Core Viewpoint - China Merchants Energy Shipping Company (招商轮船) announced that four directors and senior executives plan to reduce their holdings of shares in the company within the next three months, following the guidelines set by the Shanghai Stock Exchange [1] Group 1: Share Reduction Plan - Four directors and senior executives, including Mr. Wang Yongxin, Mr. Xu Hui, Mr. Hu Bin, and Mr. Kong Kang, plan to collectively reduce their holdings by no more than 648,612 shares [1] - The total shares to be reduced represent approximately 0.008033% of the company's total share capital [1] - Each individual plans to reduce their holdings by no more than 25% of their total personal shareholdings [1]

Group 1 - The core message of the article emphasizes the preparations made by Hainan Strait Shipping Co., Ltd. for the upcoming Spring Festival travel rush, detailing the ferry process across the Qiongzhou Strait to ensure smooth travel for passengers [1][3] Group 2 - The Spring Festival travel period is from February 2 to March 13, during which a reservation system will be fully implemented for all vehicles and freight trucks traveling across the Qiongzhou Strait [3] - Passengers can make ticket reservations through the "Qiongzhou Strait Ferry Manager" app or mini-program, and are advised to arrive at the port no more than 2 hours before the scheduled time [3] - The company has established an emergency response mechanism in collaboration with local transportation departments to provide timely updates on ferry schedules in case of adverse weather conditions [3] - The company is enhancing its "seamless customs clearance" service, allowing passengers to pass through quickly using facial recognition, with dedicated lanes for elderly, children, and those with mobility issues [3] - The company is committed to ensuring a safe, comfortable, and convenient travel experience for all passengers departing from major source areas [3]

Report Industry Investment Rating - No information about the report industry investment rating is provided in the given content. Core Viewpoints of the Report - Overseas macro: US economic data shows a cooling trend, and the investigation of Fed Chairman Powell has increased concerns about the Fed's independence. Short - term attention should be paid to factors such as the US CPI data, Supreme Court rulings, and GDP data [10]. - Domestic macro: The domestic macro - environment may continue to improve moderately, with a focus on the investment end. Although the current fundamentals are in a weak off - season, policies are expected to take effect, and inflation data is marginally improving [10]. - Asset views: Recommend long positions in stock indices, non - ferrous metals (copper, aluminum, tin), and gold at the monthly level. For silver, it is recommended to be neutrally allocated in the short - term and overweight when volatility stabilizes [10]. Summary by Related Catalogs 1. Asset Price Changes a. Domestic financial assets - Index futures: The prices of沪深300,上证50,中证500, and中证1000 futures all rose on January 12, 2026, with daily increases of 0.83, 0.36, 2.81, and 3.68 respectively [2]. - Treasury bond futures: The 2 - year Treasury bond futures fell slightly, while the 5 - year, 10 - year, and 30 - year Treasury bond futures rose [2]. - Exchange rates: The US dollar index rose, and the US dollar central parity rate fell [2]. - Interest rates: The 7 - day inter - bank pledged repo rate and 10 - year Chinese Treasury bond yield decreased, while the 10 - year US Treasury bond yield decreased slightly [2]. b. Domestic industries - Industries such as defense and military, computer, and media had relatively large daily and annual increases on January 12, 2026, while industries such as petroleum and petrochemical, real estate, and coal had declines [4]. c. Domestic commodities - Precious metals: Silver had a large daily increase of 11.65% on January 12, 2026, and other precious metals also showed different degrees of increase [5]. - Energy and chemicals: Crude oil rose, while some products such as fuel oil and asphalt had different trends [5]. - Non - ferrous metals: Tin had a significant increase of 6.9%, and other non - ferrous metals also had various changes [5]. - Black building materials: Coke, iron ore, etc. had increases, and some products such as paper pulp had declines [5]. - Agricultural products: Some products such as soybean meal and palm oil had increases, while some products such as rapeseed meal and cotton had declines [5]. d. Overseas commodities - Energy: NYMEX WTI crude oil and ICE Brent crude oil rose, while NYMEX natural gas fell sharply [8]. - Precious metals: COMEX gold and silver both rose [8]. - Non - ferrous metals: LME copper, aluminum, tin, etc. all had increases [8]. - Agricultural products: CBOT soybeans, soybean oil, etc. had different degrees of change [8]. 2. Market Logic and Short - term Judgment of Different Sectors a. Finance - Stock index futures: Market is boosted by dual factors, but continuous upward movement requires waiting. The short - term judgment is oscillatory upward [12]. - Stock index options: Option hedging can increase returns. The short - term judgment is oscillatory [12]. - Treasury bond futures: Long - term sentiment is still weak. The short - term judgment is oscillatory [12]. b. Precious metals - Gold: Driven by expectations of loose liquidity and geopolitical conflicts. The short - term judgment is oscillatory upward [12]. - Silver: Affected by tight supply structure, liquidity sensitivity, and pro - cyclical factors. The short - term judgment is oscillatory upward [12]. c. Shipping - Container shipping to Europe: Supported by pre - Spring Festival shipments in the near - term, and the risk of resuming flights should be noted in the long - term. The short - term judgment is oscillatory [12]. d. Metals - Steel products: Inventory is accumulating, and the price has fallen after rising. The short - term judgment is oscillatory [12]. - Iron ore: Market sentiment is strong, and inventory pressure is increasing. The short - term judgment is oscillatory [12]. - Non - ferrous metals: Most non - ferrous metals such as copper, aluminum, and tin are in an oscillatory state, with different influencing factors [12]. e. Energy and Chemicals - Crude oil: Affected by geopolitical factors. The short - term judgment is oscillatory [14]. - Other energy and chemical products: Most products are in an oscillatory state, with different influencing factors such as supply and demand, cost, and policy [14]. f. Agriculture - Most agricultural products are in an oscillatory state, with different influencing factors such as weather, policy, and supply and demand [14].

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The market expects a concentrated rush to ship before April 1st, which will advance the export volume of photovoltaic modules after April next year. Subsequently, this part of the export volume will decline. The rush to ship may temporarily alleviate the post - holiday decline in freight rates, but it is difficult to benefit most shipping companies, and a price war in the off - season is inevitable. The main contract is supported in the short term, but the benefits of the rush to ship need to be verified. As the subsequent export decline leads to a contraction in cargo volume, the futures market is more suitable for positive spread operations. The recommended strategy is to wait and see [7]. 3. Summary by Related Content 3.1 Shipping Derivatives Data - **Freight Index**: The current values of Shanghai Export Container Freight Index (SCFI), China Export Container Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, SCFI - Northwest Europe, SCFIS - Northwest Europe, and SCFI - Mediterranean are 1647, 1195, 2218, 1323, 3128, 1719, 1956, and 3232 respectively. The previous values are 1656, 1147, 2188, 1250, 3033, 1690, 1795, and 3143 respectively. Their corresponding daily changes are - 0.54%, 4.21%, 1.37%, 5.84%, 3.13%, 1.72%, 8.97%, and 2.83% [4]. 3.2 Market News - The US Supreme Court has set Friday as the "judgment day", which will be the first possible time to rule on President Donald Trump's global tariff policy. If the court rules that Trump's tariffs are illegal, it will weaken his iconic economic policy and become the most significant legal setback since his return to the White House [5]. - According to Lloyd's List Intelligence, the US action to oust Venezuelan leader Nicolas Maduro has further accelerated the trend of "shadow fleet" tankers transferring under Russian flag protection [5]. - The Asia - Europe route has entered the peak shipping season, and liner companies have increased their capacity deployment. According to Xeneta, the capacity supply on the Asia - Pacific to Northern Europe route this week has reached a record high. The pre - Spring Festival rush to ship has begun on the Asia - Pacific to Northern Europe route. Some market observers believe that there are signs of "frontloading" in addition to seasonal demand, while others think that the cargo volume in January is still within the normal historical range [5]. 3.3 Market Quotes - **Spot Price**: The GEMINI quotes of Maersk in the fourth week of January showed differentiation. The Shanghai - Rotterdam quote was 2700 dollars/FEU (a 100 - dollar increase from the previous period), while the quotes from Ningbo - Rotterdam and Shanghai - Gdansk dropped to 2400 dollars/FEU (230 dollars lower than the European base port). Hapag - Lloyd followed the alliance's rhythm, and its quote center fell to 2300 - 2700 dollars/FEU. The OA quotes were unstable in the first half of January. In the second half, EMC quoted 2800 - 2950 dollars/FEU from January 16th to 22nd, still at a high level but with reduced price - holding strength. YML quoted 2600 dollars/FEU from January 16th to 22nd, lower than OA and MSC, and did not follow Maersk's price cut for the time being. MSC's quote in the second half of January was 2840 dollars/FEU, the same as in the first half, and did not follow Maersk's price reduction [6]. 3.4 Impact of Policy Adjustment on the Shipping Market - The State Taxation Administration issued an announcement on adjusting the export tax - refund policy for photovoltaic products. Currently, China exports an average of 35,000 - 40,000 TEU of photovoltaic modules to Europe per month, accounting for about 5% of the total export volume on the European route. It is estimated that before April 1st, the cargo volume on the European route will increase by about 30,000 TEU due to the rush to ship, which is expected to consume the capacity of two 15,000 - TEU ships. After April, third - party institutions predict that the monthly freight volume on the European route will decrease by 3000 - 4000 TEU, accounting for about 0.4%, putting pressure on the demand for far - month contracts [7].

Group 1 - The core point of the news is that China COSCO Shipping Energy Transportation Co., Ltd. (中远海能) has seen a stock price increase of 15.18% over the past four days, with a current price of 13.81 CNY per share and a market capitalization of 75.475 billion CNY [1] - The company specializes in the transportation of crude oil and refined oil, as well as liquefied natural gas (LNG), with its revenue composition being 44.88% from foreign trade crude oil, 13.64% from domestic crude oil, and 10.69% from LNG transportation [1] - The trading volume for the stock reached 1.009 billion CNY, with a turnover rate of 2.11% [1] Group 2 - The Fuguo Zhongzheng Modern Logistics ETF (富国中证现代物流ETF) has increased its holdings in China COSCO Shipping Energy by 3.84 thousand shares, bringing the total to 173.8 thousand shares, which represents 2.98% of the fund's net value [2] - The fund has generated a floating profit of approximately 31.63 thousand CNY during the four-day stock price increase [2] - The Fuguo Zhongzheng Modern Logistics ETF was established on June 3, 2021, and has a current scale of 70.6655 million CNY, with a year-to-date return of 2.78% [2]

Investment Rating - The report maintains an "Overweight" rating for the transportation industry, indicating a positive outlook for the sector's performance relative to the overall market [12]. Core Insights - The shipping market is expected to see significant growth in Q4 2025, driven by strong VLCC freight rates and structural changes in trade dynamics, including new refinery capacities and geopolitical shifts [4]. - The aviation sector is projected to enter a golden era, with passenger transport expected to reach 770 million in 2025, marking a 5.5% increase from 2024 and a 16.7% increase from 2019 [4]. - The report highlights a shift in the shipping industry from supply-driven to demand-driven dynamics, particularly in shipbuilding, as older vessels are replaced [4]. - The logistics and freight forwarding sectors are facing challenges due to trade tensions, impacting profit margins and demand [4]. Summary by Sections Shipping - Q4 2025 VLCC freight rates are expected to average around $95,500 per day, with a projected demand increase of 1.7% from new refinery capacities and a 2.1% increase from compliance changes in Venezuelan oil [4]. - The dry bulk market is also showing strong performance, with Cape-sized vessel rates expected to rise by 20% to $27,600 per day [4]. - The report estimates that COSCO Shipping Energy's Q4 earnings will be approximately 1.9 billion RMB, while China Merchants Energy's will be around 2.9 billion RMB [4]. Shipbuilding - The shipbuilding sector is experiencing a tight supply-demand balance, with second-hand ship prices rising for 11 consecutive months, indicating a positive outlook for the industry [4]. Freight Forwarding - The freight forwarding sector is facing profit margin compression due to trade frictions, with the CCFI index expected to decline by 26% in Q4 2025 [4]. Aviation - The Chinese aviation market is expected to achieve a profit of 6.5 billion RMB in 2025, with major airlines like China Eastern Airlines anticipated to see significant performance improvements [4]. - The report emphasizes the importance of international routes as passenger volumes are expected to grow, driven by a recovery in outbound travel [4]. Express Delivery - The express delivery sector is projected to see a 5% year-on-year growth in Q4, driven by price increases and seasonal demand, despite challenges from trade policies [4]. Road and Rail - The report notes a slowdown in highway traffic growth, while rail passenger and freight volumes continue to increase, with recommendations for specific companies in the sector [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - It is not recommended to enter the market for EC2602 as its current valuation is neutral and it may be affected by rush shipments [2]. - For EC2604, attention should be paid to the actual inspection and shipment situation. In the short - term, the upward sentiment may be strong, but the actual scale of rush shipments may be limited. It is necessary to continuously monitor the impact of rush shipments and consider shorting opportunities [2]. - Export tax - rebate adjustments are negative for the far - month contracts. Due to significant geopolitical disturbances in the far - month contracts, it is generally recommended to focus on shorting the EC2610 contract on rallies [2]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Data - **Closing Prices and Changes**: EC2602 closed at 1748.0 with a 1.05% increase; EC2604 at 1280.8 with an 11.91% increase; EC2606 at 1485.1 with a 4.16% increase; EC2608 at 1565.2; EC2610 at 1154.0 with a 4.70% increase [2]. - **Open Interest Changes**: The open interest of EC2602 decreased by 4359 to 13344; that of EC2604 increased by 8071 to 37092; EC2606 increased by 431 to 2936; EC2608 increased by 236 to 1451; EC2610 increased by 566 to 7228 [2]. - **Basis**: The basis of EC2602 is 208.4; EC2604 is 675.6; EC2606 is 471.3; EC2608 is 391.2; EC2610 is 802.4 [2]. - **Month - to - Month Spreads**: The spread of EC2502 - 2604 decreased by 118.1 day - on - day and 181.7 week - on - week; the spread of EC2504 - 2606 increased by 77.0 day - on - day and decreased by 11.1 week - on - week [2]. 3.2 Spot Index Data - **SCHIS (European Line)**: Updated weekly on Monday, as of 2026/1/12, it was 1956.39 points, with an 8.94% increase from the previous period and a 3.05% increase in the previous period [2]. - **SCFI (European Line)**: Updated weekly on Friday, as of 2026/1/9, it was 1719 dollars/TEU, with a 1.72% increase from the previous available data [2]. 3.3 European Line Spot Situation - **Week 2**: MSK's price remained flat at 2500 dollars, and the price in Hamburg was 2600 dollars (+100). PA had some price drops, while OA raised prices. The central price was 2860 dollars, equivalent to about 2000 points on the futures market [3]. - **Week 3**: MSK increased the price by 100 dollars when opening the cabin. Other alliances had small price drops. PA was at 2600 dollars (YML's one route was 2400 dollars), and PA's price range was 2800 - 2900 dollars. The central price was 2750 dollars, equivalent to about 1930 points on the futures market [3]. - **Week 4**: MSK increased the price by 100 dollars when opening the cabin, and most other shipping companies had not adjusted prices for the time being [3]. 3.4 Related News - On January 13, it was reported that from January 11 - 12, Maersk's Denver vessel successfully passed through the Mandeb Strait and entered the Red Sea. Maersk will continue to gradually resume east - west shipping through the Suez Canal and the Red Sea [4]. - On January 13, Trump announced that starting from that day, any country doing business with Iran will be subject to a 25% tariff on all its commercial activities with the United States [4].

航线创新采用内外贸同船运输模式，实现货物资源的优化配置，既能为东营及周边地区化工、装备制造 等产业提供多元、便捷、低成本、低碳环保的综合物流服务，有效降低企业物流成本、提升供应链稳定 性；又能借助洋浦作为海南自贸港核心承载区的枢纽功能，拓宽服务中国南方市场的范围，辐射东南 亚、中东等地区，搭建起贯通南北、联通内外的高效物流桥梁。(完) （文章来源：中国新闻网） 中新社山东东营1月13日电据山东东营市东营港经济开发区13日消息，1月12日，"东海之源"集装箱货轮 在东营港一突堤集装箱码头完成装卸作业离泊启航，这标志着黄河入海口城市东营首条内外贸同船航线 成功开航。 此次开通的东营—洋浦内外贸同船航线，是青岛中远海运集装箱运输有限公司布局南北物流通道的重要 航线，依托东营港优越的区位条件与完善的集疏运体系，构建起"黄河入海口产业腹地—海南自由贸易 港"的直达链路。 ...

Group 1 - The core viewpoint of the news is that China COSCO Shipping Energy Transportation Co., Ltd. (中远海能) has shown significant stock price increases and trading activity, indicating positive market sentiment [1] - As of January 13, the stock price increased by 19.09% year-to-date, with a 15.92% rise over the last five trading days and a 21.91% increase over the last twenty days [1] - The company has a total market capitalization of 76.02 billion yuan and reported a trading volume of 743 million yuan on January 13 [1] Group 2 - The company operates in the transportation sector, specifically in shipping, and is involved in international and domestic oil and LNG transportation [1][2] - As of September 30, the company reported a revenue of 17.11 billion yuan for the first nine months of 2025, a slight decrease of 0.21% year-on-year, and a net profit of 2.72 billion yuan, down 20.27% year-on-year [2] - The company has distributed a total of 14.46 billion yuan in dividends since its A-share listing, with 4.44 billion yuan distributed over the last three years [3] Group 3 - The company is categorized under the transportation and shipping industry, with relevant concepts including the Shanghai Free Trade Zone, ocean transportation, state-owned enterprise reform, oil and gas storage, and the Belt and Road Initiative [2] - As of September 30, the number of shareholders decreased by 29.24% to 82,400, with an average of 0 circulating shares per shareholder [2] - Major institutional shareholders have reduced their holdings, with Hong Kong Central Clearing Limited holding 69.66 million shares, down by 21.98 million shares from the previous period [3]

航运日报 | 2026-01-13 2月合约交割结算价格逐步清晰，关注马士基1月最后一周报 价 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹1月第四周价格1685/2710；HPL 1月上半月报价1635/2635，1月下半月船 期报价1635/2635，2月上半月船期报价1735/2835. MSC+Premier Alliance：MSC1月上半月价格1700/2840，1月下半月船期报价1700/2840；ONE 1月下半月船期报价 1680/2635,2月上半月船期报价1680/2635；HMM上海-鹿特丹1月下半月船期报价1733/3036. Ocean Alliance：CMA 上海-鹿特丹1月下半月船期报价2309/3693，2月份船期价格2409/3893；EMC1月下半月船 期报价3030-3130美元/FEU；OOCL 1月上半月份船期报价2780-2830美元/FEU。 地缘端：马士基：将继续采取循序渐进的方式，逐步恢复通过苏伊士运河和红海的东西向航道航运。 静态供给：交付现状层面，截至2025年12月31日。2025年至今交付集装箱船舶268艘，合 ...