1. Report Industry Investment Rating - The investment view of the container shipping index is "oscillation", and the trading strategy for unilateral trading is also "oscillation", with an arbitrage strategy of 10 - 12 reverse - spread rolling operation [3] 2. Core View of the Report - The container shipping index shows continuously falling freight rates, approaching the cost line. Spot freight rates are bearish, with the September - lower market FAK freight rate center at 1750. Political and economic factors are neutral, and the supply and demand of shipping capacity are also neutral. It is expected that the offline freight rate will drop to the low point in May this year in late October, and shipping companies will start to sign contracts to support prices after the cargo volume rebounds in November [3] 3. Summary According to Relevant Catalogs 3.1 Main Views and Strategy Overview - **Spot Freight Rates**: Bearish. The September - lower prices of GEMINI dropped to 1600, OA to 1800, PA to 1700, and MSC to 1750. The fourth - quarter long - term contract negotiation has begun, and shipping companies are still cautious about long - term quotes below the current FAK level, while PSS may be reduced or cancelled in the fourth quarter [3] - **Political and Economic Factors**: Neutral. There are multiple events such as the meeting between Baysent and Chinese Vice - Premier He Lifeng, MSC's adjustment of its US route network, Trump's plan to urge G7 to impose high tariffs on India and China's purchase of Russian oil, and the US experiencing a stagflation - like situation [3] - **Shipping Capacity Supply**: Neutral. The weekly average shipping capacity deployment in July was 300,000, 315,000 in August, 305,000 in September, and 270,000 in October. There are changes in overtime ships and cancellations of sailings, with about 12% of planned voyages (85 out of 720) cancelled between weeks 38 - 42, and 65% of the cancellations concentrated in weeks 40 - 41 [3] - **Demand**: Neutral. The overall loading rate is still lower than the same period in the past two years, and there is a significant difference in the decline rate of the loading rate from China to Europe compared to that from Asia to Europe. The loading rate of GEMINI has rebounded due to significant price cuts, while the loading rates of the other two major alliances continue to decline [3] - **Summary**: In the European shipping market, based on EPMI data, the cargo volume will bottom out in October and turn around in November. From late September to late October, shipping companies will "grab goods", but the "ROLLINGPOOL" strategy in the off - season may intensify the decline in freight rates. It is expected that the offline freight rate will return to the low point in May this year in late October, and shipping companies will start to sign contracts to support prices after the cargo volume rebounds in November. The suspension of some shipping capacity during the National Day holiday will not be restored after the holiday, and the reduction of ships in the off - season has limited impact on the market [3] 3.2 Price - The spot market has slow demand recovery, high supply, a new alliance established, and falling prices in the off - season [5] 3.3 Static Shipping Capacity - **Order Volume**: There are data on the order volume of container ships with different loading capacities over the years, including various types of container ships such as those with 8,000 - 11,999 TEU, 12,000 - 16,999 TEU, etc. [15] - **Delivery Volume**: There are data on the delivery volume of container ships with different loading capacities over the years, including feeder container ships, intermediate container ships, etc. [18] - **Demolition Volume**: There are data on the demolition volume of container ships with different loading capacities over the years, including various types of container ships [19] - **Future Delivery**: There are data on the future delivery volume of container ships with different loading capacities, including quarterly and annual data [24] - **Ship - Breaking Price**: There are data on the ship - breaking prices of container ships with different loading capacities over the years, including various types of container ships [31] - **New - Building Ship Price**: There are data on the new - building ship price index and the new - building prices of container ships with different loading capacities over the years [32] - **Second - Hand Ship Price**: There are data on the second - hand ship price index and the second - hand prices of container ships with different loading capacities over the years, including 13,500 TEU, 15,500 TEU, etc. [40] - **Existing Shipping Capacity**: There are data on the existing shipping capacity of container ships, including the total capacity, capacity by loading capacity, the capacity of ships over 25 years old, and the proportion of idle and retrofitted ships [46] 3.4 Dynamic Shipping Capacity - **Shipping Schedule**: There are data on the shipping capacity deployment of container ships from Shanghai to European basic ports, including the total shipping capacity deployment and the shipping capacity deployment of different alliances such as PA + MSC, GEMINI, OCEAN, etc. [60] - **Desulfurization Tower Installation**: There are data on the number and proportion of container ships with desulfurization towers installed, those being installed, and the average age and duration of desulfurization tower installation [71] - **Average Speed**: There are data on the average speed of container ships, including the overall average speed and the average speed of container ships with different loading capacities [74] - **Idle Shipping Capacity**: There are data on the idle shipping capacity of container ships, including the total idle capacity, idle capacity by loading capacity, and the proportion of idle ships [79]

Group 1: Digital Transformation in Maritime Services - The introduction of a digital platform allows for efficient management of global maritime operations and services without the need for physical presence on ships [1][3] - The "Digital Comprehensive Bonded Zone" launched on August 20 aims to enhance data sharing among regulatory departments, streamline business processes, and improve cargo tracking [1][4] - The platform features modules for intelligent customs clearance, regulatory empowerment, and comprehensive service functions, transitioning from fragmented to integrated services [3][4] Group 2: Training and Simulation Technologies - The maritime training center utilizes digital intelligence and virtual reality for hands-on training, providing a realistic experience for trainees [2][7] - The training program is designed to enhance the learning experience and retention of knowledge through simulation and practical exercises [8] Group 3: Green Shipping Initiatives - The international shipping industry is focusing on decarbonization, with a goal of achieving net-zero emissions by 2050 as per the International Maritime Organization [9] - The establishment of a green fuel innovation center in the Lingang New Area aims to support the transition to green shipping through research and development of new energy sources [9][11] - The collaboration with the Huari-Recycling Green Energy Chemical Joint Laboratory focuses on developing a public service platform for green energy certification, facilitating compliance with international standards [11]

Core Viewpoint - Ningbo Ocean Shipping Co., Ltd. has approved the establishment of two wholly-owned subsidiaries in Singapore to enhance its shipping capacity and international competitiveness through investment in container ship projects [3][4][18]. Group 1: Board Meeting Details - The 15th meeting of the second board of directors was held on September 6, 2025, with all 9 directors present, complying with relevant laws and regulations [2]. - The board unanimously approved the establishment of Ningbo Ocean (Singapore) Longitude Pte. Ltd. and Ningbo Ocean (Singapore) Latitude Pte. Ltd. [3][4]. Group 2: Investment Overview - The company plans to invest approximately 1.194 billion RMB for the construction of 4 vessels of 2700 TEU capacity and about 1.7 billion RMB for 4 vessels of 4300 TEU capacity [8][10]. - The investment funds will primarily be used for ship construction and the establishment and operation of the overseas companies [10]. Group 3: Impact on the Company - The investment aligns with the company's strategic planning and is expected to enhance its core competitiveness in the shipping industry [18]. - The establishment of subsidiaries in Singapore will leverage the country's shipping resources and geographical advantages to improve international market engagement [18].

Group 1 - The core viewpoint of the news is the performance and strategic direction of China Merchants Energy Shipping Company (招商南油) and China Merchants Industry Holdings (招商轮船) in the shipping industry, particularly in response to market challenges and operational strategies [1][2][3] Group 2 - In the first half of 2025, China Merchants Energy Shipping reported a revenue of 2.772 billion yuan, a year-on-year decrease of 21.43%, and a net profit attributable to shareholders of 570 million yuan, down 53.28% [1] - The decline in performance is attributed to a significant drop in international refined oil freight rates and a decrease in asset disposal income [1] - The company plans to focus on building a global fleet primarily with Medium Range (MR) vessels and supplementing with Long Range (LR) vessels to enhance performance [2] Group 3 - China Merchants Energy Shipping announced a share repurchase plan, intending to buy back shares worth between 250 million yuan and 400 million yuan to reduce registered capital [2] - The company has a history of significant losses leading to a negative retained earnings situation, which has improved but remains at -1.269 billion yuan as of June 2025, thus not meeting conditions for cash dividends [2] - The management has prioritized investor returns through share buybacks instead of cash dividends, having repurchased a total of 222 million shares using 550 million yuan over the years [2] Group 4 - In contrast, China Merchants Industry Holdings has mitigated the downturn in the oil tanker and dry bulk shipping markets through diversified business operations, showing improved performance in the second quarter [3]

Group 1 - The Chongqing Yongye Shipping Company received a loan of 10 million yuan from banks, which helped address its funding shortage for building an LNG standardized vessel in 2025 [1] - As of June 2023, the loan balance for shipping enterprises in Fengdu County reached 207 million yuan, with new loans issued amounting to 77.36 million yuan in 2025 [1] - The People's Bank of China Fengdu Branch established a working group with multiple departments to promote a "finance + maritime" industry integration model, issuing a pilot plan to support high-quality development in the shipping industry [1][2] Group 2 - The Fengdu County expects nearly 30 traditional fuel ships to transition to new energy vessels in 2025, with a loan demand exceeding 200 million yuan [3] - The Bank of China Fengdu Branch introduced a new financial service plan, increasing the credit limit from 10 million yuan to 15 million yuan to support the construction of new energy vessels [3] - The People's Bank of China Fengdu Branch and the Fengdu Maritime Office encouraged insurance companies to innovate in asset safety and value enhancement for shipping enterprises [3] Group 3 - The promotion of the "National Small and Micro Enterprises Fund Flow Credit Information Sharing Platform" aims to alleviate the financing difficulties faced by shipping companies [4] - The Industrial and Commercial Bank of China Fengdu Branch provided a credit loan of 300,000 yuan to Chongqing Hongxing Shipping Company by utilizing the platform to assess the company's creditworthiness [4] - The People's Bank of China Fengdu Branch effectively utilized re-lending policies to meet the financing needs of shipping enterprises, facilitating loans totaling 22 million yuan for companies like Yongwang Shipping [5]

Core Viewpoint - Bank of America Securities reports that China Merchants Energy Shipping Company (600026)(01138) performed in line with expectations in the first half of the year, with net profit exceeding expectations mainly due to one-time gains [1] Financial Performance - The company has adjusted its earnings forecasts for 2025 to 2027, reflecting the positive impact of OPEC+ production increases and tightening U.S. sanctions on the crude oil tanker market [1] - The target price for H-shares has been raised from HKD 7.5 to HKD 7.9, while the target price for A-shares (600026.SH) has been increased from RMB 13 to RMB 13.6 [1] Investment Outlook - The firm maintains a "Buy" rating, believing that the company will be a major beneficiary of the recovery in the tanker market [1] - The current valuation is seen as not fully reflecting the return on equity (ROE) prospects for shareholders in 2025 to 2026 [1]

Summary of Key Points Core Viewpoint - Company plans to distribute a cash dividend of RMB 0.56 per share to all shareholders based on the total share capital as of the equity distribution registration date, with the total cash dividend amounting to approximately RMB 14.43 billion, representing 57.69% of the net profit attributable to shareholders for the first half of 2025 [1][2]. Group 1: Profit Distribution Plan - The company reported a net profit of approximately RMB 17.54 billion for the first half of 2025, with undistributed profits of about RMB 21.02 billion as of June 30, 2025 [1]. - The cash dividend distribution is scheduled for October 23, 2025, as the A-share equity registration date, and the cash dividend payment will occur on October 24, 2025 [1][2]. - The total cash dividend distribution is calculated based on the total share capital of 15,489,754,739 shares as of June 30, 2025, leading to a total cash payout of approximately RMB 14.43 billion [1]. Group 2: Decision-Making Process - The profit distribution plan was approved unanimously by the board of directors and does not require further approval from the shareholders' meeting due to prior authorization [2]. - The distribution plan aligns with the company's profit distribution policy and previously disclosed shareholder return plans [2].

Core Viewpoint - Zhujiang Shipping (00560) reported a decline in revenue and profit for the first half of 2025, reflecting challenges in the global trade environment and local market conditions [3] Financial Performance - The company recorded a revenue of HKD 1.315 billion, a year-on-year decrease of 5.3% [3] - Profit attributable to equity holders was HKD 26.662 million, down 60.3% year-on-year [3] - Basic earnings per share were HKD 0.0238 [3] Industry Context - The global trade environment is facing increased challenges due to rising trade tensions, geopolitical conflicts, and heightened economic uncertainty, which have complicated the recovery of global trade activities [3] - The shipping industry in Hong Kong is experiencing a downturn, with container handling volumes at multi-year lows [3] - The ongoing slump in the real estate market in mainland China has negatively impacted the sand and bulk cargo market [3] - The opening of the Shenzhen-Zhongshan Bridge last year has improved transportation connectivity in the Guangdong-Hong Kong-Macao Greater Bay Area, leading to a diversion effect on cross-border passenger flow [3] - Changes in external market conditions and industry transformations have significantly affected the company's freight logistics and waterborne cross-border passenger services [3]

Core Viewpoint - China COSCO Shipping Holdings Co., Ltd. reported a mid-year performance for 2025, showing a revenue increase of 7.78% year-on-year, reaching 109.099 billion RMB, and a net profit attributable to shareholders of 17.528 billion RMB, up 3.9% year-on-year [1] Financial Performance - Revenue for the reporting period was 109.099 billion RMB, reflecting a year-on-year increase of 7.78% [1] - Net profit attributable to shareholders was 17.528 billion RMB, representing a year-on-year growth of 3.9% [1] - Basic earnings per share were reported at 1.12 RMB, with an interim dividend proposed at 0.56 RMB per share [1] Business Operations - The container shipping business completed a total of 13.2809 million TEUs (Twenty-foot Equivalent Units), marking a year-on-year increase of 6.59% [1] - The terminal business achieved a total throughput of 74.296 million TEUs, which is a year-on-year increase of 6.35% [1] Fleet Development - The company is advancing its fleet's scale, structure, and modernization in line with global development trends, with a self-operated container fleet now comprising 557 vessels and a total capacity exceeding 3.4 million TEUs [1] - The company holds new ship orders with a capacity of 910,000 TEUs, maintaining a leading position in the industry [1] Green Initiatives - The company is accelerating the structural upgrade of its green fleet through new ship construction and technological retrofitting, having ordered 42 new methanol dual-fuel vessels with a capacity of 780,000 TEUs [1] - The first domestic methanol dual-fuel container ship, "COSCO Shipping Yangpu," has successfully completed its maiden voyage, marking a significant step in the full supply chain of methanol fuel from production to transportation and refueling [1]

Core Viewpoint - COSCO Shipping Holdings (中远海控) reported a mid-year performance for 2025, showing a revenue increase of 7.78% year-on-year, reaching 109.099 billion RMB, and a net profit attributable to shareholders of 17.528 billion RMB, up 3.9% year-on-year [1] Financial Performance - Revenue for the period was 109.099 billion RMB, reflecting a year-on-year growth of 7.78% [1] - Net profit attributable to shareholders was 17.528 billion RMB, representing a 3.9% increase compared to the previous year [1] - Basic earnings per share were reported at 1.12 RMB, with an interim dividend proposed at 0.56 RMB per share [1] Business Operations - The container shipping business achieved a total of 13.2809 million TEUs (Twenty-foot Equivalent Units) in bill of lading volume, marking a year-on-year increase of 6.59% [1] - The terminal business recorded a total throughput of 74.296 million TEUs, which is a 6.35% increase year-on-year [1] Fleet Development - The company is advancing its fleet's scale, structure, and modernization in line with global development trends, with a self-operated container fleet now comprising 557 vessels and a total capacity exceeding 3.4 million TEUs [1] - The company holds new ship orders with a capacity of 910,000 TEUs, maintaining a leading position in the industry [1] Green Initiatives - The company is accelerating the structural upgrade of its green fleet through both new ship construction and technological retrofitting, having ordered 42 new methanol dual-fuel vessels with a total capacity of 780,000 TEUs [1] - The first domestic methanol dual-fuel container ship, "COSCO Shipping Yangpu," has successfully completed its maiden voyage, marking a significant step in establishing a complete supply chain for methanol fuel from production to transportation and refueling [1]