Report Information - Report Name: "集运指数日报" [1] - Date: January 20, 2026 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - The spot market shows signs of peaking. The Shanghai Port's export freight rate to European base ports stopped rising and fell last weekend, and the SCFIS index also declined slightly on Monday. Multiple airlines have started to lower their quotes for late January. The signal of airlines reducing prices to attract cargo is evident, and the inflection point of the spot high should have appeared. With the Red Sea situation causing disruptions but airlines resuming flights, it is likely that normal passage will be restored this year. Attention should be paid to short-selling opportunities in the April contract during the off - season [8]. 3. Summary by Directory 3.1. Market Review and Operation Suggestions - Spot Market: The Shanghai Port's export freight rate to European base ports was reported at $1676/TEU, a 2.5% decline from the previous period. Multiple airlines, including Maersk, OOCL, HMM, and ONE, have lowered their quotes for late January [8]. - Operation Suggestion: Focus on short - selling opportunities in the April contract during the off - season [8]. 3.2. Industry News - Market Overview (January 12 - January 16): To cope with the "Spring Festival" holiday, cargo volume increased slightly, but freight rates on ocean routes decreased slightly, and the comprehensive index declined. The Shanghai Export Containerized Freight Index on January 16 was 1574.12 points, a 4.4% decline from the previous period [9]. - European Routes: The Sentix January euro - zone investor confidence index was - 1.8, better than the expected - 4.9. Transport demand was stable with a slight increase, but the average freight rate from Shanghai Port to European base ports on January 16 was $1676/TEU, a 2.5% decline from the previous period [9]. - Mediterranean Routes: Similar to European routes, but the spot market booking price declined more. The average freight rate from Shanghai Port to Mediterranean base ports on January 16 was $2983/TEU, a 7.7% decline from the previous period [9]. - North American Routes: The number of first - time unemployment benefit applicants in the US in the second week of January was 198,000, better than expected. The shipping market supply - demand situation was generally stable, and the spot market booking price fluctuated slightly. The freight rates from Shanghai Port to the US West and East base ports on January 16 were $2194/FEU and $3165/FEU respectively, with changes of - 1.1% and + 1.2% from the previous period [9][10]. - Policy News: The Shanghai International Energy Exchange announced that the adjustment of the contract months of the Container Freight Index (European Line) futures would be implemented from February 10, 2026, with new contracts EC2605, EC2607, EC2609 added, and no addition of EC2603 considering the main contract switch. EC2703 will be added on March 31, 2026 [10]. - International News: The US announced the second phase of the Gaza cease - fire plan on January 14. On January 12, the US and the UK launched a large - scale military strike against the Houthi rebels in Yemen. The Houthi rebels warned Saudi Arabia against military action [10]. 3.3. Data Overview 3.3.1. Container Shipping Spot Prices | Route | 2026/1/19 | 2026/1/12 | Change | YoY (%) | | --- | --- | --- | --- | --- | | SCFIS: European Routes (Basic Ports) | 1954.19 | 1956.39 | - 2.2 | - 0.1% | | SCFIS: US West Routes (Basic Ports) | 1305.27 | 1323.98 | - 18.71 | - 1.4% | [12] 3.3.2. Container Freight Index (European Line) Futures Market - Multiple figures show the trends of the main and secondary main contracts of container shipping European line futures, as well as shipping - related data trends such as European container ship capacity, global container ship orders, and Shanghai - Europe basic port freight rates [18][22]

Group 1 - The core issue involves Shanghai Minsheng Shipping Co., Ltd. being penalized for collusion and bid-rigging during a procurement activity, resulting in a three-year ban from military procurement activities [1] - The company was found to have engaged in illegal practices during the procurement project numbered 2023-JQ01-F1027(01) [1] - The announcement was made public through the military procurement website, indicating the seriousness of the violations [1] Group 2 - Shanghai Minsheng Shipping Co., Ltd. was established on March 4, 2014, with a registered capital of 100 million yuan [5] - The company is a wholly-owned subsidiary of Minsheng Shipping Co., Ltd. and primarily focuses on container shipping along coastal routes and the transportation of import and export goods in the Yangtze River basin [5] - The company's operations include transporting foreign trade imports from Shanghai along the Yangtze River to southwestern regions such as Chongqing and Luzhou in Sichuan [5]

Summary of Key Points from Conference Call Records Industry Overview Automotive and Consumer Sector - Sales of trade-in related products remained weak in early January - From January 1 to January 11, national retail sales of passenger cars decreased by 32% year-on-year [1] - As of January 9, sales of eight categories of home appliances fell by 41.9% year-on-year [1] Production and Construction - Production remained stable in the second week of January, with attention on the impact of the upcoming Spring Festival on production growth - The utilization rate of coking capacity was 77.5%, slightly down from 77.7% previously - The apparent consumption of major steel products was 9.377 million tons this week, up from 9.071 million tons previously [2] Real Estate - New and second-hand housing transaction volumes were weak in the second week of January - From January 10 to January 16, the average daily transaction area of commercial housing in 30 major cities was 195,000 square meters, roughly unchanged from the previous week but down 43.3% year-on-year - In third-tier cities, the year-on-year decline was 50% [3] Trade and Exports - In the second week of January, shipping rates from Shanghai to the East Coast of the U.S. increased by 1.2%, while rates to the West Coast decreased by 1.1% - The export freight index (CCFI) rose by 1.3% week-on-week, while the SCFI fell by 4.4% - In the first ten days of January, South Korea's export value decreased by 2.3% year-on-year, and import value fell by 4.5% [4] Economic Forecast - GDP growth for December 2025 is estimated at 4.6% based on statistical bureau data, while January 2026 is estimated at 4.3% based on high-frequency data - The impact of the Spring Festival is expected to lead to a significant increase in year-on-year data in the future [4] Liquidity - In the second week of January, funding rates showed a marginal increase, with the average weekly DR007 rate at 1.51%, up from 1.45% - The net financing of government bonds was -233.64 billion yuan, while net financing of credit bonds was 49.04 billion yuan [5] Prices - In the second week of January, commodity prices showed divergence, with coking coal and coke prices decreasing by 2.1% and 1.8% respectively - Food prices for pork, eggs, vegetables, and fruits increased by 0.6%, 3.3%, 0.2%, and 1.9% respectively [6] U.S. High-Frequency Data - In the second week of January, U.S. consumer spending continued to grow - The Redbook commercial retail sales increased by 5.7% year-on-year, down from 7.1% previously - TSA checkpoint numbers increased by 3.8% year-on-year, up from 2.1% [7]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The 02 contract follows the delivery logic with a small deviation. The 04 contract needs attention on the spot market and actual rush - shipping situation. Spot price decline suppresses the futures market, but the potential increase in post - Chinese New Year rush - shipping may weaken the price decline slope in March. The current valuation of the 04 contract fluctuates widely within a reasonable range, and it is recommended to pay attention to possible correction opportunities. The adjustment of export tax rebates is negative for the far - month contracts, but far - month contracts are greatly affected by geopolitical factors. It is generally recommended to focus on shorting the 10 contract on rallies. Currently, the valuations of the 04 and 10 contracts are neutral with limited downward space [3] Group 3: Summary by Relevant Catalog Futures Contract Quotes - EC2602 closed at 1714.3 with a 0.22% increase, trading volume of 1999, and an open interest of 6439 with a decrease of 1139. EC2604 closed at 1132.2 with a 1.00% increase, trading volume of 30559, and an open interest of 41888 with a decrease of 744. EC2606 closed at 1318.0 with a 0.52% increase, trading volume of 2329, and an open interest of 4200 with an increase of 420. EC2608 closed at 1459.0 with a 0.45% decrease, trading volume of 121, and an open interest of 1366 with a decrease of 19. EC2610 closed at 1054.1 with a 0.09% decrease, trading volume of 1410, and an open interest of 8186 with an increase of 248 [2] - For the month - spread, EC2502 - 2604 was 582.1 compared to the previous day, with a day - on - day decrease of 7.4 and a week - on - week increase of 61.4. EC2504 - 2606 was - 185.8, with a day - on - day increase of 4.4 and a week - on - week increase of 28.0 [2] Spot Indexes - The SCHIS (European route) index on January 12, 2026, was 1956.39, showing an 8.94% increase from the previous period and a 3.05% increase from the period before the previous one. The SCFI (European route) index on January 16, 2026, was 1676 dollars/TEU, a 2.50% decrease from the previous period [2] European Route Spot Situation - In Week 4, MSK opened the cabin at 2750 (a 100 increase from the previous period), 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. In Week 5, MSK opened the cabin at 2450 (a 300 decrease from the previous period), 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 [3] Related News - On January 20, Iran stated that the internet would return to normal within the week, and the Iranian security forces' commander said that the government had fully restored order in all cities. Russia, Belarus, the EU, Norway, Poland, Thailand, Uzbekistan and other countries have successively stated that their leaders have been invited to join the Gaza "Peace Committee" [4]

指导性文件 GD001-2026 附件 7 中 国 船 级 社 船舶应用余热回收发电系 统（WHG）指南 2026 年 2 月 1 日生效 2026 北 京 出版说明 在国际海事组织（IMO）控制温室气体排放的全球大背景下，船舶的节能减排已成为航 运业急需解决的重大问题。 国际海事组织控制温室气体新的排放法规的实施，迫使船舶采用新的节能技术来提高船 舶能效，船舶余热回收发电技术是降低油耗、提升能效、减少排放、降低 EEDI 指数的有效 技术措施之一。IMO 发布的 MEPC.1/Circ.896 通函《2021 年用于计算和验证 Attained EEDI 和 EEXI 的创新能效技术的处理导则》已将余热回收系统（发电类型）列为 C-1 类创新能效 技术，为船舶余热回收发电技术的计算和验证方法提供了指导。 1.1 一般规定 1.1.1 本指南适用于在船上安装的采用有机朗肯循环动力、蒸汽涡轮动力和/或废气涡 轮动力来实现船上余热资源回收并用于发电的余热回收发电系统（以下简称"WHG"）。采 取其他动力类型来实现余热回收发电的 WHG 可参照本指南执行，并应予以特殊考虑。 1.1.2 本指南规定了 WHG 的设计 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - This week, precious metals, Brent crude oil, and ChiNext Index led the gains, showing a pattern of rapid upward movement in the first half - week and oscillatory decline in the second half. The short - term risk assets may continue to adjust, but in the medium - term, long positions in stock indices, non - ferrous metals (copper, aluminum, tin), gold, and silver are recommended [15]. - For different sectors and varieties, the short - term judgments are mainly "oscillatory", with some showing "oscillatory upward" or "oscillatory downward" trends [16][18]. Summary by Relevant Catalogs Financial Market Fluctuations - **Stock Index Futures**: The CSI 300 futures price was 4728.6, with a daily increase of 0.17, a weekly increase of 0.11, and a monthly, quarterly, and annual increase of 2.8. The SSE 50 futures price was 3077.6, with a daily decrease of 0.08, a weekly decrease of 0.22, and a monthly, quarterly, and annual increase of 1.74. The CSI 500 futures price was 8266, with a daily increase of 1.11, a weekly increase of 0.68, and a monthly, quarterly, and annual increase of 12.27. The CSI 1000 futures price was 8186.6, with a daily increase of 0.49, a weekly increase of 0.09, and a monthly, quarterly, and annual increase of 10.09 [2]. - **Treasury Bond Futures**: The 2 - year Treasury bond futures price was 102.4, with no daily change, no weekly change, and a monthly, quarterly, and annual decrease of 0.05. The 5 - year Treasury bond futures price was 105.785, with a daily decrease of 0.03, a weekly decrease of 0.02, and a monthly, quarterly, and annual increase of 0.02. The 10 - year Treasury bond futures price was 108.04, with a daily decrease of 0.02, a weekly decrease of 0.02, and a monthly, quarterly, and annual increase of 0.17. The 30 - year Treasury bond futures price was 110.92, with a daily decrease of 0.23, a weekly decrease of 0.22, and a monthly, quarterly, and annual decrease of 0.44 [2]. - **Foreign Exchange**: The US dollar index was 99.3691, with a daily increase of 0.03, a weekly increase of 0.23, and a monthly, quarterly, and annual increase of 1.12. The US dollar mid - price was 6.9703 pips, with a daily increase of 32, a weekly decrease of 80, and a monthly, quarterly, and annual decrease of 187 [2]. - **Interest Rates**: The 7 - day inter - bank pledged repo rate was 1.443 bp, with a daily decrease of 5.94, a weekly decrease of 2.97, and a monthly, quarterly, and annual decrease of 53.91. The 10 - year Chinese Treasury bond yield was 1.8424 bp, with a daily decrease of 1.2, a weekly decrease of 3.58, and a monthly, quarterly, and annual decrease of 0.49. The 10 - year US Treasury bond yield was 4.24 bp, with a daily increase of 7 [2]. Popular Industry Fluctuations - Industries such as national defense and military industry, basic chemicals, and consumer services had relatively high daily and weekly increases, while industries like computer, telecommunications, and non - banking finance had declines [5]. Overseas Commodity Fluctuations - **Energy**: NYMEX WTI crude oil price was 59.22, with a daily increase of 0.08, a weekly increase of 0.75, and a monthly, quarterly, and annual increase of 3.15. ICE Brent crude oil price was 64.2, with a daily increase of 0.69, a weekly increase of 1.87, and a monthly, quarterly, and annual increase of 5.4. NYMEX natural gas price was 3.109, with a daily decrease of 1.11, a weekly decrease of 1.02, and a monthly, quarterly, and annual decrease of 16.22. ICE UK natural gas price was 98.39, with a daily increase of 13.42, a weekly increase of 33.88, and a monthly, quarterly, and annual increase of 31.87 [8]. - **Precious Metals**: COMEX gold price was 4601.1, with a daily decrease of 0.49, a weekly increase of 1.83, and a monthly, quarterly, and annual increase of 6.21. COMEX silver price was 89.945, with a daily decrease of 2.6, a weekly increase of 12.73, and a monthly, quarterly, and annual increase of 26.72 [8]. - **Non - ferrous Metals**: LME copper price was 12803, with a daily decrease of 2.31, a weekly decrease of 1.5, and a monthly, quarterly, and annual increase of 2.45. LME aluminum price was 3134, with a daily decrease of 1.06, a weekly decrease of 0.06, and a monthly, quarterly, and annual increase of 4.57. LME zinc price was 3209, with a daily decrease of 3.18, a weekly increase of 1.76, and a monthly, quarterly, and annual increase of 2.66 [8]. - **Agricultural Products**: CBOT soybean price was 1056.25, with a daily increase of 0.31, a weekly decrease of 0.61, and a monthly, quarterly, and annual increase of 0.86. CBOT soybean oil price was 52.51, with a daily decrease of 0.87, no weekly change, a monthly decrease of 3.24, and a quarterly and annual increase of 8.16 [8]. Domestic Commodity Fluctuations - **Energy and Chemicals**: Crude oil price was 439.25, with a daily and weekly decrease of 0.22 and a monthly, quarterly, and annual increase of 1.47. Fuel oil price was 2526.6, with a daily and weekly increase of 0.38 and a monthly, quarterly, and annual increase of 3.11 [12]. - **Non - ferrous Metals**: Copper price was 101196.42, with a daily and weekly increase of 0.32 and a monthly, quarterly, and annual increase of 2.94. Aluminum price was affected by the potential shutdown of Mozal aluminum plant, with the price oscillating at a high level [12]. - **Black Building Materials**: Steel prices such as rebar and hot - rolled coil showed different trends, with rebar price decreasing and hot - rolled coil price having a certain increase in some periods. Iron ore price increased slightly, and coke and coking coal prices also had their own trends [12]. - **Agricultural Products**: Prices of products such as soybeans, soybean oil, and palm oil had different degrees of fluctuations [12]. Macro Summary - **Today's Market**: This week, precious metals, Brent crude oil, and ChiNext Index led the gains, showing a pattern of rapid upward movement in the first half - week and oscillatory decline in the second half. The first half - week was driven by factors such as the weakening of the Fed's independence and better - than - expected US inflation data, while the second half - week was dragged down by factors such as the alleviation of concerns about key mineral tariffs, the easing of the US - Iran geopolitical situation, and the strengthening of the US dollar due to initial jobless claims data [15]. - **Overseas Macro**: The US economy maintained a "light to moderate" expansion, inflation continued to cool down, consumer spending showed a "K - shaped" characteristic, and industrial production rebounded unexpectedly. The Fed maintained a cautious wait - and - see attitude, and the interest rate cut expectation was postponed to June [15]. - **Domestic Macro**: Policy support focused on new fields, exports showed unexpected resilience, social financing data showed strong corporate loan and bond financing, and inflation improvement clues were clear [15]. - **Asset Views**: The short - term risk assets may continue to adjust, but in the medium - term, long positions in stock indices, non - ferrous metals (copper, aluminum, tin), gold, and silver are recommended [15]. Viewpoints Summary - **Financial**: Stock index futures are expected to oscillate upward, stock index options to oscillate, and Treasury bond futures to oscillate [16]. - **Precious Metals**: Gold and silver are expected to oscillate upward [16]. - **Shipping**: The container shipping route to Europe is expected to oscillate [16]. - **Black Building Materials**: Products such as steel, iron ore, coke, and coking coal are expected to oscillate [16]. - **Non - ferrous Metals and New Materials**: Most non - ferrous metal products are expected to oscillate, with some showing oscillatory upward trends [16]. - **Energy and Chemicals**: Most energy and chemical products are expected to oscillate, with some showing oscillatory downward trends [18]. - **Agriculture**: Agricultural products show different trends, with some oscillating upward, some oscillating downward, and most oscillating [18].

首席点 评： 现货白银刷新历史高点 德国总理默茨当地时间 19日对联邦内阁通报了与英法等国就美国总统特朗普针对格陵兰岛问题欲加征 关税一事的协商情况，具体细节并未公开。默茨表示，事态很严重，但他不想让事态进一步升级；在被 问及关税相关问题时默茨表示，他不希望加征关税，但如果必要，欧盟成员国将采取此类措施。默茨还 表示，将在21日与特朗普在瑞士达沃斯会面做进一步讨论，德国已经撤回了此前派驻格陵兰岛参加军事 行动的德方士兵。周一（1月19日）纽约尾盘，COMEX黄金期货涨1.77%，最终报4676.70美元/盎司， 亚太盘初急剧拉升，北京时间07:32达到4698美元——时隔数日再创盘中历史新高，日内绝大部分时间 持续高位窄幅震荡。COMEX白银期货涨6.49%，最终94.280美元/盎司，亚太盘初显著拉升，01:45涨至 94.705美元，时隔数日也再创历史新高。COMEX铜期货涨1.28%，报5.9055美元/磅，此前连续两个交易 日下挫。现货铂金涨1.55%，报2377.09美元/盎司；现货钯金涨2.13%，报1841.80美元/盎司。 重点品种：贵金属、 碳酸锂 、原油 碳酸锂 ： 碳酸锂主力合约波动较大 ...

Core Viewpoint - The maritime authorities of Guangxi, Guangdong, Hainan, and Shenzhen have issued a joint warning regarding a cold wave and strong winds affecting the South China Sea, emphasizing the need for comprehensive preventive measures to ensure maritime safety [1] Group 1: Weather Impact - From January 18 to 21, strong winds are expected to persist in the Taiwan Strait, Bashi Channel, and South China Sea [1] - The Central Meteorological Observatory and local forecasts indicate significant weather changes that could impact maritime operations [1] Group 2: Preventive Measures - Shipping companies, vessels, and maritime workers are required to closely monitor weather forecasts and disseminate warning information promptly [1] - Port and terminal operators must arrange vessel berthing plans appropriately, reinforce mooring lines, and, if necessary, suspend operations or evacuate ports [1] - Passenger vessels should adjust their schedules based on wind conditions and implement traffic control measures to avoid hazardous areas [1] Group 3: Safety Protocols - Key vessels, including construction and hazardous material ships, must prepare wind prevention measures, identify safe anchorage areas, and evacuate personnel, prohibiting risky operations [1] - All maritime-related entities are urged to enhance duty monitoring, strengthen dynamic surveillance, and respond promptly to maritime emergencies [1] Group 4: Coordination Efforts - The joint warning aims to consolidate regional maritime resources to create a unified response against strong winds [1] - The Guangxi Maritime Bureau's command center will continue to monitor weather changes and guide maritime stakeholders in emergency response efforts [1]

Group 1 - The company will hold its first extraordinary general meeting of 2026 on February 4, 2026, at 14:00 [2] - The meeting will be conducted using a combination of on-site and online voting methods [2] - The location for the meeting is the 39th floor of the Global Shipping Plaza, 269 Ningdong Road, Yinzhou District, Ningbo [2] Group 2 - The voting system for the meeting will be the Shanghai Stock Exchange's online voting system, with voting available from 9:15 to 15:00 on the day of the meeting [2] - Shareholders must register to attend the meeting, with registration available from January 30, 2026, from 08:30 to 11:00 and 13:30 to 16:00 [20] - The company will not have any special resolutions or proposals requiring separate voting for minority shareholders [7][9] Group 3 - The board of directors approved the proposal to hold the extraordinary general meeting during its 18th meeting on January 19, 2026 [36] - The meeting will review various proposals that have been previously disclosed in designated media [6] - The company has appointed two new vice presidents and a board secretary, with their qualifications meeting regulatory requirements [38][39] Group 4 - The company plans to invest up to 2 billion RMB to build four 4300TEU container ships, aiming to enhance its fleet structure and service capabilities [52] - The investment includes establishing a wholly-owned subsidiary in Singapore to manage the container ship project, with an estimated investment of 1.7 billion RMB [53] - Contracts for the construction of the ships have been signed with two shipbuilding companies, with a total contract value of approximately 1.6392 billion RMB [54][58]

Core Viewpoint - Shanghai aims to enhance its international economic center status and overall competitiveness through a comprehensive five-year development plan, focusing on advanced manufacturing, financial services, international trade, shipping, and technological innovation [1][2][3]. Group 1: Five Centers Development - The "Five Centers" strategy is central to Shanghai's modernization efforts, emphasizing the need to build a robust international economic, financial, trade, shipping, and technological innovation center [6][7]. - Specific initiatives include constructing a modern industrial system characterized by advanced manufacturing, with a focus on a "2+3+6+6" framework [10][11]. Group 2: Economic and Social Development Goals - The main objectives for the "15th Five-Year" period include achieving high-quality development, enhancing urban core functions, and significantly improving social governance and civilization levels [3][4]. - By 2035, Shanghai aims to double its per capita GDP compared to 2020 and establish itself as a globally influential socialist modern metropolis [3]. Group 3: Policy and Strategic Focus - The planning document emphasizes a shift from concept-driven development to practical governance, highlighting the importance of high-quality development and effective market mechanisms [5]. - It also stresses the need for a comprehensive approach to urban governance, balancing development and security [5]. Group 4: Industrial System Construction - The plan outlines a clear strategy for maintaining a reasonable proportion of manufacturing within Shanghai's economy, recognizing its importance for resilience and innovation [8]. - It identifies key sectors for high-end service industry development, including finance, trade, and shipping, with specific measures to enhance their global competitiveness [9]. Group 5: Future Industry Focus - The plan includes fostering world-class enterprises as a key task, with tailored guidance for businesses of various sizes to stimulate innovation and growth [9]. - Future industries are categorized into six areas, including future materials and future health, to ensure long-term economic sustainability [11].