1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Today's domestic commodity futures market shows a general upward trend, with precious metals and non - ferrous metals rising strongly. Lithium carbonate rises over 7%, Shanghai tin over 5%, Shanghai gold over 3%, and synthetic rubber over 3%. Most black building materials decline, with glass and caustic soda falling over 2% [13]. - The US economy maintains a "light to moderate" expansion, inflation continues to cool, and the Fed maintains a cautious wait - and - see attitude, with the interest - rate cut expectation postponed to June. In China, the consumer market in 2025 exceeded 50 trillion yuan, growing by 3.7%, and consumption in 2026 is expected to grow steadily [13]. - The scenario of no interest - rate cut in January is basically confirmed, and the first interest - rate cut by the Fed within the year is expected to be postponed to June. Short - term risk assets may continue to adjust, while in the medium - term, long positions in stock indices, non - ferrous metals (copper, aluminum, tin), gold, and silver are still recommended [13]. 3. Summary by Relevant Catalogs 3.1 Financial Market Fluctuations - **Stock Index Futures**: On January 21, 2026, the CSI 300 futures price is 4722.8, with a daily increase of 0.54; the SSE 50 futures price is 3073.6, with a daily increase of 0.09; the CSI 500 futures price is 8371, with a daily increase of 1.71; the CSI 1000 futures price is 8231, with a daily increase of 1.57 [2]. - **Treasury Bond Futures**: The 2 - year Treasury bond futures price is 102.43, with a daily decrease of 0.01; the 5 - year Treasury bond futures price is 105.88, with a daily increase of 0.01; the 10 - year Treasury bond futures price is 108.2, with a daily increase of 0.04; the 30 - year Treasury bond futures price is 112.25, with a daily increase of 0.75 [2]. - **Foreign Exchange**: The US dollar index is 98.5413, with a daily decrease of 0.51; the US dollar central parity rate is 6.9602, with a daily decrease of 38 [2]. - **Interest Rates**: The 7 - day inter - bank pledged repo rate is 1.4948, with a daily increase of 1.76; the 10 - year Chinese Treasury bond yield is 1.8326, with a daily decrease of 0.67; the 10 - year US Treasury bond yield is 4.3, with an increase of 12 (no daily data provided) [2]. 3.2 Popular Industry Fluctuations - On January 21, 2026, among various industries, non - ferrous metals have a daily increase of 2.91%, basic chemicals 1.08%, steel 1.06%, and so on. Industries with a decline include agriculture, forestry, animal husbandry and fishery with a daily decrease of 0.74%, defense and military industry 0.02%, and so on [5]. 3.3 Overseas Commodity Fluctuations - **Energy**: On January 20, 2026, NYMEX WTI crude oil price is 59.52, with a daily increase of 0.3; ICE Brent crude oil has a daily increase of 0.09; NYMEX natural gas price is 3.891, with a daily increase of 25.39; ICE UK natural gas price is 90.58, with a daily decrease of 1.48 [8]. - **Precious Metals**: COMEX gold price is 4769.1, with a daily increase of 3.78; COMEX silver price is 94.46, with a daily increase of 6.69 [8]. - **Non - ferrous Metals**: LME copper price is 12753.5, with a daily decrease of 1.64; LME aluminum price is 3107.5, with a daily decrease of 1.61; LME zinc price is 3175, with a daily decrease of 1.44 [8]. - **Agricultural Products**: CBOT soybeans price is 1053, with a daily decrease of 0.45; CBOT corn price is 424, with a daily decrease of 0.18; CBOT wheat price is 510.5, with a daily decrease of 1.45 [8]. 3.4 Domestic Commodity Fluctuations - **Shipping**: The container shipping price on the European route is 1222.29, with a daily increase of 1.12 [11]. - **Precious Metals**: Gold price is 1092.94, with a daily increase of 3.06; silver price is 23112.13, with a daily increase of 0.31 [11]. - **Non - ferrous Metals**: Stainless steel price is 14707.87, with a daily increase of 2.36; aluminum price is 17119.84, with a daily decrease of 0.62 [11]. - **Energy and Chemicals**: Fuel oil price is 2535.35, with a daily increase of 1.17; low - sulfur fuel oil price is 3083.07, with a daily increase of 0.32 [11]. - **Black Building Materials**: Rebar price is 3121.39, with a daily decrease of 0.48; glass price is 1046.05, with a daily decrease of 1.61 [11]. - **Agricultural Products**: Soybean price is 4309.61, with a daily decrease of 0.62; palm oil price is 8824.72, with a daily increase of 0.95 [11]. 3.5 Macro Highlights - **Domestic Market**: Domestic commodity futures market shows an upward trend, with precious metals and non - ferrous metals rising strongly, and black building materials mostly falling [13]. - **Overseas Macro**: The US economy maintains a "light to moderate" expansion, inflation cools, consumption shows a "K - shaped" feature, industrial production rebounds unexpectedly, and the Fed postpones the interest - rate cut expectation to June [13]. - **Domestic Macro**: In 2025, China's consumer market scale exceeded 50 trillion yuan, growing by 3.7%, and consumption in 2026 is expected to grow steadily [13]. - **Asset Views**: Short - term risk assets may continue to adjust, while in the medium - term, long positions in stock indices, non - ferrous metals (copper, aluminum, tin), gold, and silver are recommended [13]. 3.6 Viewpoint Highlights - **Stock Index Futures**: The market is boosted by dual factors, but continuous upward movement awaits incremental funds, with a short - term judgment of volatile upward movement [14]. - **Options**: Option market liquidity is a concern for option - covered增厚 strategies, with a short - term judgment of volatility [14]. - **Treasury Bond Futures**: There are still disturbing factors in the bond market, and the long - end sentiment is weak, with a short - term judgment of volatility [14]. - **Precious Metals**: Gold and silver are expected to show a volatile upward trend, affected by factors such as liquidity expectations, geopolitical conflicts, and the US fundamentals [14]. - **Shipping**: The container shipping on the European route is supported by pre - Spring Festival shipments in the near - term, and the resumption of shipping in the far - term needs attention, with a short - term judgment of volatility [14]. - **Steel and Related Products**: Steel products, iron ore, coke, and coking coal are expected to show a volatile trend, affected by factors such as inventory, production, and policies [14]. - **Non - ferrous Metals and New Materials**: Non - ferrous metals are expected to show a volatile trend, with factors such as inventory, supply, and demand affecting their prices [14]. - **Energy and Chemicals**: Most energy and chemical products are expected to show a volatile trend, affected by factors such as supply and demand, costs, and policies [16]. - **Agriculture**: Agricultural products show a mixed trend, with some products expected to show a volatile upward trend and some a volatile downward trend, affected by factors such as weather, supply and demand, and policies [16].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report Core Views - For the EC2604 contract, pay attention to the spot market and actual cargo rush situation. Spot price drops may suppress the futures market, but a larger post - Chinese New Year cargo rush due to lower freight may reduce the price decline slope in March. The current valuation of EC2604 fluctuates within a reasonable range, and it is advisable to watch for potential correction opportunities, such as buying at low prices during the spot market's bottom - finding process [3] - Export tax - rebate adjustments are negative for far - month contracts, but far - month contracts are highly affected by geopolitical factors. It is generally recommended to short the EC2610 contract on rallies. Currently, the valuation of EC2610 is neutral with limited downside [3] Group 3: Summary by Related Contents Futures Contract Data - EC2602: Yesterday's closing price was 1707.2, down 0.16%, with a basis of 249.2, trading volume of 778, and open interest of 5106, a decrease of 469 [2] - EC2604: Yesterday's closing price was 1129.7, up 1.54%, with a basis of 826.7, trading volume of 22099, and open interest of 41299, a decrease of 512 [2] - EC2606: Yesterday's closing price was 1378.0, up 4.60%, with a basis of 578.4, trading volume of 3489, and open interest of 4057, an increase of 130 [2] - EC2608: Yesterday's closing price was 1486.1, up 1.24%, with a basis of 470.3, trading volume of 161, and open interest of 1347, a decrease of 4 [2] - EC2610: Yesterday's closing price was 1074.7, up 2.07%, with a basis of 881.7, trading volume of 1473, and open interest of 8347, a decrease of 205 [2] Month - spread Data - EC2502 - 2604: The value was 597.4, compared to 577.5 the previous day and 582.1 three days ago, a day - on - day decrease of 19.9 and a week - on - week increase of 61.2 [2] - EC2504 - 2606: The value was - 204.8, compared to - 248.3 the previous day and - 185.8 three days ago, a day - on - day decrease of 43.5 and a week - on - week decrease of 29.2 [2] Spot and Index Data - Spot (European route): As of 2026/1/12, the price was 1956.39, up 8.94% from the previous period and 3.05% from two periods ago [2] - SCFI (European route): As of 2026/1/16, the price was 1676 dollars/TEU, down 2.50% from the previous period [2] European Route Spot Situation - Week 4: MSK opened at 2750 (up 100 week - on - week), PA at 2400 (YML had two special offers at 2250), and OA at 2700 - 2900 dollars. The central price was 2630 dollars, equivalent to 1840 points on the futures market [4] - Week 5: MSK opened at 2450 (down 300 week - on - week), PA at 2400 (special offer at 2200), and OA at 2700 dollars. The central price was 2540 dollars, equivalent to 1780 points on the futures market [4] - Week 6 of February: MSK opened at 2000/2100 (down 400 week - on - week), YML quoted at 2400 (special offer at 2000), and CMA quoted at 2600 dollars [4] Related News - On 1/5, CMA CGM decided to divert ships on FAL 1, FAL 3, and MEX routes via the Cape of Good Hope instead of the Suez Canal due to the complex and uncertain international situation [4]

1月21日，我国首艘自主新建的双燃料加注船"大庆268"轮在深圳港盐田港区为国际航行集装箱船"中远 海运康乃馨"轮，成功加注200吨绿色甲醇燃料，标志着深圳港具备了绿色甲醇加注服务能力。"大庆 268"轮载重量7500吨，主力加注绿色甲醇，兼顾传统燃料，可大幅降低碳排放。这是我国自主建造的首 艘双燃料加注船的首单绿色甲醇加注，具有重要的里程碑意义。（深圳特区报） ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：001205 证券简称：盛航股份 公告编号：2026-005 债券代码：127099 债券简称：盛航转债 南京盛航海运股份有限公司 关于完成工商变更登记及章程备案并换发营业执照的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 南京盛航海运股份有限公司（以下简称"公司"）于2025年12月29日召开第四届董事会第三十三次会议， 于2026年1月15日召开2026年第一次临时股东会，审议通过了《关于增加公司经营范围暨修订〈公司章 程〉的议案》。为满足公司及子公司船舶经营管理的实际需要，公司拟在经营范围中增加"劳务派遣服 务"，最终以市场监督管理部门核准的内容为准。 法定代表人：晏振永 注册资本：18800.1336万元整 成立日期：1994年11月7日 住所：中国（江苏）自由贸易试验区南京片区兴隆路12号7幢 经营范围： 国内沿海、长江中下游及其支流成品油船、化学品船运输；国际船舶危险品运输；国际船舶管理；国内 船舶管理；船舶租赁；信息科技、计算机科技的技术开发、技术服务。（依法须经批准的项目，经相 ...

Core Insights - Shanghai's GDP reached 56,708.71 billion yuan in 2025, with a year-on-year growth of 5.4%, surpassing the national average and ranking fifth globally among cities [1] - The city has shown resilience in economic growth despite external challenges, with a focus on structural transformation and new driving forces [2][3] Economic Structure and Growth - Shanghai's economic structure is undergoing significant changes, with emerging industries like integrated circuits, biomedicine, and artificial intelligence leading the way, achieving a combined output exceeding 2 trillion yuan and a growth rate of 9.6% [2] - The manufacturing output of integrated circuits and AI grew by 15.1% and 13.6%, respectively, indicating a shift towards innovation-driven growth [2] Industrial Performance - Strategic emerging industries in Shanghai saw a 6.5% increase in total output, accounting for 45% of the total industrial output, with notable growth in new energy and high-end equipment sectors [3] - Traditional growth models are transitioning to innovation and efficiency-driven approaches, enhancing overall economic quality and structure [3] Consumer Market Dynamics - Shanghai's retail sales of consumer goods grew by 4.6% in 2025, with various innovative consumption events boosting market activity [4] - The city's policy to promote the replacement of old consumer goods led to over 120 billion yuan in sales, benefiting more than 21.95 million people [4] Employment and Income Growth - The per capita disposable income in Shanghai reached 91,987 yuan, reflecting a 4.1% increase, which supports consumer spending [4] - The city's inbound tourism saw a historic high of 9.36 million visitors, a 40% increase from the previous year, contributing to the local economy [5] Business Environment and Financial Sector - Shanghai implemented measures to reduce business burdens, expected to save over 100 billion yuan for enterprises in 2025 [5] - The number of licensed financial institutions in Shanghai reached 1,813, with significant growth in financial market transactions, totaling 40,589.5 billion yuan, a 11.2% increase [6] International Trade and Shipping - Shanghai's foreign trade volume reached 4.51 trillion yuan, marking a 5.6% increase, with exports growing by 10.8% [6] - The port's container throughput reached 55.06 million TEUs, a 6.9% increase, maintaining its position as the world's busiest port [6] Innovation and Technology - The total value of technology contracts in Shanghai reached 649.68 billion yuan, a 24.9% increase, indicating a strong innovation ecosystem [7] - The city aims to leverage its "five centers" strategy to enhance its global competitiveness and drive technological advancements [7]

Core Insights - The focus of the news is on the inspection and encouragement of frontline workers in the Yangtze River shipping sector by Liu Liang, the director of the Yangtze River Navigation Administration, emphasizing the importance of project progress, safety, and worker welfare. Group 1: Project Development and Management - Liu Liang visited the Three Gorges Navigation Engineering Testing and Maintenance Base and the Emergency Support Center, discussing project functions, planning, construction progress, and management, while suggesting optimizations to enhance project efficiency [1] - At the Gezhouba Navigation Capacity Expansion Project site, Liu emphasized the need for safety during winter construction and the importance of maintaining health and safety standards for frontline workers [1] Group 2: Worker Welfare and Support - Liu Liang provided support and New Year greetings to frontline workers and model employees at the Yichang Navigation Bureau, stressing the importance of ensuring safety and warmth for workers during the winter [2] - Liu visited the Yichang Port Group's green service area, acknowledging their efforts in providing comprehensive services for waiting ships and crew, and encouraged the use of information technology to enhance service levels [3] Group 3: Technological Advancements - Liu highlighted the significance of information technology in the Yangtze River shipping sector, particularly the integration of data collection and modeling technologies, and urged the Yichang Communication Bureau to accelerate the implementation of these projects [2] Group 4: Commitment to High-Quality Development - Liu expressed gratitude to frontline staff for their contributions to the stable safety situation in Yangtze River shipping and encouraged them to continue their dedication to ensuring smooth navigation [2] - He emphasized that 2026 is a critical year for promoting high-quality development in Yangtze River shipping, urging staff to adopt a proactive and resilient approach to their work [3]

Core Viewpoint - The current spot freight rates are influenced by several core factors, including demand per ton-mile, effective capacity supply, immediate market trends, and market sentiment between cargo and vessel parties [1] Group 1: Factors Influencing Freight Rates - Demand per ton-mile is a primary factor affecting freight pricing [1] - Effective capacity supply plays a crucial role in determining freight rates [1] - Immediate market trends, whether upward or downward momentum, significantly impact pricing [1] - Market sentiment, reflecting the psychology of both cargo and vessel parties, is also a key influence [1] Group 2: Market Conditions - The current market environment is favorable for shipowners and capacity holders [1]

（文章来源：证券日报） 证券日报网1月21日讯 ，招商轮船在接受调研者提问时表示，目前看，2026年对公司影响最大的还是油 轮板块，预计业绩弹性较大。干散货市场方面，从年初淡季市场表现和运费期货市场看，好望角船型有 望是今年主要亮点，公司干散货板块力争积极抓住市场机会。 ...

Group 1 - The core viewpoint is that changes in crude oil supply and trade in certain hotspot regions have a complex impact on the oil tanker market [2] - A sustained reduction in heavy oil supply may lead domestic refineries to source oil products from alternative sources, resulting in structural adjustments in transportation demand [2] - There is a potential increase in long-distance compliance demand, which should be monitored as market changes are expected to become clearer after the Spring Festival [2]

证券日报网1月21日讯，招商轮船（601872）在接受调研者提问时表示，2026年VLCC等油轮运价波动 预计会较2025年更加剧烈，诸多结构性问题和短期供需不平衡可能导致现货运价短期出现大幅波动。目 前看，今年油轮市场的景气程度有望比2025年提升，改善动力预计来自合规市场需求的结构性增长，运 力端如果出现有效整合将有望进一步助力景气提升。2026年初，公司看到地缘风险的上升，亚洲原油进 口的长程化继续、印度减少部分地区原油进口、石油储备需求增加等均可能推动运价上行。另外近期韩 国船东Sinokor等行业玩家的动向值得高度关注，有可能导致VLCC油轮市场集中度的进一步提升和运作 模式的变化，对油轮市场供给结构、运费形成机制等均会产生重大影响，中长期影响也可能被市场低 估，从公司的角度看，目前这个变化似乎还没有引起大家足够重视。总体来看，需求方面，今年不论是 全球原油消费或储备需求并不悲观，预计整体需求有所提升，原油海运需求通常会好于原油需求增速； 供给方面，总体偏紧的情况持续，市场上实际可用的有效运力增长预计缓慢。 ...