【导读】渡轮"鉴真号"暂停运营 中国基金报 晨曦 综合整理 渡轮"鉴真号"，暂停运营！ 1985年，"鉴真号"轮首航日本，在经历船舶升级更替后，2024年6月最新一代"鉴真号"轮投 入使用，并在载货运营一年后启用客运功能。第三代"鉴真号"是由中国船企自主研发、设 计、建造的第一艘中日航线客滚船，前两代"鉴真号"均由日本船企研制。 据悉，"鉴真号"轮总长167.2米，型宽25米，载客192人，总吨位约2万吨，设计航速21节。 作为一艘非短程国际航行客滚船，该轮定期往返于上海、大阪和神户，除承载旅客外，还可 同时装载轿车、载重汽车等。 据新加坡《联合早报》网站12月8日报道，随着中日紧张关系持续加剧，被视为两国友谊象征 的渡轮"鉴真号"已暂停运营。 运营"鉴真号"的中日国际轮渡12月8日发布声明说，上海往返日本大阪和神户的"鉴真号"自6 日起暂停运营，原因是担忧当前局势下两国间的旅行安全无法得到保障。声明指出，此次停 运为"暂时措施"，恢复时间尚未确定。 公开信息显示，中日国际轮渡有限公司系全球500强企业中国远洋海运集团有限公司与日中国 际轮渡株式会社共同创办的中外合资企业，成立于1985年5月30日。目前在中 ...

2025.12. 08 本文字数：3067，阅读时长大约6分钟 作者 | 第一财经 胥会云 包括全球城市指数（GCI）、全球城市竞争力报告（GUCR）、全球金融中心指数（GFCI）、全球 创新指数（GII）等10个针对全球城市的权威榜单显示，上海5年来的全球排位实现了六升两平两 降，坐稳第二圈层领头羊，正在向第一圈层努力迈进。 12月7日举行的上海加快"五个中心"建设研讨会上，上海市政府副秘书长，上海市发展和改革委员会 主任、党组书记顾军表示，"十五五"规划《建议》提出的很多任务与上海"五个中心"建设紧密相 关。"十五五"时期，"五个中心"建设要不断强化"四大功能"，加快形成整体效应、平台效应、放大效 应、辐射效应，更好体现对全国发展大局的战略支撑作用。 "十五五"强化四大效应 近年来，上海以加快建设"五个中心"为主攻方向，统筹牵引经济社会发展各方面工作，提升城市能级 和核心竞争力。 包括全球城市指数、全球城市竞争力报告、全球城市实力指数、全球金融中心指数、国际航运中心发 展指数、自然指数-科研城市、全球创新指数、世界旅游城市发展报告、智慧城市指数、国际交往中 心城市指数在内的10个针对全球城市的权威榜单排名 ...

新华财经上海12月8日电 建设国际经济、金融、贸易、航运和科技创新中心，既是中央赋予上海的重大 使命，也是上海"十五五"发展的重中之重。如何持续提升上海"五个中心"建设能级？在7日举行的上海 加快"五个中心"建设研讨会上，与会专家提出，要强化整体效应、平台效应、放大效应、辐射效应，发 挥好上海"五个中心"对我国发展大局的战略作用。 "十五五"规划建议提出，建设现代化产业体系、建设贸易强国、高水平科技自立自强等，这些都与上 海"五个中心"建设紧密相关。上海市政府副秘书长、发展改革委主任、加快推进"五个中心"建设领导小 组办公室主任顾军介绍，今年以来，上海"五个中心"建设蹄疾步稳、势能强劲，取得了不少新突破。 国际金融中心建设要注重创新，航运中心亦然。国际航运巨头马士基码头公司中国区总裁韩岩滨表示， 当前全球航运正经历三大结构性变革，包括数智化转型重塑产业生态、绿色低碳转型从规模竞争转向规 则竞争、企业更加重视供应链韧性等，这些给上海国际航运中心建设创造了新的机遇。"上海的集装箱 吞吐量稳居世界第一。在此基础上，可以加快数智化转型，从物理枢纽向数据枢纽升级。同时，打 造'航运科技硅谷'，吸引全球绿色航运与数字化专 ...

10个全球城市权威榜单显示，上海5年来全球排位六升两平两降。 包括全球城市指数（GCI）、全球城市竞争力报告（GUCR）、全球金融中心指数（GFCI）、全球创新 指数（GII）等10个针对全球城市的权威榜单显示，上海5年来的全球排位实现了六升两平两降，坐稳第 二圈层领头羊，正在向第一圈层努力迈进。 12月7日举行的上海加快"五个中心"建设研讨会上，上海市政府副秘书长，上海市发展和改革委员会主 任、党组书记顾军表示，"十五五"规划《建议》提出的很多任务与上海"五个中心"建设紧密相关。"十 五五"时期，"五个中心"建设要不断强化"四大功能"，加快形成整体效应、平台效应、放大效应、辐射 效应，更好体现对全国发展大局的战略支撑作用。 "十五五"强化四大效应 近年来，上海以加快建设"五个中心"为主攻方向，统筹牵引经济社会发展各方面工作，提升城市能级和 核心竞争力。 包括全球城市指数、全球城市竞争力报告、全球城市实力指数、全球金融中心指数、国际航运中心发展 指数、自然指数-科研城市、全球创新指数、世界旅游城市发展报告、智慧城市指数、国际交往中心城 市指数在内的10个针对全球城市的权威榜单排名情况，体现了上海近年来在全球位 ...

12月18日，海南自贸港将迈入全岛封关运作新阶段。封关意味着什么？将带来哪些利好？这些问题备受 国际社会瞩目。一段时间以来，多家海外媒体聚焦海南自贸港建设取得的新进展，关注中国高水平对外 开放迈出的新步伐，期待"中国的这座热带岛屿，为21世纪的全球经济带来机遇和创新之风"。 迎来多重利好 那么，封关究竟意味着什么？多家外媒予以高度关注。 "海南启动全岛封关运作后，将成为实行自由化便利化政策制度的海关监管特殊区域" 《俄罗斯商业咨询报》的报道关注到三大方面的变化：首先，免税商品类别清单将从1900个增加到6600 个，增加设备、原材料、医药产品、高科技商品等类别。其次，将引入税收优惠，例如，在海南岛上注 册、符合相关条件的公司在2027年之前只需缴纳15%的所得税。第三，统一电子申报系统将加快所有手 续的办理。总体而言，海南岛的营商壁垒将降至最低。 "海南启动全岛封关运作后，将成为实行自由化便利化政策制度的海关监管特殊区域。"乌拉圭《共和国 报》网站关注到一项产业激励政策：部分产品若在海南加工后，加工增值达30%可免关税销往内地，此 举旨在培育加工制造、高端服务、物流及轻工业集群，构建足以支撑长期商业开放的经济 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The stock index is expected to rise steadily with a shifting center of gravity due to weekend positive news and improved market confidence [20]. - The bond market is showing a differentiated performance, with the ultra - long end facing uncertainties and the medium - short end having limited room for a "super - oversold rebound" [23]. - In the agricultural product market, most varieties are under pressure or in a volatile situation, affected by factors such as supply and demand and reports [26][27]. - The black metal market is volatile, with steel prices affected by factors like environmental protection and demand, and the prices of double - coking and iron ore showing different trends [58][62][64]. - The non - ferrous metal market is also volatile, with gold and silver prices likely to fluctuate more due to the focus on the Fed's signal, and copper prices rising due to supply concerns [68][70][78]. - The energy and chemical market is generally in a state of shock, with factors such as geopolitical disturbances, supply and demand, and cost affecting prices [112][113][117]. - The shipping market's container shipping is expected to have a short - term high - level shock, with attention paid to factors such as the increase in shipping company prices and the improvement of cargo volume [108][109]. Summary by Relevant Catalogs Financial Derivatives Stock Index Futures - Last week, the market bottomed out and rebounded, and on Friday, insurance and brokerage firms boosted the index. The stock index is expected to rise steadily with a shifting center of gravity. The trading strategies include going long with a light position, conducting IM/IC long 2512 + short ETF cash - and - carry arbitrage, and using a bullish spread option strategy [20][21]. Bond Futures - The bond market showed a further differentiated performance last week. The ultra - long end was weak, and the medium - short end was relatively stable. The trading strategy is to wait and see on the long - side and pay attention to the potential cash - and - carry arbitrage opportunities of the TF contract [23][24]. Agricultural Products Protein Meal - The CBOT soybean and soybean meal indexes declined. The USDA is expected to see a decrease in corn and wheat planting and an increase in soybean planting. The market may be under pressure from the report, and the trading strategy is to lay out a small number of short positions [26][27]. Sugar - The international sugar price is oscillating, and the domestic sugar price is weak. The Brazilian sugar production is approaching the end of the season, and the supply pressure is gradually easing. The domestic sugar production cost is high, providing some support. The trading strategy is to wait and see on the long - side and sell put options at low prices [30][31]. Oilseeds and Oils - The prices of CBOT soybean oil and BMD palm oil showed different trends. The palm oil production in Malaysia decreased in November, but the export was weak. The domestic soybean oil inventory is gradually decreasing, and the rapeseed oil is expected to continue to reduce inventory. The trading strategy is to conduct high - low - band trading on the long - side [33][34][35]. Corn/Corn Starch - The CBOT corn futures declined. Russia has reduced the export tariff on corn to zero. The domestic corn spot is strong, but the futures may have room for a decline. The trading strategy is to go long on the 03 contract on dips and short on rallies, and to narrow the spread between 01 corn and starch [36][39]. Live Pigs - The live pig price showed a rebound, but the overall supply pressure still exists. The trading strategy is to wait and see and sell wide - straddle options [40][41]. Peanuts - The peanut spot price is stable, but the futures price is oscillating downward. The trading strategy is to short the 01 contract on rallies and conduct a 15 - contract reverse arbitrage [43][44]. Eggs - The egg demand is average, and the price has declined. The short - term is expected to fluctuate in a range, and the long - side can be considered for the far - month contracts. The trading strategy is to wait and see on the long - side [46][48]. Apples - The apple cold - storage inventory is low, providing support for the price. The trading strategy is to expect high - level oscillations and wait and see [49][51][52]. Cotton - Cotton Yarn - The ICE cotton futures declined. The supply of new cotton is abundant, and the demand is in the off - season. The price is expected to be mainly oscillating. The trading strategy is to wait and see [53][55]. Black Metals Steel - The market sentiment is fluctuating, and steel prices are oscillating. Affected by environmental protection and demand, the short - term is expected to be in a weak - shock state. The trading strategy is to go short on rallies and conduct spread trading [57][58][59]. Double - Coking - The sentiment is weak, waiting for the start of winter storage. The short - term is expected to continue to be weak, but the downward space is limited. The trading strategy is to stop profiting on short positions [60][62]. Iron Ore - The price is expected to be mainly weak. The supply is relatively abundant, and the demand is weak. The trading strategy is to take a short - side view [63][64]. Ferroalloys - The price rebounds in the short - term due to cost, but the upward space is limited by demand. The trading strategy is to wait and see on the long - side and sell out - of - the - money straddle option combinations [65][66]. Non - Ferrous Metals Gold and Silver - After the release of the PCE data, the prices fluctuated. The market is focusing on the Fed's signal, and the price volatility is expected to increase. The trading strategy is to pay attention to the support level of gold and go long on silver cautiously [68][70][72]. Platinum and Palladium - Platinum is recommended to go long on dips, and palladium is expected to oscillate. The trading strategy is to go long on platinum, conduct a long - platinum - short - palladium spread, and buy out - of - the - money call options for platinum [73][74][75]. Copper - The copper price rose due to concerns about non - US long - term supply. The trading strategy is to hold long positions and pay attention to cash - and - carry arbitrage opportunities [76][78][79]. Alumina - The price is expected to be weak before the expiration of warehouse receipts. The trading strategy is to wait and see [80][83]. Electrolytic Aluminum - The price is expected to be strong, with obvious fundamental support. The trading strategy is to go long [84]. Cast Aluminum Alloy - The price follows the aluminum price. The trading strategy is to wait and see [86]. Zinc - The price is in a wide - range oscillation. The trading strategy is to wait and see on the long - side [88][91][92]. Lead - The price is in a range - bound oscillation. The trading strategy is to hold long positions and be vigilant against macro - factors [93][94]. Nickel - The oversupply is narrowing, leading to a rebound in the price. The trading strategy is to test the resistance on the long - side and sell out - of - the - money call options [95][97]. Stainless Steel - The price is in a weak - shock state, waiting for policy stimulus. The trading strategy is to wait and see on the long - side [98][99]. Industrial Silicon - Due to environmental pressure in the northwest, the price may rebound in the short - term. The trading strategy is to stop profiting on short positions [100]. Polysilicon - With the increase in delivery brands, the price is expected to be weak in the short - term. The trading strategy is to go short on the long - side and use a double - buy option strategy [102][103]. Lithium Carbonate - The supply is back in focus, and the price continues to decline. The trading strategy is to buy after a sufficient correction on the long - side and sell out - of - the - money call options [104][105]. Tin - The price lacks upward momentum, and the trading strategy is to pay attention to macro - impacts and expect high - level oscillations [106][107]. Shipping Industry Container Shipping - Shipping companies are starting to increase prices in January, and the market is expected to be in a short - term high - level shock. The trading strategy is to take partial profits on long positions and conduct a 2 - 4 positive spread arbitrage [108][109][110]. Energy and Chemical Industry Crude Oil - Geopolitical disturbances continue, and the price is oscillating. The trading strategy is to expect a wide - range oscillation and pay attention to the spread [112][113]. Asphalt - The supply and demand are weak, and the price is in a weak - shock state. The trading strategy is to expect a weak - shock and sell out - of - the - money call options [114][117]. Fuel Oil - Both high - sulfur and low - sulfur fuel oils have a weak fundamental outlook. The trading strategy is to expect a weak - shock and pay attention to the spread [118][120]. Natural Gas - LNG is weak, and US natural gas has broken through and risen. The trading strategy is to wait and see on the long - side and use option - selling strategies [121][123]. PX & PTA - PX supply is abundant, and PTA is expected to accumulate inventory. The trading strategy is to expect an oscillation and conduct a reverse spread [124][126]. BZ & EB - The cost lacks support, and inventory needs to be reduced. The trading strategy is to expect an oscillation and sell out - of - the money call options [127][130]. Ethylene Glycol - There is an expectation of inventory accumulation, and the price is falling. The trading strategy is to expect a weak - shock and sell out - of - the money call options [131][132]. Short - Fiber - The short - fiber factory has an expectation of inventory accumulation. The trading strategy is to expect an oscillation and use a double - sell option strategy [133][134]. Bottle Chips - The demand is expected to weaken in the off - season. The trading strategy is to expect an oscillation and use a double - sell option strategy [135][137]. Propylene - High inventory suppresses the price. The trading strategy is to go short on rallies and sell call options [138][140]. Plastic PP - The price is expected to be weak. The trading strategy is to wait and see on the long - side and pay attention to the support level [141][142]. Caustic Soda - The price is weak. The trading strategy is to expect a weak trend and wait and see [143][146]. PVC - The price hits a new low. The trading strategy is to expect a weak trend [147][148]. Soda Ash - The price is in an oscillating state. The trading strategy is to expect an oscillation and pay attention to the spread [150][152]. Glass - The price is weak and oscillating. The trading strategy is to expect the supply - side contraction to determine the winter - storage strength and pay attention to the spread [153][155]. Methanol - The price is in a weak - shock state. The trading strategy is to expect an oscillation [156]. Urea - The price rises and then falls. The trading strategy is to go short on the long - side and pay attention to the spread [158][161]. Pulp and Paper Industry Pulp - The spot market price has fallen from a high level. The trading strategy is to wait and see, and aggressive investors can try short positions [163][164]. Logs - The fundamental situation is weakening. The trading strategy is to wait and see, and aggressive investors can go long on a small scale [167][168]. Offset Printing Paper - The supply pressure remains high, and the market continues to decline. The trading strategy is to wait and see, and aggressive investors can go short on rallies [170][172]. Rubber Industry Natural Rubber - The warehouse receipts are accumulating, and the tire inventory remains unchanged. The trading strategy is to hold short positions on the RU01 contract and go long on the NR02 contract with a small amount [173][176]. Butadiene Rubber - The total warehouse receipts are reducing inventory, and the tire inventory remains flat. The trading strategy is to hold short positions on the BR02 contract [177][179].

南华期货集运产业周报 ——挺价预期主导市场波动，期价阶段性修复 宋霁鹏（投资咨询证号：Z0016598 ） 联系邮箱：songjipeng@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 2025年12月07日 第一章 核心因素及策略建议 1.1 核心因素 上周scfi综合指数小幅回落，最新录得1397.63点（-0.39%）。其中，欧洲航线录得1400（-0.28%），美西航 线录得1550（-5.02%），美东航线2315（-4.65%）。 即期运价方面，上周四马士基发布涨价函，12.29日起至鹿特丹宣涨到3500USD/FEU。从Week52的线上报价 来看，Gemini联盟均价为3700USD/FEU，MSC为2665USD/FEU，Premier联盟2835.00USD/FEU，海洋联 盟3182.22USD/FEU。统计样本内的均值为3100.52USD/FEU。马士基宣涨的最终落地情况如何，目前也是 市场关注的焦点。运力规模上看，12月周均运力在29~30wTEU之间，并不算低。 交易上，上周02合约周度反弹9.4%。主要受到前一周现货降价以及红海复航预期等因素而导致的超跌 ...

每经头条（nbdtoutiao）——秒光、售罄！银行大额存单成稀缺资源，2%以上产品很难抢，有的门槛高 达1000万元！专家：存款利率或长期下行 （记者 曾健辉） 2024年1至12月份，招商轮船的营业收入构成为：油轮运输占比35.68%，散货船运输占比30.78%，集装 箱运输占比21.06%，滚装船运输占比7.12%，其他占比5.36%。 截至发稿，招商轮船市值为672亿元。 每经AI快讯，招商轮船（SH 601872，收盘价：8.32元）12月5日晚间发布公告称，公司第七届第二十五 次董事会会议于2025年12月5日以书面会议方式召开。会议审议了《关于公司2026年度日常关联交易预 计情况的议案》等文件。 ...

Report Summary 1. Hot News - Saudi Aramco set the price of "Arab Light Crude" for Asia in January next year at a premium of $0.6 per barrel to the Oman/Dubai crude oil average price, the lowest level since January 2021, due to global crude oil supply surplus pressure [2] - As of the week ending December 4, the production and apparent demand of rebar decreased for the second consecutive week, and factory and social inventories decreased for the eighth consecutive week. Rebar production was 1.8931 million tons, a decrease of 167,700 tons or 8.14% from the previous week; apparent demand was 2.1698 million tons, a decrease of 109,600 tons or 4.81% [2] - The CEO of Hapag - Lloyd said there is no specific timeline for the shipping industry to resume Suez Canal navigation. Any resumption will be gradual, with a 60 - 90 - day transition period to adjust logistics and avoid sudden port congestion. If the Suez Canal route re - opens in 2026, the industry will need several months to restart gradually [2] - From January to October 2025, global new energy passenger vehicle sales reached 17.36 million, a year - on - year increase of 30%. In October, sales were 2.11 million, a year - on - year increase of 17% and a month - on - month decrease of 3%. In the US, sales from January to October were 1.4 million, a 10% increase. In October, US new energy vehicle sales were 93,000, a year - on - year decrease of 32% and a month - on - month decrease of 51% due to high tariffs and the cancellation of new energy subsidies [2] - According to incomplete statistics from Fantang Technology, two more sugar mills in Guangxi started production. As of now, 44 sugar mills in the 2025/2026 crushing season in Guangxi have started production, 22 less than the same period last year, and the daily sugarcane crushing capacity is about 349,500 tons, a decrease of 193,500 tons year - on - year [3] 2. Key Attention - Key commodities to focus on are urea, lithium carbonate, silver, crude oil, and PP [4] 3. Night - session Performance 3.1 Plate Performance - Non - metallic building materials had a 2.71% increase; precious metals had a 30.02% increase; oilseeds had an 8.83% increase; non - ferrous metals had a 24.59% increase; soft commodities had a 2.83% increase; coal, coke, and steel ore had a 12.12% increase; energy had a 2.82% increase; chemicals had a 10.86% increase; grains had a 1.47% increase; and agricultural and sideline products had a 3.75% increase [4] 3.2 Plate Position - The document presents the position changes of commodity futures plates in the past five days, but specific data trends are mainly shown in the graph [5] 4. Performance of Major Asset Classes | Category | Name | Daily Change (%) | Monthly Change (%) | Year - to - Date Change (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | - 0.06 | - 0.33 | 15.63 | | | SSE 50 | 0.38 | 0.16 | 10.79 | | | CSI 300 | 0.34 | 0.44 | 15.54 | | | CSI 500 | 0.24 | - 0.27 | 22.48 | | | S&P 500 | 0.11 | 0.12 | 16.59 | | | Hang Seng Index | 0.68 | 0.30 | 29.29 | | | German DAX | 0.87 | 0.26 | 20.04 | | | Nikkei 225 | 2.33 | 1.54 | 27.91 | | | FTSE 100 | 0.19 | - 0.10 | 18.82 | | Fixed - income | 10 - year Treasury bond futures | - 0.35 | - 0.25 | - 1.15 | | | 5 - year Treasury bond futures | - 0.24 | - 0.14 | - 0.89 | | | 2 - year Treasury bond futures | - 0.05 | - 0.01 | - 0.59 | | Commodity | CRB Commodity Index | 0.55 | 0.81 | 2.43 | | | WTI Crude Oil | 1.27 | 2.23 | - 16.99 | | | London Spot Gold | 0.12 | - 0.25 | 60.35 | | | LME Copper | - 0.47 | 2.31 | 30.21 | | | Wind Commodity Index | - 0.41 | 0.85 | 34.93 | | Other | US Dollar Index | 0.20 | - 0.38 | - 8.68 | | | CBOE Volatility Index | 0.00 | - 1.65 | - 7.32 | [6] 5. Main Commodity Trends - The document shows the trends of various commodities such as the Baltic Dry Index, CRB Spot Index, WTI crude oil, London spot gold, London spot silver, LME copper, CBOT soybeans, and CBOT corn through graphs, but specific data trends are mainly shown in the graphs [7]

Core Viewpoint - The meeting between China's Ministry of Transport and the CEO of CMA CGM highlights the potential for collaboration in the shipping industry, focusing on green shipping, smart shipping, and talent development to contribute to global sustainable transportation [1] Group 1: Meeting Overview - The Vice Minister of Transport, Fu Xuyin, welcomed the CEO of CMA CGM, Rodolphe Saadé, emphasizing the company's leading position in the international shipping industry [1] - Both parties exchanged in-depth opinions on mutual concerns, indicating a strong interest in enhancing cooperation [1] Group 2: Collaboration Opportunities - Fu Xuyin pointed out the vast potential of the Chinese market and expressed hope for CMA CGM to strengthen ties with Chinese enterprises [1] - The focus areas for collaboration include practical cooperation in green shipping, smart shipping, and talent cultivation [1] Group 3: CMA CGM's Perspective - Rodolphe Saadé expressed confidence in China's development and the willingness to maintain close communication with Chinese enterprises [1] - The CEO highlighted the intention to engage in various forms of friendly exchanges and cooperation to achieve mutual benefits [1]