Core Points - The article discusses China's countermeasures against five U.S. subsidiaries of Hanwha Ocean Co., Ltd. in response to the U.S. 301 investigation into China's maritime, logistics, and shipbuilding industries [2][3] - The Chinese Ministry of Commerce has officially announced these countermeasures, which will take effect on October 14, 2025 [2] Group 1 - The U.S. investigation and measures against China's maritime and logistics sectors are deemed a serious violation of international law and harm the legitimate rights of Chinese enterprises [3] - Hanwha Ocean's U.S. subsidiaries are accused of assisting the U.S. government in these investigations, which threatens China's sovereignty and development interests [3] - The countermeasures include prohibiting organizations and individuals within China from engaging in transactions or cooperation with the listed U.S. subsidiaries [3]

港股晨报 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 流入 2.01 亿。板块方面，本地地产、软件、5G 概念板 块跌幅靠前；黄金股逆市走强。 周一港股股指宽幅震荡，收盘恒生指数跌 1.52% 报 25889.48 点，恒生科技指数跌 1.82%，恒生中 国企业指数跌 1.45%。大市成交 4903.66 亿港 元，南向资金大幅加仓 198.04 亿港元。医药、科 网股普遍下挫，药明康德、小米集团跌超 5%；自 主可控概念大涨，金山软件涨超 13%，华虹半导 体涨 8%；黄金等小金属行业逆势走强，赣锋锂业 涨逾 8%。 美股市场 1. 美股周一收高，三大股指均挽回上周五的部分失 地。道指涨 1.29%，报 46067.58 点；纳指涨 2.21%，报 22694.608 ...

Core Viewpoint - The coal sector is experiencing a positive outlook due to government policies aimed at regulating market prices and the upcoming heating season, which is expected to boost coal demand and prices [1][2]. Group 1: Market Performance - Major stock indices continued to decline, while the state-owned enterprise dividend sector rose, with the National Enterprise Dividend ETF (159515) increasing by 1.14% as of 13:30 [1]. - Key constituent stocks such as Lu'an Environmental Energy rose by 4.26%, Shanxi Coal International by 3.94%, and COSCO Shipping Holdings by 2.91% [1]. Group 2: Government Policies - On October 9, the National Development and Reform Commission and the State Administration for Market Regulation announced measures to combat price disorder and maintain market price order, which includes regulating pricing behavior and implementing penalties [1]. - The Ministry of Emergency Management plans to conduct annual safety production assessments across 31 provinces and regions starting in November, which is expected to further tighten coal supply expectations [1]. Group 3: Future Outlook - According to Zhejiang Securities, coal companies are expected to see improved performance in Q3 2025, with the heating season likely to drive up demand and support spot prices [2]. - The "anti-involution" policy is anticipated to continue promoting industry self-discipline, leading to a contraction in coal supply and supporting steady coal price increases [2]. - The National Enterprise Dividend Index (code 000824) combines state-owned enterprise themes with dividend strategies, enhancing the effectiveness of investment strategies [2].

Group 1 - Ningbo Ocean's stock price increased by 5.83% to 10.71 CNY per share, with a trading volume of 281 million CNY and a turnover rate of 11.01%, resulting in a total market capitalization of 14.015 billion CNY [1] - The stock has risen for three consecutive days, with a cumulative increase of 2.12% during this period [1] - Ningbo Ocean was established on July 14, 1992, and listed on December 8, 2022, primarily engaged in international, coastal, and Yangtze River shipping services, ship agency services, and dry bulk cargo agency services [1] Group 2 - Among the top ten circulating shareholders of Ningbo Ocean, Huaxia Fund's Huaxia CSI 1000 ETF (159845) entered the list in the second quarter, holding 1.4251 million shares, accounting for 0.57% of circulating shares [2] - The ETF has generated a floating profit of approximately 840,800 CNY today, with a floating profit of 299,300 CNY during the three-day increase [2] - The Huaxia CSI 1000 ETF was established on March 18, 2021, with a latest scale of 38.227 billion CNY and a year-to-date return of 27.53%, ranking 1977 out of 4220 in its category [2]

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].