Group 1 - The core viewpoint of the news is that Antong Holdings has shown a mixed performance in its stock price and financial results, with a notable increase in revenue and net profit year-on-year [1][2]. Group 2 - As of January 14, Antong Holdings' stock price increased by 2.15% to 5.22 CNY per share, with a total market capitalization of 22.089 billion CNY [1]. - The company experienced a net inflow of main funds amounting to 14.78 million CNY, with significant buying activity from large orders [1]. - Year-to-date, the stock price has decreased by 5.43%, but it has increased by 29.21% over the past 20 days [1]. Group 3 - For the period from January to September 2025, Antong Holdings achieved a revenue of 6.537 billion CNY, representing a year-on-year growth of 22.65% [2]. - The net profit attributable to shareholders for the same period was 664 million CNY, showing a remarkable increase of 311.77% compared to the previous year [2]. - The company has distributed a total of 116 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [2].

消息面上，申万宏源研报指出，2025年4季度VLCC运价异常强劲，单季度运价均值录得有史以来第四 高。2026年VLCC市场贸易端结构性变化预计带来超预期增长：中国新增炼厂产能预计贡献VLCC约 1.7%需求增长；此外，委内原油"合规化"预计增加2.1%VLCC需求；伊朗以及俄罗斯等地缘变化导致的 贸易结构性变化也将贡献VLCC增量。该行估测，由于4季度业绩期VLCC运价大幅改善，均值录得9.55 万美元/天左右，估算4季度中远海能业绩约19亿元。 中远海能（600026）(01138)再涨超4%，截至发稿，涨4.03%，报12.13港元，成交额2.47亿港元。 ...

Group 1 - The core viewpoint of the article highlights that China Merchants Energy (01138) has seen a stock price increase of over 4%, currently trading at HKD 12.13 with a transaction volume of HKD 247 million [1] - According to a report by Shenwan Hongyuan, the VLCC (Very Large Crude Carrier) freight rates are expected to be exceptionally strong in Q4 2025, with the average quarterly freight rate reaching the fourth highest in history [1] - The VLCC market is anticipated to experience structural changes in 2026, leading to unexpected growth, driven by new refinery capacity in China contributing approximately 1.7% to VLCC demand growth [1] Group 2 - The report also indicates that the "compliance" of Venezuelan crude oil is expected to increase VLCC demand by 2.1% [1] - Geopolitical changes in regions such as Iran and Russia are projected to contribute additional growth in VLCC demand [1] - The estimated average VLCC freight rate for Q4 is around USD 95,500 per day, leading to an estimated performance of approximately RMB 1.9 billion for China Merchants Energy in Q4 [1]

Core Viewpoint - Guangzhou's Nansha District has introduced a series of measures to stimulate economic growth and investment at the beginning of 2026, focusing on enhancing investment vitality, supporting small and micro enterprises, and optimizing financial services for businesses [1] Tax Incentives - Nansha has implemented three regional tax incentive policies since January 1, 2022, including a reduced corporate income tax rate of 15% for eligible industries, extended loss carryforward for high-tech enterprises up to 13 years, and tax exemptions for Hong Kong and Macau residents exceeding local tax burdens [1][2] Business Growth and Market Dynamics - By November 2025, 60 enterprises benefited from the 15% corporate income tax incentive, resulting in a total tax reduction of over 2.1 billion yuan, with new enterprises contributing over 1.9 billion yuan in taxes and generating over 50 billion yuan in revenue [2] - Nansha's market entities exceeded 380,000 by the end of 2025, with nearly 5,000 new Hong Kong and Macau enterprises established in three years, indicating a growing talent aggregation effect [2] Land Supply and Cost Reduction - Nansha has reformed its land supply system to match land resources with enterprise needs, implementing a model that provides various types of industrial space and reducing land costs by over 1.9 billion yuan through flexible land transfer periods [2][3] Financial Support - The Nansha Technology Innovation Fund has approved 49 sub-funds, leveraging over 18 billion yuan in total scale and investing approximately 1.468 billion yuan in 74 projects, recognized as one of the top county-level government guidance funds in China [3] Market Access and Regulatory Reforms - In 2023, Nansha began exploring regulatory reforms in biomedicine and intelligent unmanned systems, allowing clinical applications of restricted cell transplantation technologies [4] - Nansha has established itself as a pioneer in cell and gene therapy, successfully conducting the first clinical application of thalassemia treatment in June 2025 [4] Research and Development Support - Nansha allocates up to 100 million yuan annually for R&D subsidies, rewarding enterprises that increase R&D spending with up to 3 million yuan based on their expenditures [4] Customs and Logistics Improvements - The implementation of a "seven-day exemption" for customs procedures significantly reduced the number of required steps from 42 to 1, enhancing shipping efficiency and supporting the Greater Bay Area's logistics [5] Approval and Service Efficiency - Nansha has streamlined its approval processes, achieving significant reductions in project initiation times, with some projects starting construction within 128 days of negotiation [6] - The introduction of a comprehensive inspection system has reduced the frequency of enterprise inspections by 70%, minimizing disruptions to business operations [6]

Report Industry Investment Rating - Not provided in the given content Core Views - Maersk lowered the WEEK5 quotation, and the valuation of the 02 contract is gradually becoming clear. The cargo volume in December and January is at a relatively high level within the year. The final trading day of the EC2602 contract of the Container Shipping Index (European Line) futures is February 9, 2026, and its delivery settlement price is the arithmetic average of the three - period delivery settlement prices on January 26, February 2, and February 9, 2026. Currently, the valuation of the 02 contract is taking shape, but it will be affected by Maersk's next - week quotation and the price correction of the PA Alliance [7][8]. - The policy of canceling the VAT export tax rebate on photovoltaic and other products may disrupt the off - season characteristics of the 04 contract, and the volatility of the 04 contract is expected to increase in the near future. It is necessary to pay attention to whether the cargo volume from the Far East to Europe in February and March can rise significantly and whether the actual freight rate will be stronger than in normal years [9]. Summary by Directory 1. Futures Price - As of January 13, 2026, the total open interest of all contracts of the Container Shipping Index (European Line) futures was 62,795.00 lots, and the single - day trading volume was 54,738.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1720.40, 1199.70, 1413.50, 1529.90, 1107.40, and 1372.10 respectively [10]. 2. Spot Price - On January 9, the SCFI (Shanghai - Europe route) price was 1719 dollars/TEU, the SCFI (Shanghai - West Coast of the United States) price was 2218 dollars/FEU, and the SCFI (Shanghai - East Coast of the United States) price was 3128 dollars/FEU. On January 12, the SCFIS (Shanghai - Europe) was 1956.39 points, and the SCFIS (Shanghai - West Coast of the United States) was 1323.98 points [10]. 3. Container Ship Capacity Supply - **Static Supply**: As of December 31, 2025, 268 container ships with a total capacity of 2.155 million TEU were delivered in 2025. From 2026 - 2029, there are clear delivery plans for 12000 - 16999TEU and 17000 + TEU ships. The delivery pressure of ultra - large ships in 2026 is relatively small, while the annual delivery volume of 17000 + TEU ships in 2027, 2028, and 2029 exceeds 40 ships [4]. - **Dynamic Supply**: The average weekly capacity in January was 328,400 TEU, and the capacities in WEEK3/4/5 were 318,100/361,000/306,000 TEU respectively. The average weekly capacity in February was 277,300 TEU, and there were 4 TBNs and 6 blank sailings. The average weekly capacity in March was 281,600 TEU, and there were 4 blank sailings and 5 TBNs [5]. 4. Supply Chain - Maersk will gradually resume east - west shipping through the Suez Canal and the Red Sea [4]. 5. Demand and European Economy - In October 2025, China's photovoltaic module exports to the European market were about 7.55 GW, a decrease of about 31% compared with September and an increase of 8% compared with the same month in 2024. From January to October, the cumulative exports to the European market were about 91 GW, an increase of 8% compared with the previous year. After excluding the Netherlands, France ranked second in terms of single - month imports of photovoltaic modules from China [6].

Production Sector - The coke oven operating rate increased to 71.63%, up by 0.87% from the previous week[7] - The blast furnace operating rate rose to 79.33%, a 0.37% increase week-on-week[7] - The PX operating rate improved to 90.07%, reflecting a 1.67% increase[7] - The full tire steel operating rate decreased slightly to 58.02%, down by 0.13%[7] - The semi-tire steel operating rate fell to 65.89%, a decrease of 2.36%[7] Consumption Sector - Weekly box office revenue reached 107.3 million yuan, a significant increase of 51.5 million yuan compared to the previous week[7] - Average daily retail sales of passenger cars increased to 82,048.55 units, up by 3,134.35 units[7] - Average daily wholesale sales of passenger cars rose to 106,358.95 units, an increase of 6,925.70 units[7] Real Estate and Infrastructure - The transaction area of commercial housing in 30 major cities dropped to 116.27 million square meters, down by 110.15 million square meters from the previous week[7] - The transaction area of second-hand houses in major cities increased to 206,569.54 square meters, up by 53,755.83 square meters[7] - The land transaction area in 100 major cities decreased to 625.15 million square meters, down by 593.60 million square meters[7] - The land premium rate in 100 major cities increased to 1.41%, up by 0.96%[7] Trade and Inflation - The Shanghai Export Container Freight Index (SCFI) fell to 1,647.39, a decrease of 8.93 points[8] - The China Export Container Freight Index (CCFI) rose to 1,194.89, an increase of 48.22 points[8] - The Baltic Dry Index (BDI) decreased to 1,688.00, down by 194.00 points[8] - The wholesale price index for agricultural products dropped to 128.65, down by 0.78 points[8] Transportation - The subway passenger volume in Beijing decreased to 950.13 million, down by 1.58 million from the previous week[8] - The subway passenger volume in Shanghai fell to 917.29 million, a decrease of 56.71 million[8] - The subway passenger volume in Guangzhou dropped to 969.54 million, down by 105.56 million[8] - The number of domestic flights (excluding Hong Kong, Macau, and Taiwan) decreased to 12,383.71, down by 294.57 flights[8]

投资咨询业务资格：证监许可【2012】669号 仲鼎 从业资格号F03107932 投资咨询号Z0021450 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 金融市场涨跌幅 | 2026-01-13 | 品种 | 现价 | 日度涨跌幅 | 周度涨跌幅 | 月度涨跌幅 | 季度涨跌幅 | 年度涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | --- | | 殷指 | 炉深300用货 | 4758. 6 | -0. 53 | 0. 31 | 3. 45 | 3.45 | 3.45 | | | 上证50期货 | 3137. 6 | -0. 27 | 0.09 | 3.72 | 3.72 | 3.72 | | | 中证500期货 | 8131.2 | -1. 32 | 1.16 | 10. 44 | 10. 44 | 10. 44 | | | 中证1000期货 | 8160. 4 | -1. 87 | 1.39 | 9.74 | ...

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - For the EC2602 contract, it is moving towards the delivery logic and is subsequently influenced by the spot market. Its current valuation is neutral, and new entry is not recommended [3]. - The EC2604 contract requires attention to spot prices and actual rush - shipping situations. The expected decline in MSK's cabin opening in week 5 may suppress the futures market, but rush - shipping may occur as freight rates fall, potentially reducing the decline rate in March. Its valuation fluctuates widely within a reasonable range, and subsequent corrective market opportunities are worth noting [3]. - Export - tax rebate adjustments are negative for far - month contracts, but far - month contracts are highly affected by geopolitical factors. It is generally recommended to short the 10 - contract on rallies [3]. 3. Summary by Relevant Catalog 3.1 Contract Data - EC2602: Yesterday's closing price was 1720.4, down 1 - 8%, with a trading volume of 6210 and an open interest of 11862, a decrease of 1482 [2]. - EC2604: Yesterday's closing price was 1199.7, down 6.33%, with a trading volume of 44098 and an open interest of 38770, an increase of 1678 [2]. - EC2606: Yesterday's closing price was 1413.5, down 4.82%, with a trading volume of 2459 and an open interest of 3264, an increase of 328 [2]. - EC2608: Yesterday's closing price was 1529.9, down 2.26%, with a trading volume of 260 and an open interest of 1359, a decrease of 92 [2]. - EC2610: Yesterday's closing price was 1107.4, down 4.04%, with a trading volume of 1672 and an open interest of 7446, an increase of 218 [2]. 3.2 Month - spread Data - EC2502 - 2604: The value was 520.7, with a daily increase of 53.5 and a weekly decrease of 76.4 [2]. - EC2504 - 2606: The value was - 213.8, with a daily decrease of 9.5 and a weekly increase of 27.1 [2]. 3.3 Index Data - SCHIS (updated every Monday, announced on 2026/1/12): The current value is 1956.39 points, up 8.94% from the previous period and 3.05% from two periods ago [2]. - SCFI (European line, updated weekly, announced on 2026/1/9): The current value is 1719 US dollars/TEU, up 1.72% from the previous period [2]. 3.4 European Line Spot Situation - Week 3: MSK opened cabins at 2600. Other alliances had a slight decline, with PA at 2600 (YML's one route at 2400), PA at 2800 - 2900 US dollars. The central price was 2750 US dollars, equivalent to about 1930 points on the futures [3]. - Week 4: MSK opened cabins at 2700. Other alliances remained stable for the time being, with a central price of 2750 US dollars, equivalent to about 1930 points on the futures [3]. - Week 5: MSK opened cabins at 2400 (a decrease of 300 compared to the previous week), YML quoted at 2650 US dollars, and other shipping companies had not adjusted prices yet [3].

Market Dynamics - International oil prices reached their highest level since October last year, with WTI crude oil futures closing at $61.15 per barrel, up 2.77%, and Brent crude at $65.47 per barrel, up 2.51% [1] - The U.S. stock market saw all three major indices decline, with the Nasdaq China Golden Dragon Index dropping 1.86%. Intel shares rose over 7%, reaching a nearly two-year high [1] - The U.S. December core CPI increased by 2.6% year-on-year, below expectations, while the overall CPI rose by 2.7%, aligning with market forecasts [1] Commodity Trends - Spot silver prices hit $89 per ounce, rising 4.65% and marking a historical high, with significant intraday gains [2] - Lithium carbonate futures reached a two-year high, peaking at 174,060 yuan per ton, driven by increased demand and supply concerns [2][4] Corporate Developments - NVIDIA received approval from the U.S. government to ease export restrictions on its H200 chips to China, with the U.S. Department of Commerce overseeing the sales [2] - Rongbai Technology signed an agreement with CATL to supply 3.05 million tons of lithium iron phosphate cathode materials, with total sales exceeding 120 billion yuan [2][4] - Guizhou Moutai announced a shift in its sales model to a multi-channel approach, aiming for a dynamic pricing mechanism [4] Industry Insights - The AI-driven pharmaceutical market in China is projected to grow significantly, with a compound annual growth rate of 47.8% from 2019 to 2024, and expected to reach 58.6 billion yuan by 2028 [7] - The industrial internet sector in China is set to expand, with the Ministry of Industry and Information Technology reporting over 8,000 5G factories and a projected core industry scale exceeding 1.6 trillion yuan by 2025 [9] Investment Opportunities - The storage industry is entering a "super cycle," with a projected net profit increase of 1225.40% to 1449.67% for a leading company in Q4 2025 [5] - The AI-driven storage chip market is expected to see significant price increases due to supply-demand mismatches [5]

Core Viewpoint - COSCO Shipping Holdings (601919) announced the voluntary order of twelve 18,000 TEU container ships to enhance fleet capacity and strengthen its industry position [1] Group 1: Order Details - The order is placed by a subsidiary of COSCO Shipping Holdings with Jiangnan Shipyard (Group) Co., Ltd. and China Shipbuilding Industry Corporation [1] - The expected delivery time for the ships is between 2028 and 2029, with plans to operate them on major east-west trade routes [1] Group 2: Strategic Goals - The new ships are part of COSCO's strategy to achieve global balanced development and reinforce its core competitiveness in the traditional trunk line market [1] - The vessels will be equipped with green fuel technology (LNG dual-fuel engines) to align with global low-carbon initiatives and the trend towards green, low-carbon, and intelligent shipping [1] Group 3: Fleet Optimization - The new order will gradually replace older vessels, helping to optimize the company's fleet structure [1] - The average container capacity per ship will increase, effectively reducing unit costs and enhancing economies of scale [1]