今天（12月5日），随着一列满载货物的海铁联运班列从上海芦潮港集装箱中心站驶出，上海海铁联运2025年累计业务量正式突破100万标准箱，同比增 长近20%，创下历史新高。 目前，以上海为起点的海铁联运班列线路已形成一张广泛的服务网络，辐射上海、江苏、浙江、安徽、四川等全国10个省市，覆盖超过40座城市，班列 开行稳定。为了满足市场需求，铁路部门通过精细化铺画运行图，将上海南翔至芦潮港间的图定列车开行对数增加至每日20对，最高可达22对，并采用"班 列+散列"的灵活组织模式，每年新增近9万标箱的运输能力。 （总台记者 盛瑾瑜） ...

Market Performance - The Hong Kong stock market saw all three major indices decline in the morning session, with the Hang Seng Index down by 0.25%, the Hang Seng China Enterprises Index down by 0.14%, and the Hang Seng Tech Index down by 0.2% [1] Sector Performance - Large technology stocks, which had rallied in the afternoon session yesterday, showed mixed performance today [1] - Airline stocks, gaming stocks, and shipping stocks experienced significant declines [1] - Copper prices reached new highs, with institutions remaining bullish, leading copper stocks to drive gains in the non-ferrous metals sector [1] - Jiangxi Copper Co. saw an increase of over 5% [1] - Semiconductor chip stocks and insurance stocks were mostly active [1]

上游资源：煤价环比回落，工业金属价格上涨。 1 ）煤炭： 煤价环比 -2.2% ，尽管供给仍偏紧，但需求端短期难有明显超预期空间，煤价回吐部分涨幅 ； 2 ）有色： 降息预期升温，工业金属价格上涨。 报告导读： 中观景气延续分化的增长格局，新兴科技景气仍强，高性能存储价格延续快速 上涨，游戏供给偏宽松；服务消费景气明显提升，地产周期和耐用品需求仍承压。 服务消费景气提升，科技硬件延续涨价。 上周（ 11.24-11.30 ）中观景气表现分化，值得关注： 1 ）内需景气线索有所增多，冰雪出行和电影市场景气度 显著提升，或反映地产和耐用品消费收缩之余，"吃喝玩乐"相关的服务型和大众品消费复苏趋势持续显现。 2 ）新兴科技行业延续高景气，但短期 AI 泡沫叙 事影响下， TMT 硬件景气增长的持续性有赖于 AI 应用取得积极进展。后续重点关注 AI 应用商业化进展。 3 ）建工需求偏弱，内需资源品大多偏弱震荡， 海外降息预期再度升温，国际金属价格大幅上涨；受铁矿增产影响，干散运价格环比延续提升。 下游消费：服务消费景气显著提升，地产耐用品仍承压。 1 ）服务消费： 国内冰雪游景气度显著提升，根据同程旅行，广州 - ...

Core Viewpoint - Pacific Shipping (02343) has seen a significant increase in stock price, rising over 5% and currently trading at 2.75 HKD, with a transaction volume of 39.83 million HKD [1] Group 1: Market Performance - As of December 3, the Baltic Dry Index (BDI) reached 2845 points, marking a new high since December 6, 2023, with a month-on-month increase of 9.42%, the largest rise since October 13, 2025, and has been rising for 15 consecutive days [1] - The BDI has accumulated a 46% increase over the past month [1] Group 2: Industry Outlook - Longjiang Securities has released a report indicating that the dry bulk shipping industry is at a turning point, poised for growth [1] - The supply side is expected to have a moderate and limited growth rate, while the demand side has three catalytic factors that provide upward elasticity: 1. The commissioning of the West Mangu Iron Ore project reshaping the iron ore trade landscape 2. The Federal Reserve's interest rate cuts, which are favorable for large commodity trade and dry bulk shipping 3. Long-term infrastructure projects contributing to marginal demand, potentially including post-war reconstruction in Ukraine and hydropower construction in Asia [1]

Core Insights - Shandong Shipping plans to build 10 ultra-large ore carriers with a deadweight tonnage of 325,000 tons, featuring the X82DF-E series multi-fuel engines [1] - A cooperation intention for the new multi-fuel (fuel/methanol/ethanol) engine order was reached with China Power's subsidiary, China Shipbuilding Power [1] - The X82DF-E multi-fuel engine is the world's first of its kind, with the first batch of engine orders expected to be delivered starting in 2027 [1]

正在装载待运汽车的汽车运输船 10月30日中美首脑会谈后，美国决定将入港费的征收暂停1年，但特朗普政府未来重启征收 的风险依然存在。随着停靠美国港口的不确定性增加，海运行业内也出现了摸索"脱离美 国"的动向，转向中国…… 美国特朗普政府实施的新"汽车关税"让海运行业苦恼。10月14日，美国开始对外国制造的汽 车运输船征收每吨46美元的入港费。而在两周后的中美首脑会谈上，决定暂停征收这笔费用1 年。美国的这一政策对运营大量汽车运输船的日本海运企业影响很大。随着停靠美国港口的 不确定性增加，海运行业内也出现了摸索"脱离美国"的动向。 特朗普政府的政策却成为障碍。美国从10月开始对非美国制造的汽车运输船征收入港费，收 费标准按照表示运输船货舱容积的"净吨位"计算，每吨位征收46美元。 由于几乎没有美国本土制造的汽车运输船在运营，因此这一政策实际上是针对外籍船舶。大 型运输船的入港费超过100万美元，因此海运企业一直密切关注后续政策走向。 结果在10月30日举行的中美首脑会谈中，美国决定将入港费的征收暂停1年。但在中美贸易 摩擦尚无平息迹象的背景下，特朗普政府未来重启征收的风险依然存在。 正因如此，海运行业出现了避开 ...

芬交通通信部长兰涅表示，芬将致力于提高IMO的有效性、透明度和多样性，并特别关注海事教育 专业人士和下一代海员培养，将继续积极合作，推动海运发展。 （原标题：芬兰继续担任国际海事组织理事会成员） 据11月28日芬交通通信部官网称，芬兰在国际海事组织（IMO）大会上，再次当选为2026-2027年 度理事会成员。IMO拥有176个成员国，在制定国际海事规则方面发挥核心作用。 ...

Core Viewpoint - The global dry bulk shipping market is experiencing a rapid upturn, with significant increases in the Baltic Dry Index (BDI) indicating a positive trend for the industry moving into 2025 [1] Group 1: Company Performance - Pacific Basin Shipping (02343) has seen its stock price rise by over 4%, currently trading at 2.71 HKD with a transaction volume of 32.43 million HKD [1] Group 2: Industry Outlook - The Baltic Dry Index has recorded 12 consecutive increases, reaching 2,560 points as of November 28, marking the highest level since December 2023 [1] - Long-term demand factors are expected to provide upward momentum for the dry bulk shipping industry, including the commencement of the West Simandou iron ore project, potential interest rate cuts by the Federal Reserve, and ongoing infrastructure needs related to post-war reconstruction in Ukraine and hydropower projects [1]

BRS分析师：西芒杜投产，Capesize供不应求 几内亚西芒杜（Simandou）铁矿项目在11月正式投产，这一世界级大型矿山的启动，标志着全球海运铁矿石供应体系迎来新的关键变量。 据德路里分析，若西芒杜全面投产，未来可能需要116艘新Capesize。 根据项目计划，西芒杜将在未来数年内逐步提升产量，并在2030年前达到1.2亿吨/年的规模，主要运往中国。市场预计最早自2026年起，将有约2000万吨 铁矿进入海运体系，若按照全球海运铁矿贸易若按每年增长 1% 计算， 到 2030 年 Simandou 将占全球海运铁矿贸易量的 6.7%，成为全球铁矿石贸易中最 具战略意义的增量之一。 这一新增供应的进入，将在未来几年内明显改变全球铁矿石流向，为海运市场带来长期可预期的运量增长。 不会挤压巴西航线运力，这将是一条全新的"巴西航线" 从航运视角看，西芒杜铁矿带来的真正变革，远超其产量数字本身。几内亚至中国的航线长达11,187海里，船舶以10节航速行驶需约81天，其距离与传统 巴西航线（图巴朗-青岛，13,500海里）已几乎相当。这意味着，在中国铁矿石进口的全球版图上，将实际新增一条与巴西线吨海里运量相当的 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - High - frequency economic data focuses on four aspects: production - side heat marginally improves, with increased operating rates of coke ovens, asphalt, PTA, and all - steel tires, while rebar production, semi - steel tire, and blast furnace operating rates decline; commercial housing transaction area improves for two consecutive weeks, and the land supply area of 100 large - and medium - sized cities reaches a seasonal peak; overall prices rise, with increases in crude oil, metal, and agricultural product prices, but continuous decline in coking coal and pork prices; the Baltic Dry Index (BDI) continuously rises significantly, reaching a new high since December 7, 2023. Short - term focus is on the implementation of incremental policies in consumption and investment and the recovery of the real estate market [2][30]. Summary by Directory 1. Production: Heat Marginally Improves, Operating Rates of Coke Ovens, Asphalt, PTA, and All - Steel Tires Rise - **Steel**: In the week of November 28, the coke oven capacity utilization rate increased by 0.92 pct, the blast furnace operating rate decreased by 0.62 pct, and rebar production decreased by 1.88 tons. The coke oven capacity utilization rate of domestic independent coking plants (230 samples) was 72.02%, the blast furnace operating rate of steel mills (247 samples) was 81.09%, and the national building material steel mill rebar production was 206.08 tons, with inventory decreasing by 6.59 tons [2][8]. - **Petroleum Asphalt**: In the week of November 26, the operating rate of domestic petroleum asphalt plants stabilized and rebounded by 3.0 pct, reaching 27.8% [8]. - **Chemical Industry**: On November 27, the PX operating rate remained flat at 90.13%, and the PTA operating rate increased by 2.64 pct to 73.81% [8]. - **Automobile Tires**: In the week of November 27, the all - steel tire operating rate increased by 2.02 pct to 63.33%, and the semi - steel tire operating rate decreased by 1.88 pct to 69.19% [9]. 2. Demand: Land Supply Reaches Seasonal Peak, BDI Reaches New High in Nearly Two Years - **Real Estate**: In the week of November 23, the commercial housing transaction area continued to rise, the inventory - to - sales ratio increased, the land supply area reached an annual peak, and the residential land transaction premium rate decreased. The commercial housing transaction area of 30 large - and medium - sized cities was 204.59 million square meters, the inventory - to - sales ratio of 10 large cities was 112.65, the land supply area of 100 large - and medium - sized cities was 5354.75 million square meters, and the residential land transaction premium rate was 0.73% [13]. - **Movie Box Office**: In the week of November 23, the national movie box office revenue decreased by 193 million yuan compared with the previous week, amounting to 463 million yuan [13]. - **Automobile**: In the week of November 23, the daily average retail sales of automobile manufacturers increased by 0.38 million vehicles to 71,131 vehicles, and the daily average wholesale sales increased by 1.67 million vehicles to 95,654 vehicles [15]. - **Shipping Freight Rates**: In the week of November 28, the Shanghai Containerized Freight Index (SCFI) rose slightly by 0.69% to 1403.13 points, the China Containerized Freight Index (CCFI) slightly declined by 0.09% to 1121.8 points, and the Baltic Dry Index (BDI) rose significantly by 12.53% to 2560 points, reaching a new high since December 7, 2023 [18]. 3. Prices: Crude Oil, Metal, and Agricultural Product Prices All Rebound, Coking Coal Continues to Decline - **Energy**: On November 28, the Brent crude oil futures settlement price rose by 0.64% to $63.2 per barrel, and the coking coal futures settlement price decreased by 4.4% to 1064 yuan per ton [20]. - **Metal**: On November 28, the LME copper, aluminum, and zinc futures prices increased by 3.69%, 2.03%, and 1.97% respectively, and the domestic rebar futures price rose by 1.24% [21]. - **Agricultural Products**: On November 28, the agricultural product wholesale price 200 index rose by 0.89% to 126.49. Among major agricultural products, the average wholesale price of pork decreased by 0.45% to 17.83 yuan per kilogram, the average wholesale price of eggs increased by 1.24% to 7.35 yuan per kilogram, the average wholesale price of 28 key - monitored vegetables increased by 1.94% to 5.79 yuan per kilogram, and the average wholesale price of 7 key - monitored fruits increased by 1.83% to 7.22 yuan per kilogram [23][24]. 4. Logistics: Domestic Flight Volume Decreases, Urban Congestion Index Continues to Rise - **Subway Passenger Volume**: On November 27, the seven - day moving average of Beijing subway passenger volume decreased by 25.24 million person - times to 980.86 million person - times, and that of Shanghai decreased by 9.29 million person - times to 1068.43 million person - times [26]. - **Flight Execution Volume**: On November 28, the seven - day moving average of domestic (excluding Hong Kong, Macao, and Taiwan) flight execution volume decreased by 49 flights to 12,484.29 flights, that of domestic (Hong Kong, Macao, and Taiwan) decreased by 1.43 flights to 363.71 flights, and that of international flights increased by 13 flights to 1839 flights [27]. - **Urban Traffic**: On November 28, the seven - day moving average of the peak congestion index of first - tier cities continued to rise by 0.05 to 1.73 [27]. 5. Summary: Production Marginally Improves, Overall Prices Rise - High - frequency economic data focuses on four aspects: production - side heat marginally improves, with increased operating rates of coke ovens, asphalt, PTA, and all - steel tires, while rebar production, semi - steel tire, and blast furnace operating rates decline; commercial housing transaction area improves for two consecutive weeks, and the land supply area of 100 large - and medium - sized cities reaches a seasonal peak; overall prices rise, with increases in crude oil, metal, and agricultural product prices, but continuous decline in coking coal and pork prices; the Baltic Dry Index (BDI) continuously rises significantly, reaching a new high since December 7, 2023. Short - term focus is on the implementation of incremental policies in consumption and investment and the recovery of the real estate market [30].