Core Insights - The article emphasizes the importance of sustainable future cash flow as a key investment principle, focusing on sectors that are expected to benefit from this trend [1][2]. Group 1: Investment Philosophy - The investment philosophy centers around the principle that future cash flow should balance growth potential and risk control [2]. - Cash flow is viewed from a macro perspective, tracking the ultimate destination of funds rather than being limited to financial statements [2]. - The performance of growth stocks in the A-share market is linked to the certainty of future cash flows, with examples like optical module stocks demonstrating this principle [2][3]. Group 2: Sector Focus - The four main sectors identified for investment opportunities include: - **Internet Sector**: Increasing reliance on internet platforms for work and life leads to stable cash flow advantages [4]. - **Innovative Pharmaceuticals**: Overseas companies are acquiring early-stage options for innovative drugs in China, providing stable cash flow to this sector [5]. - **Shipping Sector**: Global trade volumes remain stable, with opportunities arising from transshipment trade, supporting cash flow in the shipping industry [5]. - **Export Chain**: Export companies benefit from nominal growth in overseas economies while maintaining cost advantages domestically, enhancing competitiveness [5]. Group 3: Valuation and Portfolio Management - The investment strategy involves a balanced industry allocation with slight tilts towards favored sectors, while also identifying undervalued reversal opportunities [3]. - Valuation is a primary consideration in selecting specific stocks, with a focus on dynamic tracking to assess the reasonableness of valuations [3]. - Adjustments to the portfolio are made when performance growth or future orders do not align with current valuation increases [3].

□本报记者 王鹤静 面对资本市场的风云变幻，寻找投资逻辑的内在共性将为构建组合提供指向。淳厚基金权益投资部基金 经理陈印从金融思维入手，立足于未来现金流能够尽可能兼顾成长性和确定性的第一性原理，致力于挖 掘成长与周期风格中的估值抬升机会。 日前，陈印接受了中国证券报记者的专访。围绕着未来现金流可持续增长这一重要投资思路，陈印认 为，未来社会工作生活愈发倚重的互联网平台、获得海外商务拓展的创新药公司、贸易增长惠及的海运 链以及出口链公司等，都是目前的重点关注方向。 关注未来现金流 为拓展自己的投资能力圈，陈印以金融思维为切口，在中观层面积极挖掘行业之间的共通之处。总结下 来，陈印的投资第一性原理就是，未来现金流能够尽可能兼顾成长性和风险控制。 对于现金流的定义，陈印并不狭义地局限于财务报表当中披露的现金流情况，而是将视野放得更加宏 观，跟踪资金的最终去向。 "回过头来看，A股市场每个阶段的成长股，背后都有未来现金流的确定性在里面。以今年以来涨幅靠 前的光模块标的为例，虽然涨幅已经足够大，但是我们能看到业绩是可以兑现的，支撑因素就是其客户 充分的支付意愿，总体上使得行业大概率能够保障未来持续的现金流入。并且，这些 ...

Core Insights - The article highlights a significant decline in U.S. container imports in September, attributed to the impact of tariffs and weakened domestic demand, with a year-on-year decrease of 8.4% to 230.8 million TEUs, marking the largest monthly drop in recent years [1][2][6] Group 1: Container Import Trends - U.S. container imports at the top 10 ports fell by 6.6% year-on-year in September, contrasting with previous months' trends [1][3] - The National Retail Federation (NRF) anticipates a 5.6% decline in import volumes at major U.S. ports in 2025 due to new tariffs [3][4] - The decline in imports is expected to continue, with predictions of significant decreases in container throughput lasting until 2026 [1][8] Group 2: Factors Influencing Decline - The drop in imports is attributed to seasonal demand weakness and cautious sentiment related to tariffs [2] - Inflation has also contributed to a decrease in domestic demand, indicating a decline in U.S. consumer purchasing power [2][11] - The uncertainty caused by fluctuating tariff policies has led to cautious behavior among shippers and importers, particularly affecting small and medium-sized retailers [5][11] Group 3: Future Projections - The McCown report warns of a sustained and significant decline in U.S. container throughput if current tariff policies remain unchanged [8] - Despite a projected 15.2% increase in total inbound freight in 2024, the NRF expects a 15.7% decrease in container volumes in the last four months of 2025 compared to the same period in 2024 [8] - Global supply chain adjustments are occurring faster than anticipated, with manufacturers in countries facing high U.S. tariffs seeking more attractive markets [10][11] Group 4: Economic Context - The Drury East-West contract rate index has seen a 3% year-on-year decline, reflecting reduced market demand [5] - U.S. inflation remains high, and the manufacturing PMI has contracted for five consecutive months, indicating a challenging economic environment for container imports [11][12] - The Federal Reserve Chairman Powell noted that additional tariffs could lead to a temporary increase in inflation, impacting consumer prices [12]

Core Points - Aktsiaselts Infortar's subsidiary OÜ Infortar Agro has entered into a share purchase agreement to acquire a 60% stake in OÜ Oisu Biogaas [1][2] - This acquisition follows Infortar's earlier purchase of Estonia Farmid, a major agricultural company in Estonia, which supplies raw materials for the biomethane plant in Oisu [2] - The transaction requires approval from the Competition Authority and completion of additional operations before it can be finalized [2] Company Overview - Infortar operates in seven countries, focusing on maritime transport, energy, and real estate, with a diverse portfolio including a 68.47% stake in Tallink Grupp and a 100% stake in Elenger Grupp [4] - The company has a real estate portfolio of approximately 141,000 square meters and employs 6,866 people across 110 companies, including 101 subsidiaries [4] - Infortar is also involved in construction, mineral resources, agriculture, and printing, showcasing its diversified business model [4]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [9]. Core Insights - In Q3 2025, the transportation industry saw a decrease in public fund heavy holdings, dropping by 0.94 percentage points to 1.06%, primarily due to significant reductions in logistics and aviation sectors, while the shipping sector saw an increase in allocation [2][5]. - The report highlights that the heavy holdings in the transportation sector are influenced by industry conditions, with a notable increase in interest for China Merchants Energy Shipping and a significant drop in heavy fund numbers for SF Express [6]. - The report indicates that the Northbound capital holdings decreased, with the largest holdings in the express delivery sector [2][7]. Summary by Sections Public Fund Holdings - The heavy holdings in the transportation sector are at 1.06%, down from the previous period, ranking 16th among 32 primary industries, indicating an underweight status compared to the standard allocation of 2.45% [5]. - The number of heavy holdings in the transportation sector decreased to 59, with a total market value of 18.64 billion, reflecting a 28.1% decline from the previous quarter [5]. - The allocation ratios for logistics and supply chain, aviation, railway and highway, shipping, and transportation infrastructure are 0.49%, 0.35%, 0.08%, 0.12%, and 0.03%, respectively, with notable declines in logistics and aviation [5]. Heavy Holdings in Individual Stocks - The top five stocks in the transportation sector account for 49.4% of the total market value of heavy holdings, down from 67.5% in Q2 2025 [6]. - The leading stocks by heavy fund numbers include YTO Express, China Merchants Energy Shipping, SF Express, Air China, and Huaxia Airlines, with significant fluctuations in their heavy fund numbers [6]. - The market value of the top five stocks is led by SF Express at 2.73 billion, followed by YTO Express at 2.13 billion, reflecting a significant drop for SF Express and increases for others [6]. Northbound Capital - Northbound capital holdings in the transportation sector decreased to 4.2%, down by 1.66 percentage points, with express delivery being the largest segment at 124.9 billion, accounting for 30.4% of the transportation industry [7][28]. - The report notes a general reduction in holdings across various segments, with express delivery, shipping, and airport sectors experiencing the largest declines [7]. - The top five stocks with the highest foreign capital holdings include Southern Airlines, Milky Way, SF Express, Jianfa Holdings, and Tielong Logistics, with notable increases in holdings for Longji Logistics and Hongchuan Wisdom [7].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The report highlights that the company's net profit attributable to shareholders increased by 4.37% in Q3, with expectations for improved financial performance due to rising freight rates in September [3] - The report emphasizes the company's proactive expansion into Western markets for foreign trade oil transportation [1][3] Financial Performance Summary - **Revenue**: For the first three quarters of 2025, the company achieved a total revenue of 171.08 billion yuan, a year-on-year decline of 2.55%. In Q3 alone, revenue was 54.66 billion yuan, also down by 2.55% year-on-year [3] - **Net Profit**: The net profit attributable to shareholders for the first three quarters of 2025 was 27.23 billion yuan, down 21.22% year-on-year, with Q3 net profit at 8.53 billion yuan, reflecting a growth of 4.37% year-on-year [3] - **Gross Profit**: The foreign trade oil transportation business reported a gross profit of 17.9 billion yuan for the first three quarters, a decline of 43.2% year-on-year [3] - **LNG and LPG Transportation**: The LNG transportation business maintained stable performance with a net profit of 6.74 billion yuan, while the LPG transportation business saw a significant gross profit increase of 22.5% [3] Earnings Forecast - The company is expected to achieve revenues of 243.64 billion yuan, 250.10 billion yuan, and 255.59 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 4.82%, 2.65%, and 2.19% [3] - The forecasted net profit attributable to shareholders for the same years is 47.94 billion yuan, 56.60 billion yuan, and 58.22 billion yuan, with growth rates of 18.76%, 18.06%, and 2.88% respectively [3] - The report maintains an "Accumulate" rating based on the projected earnings per share (EPS) of 0.88 yuan, 1.04 yuan, and 1.07 yuan for 2025, 2026, and 2027, respectively [3]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The report highlights a significant increase in net profit attributable to shareholders, with a growth of 35% in Q3 2025, driven by strong performance in the container shipping segment [2][8] - The company is expected to achieve total revenue of 265.00 billion, 277.85 billion, and 288.20 billion for the years 2025 to 2027, with year-on-year growth rates of 2.72%, 4.85%, and 3.73% respectively [8] Segment Performance Summary Container Shipping - Revenue for the first three quarters of 2025 reached 44.26 billion, a year-on-year increase of 9.20% [4] - The segment's net profit showed a substantial increase of 119.70% year-on-year, totaling 10.37 billion [8] Oil Tanker Transportation - Revenue for the first three quarters of 2025 was 67.34 billion, a decline of 3.55% year-on-year [5] - The segment's net profit decreased by 8.25% year-on-year, amounting to 18.90 billion [5] Dry Bulk Shipping - Revenue for the first three quarters of 2025 was 60.84 billion, with a slight increase of 0.23% year-on-year [5] - The segment's net profit fell by 38.97% year-on-year, totaling 7.14 billion [5] Financial Projections - The company is projected to achieve a net profit of 56.21 billion, 63.14 billion, and 67.50 billion for the years 2025 to 2027, with corresponding EPS of 0.70, 0.78, and 0.84 [8] - The report maintains an "Accumulate" rating based on the projected PE ratios of 12.33, 10.97, and 10.26 for the years 2025 to 2027 [8]

证券日报网讯海峡股份（002320）10月29日发布公告，在公司回答调研者提问时表示，中远海运客运拥 有12艘船舶运力，而渤海轮渡（603167）拥有14艘船舶，在船舶数量上渤海轮渡略多于中远海运客运。 中远海运客运平均船龄高于渤海轮渡，经营效率有待进一步提升。未来，公司将通过运力更新改造、联 合营销、提升船舶使用效率、提高管理效率、成本管控等措施，提升中远海运客运的持续盈利能力，同 时构建"南北联动+资源互补"协作机制，最大限度发挥协同效益。 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On Monday night, multiple shipping companies reduced prices, leading to a downward oscillation in the Tuesday trading session. Currently, there is no obvious improvement in cargo volume, but shipping companies have implemented numerous sailings cancellations. The market anticipates that the freight rates in November will settle between $2000 - $2200 (1400 - 1540 points). Overall, driven by subsequent price - support and contract - signing factors, it is recommended to adopt a strategy of buying on dips for contracts 12 and 02. Contract 12 has a neutral valuation, and trading should focus on the "announced increase - implementation - announced increase - implementation" cycles. For contract 04, a strategy of shorting on rallies is advised [1] Summary by Relevant Catalogs Futures Contracts - EC2512 closed at 1788.3 with a 0.75% increase, a basis of - 475.6, trading volume of 26019, and an open interest of 28900 with an increase of 905 - EC2602 closed at 1548.7 with a 1.46% decrease, a basis of - 236.0, trading volume of 6213, and an open interest of 13910 with an increase of 772 - EC2604 closed at 1162.7 with a 1.37% decrease, a basis of 150.0, trading volume of 2279, and an open interest of 14279 with an increase of 133 - EC2606 closed at 1374.0 with a 0.94% decrease, a basis of - 61.3, trading volume of 154, and an open interest of 1402 with an increase of 31 [1] Month - to - Month Spreads - EC2510 - 2512 spread was - 1144.2, with a daily change of - 1136.6, and previous values of - 1788.3, - 644.1, - 693.2 - EC2512 - 2602 spread was 36.2, with a daily change of 34.2, and previous values of 239.6, 203.4, 230.0 [1] Spot Indexes - SCEIS was updated on 2025/10/27, reaching 1312.71 points, up 15.11% from the previous period, which had a 10.52% increase - SCFI (European Line) was updated on 2025/10/24, at $1246/TEU, up 8.82% from the previous period, which had a 7.21% increase - CCFI (European Line) was updated on 2025/10/24, at 1293.12 points, up 1.99% from the previous period, which had a 1.49% decrease - NCFI was updated on 2025/10/24, at 822.3 points, up 2.38% from the previous period, which had a 14.96% increase [1] Recent European Line Quotations - Currently, downstream customers are booking cargo space for early November (Week 45). In Week 44, offline quotes were PA $1400, GEMINI $1600, and OA $1800 - Shipping companies announced price increases to $2500 - $2700 in November, with an average equivalent of about 1800 points on the futures market. MSK opened bookings at $2350, in line with expectations. Subsequently, shipping companies reduced prices to $1900 - $2300 - On Monday, HMM cut prices to $1900, HPL to $2335, ONE to $2135, and MSC to $2265 - On Tuesday, MSK dropped to $2200, OOCL to $2150, and YML on a single route to $1900 [1] News - On 10/28, Hamas militants fired at Israeli troops in Gaza, and the Israeli Prime Minister ordered a strong counter - attack - On 10/29, Hamas denied involvement in the attack on Israeli troops in Rafah, southern Gaza, and stated its commitment to the current cease - fire agreement. It also claimed that Israeli military attacks violated the cease - fire and called on mediators to pressure Israel to stop the violations - On 10/29, US Vice - President Vance stated that the cease - fire agreement was still in effect [1]

Core Points - The company has received a resignation letter from director Sun Yonghao due to work changes, and a new employee representative director has been elected to ensure compliance with legal requirements for board composition [10][11][12] - The company’s major shareholder, Ningbo Shipping Group Co., Ltd., plans to increase its stake in the company by up to 24,130,684 shares within 12 months, representing no more than 2% of the total share capital [6][7] - As of October 11, 2025, the major shareholder has acquired 810,000 shares, which is 0.07% of the total share capital, indicating that the acquisition plan is ongoing [7] Financial Data - The financial statements for the third quarter of 2025 have not been audited, and the company has provided key financial data and indicators in RMB [3][8] - The company has confirmed that there are no significant changes in accounting data and financial indicators for the reporting period [5] Shareholder Meeting - The second extraordinary general meeting of shareholders was held on October 28, 2025, with all board members and supervisors present [15][16] - Resolutions passed during the meeting included the cancellation of the supervisory board and amendments to the company's articles of association, which received more than two-thirds approval from shareholders [16][17]