| | 集运指数（欧线）期货日报 | | | 2025/10/14 | | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 最新 最新 | 环比 数据指标 | | 环比 | | EC主力收盘价 | 1674.100 | 114.7↑ EC次主力收盘价 | 1464.4 | +106.40↑ | | 期货盘面 | EC2512-EC2602价差 209.70 | +7.10↑ EC2512-EC2604价差 | 524.10 | +60.10↑ | | EC合约基差 | -642.30 | -111.60↓ | | | | 期货持仓头寸（手） EC主力持仓量 | 27191 | -1580↓ | | | | SCFIS（欧线）（周） | 1031.80 | 14.70↑ SCFIS（美西线）（周） | 862.48 | -14.34↓ | | | SCFI（综合指数）（周） 1114.52 | -45.90↓ 集装箱船运力（万标准箱） | 1,227.97 | -0.12↓ | | 现货价格 | CCFI（综合指数）（周） 1087.41 72.63↑ CCFI（欧线）（ ...

Group 1 - The U.S. has implemented unilateral and protectionist measures against China's maritime, logistics, and shipbuilding sectors, violating WTO rules and the principle of mutual benefit in the China-U.S. shipping agreement [1] - China has expressed strong dissatisfaction and opposition to these measures, announcing special port fees for vessels with U.S. elements [1] - The U.S. actions are expected to disrupt global supply chains, significantly increase international trade costs, and negatively impact U.S. inflation and port competitiveness [1] Group 2 - In response to the U.S. actions, China has placed certain companies that assisted the U.S. investigation on a countermeasure list and will investigate behaviors that threaten China's maritime and shipbuilding industries [2] - China emphasizes a clear and consistent stance on these issues, indicating readiness for both confrontation and dialogue [2]

Core Viewpoint - Jinjiang Shipping (601083) expects a net profit attributable to shareholders of approximately 1.17 billion to 1.2 billion yuan for the first three quarters, representing a year-on-year increase of 62.72% to 66.89% [1] Group 1: Financial Performance - The company anticipates a net profit of about 1.17 billion to 1.2 billion yuan for the first three quarters [1] - This reflects a significant year-on-year growth of 62.72% to 66.89% [1] Group 2: Industry Trends - The growth in container freight volume in the Asian region is attributed to active trade and supply chain synergies, with a reported year-on-year increase of 5.5% from January to August [1] - The company's traditional advantageous routes maintain a differentiated competitive edge, with the Shanghai-Japan route and the Shanghai-Taiwan route continuing to hold the largest market share [1]

格隆汇10月14日丨锦江航运(601083.SH)公布，经财务部门初步测算，预计公司2025年前三季度实现归 属于母公司所有者的净利润约为人民币117,000万元至人民币120,000万元，与上年同期相比，将增加 45,096.05万元到48,096.05万元，同比增长62.72%至66.89%。预计2025年前三季度实现归属于母公司所 有者的扣除非经常性损益的净利润约为人民币115,250万元至人民币118,250万元，与上年同期相比，将 增加46,902.42万元到49,902.42万元，同比增长68.62%至73.01%。 2025年前三季度，依托亚洲区域内贸易活跃度以及供应链协同效应，亚洲区域集装箱货运量稳步增长， 根据集装箱贸易统计（CTS）数据显示，2025年1-8月亚洲区域内集装箱海运货运量同比增长5.5%。 2025年前三季度，公司传统优势航线保持差异化竞争优势，上海日本航线、上海两岸间航线继续稳居市 场占有率第一，筑强经营业绩基本盘；公司聚焦东南亚区域航线拓展，强化区域航线联动，继续以精品 服务构建核心竞争力。报告期内，公司继续保持稳健的经营能力，经营业绩较同期预增。 ...

美森轮船突然发了一则公告，核心内容很直接：中国交通运输部新规生效后，这家美国知名的船运公司表示会照章缴纳所有特别港务费，过程中不让客户多 掏一分钱，运费不变，服务照常。 美森轮船的选择，绝非一时冲动，而是一笔精明的商业账。这家深耕中美航线百余年的公司，其核心竞争力就是"快"和"稳"。 相比动辄需要半个月以上的传统海运，美森的快航服务能将中国港口到美国西海岸的时间压缩到十几天，这对于追求时效的跨境电商和高价值货物来说，是 无可替代的优势。 这个决定一出，既让中美贸易博弈下的供应链各方松了口气，也让外界看到了全球航运市场上的新变化。 一纸公告背后的商业算盘 正因如此，客户愿意为这份稳定和高效支付溢价。如果此时美森将新增的港口费转嫁给客户，无疑会打破这份价格默契，客户很可能转投其他虽然慢但更便 宜的航运公司，比如马士基或中远海运。 在当前全球供应链本就脆弱的背景下，失去一个客户可能就意味着失去整条航线的利润。所以，美森选择自己先咬咬牙扛下成本，用短期的利润损失换取客 户的长期忠诚度，这笔买卖，在他们看来显然划算。 要理解美森的无奈与智慧，就得先看清这场港口费大战的背景。这场风波始于2025年4月，美国贸易代表办公室 ...

Market Overview - Nikkei index experienced a decline of over 3%, becoming the largest drop among major Asia-Pacific indices, with SoftBank falling by 5.8% and Sony and Hitachi dropping by 3.5% and 4% respectively [1] - Hong Kong's Hang Seng Technology Index fell over 3%, while the Hang Seng Index dropped more than 1.7% [2] - South Korean markets also followed the downward trend, with both Kospi indices declining nearly 1%. Samsung Electronics reported its highest quarterly operating profit in over three years but saw its stock price decrease by 2.8% [3] A-share Market Performance - A-share market experienced fluctuations, with the ChiNext Index and the Sci-Tech 50 Index both dropping over 4%. The Shanghai Composite Index fell by 0.62%, and the Shenzhen Component Index decreased by 2.54% [4][5] - The total trading volume in the Shanghai and Shenzhen markets reached 2.60 trillion, an increase of 222.4 billion compared to the previous trading day [4] Sector Performance - The market showed mixed performance, with superhard materials stocks leading gains, while the semiconductor sector faced significant declines, with companies like Wentai Technology hitting the daily limit down [4] - The banking sector saw gains, with Chongqing Bank rising over 6%, while the insurance, coal, and port shipping sectors also performed well [4] Cryptocurrency Market - The cryptocurrency market faced significant declines, with Bitcoin dropping over 3% and Ethereum falling by 5.06% to $4,072.42. Over 20,000 traders experienced liquidation in the past 24 hours [6][7][8] Investment Strategies - Institutions are focusing on three main investment lines: 1. Technology sectors such as semiconductors, chips, AI, and military industry, with recommendations for investing in domestic alternatives related to AI computing power and semiconductor equipment [8][9] 2. Domestic demand sectors including food and beverage, pharmaceuticals, and internet, with a focus on utilizing market volatility for strategic positioning [10][11] 3. Upstream resources like rare earths, copper, aluminum, oil, and gold, with a belief that the recovery of manufacturing activities and accelerated investment will favor these assets [12][13]

2025年前三季度，依托亚洲区域内贸易活跃度以及供应链协同效应，亚洲区域集装箱货运量稳步增长， 根据集装箱贸易统计（CTS）数据显示，2025年1-8月亚洲区域内集装箱海运货运量同比增长5.5%。 2025年前三季度，公司传统优势航线保持差异化竞争优势，上海日本航线、上海两岸间航线继续稳居市 场占有率第一，筑强经营业绩基本盘；公司聚焦东南亚区域航线拓展，强化区域航线联动，继续以精品 服务构建核心竞争力。报告期内，公司继续保持稳健的经营能力，经营业绩较同期预增。 格隆汇10月14日丨锦江航运(601083.SH)公布，经财务部门初步测算，预计公司2025年前三季度实现归 属于母公司所有者的净利润约为人民币117,000万元至人民币120,000万元，与上年同期相比，将增加 45,096.05万元到48,096.05万元，同比增长62.72%至66.89%。预计2025年前三季度实现归属于母公司所 有者的扣除非经常性损益的净利润约为人民币115,250万元至人民币118,250万元，与上年同期相比，将 增加46,902.42万元到49,902.42万元，同比增长68.62%至73.01%。 ...

Core Viewpoint - The company, Jinjiang Shipping, anticipates a significant increase in net profit for the first three quarters of 2025, driven by steady growth in container freight volume in the Asian region and a focus on expanding Southeast Asian routes [1] Financial Performance - The expected net profit attributable to the parent company is projected to be between 1.17 billion to 1.2 billion yuan, representing a year-on-year growth of 62.72% to 66.89% [1] - The net profit after excluding non-recurring gains and losses is estimated to be between 1.153 billion to 1.182 billion yuan, with a year-on-year increase of 68.62% to 73.01% [1] Market Dynamics - The growth in performance is primarily attributed to the steady increase in container freight volume in the Asian region [1] - The company maintains a competitive advantage on traditional routes through differentiated strategies and is enhancing regional route connectivity [1]

格隆汇10月14日｜美方措施是典型单边主义、保护主义行为，严重违反世贸组织规则，违背《中美海运 协定》平等互惠原则，赋予相关国家航运和造船企业不公平竞争优势，构成对中国航运、造船等产业的 歧视性做法，严重损害中国相关产业利益。中方对此强烈不满，坚决反对，已于10月10日宣布将对涉及 美国旗、美国造、美国公司拥有、参股或经营等美国元素的船舶收取特别港务费。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com (责任编辑：宋政 HN002) ...

Core Insights - The report highlights the rise of Chinese cities in global marine competitiveness, with Shanghai and Hong Kong leading the first tier, while Shenzhen, Guangzhou, and Qingdao emerge as core players in the second tier [1][2] - The report emphasizes "incremental" growth through five dimensions: economic vitality, technological innovation, maritime services, international influence, and urban governance [1][3] Economic Performance - Shenzhen's marine economy has seen significant growth, with total marine economic output increasing from less than 200 billion to 540.9 billion by 2024, accounting for 14.7% of its GDP [1][6] - The structure of Shenzhen's marine economy has shifted, with traditional sectors dropping from over 90% to below 40%, while emerging industries like marine engineering and underwater robotics gain prominence [6][7] Technological Innovation - The report identifies technological innovation as a key variable driving the rise of the southern marine economic circle, particularly in Shenzhen [1][2] - The collaboration between Shenzhen, Hong Kong, and Guangzhou is seen as a potential powerhouse for innovation, leveraging each city's strengths in research, transformation, and manufacturing [7][8] Collaborative Opportunities - The "Shenzhen-Hong Kong-Guangzhou" cluster has the potential to create a synergistic chain, combining Hong Kong's legal and financial services, Shenzhen's technological capabilities, and Guangzhou's manufacturing strengths [7][8] - Future cooperation in areas such as green shipping and maritime services is expected to enhance global competitiveness [7][8]