Core Viewpoint - Zhonggu Logistics (603565.SH) aims to optimize its fleet structure and expand its fleet size by signing a contract for the construction of two 6000 TEU container ships with China Merchants Jinling Shipyard (Jiangsu) Co., Ltd, with a total contract value not exceeding 1.16 billion RMB or equivalent in USD (excluding tax) [1] Group 1 - The company is focused on enhancing its competitiveness by building a high-efficiency and competitive container shipping fleet [1] - The planned contract involves the construction of two container ships, indicating a strategic move to strengthen operational capacity [1] - The total contract amount reflects the company's commitment to investing in fleet expansion and modernization [1]

Core Viewpoint - The annual Feng Shui guide by Citic Securities indicates a positive outlook for the Hang Seng Index in the Year of the Fire Horse, suggesting a stable upward trend despite potential initial declines in early 2024 [1]. Market Outlook - The Hang Seng Index is expected to experience stable growth, having shown positive performance in three out of the last four Horse years [1]. - A forecasted initial decline is anticipated at the beginning of the year, with a gradual recovery expected after April [1]. - The second half of the year is predicted to exhibit a "two steps forward, one step back" pattern, with peak performance expected between November and early December, followed by a slight softening before a year-end rebound [1]. Sector Analysis - Industries associated with Wood, such as furniture, herbal products, and pharmaceuticals, are expected to thrive in the Year of the Horse [1]. - Fire-related sectors, including telecommunications and energy, are also anticipated to benefit from favorable conditions [1]. - The financial products sector, categorized under Metal, is recommended for focused attention throughout the year [1]. - The real estate sector, associated with Earth, is expected to struggle to gain momentum [1]. - The Water element is predicted to be the weakest, leading to stagnation in the shipping industry and challenges for the tourism sector [1].

Core Viewpoint - The company plans to sign a contract for the construction of two 6,000 TEU container ships with a total contract value not exceeding 1.16 billion RMB or its equivalent in USD, excluding tax [1] Group 1: Investment Details - The investment aims to create a highly economical and competitive container shipping fleet [1] - The transaction does not constitute a related party transaction or a major asset restructuring, and does not require shareholder approval [1] - The implementation of the transaction may involve overseas investment matters, which need to be filed with relevant national authorities [1]

Group 1 - The company, Bohai Ferry (603167.SH), currently does not engage in offshore rocket launch-related business [1] - The company also stated that it does not have the conditions to expand into this business in the short term [1]

Core Viewpoint - The company, Haitong Development, experienced a decline in stock price by 2.75% on February 4, with a trading volume of 352 million yuan and a market capitalization of 13.13 billion yuan [1]. Company Overview - Haitong Development is located at 23 Changting Street, Fuzhou, Fujian Province, and primarily engages in domestic coastal and international ocean dry bulk transportation [2][3]. - The company has established itself as a leading private enterprise in the dry bulk shipping sector in China, focusing on coal transportation and expanding into iron ore and other dry bulk goods [3][4]. - As of the 2023 semi-annual report, the company reported that 65.04% of its revenue comes from overseas, benefiting from the depreciation of the Chinese yuan [4]. Financial Performance - For the period from January to September 2025, Haitong Development achieved a revenue of 3.009 billion yuan, representing a year-on-year growth of 16.32%, while the net profit attributable to shareholders decreased by 38.47% to 253 million yuan [8]. - The company has distributed a total of 313 million yuan in dividends since its A-share listing [9]. Market Activity - The stock has seen a net outflow of 23.6942 million yuan from major investors, with a ranking of 33 out of 35 in its industry, indicating a reduction in major investor holdings over the past three days [5][6]. - The average trading cost of the stock is 13.64 yuan, with the current price fluctuating between resistance at 15.70 yuan and support at 12.87 yuan, suggesting potential for range trading [7].

Report Industry Investment Rating No relevant content provided. Report's Core View - The estimated bottom value of the February contract is around 1700 points, and factors such as ship - schedule delays and the online cargo - collection ratio of different alliances will affect the final delivery settlement price. The cargo volume in December and January is at a relatively high level within the year [4]. - Before the Spring Festival, the driving force for freight rates is weak. The EC2604 contract is expected to fluctuate in the near term. Attention should be paid to whether the shipping companies' price - support measures are effective in March after the festival. The cancellation of VAT export tax rebates for products like photovoltaic may disrupt the shipping rhythm and shipping companies' pricing strategies. The price of Maersk has provided an overall price guidance for February, while the prices of the PA and OA alliances have declined. The shipping capacity in March has increased by 19% compared to February. There is an expectation of price support in March [5]. - For more distant - month contracts, the game over the resumption time is intense, and the volatility is expected to remain at a high level. The resumption of the Suez Canal is expected to be a gradual process. Maersk will adjust some routes to pass through the Red Sea and the Suez Canal. The delivery pressure of ultra - large vessels in the first half of 2026 is relatively small. If the Suez Canal does not resume operation in the first half of the year, the shipping capacity pressure will be relatively controllable, and higher freight rates can be expected. Investors can pay attention to the arbitrage opportunity of going long on EC2606 and short on EC2610 [6]. Summary by Related Catalogs 1. Futures Price - As of February 3, 2026, the total open interest of all container shipping index (Europe route) futures contracts is 58,854.00 lots, and the single - day trading volume is 34,792.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1737.80, 1237.90, 1533.70, 1597.90, 1128.60, and 1439.00 respectively [7]. 2. Spot Price - On February 1, 2026, the SCFI (Shanghai - Europe route) price is 1418 US dollars/TEU, the SCFI (Shanghai - West Coast of the United States) price is 1867 US dollars/FEU, and the SCFI (Shanghai - East Coast of the United States) price is 2605 US dollars/FEU. On February 2, the SCFIS (Shanghai - Europe) is 1792.14 points, and the SCFIS (Shanghai - West Coast of the United States) is 1101.40 points [7]. 3. Container Ship Capacity Supply - **Static Supply**: As of January 31, 2026, 6 container ships with a total capacity of 46,950 TEU have been delivered in 2026. Among them, 2 ships with a capacity of 12,000 - 16,999 TEU (total 28,000 TEU) and 1 ship with a capacity of over 17,000 TEU (17,148 TEU) have been delivered. In the remaining months of 2026, 12,000 - 16,999 TEU ships are expected to deliver 737,400 TEU (50 ships), 944,600 TEU (64 ships) in 2027, 1,212,000 TEU (82 ships) in 2028, and 415,400 TEU (29 ships) in 2029. For ships over 17,000 TEU, 192,900 TEU (8 ships) will be delivered in the remaining months of 2026, 862,800 TEU (40 ships) in 2027, 1,603,000 TEU (80 ships) in 2028, and 1,261,500 TEU (77 ships) in 2029. The delivery pressure of ultra - large vessels in 2026 is relatively small, with only 4 ships over 17,000 TEU delivered in the first half of 2026 [2][3]. - **Dynamic Supply**: The average weekly shipping capacity in February is 263,100 TEU, with the capacities in weeks 6, 7, 8, and 9 being 300,400 TEU, 312,700 TEU, 271,300 TEU, and 168,200 TEU respectively. The average weekly shipping capacity in March is 313,400 TEU, and in April is 279,000 TEU. There are 12 blank sailings in February and 6 blank sailings and 2 TBNs in March [3]. 4. Supply Chain - Maersk will adjust the ME11 route structure starting from mid - February 2026, passing through the Red Sea and the Suez Canal. If possible, it will also adjust the AE12 and AE15 services in subsequent stages to pass through these areas. The full resumption of the Red Sea route requires multiple conditions to be met, and the current detour has become the new normal for the customer supply chain [2][6]. 5. Demand and European Economy - The cancellation of VAT export tax rebates for products like photovoltaic by the Ministry of Finance and the State Taxation Administration on January 8, 2026, may disrupt the shipping rhythm of relevant industries and further affect the pricing strategies of shipping companies. Attention should be paid to whether the cargo volume from the Far East to Europe in February and March can increase significantly and whether the actual freight rates will be stronger than in normal years [5].

Core Viewpoint - The company aims to optimize its fleet structure and expand its fleet size by signing a contract for the construction of two 6,000 TEU container ships with China Merchants Jinling Shipyard (Jiangsu) Co., Ltd, with a total contract value not exceeding 1.16 billion RMB or its equivalent in USD (excluding tax) [1] Group 1 - The company is focused on building a high economic efficiency and competitive container shipping fleet [1] - The contract for the construction of the ships is part of the company's strategy to enhance its competitiveness [1] - The total amount for the shipbuilding contract is capped at 1.16 billion RMB [1]

Group 1 - The core viewpoint of the article is that Zhonggu Logistics is taking steps to optimize its fleet structure and expand its fleet size by signing a contract for the construction of two 6000 TEU container ships with China Merchants Jinling Shipyard, with a total contract value not exceeding 1.16 billion RMB or its equivalent in USD (excluding tax) [1] Group 2 - The company aims to build a highly economical and competitive container shipping fleet to enhance its competitiveness in the industry [1] - The contract for the new ships is part of the company's broader strategy to improve operational efficiency and market position [1] - The investment reflects the company's commitment to growth and adaptation in the logistics sector [1]

2026.02. 04 本文字数：3072，阅读时长大约5分钟 作者 | 第一财经 缪琦 在今年的上海两会上，上海市市长龚正作政府工作报告时表示，2025年，上海市生产总值达到5.67万亿元、增长5.4%，好于预期。综合各方面因素，建 议2026年全市生产总值预期目标增长5%左右。 对于成绩单和目标，上海市人大代表们怎么看？又有何建议？ 不确定性与技术变革下，机遇与挑战并存 "上海过去一年的增长，离不开抓早、抓稳、抓实的谋划和部署。" 上海市人大代表、上海段和段律师事务所党支部书记吴坚对第一财经表示，首先，新 质生产力成为核心引擎，集成电路、生物医药、人工智能三大产业规模历史性突破2万亿元，成为经济增长的"压舱石"；其次，科技赋能显示了强大成 效，受益于人工智能和算力需求爆发，信息服务业增加值增长15.3%，软件和信息技术服务业营收大幅增长，成为服务业增长的最大亮点 ；第三，上海 经济的韧性更强了，在外向型经济面临国际经贸秩序不稳定的情况下，上海通过产业升级和内需挖潜，展现出经济韧性。 上海市人大代表、上海艾能电力工程有限公司副董事长朱柯丁告诉第一财经，今年的政府工作报告基调务实、判断理性，并抓住了关键变量。 ...

Core Viewpoint - Shanghai aims to achieve a GDP growth rate of around 5% for 2025, with a focus on enhancing its status as an international economic, financial, trade, shipping, and technological innovation center [3][5][12]. Group 1: Economic Goals and Projections - The main expected economic targets for Shanghai in 2025 include a GDP growth of approximately 5%, a 2% increase in local public budget revenue, and R&D expenditure reaching 4.6% of GDP [3][12]. - The "15th Five-Year Plan" outlines an average annual GDP growth target of around 5%, with potential growth levels estimated between 4.6% and 5.2% [3][12]. Group 2: Development of the "Five Centers" - The report emphasizes the continuous enhancement of the "Five Centers," which include international economic, financial, trade, shipping, and technological innovation centers [5][7]. - Specific initiatives include supporting industries such as smart connected vehicles, marine economy, low-altitude economy, aerospace, and satellite internet [5][11]. Group 3: New Quality Productivity - The focus is on integrating technological and industrial innovation to foster new quality productivity, including accelerating the application of major technological achievements and promoting intelligent, green, and integrated industrial development [9][10]. - Shanghai's R&D expenditure as a percentage of GDP reached approximately 4.5% in 2025, with significant growth in key industries like integrated circuits, biomedicine, and artificial intelligence [9][10]. Group 4: Modern Industrial System - The "2+3+6+6" modern industrial system aims to establish a world-class high-end industrial cluster, with a focus on traditional industry transformation and the development of three leading industries: integrated circuits, biomedicine, and artificial intelligence [10][13]. - By 2030, the plan targets that the total output value of strategic emerging industries will account for over 50% of the total industrial output value [12][13]. Group 5: Future Industry Layout - The report highlights the importance of forward-looking layouts in future industries, including quantum technology, brain-computer interfaces, and bio-manufacturing, to enhance Shanghai's competitive edge [14][12]. - The establishment of a reasonable investment mechanism for manufacturing and the promotion of collaboration between industry, academia, and research in emerging fields are emphasized [14][13].