Core Viewpoint - Bank of America Securities reports that Pacific Shipping's third-quarter performance was generally in line with expectations, with slightly weak freight rates, but an improvement in locked-in freight rates for the fourth quarter [1] Group 1: Financial Performance - The company is expected to be exempt from paying port fees in the US and China, but regulatory uncertainty remains until further discussions with regulatory bodies occur [1] - The average earnings per share forecast for Pacific Shipping from 2025 to 2027 has been raised by 7% to reflect strong performance in the spot market for the fourth quarter of this year [1] Group 2: Ratings and Valuation - The rating remains "Neutral" due to reasonable current valuation levels, despite the target price being raised from HKD 2.4 to HKD 2.75 [1] - The outlook for the dry bulk market in 2026 remains unclear, contributing to the cautious stance on the company's rating [1]

Report Summary 1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Report's Core View - The shipping market shows a volatile trend. The European main - contract prices have increased due to the impact of the news that the Ministry of Commerce has taken counter - measures against Hanwha Ocean Co., Ltd. and its US - related subsidiaries. The European shipping line is in the year - end price - holding stage, with the first round of price - holding in late October showing initial results, and it has entered the second round in early November. The market is concerned about the impact of Sino - US relations and relevant policies on the shipping capacity supply. The recommended strategy is to wait and see [6]. 3. Summary by Relevant Content 3.1 Shipping Freight Index - **Spot Freight Index**: The Shanghai Export Container Freight Index (SCFI) is currently at 1310, up 12.92% from the previous value; the China Export Container Freight Index (CCFI) is at 973, down 4.11%. SCFI - US West is at 1936, up 31.88%; SCFIS - US West is at 862, down 1.60%; SCFI - US East is at 2853, up 16.35%; SCFI - Northwest Europe is at 1145, up 7.21%; SCFIS - Northwest Europe is at 1031, down 1.43%; SCFI - Mediterranean is at 1613, up 3.53% [4]. - **Contract Freight Index**: For contracts such as EC2506, EC2608, etc., the price fluctuations are relatively small, with the highest increase of 2.99% (EC5602) and the largest decrease of 0.36% (EC2510) [4]. - **Position and Change**: Positions like EC2606, EC2608, etc., have different changes. For example, EC2606 position decreased by 2, while EC2608 increased by 28 [4]. - **Monthly Spread**: The 10 - 12 monthly spread is currently - 557.8, down 7.6 from the previous value; the 12 - 2 spread is 182.7, down 39.2; the 12 - 4 spread is 530.7, down 0.5 [4]. 3.2 Market News - US Vice - President J.D. Vance is expected to visit Israel next Tuesday to promote the implementation of the Gaza war cease - fire agreement. There are still uncertainties about "Hamas disarmament" and "Gaza demilitarization" [5]. - Egypt claims to have lost over $9 billion due to Houthi attacks on Red Sea shipping [5]. - The US may soon announce a tariff exemption list, and lobbying for tariff exemption or inclusion of certain goods is expected to intensify [5]. - US Treasury Secretary Scott Bessent plans to meet with Chinese Vice - Premier He Lifeng in Malaysia next week to prevent the escalation of the Sino - US tariff war [5]. - The White House envoy Steve Witkoff will go to the Middle East on Sunday evening to follow up on the implementation of the Gaza cease - fire agreement [5]. - The International Maritime Organization (IMO) has postponed the discussion of the "Net Zero Framework" (NZF) by one year [6]. 3.3 Market Situation and Strategy - **Market Situation**: The market is in a volatile state. Affected by the news of counter - measures against relevant companies and concerns about Sino - US relations, the European shipping line is in the year - end price - holding stage. The first round of price - holding in late October stopped the decline, and it has entered the second round in early November. Future price - holding actions are also expected [6]. - **Strategy**: The recommended strategy is to wait and see, and it is necessary to pay attention to the changes in Sino - US relations, end - of - month loading conditions, and November blank sailings [6].

三花智控(02050)涨超6%，上调回购股份价格上限，近期机器人领域催化密集。 亿都国际(00259)盘中涨超11%，沐曦科创板IPO即将上会，亿都旗下算丰参投沐曦且合作紧密。 太平洋航运(02343)涨超3%，中美港口费暂无影响，机构料其四季度日均收入环比进一步上涨。 智通财经APP获悉，港股恒生指数涨2.41%，涨608点，报25855点；恒生科技指数涨3.21%。港股早盘成 交1454亿港元。 芯片股多数走高。上海复旦(01385)涨6.51%，中芯国际(00981)涨超4%，华虹半导体(01347)涨超4%。招 商证券认为，在美国持续加强出口管制背景下，国内自主可控进程加速。 游戏股涨幅居前。政策支持及出海趋势提振游戏行业，机构看好后续催化。网易-S(09999)涨5%；腾讯 (00700)涨3.78%。 航空股延续近期涨势，油价下滑叠加人民币强势，航司盈利或能进一步增长。东方航空(00670)涨9%； 南方航空(01055)涨5.4%；中国国航(00753)涨5.78%。 老铺黄金(06181)回落逾6%，月内仍涨超10%，公司预告年内第三次提价。 报道称蚂蚁等暂停在港发行稳定币计划，云锋金融(00 ...

Core Points - Shanghai Jihai Shipping Co., Ltd., a subsidiary of Shanghai Port Group (600018.SH), received a fine from the Zhenjiang Maritime Bureau for not following designated navigation routes or rules [1][2] - The fine amounts to 3,000 RMB, as per the administrative penalty decision dated October 17, 2025 [2] Company Summary - Shanghai Jihai Shipping Co., Ltd. was established in 2001 with a registered capital of 25 million RMB [2] - The company is wholly owned by Shanghai Port Group through its subsidiary, Shanghai Port Yangtze River Logistics Co., Ltd. [2]

Core Viewpoint - The shipping capacity utilization rate has reached a threshold, leading to an increase in freight rate centrality, with greater volatility expected in freight rates. The supply-demand dynamics are anticipated to improve over the next few years, supporting a continued rise in freight rate centrality, suggesting a focus on long-term trends rather than short-term fluctuations [1] Group 1: Oil Shipping - Oil shipping rates remain high, with the Middle East to China VLCC-TCE maintaining above $80,000, reflecting strong shipowner sentiment. China's countermeasures against U.S. sanctions may lead to a preference for non-U.S. vessels, potentially reducing effective capacity and increasing rates in the U.S.-China shipping market [2] - The global oil supply has entered a production increase cycle, reaffirming that rising oil production is beneficial for oil shipping demand. The supply of oil tankers remains rigid, and the oil shipping supply-demand balance is expected to improve over the next two years, with the added benefit of options for falling oil prices [5] Group 2: Product Oil Shipping - The MR TCE for product oil shipping on the new Australia route continues to be supported by soaring rates in the western market, maintaining above $20,000. Recent rates have shown stability and slight increases, with expectations for rates to improve gradually in 2025 [2] Group 3: Dry Bulk Shipping - The dry bulk shipping sector is influenced by the mutual port fee policies between China and the U.S., leading to significant increases in FFA contract prices, which in turn boost spot prices. Future attention will be on the increase in remote mining production [2] - The global iron ore production cycle has begun, particularly with the imminent launch of the Simandou mega project, which is expected to drive demand growth beyond expectations. The supply growth is anticipated to be low in the coming years, suggesting a gradual recovery in the dry bulk shipping market [6] Group 4: Container Shipping - Container shipping rates have faced pressure due to seasonal cargo volume declines, but shipping companies have announced price increases in November, resulting in a two-week consecutive rise in rates [3] - The impact of tariff policies continues, with attention on the restructuring and differentiation of shipping alliances. The sustainability of the shipping market's high profitability over the past five years will depend on tariff and economic expectations [4]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoint - The SCFI has risen significantly, but the freight rates at the end of October still declined slightly. The futures market is experiencing wide - range fluctuations. It is recommended to participate with light positions or observe. The core issue is the trend of spot freight rates, and the main contract may be in the bottom - building process [1][3]. 3. Summary by Content Freight Index - On October 13, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1031.8 points, down 1.4% from the previous period; for the US - West route, it was 862.48 points, down 1.6% from the previous period [2]. - On October 17, the Ningbo Export Container Freight Index (NCFI) composite index was 956.45 points, up 16.79% from the previous period; the European route was 803.21 points, up 14.96% from the previous period; the US - West route was 1254.46 points, up 48.56% from the previous period [2]. - On October 17, the Shanghai Export Container Freight Index (SCFI) was 1310.32 points, up 149.90 points from the previous period; the European line price was 1145 USD/TEU, up 7.2% from the previous period; the US - West route was 11936 USD/FEU, up 31.9% from the previous period [2]. - On October 17, the China Export Container Freight Index (CCFI) composite index was 973.11 points, down 4.1% from the previous period; the European route was 1267.91 points, down 1.5% from the previous period; the US - West route was 725.47 points, down 6.7% from the previous period [2]. PMI Data - Eurozone's September manufacturing PMI preliminary value was 49.5, back below the boom - bust line; the service PMI preliminary value rose from 50.5 to 51.4; the composite PMI preliminary value was 51.2 [2]. - China's August manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month; the composite PMI output index was 50.5%, up 0.3 percentage point from the previous month [2]. - US September S&P Global manufacturing PMI preliminary value was 52; the service PMI preliminary value was 53.9; the composite PMI preliminary value was 53.6 [2]. Tariff and Market Situation - The Sino - US tariff extension negotiation has no substantial progress, and the tariff issue has a marginal effect. The core is the trend of spot freight rates. The main contract may be in the bottom - building process [3]. Futures Market - On October 17, the main contract 2512 closed at 1654.7, down 0.5%, with a trading volume of 2.98 million lots and an open interest of 2.57 million lots, a decrease of 139 lots from the previous day [3]. Trading Strategies - Short - term strategy: The main contract is weak, and the far - month contracts are strong, in line with the bottom - building judgment. Risk - preferring investors are recommended to try to build positions below 1500 for the EC2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [3]. - Arbitrage strategy: Due to the volatile international situation, each contract still follows the seasonal logic with large fluctuations. It is recommended to observe temporarily or try with light positions [3]. - Long - term strategy: It is recommended to take profits when the contracts rise, wait for the callback to stabilize, and then judge the subsequent trend [3]. Other Information - The shipping companies continue to announce price increases for November freight rates, which support the futures market, but the freight rates at the end of October still decline slightly [3]. - The daily limit for contracts 2508 - 2606 is adjusted to 18%, and the margin is adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 is 100 lots [3].

每经AI快讯，中远海能(01138.HK)涨超4%，截至发稿，涨3.96%，报9.7港元，成交额8966.57万港元。 ...

此外，华泰证券表示，针对10月14日生效的中美互征港口费的规定，管理层表示，截至目前，公司未有 25%或以上股权由美国或中国实体或个人直接或间接持有，因为管理层认为中美港口费规定均不适用于 太平洋航运，公司经营情况正常。展望4Q，该行认为中美贸易摩擦及港口费或将影响全球船舶运力部 署和港口挂靠，造成供应链扰动，推升市场运价。预计公司4Q日均收入环比将进一步上涨，维持"买 入"。 消息面上，太平洋航运近日公告，2025年第三季度，集团的核心业务取得小灵便型及超灵便型干散货船 按期租合约对等基准的日均收入分别为11680美元及13410美元，其按年变动分别为减少15%及增加 10%，与上半年的按期租合约对等基准日均收入相比则分别为增加6%及增加10%。汇丰环球研究指，公 司在即期费率上涨时通常落后，基于租船合约与航程执行滞后效应。该行曾对潜在产能过剩持谨慎态 度，但即期费率因小型散货贸易韧性反弹，该贸易在今年首三季按年升4%。供应中断及船速减缓进一 步抵销船队增长影响。公司第四季更高的合约覆盖率，意味下半年盈利将强于上半年。 太平洋航运(02343)涨超4%，截至发稿，涨4.03%，报2.58港元，成交额2295 ...

此外，华泰证券表示，针对10月14日生效的中美互征港口费的规定，管理层表示，截至目前，公司未有 25%或以上股权由美国或中国实体或个人直接或间接持有，因为管理层认为中美港口费规定均不适用于 太平洋航运，公司经营情况正常。展望4Q，该行认为中美贸易摩擦及港口费或将影响全球船舶运力部 署和港口挂靠，造成供应链扰动，推升市场运价。预计公司4Q日均收入环比将进一步上涨，维持"买 入"。 智通财经APP获悉，太平洋航运(02343)涨超4%，截至发稿，涨4.03%，报2.58港元，成交额2295.66万港 元。 消息面上，太平洋航运近日公告，2025年第三季度，集团的核心业务取得小灵便型及超灵便型干散货船 按期租合约对等基准的日均收入分别为11680美元及13410美元，其按年变动分别为减少15%及增加 10%，与上半年的按期租合约对等基准日均收入相比则分别为增加6%及增加10%。汇丰环球研究指，公 司在即期费率上涨时通常落后，基于租船合约与航程执行滞后效应。该行曾对潜在产能过剩持谨慎态 度，但即期费率因小型散货贸易韧性反弹，该贸易在今年首三季按年升4%。供应中断及船速减缓进一 步抵销船队增长影响。公司第四季更高的合约 ...

Company Summary - China Cosco Shipping Energy Transportation Co., Ltd. (中远海能) shares rose over 4%, trading at HKD 9.7 with a transaction volume of HKD 89.67 million [1] - The company completed a private placement of A-shares on October 15, raising approximately CNY 8 billion (net CNY 7.98 billion) by issuing 694,444,444 shares at CNY 11.52 per share [1] - The funds raised will be used to construct 6 VLCCs, 2 LNG carriers, and 3 Aframax crude oil tankers, which is expected to optimize the fleet structure and enhance clean energy deployment, ensuring future capacity and market competitiveness [1] Industry Summary - The oil market is experiencing changes as OPEC+ has accelerated production since April, with a potential increase of 2.2 million barrels per day in September, which may lead to a decline in oil prices and boost refinery inventory replenishment [2] - This situation is expected to stimulate oil trade demand, providing momentum for the oil transportation market [2] - In response to the U.S. imposing port service fees on Chinese shipping companies, China has implemented a "special port service fee" for U.S. vessels, highlighting the strategic value of Chinese shipping companies like China Cosco Shipping Energy in the international shipping competition [2]