rebounds, ultimately surpassing initial predictions [4][5]. - The **2026 Feng Shui Index** suggests a positive outlook for the year, with expectations of a strong market performance akin to a galloping horse, indicating a year of opportunities and potential surprises [8][12]. - The **real estate sector** is forecasted to face challenges, as it lacks direct auspicious influences in the current year's predictions. However, specific directions (East and Southeast) are noted to have favorable prospects, while the North and South may encounter disruptions [11][59]. - The **HSI**, categorized as an Earth element, is expected to benefit from the fire energy of the year, leading to a brighter outlook despite previous caution [11][12]. Other Important but Possibly Overlooked Content - The **Feng Shui Index** integrates traditional Chinese metaphysics, including the Five Elements theory, to predict market trends and sector performances [39][46]. - The **Wood element** is expected to thrive in 2026, positively impacting industries related to agriculture, furniture, and pharmaceuticals, while the **Fire element** is anticipated to boost sectors like energy production and communications [42][46]. - The **Water element** is predicted to be weak, potentially hindering the shipping and trade industries, as well as sectors related to small goods and aquaculture [56]. - The **real estate sector** is expected to struggle, but construction materials like sand and cement may see growth, particularly towards the end of the year [49]. This summary encapsulates the essential insights from the conference call, highlighting the anticipated trends and challenges across various sectors as influenced by the Feng Shui Index for 2026.

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [7] Core Views - The report highlights three main investment themes for February: aviation, oil shipping, and road transportation, driven by the Spring Festival travel peak and geopolitical factors [1][2][3] - The aviation sector is expected to benefit from improved supply-demand dynamics, with a focus on major airlines [1][2] - Oil shipping is anticipated to see price increases due to geopolitical tensions affecting supply [1][3] - The road transportation sector is viewed as a stable dividend asset amid market volatility, with specific recommendations for certain stocks [1][5] Aviation - The passenger load factor for 2025 is projected to rise to 85.1%, with ticket prices showing a mixed trend [2][14] - The Spring Festival is expected to catalyze stock price movements, with a forecast of 95 million passengers during the travel period, a 5.3% increase year-on-year [16][28] - The report notes that fuel price increases are manageable, as fuel surcharges can cover most cost increases [20][21] Oil Shipping - In January, oil shipping rates continued to strengthen due to increased demand from geopolitical tensions in Venezuela and Iran [3][34] - The report indicates that oil shipping rates are expected to rise further post-Spring Festival, despite a potential short-term dip during the holiday season [34][36] Logistics - The express delivery sector is experiencing a slowdown in volume growth, while prices remain stable [4] - There are signs of recovery in the hazardous materials logistics sector, driven by improved supply-demand dynamics in the upstream chemical industry [4] Road Transportation - The road transportation sector is characterized by high demand for both passenger and freight services, with a notable increase in short-distance travel during the Spring Festival [5][28] - The report recommends specific stocks in the road sector, highlighting their potential for stable returns amid market fluctuations [1][5] Airport Operations - The report emphasizes the steady growth in passenger throughput at listed airports, with international routes contributing significantly to this growth [28] - It also notes that new capacity coming online may impact profitability, particularly for airports undergoing capital expenditure cycles [28][33]

智通财经APP获悉，高盛发布研报称，将中远海能(01138)2026及2027年的净利润预测分别上调11%与 12%，以反映运费更高，并升中远海能港股目标价48%至16港元，升中远海能(600026.SH)A股目标价 10%至18元人民币，维持"买入"评级。 该行分析显示，在极端情境下，若俄罗斯或伊朗石油的制裁完全解除，可能会进一步加速影子船队运力 的退出，因为不受制裁的石油不再需要影子船队进行运输。同时，影子船队亦不太可能回归主流或合规 船队，因该些船只一般船龄都过高，后续维护需求增加以及监管风险上升，理应被拆解。根据Clarksons 与标普全球的数据，以载重吨位计算，目前油轮总运力中有18%及16%分别属于影子船队及受制裁船 队。 该信息由智通财经网提供 高盛认为国际运价仍有进一步上行空间，因受影子船队、受制裁船队相继退出市场或利用率偏低影响， 将使有效运力低于市场预期。预期中远海能将成为此轮运价上行的受益者，并假设委内瑞拉的石油运输 将由影子船队转向主流船队。 ...