MACD金叉信号形成，这些股涨势不错！ 中远海控(01919)发布公告，截至2026年1月13日，本次回购期限届满，本次A股股份回购方案实施完 毕。已实际回购公司A股股份5510.17万股，占公司截至2026年1月13日总股本的0.356%，回购最高价格 人民币14.98元/股，回购最低价格人民币14.86元/股，回购均价人民币14.97元/股，使用资金总额人民币 8.25亿元(不含交易费用)。 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The short - term index of the stock index futures market may continue to oscillate and adjust. If the trading volume of the two markets can remain above 3 trillion or expand, the market risk is low; otherwise, attention should be paid. It is recommended that investors focus on the structure rather than the index, wait for the volatility to decrease, and be aware of the possible disturbances caused by the annual report performance forecasts of listed companies near the end of January [5]. - For treasury bond futures, it is not advisable to short at present when the long - term bond valuation is at a low level. It is recommended to wait and see and closely monitor the central bank's open - market operation trends [10]. - For precious metals, the short - term opening of the import window may increase the capital cashing pressure that has been driving the internal - external premium, but the physical shortage in the New York market may only ease with the marginal weakening of investment and industrial demand [13]. - For the container shipping index, if the cargo volume before the Spring Festival fails to meet expectations, the spot freight rate may reach an inflection point in mid - to - late January. There is still an expectation of pre - shipment in the first quarter, and the freight rate may have marginal support. Spot enterprises should mainly hold hedging orders, and enterprises with shipping contracts before the Spring Festival should close their long - hedging positions on the futures side. The 04 contract should not be overly shorted in the short term, and attention can be paid to the positive arbitrage opportunity between the EC2604 and EC2608 contracts [14]. 3. Summary by Relevant Catalogs 3.1.当日要闻 - China's exports denominated in US dollars increased by 6.6% year - on - year in December 2025, and the year - on - year increase in imports expanded to 5.7%. In 2025, China's total value of goods trade imports and exports exceeded 45 trillion yuan for the first time [2]. - On January 14, the Shanghai, Shenzhen, and Beijing Stock Exchanges adjusted the margin ratio for margin trading, raising the minimum margin ratio for investors to buy securities on margin from 80% to 100% [2]. - The Trump administration approved NVIDIA to sell its second - most powerful AI chips to China, and the US relaxed the regulatory rules for exporting H200 chips to China [2]. - The US government recorded a budget deficit of $145 billion in December, a 67% or $58 billion increase from the same period last year. The net tariff revenue in December was $27.9 billion [3]. - The core inflation in the US slowed down more than expected in December. The year - on - year increase in core CPI was 2.6%, the lowest level in nearly five years, and the year - on - year increase in CPI was 2.7%, in line with expectations [3]. - The Governor of the Bank of Japan, Kazuo Ueda, said that if the economic outlook is realized, the Bank of Japan will continue to raise interest rates [4]. 3.2.品种观点 3.2.1. Stock Index Futures - On Wednesday, the market rose first and then fell. The Shanghai Composite Index fell 0.31%. The trading volume of the Shanghai and Shenzhen stock markets expanded compared with the previous trading day. Among the underlying indexes of stock index futures, the CSI 300 fell 0.40%, the SSE 50 fell 0.67%, the CSI 500 rose 1.04%, and the CSI 1000 rose 0.66%. Among the current - month contracts of stock index futures, IF2601 fell 0.63%, IH2601 fell 0.79%, IC2601 rose 0.64%, and IM2601 rose 0.08% [5]. - The computer, comprehensive, and communication sectors led the gains, while the banking, real estate, and non - bank financial sectors led the losses [5]. - Market regulations have been frequent in the first three trading days of this week, which led to a market decline in the afternoon. Since December 16, the Shanghai Composite Index has continued to rise, and the trading volume of the Shanghai and Shenzhen stock markets has refreshed the historical high for three consecutive days [5]. 3.2.2. Treasury Bond Futures - On Wednesday, the central bank conducted 240.8 billion yuan of 7 - day reverse repurchase operations, with 28.6 billion yuan of reverse repurchases maturing, resulting in a net investment of 212.2 billion yuan. The money market was tight, and the overnight repurchase rate was 1.39% [10]. - Affected by the non - renewal of the previous day's outright reverse repurchase, the bond market opened lower in the morning. In the afternoon, the regulatory authorities cooled the equity market, and TL2603 once turned positive and closed with a doji star. The non - renewal of the outright reverse repurchase is a concern for the bond market [10]. - Since December, treasury bond futures have been under pressure to decline. Although the equity market has cooled, the impact of the equity market on the bond market is limited at present. The above - mentioned negative factors have been partially released, and it is not advisable to short at present [10]. 3.2.3. Precious Metals - In the Asian session today, Shanghai silver continued to lead the rise in the precious metals sector. The domestic silver futures and spot prices rose strongly, and the internal - external spot premium jumped to 2,700 yuan/kg, with the premium rate rising to 13.5%. The import window opened again [12][13]. - Speculative funds showed differentiation. Gold and silver were mainly added, with gold being increased for 6 consecutive days. The total positions of New York gold futures, silver futures, platinum futures, and palladium futures changed to +7,855 lots, +2,146 lots, - 631 lots, and - 35 lots respectively [12]. 3.2.4. Container Shipping Index - Shipping companies continued to lower spot freight rates to increase the end - of - month shipment volume in the spot market. If the cargo volume before the Spring Festival fails to meet expectations, the spot freight rate may reach an inflection point in mid - to - late January. However, due to the cancellation of the VAT export tax rebate for photovoltaic products from April 1, there is still an expectation of pre - shipment in the first quarter, and the freight rate may have marginal support [14]. - The instability of shipping companies' frequent changes in spot quotes increases the difficulty of unilateral investment. Spot enterprises should mainly hold hedging orders, and enterprises with shipping contracts before the Spring Festival should close their long - hedging positions on the futures side. The 04 contract should not be overly shorted in the short term, and attention can be paid to the positive arbitrage opportunity between the EC2604 and EC2608 contracts [14]. 3.3.未来24小时重点数据 - Tonight (January 14): The US November retail sales month - on - month rate (forecast: 0.4%), the US November PPI annual rate (forecast: 2.7%), and the US December existing home sales annualized total (forecast: 4.21 million) [17]. - Tomorrow (January 15): China's December M2 money supply annual rate (forecast: 8%), China's December social financing scale (forecast: 3.52685 trillion yuan), China's December new RMB loans (forecast: 1.61608 trillion yuan), the US January New York Fed manufacturing index (forecast: 1), the US initial jobless claims for the week ending January 10 (forecast: 2.15 million), and the US January SPGI manufacturing PMI preliminary value [19][20].

Group 1 - The Wanjiacn Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159333) closed down 0.42% on January 14, with a trading volume of 27.4289 million yuan [1] - The fund was established on August 21, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of January 13, 2025, the fund had 359 million shares and a total size of 517 million yuan, showing a decrease of 9.34% in shares and 7.74% in size compared to December 31, 2024 [1] Group 2 - The current fund manager is Yang Kun, who has managed the fund since its inception, achieving a return of 44.33% during the management period [2] - The top holdings of the fund include COSCO Shipping Holdings (6.02%), China Nonferrous Mining (3.22%), and China National Offshore Oil (2.51%), among others, with their respective market values detailed [2]

Core Viewpoint - Hainan Strait Shipping Co., Ltd. has launched a "Warm Winter Action" to provide free ginger tea to passengers and frontline employees on its ferry routes, enhancing travel experience during cold weather [1][2] Group 1: Service Implementation - The initiative involves the preparation of ginger tea on board, with crew members serving it to passengers and placing it in accessible areas for self-service [1] - The service is implemented across 12 ferries, aiming to improve passenger experience during adverse weather conditions [1] - Daily, the initiative serves over 3,000 passengers, receiving positive feedback from travelers [1] Group 2: Employee Support - The "Warm Winter Action" also extends support to frontline employees working in cold conditions, ensuring their well-being [2] - As passenger traffic increases with the upcoming Spring Festival, the initiative reflects the company's commitment to service quality and safety [2] - The company emphasizes a philosophy of warmth and service, aiming to continuously optimize service details for passenger comfort [2]

Core Viewpoint - China COSCO Shipping Holdings Co., Ltd. (referred to as "COSCO Shipping") announced the signing of multiple shipbuilding agreements by its wholly-owned subsidiary, COSCO Asset, with a total investment of 18.768 billion yuan for the construction of 18 container ships [1] Group 1: Shipbuilding Agreements - COSCO Asset signed contracts for 12 units of 18,000 TEU LNG dual-fuel container ships with Jiangnan Shipyard and China Shipbuilding Trading, with a unit price of 1.399 billion yuan, totaling 16.788 billion yuan [1] - The new ships are expected to be delivered in batches from 2028 to 2029 and will be deployed on major east-west trade routes [1] - Additionally, COSCO Asset signed an order for 6 units of 3,000 TEU conventional fuel container ships with Zhoushan COSCO Shipping Heavy Industry, with a unit price of 330 million yuan, totaling 1.98 billion yuan, expected to be delivered between June and December 2028 [2] Group 2: Strategic Importance - The shipbuilding agreements are part of COSCO Shipping's global development strategy for its container shipping business, aimed at enhancing fleet capacity and consolidating its industry position [1] - The new vessels will optimize cost structures on relevant routes, thereby strengthening the company's core competitiveness in the traditional trunk market [1] Group 3: Financial Performance - From 2022 to 2024, COSCO Shipping achieved revenues of 391.058 billion yuan, 175.448 billion yuan, and 233.859 billion yuan, maintaining a leading position in the industry [2] - The net profit attributable to shareholders for the same period was 109.595 billion yuan, 23.86 billion yuan, and 49.1 billion yuan, demonstrating strong resilience in profitability [2] - As of September 30, 2025, the company reported a cash and cash equivalents balance of 170.56 billion yuan and a debt-to-asset ratio of 43.46%, indicating a robust financial condition [2]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The geopolitical changes are expected to usher in an "Oil Shipping Era" [3] - The U.S. military action against Venezuela may promote the compliance of Venezuelan oil trade, with short-term impacts limiting exports and shifting demand to compliant regions, equivalent to a demand for 19 VLCCs [4] - If U.S. sanctions on Venezuela are lifted, oil exports could reach 2.4 million barrels per day, requiring 141 VLCCs [4] - Iran's oil exports face dual pressures from domestic unrest and U.S. threats, with potential demand shifts to compliant markets equating to a need for 38 VLCCs [4] - Russia's oil exports are maintained through shadow fleets, with potential sanctions impacting 1.5 million barrels per day, equivalent to 36 VLCCs [4] - The new geopolitical landscape highlights the strategic value of oil shipping, with demand expected to improve in the short to medium term [4] Summary by Sections Geopolitical Impact on Oil Shipping - The geopolitical situation is reshaping global oil trade flows, expanding the compliant oil shipping market [4] - Short-term supply changes due to geopolitical conflicts may support shipping rates [4] - The dual logic of trade flow restructuring and compliance transformation is expected to drive demand in the oil shipping industry [4] Demand Projections - Venezuela: - Short-term demand shift due to transport restrictions: 19 VLCCs - Medium-term demand if sanctions are lifted: 46 VLCCs - Long-term potential peak exports: 141 VLCCs [4] - Iran: - Short-term demand shift due to unrest: 38 VLCCs - Long-term potential peak exports: 57 VLCCs [4] - Russia: - Potential sanctions impact: 36 VLCCs - If sanctions are lifted, demand could increase significantly [4]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The EC futures market continues to show a volatile and weak trend, with significant divergence in the market regarding the intensity of cargo rush. The spot freight rate has reached an inflection point, and attention should be paid to the subsequent booking situation. The cancellation of export tax - rebates before April 1st is expected to lead to a short - term cargo rush, which is favorable for near - term contracts and unfavorable for far - term contracts. Geopolitical factors and seasonal patterns also have an impact on the market [5][6] Group 3: Summary by Directory 1. Market Analysis and Strategy Recommendation Market Analysis - On January 14th, the EC2604 contract closed at 1230.5 points, up 2.57% from the previous day. The SCFIS European line index on January 14th was 1956.39 points, up 8.94% week - on - week, in line with market expectations. Mainstream shipping companies have successively lowered their spot quotes for the second half of January. The spot freight rate has shown an inflection point, and the cargo volume is still at a high level but may start to decline seasonally. Geopolitical factors such as the resumption of shipping in the Red Sea and US tariffs on Iran also affect the market sentiment [5][6] Trading Strategies - Unilateral: Due to many short - term disturbances and divergence in the cargo rush intensity, it is recommended to wait and see [7] - Arbitrage: Maintain the idea of buying on dips for the 6 - 10 positive spread [8] 2. Industry News - On January 13, 2026, COSCO SHIPPING Holdings Co., Ltd. (601919) announced the order of twelve 18,000 TEU container ships and six 3000 TEU container ships. The Hamas delegation has arrived in Cairo, Egypt, for cease - fire negotiations [9][10] 3. Related Attachments - The report provides multiple figures, including SCFIS European and US West line indexes, SCFI comprehensive index, container freight rates for different routes, and the basis of EC02 and EC04 contracts [12][14][17]

Core Viewpoint - COSCO Shipping Holdings has made a significant investment of approximately 18.8 billion RMB to enhance and expand its fleet by ordering a total of 18 container ships, which includes both LNG dual-fuel and conventional fuel vessels [1][2] Group 1: Investment Details - COSCO Shipping Holdings announced the construction of 12 LNG dual-fuel container ships, each costing 1.399 billion RMB, totaling 16.788 billion RMB for this segment [1] - The new ships are expected to be delivered between 2028 and 2029 and will be utilized on major east-west trade routes, replacing older vessels to optimize cost structures and improve service quality [1] - Additionally, the company has ordered 6 conventional fuel container ships at a price of 330 million RMB each, amounting to a total of 1.98 billion RMB for this order [2] Group 2: Strategic Implications - The investment in LNG dual-fuel engines aligns with global energy-saving and sustainable development strategies, reflecting the company's commitment to environmental responsibility [1] - By increasing the average container capacity per ship, the company aims to reduce per-container costs and enhance operational efficiency [1]

Core Viewpoint - Duke Holding has increased the scale of its upcoming IPO, now planning to raise $17 million by issuing 3.8 million shares at a price range of $4 to $5 per share, which is a significant increase from the initial plan of 1.3 million shares [1] Company Overview - Duke Holding is a shipping service provider based in Ontario, California, specializing in logistics services between East Asia and the United States [1] - The company offers a comprehensive suite of supply chain services, including integrated transportation, third-party logistics (3PL), and e-commerce business services [1] - Its client base includes major cross-border merchants involved in consumer goods, food, and personal protective equipment, as well as overseas shipping operators with routes to the U.S. [1] Financial Projections - For the 12 months ending September 30, 2025, Duke Holding expects to achieve revenues of $80 million [1] - The revised IPO plan is projected to raise 200% more funds than previously anticipated, leading to an estimated market capitalization of $206 million [1] IPO Details - Duke Holding plans to list on NASDAQ under the ticker symbol DUKL [1] - Tiger Brokers is serving as the sole bookrunner for this transaction [1]

Group 1 - COSCO Shipping Holdings has made a significant investment of approximately 18.8 billion RMB to upgrade and expand its fleet by ordering 18 container ships [1][2] - The company has signed contracts for 12 LNG dual-fuel container ships, each costing 1.399 billion RMB, with a total investment of 16.788 billion RMB, expected to be delivered between 2028 and 2029 [1][3] - The new vessels will replace older ships, optimize cost structures, and enhance service quality while adhering to global energy-saving and sustainable development strategies [3][4] Group 2 - The shipbuilding contracts are with Jiangnan Shipyard and China Shipbuilding Trading Company, both subsidiaries of China Shipbuilding Group [2][3] - COSCO Shipping's subsidiary, COSCO Asset, has also ordered 6 conventional fuel container ships for a total of 1.98 billion RMB, with deliveries planned for mid to late 2028 [3][4] - The funding for these investments is expected to be arranged through external financing for up to 60% of the transaction price, with the remainder covered by internal resources if necessary [5]