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].

기술 消息面 1/27 美国官员： 美国总统特朗普完全赞同以色列总理内塔尼亚胡的声明，即在哈马斯实现非军事化和解除武装之前，加沙的重建不会开始。 1/27 美国总统特朗普表示 因为他向该地区派遣了 伊朗局势 "瞬息万变 - 支 "庞大的舰队" 但他认为伊朗确实想要达成协议 1/27 黎巴嫩真主党：不会对针对伊朗的军事行动袖手旁观。 伊朗对美发出警告：若遵军事打击将袭击美航母。 1/26 以色列民航局称本周末进入敏感时期。当地时间1月25日，以色列民航局向多家外国航空公司发出通知称，以色列可能在本月30日（本周 -且安全评估显示无法确保合理安全水平，以色列将立即关闭领空，届时将优先保障外国航班离境。 天内即可对伊朗动武。26日，一名不愿公开姓名的美国官员表示，美国海军 "亚伯拉罕·林肯" 号 "敏感时期" 通知强调 , 五）前后进入 号航母打击群- —两天内即可对伊朗动武。 号航空 1/27 美官员: "林肯' 母舰打击群已经驶入美军中央司令部在西印度洋的责任区。如果白宫下令打击伊朗，理论上，该航母打击群在 -两天内"就能发起军事行动. EC主力合约价格走势 EC远期曲线 1800 6000 1700 5000 ...

Core Viewpoint - The article discusses the impact of geopolitical tensions and economic conditions on various commodities, particularly precious metals, oil, and stock indices, highlighting the ongoing volatility and strategic investment opportunities in these markets [2][18]. Group 1: Precious Metals - Recent international silver prices have shown significant volatility, with a peak at $117.74 per ounce before retreating below $105, reflecting a daily increase of less than 1% after a prior surge of nearly 14% [1]. - The rise in gold prices to historical highs is attributed to geopolitical instability, economic uncertainty, and a loose liquidity environment, which has increased demand for gold as a safe-haven asset [2][18]. - Concerns over the sustainability of U.S. debt and the independence of the Federal Reserve have weakened the dollar's credibility, prompting central banks to diversify their reserve assets and increase gold purchases [2][18]. Group 2: Stock Indices - The U.S. stock market has shown positive momentum, with major indices rising and a market turnover of 3.28 trillion yuan, driven by a shift towards profitability and the release of policy dividends [3][11]. - The ongoing economic recovery, coupled with the return of overseas capital, is expected to support a continued upward trend in the stock market, with supply-side reforms likely to boost commodity prices and resource stocks [3][11]. Group 3: Oil Market - Oil prices have experienced fluctuations, with recent comments from President Trump indicating potential diplomatic engagement with Iran and easing tensions in Venezuela, which could impact oil supply dynamics [13]. - The U.S. average daily crude oil production has decreased slightly to 13.732 million barrels, while still showing a year-on-year increase of 255,000 barrels [13]. Group 4: Industry News - The latest statistics from the Ministry of Public Security indicate that by the end of 2025, the number of motor vehicles in China reached 469 million, with new registrations exceeding 30 million for the 11th consecutive year [8]. - The domestic futures market has seen regulatory actions aimed at cooling down trading activities, including adjustments to trading limits and margin requirements for silver and copper futures [7].

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 2025年4月11日，中远海运能源运输股份有限公司（以下简称"中远海能""本公司"或"公司"）2025年第 一次临时股东大会、2025年第一次A股类别股东大会及2025年第一次H股类别股东大会审议并通过《关 于提请股东大会授权董事会及董事会授权人士全权办理本次向特定对象发行A股股票工作相关事宜的议 案》，授权董事会及董事会授权人士根据向特定对象发行股票的实际结果修改《公司章程》相应条款。 经中国证券监督管理委员会同意注册，公司于2025年10月以向特定对象发行股票方式向包括中国远洋海 运集团有限公司在内的7名特定投资者发行了人民币普通股694,444,444股股票。公司总股本增加至 5,465,220,839股，其中境内上市内资股4,169,220,839股，占公司已发行的普通股总数的百分之七十六点 二九（76.29%）；境外上市外资股1,296,000,000股，占公司已发行的普通股总数的百分之二十三点七一 （23.71%）。 ...

Group 1 - The core viewpoint of the article emphasizes that the company, Bohai Ferry, is focused on continuously enhancing its intrinsic value and profitability to achieve long-term stable development and build a solid foundation for shareholder returns [1]

Group 1 - The company, Haitong Development (603162), primarily engages in domestic coastal and international bulk cargo transportation, and its business does not directly involve exports [1]

本文字数：1818，阅读时长大约3分钟 作者 | 第一财经 李可 在全球航运格局深度调整的背景下，上海正以更开放的姿态、更精准的政策，全力构筑航运人才高地。 近日，上海市接连推出两项重要人才政策，不仅将远洋船舶高级船员、民用航空空中交通管制员等纳入航运 专门人才引进范围，而且还为在上海工作的航运领域高层次管理和专业技术人才提供签注便利化政策。这 一"引进"与"便利"的双重组合，标志着上海在国际航运中心建设进程中，正从"硬件投入"转向"软件升 级"，通过制度型开放与人才战略的深度融合，为航运业高质量发展注入持久动能。 2026.01. 26 两项政策一内一外、相辅相成：前者通过落户优惠吸引并留住关键岗位人才，增强上海的职业吸引力与定居 归属感；后者通过出行便利提升人才的国际流动性与合作效率，强化上海与港澳地区乃至全球的航运网络联 系。这种"引得来、留得下、走得畅"的系统设计，体现了上海构建具有全球竞争力的人才制度体系的雄心 与行动。 人才成新格局下的突围关键 上海此时加码航运人才政策，缘于其在国际航运中心建设进程中面临的新挑战与新机遇。 从全球看，航运业正经历绿色化、数字化、智能化的深刻转型。国际海事组织（IM ...

Group 1: Global Macro Strategy - The geopolitical tensions are escalating, with the probability of U.S. military strikes against Iran reaching 62% in Q1 [2] - U.S. Treasury yields have rebounded to 4.2-4.3%, with a reasonable expectation of less than two rate cuts this year [2] - The U.S. dollar is under pressure due to de-dollarization trends and interventions in the yen, but the U.S. economy shows resilience, supporting a long-term view of the dollar [2] Group 2: Currency and Commodity Outlook - The Chinese yuan is expected to appreciate moderately, supported by narrowing interest rate differentials and stable demand for currency exchange [3] - Gold prices are anticipated to continue rising, potentially challenging $5,500, driven by ongoing Fed rate cuts and geopolitical conflicts [3] Group 3: Domestic Macro Strategy - In terms of domestic demand, housing transaction prices are performing better than volumes, with a 38.6% year-on-year decline in new home transactions [5] - Export performance remains resilient, with container throughput increasing by 8.3% year-on-year, indicating strong demand for machinery and automotive products [7] - The government is advancing the construction of a unified national market, with new regulations aimed at reducing "involution" in government procurement [8] Group 4: Bond Market Insights - The bond market is expected to experience narrow fluctuations, with 10Y Treasury yields projected to range between 1.8% and 1.95% [9] - Recent liquidity conditions are favorable, with the central bank indicating room for rate cuts, suggesting potential opportunities in the bond market [9] Group 5: Equity Market Performance - The A-share market saw a 0.83% increase in the Shanghai Composite Index, with a structural slow bull market driven by improving fundamentals and AI trends [10] - The Hong Kong stock market underperformed compared to A-shares, influenced by geopolitical tensions and lower liquidity [10]