集装箱运价在经过4个月的低迷行情后，于近日出现反弹。10月17日，上海航运交易所发布的上海出口 集装箱综合运价指数为1310.32点，较上期上涨12.9%，实现了两连涨。 上海一家国际货运公司人士对记者表示，由于美国10月10日宣布，将自11月1日起对中国进口商品加征 100% 的新关税。导致近期部分货主加急出货，但实际上市场货量并没有增加，预计未来一段时间北美 航线运价仍将相对低迷。 欧线市场来看，10月17日，上海港出口至欧洲基本港市场运价为1145美元/TEU（长度为20英尺的集装 箱，也称标准箱），较上期上涨7.2%。地中海航线市场行情与欧洲航线基本同步，市场运价继续上 行。10月17日，上海港出口至地中海基本港市场运价为1613美元/TEU，较上期上涨3.5%。 德路里10月17日发布的数据显示，德路里世界集装箱运价指数在10月16日当周环比上涨2%，至每40英 尺箱1687美元，结束了持续16周的下行趋势。德路里预计，受船司近期实施的综合费率上涨附加费GRI （General Rate Increase，是航运公司为应对成本上升或市场需求变化而临时收取的额外费用，通常按集 装箱尺寸分档计收）推动， ...

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The release of MSK's WK45 Shanghai - Rotterdam quote of $2350 during the session on October 21st boosted market sentiment, driving the EC futures market up significantly. The EC2512 contract closed at 1769.3 points on that day, a 5.19% increase from the previous day's close. The SCFI European line rate on October 17th was $1145/TEU, a 7.2% week - on - week increase, and the latest SCFIS European line index released after the market on Monday was 1140.38 points, a 10.5% week - on - week increase, exceeding market expectations. The 2510 contract is repairing its discount upwards [3][5]. - The spot freight rate spread among major shipping companies has widened again. Some shipping companies have lower SPOT prices due to cargo - booking pressure, but the fundamentals are expected to gradually improve given the good long - term cargo receipts of shipping companies. Different shipping companies have different price adjustment strategies. It is expected that the freight rate center of shipping companies in the second half of October will move up compared to the first half, and attention should be paid to the implementation of price increases [6]. - In terms of demand, cargo volume continues to decline seasonally, and shipments from November to December are expected to gradually improve. Attention should be paid to the impact of tariff policies on the shipment rhythm. On the supply side, the weekly average capacity of Shanghai - Northern Europe 5 ports in October, November, and December is 244,500, 268,400, and 279,500 TEU respectively. There are four additional sailings cancelled in November by OA, and the weekly average capacity has decreased by 6.5% compared to this week's schedule. OA continues the strategy of multiple ship - changing operations in December [6]. - In terms of risks, the Hamas is discussing the next - stage content of the Gaza cease - fire agreement in Egypt, which involves disarmament. Attention should be paid to the progress of subsequent negotiations. Recently, China and the US have stated that they will restart tariff negotiations, and the sentiment has eased. Attention should also be paid to the progress of these negotiations [5][6]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Contract Performance**: On October 21st, the EC2512 contract closed at 1769.3 points, up 5.19% from the previous day. Other contracts such as EC2510, EC2602, etc. also had different degrees of price increases and changes in trading volume and open interest [3]. - **Monthly Spread Structure**: The spreads between different contracts have changed. For example, the spread of EC10 - EC12 is - 634, down 52.4; the spread of EC12 - EC02 is 201, up 41.3 [3]. 3.2 Container Freight Rates - **Weekly Container Freight Rates**: The SCFIS European line index is 1140.38 points, a 10.52% week - on - week increase and a 48.27% year - on - year decrease. The SCFI comprehensive index is 1310.32 points, a 12.92% week - on - week increase and a 38.63% year - on - year decrease. Different routes have different freight rate changes [3]. 3.3 Fuel Costs - The price of WTI crude oil near - month contract is $56.94 per barrel, a 0.49% week - on - week decrease and an 18.28% year - on - year decrease. The price of Brent crude oil near - month contract is $60.8 per barrel, a 0.59% week - on - week decrease and a 17.5% year - on - year decrease [3]. 3.4 Market Analysis and Strategy Recommendations - **Market Analysis**: The release of MSK's high - price quote, the increase in the SCFI European line rate, and the progress of the Gaza cease - fire agreement and Sino - US tariff negotiations have all affected the market. The supply and demand fundamentals of the shipping market are in a state of change, with seasonal changes in demand and capacity adjustments on the supply side [5][6]. - **Trading Strategies**: Hold long positions in the EC2512 contract and continue to hold the 2 - 4 calendar spread long positions, and consider partial profit - taking on rallies [7][8][9]. 3.5 Industry News - The US has listed rare earths, fentanyl, and soybeans as the three major issues in Sino - US economic and trade consultations, and the Chinese Foreign Ministry has responded [9]. - EU member states support phasing out Russian natural gas imports by January 2028 [10]. - The Hamas is discussing the next - stage content of the Gaza cease - fire agreement in Egypt, and Israel has appointed a representative for its command center in the US to oversee the implementation of the Gaza agreement [11]. - Iran's Foreign Ministry spokesman said that indirect contacts with the US are still ongoing, and formal negotiations have not started [12].

流动性方面，截止10月21日，港股央企红利ETF（159333）近20个交易日累计成交金额5.99亿元，日均 成交金额2993.64万元；今年以来，192个交易日，累计成交金额76.31亿元，日均成交金额3974.69万 元。 港股央企红利ETF（159333）现任基金经理为杨坤。杨坤自2024年8月21日管理（或拟管理）该基金， 任职期内收益43.16%。 最新定期报告显示，港股央企红利ETF（159333）重仓股包括中远海控、东方海外国际、中信银行、中 国石油股份、中国光大银行、中国外运、农业银行、中国海洋石油、建设银行、工商银行，持仓占比如 下。 10月21日，万家中证港股通央企红利ETF（159333）收盘涨1.46%，成交额3118.39万元。 港股央企红利ETF（159333）成立于2024年8月21日，基金全称为万家中证港股通央企红利交易型开放 式指数证券投资基金，基金简称为万家中证港股通央企红利ETF。该基金管理费率每年0.50%，托管费 率每年0.10%。港股央企红利ETF（159333）业绩比较基准为中证港股通央企红利指数收益率(经估值汇 率调整)。 规模方面，截止10月20日，港股央企红 ...

为新时代海员队伍建设精准谋划路径、凝聚行业共识。 10月20日，2025北外滩国际航运论坛同期活动"国际海员发展专题研讨会"在沪举行。本次会议以"为新时代高素质海员队伍打造体面工作与能力标 准"为主题，旨在依托深度对话与前瞻探讨，为新时代海员队伍建设精准谋划路径、凝聚行业共识。 上海市虹口区副区长陈帅在致辞中表示，无论是推动行业绿色转型、制定数字标准，还是关乎行业未来的海员发展议题，北外滩都愿成为最理想的 试验田与合作平台。"相信在北外滩这片热土上，理念的碰撞能够迅速转化为行动的共识，机构的相邻能够催生紧密的协同。虹口区将一如既往，以 最大的诚意和决心，支持ICS、中远海运集运及所有航运伙伴在北外滩的发展，让大家心无旁骛地成就事业、共创未来。" 国际航运公会秘书长Thomas Kazakos在致辞中，阐述了海员对于航运业未来发展的重大战略意义与时代价值，他表示做好海员的招聘和保留工作一直 以来都是国际航运公会的重点工作。他希望行业各方强化国际协同，共同致力于为海员创造更好的职业发展途径，提升职业价值认同感与社会尊重 度，为维护贸易运转、全球供应链稳定提供坚实保障。 中远海运控股股份有限公司/中远海运集装箱运输 ...

传统海上风险案件比例下降，因地缘政治冲突等新型外部风险引发的纠纷显著增加。 蒋宏飞称，今年2月1日修订后的《上海市推进国际航运中心建设条例》已正式施行，为航运中心建设提供了强有力的法律支撑。"强化海事司法支持保 障"和"推动海事仲裁服务创新"被列为2025年上海国际航运建设的中心任务。已扩充为37家成员单位的"上海航运法律共同体"不断壮大，协同优化航运法律 服务生态。 司法支持无疑是仲裁发展的关键保障。上海市高级人民法院副院长曹洁表示，近年来，上海海事司法和仲裁的吸引力持续提升，越来越多的国际商事、海事 争议选择到上海诉讼或仲裁。根据今年4月世界银行公布的企业调查数据，在103个经济体中，中国的法院认可度和公正性感知度位列第2位和第3位。自2020 年以来，上海法院共受理了各类仲裁司法审查案件2600余件，受理的申请仲裁保全案件6900余件，平均有效支持率达到96%以上。 9月12日，全国人大常委会通过了修订后的《仲裁法》。13天后，最高人民法院发布《关于推进国际商事法庭高质量发展服务保障高水平对外开放的意 见》，提出要"进一步完善仲裁司法审查规则""营造仲裁友好型司法环境""支持临时仲裁"等一系列措施。 曹 ...

中新网上海10月21日电 题：全球航运"大咖"缘何连续五年相约黄浦江畔？ 在2023年的北外滩国际航运论坛上，阿诺特斯与中国航运界人士交流，并表示，安特卫普布鲁日港是重 要的燃料加注港，已经准备好加注液化天然气，并在未来采用替代燃料以实现气候变化方面的目标。 如今，合作意愿终于"落地生根"，阿诺特斯很高兴，"这次合作不仅涉及两个港口，航运公司、码头等 全产业链主体都参与了"。 本届论坛比往年提前开幕，不少海外航运界人士订票时发现长途航班售罄，担心无法准时到场。"大家 都在苦恼怎么及时赶到，我很庆幸自己来了。"连续五年参会的国际港口协会主席、汉堡港首席执行官 延斯·迈尔(Jens Meier)也不愿错过这场盛会，"在这能和各国政府、航运公司、国际组织沟通。有政府支 持，开展合作会容易得多"。 井艳全程参与北外滩国际航运论坛的策划，她认为，"高端化""国际化"是论坛形成差异的关键。首届 起，论坛就确立了"政府+国际组织+市场主体"架构，是当时全国唯一持续邀请联合国直属机构负责人 的航运论坛。此外，每届还针对行业热点，发布十余项成果。 作者 谢梦圆 "最初我们担心国内外同类论坛太多，北外滩国际航运论坛能否持续举办。 ...

Emerging Market Dynamics - Saudi Arabia's Kafalah program aims to boost SME financing by 8% year-on-year, reaching approximately $3.73 billion [1] - Saudi Arabia will implement new freight regulations on October 29, 2025, requiring all import cargo loading information to be submitted via the "FASAH" electronic customs platform, potentially extending clearance times by 3-5 days [2] - Dubai has launched the "Free Zone Mainland Operating Permit" to facilitate cross-border operations for free zone registered companies, expected to drive a 15%-20% growth in cross-border business in the first year [3] - South Africa plans to invest approximately $126.7 billion to advance energy transition, aiming to reduce coal's share in power generation from 58% to 27% by 2039 [4] Platform Dynamics Overview - Amazon will report seller tax information by October 31, covering the period from July to September 2025, in compliance with new regulations [5] - Amazon Bazaar in India saw a 26-fold increase in order volume, with new user numbers growing 4.2 times [6] - Amazon released the "2025 Amazon Global Store Consumer Category Guide," highlighting six major consumer trends [7] - Amazon Business introduced a dual discount program to reduce shipping fees and sales commissions for bulk orders [8] Popular Industry Observations - Global electric vehicle deliveries reached a record 2.1 million units in September, with 62% from China, marking a 24% year-on-year increase [15] - Japan's silver economy is booming, with a significant rise in demand for senior-friendly products [16] - China's energy storage battery shipments reached 165 GWh in Q3 2025, a 65% year-on-year increase [17] Service Ecosystem Trends - JD Logistics and Xpeng Motors launched a parts warehouse in Dubai to support regional operations [18] - J&T Express reported a 78.7% year-on-year increase in parcel volume in Southeast Asia for Q3 2025 [19] - Cainiao announced logistics plans for the year-end promotion, enhancing service capabilities in key markets [20] - XTransfer reported that 75.9% of its overseas payments in the first nine months of 2025 came from emerging markets [21] - Alibaba Cloud opened its second data center in Dubai to meet growing demand for cloud computing and AI [22] Overseas Policy Changes - The U.S. plans to extend a tariff reduction arrangement for the automotive industry, allowing manufacturers to lower import tariffs on auto parts [23] - Malaysia is considering banning smartphone and social media use for individuals under 16 to combat bullying and crime [24][25] - Italy plans to impose additional taxes on fast fashion products from China to protect its fashion industry [26] - The EU has made an initial anti-dumping ruling against Chinese fiberglass yarn, with tariffs up to 56.1% [27] - The U.S. has begun charging a "port fee" on Chinese vessels, significantly increasing shipping costs and leading to a rise in canceled voyages [28]

Core Viewpoint - Ningbo Ocean (601022.SH) has received necessary approvals for its overseas investment project in Singapore, with a total investment of 1.194 billion RMB [1] Group 1: Investment Approvals - The company has obtained the "Overseas Investment Certificate" from the Ningbo Municipal Bureau of Commerce and the "Overseas Investment Project Filing Notice" from the Ningbo Municipal Development and Reform Commission [1] - The project has a total investment amount of 1.194 billion RMB [1] Group 2: Project Execution - Ningbo Ocean has completed the local registration procedures for its Singapore subsidiary, Ningbo Ocean (Singapore) Co., Ltd. [1] - The company has signed four tripartite contracts for the construction of container ships with China Shipbuilding Huangpu Wenchong Shipbuilding Co., Ltd. and China Shipbuilding Industry Trade Co., Ltd. [1] - Each contract involves the construction of one 2700 TEU (36,900 deadweight tons) container ship, with each contract valued at 296 million RMB, totaling 1.184 billion RMB for all four contracts [1]

Core Viewpoint - The successful maiden voyage of the "Yuanchun 001" dual-use methanol-hydrogen electric vessel marks a significant milestone in the shipping industry's green transformation, providing a solution with "Chinese wisdom" for global shipping [1][3]. Group 1: Industry Developments - The shipping industry emits approximately 1 billion tons of CO2 annually, accounting for about 3% of global CO2 emissions, highlighting the urgent need for green transformation [3]. - The International Maritime Organization (IMO) has set a goal for ships over 5,000 tons to reduce emissions in phases, aiming for net-zero emissions by 2050 [3]. - Methanol is recognized as a clean fuel that can be produced through coal-based processes and is seen as a key player in the zero-carbon shipping movement [3][5]. Group 2: Strategic Collaborations - Shanghai Port Group and Geely Holding Group signed a strategic cooperation agreement to accelerate the promotion of the methanol-hydrogen electric industry ecosystem in green shipping [3][6]. - The collaboration aims to integrate resources and advantages in green shipping, green ports, and intelligent operations, enhancing logistics efficiency and reducing costs [6][8]. Group 3: Technological Innovations - The "Yuanchun 001" vessel features a self-developed methanol-hydrogen electric system, achieving a 42% reduction in energy costs and a 98% decrease in emissions compared to diesel vessels [8]. - Compared to pure electric vessels, the "Yuanchun 001" benefits from the same national policy subsidies, with a 24% reduction in purchase costs and an 11.5% decrease in energy costs, while extending its range to 1,500 km [8]. Group 4: Future Goals - By 2030, Shanghai aims to establish a green fuel supply system for shipping and lay the groundwork for an international green fuel trading and certification center [5]. - The city is positioning itself as a leader in the green transformation of shipping, leveraging its status as a major global container port [5].

Core Viewpoint - The company, Haitong Development, experienced a significant drop in stock price by 8.05% on October 21, with a trading volume of 730 million yuan and a market capitalization of 10.474 billion yuan [1] Company Overview - Haitong Development primarily engages in domestic coastal and international ocean dry bulk transportation, establishing itself as a leading private enterprise in the domestic dry bulk shipping sector [2][7] - The company is located at 23 Changting Street, Taijiang District, Fuzhou, Fujian Province, and was founded on March 19, 2009, with its stock listed on March 29, 2023 [7] - As of September 30, the company had 26,400 shareholders, a decrease of 18.54% from the previous period, with an average of 10,529 circulating shares per shareholder, an increase of 24.72% [7] Financial Performance - For the first nine months of 2025, Haitong Development reported a revenue of 3.009 billion yuan, reflecting a year-on-year growth of 16.32%, while the net profit attributable to shareholders decreased by 38.47% to 253 million yuan [7] - The company's revenue composition is primarily from shipping, accounting for 90.84%, with other income making up 9.16% [7] - The company has distributed a total of 266 million yuan in dividends since its A-share listing [8] Market Position and Trends - Haitong Development benefits from the depreciation of the Renminbi, with overseas revenue accounting for 65.04% of total revenue as of the 2024 annual report [3] - The company is actively expanding its transportation services to include iron ore, slag, and other dry bulk goods, in addition to its primary coal transportation business [2] Trading and Investment Insights - The average trading cost of the company's shares is 10.47 yuan, with recent buying activity observed, although the strength of this accumulation is weak [6] - The stock is currently trading between a resistance level of 12.33 yuan and a support level of 9.16 yuan, indicating potential for range trading [6]