市场概述 受特朗普关税威胁影响，美股重演4月暴跌，标普收跌近3%、纳指跌超3%，均创半年最大跌幅，道指五连跌。 芯片指数跌超6%，AMD跌近8%，高通跌超7%，英伟达跌近5%。特斯拉跌超5%，苹果跌超3%。稀土矿股USA Rare Earth盘中涨超20%，盘后曾涨超10%。 中概指数收跌超6%，阿里、百度跌超8%。 美元跌，日元扭转五连跌，反弹超1%。加密货币重挫，美股盘后一度加速跌， 比特币曾跌超13%，以太坊曾跌超20%。 避险资产美债和黄金拉升。 10年期美债收益率跳水超10个基点。 期金一度涨近2%，连涨八周。 盘中美油和纽铜跌超5%。原油收创五个月新低，并创三个多月最大日跌幅。伦钴涨超2%，刚果宣布出口配额制以来，本周涨超20%。 华见早安之声 亚洲时段，AH股大调整， 创业板跌超4%，芯片半导体、锂电池集体调整， 恒科指跌逾3%，科网股普跌，国债、商品齐跌。 要闻 商务部新闻发言人就 中方宣布针对美对华造船等行业301调查限制措施实施反制答记者问。 交通运输部：对美船舶收取船舶特别港务费。 高通公司 涉嫌违反反垄断法，市场监管总局依法决定立案调查。 报道： 美联储主席候选人名单缩小至五人， 贝莱 ...

Core Insights - China's economy demonstrated strong resilience in the first half of 2025, with the top 70 cities contributing over 70% to the national GDP, highlighting their role as key indicators of regional development [1] - The "dual circulation" strategy and industrial upgrading policies are driving growth in regions like the Yangtze River Delta and the Guangdong-Hong Kong-Macau Greater Bay Area, while central and western cities are accelerating by attracting industrial transfers [1] Economic Performance - Shanghai leads with a GDP of 26.22 trillion yuan, followed by Beijing at 25.03 trillion yuan and Shenzhen at 18.32 trillion yuan, showing significant nominal growth rates of 4.61%, 5.5%, and 5.9% respectively [2] - A total of 11 cities exceeded a GDP of 700 billion yuan, with Wenzhou, Hangzhou, and Xi'an achieving double-digit growth rates of 12.42%, 11.5%, and 11.21% respectively [3] Regional Development - The economic total of the Chengdu-Chongqing economic circle is nearing 3 trillion yuan, indicating the effectiveness of regional coordinated development strategies [3] - The top cities are increasingly focusing on technological innovation and industrial transformation, as seen in Shanghai's shift towards innovation-driven growth and Suzhou's transition from traditional manufacturing to intelligent manufacturing [8][11] Sectoral Highlights - Shanghai's economic growth is supported by its international shipping center, with a 8% increase in throughput at the automated terminal of Yangshan Port, contributing to a total import-export volume of 21 trillion yuan [8] - Suzhou's manufacturing sector is evolving, with a 20% reduction in logistics costs due to the collaboration between Taicang Port and Shanghai, and a 23% increase in technology spending [11] - Fuzhou's economy is driven by a "land-sea-air" strategy, with a 33% increase in trade with Taiwan and a 45% rise in investment in the new energy equipment manufacturing sector [12] Conclusion - Cities are shaping their core competitiveness through differentiated paths, with Shanghai focusing on technological innovation, Suzhou on intelligent manufacturing, and Fuzhou on marine economy breakthroughs [14] - The ongoing optimization of regional development policies will favor cities that can effectively position themselves in new production capacity sectors and stimulate endogenous growth [14]

Core Viewpoint - The announcement by the U.S. Customs and Border Protection marks a significant escalation in the geopolitical tensions between the U.S. and China, extending competition from technology and trade to logistics, with a new differentiated fee policy targeting Chinese vessels starting October 14 [1][3]. Group 1: U.S. Policy Details - The U.S. has implemented a tiered fee system, charging $50 per net ton for vessels owned or operated by Chinese companies, $18 per net ton or $120 per container for ships built in China, and a uniform fee for foreign car carriers, indicating a strategic intent to curb China's export of electric vehicles [1][3][7]. - The policy includes exemptions for liquefied natural gas (LNG) carriers and allows shipowners who have ordered new vessels in the U.S. to receive up to three years of exemption, reflecting a complex balancing of interests [3][7]. Group 2: China's Response - China has proactively amended its International Shipping Regulations to include countermeasures against discriminatory restrictions, showcasing strategic foresight in the face of U.S. pressure [3][7]. - The Chinese response is characterized as a "systemic counterattack," preparing the groundwork for reciprocal measures such as imposing special fees and restricting U.S. vessels from entering ports [7][9]. Group 3: Long-term Implications - The U.S. fee strategy is seen as a precise attack on China's dual status as the largest shipbuilding and shipping nation, aiming to increase costs for Chinese shipyards and weaken their global competitiveness [7][9]. - Despite China's robust countermeasures, the impact will be gradual due to the inertia of the global shipping industry and the significant sunk costs associated with existing orders at Chinese shipyards [9][11]. - The potential annual loss of over $5 billion in U.S. agricultural exports due to increased port fees highlights the indirect effects of the U.S. policy, which may take time to translate into domestic political pressure [9][11]. Group 4: Strategic Landscape - The ongoing maritime competition is described as a "war of attrition," where the effectiveness of responses will depend on the strategic patience and industrial foundations of both nations [11][13]. - China's significant share in the global commercial shipbuilding market and its extensive port network provide a strong basis for its shipping industry, while the U.S. faces challenges due to the hollowing out of its shipbuilding sector [11][13].

新华社北京10月10日电 商务部新闻发言人10日表示，美东时间4月17日，美国贸易代表办公室宣布对中 国海事、物流和造船领域301调查的最终措施。其中针对中国相关船舶征收港口费的措施将于10月14日 正式实施。美方措施是典型的单边主义行为，具有明显歧视性色彩，严重损害中国企业利益。中方对此 强烈不满，一再申明坚决反对的立场。有记者问：我们注意到交通运输部等发布公告，就美国对中国采 取海事、物流和造船业301调查限制措施采取反制措施，能否介绍相关情况？发言人说，为维护国内相 关产业利益，中方有关部门根据《中华人民共和国国际海运条例》等有关规定，对涉及美国旗、美国 造、美国公司拥有、参股或经营等美国元素的船舶收取特别港务费。上述措施将于10月14日美方针对中 国相关船舶征收港口费的措施实施同时正式实施。发言人表示，中方强调，相关反制措施旨在维护国际 航运和造船市场的公平竞争环境，是"正当防卫"行为。希望美方慎重考虑，纠正错误做法，与中方相向 而行，通过平等磋商与合作找到解决问题的办法。（完） ...

问：我们注意到交通运输部等发布公告，就美国对中国采取海事、物流和造船业301调查限制措施采取 反制措施，能否介绍相关情况？ 商务部新闻发言人答：美东时间4月17日，美国贸易代表办公室宣布对中国海事、物流和造船领域301调 查的最终措施。其中针对中国相关船舶征收港口费的措施将于10月14日正式实施。美方措施是典型单边 主义行为，具有明显歧视性色彩，严重损害中国企业利益。中方对此强烈不满，一再申明坚决反对的立 场。 为维护国内相关产业利益，中方有关部门根据《中华人民共和国国际海运条例》等有关规定，对涉及美 国旗、美国造、美国公司拥有、参股或经营等美国元素的船舶收取特别港务费。上述措施将于10月14日 美方针对中国相关船舶征收港口费的措施实施同时正式实施。 中方强调，相关反制措施旨在维护国际航运和造船市场的公平竞争环境，是"正当防卫"行为。希望美方 慎重考虑，纠正错误做法，与中方相向而行，通过平等磋商与合作找到解决问题的办法。（央视新闻） ...

为维护国内相关产业利益，中方有关部门根据《中华人民共和国国际海运条例》等有关规定，对涉及美 国旗、美国造、美国公司拥有、参股或经营等美国元素的船舶收取特别港务费。上述措施将于10月14 日美方针对中国相关船舶征收港口费的措施实施同时正式实施。 中方强调，相关反制措施旨在维护国际航运和造船市场的公平竞争环境，是"正当防卫"行为。希望美 方慎重考虑，纠正错误做法，与中方相向而行，通过平等磋商与合作找到解决问题的办法。 据商务部网站， 商务部新闻发言人就中方宣布针对美对华造船等行业301调查限制措施实施反制答记 者问。 问：我们注意到交通运输部等发布公告，就美国对中国采取海事、物流和造船业301调查限制措施采取 反制措施，能否介绍相关情况？ 答：美东时间4月17日，美国贸易代表办公室宣布对中国海事、物流和造船领域301调查的最终措施。 其中针对中国相关船舶征收港口费的措施将于10月14日正式实施。美方措施是典型单边主义行为，具 有明显歧视性色彩，严重损害中国企业利益。中方对此强烈不满，一再申明坚决反对的立场。 ...

Investment Rating - The report maintains an "Overweight" rating for the transportation industry, indicating a positive outlook compared to the overall market performance [12]. Core Insights - The report highlights a recovery in profits for the express delivery sector driven by anti-competition policies, with an expected increase in prices leading to improved profitability for companies like Shentong Express and YTO Express [5][6]. - The shipping sector is experiencing strong demand, particularly for oil tankers, with historical high freight rates observed in August and September 2025. The report anticipates continued demand growth due to OPEC+ production increases and a release of pent-up inventory demand [5]. - The shipbuilding industry is in a phase of profit release as high-priced orders are being delivered, with a strong demand for replacing old vessels. The report notes that the implementation of the 301 policy is expected to stimulate order volumes and ship prices [5]. - The airline sector is projected to see significant improvements in operational performance due to increased capacity and a recovery in international travel, with major airlines like China Eastern Airlines and Southern Airlines expected to benefit [5][6]. - The report also indicates that the highway and railway sectors are likely to maintain growth in traffic volumes, with improvements in railway freight performance anticipated due to the retraction of previous freight rate reductions [5]. Summary by Sections Shipping - Oil tanker freight rates reached historical highs in August and September 2025, with a projected 14% decline in VLCC market rates for Q3, while Cape-sized bulk carriers are expected to see a 19% increase in rates [5]. - The report recommends companies such as China Merchants Energy Shipping and China Merchants Heavy Industry, highlighting the strong demand and supply constraints in the sector [5]. Shipbuilding - The shipbuilding industry is characterized by a tight supply-demand balance, with ongoing demand for replacing old vessels. The report suggests that the implementation of the 301 policy will positively impact order volumes and ship prices [5]. - Recommended companies include China Shipbuilding Industry Corporation and China State Shipbuilding Corporation, which are expected to benefit from the current market dynamics [5]. Airlines - The airline sector is entering a peak travel season with increased capacity and improved passenger flow. The report anticipates significant operational improvements for major airlines due to favorable external factors such as lower oil prices [5][6]. - Companies like China Eastern Airlines and Spring Airlines are highlighted as key beneficiaries of this trend [5]. Express Delivery - The express delivery sector is expected to see a recovery in profits due to rising prices and reduced competition. The report notes a 12.3% year-on-year growth in express delivery volume in August 2025 [5]. - Recommended companies include Shentong Express and YTO Express, which are expected to benefit from the ongoing price increases [5]. Highway and Railway - The report forecasts growth in highway traffic and railway passenger and freight volumes, with a notable increase in railway freight performance expected in Q3 2025 [5]. - Recommended companies include Zhejiang Huhangyong and Beijing-Shanghai High-Speed Railway, which are expected to perform well in the current environment [5].

Core Points - Fujian Haitong Development Co., Ltd. has implemented a stock repurchase and cancellation plan for restricted stocks and stock options as part of its incentive plan for 2023-2025 [1][3] Summary by Sections Approval Process of Incentive Plans - The 2023 incentive plan underwent multiple approval stages starting from the board meeting on July 27, 2023, including supervisory board meetings, public announcements, and shareholder meetings [2] - The initial registration of restricted stocks was completed on August 24 and October 13, 2023, with 3.193 million shares and 710,000 shares respectively [2] - Similar processes were followed for the 2024 and 2025 incentive plans, with key meetings held on May 21, 2024, and April 30, 2025, respectively [2] Repurchase and Cancellation of Stocks - For the 2023 incentive plan, 20,720 restricted stocks were repurchased at a price of 5.9473 CNY per share, totaling 123,200 CNY due to the departure of two incentive recipients [3] - In the 2024 incentive plan, 108,500 restricted stocks and 108,500 stock options were canceled at a repurchase price of 4.85 CNY per share, amounting to 526,225 CNY [3] - The 2025 incentive plan saw the repurchase of 280,000 restricted stocks and cancellation of 140,000 stock options at a price of 4.11 CNY per share, totaling 1,150,800 CNY [3] Compliance and Approval - The independent financial advisor confirmed that the repurchase and cancellation actions for the 2023-2025 incentive plans have received necessary approvals and comply with relevant regulations, ensuring no harm to the interests of the listed company and its shareholders [3]

每经AI快讯，海通发展（SH 603162，收盘价：9.19元）10月10日晚间发布公告称，公司第四届第三十 一次董事会会议于2025年10月10日在公司会议室以现场会议结合通讯方式召开。会议审议了《关于2023 年限制性股票激励计划预留授予第二个解除限售期解除限售条件成就的议案》等文件。 2025年1至6月份，海通发展的营业收入构成为：航运收入占比90.84%，其他业务占比9.16%。 截至发稿，海通发展市值为85亿元。 每经头条（nbdtoutiao）——天水麻辣烫、淄博烧烤、荣昌卤鹅⋯⋯"泼天流量"退去后，这些城市怎么 样了？ （记者 王晓波） ...

宁波海运公告，截至2025年10月10日，控股股东一致行动人浙江浙能燃料集团有限公司在增持计划时间 过半期间，通过上交所集中竞价累计增持81万股，占公司总股本0.07%，使用资金236.31万元。该计划 原披露于2025年4月10日，拟在2025年4月10日至2026年4月9日增持不超过2413.07万股，占总股本2%， 浙能燃料表示将继续按计划择机增持。 ...