Core Viewpoint - The recent U.S. measures to impose new port service fees on Chinese-owned, operated, or built vessels are expected to significantly impact the operational costs of Chinese shipping companies and shipyards, but the overall situation may not be as dire as anticipated [1][2][3] Impact on Shipping Costs and Rates - The new fee structure includes three categories: $50 per net ton for Chinese-owned or operated vessels, a minimum of $18 per net ton or $120 per container for Chinese-built vessels, and $14 per net ton for car carriers [2] - If strictly enforced, the measures could lead to substantial cost increases for Chinese shipping companies and may prompt some international shipping firms to relocate their headquarters away from regions like Hong Kong and Macau [2][3] - Alphaliner estimates that the U.S. measures could add $3.2 billion in costs for the top ten global shipping companies by 2026, with COSCO and OOCL bearing nearly half of this burden [3] Global Shipping Landscape - China's shipbuilding industry continues to dominate globally, holding over 40% of the market share, while the U.S. accounts for less than 1% [6] - The U.S. actions may inadvertently benefit shipyards in Japan and South Korea, as they could attract orders that might have gone to Chinese shipbuilders [6][7] - Despite concerns about new orders, China's strong supply chain and technological advantages are expected to maintain its leading position in shipbuilding [7] China's Response Strategies - China has enacted a revised International Shipping Regulations that allows for reciprocal measures against countries implementing discriminatory practices [8] - The Ministry of Commerce plans to collaborate with the EU, Japan, and South Korea to challenge the U.S. measures at the WTO, while the China Shipowners Association is working to establish an "International Shipping Fairness Alliance" [9] Industry Adjustments - Shipping companies are optimizing their fleets to mitigate the impact of the new fees, with some already implementing additional charges to offset rising costs [10][11] - The industry is also focusing on green ship technology development and expanding into markets along the Belt and Road Initiative to counterbalance the effects of reduced exports to the U.S. [11]

能源团队 研究院 李海群 Z0021515 2025.10.9 【国投期货|航运论事】 巴以冲突缓和抬升复航预期，欧线远月合约 领跌 就年内合约而言，在当前现货运价持续走低的背景下，航司宣涨意愿预计将逐步增强。节前已有部分航 司宣布自 10 月中旬起提涨报价，预计从本周起，航司将陆续推出 11 月涨价计划，而随着 10 月下旬货主启 动圣诞节备货，货量有望逐步回升。若船公司能配合实施一定空班措施，或将部分兑现涨幅，进而提振现货 及期货市场情绪。特别是对 12 月合约而言，由于年内复航概率仍较低，该合约在旺季预期支撑下或表现相 对坚挺。但需注意，航司对 12 月的挺价传统本质上服务于年末长协签约，在复航预期与运力过剩的双重压 制下，今年长协均价预计低于去年，挺价目标受限。多空交织下，12 合约预计宽幅震荡。 免责声明：国投期货有限公司是经中国证监会批准设立的期货经营机构，已具备期货投资咨询业务资格。本报告仅供国投期货有限公司（以下简称"本公司"）的机构或个人客户（以下 简称"客户"）使用。本公司不会因接收人收到本报告而视其为客户。如接收人并非国投期货客户，请及时退回并删除。 本报告是基于本公司认为可靠的已公开信 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The cease - fire negotiation suppresses the market sentiment, but there is still an expectation of price increase during the long - term contract season for shipping companies. The market price of EC2512 rebounded in the afternoon. The freight rates of some shipping companies are expected to rise in the second half of October, and attention should be paid to the implementation of the price increase. The demand for goods continues to decline seasonally, and the supply capacity has decreased compared with the previous period. The cease - fire negotiation and resumption of flights are expected to suppress the far - month contracts [6][7]. - For trading strategies, in terms of single - sided trading, the far - month contracts are more affected by the cease - fire in the Palestine - Israel conflict. The remaining long positions of EC2512 can be held, and if there is a significant correction in the near - month contract EC2512, one can consider buying on dips and operate flexibly. For arbitrage, the 10 - 12 reverse arbitrage can be operated on dips in a rolling manner, and the 2 - 4 positive arbitrage should be continued to be held [8][9]. 3. Summary According to Relevant Catalogs 3.1 Market Analysis and Strategy Recommendation 3.1.1 Market Analysis - **Futures Market**: On October 9, 2025, for the container shipping index (European line) futures, different contracts showed different price changes. For example, EC2512 closed at 1688 points, down 2.53% from the previous day's closing price. The trading volume and open interest of each contract also changed to varying degrees. The month - spread structure of different contract combinations also had corresponding price differences and changes [4]. - **Spot Market**: On September 26, the SCFI European line was reported at 971 US dollars/TEU, a month - on - month decrease of 7.8%. On October 6, the latest SCFIS European line was reported at 1046.5 points, a month - on - month decrease of 6.6%. Some shipping companies have successively adjusted and increased the freight rates for the second half of October. MSK released a price increase letter for November, targeting a price increase to 2500 US dollars/FEU, and CMA released a quote of 3600 US dollars/FEU for Shanghai - Le Havre in mid - November [6]. - **Fundamentals**: In terms of demand, the volume of goods continues to decline seasonally, and attention should be paid to the impact of tariff policies on the shipping rhythm. In terms of supply, the average weekly capacity of Shanghai - 5 Nordic ports from September to November 2025 was 267,900/251,600/277,600 TEU respectively, and the average weekly capacity in December was 288,500 TEU, showing a decrease compared with the previous period. The long - term contract season price increase from November to December is about to start, and the US 301 port levy measure may be implemented on October 14. Attention should be paid to the subsequent ship allocation and empty - sailing plans during the long - term contract season [7]. - **Risk Factors**: The cease - fire negotiation in the Palestine - Israel conflict and the progress of resuming flights are expected to suppress the far - month contracts [7]. 3.1.2 Strategy Recommendation - **Single - sided Trading**: The far - month contracts are more affected by the cease - fire in the Palestine - Israel conflict. The remaining long positions of EC2512 can be held. If there is a significant correction in the near - month contract EC2512, one can consider buying on dips and operate flexibly [8]. - **Arbitrage**: The 10 - 12 reverse arbitrage can be operated on dips in a rolling manner, and the 2 - 4 positive arbitrage should be continued to be held [9]. 3.2 Industry News - **Trade Policy**: The US new proposal may weaken the recent EU - US trade agreement. The EU plans to cut the duty - free steel import volume in half to 1.83 billion tons per year, and the steel imports exceeding this quota will face a 50% tariff. Trump announced that a 25% tariff will be imposed on all medium - and heavy - duty trucks entering the US from other countries starting from November 1 [10][11]. - **Economic Data**: The Sentix investor confidence index in the eurozone in October was - 5.4, better than the expected - 8.5 and the previous value of - 9.2. The final value of the US S&P Global Services PMI in September was 54.2, higher than the expected 53.9 and the previous value of 53.9; the final value of the US S&P Global Composite PMI in September was 53.9, higher than the expected 53.6 and the previous value of 53.6 [11]. - **Shipping Industry News**: The negotiation between the Belgian government and the pilots' association has stagnated, and the pilots have launched a "work - to - rule" action since October 5. HMM has determined to place an order for a new batch of large - scale container ships with two Korean shipyards, with a total investment of more than 2.2 billion US dollars [11]. - **Red Sea Situation**: After Trump announced the first - stage peace plan between Israel and Hamas, Israeli Prime Minister Netanyahu said he would convene the cabinet to approve the agreement and bring back all the detained personnel [12][13]. 3.3 Relevant Attachments - The report provides multiple figures, including the SCFIS European line index and the SCFIS US West line index, the SCFI comprehensive index, and the container freight rates of Shanghai - US West, Shanghai - US East, Shanghai - Europe, etc., as well as the basis of EC10 and EC12 contracts [15][17][22].

Company News - Sunny Optical Technology (02382.HK) plans to transfer Shanghai Aolai for approximately 1.903 billion yuan and invest in GoerTek to jointly develop AI/AR optical business [2] - Orient Overseas International (00316.HK) reported a 8.3% decrease in shipping revenue for the first nine months, totaling approximately 6.696 billion USD, with an overall load factor down 1.5% and average revenue per standard container down 12.4% compared to the same period last year [2] - Xiehe New Energy (00182.HK) reported a 0.31% decrease in equity power generation for the first nine months, totaling 6,464.54 GWh, while solar equity power generation increased by 30.69% year-on-year [2] - Fast Retailing (06288.HK) announced annual results for the year ending August 31, 2025, with revenue of 3.400539 trillion yen, a year-on-year increase of 9.6%, and net profit of 433.009 billion yen, up 16.4% [3] - Dongfeng Motor Group (00489.HK) reported cumulative vehicle sales of 1.3168 million units for the first nine months, a year-on-year decline of approximately 3.6% [4] - Gemdale Property (00535.HK) reported a cumulative contract sales amount of approximately 8.533 billion yuan for the first nine months, a year-on-year decrease of 39.81% [4] - Baolong Real Estate (01238.HK) reported a contract sales total of approximately 5.431 billion yuan for the first nine months, down 43.64% year-on-year [4] - Zhengrong Real Estate (06158.HK) reported a cumulative contract sales amount of approximately 3.288 billion yuan for the first nine months, a year-on-year decrease of 32.8% [4] - JINGRUI Holdings (01862.HK) reported a contract sales amount of 740 million yuan for the first nine months, a year-on-year decrease of 49.52% [5] - China Wisdom Energy (01004) withdrew its liquidation petition [5] Shareholding Changes - Flat Glass Group (06865.HK) saw some shareholders and directors reduce their holdings by a total of 29.9803 million shares [6] - CNOOC Services (02883.HK) reported that its controlling shareholder, China National Offshore Oil Corporation, increased its holdings by 16.008 million H-shares over the past six months [6] - China National Offshore Oil Corporation (00883.HK) reported that its actual controller increased its holdings by 22.098 million shares in the past six months [6] - Tencent Holdings (00700.HK) repurchased 816,000 shares at a cost of 551 million HKD, with repurchase prices ranging from 666 to 680.5 HKD [6]

Core Viewpoint - Hainan Haixia Shipping Co., Ltd. Sanya Branch integrates party organization advantages into its operations on the Qiong-Gui route (Haikou-Beihai), enhancing safety and efficiency through deep integration of party building and business operations [1][3][4] Group 1: Safety and Operations - Party members act as "guardians" of safety, taking on key responsibilities during peak travel periods, ensuring "zero accidents" in vehicle transportation during the National Day and Mid-Autumn Festival [3] - The Sanya Branch established a collaborative mechanism with the Beihai Maritime Bureau to enhance operational safety, creating a comprehensive safety inspection checklist and implementing a closed-loop management system for safety issues [3] - A total of 6 safety hazards were identified and rectified through this collaboration, significantly improving the safety assurance capabilities of the shipping route [3] Group 2: Party Building and Corporate Culture - Party building is viewed as a guiding star for the development of the shipping route, with the company embedding party work into all operational aspects [4] - Activities such as red education and research are utilized to instill the "red gene" into employees, fostering a strong corporate culture [4] - The establishment of "Party Member Demonstration Posts" and "Party Member Responsibility Areas" encourages party members to take the lead in customer service, equipment maintenance, and emergency response [4]

来源：新浪基金∞工作室 10月9日，万家中证港股通央企红利ETF（159333）收盘涨1.07%，成交额2806.31万元。 港股央企红利ETF（159333）成立于2024年8月21日，基金全称为万家中证港股通央企红利交易型开放 式指数证券投资基金，基金简称为万家中证港股通央企红利ETF。该基金管理费率每年0.50%，托管费 率每年0.10%。港股央企红利ETF（159333）业绩比较基准为中证港股通央企红利指数收益率(经估值汇 率调整)。 规模方面，截止9月30日，港股央企红利ETF（159333）最新份额为3.52亿份，最新规模为4.93亿元。回 顾2024年12月31日，港股央企红利ETF（159333）份额为4.31亿份，规模为5.14亿元。即该基金今年以 来份额减少18.33%，规模减少3.97%。 流动性方面，截止10月9日，港股央企红利ETF（159333）近20个交易日累计成交金额5.52亿元，日均 成交金额2759.88万元；今年以来，184个交易日，累计成交金额73.03亿元，日均成交金额3968.93万 元。 港股央企红利ETF（159333）现任基金经理为杨坤。杨坤自2024年8月2 ...

来源：新浪基金∞工作室 10月9日，景顺长城中证国新港股通央企红利ETF（520990）收盘涨1.82%，成交额1.02亿元。 港股央企红利50ETF（520990）成立于2024年6月26日，基金全称为景顺长城中证国新港股通央企红利 交易型开放式指数证券投资基金，基金简称为景顺长城中证国新港股通央企红利ETF。该基金管理费率 每年0.50%，托管费率每年0.10%。港股央企红利50ETF（520990）业绩比较基准为中证国新港股通央企 红利指数收益率(使用估值汇率折算)。 规模方面，截止9月30日，港股央企红利50ETF（520990）最新份额为43.71亿份，最新规模为43.11亿 元。回顾2024年12月31日，港股央企红利50ETF（520990）份额为37.46亿份，规模为35.01亿元。即该 基金今年以来份额增加16.68%，规模增加23.11%。 流动性方面，截止10月9日，港股央企红利50ETF（520990）近20个交易日累计成交金额22.56亿元，日 均成交金额1.13亿元；今年以来，184个交易日，累计成交金额228.81亿元，日均成交金额1.24亿元。 港股央企红利50ETF（5209 ...

Group 1: Fund Distribution - The total distribution amount of public funds in 2025 has reached 183.197 billion yuan, the highest for the same period since 2022, and only 4 billion yuan short of the 2021 record [1] - Four major Hu-Shen 300 ETFs lead the market in distribution amounts, with Huatai-PB Hu-Shen 300 ETF distributing 8.394 billion yuan [1] - Most funds with significant distributions this year are passive index funds and bond funds, with only a few large active equity funds making the list [1] Group 2: Stock Market Regulations - The margin trading and securities lending rates for SMIC and Baiwei Storage have been adjusted to zero due to their static P/E ratios exceeding 300 [1] - This regulation aims to enhance risk control and ensure the stable operation of margin trading and securities lending businesses [1] Group 3: Server Market Growth - The accelerated server market in China reached a scale of 16 billion USD in the first half of 2025, more than doubling compared to the same period in 2024 [2] - The market is projected to exceed 140 billion USD by 2029 [2] Group 4: AI Glasses Return Rates - The return rate for AI glasses on platforms like JD and Tmall is approximately 30%, while on Douyin it reaches 40-50%, primarily due to concerns over functionality [3] Group 5: Corporate Developments - ASML appointed Marco Pieters as the new Chief Technology Officer, effective immediately [3] - Ping An Group has made internal adjustments, with Su Dong moving to Ping An Good Doctor and He Ying taking over as General Manager of Ping An Property & Casualty [6] Group 6: Financial Performance - Longyuan Power reported a 41.88% year-on-year decrease in power generation for September, with total generation at 27.42 billion kWh [8] - Guangzhou Port expects to complete a container throughput of 2.051 million TEUs in September, a 0.8% year-on-year decrease [9] - Ringxu Electronics reported a September revenue of 5.96 billion yuan, a 0.1% year-on-year increase [11] - Shandong Steel anticipates a net profit of approximately 140 million yuan for the first three quarters of 2025, a significant increase compared to the previous year [14] - Guangdong Mingzhu expects a net profit increase of 858.45% to 1071.44% for the first three quarters of 2025 [15] Group 7: Market Trends - The Shanghai Composite Index rose 1.32%, breaking the 3900-point mark, with nearly 100 stocks hitting the daily limit [16] - The market saw strong performances in sectors like non-ferrous metals and nuclear power, while film and tourism sectors faced declines [16]

中新网东莞9月30日电 (郭军 蓝童)"联合财富"轮9月29日稳稳靠泊东莞港二期码头，标志着"东莞—胡志 明—贡布"班轮新航线的正式开通，为粤港澳大湾区与越南、柬埔寨的经贸往来搭建起高效便捷的海上 物流新通道。 "针对此次新航线开通，海事执法人员在船舶作业期间，登轮对货物积载、集装箱系固绑扎等关键环节 进行现场检查，排查安全风险，督促纠正不规范行为，并综合运用'CCTV、智慧海事'等科技手段实施 动态监控，引导船舶安全出港。"东莞沙田海事处执法人员李明说。 据了解，此次开通的"东莞—胡志明—贡布"航线由华信集装箱运输有限公司运营，是东莞港连接东南亚 关键港口的又一重要航线。航线采用"周五截关、周日开船"班期模式，仅需4.5天即可抵达越南胡志明 市，5.5天到达柬埔寨贡布。相比传统中转航线，物流时效提升近30%，能有效降低企业物流成本。 "这条航线精准衔接东莞制造产业集群与东盟核心市场，也是目前东莞唯一一条胡志明、柬埔寨直航班 轮。"东莞港二期码头商务部客户经理林钰淇表示。 为确保航线顺利开通及"联合财富"轮首航安全，东莞海事局提前谋划，构建"前置服务+动态监管+应急 备勤"全链条保障体系。 "东莞港-胡志明一 ...

Core Insights - The launch of the "Lanhua Lingxiu" LNG dual-fuel ro-ro ship marks a significant step for Fuzhou Port in establishing itself as a key hub for vehicle exports in Southeast China, carrying nearly 1,700 Chinese-manufactured vehicles to the Middle East [1][2] Group 1: Fuzhou Port's Strategic Position - Fuzhou Port is recognized as a major national port and a crucial hub in the comprehensive transportation system, ranking 17th globally in cargo throughput with over 335 million tons projected for 2024 [2] - The port's economic contribution to the GDP of Fuzhou and Ningde exceeds the national average, reinforcing its role in the 21st Century Maritime Silk Road [2] - Fuzhou Port has achieved a remarkable ranking of second globally in the Container Port Performance Index (CPPI) among 403 container terminals, highlighting its operational efficiency and quality services [2] Group 2: Infrastructure and Capabilities - The Jiangyin Port area is pivotal for Fuzhou Port's vehicle export ambitions, equipped with a 222,000 square meter vehicle storage area, including a 72,000 square meter bonded zone [4] - The port's infrastructure supports efficient operations, with the capability to handle nearly 300 vehicles per hour, ensuring a streamlined process for vehicle exports [4] - Since last year, Jiangyin Port has completed 12 ro-ro operations, transporting a total of 18,664 vehicles, demonstrating its capacity for reliable and efficient foreign trade vehicle exports [4] Group 3: Future Prospects - The successful voyage of the "Lanhua Lingxiu" ship signals the beginning of regular operations for ro-ro routes from Fuzhou Port, positioning it as a "golden channel" for Chinese and Fujian-made vehicles to reach global markets [4]