10月9日，中远海能跌6.19%，截至发稿，报11.37元/股，成交1.46亿元，换手率0.37%，总市值542.44亿 元。 资料显示，中远海运能源运输股份有限公司位于上海市虹口区东大名路670号，成立日期1996年7月26 日，上市日期2002年5月23日，公司主营业务涉及从事国际和中国沿海原油及成品油运输、国际液化天 然气(LNG)运输。主营业务收入构成为：外贸原油44.88%，内贸原油13.64%，LNG运输10.69%，外贸 成品油9.88%，内贸成品油9.49%，外贸船舶出租8.06%，化学品运输1.37%，LPG运输1.21%，内贸船舶 出租0.54%，其他(补充)0.24%。 从中远海能十大流通股东角度 华泰柏瑞沪深300ETF（510300）成立日期2012年5月4日，最新规模3747.04亿。今年以来收益20.56%， 同类排名2818/4221；近一年收益18.26%，同类排名2469/3848；成立以来收益115.73%。 华泰柏瑞沪深300ETF（510300）基金经理为柳军。 截至发稿，柳军累计任职时间16年132天，现任基金资产总规模4669.72亿元，任职期间最佳基金回报 13 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Global Macro Situation**: The US government is in a shutdown, and Japan may have its first female prime - minister. Domestically, the economy continues to stabilize, with the manufacturing PMI rising and the non - manufacturing PMI falling slightly. In October, domestic assets benefit from policy expectations and ample liquidity, while overseas focus is on the Fed's potential October rate cut and the BOJ's inaction. The weak - dollar trend continues but at a slower pace, and US stocks face risks while oscillating upwards. In asset allocation, the order of preference in the fourth quarter is equities > commodities > bonds [8]. - **Market Outlook for Different Sectors**: Most sectors are expected to show a volatile trend in the short - term, including financial, precious metals, shipping, black building materials, non - ferrous metals, energy chemicals, and agriculture sectors [9][11]. 3. Summary by Related Catalogs 3.1 Market Price Movements - **Financial Instruments**: Stock index futures, such as CSI 300, SSE 50, CSI 500, and CSI 1000 futures, have shown varying degrees of daily, weekly, monthly, quarterly, and yearly increases. Treasury futures have generally been weak, with some showing small increases and others decreases [3]. - **Industry Indices**: Industries like construction, steel, and non - ferrous metals have positive price increases, while sectors such as food and beverage, and some technology - related industries have seen declines [4]. - **Overseas Commodities**: Energy commodities like NYMEX WTI crude and ICE Brent crude have declined, while precious metals like COMEX gold and silver have increased. Non - ferrous metals and agricultural products also show different price trends [4]. - **Domestic Commodities**: Precious metals, non - ferrous metals, black building materials, energy chemicals, and agricultural products all have their own price movement characteristics, with some rising and some falling [5]. 3.2 Macro Analysis - **Overseas Macro**: The US government shutdown may negatively impact the US economy. The potential election of Japan's first female prime - minister, who advocates "Abenomics" and has a tough stance on China, may affect Sino - Japanese relations and market risk appetite [8]. - **Domestic Macro**: The domestic economy continues to stabilize, with the manufacturing PMI rising and the non - manufacturing PMI falling slightly. During the holiday, consumption and travel were active, but movie box - office consumption was weak [8]. 3.3 Sector - by - Sector Analysis - **Financial Sector**: The stock market has a volume - shrinking rebound, and the bond market remains weak. Stock index futures are expected to rise in a volatile manner, while stock index options and treasury futures are expected to be volatile [9]. - **Precious Metals Sector**: Driven by dovish expectations, the prices of gold and silver are expected to rise in a volatile manner [9]. - **Shipping Sector**: Attention is paid to the rate of freight price decline. The container shipping to Europe line and steel - related products are expected to be volatile [9]. - **Black Building Materials Sector**: A negative feedback loop is difficult to form, and the sector is expected to remain volatile before the holiday [9]. - **Non - Ferrous Metals and New Materials Sector**: Supply disruptions continue to drive price movements, and most non - ferrous metals are expected to be volatile [9]. - **Energy Chemical Sector**: Crude oil continues to be volatile, and the chemical sector is mainly for hedging and arbitrage, with most products expected to be volatile [11]. - **Agricultural Sector**: Affected by Argentina's tariff policy changes, oilseeds and meals have been hit hard, and most agricultural products are expected to be volatile [11].

2025 年 10 月 9 日 集运指数（欧线）：地缘快速降温，关注下行风险 郑玉洁 投资咨询从业资格号：Z0021502 zhengyujie@gtht.com 黄柳楠 投资咨询从业资格号：Z0015892 huangliunan@gtht.com 【基本面跟踪】 表 1：集运指数（欧线）基本面数据 | | | 昨日收盘价 | 日涨跌 | | 昨日成交 | 昨日持仓 | 持仓变动 | 昨日成交/持仓 | | 前日成交/持仓 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | EC2510 | 1,110.6 | -1.02% | | 14,129 | 24,782 | -4,532 | 0.57 | | 0.57 | | 期货 | EC2512 | 1,731.9 | -0.18% | | 15,454 | 20,771 | 88 | 0.74 | | 0.57 | | | EC2602 | 1,642.8 | -0.12% | | 4,079 | 8,534 | -318 | 0.48 | | 0.45 | | ...

9月30日，锦江航运跌0.43%，成交额4985.19万元。两融数据显示，当日锦江航运获融资买入额479.95 万元，融资偿还991.74万元，融资净买入-511.79万元。截至9月30日，锦江航运融资融券余额合计1.14 亿元。 融资方面，锦江航运当日融资买入479.95万元。当前融资余额1.14亿元，占流通市值的5.11%，融资余 额超过近一年50%分位水平，处于较高位。 分红方面，锦江航运A股上市后累计派现8.86亿元。 机构持仓方面，截止2025年6月30日，锦江航运十大流通股东中，中证上海国企ETF（510810）位居第 二大流通股东，持股256.46万股，相比上期减少5.56万股。南方中证1000ETF（512100）位居第三大流 通股东，持股239.74万股，相比上期增加46.15万股。易方达价值成长混合（110010）位居第四大流通股 东，持股220.00万股，为新进股东。香港中央结算有限公司位居第五大流通股东，持股186.72万股，相 比上期减少46.01万股。广发多因子混合（002943）位居第六大流通股东，持股166.71万股，为新进股 东。中欧价值发现混合A（166005）位居第七大流 ...

Core Insights - The shipping industry is undergoing a digital transformation driven by technologies such as big data, cloud computing, and the Internet of Things, leading to the emergence of smart shipping as a key driver for industry upgrade [1][11] - China's smart shipping market is projected to grow from 48.41 billion yuan in 2018 to 68.78 billion yuan in 2024, with a compound annual growth rate (CAGR) of 6.03% [1][12] - The development of smart shipping in China is supported by various government policies aimed at promoting innovation and high-quality growth in the shipping sector [6][7] Smart Shipping Industry Overview - Smart shipping integrates modern information and artificial intelligence technologies with shipping elements to enhance operational efficiency, reduce costs, and improve service quality [4][11] - The main components of smart shipping include intelligent vessels, smart ports, shipping assurance, regulatory services, and smart shipping services [4] Government Policies - Recent policies emphasize the importance of smart shipping as a key engine for high-quality development in the shipping industry, including initiatives for green and intelligent transformation [6][7] - The government is promoting pilot applications of autonomous navigation and smart shipping technologies [6] Industry Chain - The smart shipping industry chain consists of upstream technologies such as autonomous navigation and environmental sensing, midstream operations focusing on intelligent vessels and ports, and downstream applications in various transportation sectors [8] Market Growth - The smart port market in China is expected to grow from 1.334 billion yuan in 2018 to 5.3 billion yuan in 2024, with a CAGR of 25.85% [15][16] - The intelligent vessel market is projected to increase from 38.99 billion yuan in 2018 to 52.02 billion yuan in 2024, with a CAGR of 4.92% [13][14] Competitive Landscape - The smart shipping industry in China features a multi-layered competitive landscape with participation from state-owned enterprises, local companies, and private firms, focusing on intelligent technology applications and digital platform development [17] - Key players include COSCO Shipping Holdings, COSCO Shipping Energy Transportation, and others, each specializing in various segments of the shipping industry [17][18][19] Development Trends - The smart shipping industry is moving towards enhanced efficiency through digitalization and automation, aiming to improve operational efficiency and international competitiveness [20] - Green initiatives are being adopted, promoting the use of low-carbon fuels and technologies to reduce emissions [21] - Safety is a fundamental aspect of sustainable development, with the industry leveraging IoT and AI for comprehensive monitoring and risk management [22][23]

Core Viewpoint - The U.S. is implementing additional port fees for Chinese vessels starting October 14, 2025, which will significantly increase operational costs for Chinese shipowners and shipbuilders [1][3]. Group 1: U.S. Port Fee Implementation - The U.S. Trade Representative's Office (USTR) announced a fee structure for Chinese-owned, operated, and built vessels, with charges starting at $50 per net ton, increasing annually until reaching $140 by 2028 [1]. - The fees must be paid three working days before arrival at the first U.S. port, with non-compliance risking unloading delays or customs clearance suspension [1]. - The fee structure aims to boost U.S. shipbuilding and tax revenue while targeting Chinese maritime operations [3]. Group 2: Chinese Response and Operational Adjustments - In response, China amended its international shipping regulations to impose special fees on vessels from countries that implement discriminatory measures against Chinese shipping [2]. - Major shipping alliances have begun adjusting their operations, with some routes to the U.S. being suspended to reduce costs associated with the new port fees [4]. Group 3: Impact on Shipping Costs and Market Dynamics - The new port fees are expected to increase operational costs for Chinese shipowners significantly, with estimates of an additional $304 per TEU for container ships calling at U.S. ports [3]. - Shipping companies are prioritizing market share over profitability, leading to a rapid cancellation of sailings due to tariff disruptions and weak U.S. demand [5][6]. - The overall impact on the European shipping market is expected to be limited, but the situation will require ongoing observation as shipping lines may adjust their strategies in response to the new fees [7][8].

Core Viewpoint - The U.S. has introduced a new port fee structure targeting Chinese-owned and operated vessels, effective from October 14, 2025, which is expected to significantly increase operational costs for Chinese shipping companies [1][3]. Group 1: U.S. Port Fee Structure - The U.S. Customs and Border Protection (CBP) has detailed the port fee structure, charging $50 per net ton for Chinese-owned or operated vessels, with increases planned for subsequent years [1]. - Fees for Chinese-built vessels will be $18 per net ton or $120 per container, whichever is higher, with future increases set for 2028 [1]. - Non-U.S. built car carriers will incur a fee of $14 per net ton [1]. - Payment must be completed three working days before arrival at the first U.S. port, with penalties for non-compliance [1]. Group 2: Impact on Chinese Shipping Companies - The new fees will substantially raise operational costs for Chinese shipping companies, with an estimated increase of $304 per TEU for shipowners and $120 per TEU for vessels [3]. - The port fee structure is designed to discourage the use of Chinese vessels in U.S. ports and aims to bolster the U.S. shipbuilding industry [3]. Group 3: Adjustments by Shipping Alliances - Major shipping alliances have begun to adjust their operations in response to the new fees, with some routes being suspended and vessel deployments being altered to reduce reliance on Chinese ships [4]. - Companies like CMA and MSC have stated they will not impose additional fees related to the port charges [4]. Group 4: Market Reactions and Trends - The shipping industry is experiencing a significant number of canceled voyages due to tariff disruptions and weak U.S. demand, with 67 sailings from China to the U.S. canceled recently [5]. - Analysts suggest that the impact of the new port fees on the European shipping market will be limited, but ongoing adjustments in shipping strategies are expected [6]. - The overall shipping costs are anticipated to continue rising, with potential price increases in freight rates as shipping companies negotiate with European clients [7].

航运巨头 真相:每净吨50美元 ,全球贸易航线 面对这项政策变化，国际航运领域的领军企业马士基集团与达飞轮船已经先后发布声明，明确表示不会将这部分新增成本转移给货物托运方。 这两家在全球海运网络中占据关键地位的公司正在积极调整原有的航行路线规划，正在研究如何避开那些需要使用中国制造或中国拥有船舶的美国港口航 线。 例如一艘从上海港启程、原计划经停洛杉矶的集装箱船舶，在未来的航行安排中可能会改为先在加拿大温哥华港卸下全部货物，再借助铁路运输系统将货物 分批运往美国境内的各个目的地。 根据美国财政部官方网站披露的实施细则，这项费用的缴纳程序被设定为船舶进行卸货作业的前置必要条件。 航运公司必须在船舶抵达港口前就通过电子支付渠道完成全部款项的支付，任何未结清费用的船舶都将无法获得港口管理部门签发的卸货批准文件。 整个支付流程已经与美国海关的申报系统实现了数据互通，形成了一个具有强制效力的完整收费管理机制。 一艘承载着上万吨货物的远洋商船正平稳地朝着美国的海岸线航行，就在即将抵达目的地时，船上的指挥人员突然接到一项新的指令：必须先行支付一笔高 达数万美元的额外款项，否则将无法进行货物卸载作业。 这一情景并非凭空想象， ...

日前，美国海关与边境保护局（CBP）正式发布CSMS #66427144号公告，宣布自10月14日起对中国船舶实施新的收费政策。针对中国拥有、运 营或建造的船舶设立三重收费标准，液化天然气（LNG）运输船为唯一豁免品类。 根据公告，收费分为三个附件类别：附件I规定中国实体拥有或运营的船舶按每净吨50美元收费；附件II明确中国建造的船舶按"每净吨18美 元"或"每卸货集装箱120美元"孰高原则计费；附件III对汽车运输船或滚装船按每净吨14美元收取费用。船舶运营方需在抵港前三个工作日通过 美国财政部Pay.gov平台完成缴费，未提供缴费凭证的船舶将被拒绝装卸作业或不予放行。 中国船舶工业行业协会与中国船东协会当日联合发表声明，指出美方措施基于虚假指控，严重违背WTO非歧视原则。中国国务院已于9月29日 修订《国际海运条例》，新增反制条款，明确对采取歧视性措施的国家可实施对等收费、港口限制等反制手段。 航运成本激增 10万吨级货轮单次靠港多付500万美元 中国船东协会专家指出，新收费相当于对中美贸易额外加征4%关税。以10000TEU集装箱船为例，单次停靠美国港口需缴纳约500万美元（约 3500万）费用，这部分 ...

Core Viewpoint - The opening of the "China-Europe Arctic Express" shipping route marks a significant development in enhancing trade relations between China and Europe, providing strong support for the export of "Made in China" products amid global trade uncertainties [1][4]. Group 1: Shipping Route Details - The "China-Europe Arctic Express" utilizes the Northeast Passage, reducing transit time to approximately 18 days, compared to about 40 days via the Suez Canal and 50 days via the Cape of Good Hope [2][3]. - The route connects the Barents Sea and the Bering Strait, benefiting from improved navigation conditions due to climate change, with the navigation window expected to extend to 120 days by summer 2025 [2][3]. - The first voyage included cargo from various Chinese ports, such as Qingdao and Shanghai, carrying a mix of consumer goods and new energy products, which will reach major European ports like Felixstowe and Rotterdam [2][3]. Group 2: Economic Impact - The new route allows for faster market entry of products into Europe, aiding in inventory preparation for the year-end holiday season while also reducing logistics costs [3][5]. - The Arctic route is particularly advantageous for transporting high-value items like batteries, as it minimizes risks associated with self-discharge and reduces refrigeration costs due to its low-temperature environment [3][5]. - Data shows that in the first half of the year, China's trade with the EU reached 2.82 trillion yuan, a year-on-year increase of 3.5%, solidifying the EU's position as China's second-largest trading partner [4][5]. Group 3: Future Prospects - If the Arctic route operates regularly, it could significantly enhance logistics efficiency, expand trade in seasonal consumer goods, and reduce reliance on traditional shipping routes, thereby increasing supply chain resilience [5][6]. - The development of the Arctic route is expected to create new opportunities for coastal ports and inland trade hubs, improving overall logistics capabilities and international competitiveness [5][6]. - China is open to international cooperation on Arctic route infrastructure and operations, aiming to promote sustainable development and environmental protection in the region [6][7].