Core Viewpoint - Bohai Ferry's stock price has shown a mixed performance in recent trading sessions, with a year-to-date increase of 21.74% but a decline over the last 20 and 60 days, indicating potential volatility in the market [1][2]. Financial Performance - For the first half of 2025, Bohai Ferry reported a revenue of 728 million yuan, a year-on-year decrease of 5.02%, and a net profit attributable to shareholders of 102 million yuan, down 2.95% compared to the previous year [2]. - Cumulatively, since its A-share listing, Bohai Ferry has distributed a total of 2.122 billion yuan in dividends, with 924 million yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Bohai Ferry increased to 24,300, reflecting a 1.48% rise, while the average number of circulating shares per person decreased by 1.45% to 19,326 shares [2]. - New institutional shareholders include Invesco Great Wall CSI Dividend Low Volatility 100 ETF, holding 6.2048 million shares, and several other funds that have recently entered the top ten shareholders list [3]. Stock Market Activity - On October 14, Bohai Ferry's stock rose by 2.04%, reaching 9.52 yuan per share, with a trading volume of approximately 48.6946 million yuan and a turnover rate of 1.10% [1]. - The stock has experienced a net inflow of 485,700 yuan from major funds, with significant buying and selling activity noted in large orders [1].

Report Title - Shipping Derivatives Data Daily Report [4] Report Date - October 14, 2025 [5] Data Source - Clarksons, Wind [5] Core Viewpoints - In late September, shipping companies collectively cut prices to grab cargo, and freight rates dropped to $1300/FEU. Before the peak season at the end of the year, Maersk took the lead in announcing a $400/FEU increase for late October. However, in October, both supply and demand declined, and it is likely to return to the off - season market. Currently, the mainstream quotation range for late October is between $2000 - $2200. Subsequently, European routes will focus on price stabilization and support during the transition between off - and peak - seasons. Shipping companies' price increases may be difficult to implement, and it is necessary to closely monitor the implementation of price increases, peak - season cargo volume, capacity deployment, and shipping companies' attitude towards price support [8]. - The preliminary progress of the Gaza peace talks creates a theoretical possibility for the resumption of Red Sea shipping, but the shipping industry still needs to face "three hurdles": the stability of agreement implementation, the conditions for the Houthi armed forces to lift the blockade, and the sustainable guarantee of route safety. Before the new long - term agreement cycle in 2026, the market will continue the trend of "falling freight rates and increasing bargaining power of shippers". The resumption of the Suez route will probably be carried out in a phased and verification - based manner, and the second quarter of next year will be the first substantial observation node [8]. Key Data Freight Rate Index | Index | Present Value | Previous Value | Change Rate | | --- | --- | --- | --- | | SCFI Composite Index | 1115 | 1198 | -6.97% | | CCFI Index | 1087 | 1120 | -2.93% | | SCFI - US West | 1460 | 1636 | -10.76% | | SCFIS - US West | 862 | 876 | -1.60% | | SCFI - US East | 2385 | 2557 | -6.73% | | SCFI - Northwest Europe | 971 | 1052 | -7.70% | | SCFIS - Northwest Europe | 1031 | 1046 | -1.43% | | SCFI - Mediterranean | 1485 | 1638 | -9.34% | [5] Futures Contracts Present Value, Previous Value, and Change Rate | Contract | Present Value | Previous Value | Change Rate | | --- | --- | --- | --- | | EC2506 | 1268.0 | 1248.6 | 1.55% | | EC2608 | 1395.8 | 1393.6 | 0.16% | | EC2510 | 1129.4 | 1121.1 | 0.74% | | EC2512 | 1562.5 | 1571.0 | -0.54% | | EC5602 | 1359.9 | 1338.0 | 1.64% | | EC2604 | 1098.5 | 1069.0 | 2.76% | [5] Open Interest | Contract | Present Value | Previous Value | Change in Value | | --- | --- | --- | --- | | EC2606 Open Interest | 1483 | 1516 | (33) | | EC2608 Open Interest | 1122 | 1041 | 81 | | EC2410 Open Interest | 16148 | 18352 | (2204) | | EC2412 Open Interest | 28771 | 28056 | 715 | | EC2602 Open Interest | 9376 | 9768 | (392) | | EC2604 Open Interest | 12825 | 12963 | (138) | [5] Monthly Spread | Spread | Present Value | Previous Value | Change in Value | | --- | --- | --- | --- | | 10 - 12 | -433.1 | -449.9 | 16.8 | | 12 - 2 | 202.6 | 233.0 | (30.4) | | 12 - 4 | 464.0 | 502.0 | (38.0) | [5] Spot Prices - GEMINI: The average of the alliance is around 1500. Maersk's wk40 opening price is 1400, and HPL - SPOT is 150 [8]. - OA: The average of the alliance is around 1550. CMA is 1700 (off - line 1500), OOCL is 1600, and EMC is 1700 (off - line 1500) [8]. - PA: The average of the alliance is around 1400. ONE is 1600, HMM is 1600, and IYM is 1300 [8]. - MSC: Reported 1600 in October [8]. Strategies - Go for a long position in the 10 - 12 spread [9]

航运日报 | 2025-10-14 MSC+Premier Alliance：MSC 10月下半月价格涨至1245/2065；ONE 10月下半月价格1175/1835；HMM上海-鹿特 丹10月下半月价格1118/1806; YML 10/15-10/31报价1000/1700。MSC发布11/1-11/15日涨价函 1620/2700。 Ocean Alliance：CMA 上海-鹿特丹10月下半月价格1210/2020；EMC 10月下半月船期报价1355/2060；OOCL 10 月下半月价格1175/1850,11月份船期报价1550/2600。CMA发布11月份涨价函1500/2600. 地缘端：当地时间12日，也门胡塞武装政治局成员在接受采访时表示，如果以色列方面能够遵守当前的加沙地带 停火协议，胡塞武装就会停止袭击红海海域以色列以及与以方有关的船只。不过，胡塞武装将持续监控以方对协 议的遵守情况。若以方重启对加沙的军事行动和封锁，他们将遭到胡塞武装更猛烈的军事打击。 动态供给：中国-欧基港10月份剩余三周周均运力27.61万TEU，WEEK42/43/44周运力分别为22.98/26.95/3 ...

Group 1 - The A-share market opened higher on October 14, with the Shanghai Composite Index up by 0.55%, the Shenzhen Component Index up by 1.04%, and the ChiNext Index up by 1.37% [1] - The MSCI China A50 Connect Index, which represents core leading assets, rose approximately 0.3% during the trading session, with leading stocks such as BYD, COSCO Shipping Holdings, and China Merchants Shekou leading the gains [1] - According to a report by Galaxy Securities, the degree of external shocks has significantly decreased, and the policy stabilization mechanism is already in place; the market is focusing on medium to long-term policy expectations, indicating that the A-share market will continue to be driven by domestic factors [1] Group 2 - The A50 ETF (159601) closely tracks the MSCI China A50 Connect Index, providing a one-click investment option that bundles 50 leading interconnected stocks, offering balanced coverage of the performance of core leading assets in the A-share market [1]

Group 1: Shipping Industry - The implementation of mutual port fees between China and the US is expected to impact over 40% of shipping capacity, with Chinese shipping companies being the most affected [1][20][21] - Different shipping segments will experience varying degrees of impact, with oil and dry bulk sectors facing greater challenges compared to container shipping [1][20] - Short-term price fluctuations may occur due to initial chaos from the new policies, but overall, the impact on freight rates is expected to be limited [1][20] Group 2: Aviation Industry - Domestic passenger flight volumes have decreased slightly post-National Day, but overall traffic remains above 2019 levels, indicating a recovery trend [2][33] - The average domestic ticket price is stable, with a slight year-on-year increase, suggesting a balanced supply-demand dynamic in the aviation market [2][34] - The aviation sector is expected to see continued recovery in profitability as the supply-demand gap narrows, with recommendations to invest in major airlines like China Eastern Airlines and Spring Airlines [2][34] Group 3: Express Delivery Industry - The "anti-involution" policy has led to price increases across approximately 90% of express delivery volumes in China, indicating a shift towards more sustainable competition [2][43][44] - The profitability of express delivery companies is anticipated to improve in the fourth quarter, driven by seasonal demand and the effects of the "anti-involution" measures [2][43][44] - Major express companies like SF Express and ZTO Express are expected to see significant growth in profitability in 2025, with projected earnings growth of 15-20% for SF Express [2][54] Group 4: Logistics Sector - The logistics company DeBang's revenue has shown double-digit growth, but profitability has been under pressure due to increased transportation costs [2][66][67] - The company is focusing on enhancing its service quality and optimizing its product structure to improve margins in the future [2][66][67]

Core Viewpoint - The Chinese government has implemented countermeasures against five U.S. subsidiaries of Hanwha Ocean Corporation in response to the U.S. Department of Commerce's final measures regarding the Section 301 investigation into China's maritime, logistics, and shipbuilding sectors, which China views as a violation of international law and detrimental to its legitimate business interests [2][9]. Group 1: Countermeasures and Legal Basis - On October 14, the Chinese Ministry of Commerce announced the inclusion of five U.S. subsidiaries of Hanwha Ocean Corporation in a countermeasure list, prohibiting domestic organizations and individuals from engaging in transactions or cooperation with them [2][9]. - The decision is based on the "Anti-Foreign Sanctions Law of the People's Republic of China" and other relevant laws, emphasizing the protection of China's sovereignty, security, and development interests [5][9]. Group 2: Investigation and Future Actions - The Ministry of Transport has initiated an investigation into the impact of the U.S. Section 301 investigation on China's shipping and shipbuilding industries, assessing whether any domestic entities have engaged in discriminatory practices against U.S. measures [5]. - Future measures will be determined based on the findings of this investigation, indicating a proactive approach to safeguard national interests [5]. Group 3: Diplomatic Stance - China urges the U.S. and related enterprises to respect facts and multilateral trade rules, advocating for adherence to market economy principles and fair competition [3].

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。公司早在三年前就 开始为该航线做准备，升级了船舶硬件设备，也对船员们进行了系统培训。 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。 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。 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。 新华社英国费利克斯托10月13日电（记者赵家淞 赵小娜）历时20天，中欧北极集装箱快航航线首 艘货船13日晚抵达英国费利克斯托港。该艘货船 ...

Group 1: Market Overview - The Hang Seng Index fell by 0.20%, down 52 points, closing at 25,837 points, while the Hang Seng Tech Index dropped by 1.3% [1] - The early trading volume in the Hong Kong stock market reached HKD 188.8 billion [1] Group 2: Banking Sector - Most bank stocks rose, with expectations of stable annual performance and increased attractiveness of dividend value; China Merchants Bank rose by 4.26%, Chongqing Bank by 3%, and CITIC Bank by 2.49% [1] Group 3: Shipping Sector - Shipping stocks experienced a broad increase, with expectations that the mutual port fees between China and the U.S. will boost freight rates; DeXiang Shipping rose by 5% and Orient Overseas International by 2% [1] Group 4: Solar Industry - Solar stocks saw gains, with recent developments indicating a reduction in internal competition and Chinese solar companies securing overseas contracts; Xinyi Solar rose by 5.7%, Flat Glass Group by 6%, and GCL-Poly Energy by 4.8% [1] Group 5: Education Sector - Fenbi (粉笔) stock rose over 3% following the relaxation of age restrictions for national exams, with institutions optimistic about the potential growth of AI-based exam preparation classes [2] Group 6: Alcohol Industry - Zhenjiu Li Du (珍酒李渡) stock increased by over 6% as Tang Xiangyang took over as CEO, overseeing core brand operations [3] Group 7: Semiconductor Sector - Semiconductor stocks opened high but fell; Huahong Semiconductor dropped by 10% and SMIC by over 6%, with analysts noting that recent events involving Wentai Technology may temporarily impact market sentiment [3] Group 8: Securities Sector - Yaocai Securities (耀才证券金融) experienced a decline of over 9% after a previous surge of 34%, following the approval of Ant Group's acquisition by the Hong Kong Securities and Futures Commission [4] Group 9: Chemical Sector - Dongyue Group (东岳集团) fell by over 7% due to declining prices of silicone products, with its subsidiary reporting a profit drop of up to 97% in the first three quarters [5] Group 10: Gaming Sector - Gaming stocks continued to decline, with Melco International Development down by over 5% and Sands China by over 4% [6]

新华财经上海10月14日电 10月13日晚，中远海控（SH.601919；HK.01919）发布《关于以集中竞价交易 方式回购A股股份方案公告暨回购报告书》，拟开启新一轮A+H股份回购工作，彰显公司作为国资央 企，始终重视维护公司价值、股东权益，提振市场信心。 中远海控表示，未来公司将继续锚定"以集装箱航运为核心的全球数字化供应链运营和投资平台"的定 位，以自身发展的确定性应对外部环境的不确定性，致力构建安全、韧性、高效的全球供应链体系，努 力为全球客户提供优质服务，持续为股东创造价值。 （文章来源：新华财经） 根据公告显示，中远海控此次拟回购A股股份数量总额为5000万股至1亿股，按照A股回购每股人民币 14.98元的价格上限测算，本次回购 A 股股份的资金总额上限为人民币 14.98 亿元。本次回购的股份将 全部注销并减少注册资本。同时，H股回购也将在此前股东大会通过的一般性授权框架下实施。 值得注意的是，这是中远海控2025年度启动的第二轮A+H股份回购计划，也是自去年10月以来启动的 第三轮A+H股份回购计划。此前两轮回购，中远海控已累计回购A股股份和H股股份共计4.72亿股，均 已全部注销并减少注册 ...

国信证券近日发布交通运输行业10月投资策略：由于国庆假期结束，上周整体和国内客 运航班量环比有所下降，整体/国内客运航班量环比分别为-0.6%/-0.6%，整体/国内客运航班 量分别相当于2019年同期的111.2%/116.3%，国际客运航班量环比下降0.4%，相当于2019年 同期的88.3%，近期国际油价略低于去年同期水平。 顺丰控股虽然短期业绩表现承压，但是公司强调"先有后优"的战略，我们预计公司四季 度的业绩有望实现改善且回归正规，明年公司的盈利能力将继续实现提升，明年公司业绩有 望实现15-20%的较快增长，2025年PE估值约18倍，维持推荐；2）在"反内卷"政策指导下， 通达系价格开始企稳回升，公司下半年盈利将确定性改善，建议紧密跟踪行业"反内卷"政策 的持续性及竞争格局变化，推荐中通快递、圆通速递、申通快递、韵达股份。 投资建议：建议配置具有长期价值的稳健标的，看好经营稳健、风险可控且有望带来稳 定收益的价值龙头。推荐顺丰控股、中通快递、圆通速递、申通快递、韵达股份、春秋航 空、南方航空、中远海能、招商轮船、德邦股份。 风险提示：宏观经济复苏不及预期，油价汇率剧烈波动。（国信证券 罗丹） 【 ...