转自：人民日报客户端上海频道 "十四五"收官之年，上海实现经济总量5.67万亿，位居全球城市第五。加快建设国际经济、金融、贸易、航运、科创"五个中心"，是党中央赋予上海的重要 使命，是上海代表中国参与全球竞争的战略支点。跻身全球顶级城市，上海是怎么做到的，未来还将如何发力？ 成就来自能级提升 "从一些全球城市权威榜单看，这几年上海'五个中心'持续进位，综合经济能级稳步进阶，创新相关排名实现跃升，金融航运指标稳居前列，软实力排名亦 有提升。"上海市政府副秘书长、市发展改革委主任顾军介绍。 数据显示：2025年，上海主要金融市场成交额突破4000万亿元，在沪国内外金融机构总数达到1813家；上海口岸贸易总额超过11万亿元，位列全球城市首 位；全年上海港集装箱吞吐量达到5506.3万标准箱，连续16年保持全球第一；全年全社会研发经费支出相当于全市生产总值比例持续提升，达到4.5%左右。 规模之外，更亮眼的是"功能提升"。 "十四五"期间，上海"五个中心"建设从"基本建成"向功能全面升级迈进。上海聚焦强化全球资源配置功能、科技创新策源功能、高端产业引领功能、开放枢 纽门户功能，在牵一发而动全身的重点领域和关键环节，大 ...

Group 1: Industrial Transition Overview - The report highlights that global industrial transition is entering a decisive phase by 2025, with a clear decarbonization path established[3] - Approximately 50% of industrial emissions can be reduced using existing mature technologies, while the remaining emissions rely on deep innovation and large-scale application of frontier technologies like hydrogen and CCUS[6] - In 2024, global CO2 emissions are projected to reach 38.2 billion tons, marking a historical high with a year-on-year increase of 0.9%, where high-emission industries contribute nearly 40% of the emission growth[8] Group 2: Key Challenges - The core challenges for high-emission industries have shifted from technical feasibility to economic feasibility and system coordination for large-scale deployment[4] - Five main constraints identified include: technology deployment pace differences, insufficient low-carbon demand, fragmented policies, infrastructure gaps, and uneven capital allocation[4] - The rise in interest rates and cost inflation has increased the economic viability threshold for low-carbon projects, making financing and policy coordination critical for project implementation[15] Group 3: Sector-Specific Insights - In the aviation sector, operational activity is expected to grow by 10.4% in 2024, with emissions increasing to 1.108 billion tons, a rise of 6.4%[8] - The shipping industry will see a 5.5% increase in operational activity, with emissions reaching 0.847 billion tons, up by 2.7%[8] - The cement and steel industries are projected to experience slight decreases in emissions, while sectors like aluminum and basic chemicals will see significant increases in emissions[8] Group 4: Policy and Economic Environment - The global industrial transition exhibits significant regional differentiation, with the EU leading compliance, the US balancing incentives and compliance, and emerging markets developing frameworks[14] - The EU's carbon market is expected to cover over 45% of industrial emissions by 2030, while the US faces policy volatility affecting corporate decision-making[14] - Emerging markets like China and India are accelerating carbon accounting systems, but face challenges in policy maturity and infrastructure development[14] Group 5: Recommendations for Scaling Transition - Establish standardized low-carbon demand mechanisms to enhance the credibility of demand signals and promote public procurement of low-carbon products[23] - Accelerate the construction of shared infrastructure, including integrated energy networks and CO2 transport pipelines, to support large-scale reductions[23] - Innovate financial tools to lower financing costs and support the scaling of frontier technologies like hydrogen and CCUS[24]

凤凰网宁波1月27日消息(金佳阳通讯员宋兵梁湘)今天，从宁波市港航管理中心获悉，目前该市交通运 输领域设备更新专项贷款实现首笔落地——一家航运企业成功获得4000万元超低息贷款资金，利率低至 1.75%。这标志着宁波在运用国家结构性货币政策工具支持行业升级方面取得实质性突破。 为确保政策红利直达企业，交通港航部门安排专人跟踪，协调商业银行优化流程，推动首笔贷款高效落 地。目前，其余获批项目正在加快推进中。 此项超低息贷款的顺利投放，是金融与产业政策协同发力、精准服务市场主体的具体体现，有效助力航 运企业轻装上阵，提升竞争力，对推动宁波港（601018）航业高质量发展具有重要意义。 据悉，该笔贷款源于中国人民银行设立的"交通运输领域设备更新专项再贷款"。宁波交通港航部门主动 对接、精准服务，通过摸排企业需求、建立重点清单、积极向上推荐，推动多个船舶建造融资项目纳入 政策支持范围，总获批额度达2.55亿元。 ...

海丰国际(01308)盈喜后涨超4%，截至发稿，涨4.15%，报29.14港元，成交额4523.28万港元。 本公司认为，该上升的原因主要归因于亚洲市场稳定扩展带动本集团集装箱运量有所增加及本集团定位 为优质服务供应商致使运费上升。 消息面上，1月27日，海丰国际发布公告，预期截至2025年12月31日止年度的本公司股东应占未经审核 利润约为12亿美元至12.3亿美元，较截至2024年12月31日止年度增加约16.0%至18.9%。截至2025年12月 31日止年度，集装箱运量约为3.85百万个标准箱，较上一个年度增加约7.8%，而平均运费(不包括互换 舱位费收入)约为753.0美元/标准箱，较上一个年度增加约4.4%。 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For contract 04, pay attention to spot and actual shipping. Before the Spring Festival, falling spot prices suppress the futures market, so shorting on rallies is relatively safe. However, falling freight rates may prompt shipping companies to raise prices and stimulate a post - holiday rush, potentially weakening the decline slope in March. Currently, the valuation of 04 is neutral, with shorting on rallies as the main strategy before the Spring Festival, and geopolitical fluctuations should be noted. - Export tax - rebate adjustments are negative for far - month contracts, but far - month contracts are greatly affected by geopolitical fluctuations. It is recommended to operate cautiously, mainly using a positive spread strategy. Currently, the valuation of 10 is moderately high, and opportunities to short 10 on rallies should be monitored. [3] 3. Summary by Relevant Content Market Data - **Contract Prices and Changes**: EC2602 closed at 1717.5 with a - 0.53% change, EC2604 at 1193.9 (- 0.52%), EC2606 at 1442.2 (- 0.37%), EC2608 at 1528.4 (+ 0.29%), and EC2610 at 1112.0 (- 0.20%). [2] - **Month - to - Month Spreads**: EC2502 - 2604 spread was 523.6 (previous day: 526.5, previous two days: 579.4, day - on - day change: - 2.9); EC2504 - 2606 spread was - 248.3 (previous day: - 247.4, previous two days: - 274.6, day - on - day change: - 0.9). [2] - **Indices**: SCFIS (on January 26, 2026) was 1859.31 points, down 4.86% from the previous period; SCFI (on January 23, 2026) was 1676 dollars/TEU, down 4.83% from the previous period. [2] European Line Spot Situation - Week 5: MSK opened at 2450 (down 300 from the previous period), PA at 2400 (special price 2200), OA at 2500 - 2700 dollars, with a central price of 2500 dollars, equivalent to 1750 points on the futures. - Week 6: MSK opened at 2050 (down 400 from the previous period), PA around 2200, MSC at 2340, OA at 2300 - 2400 dollars, with a central price of 2300 dollars, equivalent to 1580 points on the futures. - On Tuesday, MSK opened at 1950 for February weeks 7 - 9 (down 100 from the previous period), lower than market expectations. [4] Relevant News - On January 28, US President Trump announced a large fleet was heading to the Middle East. The "Abraham Lincoln" aircraft carrier strike group had reached the Indian Ocean and was expected to reach the Arabian Sea in a few days. The US was deploying more transport planes, tankers, and missile defense systems in the region. - On January 28, Iranian officials said they were monitoring the Strait of Hormuz in real - time. An Iranian naval commander said Iran's control of the strait was fully intelligentized. - On January 28, the US was reported to have informed Israel of its preparations for actions against Iran. Preparations were expected to be completed in two weeks, and there might be an "opportunity window" for action in the next few months. [5]

证券代码：600026 证券简称：中远海能 公告编号：2026-004 中远海运能源运输股份有限公司 2026年第一次临时股东会决议公告 ■ 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2026年1月27日 (二)股东会召开的地点：上海市虹口区东大名路1171号远洋宾馆三楼 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由公司第十一届董事会召集，由公司董事汪树青先生主持。 本次股东会采取现场和网络投票结合的方式召开。本次会议的召集、召开程序符合《中华人民共和国公 司法》等相关法律法规及《中远海运能源运输股份有限公司章程》的规定。 (五)公司董事和董事会秘书的列席情况 1.公司在任董事10人，出席10人； 2.董事会秘书倪艺丹女士出席了本次股东会； 3.公司部分高管列席了本次股东会；公司境内律师国浩律师（上海）事务所贺琳菲、徐 ...

| 第一部分 | 前言概要 | 2 | | --- | --- | --- | | | 【行情回顾】 | 2 | | | 【市场展望】 | 2 | | | 【策略推荐】 | 2 | | 第二部分 | 行情复盘 | 3 | | | 一、年后现货拐点逐渐确立后步入下跌通道，近远月驱动出现分化 | 3 | | 第三部分 | 基本面情况 | 5 | | | 一、集运市场开始步入传统货运淡季，现货运价出现拐点后进入下跌通道. | 5 | | | 二、年末集装箱新船交付量出现大幅抬升，关注新年集装箱新船下水情况 | | | | | 10 | | 三、12 | 月中国出口数据强势收官，出口结构表现继续分化 | 21 | | 第四部分 | 后市展望及策略推荐 | 28 | 航运板块研发报告 集运指数（欧线）月报 2026 年 1 月 27 日 1 月现货拐点已现，关注地缘动态进展 第一部分 前言概要 【行情回顾】 运价方面，1 月现货高点已现，旺季货量筑顶回落后，主流船司相继调降现 货报价，现货运价步入快速下跌通道中，截至 2026 年 1 月 23 日，SCFI 欧线报 1595 美金/TEU，已经连续三周下跌。预计节后集 ...

Core Viewpoint - The company, Haifeng International, anticipates a significant increase in its profit and container throughput for the fiscal year ending December 31, 2025, compared to the previous year [1] Financial Performance - The expected profit attributable to shareholders for the year ending December 31, 2025, is projected to be between $1.2 billion and $1.23 billion, representing an increase of approximately 16.0% to 18.9% compared to the year ending December 31, 2024 [1] - The average freight rate (excluding slot exchange fee income) is expected to be around $753.0 per TEU, which is an increase of about 4.4% from the previous year [1] Operational Metrics - The estimated container throughput for the year ending December 31, 2025, is approximately 3.85 million TEUs, reflecting an increase of about 7.8% compared to the previous year [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The current spot freight rates in the container shipping market are in a downward trend during the off - season, and the rush of shipments due to export tax rebates is less than expected, making it difficult to reverse the decline. The EC2604 contract has a discount, and the subsequent spot situation should be monitored. The geopolitical situation is complex, and it is still difficult for large - scale resumption of shipping on the European route in the first half of the year. The risk of the Iranian situation remains, so short - term unilateral trading is recommended to wait and see, and the 6 - 10 positive spread arbitrage should be held [6][7][8]. 3. Summary by Relevant Catalogs 3.1 Container Shipping - Container Freight Index (European Route) - **Futures Market** - Different futures contracts of the container freight index (European route) have different closing prices, price changes, trading volume changes, and open interest changes. For example, the EC2602 contract closed at 1,717.5 points, down 9.2 points or - 0.53%, with a trading volume of 984.0 lots (up 74.16%) and an open interest of 3,495.0 lots (down 17.28%) [4]. - The month - spread structure also shows different price differences and their changes. For example, the price difference between EC02 - EC04 is 524, down 2.9 [4]. - **Container Freight Rates** - Various container freight rates show different degrees of decline on a weekly basis. For example, the SCFIS European route index is 1859.31 points, down 4.86% week - on - week and 24.61% year - on - year. The SCFI comprehensive index is 1457.86 points, down 7.39% week - on - week and 36.36% year - on - year [4]. - **Fuel Costs** - The prices of WTI crude oil near - month and Brent crude oil near - month also show declines. The WTI crude oil near - month price is 60.64 dollars/barrel, down 0.57% week - on - week and 17.89% year - on - year. The Brent crude oil near - month price is 64.9 dollars/barrel, down 0.83% week - on - week and 16.2% year - on - year [4]. 3.2 Market Analysis and Strategy Recommendation - **Market Analysis** - The spot freight rates are in the off - season decline, and the rush of shipments due to the export tax rebate policy is less than expected. The 1/23 SCFI European route quote is 1595 dollars/TEU, down 4.83% week - on - week. The latest SCFIS European route quote on Monday after the market is 1859.31 points, down 4.9% week - on - week, slightly lower than market expectations [6]. - From the fundamental perspective, the demand side is seeing a decline in cargo volume after reaching a peak, and the supply side shows a slight decrease in January's shipping capacity in Shanghai - Northern Europe 5 ports this week, with little change in February and March. The geopolitical situation is complex, and it is difficult for large - scale resumption of shipping on the European route in the first half of the year [7]. - **Trading Strategies** - **Unilateral**: Due to many short - term disturbances in the 04 contract, differences in the rush of shipments, and the unresolved risk of the Iranian situation, unilateral trading is recommended to wait and see [8]. - **Arbitrage**: Hold the 6 - 10 positive spread arbitrage [9]. 3.3 Industry News - The US President Trump said that the Iranian situation is "changing rapidly", and he sent a "huge fleet" to the region, but he believes that Iran wants to reach an agreement [12]. - The US will increase tariffs on South Korean goods from 15% to 25% due to the South Korean Congress's non - approval of the trade agreement [12]. - India plans to significantly reduce the import tariff on EU cars from a maximum of 110% to 40%, and the future tariff may be further reduced to 10%, which may lead to the signing of a free trade agreement with the EU [12]. 3.4 Related Attachments - The report provides multiple charts, including the SCFIS European route index and SCFIS US - West route index, SCFI comprehensive index, container freight rates of Shanghai - US West, Shanghai - US East, Shanghai - Europe, and the basis of EC02 and EC04 contracts [14][15][24].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Pre - holiday freight rate drivers are weak, and attention should be paid to Maersk's WEEK7 quotes. The market is speculating on the price - holding expectations of relatively low pressure on March's shipping capacity. The near - term 04 contract is expected to fluctuate. In normal years, April and October are the months with the lowest freight rates. The cancellation of VAT export tax rebates for products such as photovoltaics may disrupt the shipping rhythm of related industries and further affect shipping companies' pricing strategies. Investors should be cautious when participating in the 04 contract. Attention should be paid to whether the freight volume from the Far East to Europe can significantly increase in February and March and whether the actual freight rates will be stronger than in normal years. The 2 - month contract is expected to fluctuate, and the 4 - month contract is bearish. The uncertainty of the Suez Canal's resumption time and the relatively small delivery of ultra - large ships in 2026 will cause greater fluctuations in the far - month contracts [1][5][6][8]. 3. Summary by Related Catalogs I. Futures Prices - As of January 26, 2026, the total open interest of all contracts of the container shipping index (European line) futures was 63,443.00 lots, and the single - day trading volume was 51,020.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2612 contracts were 1726.70, 1200.20, 1447.60, 1524.00, 1114.20, and 1373.50 respectively [7]. II. Spot Prices - On January 23, the SCFI (Shanghai - Europe route) price was 1595 US dollars/TEU, the SCFI (Shanghai - West Coast of the United States) price was 2084 US dollars/FEU, and the SCFI (Shanghai - East Coast of the United States) price was 2896 US dollars/FEU. On January 26, the SCFIS (Shanghai - Europe) was 1859.31 points, and the SCFIS (Shanghai - West Coast of the United States) was 1294.32 points [7]. III. Container Ship Capacity Supply - **Static Supply**: As of December 31, 2025, 268 container ships with a total capacity of 2.155 million TEU have been delivered in 2025. Among them, 80 ships with a capacity of 12,000 - 16,999 TEU and a total capacity of 1.213 million TEU have been delivered, and 13 ships with a capacity of over 17,000 TEU and a total capacity of 277,672 TEU have been delivered. In terms of delivery expectations, for 12,000 - 16,999 TEU ships, 781,200 TEU (53 ships) will be delivered in 2026, 944,500 TEU (64 ships) in 2027, 1.212 million TEU (82 ships) in 2028, and 415,400 TEU (29 ships) in 2029. For ships over 17,000 TEU, 210,400 TEU (9 ships) will be delivered in 2026, 862,800 TEU (40 ships) in 2027, 1.5734 million TEU (78 ships) in 2028, and 1.3755 million TEU (67 ships) in 2029. The delivery pressure of ultra - large ships in 2026 is relatively small, and the annual delivery volume of ships over 17,000 TEU in 2027, 2028, and 2029 exceeds 40 ships. Only 4 ships over 17,000 TEU will be delivered in the first half of 2026 [2][3]. - **Dynamic Supply**: The average weekly capacity in February was 283,000 TEU, and the capacities in WEEK6/7/8/9 were 340,000, 342,000, 261,100, and 188,300 TEU respectively. The average weekly capacity in March was 295,800 TEU, and the capacities in WEEK10/11/12/13/14 were 252,400, 338,600, 348,700, 285,200, and 254,500 TEU respectively. There were 13 blank sailings in February (6 by the OA alliance, 6 by the PA alliance, and 1 by the Gemini alliance) and 5 blank sailings and 3 TBNs in March [3]. IV. Supply Chain - The stability in the Red Sea area has improved. On January 15, Maersk announced that it would resume the Suez Canal route for its MECL service to improve transportation efficiency on the premise of ensuring safety. CMA has decided to divert the ships deployed on the FAL 1, FAL 3, and MEX routes via the Cape of Good Hope instead of passing through the Suez Canal [2][6]. V. Demand and European Economy - In December and January, the cargo volume was at a relatively high level during the year. The cancellation of VAT export tax rebates for products such as photovoltaics may disrupt the shipping rhythm of related industries and further affect shipping companies' pricing strategies. Attention should be paid to whether the freight volume from the Far East to Europe can significantly increase in February and March and whether the actual freight rates will be stronger than in normal years [5].