2009年，中国海员建设工会和中国船东协会建立中国船员集体协商工作机制，制定《中国船员集体协议 （A类）》，并坚持定期开展集体协商工作16年。协议广泛适用于中国籍船员、中国船东协会的会员单 位及其所拥有和（或）管理的国际航行船舶。在经历多轮修订后，集体协议逐步涵盖船员最低工资标 准、最低伙食费标准、伤病亡处理行业标准、提前解除劳动合同或上船协议规范程序等多项海上劳动标 准。这些标准在我国履行《2006年海事劳工公约》、维护船员切身利益、推动航运业健康可持续发展等 方面发挥了重要作用，获得了业内的广泛认可与应用。 本报讯 （记者赵欢）12月29日，中国海员建设工会与中国船东协会在北京对《中国船员集体协议（A 类）》修订达成一致意见并签署新一轮集体协议。双方一致同意，中国船员最低基薪标准在当前执行的 协议版本基础上，增长4%，以一等水手为例，其最低基薪将由717.76美元/每月增长至746.47美元/每 月，船员最低日薪、小时薪相应提高。双方将于2026年4月30日前，参照本次协商的结果和中国人民银 行公布的2025年平均汇率，测算并公布中国船员人民币最低基薪。本轮协议有效期为2026年5月1日至 2028年4月 ...

Core Viewpoint - Precious metals are experiencing significant volatility, with silver undergoing substantial adjustments due to profit-taking and market sentiment shifts, despite long-term supportive factors such as central bank gold purchases and weakening dollar credibility [2][18]. Group 1: Precious Metals - Precious metals are facing increased volatility, particularly silver, which has seen a significant adjustment [2][18]. - The U.S. November CPI increased by 2.7% year-on-year, lower than the expected 3.1%, while core CPI rose by 2.6%, below the anticipated 3% [2][18]. - The overall downward trend in CPI provides room for potential interest rate cuts, supporting precious metal prices [2][18]. - Recent profit-taking and margin adjustments by exchanges have led to sharp fluctuations in precious metal prices, but the long-term upward trend remains intact [2][18]. Group 2: Stock Indices - The U.S. three major indices declined, with the oil and petrochemical sectors leading gains while the non-ferrous metals sector lagged [3][11]. - The market turnover reached 2.16 trillion yuan, with financing balances decreasing by 2.037 billion yuan to 25,264.62 billion yuan [3][11]. - The appreciation of the RMB against the USD is accelerating, with the offshore RMB exchange rate briefly surpassing the 7.0 mark, driven by expectations of U.S. interest rate cuts [3][11]. - The anticipated return of overseas capital and the revaluation of Chinese assets are supported by improved policies and funding expansion [3][11]. Group 3: Copper - Night trading saw copper prices drop by 2.8% due to profit-taking, despite ongoing tight supply conditions for concentrates [4][19]. - The smelting profit margins are at breakeven, with overall smelting output continuing to grow [4][19]. - Market sentiment is influencing short-term copper prices, with a focus on changes in the dollar, smelting output, and downstream demand [4][19]. Group 4: Industry News - Several lithium iron phosphate companies announced maintenance and production cuts scheduled for January 2026, with reductions ranging from 35% to 50% [8].

Core Viewpoint - Shenzhen has established the first national ship registration comprehensive service platform, the Shenzhen International Ship Registration Service Center, to enhance its international shipping service capabilities and support the development of the Greater Bay Area [1][2]. Group 1: Establishment and Purpose of the Center - The Shenzhen International Ship Registration Service Center was officially launched on December 29, marking a significant step in the city's efforts to develop its shipping industry and innovate reforms [1]. - The center aims to fill the gap in international ship quality assurance and maritime facility registration, serving as a high-level platform to gather global resources and support regional development [1][2]. Group 2: Policy Background and Reforms - The establishment of the center aligns with national policies, including the 2020 deployment of comprehensive reform pilot programs in Shenzhen, which included the reform of the international ship registration system [2]. - The 2021 plan for the Qianhai-Shenzhen-Hong Kong Modern Service Industry Cooperation Zone expanded this reform to include international ship registration and supporting system reforms [2]. Group 3: Innovations and Future Plans - The new "non-stop operation certificate transfer" innovation allows for quicker ship registration processes, significantly reducing the time required for ship re-registration from over 20 days to a much shorter period [2]. - By December 2024, the "China Qianhai" ship registry is expected to grow rapidly, with plans to add 18 ships, totaling 20 vessels with a gross tonnage of 580,000 tons and a value of 5.8 billion yuan, positioning it among the top three in the country [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View - The European container shipping market shows a "synchronous strengthening of spot and futures" trend. Freight rates have rebounded for multiple weeks, with both spot and futures prices rising steadily. Shipping companies are strongly willing to control capacity and support prices. The demand side benefits from pre - Spring Festival stocking and restocking needs, improving the cabin loading rate; the supply side sees a reduction in blank sailings and a tightening of effective capacity. The Red Sea situation has marginally eased, with some airlines tentatively resuming flights, but overall they remain cautious. Freight rates may peak in early January, and the market faces adjustment pressure depending on demand sustainability and flight resumption progress. [9] 3. Summary by Relevant Catalogs 3.1 Shipping Derivatives Data - **Freight Rate Index**: The Shanghai Export Container Freight Index (SCFI) is 1656, up 6.66% from the previous value of 1553. The China Export Container Freight Index (CCFI) is 1147, up 1.95% from 1125. SCFI - US West is 2188, up 9.84%, SCFIS - US West is 962, up 4.11%, SCFI - US East is 3033, up 6.57%, and SCFI - Northwest Europe is 1690, up 10.24%. SCFIS - Northwest Europe is 1589, up 5.23%, and SCFI - Mediterranean is 3143, up 10.94%. [5] - **Contract Data**: For contracts, EC2506 is 1316.2, down 0.29% from 1320.0; EC2608 is 1486.1, down 0.71% from 1496.7; EC2610 is 1049.3, down 0.92% from 1059.0; EC2512 is 1613.0, up 0.31% from 1608.0; EC2602 is 1824.5, up 1.38% from 1799.7; EC2604 is 1154.8, down 0.83% from 1164.5. [5] - **Position Data**: EC2606 position is 2249, up 123 from 2126; EC2608 position is 1192; EC2610 position is 6049, up 108 from 5941; EC2512 position is 1675, down 39 from 1714; EC2602 position is 31849, down 2401 from 34250; EC2604 position is 21462, up 208 from 21254. [5] - **Monthly Spread**: The 12 - 02 monthly spread is - 211.5, down 19.8 from - 191.7; the 12 - 04 monthly spread is 458.2, up 14.7 from 443.5; the 02 - 04 monthly spread is 669.7, up 34.5 from 635.2. [5] 3.2 Market Overview - The EC market shows a volatile trend. [7] 3.3 Spot Price - **Gemini Alliance**: MSK's freight rate in the second week of January rose to 2540 dollars/FEU, a 40 - dollar increase compared to the opening price, with the overall offline loading rate increasing. HPL - SPOT's price in the first half of January dropped from 3535 dollars/FEU to 3035 dollars/FEU, and there is an expected increase back to 3535 dollars/FEU in the second half of January. [8] - **OCEAN Alliance**: OOCL's freight rate in the first half of January remained flat at 3180 - 3230 dollars/FEU. CMA's freight rate in the first half of January rose slightly from 3245 dollars/FEU to 3293 dollars/FEU. [8] - **MSC&PA Alliance**: ONE has an expected online price increase to 2835 dollars/FEU in the second half of January. Offline, the FAK quote in the first half of January was 2800 dollars/PEU, up 120 dollars/FEU from the end of December. YML's offline quote is 2800 dollars/FEU, with special prices available for large volumes. [8] 3.4 Strategy - The recommended strategy is to wait and see. [10]

才能真正安心开展国际贸易。然而，中国的海洋战略与英美截然不同。我们构建的是一种防御性的安全 屏障，目的是保障自身的发展权，而非谋求全球霸权。我们不需要像英美那样通过军事基地控制他国或 掠夺资源。中国的海洋战略是基于在屋檐下的无奈，反衬出自主护航的必要性，同时愿意与区域内其他 国家分享发展机遇。 海南全岛封关，推动超级自贸区建设，备受全球瞩目。虽然这一举措为海南带来了巨大的经济潜力，但 很多人在讨论这一经济红利时，往往忽视了背后更为重要的支撑力量——以福建舰和055型万吨大驱为 代表的强大海军力量。没有强大的海上力量，所谓的超级自贸区就像是在沙滩上建的城堡，随时可能崩 塌。 外界普遍认为，海南封关是与新加坡直接对标，目标是争夺国际航运和金融中心的地位。虽然这可能会 分流新加坡的一部分市场份额，但这并不是针对某个国家的恶性竞争，而是中国自身发展的必然趋势。 更重要的是，随着中国的崛起，必然带来一个巨大的增量市场，新加坡和周边国家完全可以从中获益。 但前提是必须掌控南海，确保航运安全。回顾历史，新加坡的繁荣实际上是享受了英美主导的海洋秩序 红利。二战后，英国为了维持在东南亚的影响力，采取了分而治之的策略，1965年 ...

Core Viewpoint - Despite the construction of tariff barriers by the largest global economy, international trade in goods is expected to maintain a relatively strong momentum in 2025, although the trajectory of trade is shifting with a decline in U.S. imports and robust growth in imports from developing economies in Africa, the Middle East, and Latin America [3] Group 1: Trade Dynamics - Global container shipping volume increased by 2.1% year-on-year in October, but the global container supply chain is beginning to adjust and reshape trade patterns [3] - The U.S. container import volume is projected to decline significantly in 2025, contrasting with a 15.2% increase in 2024 [3] - Trade experts anticipate increased turbulence in international trade over the next year, driven by four key uncertainties: the review of the USMCA, the reopening of the Red Sea route, agreement uncertainties, and the U.S. Supreme Court's ruling on tariffs [3] Group 2: USMCA Review - The U.S., Canada, and Mexico are set to review the USMCA, which allows for updates six years after its implementation [5] - Over 1,500 responses were received during the public consultation period, with many stakeholders supporting the agreement but calling for improvements [6] - Tensions between the U.S. and Canada have escalated following the suspension of trade talks due to a tariff advertisement controversy [6] Group 3: Shipping Concerns - Shipping companies express concerns about the upcoming year, with potential disruptions similar to those experienced during the pandemic [7] - The return to the Red Sea shipping route could lead to increased market capacity and severe port congestion in Europe [7] - Demand from the U.S. economy may not see significant growth, with estimates suggesting a maximum increase of less than 5% [8] Group 4: Trade Agreements - The Trump administration's trade agreements with various partners lack traditional legal binding and enforcement mechanisms, raising concerns about their stability [10] - The agreements with the UK and EU are described as non-binding, with the term "deal" lacking legal significance [10] - Ongoing negotiations with the EU and India are expected to continue into the new year, with potential retaliatory measures from the U.S. against the EU [10] Group 5: Supreme Court Ruling - A significant unknown in global trade for 2026 is the upcoming U.S. Supreme Court ruling on the legality of the Trump administration's tariffs [12] - If the Trump administration loses, it may have to refund tariffs paid by U.S. importers, although the process remains uncertain [12] - The likelihood of the Trump administration losing the case is estimated at 75%, which could force the government to utilize other powers to impose tariffs [12]

虽然全球最大经济体在构筑关税壁垒，但大部分国际机构的统计数据都证实，全球商品贸易在2025年仍 然保持了相对良好的势头。 不过，在整体韧性之下，暗流涌动，贸易的轨迹发生了转变：美国进口量下降，非洲、中东、拉丁美洲 等发展中经济体的进口量均呈现强劲增长态势。 美国知名智库海事战略中心研究员、航运业明星分析师麦科恩（John McCown）在最新一期研究报告中 称，10月全球集装箱货运量同比增长2.1%，但世界集装箱供应链已经开始调整和重塑贸易模式，"在美 国2024年全年集装箱进口量增长15.2%之后，如果说2025年的年度总数将与此截然相反，那都是轻描淡 写了。" 麦考恩认为，特朗普政府的贸易威胁是货物运输模式重塑的主要原因之一。他认为，如果说2025年是关 税之年，那么2026年将是关税后果显现之年。 与此同时，大部分贸易专家都预计，未来一年国际贸易动荡将加剧，而其中有四个"不确定性"最为关 键，分别是：重新审查美墨加协定（USMCA）、重启红海之路、协议的不确定性和美国最高法院对特 朗普政府关税的裁决。 重审美墨加协定 美国、加拿大和墨西哥即将开始审查2020年生效的《北美自由贸易协定》。美国贸易代表格里 ...

全球贸易体系正结束过去一个世纪以来最具变革性且最戏剧性的一年，然而进入2026年之后，又将 面临着更多且更加严峻的挑战因素，威胁着贸易稳定格局和全球经济增长。 随着2026年的到来，全球贸易体系正面临稳定和增长方面的诸多挑战，且暗流不断变化，其中包括 美国进口规模的萎缩以及来自非洲、中东、拉丁美洲和印度进口的强劲增长。 关税后果之年：2026年全球贸易可能面临更多动荡 尽管美国总统唐纳德·特朗普开始在世界最大经济体周围建立起愈发坚实的关税壁垒，但全球商品 贸易体系在面临关税重压的2025年依然相对稳定。航运行业资深人士John McCown本周引用的统计数据 表明，全球集装箱运输量在10月实现同比增长了2.1%。 然而，在整体贸易韧性之下，存在着一些快速变化的潜流因素：美国今年以来的进口量下降了约 8%，而来自非洲、中东、拉丁美洲和印度的进口则表现出强劲增长。 上述图表显示，美国商品进口滞后于全球贸易量增长步伐——美国以外的全球集装箱运输/吞吐量 仍旧保持韧性。 McCown在周一的研究报告中写道："全球集装箱供应链已经开始调整，并重新配置贸易模式。"有 统计数据显示，在2024年，美国的集装箱进口规模增长了 ...

Group 1 - The global trade system is entering a challenging year after a transformative one, with stability and growth prospects facing more tests [2][14] - Despite the U.S. imposing tariff barriers, global goods trade remains relatively robust, with a 2.1% year-on-year increase in global container shipping volume in October [2][14] - However, underlying issues are evident, as U.S. inbound volumes have decreased by 8%, while imports from Africa, the Middle East, Latin America, and India have shown strong growth [2][14] Group 2 - The global container supply chain is adapting and reconfiguring trade patterns, with predictions of a significant shift in 2025 compared to 2024, which saw a 15.2% increase in U.S. container imports [4][16] - Experts anticipate increased trade turbulence in the coming year, with a focus on the re-evaluation of the USMCA (United States-Mexico-Canada Agreement) [4][16] Group 3 - The U.S., Canada, and Mexico are set to review the USMCA, which includes a new clause that can only be updated after six years, indicating a shift into "new territory" for negotiations [5][16] - Over 1,500 feedback submissions were received during the public consultation period, with many stakeholders supporting the agreement but also calling for improvements, which may come at the expense of one party's interests [6][17] Group 4 - Experts predict two major shocks for container shipping in the coming year, one being the reactivation of the Red Sea shipping route, which could lead to severe port congestion in Europe [7][18] - The second shock may arise from demand-side pressures if the U.S. economy accelerates in 2026, potentially overwhelming the shipping industry with inventory replenishment [7][19] Group 5 - One of the key achievements for the White House in 2025 is reaching trade agreements with several major economies, where concessions were made in exchange for lower tariff rates [8][20] - Recent developments highlight the risks of these agreements, as Indonesia has resisted U.S. trade demands, fearing restrictions on its independence [9][21] Group 6 - Ongoing negotiations with the EU and India regarding trade agreements are expected to continue into the new year, with threats of U.S. retaliation if excessive regulatory measures are imposed on American tech companies [10][22] Group 7 - A significant unknown in trade for 2026 is the upcoming U.S. Supreme Court ruling on the legality of Trump's tariffs, which could have major implications for the economy and government finances [11][23] - If the ruling is unfavorable for Trump, it remains uncertain whether the government will need to refund previously collected tariffs, with a 75% probability of a loss indicated in betting markets [12][23]

Group 1 - Haixi New Drug (02637) rose nearly 5%, being a commercial-stage pharmaceutical company with integrated R&D, production, and sales capabilities, and a pipeline of innovative drugs under development [1] - Paige Biopharma-B (02565) increased over 4.1%, with cornerstone investors holding a total of 9.5845 million H shares, accounting for approximately 3.43% of the company's total issued H shares [1] - Naxin Micro (02676) surged over 5% to reach a new high of 118.4 HKD, operating under a fabless model focused on chip R&D and design, outsourcing wafer manufacturing and most packaging testing [1] - Huaxin Building Materials (06655) rose 1.46%, with a major shareholder planning to increase its A-share holdings by no less than 200 million RMB and no more than 400 million RMB within six months [1] Group 2 - Dairy stocks saw an uptick, with Modern Farming (01117) rising 6.21% and Youran Dairy (09858) increasing 6.29%, following the Ministry of Commerce's announcement of temporary countervailing measures against EU dairy imports [2] - Gakos-B (01167) rose over 2.7% after announcing a collaboration with AstraZeneca on its self-developed Pan-KRAS inhibitor JAB-23E73 [2] - Junda Co. (02865) increased over 4.1% after announcing a strategic investment in Shangyi Optoelectronics, focusing on perovskite battery technology applications in space energy [2] - Qiming Medical-B (02500) rose nearly 6% after submitting all application materials for CE MDR certification of its Cardiovalve system in Europe [2] Group 3 - Brain Dynamics-B (06681) saw a slight increase of 0.32%, participating in a national major science and technology project focused on the prevention and treatment of cancer and cardiovascular diseases [3] - Hesai Technology (02525) rose over 3.3% after announcing a strategic partnership with Meituan drones for mass production of its second-generation solid-state lidar [4] Group 4 - Hut8 (HUT.US) continued to rise by 4.13%, with a total increase of 37% over three trading days, following an upgrade of its target price to 85 USD by StoneX [5] - Unusual Machines (UMAC.US) surged 9.24%, with a total increase of 45% over three trading days, after receiving a 3.75 million USD order from Performance Drone Works [5] - Hycroft Mining (HYMC.US) opened with a 10.69% increase, having risen 460% since September, due to successful exploration drilling confirming high-grade silver continuity [6] - Sony (SONY.US) rose 2.1% after acquiring a 41% stake in Peanuts Holdings for 630 million CAD, which holds the rights to the Peanuts comic [7] - Novo Nordisk (NVO.US) increased by 7.3% after the FDA approved its first oral GLP-1 weight loss drug, Wegovy, set to launch in January at a starting price of 149 USD per month [7] - ZIM Integrated Shipping Services (ZIM.US) rose 5.78% as the board evaluates multiple acquisition proposals from strategic investors [7]