10月19日，以"协作共促航运可持续发展"为主题的2025北外滩国际航运论坛在上海开幕。中国海事研制的"我国首套S-101电子海图示范应用成果"作为年度 成果案例亮相主论坛。 本次论坛围绕促进航运可持续发展的热点、焦点问题进行对话和交流，深化航运事务合作，促进航运业可持续发展。海图作为船舶从事海上航行的必备资 料，是航行安全的基本保障。东海航海保障中心作为中国海事唯一的官方海图机构，全力打造国际航运中心长江口S-101电子海图服务示范区。中心研制的 长江口S-101标准电子海图，是我国首套符合最新国际标准、支持智能航运的新一代电子海图，融合潮汐、潮流、高密度水深、富余水深、航行警告等智能 航海数据产品，搭配船舶导航终端、便携式引航设备、互联网地理信息平台可实现动态水深实时显示，结合进出港船舶吃水展示安全可航区和不可航区实现 乘潮通航航线规划。该成果通过提供更加精准、丰富的智能导航数据，显著提升上海港船舶进出港和靠泊效率、安全性和环保性，推动航海保障从"静态平 面"迈向"动态智慧"新阶段。 目前，"S-101电子海图示范应用成果"在长江口、珠江口开展示范应用，为船舶安全航行提供智能化随船助航服务。除此之外，该成 ...

航运业作为全球贸易的"生命线"，是串联世界经济、推动可持续发展的关键支柱。中国船东协会始终秉 持开放协作、互利共赢的理念，积极搭建国际航运交流合作平台，致力于推动行业资源整合与协同发 展。此次合作的达成，源于各方对航运业战略价值的高度共识，以及在平等互利基础上深化友好合作的 共同愿景，为全球航运治理与产业升级奠定坚实基础。 根据签署的谅解备忘录，中国船东协会与三大国际机构将聚焦多个核心领域开展深度合作：在政策协同 方面，加强海上运输增量政策领域的沟通协作，共同研判行业政策趋势；在信息共享方面，围绕双方共 同关心的海上运输相关事项，常态化开展信息与文件交流；在产业升级方面，重点推进绿色航运与科技 航运领域的创新合作，助力行业低碳转型与技术迭代；在基础保障方面，着力提升海上运输效率，筑牢 海上航行安全防线；在能力建设方面，支持航运管理专业知识与经验的深度互鉴，共同培育行业专业人 才。 中国船东协会未来将与各方一道，深化在海事安全、绿色转型、数智化发展等领域的合作，共享发展机 遇。 2025年10月19日，在北外滩国际航运论坛主论坛这一全球航运界的重要交流平台上，中国船东协会分别 与波罗的海国际航运公会、国际独立液 ...

Core Insights - The 2025 North Bund International Shipping Forum will open on October 19, marking its fifth consecutive year in Shanghai, serving as a significant platform for global shipping leaders to exchange ideas and contribute to the industry's development [1][2] - The forum aims to establish itself as the "Davos of the shipping industry," promoting collaboration and providing direction for the future of global shipping [2][8] - The forum has seen increasing participation and engagement from international guests, with many suggesting improvements for future events, indicating its growing global influence [3][4] Group 1: Forum Significance - The North Bund International Shipping Forum is the only forum in China that invites leaders from the International Maritime Organization and the International Civil Aviation Organization, highlighting its high-profile and international nature [2] - The forum has facilitated numerous cross-border collaborations and has become a key event for the shipping industry, with many attendees proactively inquiring about future forums [2][3] Group 2: Impact on Shanghai - The establishment of the China Classification Society's International Ship Inspection Business Operation Center in Shanghai is a direct outcome of the forum, enhancing the city's shipping capabilities [4] - The forum has played a crucial role in bridging international shipping organizations and Chinese shipping enterprises, exemplified by the International Chamber of Shipping's establishment of a representative office in Shanghai [4][5] Group 3: Green Shipping Initiatives - The 2023 forum saw the launch of the "Shanghai-Los Angeles Green Shipping Corridor Implementation Plan," marking a significant step towards global shipping's green transformation [6][7] - Shanghai is positioning itself as a leader in green shipping, with initiatives such as the establishment of a methanol fuel trading platform and the formation of the Shanghai International Shipping Carbon Footprint Labeling Association [6][7] Group 4: Innovation and Development - The North Bund International Shipping Forum's influence is closely tied to the upgrade of Shanghai's international shipping center, which has made significant strides in high-end shipping services and digital innovation [8][9] - Shanghai has developed a comprehensive ecosystem for shipping, including shipbuilding, port machinery, and financial institutions, making it a competitive hub compared to other global cities [5][9]

Core Insights - The Yangtze River Delta (YRD) region has seen continuous improvement in overall strength and competitiveness since the implementation of the integration development strategy, with a GDP of 33.1691 trillion yuan in 2024, reflecting a growth of 5.5% year-on-year [1][2][3]. Economic Performance - In 2024, the YRD's GDP reached 33.1691 trillion yuan, accounting for 24.6% of the national total, with a contribution rate of approximately 30% to national economic growth [2][3]. - The YRD's total import and export value was 16.01 trillion yuan in 2024, marking a year-on-year increase of 5.6%, contributing 52.3% to national export growth in the first eight months of the year [3][13]. Innovation and Industry Development - The YRD has strengthened its technological innovation and industrial collaboration, becoming a key driver of high-quality national economic development, with significant advancements in quantum computing, domestic aircraft, and industries like integrated circuits and biomedicine [3][4]. - The region has established a collaborative innovation system, focusing on key technology research and development in fields such as integrated circuits, biomedicine, and artificial intelligence [4][11]. Infrastructure and Platform Development - The YRD has implemented a series of institutional innovations through major functional platforms, enhancing systemic mechanisms and achieving significant breakthroughs in key areas [5][12]. - The Shanghai Free Trade Zone has seen an average GDP growth of 17.6% from 2019 to 2024, with industrial output value growing at an average of 28.4% [5]. Environmental Cooperation - The YRD has made progress in ecological environment cooperation, focusing on joint governance of air and water quality, with PM2.5 levels averaging 33.0 micrograms per cubic meter in 2024, a 31.4% decrease from 2017 [18][20]. - The region has established a collaborative ecological protection mechanism, promoting biodiversity and enhancing ecological system integrity [19][20]. Open Cooperation and Trade - The YRD has become a model for collaborative openness, achieving a total import and export value of 16.01 trillion yuan in 2024, which accounts for 36.5% of the national total [13][14]. - The region has actively participated in international trade, with exports to Belt and Road countries reaching 7.7 trillion yuan, representing 34.9% of the national total [15].

Group 1 - The International Maritime Organization (IMO) postponed the voting on the global shipping net-zero framework (NZF) for one year, which aims to reduce greenhouse gas emissions from ships [1] - The NZF includes two components: global fuel emission standards and a pricing mechanism for greenhouse gas emissions from ships, requiring vessels to gradually reduce the greenhouse gas intensity of their fuel [1] - The framework applies to large ocean-going vessels over 5,000 gross tons, which currently account for approximately 85% of global shipping CO2 emissions [1] Group 2 - The Chinese Ministry of Industry and Information Technology (MIIT) has emphasized promoting green transformation in the shipbuilding industry, including expanding the market for LNG engines and developing low-carbon fuels like methanol and ammonia [2] - A comprehensive support system for promoting green shipping has been established in China, with major companies like Sinopec, PetroChina, and Shanghai Electric already making advancements in the production and supply of green marine fuels [2] - Domestic ports such as Shanghai Yangshan Port and Ningbo Zhoushan Port have the capability to refuel vessels with LNG and green methanol [2] Group 3 - The transition to green energy in the shipping industry faces challenges in terms of cost and technology, but the global trend towards green shipping is expected to continue [3] - Industry experts recommend that relevant departments and companies gradually improve their industrial layout to effectively respond to future challenges [3]

Core Viewpoint - The meeting between the Chinese Minister of Transport Liu Wei and the Bangladeshi advisor to the Ministry of Shipping and Labor Employment, Sahawat, highlights the strong cooperation between China and Bangladesh in the transportation sector, particularly in maritime, civil aviation, and infrastructure development, with a focus on enhancing practical outcomes in these areas [1] Group 1: Cooperation and Development - The transportation departments of China and Bangladesh maintain close ties, with significant collaboration in maritime, civil aviation, and transportation infrastructure [1] - There is a broad development prospect for cooperation between the two countries, emphasizing the importance of implementing the leaders' consensus [1] - Both parties aim to actively participate in global maritime governance and promote maritime development [1] Group 2: Communication and Capacity Building - The meeting encourages both countries' port and shipping enterprises to deepen communication and exchange [1] - There is a focus on strengthening capacity-building cooperation in the transportation sector [1] - The Bangladeshi advisor expressed gratitude for China's long-term support and assistance, indicating a willingness to enhance coordination and expand cooperation in various transportation fields [1]

Report Information - Report Title: High - frequency Economic Weekly (2025.10.12 - 2025.10.18) [3] - Date: October 18, 2025 [1] - Analysts: Huang Weiping, Lv Qiang, Wang Zheyi [1] 1. Industry Investment Rating No information provided in the report. 2. Core View The report presents an analysis of the economic situation from multiple aspects during the period of 2025.10.12 - 2025.10.18, indicating that the industrial production shows a seasonal rebound, personnel flow increases while freight prices decline slightly, consumption has mixed performance, construction investment is weak but the real - estate market rebounds seasonally, and export port throughput decreases with differentiated shipping indices. Also, various major policy events have occurred during this period [3]. 3. Summary by Directory 3.1. Large - Scale Assets - This week, bond indices generally rose, stock indices generally fell, most commodities declined, and foreign currencies generally appreciated. The ChinaBond 7 - 10 - year China Development Bank Bond Index had the largest weekly increase of 0.33%. The STAR 50 Index had the largest weekly decline of 6.16%. The Nanhua Precious Metals Index had the largest increase of 10.76%, and the Nanhua Energy and Chemicals Index had the largest decline of 3.43%. The Japanese yen had the largest increase against the RMB with a weekly increase of 1.22%, and the US dollar appreciated against the RMB with a weekly increase of 0.05% [3]. 3.2. Industrial Production - Production showed a seasonal rebound. From the upstream, the weekly coal consumption in the national power plant sample area decreased by 1.27% week - on - week. The petroleum asphalt plant operation rate increased by 1.30 percentage points to 35.80% week - on - week, the blast furnace operation rate remained the same as last week at 84.25%, and the crude steel output increased by 7.57% week - on - week. In the real - estate chain, the rebar operation rate increased by 1.35 percentage points to 41.33% week - on - week, the float glass operation rate increased by 0.34 percentage points to 76.65%, and the mill operation rate decreased by 0.49 percentage points to 37.89% week - on - week. In the consumer goods chain, the polyester filament operation rate decreased by 0.03 percentage points to 91.06% week - on - week, the PTA operation rate decreased by 1.92 percentage points to 75.56%, and the methanol operation rate increased by 4.00 percentage points to 84.38% week - on - week. In the automobile chain, the automobile semi - steel tire operation rate increased by 26.21 percentage points to 72.72% week - on - week, and the automobile all - steel tire operation rate increased by 20.56 percentage points to 64.52% week - on - week [3]. 3.3. People and Goods Flow - Personnel flow increased, and freight prices declined slightly. The 7 - day moving average (7DMA) of the national migration scale index increased by 3.25% week - on - week. The 7DMA of the number of domestic flights decreased by 0.66% week - on - week, and the 7DMA of the number of international flights decreased by 0.11% week - on - week. The subway passenger volumes in Beijing, Shanghai, Shenzhen, and Guangzhou all decreased. The 4 - week moving average (4WMA) of the road logistics freight rate index decreased by 0.02% week - on - week, and the total volume was higher than the same period in previous years [3]. 3.4. Consumption - Automobile retail sales declined, and prices showed a mixed performance. The previous - period automobile wholesale decreased by 1.00% year - on - year, and retail increased by 7.00% year - on - year. Both the 4WMA of the wholesale year - on - year growth rate and the 4WMA of the retail year - on - year growth rate declined. The weekly box office of movies decreased by 73% week - on - week, and the 7DMA of the number of movie - goers decreased by 73% week - on - week. Agricultural product prices showed a mixed performance. The pork price decreased by 2.38% week - on - week, and the vegetable price increased by 0.13% week - on - week [3]. 3.5. Investment - Construction showed weak performance, and the real - estate market rebounded seasonally. The cement storage capacity ratio increased by 1.6 percentage points week - on - week, the cement price index increased by 0.01% week - on - week, and the cement shipment rate decreased by 2.1 percentage points week - on - week. The rebar inventory decreased by 2.4% week - on - week, the proportion of profitable steel mills nationwide decreased by 0.9 percentage points week - on - week, and the apparent demand for rebar decreased by 39.4% week - on - week. Overall, the terminal demand for construction was weak. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities increased by 171.0% week - on - week. By city - tier, the commercial housing transaction areas in first - tier, second - tier, and third - tier cities all increased. The 7DMA of the second - hand housing transaction area in 16 cities increased by 165.6% week - on - week, and the national second - hand housing listing price index decreased by 0.1% week - on - week. The land transaction area in 100 large and medium - sized cities increased, and the land transaction premium rate decreased week - on - week [3]. 3.6. Export - Port throughput decreased, and shipping indices showed a mixed performance. The weekly port cargo throughput decreased by 8.4% week - on - week, and the container throughput decreased by 6.1% week - on - week. The Baltic Dry Index (BDI) increased by 6.87% week - on - week, the Shanghai Containerized Freight Index (SCFI) increased by 12.92% week - on - week, and the China Containerized Freight Index (CCFI) decreased by 4.11% week - on - week [3]. 3.7. Major Policies/Events - On October 13, the year - on - year export in September 2025 was 8.3%, exceeding expectations. On October 14, China imposed countermeasures on 5 US subsidiaries of South Korea's Hwa Ocean Co., Ltd. On October 14, the central bank announced a 6 - month repurchase of 600 billion yuan on October 15. On October 15, the year - on - year growth rates of CPI and PPI improved moderately. On October 15, the year - on - year growth rate of the stock of social financing decreased. On October 17, the central government allocated 500 billion yuan from the local government debt balance limit to local governments [3].

Industry Investment Rating The provided content does not mention the industry investment rating. Core Viewpoints The report analyzes the economic situation from multiple aspects, including industrial production, people and freight flow, consumption, investment, export, and the performance of major asset classes. It points out that industrial production shows seasonal recovery, people flow increases while freight prices decline slightly, consumption has mixed performance, construction shows weakness while the real - estate market recovers seasonally, port throughput decreases, and shipping indices are differentiated. Also, major asset classes show distinct trends with bond indices rising, stock indices falling, most commodities dropping, and foreign currencies appreciating [1]. Summary by Directory 1. Major Asset Classes - This week, bond indices generally rose, stock indices generally fell, most commodities declined, and foreign currencies generally appreciated. Among them, the ChinaBond 7 - 10 - year China Development Bank Bond Index rose the most, with a weekly increase of 0.33%; the STAR 50 Index fell the most, with a weekly decline of 6.16%. The Nanhua Precious Metals Index rose the most among commodities, with a gain of 10.76%, and the Nanhua Energy and Chemicals Index fell the most, with a decline of 3.43%. Foreign currencies appreciated against the RMB, with the Japanese yen having the largest increase, a weekly gain of 1.22%, and the US dollar appreciating against the RMB, with a weekly gain of 0.05% [1]. 2. Industrial Production - Production shows seasonal recovery. In the upstream, the weekly coal consumption in the national power plant sample area decreased by 1.27% week - on - week, the operating rate of petroleum asphalt plants increased by 1.30 pcts to 35.80% week - on - week, the blast furnace operating rate remained flat at 84.25% compared with last week, and the crude steel output increased by 7.57% week - on - week. In the real - estate chain, the operating rate of rebar production increased by 1.35 pcts to 41.33% week - on - week, the operating rate of float glass increased by 0.34 pcts to 76.65% week - on - week, and the mill operation rate decreased by 0.49 pcts to 37.89% week - on - week. In the consumer goods chain, the operating rate of polyester filament decreased by 0.03 pcts to 91.06% week - on - week, the operating rate of PTA decreased by 1.92 pcts to 75.56% week - on - week, and the operating rate of methanol increased by 4.00 pcts to 84.38% week - on - week. In the automotive chain, the operating rate of automobile semi - steel tires increased by 26.21 pcts to 72.72% week - on - week, and the operating rate of automobile all - steel tires increased by 20.56 pcts to 64.52% week - on - week [1]. 3. People and Freight Flow - People flow increased, while freight prices declined slightly. The 7 - day moving average (7DMA) of the national migration scale index increased by 3.25% week - on - week. The 7DMA of the number of domestic flights decreased by 0.66% week - on - week, and the 7DMA of the number of international flights decreased by 0.11% week - on - week. The subway passenger volumes in Beijing, Shanghai, Shenzhen, and Guangzhou all decreased. In terms of freight flow, the 4 - week moving average (4WMA) of the road logistics freight rate index decreased by 0.02% week - on - week, but the total volume was higher than the same period in previous years [1]. 4. Consumption - Automobile retail sales showed a decline, and prices were differentiated. The previous period's automobile wholesale sales decreased by 1.00% year - on - year, and retail sales increased by 7.00% year - on - year. The 4WMA of the wholesale and retail year - on - year growth rates both declined. This period's movie box office decreased by 73% week - on - week, and the 7DMA of the number of movie - goers decreased by 73% week - on - week. Agricultural product prices were differentiated, with pork prices decreasing by 2.38% week - on - week and vegetable prices increasing by 0.13% week - on - week [1]. 5. Investment - Construction showed weakness, while the real - estate market recovered seasonally. The cement storage capacity ratio increased by 1.6 pcts week - on - week, the cement price index increased by 0.01% week - on - week, and the cement shipping rate decreased by 2.1 pcts week - on - week. The rebar inventory decreased by 2.4% week - on - week, the proportion of profitable steel mills nationwide decreased by 0.9 pcts week - on - week, and the apparent demand for rebar decreased by 39.4% week - on - week. Overall, the terminal demand for construction was weak. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities increased by 171.0% week - on - week. By city - tier, the commercial housing transaction areas in first - tier, second - tier, and third - tier cities all increased. The 7DMA of the second - hand housing transaction area in 16 cities increased by 165.6% week - on - week, and the national second - hand housing listing price index decreased by 0.1% week - on - week. The land transaction area in 100 cities increased, and the land transaction premium rate decreased week - on - week [1]. 6. Export - Port throughput decreased, and shipping indices were differentiated. This period's port cargo throughput decreased by 8.4% week - on - week, and the container throughput decreased by 6.1% week - on - week. The BDI index increased by 6.87% week - on - week, the SCFI index increased by 12.92% week - on - week, and the CCFI index decreased by 4.11% week - on - week [1].

Group 1: Trade Dynamics - The recent escalation of the US-China trade conflict and tariff fluctuations have disrupted expectations and affected the rhythm of foreign trade shipments [1] - China's export container transportation market has continued its rebound, with overall stable transportation demand and rising freight rates on long-distance routes, leading to an increase in the composite index [1] - As of October 17, the Shanghai Export Container Composite Freight Index reached 1310.32 points, up 12.9% from the previous period [1] Group 2: Freight Rates and Market Reactions - Freight rates from Shanghai to the US West and East Coast ports are $1936/FEU and $2853/FEU, reflecting increases of 31.9% and 16.4% respectively [1] - The US has implemented new port service fees for Chinese-owned, operated, or constructed vessels entering US ports, effective October 14 [1] - In response, China announced special port fees for US vessels and new export controls on rare earth-related items and technologies [1] Group 3: Market Sentiment and Order Behavior - Following President Trump's announcement of a 100% tariff increase on China starting November 1, market sentiment has turned cautious, with some customers rushing to place urgent orders while others adopt a wait-and-see approach [2] - The logistics company DSV noted that the lack of specific execution details for the new tariffs has led to a general market observation without significant industry disruption [2] - Overall, businesses are advised to closely monitor policy developments and prepare contingency plans [2] Group 4: Export Trends - Since 2025, there has been a noticeable divergence in China's exports to Europe and the US, with a 27% decrease in exports to the US in September, marking six consecutive months of negative growth [3] - Conversely, exports to the EU increased by 14.2% year-on-year in September, the highest growth rate in three years [3] - The freight rate from Shanghai to European ports was $1145/TEU, up 7.2% from the previous period, indicating a positive trend in demand [3] Group 5: Company Performance - DSV's CEO reported a 2% year-on-year increase in container transport volume in the first half of the year, driven by a focus on high-growth sectors such as perishables, semiconductors, and cloud computing infrastructure [4] - The company's strong network in Asia, particularly in China, has supported the global expansion of Chinese brands and manufacturers [5] - Despite the increase in business volume, DSV faces significant profit pressure due to exchange rate fluctuations and trade uncertainties [5]

美西和美东航线运价分别上涨31.9%和16.4%。 中美贸易冲突升级与关税波动，再次打乱了人们的预期，影响了外贸商品出运节奏。 近期，中国出口集装箱运输市场延续反弹行情，运输需求总体平稳，远洋航线市场运价走高，带动综合 指数上涨。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%。 其中，上海港出口至美西和美东基本港市场运价（海运及海运附加费）分别为1936美元/FEU（40英尺 集装箱）和2853美元/FEU，分别较上期上涨31.9%、16.4%。 2025年以来，中国对欧美的出口出现较为明显的分化，9月中国对美出口减少27%，自4月以来连续6个 月出现负增长，而对欧洲出口的改善继续成为出口市场的主要增长动力。 根据海关总署的数据，9月我国对欧盟出口同比增长14.2%，创3年来最大增速；前三季度，我国对欧盟 出口同比增长8.2%。 受益于需求增长，上海航运交易所的数据显示，10月17日，上海港出口至欧洲基本港市场运价（海运及 海运附加费）为1145美元/TEU（20英尺集装箱），较上期上涨7.2%。地中海航线的市场行情与欧洲航 线基本同步，市场运价继续上行 ...