Core Viewpoint - The shipping sector experienced a significant rise, with companies like Haixia Co. and Haitong Development hitting the daily limit up, indicating strong market interest and potential investment opportunities in the sector [1] Group 1: Market Performance - The shipping sector showed volatility but ultimately moved higher, with Haixia Co. and Haitong Development both reaching their daily limit up [1] - Other companies such as Nanjing Port, Antong Holdings, Jinjiang Shipping, and China National Offshore Oil Corporation also saw gains, reflecting a broader positive trend in the shipping industry [1] Group 2: Regulatory Developments - The Ministry of Transport initiated an investigation on October 14 regarding the impact on the shipping and shipbuilding industries, as well as related supply chains, which may influence future market dynamics [1]

Core Viewpoint - China Merchants Energy (中远海能) shares rose over 4%, currently trading at 9.71 HKD with a transaction volume of 112 million HKD, influenced by geopolitical developments and market forecasts [1] Company Summary - China Merchants Energy's operational performance in the first half of the year met expectations, with net profit exceeding forecasts primarily due to one-time gains [1] - Bank of America has raised its earnings forecasts for 2025-2027, reflecting favorable conditions in the oil tanker market due to OPEC+ production increases and tightening US sanctions [1] - The bank maintains a "Buy" rating, indicating that the company is expected to be a major beneficiary of the recovery in the tanker market [1] Industry Summary - The Chinese Ministry of Transport announced a port service fee for US vessels in response to US port fees on Chinese ships, effective from October 14 [1] - Goldman Sachs anticipates that the shipping industry's effective capacity may experience temporary disruptions, adding upward pressure on freight rates, particularly for very large crude carriers (VLCCs) [1] - Huatai Securities noted strong demand in the crude oil tanker market in September, predicting that OPEC+ production increases will stimulate inventory replenishment and cross-regional arbitrage demand, with VLCC rates expected to strengthen in Q4 2025 and Q1 2026 [1]

Core Viewpoint - The stock of China Ocean Shipping Energy (01138) has seen a rise of over 4%, attributed to positive market sentiment following comments from U.S. President Trump regarding India's potential halt on Russian oil purchases, alongside favorable earnings forecasts from Bank of America and other analysts [1]. Group 1: Company Performance - China Ocean Shipping Energy's stock rose by 3.85% to HKD 9.71, with a trading volume of HKD 112 million [1]. - Bank of America noted that the company's operating performance in the first half of the year met expectations, with net profit exceeding forecasts due to one-time gains [1]. - The bank has raised its earnings forecasts for 2025 to 2027, reflecting favorable conditions in the oil tanker market due to OPEC+ production increases and tightening U.S. sanctions [1]. Group 2: Industry Insights - The Chinese Ministry of Transport announced a port service fee for U.S. vessels in response to U.S. port fees on Chinese ships, effective from October 14 [1]. - Goldman Sachs anticipates that the shipping industry may experience temporary disruptions in effective capacity, which could increase freight rates, particularly for very large crude carriers (VLCCs) [1]. - Huatai Securities reported strong demand in the crude oil tanker market in September, predicting that OPEC+ production increases will stimulate inventory replenishment and cross-regional arbitrage demand, leading to a potential rise in VLCC freight rates in Q4 2025 and Q1 2026 [1].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The EC is currently in a contradiction between weak reality and strong expectations, and fluctuates greatly under the influence of Middle - East geopolitics and Sino - US tariff policies [2]. - On Wednesday, the futures market fluctuated upward under the influence of geographical news, shipping company announcements, and capital position transfers. The YML released a week 44 quote of $1550 [2]. - The downstream is currently booking space for late October. The OA quotes around $1800, PA around $1500, and GEMINI around $1600, with an optimistically estimated average of $1640 (equivalent to 1150 points on the futures). The week 43 OA had good cargo collection, while PA and GEMINI alliances had average cargo collection, with a possibility of further price drops (more offline) [2]. - The expected settlement price of the 10 - contract is between 1050 - 1100 points. With high shipping capacity in week 44, the expected price increases in the first half of November are likely to fall short. There are still multiple potential price - increase nodes in the future. Currently, the valuation of the 12 - contract is high, and going long has returned to a period driven by fundamentals. Geopolitics has a significant impact on the 2026 contracts [2]. 3. Summary by Related Catalogs Futures Contract Information | Contract | Yesterday's Closing Price | Change (%) | Basis | Yesterday's Trading Volume | Yesterday's Open Interest | Open Interest Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | EC2510 | 1120.6 | - 1.37 | - 88.8 | 3412 | 11335 | - 1820 | | EC2512 | 1708.6 | 2.06 | - 676.8 | 42616 | 27023 | - 168 | | EC2602 | 1463.4 | - 0.07 | - 431.6 | 8209 | 9822 | 112 | | EC2604 | 1142.0 | - 0.70 | - 110.2 | 4498 | 13676 | 310 | | FC.2606 | 1306.6 | - 0.93 | - 274.8 | - | 1510 | 39 | [2] Month - to - Month Spread Information | Month Spread | Previous Day | Two Days Ago | Three Days Ago | Daily Change | Week - on - Week Change | | ---- | ---- | ---- | ---- | ---- | ---- | | EC2510 - 2512 | - 588.0 | - 537.9 | - 433.1 | - 50.1 | - 19.9 | | EC2512 - 2602 | 245.2 | 209.7 | 202.6 | 35.5 | - 36.8 | [2] Index Information | Index | Update Frequency | Announcement Date | Unit | Current Period | Previous Period | Two Periods Ago | Current Change | Previous Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | - | Weekly | 2025/10/13 | Points | 1031.80 | 1046.50 | 1120.49 | - 1.40% | - 6.60% | | SCFI (European Line) | Weekly | 2025/10/10 | US dollars/TEU | 1068 | 971 | 971 | 9.99% | 0.00% | | CCFI (European Line) | Weekly | 2025/10/10 | Points | 1287.15 | 1401.91 | 1401.91 | - 8.19% | 0.00% | | NCFI | Weekly | 2025/10/10 | Points | 698.67 | 627.21 | 614.14 | 11.39% | 2.13% | [2] Recent European Line Quotation Information - Week 40 - 41: The average quote was $1470 (equivalent to 1030 points on the futures) [3]. - Week 42: The online quote was $1800. Offline, OA quoted around $1800, PA around $1500, and GEMINI around $1600, with an optimistically estimated average of $1640 (equivalent to 1150 points on the futures) [3]. - November price increase announcements: MSK, CMA, OOCL announced price increases to around $2500, equivalent to around 1750 points on the futures. However, many shipping companies had average cargo collection in week 43, and shipping capacity was high in week 44 (330,000 TEU), making the expected price increases difficult to materialize [3][11]

行业 集运指数日报 日期 2025 年 10 月 16 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 一、行情回顾与操作建议 当日行情： 9~10 月为传统淡季，且运力调控力度有限，供给压力仍存，当前运价现货持 续下跌。不过船司开始为年末长约季挺价，纷纷调涨 10 月下半月运价，以上海至 鹿特丹航线为例，马士基 10 月下半月开舱大柜 1800 美元，最高涨至 1911 美元， 达飞、OOCL、长荣、ONE、HMM 等主流航司大柜下半月报价较前期有所上调，报价 区间集中在 2035~2535 美元。虽然宣涨力度可能难以完全落地，但触底回升的趋 势大概率将形成。目前以 ...

Core Insights - Hainan Strait Shipping Co., Ltd. has seen a significant increase in its stock price, rising 81.57% year-to-date and 16.22% over the past five trading days [1] - The company reported a revenue of 2.721 billion yuan for the first half of 2025, reflecting a year-on-year growth of 15.11%, while net profit decreased by 47.30% to 126 million yuan [2] - The company operates primarily in ship transportation and ferry port services, with its main revenue sources being the Hainan routes [2] Financial Performance - As of October 10, 2025, the company had a market capitalization of 26.412 billion yuan, with a trading volume of 1.06 billion yuan and a turnover rate of 0.41% [1] - The company has distributed a total of 1.740 billion yuan in dividends since its A-share listing, with 448 million yuan distributed over the past three years [2] Shareholder Structure - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 15.9963 million shares, a decrease of 6.7894 million shares from the previous period [3] - Southern CSI 1000 ETF increased its holdings to 6.1837 million shares, while Huaxia CSI 1000 ETF exited the top ten circulating shareholders list [3]

今年首批远洋海运进博会展品来自钱凯，是因为作为中国和秘鲁共建"一带一路"的重点项目，"钱 凯—上海"海运直航航线就像是一条"海上快车道"，为两国贸易往来开辟了更便捷的物流通道。 "本次运输的是中远海运集团旗下秘鲁公司与钱凯港及相关合作伙伴的展品。我们定制'端到端'运 输方案，采取直航模式，减少中途挂靠港，展品9月21日在钱凯港装船，仅用23天就抵达了上海，航程 至少缩短10天。"中远海运集运进口博览会物流操作小组负责人周依雯表示。 随着进博会的日益临近，载运进博会展品的国际航行船舶将陆续抵达上海，上海洋山和外高桥两大 集装箱港进入了迎接海运展品入境的"进博时刻"。 记者 王力 通讯员 黄波 叶真于 昨天，在上海洋山深水港，今年首批远洋海运的第八届进博会展品从"中远鲁珀特王子港"轮上顺利 卸下。 今年首批远洋海运的进博会展品来自南美，从钱凯港直运而来。这批跨越太平洋而来的特色展品包 含陶制品、羊驼毛制品等南美当地特色工艺品，其中多款展品为首次亮相，不仅为即将开幕的第八届中 国国际进口博览会注入"南美活力"，也有望为中国消费者带来更多选择。 ...

2025年10月，风起云涌，全球航运圈子一夜炸开了锅，中国交通运输部突然亮出底牌，宣布对美国船舶加收特别港务费，消息传得飞快，圈内外都屏住了呼 吸，这是一场硬碰硬的对峙局面，气氛里全是火药味，谁都看得出来这里头的分量。 中国这一步说白了，就是对美国此前的举措进行对等反制，官方文件里也写得清楚——分阶段、逐步加码，最终要实现完全对等，这不是一次性收割，而是 一场拉锯战，留足了变数和空间，谁也不知道后面还有多少招。 有位上海的货代朋友，做了十几年美森的客户，他说他们本以为这次运费肯定要涨，没想到公司宁可自己扛，也不涨价，外贸圈里不少人都松了口气，毕竟 现在利润薄得像纸，谁都吃不起新加的成本，这种小动作里其实藏着行业里的大智慧。 所有人心里都明白，这种承诺能撑多久谁也说不准，中方的特别港务费是分阶段递增的，意味着每过一段时间，美森的压力就要再上一个台阶，企业决策层 也在算账，看这个局能不能一直维持下去，还是说哪天不得不改口。 美森的动作并非孤例，其他航运公司也在观望，谁都不想第一个涨价，大家都清楚，这种时候比的不是谁赚得多，而是谁能先稳住客户，全球化和保护主义 拉扯得够呛，企业的商业理性成了唯一能依靠的底线，这种理 ...

负责该航线的海杰航运（香港）有限公司首席运营官李晓斌在集装箱卸载现场介绍，中欧北极快航航线 的海况温度适合运输热敏货物和时效性要求较高的商品。该艘货船主要运输以新能源汽车、锂电池、光 伏产品为代表的"新三样"商品。 历时20天，中欧北极集装箱快航航线首艘货船当地时间10月13日晚抵达英国费利克斯托港。该艘货船从 宁波舟山港出发，满载约4000个标准箱，将陆续在英国、德国、波兰和荷兰的港口完成卸载作业。 作为"冰上丝绸之路"核心承载通道之一，中欧北极快航所经的北极东北航道是连接东亚与欧洲的新兴国 际航运线路，对优化全球供应链、促进沿线经贸合作具有重要价值。据介绍，海杰航运计划于2026年投 入更多冰区加强型船舶运力，初步实现夏季通航区间的固定航线布置。（赵家淞 赵小娜） 据了解，中欧北极快航取道北极东北航道直达欧洲。10月8日，在离开该航道后，船舶在挪威海域遭遇 风暴"艾米"，为保障安全减速航行，较计划晚两天抵达费利克斯托港。相比中欧班列约25天、苏伊士运 河航线约40天以及好望角航线约50天的航期，该航线具有明显时效优势。 责任编辑：江蓬新 船长钟德生在接受新华社记者采访时表示，全体船员顺利抵达目的地令人激动 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 股票简称：中远海控 股票代码：601919 公告编号：2025-050 中远海运控股股份有限公司 关于回购股份事项前十大股东和前十大无限售条件股东持股情况的公告 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。 中远海运控股股份有限公司（以下简称"中远海控"、"公司"）第七届董事会第二十二次会议审议通过了 《关于中远海控回购公司股份的议案》，具体内容详见公司于2025年10月14日在上海证券交易所网站 （www.sse.com.cn）披露的相关公告（公告编号：2025-049）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号一一回购股份》等相关 规定，现将公司董事会公告回购股份决议前一个交易日登记在册的前十大股东和前十大无限售条件股东 的名称、持股数量和持股比例的情况公告如下： ■ 注： 1、公司股份全部为无限售条件流通股份，因此，公司前十大股东亦为前十大无限售条件股东。 2、"持股比例"，按公司截至2025年10月10日的总股本15,489,754,7 ...